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Why is Elon Musk calling for a new UK election?

Elon Musk, the billionaire entrepreneur behind Tesla and SpaceX, has drawn significant attention with his recent comments on British politics.

His call for a new general election in the United Kingdom, shared in a widely discussed social media post, has sparked debates about his motivations and implications for the country.

Musk’s involvement in the political discourse highlights a complex interplay of ideology, technology, and global influence, raising questions about his growing role in international affairs.

The UK is no stranger to political challenges, but Musk’s intervention reflects an unusual confluence of tech-driven activism and populist rhetoric.

At the heart of his critique is Prime Minister Keir Starmer’s Labour government, which won a sweeping majority in the July 2024 elections.

Musk’s comments align with his broader ideological leanings, including his support for Reform UK, a party known for advocating anti-establishment policies and led by Nigel Farage.

A tech magnate enters British politics

Musk’s criticism of the UK government comes at a time when Labour’s policies on economic growth and free speech have faced scrutiny.

His latest posts question the administration’s handling of controversial issues, such as anti-immigrant riots and crime rates, and tie these concerns to historical decisions made by Starmer during his tenure as head of the Crown Prosecution Service (CPS) from 2008 to 2013.

Musk’s statements also bring attention to long-standing socio-political issues like the Rotherham grooming scandal.

While he has linked these events to systemic failures under previous leadership, critics argue that his commentary simplifies complex historical contexts.

Nonetheless, his focus on these matters has resonated with segments of the British public and far-right groups, who see his platform as amplifying their concerns.

Reform UK and Musk’s ideological alignment

Musk’s endorsement of Reform UK and its leader Nigel Farage reflects his preference for libertarian policies and a decentralised approach to governance.

His call for “reform to save Britain” underscores dissatisfaction with the current political establishment.

This alignment has drawn criticism, particularly regarding Musk’s support for divisive figures like Tommy Robinson, a far-right agitator with a history of criminal convictions.

Robinson’s imprisonment for contempt of court over false allegations against a Syrian refugee has become a rallying point for Musk’s advocacy.

Musk’s insistence on Robinson’s release and his claim that the activist was jailed “for telling the truth” have ignited debates about free speech and the role of tech leaders in shaping political narratives.

A global platform with local consequences

Musk’s critique of British politics extends beyond ideological alignment, reflecting his global influence as the owner of X (formerly Twitter).

His platform amplifies political voices and issues, but it also raises questions about accountability and the ethics of leveraging such influence.

By focusing on Britain’s governance, Musk underscores the intersection of technology and politics in an increasingly interconnected world.

This involvement has led to polarised reactions, with some viewing him as a champion of free speech and reform, while others criticise his alignment with controversial figures and movements.

As the UK navigates its political landscape, Musk’s calls for a new election add a layer of complexity to an already challenging environment.

The post Why is Elon Musk calling for a new UK election? appeared first on Invezz

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Why does Trump believe Britain’s North Sea windfall tax is a ‘big mistake’?

Former US President Donald Trump has criticised Britain’s windfall tax on North Sea oil and gas producers, describing it as a “very big mistake.”

His remarks, shared on the social media platform Truth Social, have sparked debate over the country’s energy policies, as the North Sea becomes an increasingly contested space for both fossil fuel extraction and renewable energy development.

The Energy Profits Levy (EPL), initially introduced by the Conservative government in 2022, imposes a 35% tax on profits from oil and gas companies.

It was later extended by the Labour Party to 38%, with plans to continue through March 2030.

The policy aims to redirect funds toward renewable energy projects, but critics like Trump argue it disincentivises investment in the energy sector at a time when energy security is a pressing concern.

Trump’s critique

Trump’s assertion that the UK should “open up the North Sea” comes as American energy giant APA Corporation, through its subsidiary Apache, announced plans to cease operations in the region by the end of 2029.

APA cited the windfall tax as a key reason for its decision, describing North Sea production as economically unfeasible under current policies.

The UK’s reliance on energy imports has raised alarm bells among industry stakeholders.

Domestic energy production is at its lowest in decades, with nearly 40% of demand being met through imported oil, gas, and electricity.

Critics of the EPL argue that punitive taxation on fossil fuels jeopardises the country’s energy independence while discouraging foreign investment.

In contrast, Labour leaders defend the windfall tax as a crucial step in funding the transition to renewable energy.

Offshore wind farms, particularly in the North Sea, have been positioned as pivotal to the UK’s green energy future.

The sector has faced its own challenges, including rising costs, supply chain disruptions, and fluctuating interest rates.

The North Sea: A battleground for fossil fuels and renewables

The North Sea, historically a hub for oil and gas extraction, is increasingly being repurposed as a “green power plant” for Europe.

Alongside the UK, countries like Norway and Denmark are investing heavily in offshore wind projects in the region.

The goal is to make the North Sea a leader in renewable energy production, aligning with the UK’s broader aim of achieving net-zero emissions by 2050.

Balancing the transition to renewables with the immediate needs of energy security has proven contentious.

Industry experts argue that a diverse energy mix—including oil, gas, and offshore wind—is essential to maintaining the country’s energy stability.

Offshore Energies UK, a trade body for the sector, has emphasised the importance of incentivising investment across the entire energy spectrum.

While the windfall tax has succeeded in raising billions for renewable energy projects, the exodus of key players like Apache raises questions about its long-term viability.

Without significant domestic production, the UK risks over-reliance on imports, exposing the economy to global energy price volatility.

The post Why does Trump believe Britain’s North Sea windfall tax is a ‘big mistake’? appeared first on Invezz

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Rightmove’s stock is flat over 5 years but 2025 could change everything

Rightmove (LSE: RMV)- UK’s largest online real estate portal has long been a major feature of the country’s property search market, with a 86% share, yet, while the business boasts of remarkable fundamentals, its stock price has remained stagnant over the past five years, underperforming the FTSE 100.

While the FTSE 100 is up by 8.14% compared to five years ago, Rightmove has barely moved, up by only 0.88%.

Now, analysts are predicting a crucial year for Rightmove in 2025 with the emergence of OnTheMarket as a veritable challenger of Rightmove’s near monopoly status.

How Rightmove’s business model has ensured its dominance

Rightmove operates as a near-monopoly, benefiting from a self-reinforcing cycle.

More traffic drives more listings, which in turn attracts even greater user engagement.

The company’s impressive operating margins which exceed 70% reflects this dominance, also putting the company far ahead of industry heavyweights like Nvidia and Microsoft.

Nvidia’ operating margin for he quarter ending October, 2024, was 62.34%, while Microsoft’s for the quarter ending September, 2024, was 46.58%.

High operating margins mean that a company can charge substantially more for its product or service than it costs to provide, highlighting its competitive edge.

For years, this model has ensured steady growth and profitability.

Even during turbulent times, such as the pandemic, Rightmove demonstrated resilience, solidifying its status as a leader in the sector.

However, its ability to sustain these high margins depends on maintaining its traffic lead, a position now under scrutiny as competitors gather momentum.

Rightmove faces increasing threat from OnTheMarket

The acquisition of OnTheMarket by US-based CoStar Group in 2023 has changed the landscape that Rightmove operates in.

CoStar, a property analytics giant, has publicly set its sights on dethroning Rightmove as the UK’s leading online property platform.

Armed with significant financial resources, CoStar’s strategy is aggressive: rapidly expanding OnTheMarket’s traffic and agent participation.

Speaking at the Proptech and Portal Watch conference in Barcelona last year, CEO and founder of CoStar, Andy Florance, told Online Marketplaces’ chairman Simon Baker:

Rightmove is operating at a margin I would never be comfortable operating at, you’re super vulnerable by operating at 74% – it means you’re not working towards growth and you’re not building for the future.

Florance said agents in the UK have expressed “overwhelmingly” to them that they are dissatisfied with the way pricing works at Rightmove.

Rightmove has suggested it will increase prices by 35% in the next couple of years – what additional value are they offering for that increase? It’s questionable…We [CoStar] represent the competition.

Florance’s confidence is not entirely misplaced as results so far have been promising.

Over the past year, OnTheMarket has seen a 90% surge in total visits and a 27% increase in agents joining its platform.

While it remains far from overtaking Rightmove, its trajectory so far has been promising.

Significantly, during this period of growth for its competitor, Rightmove reported a modest 1% decline in traffic—a rare setback for the industry giant.

2025: The year of reckoning

The year ahead will be pivotal for Rightmove.

The company faces two possible scenarios: either it fends off the competition and maintains its dominance, or it succumbs to pressure, allowing OnTheMarket to chip away at its lead, says Stephen Wright, analyst at The Motley Fool,

If that happens, the equation might start to look a lot less favourable. So I think anyone considering investing in Rightmove shares should pay close attention to what’s going on with OnTheMarket.

If OnTheMarket’s momentum continues, Rightmove may see its high margins eroded, forcing it to reconsider its pricing strategy or invest heavily to protect its market share.

On the other hand, successfully defending its position could reaffirm its competitive edge and restore investor confidence, potentially making the stock more attractive after years of underperformance.

The post Rightmove’s stock is flat over 5 years but 2025 could change everything appeared first on Invezz

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Mexico’s 2025 growth forecast set at 1.2%, says OECD

Mexico’s economy seems to be on a path to recovery, albeit a gradual one, dipping slightly to 1.2% in 2025, and then picking up again to 1.6% by 2026.

This prediction comes from the “Economic Outlook for Mexico” report by the Organization for Economic Co-operation and Development (OECD).

The factors fueling this moderate growth mainly include a drop in inflation and a more adaptable monetary policy.

The OECD believes that this steady uptick in growth will keep consumer activities buoyant and instil confidence among investors soon.

The report states, “The anticipated moderate economic growth reflects diminishing inflationary pressures, which are set to bolster consumption, alongside a slow decline in interest rates poised to spark investment, even with fiscal tightening expected in 2025.”

What’s driving the economic upswing?

Alongside the favourable inflation forecasts, Mexico’s exports are expected to hold strong, thanks to positive economic trend from the United States, its main trading partner.

The OECD projects inflation to ease to about 3.3% by 2025 and further lower to 3% in 2026.

“To keep inflation on its downward path, the central bank should continue with a cautious and gradual easing cycle. Rolling out a medium-term fiscal strategy could help shrink the deficit gradually, paving the way for productivity-boosting investments, particularly in infrastructure and education,” suggests the OECD report.

Holistic policy suggestions

The report emphasizes the need for a broad-based economic policy approach, especially in boosting gender participation in the workforce.

For instance, setting up a comprehensive early childhood education and care system might significantly lift female workforce involvement.

Additionally, widening dual vocational training programs could enhance technical skills supply and formal job access.

Such policy steps could also fortify Mexico’s human capital, a cornerstone for sustained economic growth.

By channelling investments into education, Mexico could enhance its workforce’s skill set, making it more competitive on a global scale and better prepared to tackle economic hurdles.

What can investors and consumers expect?

According the report, with inflation and interest rates expected to ease gradually, both consumers and investors might find the environment more favourable.

For consumers, lower interest rates generally translate to cheaper borrowing, which can spur spending on goods and services.

For businesses, a softer inflation scene combined with lower interest rates might encourage investments in capital projects, tech, and workforce development.

The OECD cautions that hitting these economic targets will require careful fiscal management, along with initiatives to enhance human capital.

“Investors need to be mindful that while conditions are on the mend, factors like global economic stability, trade pacts, and the execution of domestic policies will significantly influence Mexico’s economic landscape,” the report highlights.

Mexico’s economic outlook in 2025

Overall, even though Mexico’s economic growth for 2025 is expected to be a modest 1.2%, the driving forces behind this trend, such as reducing inflation and more flexible monetary strategies, offer a cautiously optimistic perspective.

If managed well, ongoing improvements in the economic climate could lead to more robust growth in the following years, ultimately benefiting both consumers and investors.

As Mexico steers through its recovery, strategic investments in education, infrastructure, and workforce training will be key to building long-term economic resilience and global competitiveness.

The post Mexico’s 2025 growth forecast set at 1.2%, says OECD appeared first on Invezz

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Business

Cloudflare stock is on the verge of a bullish breakout

Cloudflare’s stock price is at an important resistance level as the market assesses whether it has more upside after soaring 41% in 2024. It was trading at $112.55, a few points below the key resistance level of $116. 

Cloudflare’s business is growing

Cloudflare is one of the most important companies in the world, yet most people have never heard of it.

It is a technology company that powers most websites that billions of people use daily. Its primary solution is a Content Delivery Network (CDN), which helps users access websites and applications faster. Its CDN solutions also help to protect websites from malicious actors. 

Cloudflare has introduced other solutions over time, such as network prioritization, image resizing, and China network access. 

The company provides its solutions to some of the world’s biggest companies, including Reuters, Colgate-Palmolive, IBM, Broadcom, Dropbox, and Shopify. 

Therefore, if it had an outage, there are chances that the world would stop moving. A good example of this is when Fastly, a similar, but smaller company, had an outage in 2022. At the time, using popular services like the New York Times and Lyft was almost impossible.

Cloudflare’s business has continued doing well in the past few years as demand for its solutions rose. Its annual revenue moved from $287 million in 2019 to over $1.57 billion in the trailing twelve months (TTM).

Analysts are optimistic about NET

The most recent financial results showed that its quarterly revenue rose to $430 million in the third quarter, up from $336 million in the same period last year. 

This growth happened as the number of paying customers jumped to 221,000. Large companies that pay it over $100,000 annually rose from 1,908 to 3,265, a notable thing since most of its revenue comes from these companies.

Cloudflare has more room to grow since it provides its solutions to about 35% of all Fortune 500 companies. This means that it has about 65% of companies that are potential future customers.

Most importantly, Cloudflare’s business opportunity has expanded, with the total addressable market rising from $176 billion in 2024 to over $222 billion by 2027. Some of the areas it expects to see more growth are in the artificial intelligence, database, internet of things, and network services. 

Analysts are optimistic that Cloudflare’s business will continue growing in the coming years. The average estimate by 33 analysts is that its revenue will grow by 28% this year to over $1.66 billion. They expect its revenue to grow to $2.1 billion in 2025, up 26% from 2024. 

Cloudflare is also fairly valued based on the rule of 40. Its estimated YoY revenue growth is 28%, while its operating margin is 13%, giving it a metric of 41. It also has a strong balance sheet, with over $1.8 billion in cash. 

Cloudflare stock price forecast

NET stock chart | Source: TradingView

The weekly chart shows that the NET share price has rallied in the past few months and is at an important resistance level at $116. That is a key price since it was the highest swing in February last year. It is also the upper side of the cup and handle pattern, a popular continuation sign.

Cloudflare stock also sits near the 50% Fibonacci Retracement point at $118. It has moved above the ascending trendline that connects the lowest swings since May 2023. Therefore, the stock will likely have a strong bullish breakout, possibly reaching the resistance at $143. 

The post Cloudflare stock is on the verge of a bullish breakout appeared first on Invezz

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Rightmove’s stock is flat over 5 years but 2025 could change everything

Rightmove (LSE: RMV)- UK’s largest online real estate portal has long been a major feature of the country’s property search market, with a 86% share, yet, while the business boasts of remarkable fundamentals, its stock price has remained stagnant over the past five years, underperforming the FTSE 100.

While the FTSE 100 is up by 8.14% compared to five years ago, Rightmove has barely moved, up by only 0.88%.

Now, analysts are predicting a crucial year for Rightmove in 2025 with the emergence of OnTheMarket as a veritable challenger of Rightmove’s near monopoly status.

How Rightmove’s business model has ensured its dominance

Rightmove operates as a near-monopoly, benefiting from a self-reinforcing cycle.

More traffic drives more listings, which in turn attracts even greater user engagement.

The company’s impressive operating margins which exceed 70% reflects this dominance, also putting the company far ahead of industry heavyweights like Nvidia and Microsoft.

Nvidia’ operating margin for he quarter ending October, 2024, was 62.34%, while Microsoft’s for the quarter ending September, 2024, was 46.58%.

High operating margins mean that a company can charge substantially more for its product or service than it costs to provide, highlighting its competitive edge.

For years, this model has ensured steady growth and profitability.

Even during turbulent times, such as the pandemic, Rightmove demonstrated resilience, solidifying its status as a leader in the sector.

However, its ability to sustain these high margins depends on maintaining its traffic lead, a position now under scrutiny as competitors gather momentum.

Rightmove faces increasing threat from OnTheMarket

The acquisition of OnTheMarket by US-based CoStar Group in 2023 has changed the landscape that Rightmove operates in.

CoStar, a property analytics giant, has publicly set its sights on dethroning Rightmove as the UK’s leading online property platform.

Armed with significant financial resources, CoStar’s strategy is aggressive: rapidly expanding OnTheMarket’s traffic and agent participation.

Speaking at the Proptech and Portal Watch conference in Barcelona last year, CEO and founder of CoStar, Andy Florance, told Online Marketplaces’ chairman Simon Baker:

Rightmove is operating at a margin I would never be comfortable operating at, you’re super vulnerable by operating at 74% – it means you’re not working towards growth and you’re not building for the future.

Florance said agents in the UK have expressed “overwhelmingly” to them that they are dissatisfied with the way pricing works at Rightmove.

Rightmove has suggested it will increase prices by 35% in the next couple of years – what additional value are they offering for that increase? It’s questionable…We [CoStar] represent the competition.

Florance’s confidence is not entirely misplaced as results so far have been promising.

Over the past year, OnTheMarket has seen a 90% surge in total visits and a 27% increase in agents joining its platform.

While it remains far from overtaking Rightmove, its trajectory so far has been promising.

Significantly, during this period of growth for its competitor, Rightmove reported a modest 1% decline in traffic—a rare setback for the industry giant.

2025: The year of reckoning

The year ahead will be pivotal for Rightmove.

The company faces two possible scenarios: either it fends off the competition and maintains its dominance, or it succumbs to pressure, allowing OnTheMarket to chip away at its lead, says Stephen Wright, analyst at The Motley Fool,

If that happens, the equation might start to look a lot less favourable. So I think anyone considering investing in Rightmove shares should pay close attention to what’s going on with OnTheMarket.

If OnTheMarket’s momentum continues, Rightmove may see its high margins eroded, forcing it to reconsider its pricing strategy or invest heavily to protect its market share.

On the other hand, successfully defending its position could reaffirm its competitive edge and restore investor confidence, potentially making the stock more attractive after years of underperformance.

The post Rightmove’s stock is flat over 5 years but 2025 could change everything appeared first on Invezz

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Tesla tops BYD in deliveries, but BYD leads in growth: what’s next for 2025?

Tesla and BYD, two giants in the electric vehicle (EV) industry, faced contrasting fortunes in 2024.

While Tesla retained a marginal lead in global EV sales, its annual deliveries declined for the first time in years, highlighting a maturing market and fierce competition.

Meanwhile, BYD continued to expand aggressively, recording double-digit growth in EV sales and strengthening its international footprint.

Tesla falters despite growth in China

Tesla’s global deliveries fell 1.1% year-over-year to 1.79 million vehicles in 2024, missing analysts’ estimates of 1.806 million.

The decline was driven by reduced subsidies in Europe, a pivot in the US towards more affordable hybrid vehicles, and intensified competition from BYD.

While Tesla’s Chinese market bucked the trend with record sales of over 657,000 vehicles, an 8.8% increase, this was not enough to offset weaker performance elsewhere.

To counter slowing demand in China, Tesla offered significant incentives, including a 10,000 yuan discount on loans for its Model Y and extended zero-interest financing.

The company’s aging lineup, particularly the Model 3 and Model Y, struggled to attract new buyers.

The much-anticipated Cybertruck, which debuted in late 2024, has yet to make a significant market impact, with delivery figures undisclosed.

BYD wins the lead in Q4

In stark contrast, BYD delivered 1.76 million battery-electric vehicles in 2024, a 12.1% increase from the previous year.

This growth was bolstered by competitive pricing, diverse product offerings, and an intensified push into Asian and European markets.

BYD’s Q4 sales of 595,413 battery electric vehicles (BEVs) not only surpassed Tesla’s 495,570 deliveries but also marked a pivotal shift in the global EV market, highlighting BYD’s 71.9% surge in overseas sales to 417,204 units for the year.

This was the first time in 2024 that the Chinese EV giant surpassed Tesla’s quarterly numbers.

Source: Cleantechnica.com

For 2024, BYD’s 1.76 million BEVs reflect its 12.1% annual growth, driven by expanding international demand.

BYD also overshot its overall passenger vehicle sales target, with a 41% rise to over 4.25 million units.

However, the company faced setbacks in Europe, where additional tariffs dampened its export momentum, and Brazil, where labour practices at a factory construction site drew regulatory scrutiny.

Despite these challenges, BYD’s ability to outpace Tesla in key growth markets, coupled with its diversified product range that includes hybrids, highlights its increasing dominance in the EV race.

Market pressures redefine EV strategies

The global EV landscape is becoming increasingly competitive, with legacy automakers and new entrants intensifying the pressure.

In Europe, Tesla’s registrations fell by 24% in October, losing ground to Volkswagen’s Skoda Enyaq, which dethroned the Model Y as the region’s best-selling EV.

Tesla’s strategy to regain momentum includes expanding its self-driving taxi business and introducing cheaper models.

However, the timeline for fully autonomous vehicles remains uncertain, and analysts have expressed scepticism about the company’s ability to achieve its ambitious growth targets for 2025.

Meanwhile, BYD’s focus on affordability and localisation appears to resonate with price-sensitive consumers in emerging markets.

The company’s ability to undercut competitors while maintaining profitability has positioned it as a formidable challenger to Tesla’s dominance.

Tesla and BYD adapt to evolving demand

The EV industry’s rapid growth has begun to plateau, with demand slowing in mature markets like the US and Europe.

As borrowing costs remain high, both Tesla and BYD must navigate a more complex landscape.

For Tesla, innovation and regulatory support under the Trump administration may offer opportunities, but challenges persist, particularly with tax credit uncertainties and scrutiny over its autonomous driving technologies.

BYD’s strategy of leveraging its hybrid offerings and expanding in underserved markets provides a contrasting approach to growth.

However, the company must address regulatory concerns and rising tariffs to sustain its momentum.

In 2024, the battle between Tesla and BYD has highlighted the need for adaptability in a competitive and evolving market.

As both companies prepare for 2025, the focus will likely shift to innovation, cost management, and strategic global expansion to capture the next wave of EV growth.

The post Tesla tops BYD in deliveries, but BYD leads in growth: what’s next for 2025? appeared first on Invezz

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S&P 500, Dow edge higher but face weekly losses; Cerence soars 120%, alcohol stocks slide

US equity benchmarks moved higher on Friday amid better manufacturing data from the country. 

At the time of writing, the S&P 500 index was 1% higher, while the Dow Jones Industrial Average gained 0.6%.

The Nasdaq Composite moved higher about 1.4% from the previous close. 

The Institute of Supply Management’s manufacturing index for the US came in at 49.3 in December, which was higher than expectations of 48.0 by Dow Jones.

However, the index was still below the level of 50, which indicates expansion in the sector.

Tech stocks moved higher on Friday with gains from NVIDIA Corp.

Cyber defense stock CrowdStrike also gained, while Homebuilder PulteGroup rose more than 2%. 

Stocks were coming off from losses on Thursday.

The S&P 500 and Nasdaq have fallen for five consecutive trading days, which is their longest losing streak since April of 2024. 

The recent weakness in equities means that the Santa Claus rally has failed to materialise.

The rally is marked by positive movement of stocks during the last five trading days of a year, and the first two days of January. 

David Morrison, senior market analyst at Trade Nation, said:

US stock index futures were firmer in early trade this morning. They were firmer in early trade yesterday morning too. But that didn’t stop them turning lower as the session progressed.

“Does this week’s stock market behaviour provide clues for the rest of the year? Probably not. It’s fair to assume that much of the recent volatility and downside pressure comes as a result of year-end window dressing and fund rebalancing, as managers shift their holdings between equities and bonds,” Morrison added. 

Even with Friday’s gains, US stocks were on course to end the first week of 2025 with losses. 

Ford and GM rise

Shares of Ford and General Motors both reversed early losses and climbed after the companies posted positive sales data. 

Both automakers posted their best annual US sales since 2019 last year. 

General Motors’ sales rose 4.3% year on year to 2.7 million.

The stock was up about 0.5% from the previous close. 

Additionally, Ford’s sales were around 2.08 million in 2024, higher from 2 million in the previous year.

At the time of writing, shares of Ford were more than 2% higher than the previous close. 

Cerence Inc jump

Shares of Cerence jumped sharply on Friday after the company announced a partnership. 

The maker of artificial intelligence assistants for autonomous vehicles had announced an expanded partnership with NVIDIA to help its business. 

The deal with NVIDIA is likely to help the company to improve its automotive large language models known as CaLLM, according to a CNBC report. 

These models are powered by NVIDIA’s AI Enterprise. 

At the time of writing, shares of Cerence were up more than 120% from the previous close. 

Steel stocks fall

Shares of steel companies fell on Friday after an announcement by President Joe Biden. 

Biden blocked Japanese company Nippon Steel’s $14.9 billion takeover of US Steel. 

Biden said:

“U.S. Steel will remain a proud American company.”

He also said that the domestic steel industry is a priority for national security in the US. 

Meanwhile, shares of alcoholic beverage companies slid on Friday after US Surgeon General Dr. Vivek Murthy issued a warning on cancer risk due to alcohol consumption.

Shares of Constellation Brands and Anheuser-Busch Index each dropped over 1% from the previous close. 

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Crypto.com introduces stock and ETF trading for US users

Crypto.com, a platform renowned for its cryptocurrency services, has taken a significant leap into traditional finance by launching stocks and exchange-traded funds (ETFs) trading for select US users.

This initiative aims at merging traditional finance (TradFi) offerings with the platform’s established crypto platform.

Initially, the new stocks and ETFs trading feature will be available to users in Pennsylvania, Ohio, Washington, and Arizona, although Crypto.com has plans to roll out the service nationwide in the coming months.

Crypto.com’s stocks and ETFs trading service

Crypto.com’s stock and ETF trading platform offers several investor-friendly features:

  • Zero-commission trading: Users can trade without paying any commissions, making investing more accessible and cost-effective.
  • Fractional shares: Investors can buy and sell fractional shares, enabling them to own a portion of high-value stocks and ETFs. However, fractional shares are not available for all equities.
  • Effortless transfers: Users can transfer their securities into the Crypto.com app with just a few taps, simplifying portfolio management.

In addition, to celebrate the launch, Crypto.com is offering a limited-time promotion where users can earn up to a 3% bonus when transferring eligible securities into the platform.

The launch follows Crypto.com’s recent decision to drop its lawsuit against the US Securities and Exchange Commission (SEC) after a meeting between Crypto.com CEO Kris Marszalek and President-elect Donald Trump, during which they discussed crypto-friendly policies, including the proposal of a national Bitcoin reserve.

With the addition of stocks and ETF trading, Crypto.com is well-positioned to attract a broader audience, offering a unified platform for managing both traditional and digital investments.

Crypto.com is broadening its horizons in TradFi

This expansion into stocks and ETF trading aligns with Crypto.com’s broader mission to integrate TradFi products alongside its cryptocurrency services.

The platform has also announced plans to introduce additional financial instruments, including stock options trading, foreign exchange (Forex trading), commodities, and index derivatives later this year.

These offerings are expected to solidify Crypto.com’s position as a comprehensive financial platform.

For regulatory compliance and security of investors’ funds, securities on Crypto.com are offered through Foris Capital US LLC, a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

Foris Capital operates independently of Crypto.com and its other affiliated entities, ensuring a clear separation between traditional financial products and digital asset services.

Notably, Foris Capital does not engage in the sale, transfer, or custody of cryptocurrencies.

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