Category Archives: business

CZ Reveals Real Reason Tokenized Gold Has Not Taken Off

**Changpeng Zhao (CZ) Responds to Peter Schiff’s Tokenized Gold Plans**

Changpeng Zhao (CZ), founder and former CEO of Binance, has recently commented on Peter Schiff’s announcement regarding a tokenized gold product. Schiff, a well-known gold proponent, is making a notable pivot by embracing blockchain technology to tokenize gold, aiming to make it more accessible and transferable. However, CZ remains skeptical about the idea.

### CZ Critiques the Tokenized Gold Concept

For years, Peter Schiff has dismissed Bitcoin (BTC), even recently forecasting an imminent crash in its price. Now, with his plans to create a tokenized gold product, he appears to be adopting blockchain technology—albeit for gold rather than cryptocurrencies.

CZ’s response, however, was a pointed critique of what he sees as a mismatch between hype and reality. He clarified that his criticism was not aimed at gold itself, but at the tokenization model. According to CZ, tokenized gold often amounts to little more than a digital claim on physical gold held by a central custodian. In other words, individuals do not truly hold gold “on-chain.” Instead, it resembles a bank promise to return deposits.

The risk lies in trusting the issuer: if they go bankrupt, get hacked, or change ownership, the guarantees tied to these tokens could fail. While physical gold endures through time, CZ pointed out, such promises may not. He questioned whether a third party could reliably deliver on their commitments years down the line, especially amid wars and economic disruptions.

Describing the proposed product as a “trust me bro” token, CZ suggested this inherent trust risk explains why no tokenized gold project has truly taken off. This touches on a broader debate about blockchain’s promise. Schiff’s approach offers convenience with a gold twist, but CZ reminds the community that true innovation in blockchain lies in removing the need to outsource trust.

### Peter Schiff Faces Additional Criticism Following Gold’s Price Drop

Meanwhile, Peter Schiff has come under more fire within the cryptocurrency ecosystem after gold prices plunged to record lows on Wednesday, October 22, 2025.

A report by U.Today highlighted commentary from veteran crypto trader Peter Brandt, who took a playful jab at Schiff. Brandt shared a historical chart illustrating that gold investors have endured a difficult journey, often facing deep and long-lasting consolidations over the years. Despite this, gold has averaged a modest annual return of 3.6% over the past 45 years.

Interestingly, Schiff had predicted earlier this month that gold could soar to $6,000 by Christmas, outperforming both Bitcoin and the S&P 500. Contradicting this forecast, gold’s price dipped below $4,100 on Wednesday, fueling recent skepticism and criticism.

On the other hand, Bitcoin continues to experience volatility but is showing signs of recovery. Over the past 24 hours, BTC’s price marginally increased by 1.17%, reaching $109,629.

As Schiff ventures deeper into blockchain-based gold products, the debate on trust, innovation, and the future of tokenized assets is sure to intensify. Meanwhile, market movements keep testing the forecasts of both gold and cryptocurrencies alike.
https://u.today/cz-reveals-real-reason-tokenized-gold-has-not-taken-off

‘The Epstein Ballroom’ Is Getting Funded By Tech Bribes

Turns out, it’s not just “patriot donors” funding the new White House ballroom — tech giant Alphabet, the parent company of Google and YouTube, is chipping in, too. CNBC reports that the company is contributing $22 million to the $250 million project, with the money routed through a legal settlement reached last month over Trump’s YouTube ban following the January 6, 2021, Capitol riot.

The Google-owned platform froze Trump’s account in the riot’s aftermath, warning his posts could spark further violence. Trump later sued, claiming censorship and wrongful suspension. Under the Oakland, California, federal court settlement, nearly 10% of the ballroom’s estimated construction costs will now come from Alphabet.

CNBC reports the money will be donated on Trump’s behalf “to the Trust for the National Mall, a 501(c)(3) tax-exempt entity dedicated to restoring, preserving, and elevating the National Mall, to support the construction of the White House State Ballroom.”

Images of cranes tearing into the East Wing to make way for the 90,000-square-foot ballroom sparked public backlash this week and raised fresh questions about who is footing the bill. Trump has repeatedly insisted the project is privately funded and will cost taxpayers nothing.

“For more than 150 years, every President has dreamt about having a Ballroom at the White House to accommodate people for grand parties, State Visits, etc. I am honored to be the first President to finally get this much-needed project underway—with zero cost to the American Taxpayer!” Trump wrote on Monday on Truth Social.

Trump has pledged some of his own money to the project, and other donors include Lockheed Martin, reportedly contributing more than $10 million. Tech companies are also pitching in: Beyond the settlement contribution, Google is committing at least $5 million. Comcast—parent company of CNBC—is also listed as a donor, though the amount is unknown. The company will spin off CNBC later this year under a new parent, Versant.

The project has drawn scrutiny from Treasury Department employees, whose offices overlook the demolition site. The department has barred staff from sharing images of the work, citing security concerns, though critics argue transparency is vital for public oversight.

The East Wing’s demolition, including the removal of historic elements like trees and architectural details, has fueled complaints that the project is far more than a simple upgrade—it represents a substantial transformation of one of the nation’s most symbolic spaces.

Preservationists are weighing in as well. On Tuesday, the National Trust for Historic Preservation sent a letter urging a pause on demolition until proper public review processes are completed. Carol Quillen, National Trust’s president and CEO, stressed that while a larger meeting space may be useful, the scale and height of the proposed ballroom could “overwhelm the White House itself” and disrupt its classical design.

She called for consultations with the relevant review agencies and public input to ensure the project respects the historic significance of the building and its grounds.

“The National Trust stands ready to assist the White House, the National Park Service, and relevant review agencies in exploring design alternatives and modifications that would accomplish the objectives of the Administration while preserving the historic integrity and symbolism of the People’s House,” Quillen added.

Trump has insisted the ballroom “won’t interfere with the current building.”

“It’ll be near it but not touching it, and pays total respect to the existing building, which I’m the biggest fan of,” he said in July. But that doesn’t appear to be the case anymore.

The New York Times reported Wednesday that the White House has decided it would be “cheaper and more structurally sound to demolish the East Wing” rather than build an addition. The full demolition is expected to be finished by this weekend.

The White House has also dismissed criticism, comparing the project to minor modifications under former President Barack Obama, such as adding basketball lines and baskets to the tennis courts. But those changes were far less disruptive than dismantling the East Wing.

With Alphabet, Lockheed Martin, and other major donors helping foot the bill, Trump is moving full steam ahead on a ballroom he says will be “happily used for generations to come,” promising a mix of private financing and personal investment.

The project underscores Trump’s ongoing fascination with leaving a permanent mark on the White House, turning construction into both a legacy project and a showcase for corporate support.
https://crooksandliars.com/2025/10/what-trump-calls-donors-are-actually

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https://cryptoverze.com/suspendez-votre-quotidien-et-gagnez-gros-avec-un/?utm_source=rss&utm_medium=rss&utm_campaign=suspendez-votre-quotidien-et-gagnez-gros-avec-un

Critics of $1 trillion payday for Elon Musk are ‘corporate terrorists,’ Tesla CEO says

**Who Wants to Be a Trillionaire? Elon Musk Does**

Elon Musk is aiming for a staggering $1 trillion pay package, and he doesn’t hold back against those opposing his quest. During the latest Tesla earnings call, Musk interrupted the proceedings to push for approval of his 10-figure salary plan, characterizing the advice from advisory firms opposing the move as “asinine.”

The proposed mammoth pay package would significantly increase Musk’s stake in Tesla—from 13% to as much as 29%—if he hits several ambitious performance benchmarks. Musk emphasized the need for enough voting control to maintain strong influence over the company, but not so much that he couldn’t be removed if necessary. “There needs to be enough voting control to give a strong influence, but not so much that I can’t be fired if I go insane,” Musk said near the end of the hour-long call on Wednesday, even cutting off his chief financial officer to make his point, according to a Bloomberg report.

He didn’t mince words when describing proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis, who have urged shareholders to reject the $1 trillion pay package, labeling them “corporate terrorists.” Musk added, “I just don’t feel comfortable building a robot army here, and then being ousted because of some asinine recommendations from ISS and Glass Lewis, who have no freaking clue.”

ISS expressed “unmitigated concerns” about potential future adjustments to the pay levels, while Glass Lewis highlighted worries that the plan could dilute the stakes of other shareholders in the company.

As the world’s richest person, with a net worth of $487.5 billion according to Forbes, Musk has argued that the most critical component of the plan is his gain in voting control. After Musk finished, Tesla CFO Vaibhav Taneja praised the special board committee for their “amazing job” in crafting the plan. “There’s nothing which gets passed on until the time shareholders make substantial returns,” Taneja noted.

**Tesla’s Disappointing Earnings and Lofty Milestones**

Musk’s fiery comments capped a tense end to a disappointing earnings call, where Tesla missed profit estimates despite delivering record sales. The proposed 10-year compensation plan ties Musk’s payout to several ambitious milestones, including:

– Selling 20 million vehicles
– Delivering 1 million humanoid robots
– Increasing Tesla’s market value more than eightfold, to an eye-popping $8.5 trillion

According to a proxy filing obtained by Bloomberg last month, Musk warned Tesla’s board that he would abandon the electric vehicle maker to “pursue his other interests” unless he secured approximately 25% voting control and was “fully paid for his past services.”

Shareholders are scheduled to vote on Musk’s pay package during Tesla’s annual meeting in Austin on November 6.

Wedbush Securities analyst Dan Ives expressed confidence in the package’s approval despite some opposition, stating in a Wednesday night note that he believes it “will be approved by a wide margin” as the automaker aims to keep Musk “as a war-time CEO.”

**Financial Highlights and Market Reaction**

Adding to the tension, Tesla reported that its operating income plunged 40% in the third quarter, while revealing over $400 million in tariff-related costs. Operating expenses surged 50%, reaching $3.4 billion.

Tesla’s shares fell 3.8% on Thursday morning, though the stock remains up 11.1% year-to-date.

Elon Musk’s pursuit of a trillion-dollar pay package reflects both his ambition and the high stakes involved as Tesla continues to navigate a complex and competitive market. The upcoming shareholder vote will be critical in determining the company’s leadership and future direction.
https://nypost.com/2025/10/23/business/critics-of-1-trillion-pay-for-elon-musk-are-corporate-terrorists-tesla-ceo-says/

Robin Energy GAAP EPS of $0.01, revenue of $2M

Robin Energy Ltd. Reports Q3 Financial Results

Robin Energy Ltd. announced its Q3 financial results, reporting a GAAP earnings per share (EPS) of $0.01 and total revenue of $2 million.

Key Highlights:
– GAAP EPS: $0.01
– Revenue: $2 million

This update reflects the company’s performance for the third quarter ending in October 2025.

Stock Information:
– Stock Symbol: RBNE
– Recent Price Movement: [Data Not Provided]

For investors and market watchers, additional information such as market capitalization, price-to-earnings (PE) ratio, dividend yield, revenue growth (year-over-year), and short interest can provide further insights into Robin Energy’s market position and trends.

Stay tuned for more trending news and analysis about RBNE and related stocks.
https://seekingalpha.com/news/4507574-robin-energy-gaap-eps-of-0_01-revenue-of-2m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news

Microsoft tells Xbox unit to deliver margins above ‘industry average’ – report

Microsoft (NASDAQ: MSFT) is pushing its Xbox gaming division to achieve profit margins “well above the industry average,” according to a report by Bloomberg published on Thursday.

Citing insider sources, the report revealed that over the past two years, company executives have set ambitious targets across the board to enhance profitability. This strategic focus underscores Microsoft’s commitment to strengthening its position in the competitive gaming market.
https://seekingalpha.com/news/4507483-microsoft-tells-xbox-unit-to-deliver-margins-above-industry-average—report?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news

Lockheed, NioCorp to develop scandium-based defense technology

**Lockheed Martin and NioCorp to Develop Scandium-Based Defense Technology**

*October 23, 2025 | 7:14 AM ET*

NioCorp Developments Ltd. announced a strategic agreement with Lockheed Martin to collaborate on the development of scandium-based defense technology. Following the news, NioCorp’s shares rose by 3.9% in pre-market trading on Thursday.

This partnership highlights the growing importance of scandium, a rare earth element, in advanced defense applications. The collaboration aims to leverage NioCorp’s expertise in scandium extraction and Lockheed Martin’s technological capabilities to create innovative defense solutions.

**Related Stocks**

– NioCorp Developments Ltd. (Symbol: NB)

Stay tuned for more updates and in-depth analysis on this developing story.
https://seekingalpha.com/news/4507385-lockheed-niocorp-to-develop-scandium-based-defense-technology?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news

Trump plows past concerns over East Wing demolition — and envisions an even bigger ballroom than initially planned

(CNN) — President Donald Trump has proceeded with enormous latitude as he constructs his massive new ballroom, bypassing concerns raised by preservationists and so far stopping short of seeking approval from the commission overseeing construction on federal buildings to tear down the entirety of the White House East Wing.

The ballroom is now expected to be larger than initially planned, according to multiple sources familiar with the matter. The president has shown visitors two flat tabletop models, at times quizzing the room on which version they preferred: the smaller one or the larger one. Most answered that the bigger one was better, to which Trump agreed.

While it’s not clear how much larger, Trump said Wednesday that the ballroom is expected to cost a projected $300 million, seemingly in line with a larger structure. Previously, the administration had put the cost at $200 million.

The project has drawn outcry and led to questions about whether the president was within his legal authority to dismantle entire sections of the executive mansion. Not all of Trump’s own team was set on the project at the start, one source familiar with the internal conversations told CNN.

At the beginning, some aides and advisers thought it was too big of a task to undertake, and attempted to explain how difficult and lengthy the process was likely to be. But once it became clear the president wasn’t going to give up on the idea — which he’s been musing about for the better part of 15 years — everyone quickly got onboard.

The White House says it will submit plans for the ballroom construction to the National Capital Planning Commission, but insists the body doesn’t have purview over the decision to knock down the East Wing. Some former members of the panel have questioned that assessment. And one of the nation’s premier historic preservation organizations is calling for an immediate halt to the leveling of the East Wing.

But there appeared little standing in the way of the president’s decision to move ahead with the audacious, multi-year project. Now the demolition is well underway, making it seem unlikely the plans will be reversed.

“In order to do it properly, we had to take down the existing structure,” Trump said Wednesday in the Oval Office when questioned about the project. A scale model of the White House grounds with the ballroom prominently jutting out from the East Colonnade sat on the table in front of him.

He said after a “tremendous amount of study with some of the best architects in the world,” the determination was made that “really knocking it down” the East Wing would be necessary. “It was never thought of as being much,” he said. “It was a very small building.”

On Wednesday, track excavators continued their work ripping into the former home of the office of the first lady, the White House calligrapher, and some military aides. The demolition was proceeding quickly, with roughly half the structure now reduced to a grey pile of cement and twisted rebar. Staffers in those departments have been relocated to other areas on the complex.

The East Wing’s wood-paneled foyer has long been the main point of entry for visitors attending social events at the White House, as well as those going on tours of the building. The section emerged in its current form in 1942.

Officials said the rest of the East Wing is likely to be demolished by the end of the week.

In some ways, the cries of disapproval are coming too late. Renderings released by the White House in July showed the ballroom sitting atop where the East Wing used to sit, and an official press release at the time stated it would sit “where the small, heavily changed, and reconstructed East Wing currently sits.”

Trump said anyone outraged or concerned he was taking steps without being frank about his intentions were misplaced. “I haven’t been transparent? I’ve shown this to everybody that would listen,” he said in the Oval Office.

Still, images of the building torn to pieces this week have caused shock, particularly as Trump tests his authority in nearly all aspects of the presidency — not least of which is the building he lives and works in.

The project began ramping up over the summer, one source said, and weekly meetings to discuss the project began. The president himself has been involved in these meetings, which have also included Chief of Staff Susie Wiles, the White House Military Office, the Secret Service, an architecture team, and other staffers internally who have been tasked with helping move the project along quickly, the source said.

The White House said in late July that McCrery Architects and its CEO James McCrery would take the lead in the design of the addition. A few days later, McCrery was spotted alongside Trump on the White House roof surveying the area on the South Grounds where the ballroom will go.

Trump’s aides were prepared for pushback on the ballroom and sought to review what was legally required to complete the project, the source said.

Ultimately, administration officials determined the White House would only need approval from the National Capital Planning Commission, which oversees federal construction projects in Washington and its neighboring states, Virginia and Maryland.

However, officials said the commission has jurisdiction only when “vertical” construction begins and does not oversee demolition.

Trump recently appointed White House staff secretary and loyalist Will Scharf to chair the commission. White House deputy Chief of Staff James Blair and another Trump aide were also appointed to the commission at the same time.

Scharf said during a meeting of the commission last month the body would eventually be involved in the project, but not until after the East Wing was demolished.

“I know the president thinks very highly of this commission, and I’m excited for us to play a role in the ballroom project when the time is appropriate for us to do so,” he said.

The commission, which is closed amid the ongoing government shutdown, was created by Congress in 1924 and is comprised of 12 members. Three are appointed by the president, along with the chairman, with the rest of the seats reserved for federal agencies, such as the National Park Service, and representatives from the District of Columbia.

Projects reviewed by the NCPC in recent years include changing the perimeter fence around the White House grounds and a tennis pavilion Trump installed during his first term. The fence, in particular, took several years before it was ultimately approved; officials said it was a necessary change because people kept jumping over the previous one and running toward the North Portico.

L. Preston Bryant Jr., who served as chairman of the NCPC for nearly a decade, described a three-stage process that typically unfolds for federal projects, beginning with early consultations that he described as collaborative.

“The Commission staff very much wants a potential project to get started on the right foot. This early consultation stage is very important,” he told CNN.

The project goes through subsequent phases — conceptual, preliminary approval, and final approval — before the process is complete.

Bryant said he couldn’t remember a time when demolition was separated from the approval process in the way the Trump White House has done.

“That was not my experience during my time at NCPC,” Bryant said. “If there’s to be demolition, that’s part of the project. The demolition element is inherent in the overall project. Demo is not separated from construction. It’s part of it.”

Rebecca Miller, the executive director of the DC Preservation League, said demolishing the East Wing before a formal submission of the ballroom plans essentially starts the project before a formal review process.

“Most concerning is that they’re just tearing down the East Wing without any public submission as to what is going to be built in its place,” she said. “And that’s where the National Capital Planning Commission, or the Commission on Fine Arts, or the public, would have their input into the design of the property, its compatibility with the White House, and how to mitigate or minimize the impact on the current historic resource.”

“We’re in this kind of zone where there’s nothing that prevents the demolition, but we’ve also not seen what the submission is,” Miller added.

Other laws and rules also appear not to apply to the White House. President Lyndon B. Johnson signed the National Historic Preservation Act in 1966, which details the process by which stakeholders should be brought in for large public projects. But the law excludes the three pillars of US government — the Capitol, the Supreme Court, and the White House — from its provisions.

The Shipstead-Luce Act of 1930 also requires that alterations to buildings in the national capital area, including the White House, must be presented to the Commission of Fine Arts. The language, however, refers to buildings facing the White House and not the White House itself.

For Trump, the concerns about the new ballroom appear unconvincing.

Sitting in the newly gilded Oval Office as the machines were working away outside, he held up a pile of paper renderings showing the plans, including the Louis XIV-style interior that closely resembles the ballroom at Mar-a-Lago.

“You see it goes beautifully with the White House,” Trump proclaimed. “I mean, the mix is beautiful.”

© 2024 The-CNN-Wire™ & ©.
https://wsvn.com/news/politics/trump-plows-past-concerns-over-east-wing-demolition-and-envisions-an-even-bigger-ballroom-than-initially-planned/

AEW to quietly replace Andrade by signing 39-year-old star amid his WWE legal battles? Looking at the possibility

A major talent could step in to replace AEW star Andrade as he navigates ongoing legal challenges. Since his return to AEW, Andrade has been notably absent, following a legal curveball thrown his way by WWE.

The situation has left fans wondering about Andrade’s future in the wrestling world, while AEW considers potential replacements to fill the void during this uncertain period. More updates are expected as the legal proceedings progress and AEW adjusts its roster accordingly.
https://www.sportskeeda.com/aew/aew-quietly-replace-andrade-signing-39-year-old-star-amid-wwe-legal-battles-looking-possibility

Hermantown gives an initial OK to sprawling data center despite opposition

HERMANTOWN, Minn. — Seating was in unusually short supply at the Hermantown City Hall on Monday night, as councilors took up a rezoning request that could open the door for the construction of a sprawling data center in the rural southwest corner of the Duluth-area community.

Council chambers were filled to capacity, and an engaged crowd gathered to discuss the potential impact of the project.
https://www.twincities.com/2025/10/21/hermantown-gives-an-initial-ok-to-sprawling-data-center-despite-opposition/