Trump Sues JPMorgan for $5 Billion for Closing His Bank Accounts
President Trump filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon last week, claiming that the largest bank in the nation wrongfully shut down his accounts due to political motivations following the Capitol riot on January 6, 2021.
This legal action, taking place in state court in Miami-Dade County, Florida, marks another attack by Trump on the largest banks in the country, which he asserts have discriminated against him, his supporters, and conservatives at large. Last summer, Trump leveraged his executive authority to compel regulators to investigate these banks for alleged "debanking" practices.
Trump's lawsuit alleges that JPMorgan terminated several accounts in 2021 based on the unfounded notion of "wokeness," intended to dissociate from him, and that the bank and Dimon have since blacklisted Trump and his businesses.
Musk seeks up to $134 billion from OpenAI and Microsoft
Elon Musk is pursuing up to $134 billion from OpenAI and Microsoft, claiming he is entitled to the "wrongful gains" they acquired due to his early contributions, as stated in a recent court filing. According to Musk, OpenAI reaped between $65.5 billion and $109.4 billion owing to the billionaire entrepreneur's support during its startup phase in 2015, while Microsoft benefited by $13.3 billion to $25.1 billion. This allegation comes in the lead-up to his trial against both companies.
OpenAI has characterized the lawsuit as "baseless," asserting that it is part of a "harassment" campaign orchestrated by Musk, and a Microsoft attorney has countered that there is no evidence to suggest the company "aided and abetted" OpenAI. In a separate filing, both companies challenged Musk's claims for damages.
Since parting ways with OpenAI in 2018, Musk has been leading xAI, which competes with Grok, a chatbot. He alleges that OpenAI, now operating as a for-profit entity, has strayed from its original mission.
Trump coin price plunges 94% in a year as memecoin frenzy fades
Donald Trump’s memecoin has dropped by more than 90 percent from its all-time high last year, illustrating the fading enthusiasm surrounding the controversial cryptocurrency linked to the former president.
Introduced just before Trump’s inauguration in January last year, the $TRUMP memecoin initially soared from $1.20 to an impressive $75.35, as reported by CoinMarketCap. However, a year later, its value has plummeted to $4.86, representing an astounding 94 percent decline from its peak.
Shortly after the launch of the $TRUMP coin, his wife, Melania Trump, also launched her memecoin, which peaked at $13.73 before now trading just under $0.15, representing a staggering 99 percent drop from its high.
These dramatic price decreases have left investors who purchased at the peak with significant losses, likely intensifying the scrutiny of the president's ventures in the cryptocurrency space. A recent investigation by the Financial Times revealed that the Trump family's crypto enterprises have amassed over $1 billion in pre-tax earnings.
