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Crypto group amasses $46.6 million to bid on rare U.S. Constitution copy at Sotheby’s



Crypto group amasses $46.6 million to bid on rare U.S. Constitution copy at Sotheby's
© Reuters. An extremely rare official first-edition printed copy of the U.S. Constitution as adopted by delegates to the Constitutional Convention in Philadelphia in 1787, which will auctioned off in mid-November 2021 by Sotheby’s in New York, is seen in this hand

LONDON (Reuters) – An online group has raised more than $46.6 million in cryptocurrency funds to bid on an original copy of the U.S. Constitution for sale at Sotheby’s auction house on Thursday.

The group, called “ConstitutionDAO”, set up a crowdfunding page in which people can pay in the digital currency ether to contribute to the funds, which they say will be used to bid on a rare copy of the U.S. Constitution at Sotheby’s.

The extremely rare official first-edition printed copy of the U.S. Constitution, which was adopted by America’s founding fathers in Philadelphia in 1787, is estimated by Sotheby’s to be worth $15 million to $20 million. The auction begins at 7 p.m. EST.

The ConstitutionDAO website says that those who contribute funds will become members of the Decentralised Autonomous Organisation, or DAO, but will not themselves have an ownership stake in the document if the group has the winning bid.

A DAO is a kind of online community which can use blockchain technology to allow members to suggest and vote on decisions about how it is run, for example by using crypto tokens to cast votes.

ConstitutionDAO’s website says that the people who contributed would not receive fractionalised ownership of the valuable item itself, but instead a “governance token”, which will give them the ability to “advise” on what happens to it.

More than $46.6 million worth of funds, or 11,513 ether, had been paid into the project so far as of 3:26 p.m. EST, according to the crowdfunding website Juicebox. Juicebox’s website said its crypto crowdfunding is “experimental software” and advised user caution.

“The total raised will not be reflected here, nor on any other sites related to this project, until after the auction is over,” the ConstitutionDAO website said.

One of the people behind the project, Alice Ma, told Reuters the fundraising was set up by a group of 34 people listed on the ConstitutionDAO website. Some of these are listed under pseudonyms.

The bidding will be done by the group’s “fiscal sponsor”, called Endaoment, which will take “interim legal ownership” of the document, a set of FAQs by ConstitutionDAO said.

“After the initial purchase, the community will be able to restructure ownership to best reflect the mission and values of the DAO,” the FAQs said.

The ConstitutionDAO website said the funds raised will be kept in a wallet jointly-controlled by 13 team members and would be returned for refunds if the group loses the auction.

(The story corrects headline to show group raised $46.6 million to bid, not that it bid $46.6 million)

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Large US companies by market cap begin to think more about cutting investments and staff – survey



biggest us companies by market cap

The chief executive officers (CEOs) of the largest US companies by market cap are revising downward their plans for hiring and investment amid a worsening outlook for the US economy, a quarterly Business Roundtable (BRT) survey showed.

That’s because of high inflation and rising costs, said the association, which includes dozens of major U.S. corporations. The S&P 500 and U.S. 100 indices are also declining amid the developments.

The index, which gauges the economic outlook, fell 11 points this quarter, to 73 points. The indicator is still above the 50-point mark, indicating that the economy is growing. However, it fell below the long-term average of 84 points for the first time since the third quarter of 2020.

The index of planned investments fell 7 points to 68 points and expected sales fell 8 points to 91 points, according to the BRT report.

What will the biggest U.S. companies do by market cap?

About 39% of CEOs plan to increase the number of employees at their companies in the next six months, while 28% of respondents intend to downsize. Last quarter, those numbers were 47% and 19%, respectively.

Nearly half (49%) said that labor costs are a major expense at their company. Twenty-one percent of CEOs plan to reduce capex in the next six months and 40% plan to increase it. In the third quarter these proportions were 18% and 43%, respectively.

U.S. CEOs on average forecast that U.S. GDP will increase by 1.2% in 2023. 142 CEOs participated in the BRT survey, which ran from October 31 to November 28.

Earlier, we reported that Saxo Bank presented “shocking predictions” for the next year.

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Saxo Bank predictions 2023: Saxo Bank presents “shocking predictions” for the next year



Analysis Saxo Bank

Saxo Bank predictions 2023: The Danish Bank has published ten “shocking predictions” for 2023. They concern a series of unlikely and underestimated events because of which, however, “the world markets can be covered with a powerful shock wave”..

Saxo Bank analysis – what’s going to happen next year?

Against the backdrop of rising energy prices, leading U.S. technology companies and “billionaire technophiles” will create a multi-billion dollar project aimed at exploring new opportunities in the energy sector, the bank predicts. According to the bank, this project will be comparable to the “Manhattan Project” to study atomic energy and the creation of the nuclear bomb, and investments in the new project will be about $1 trillion.

Inflationary pressures and geopolitical instability will continue to affect not only the global economy but also the financial markets, says the Danish bank. Against this background, states will take a more conservative policy, reducing investments in more complex financial instruments, and investing in traditional assets such as gold. And traders at the same time are considering Gold Futures.

Increased demand for gold in 2023 will, according to Saxo Bank, cause its price to rise from the current $1,800 to $3,000 per ounce.

Earlier, we reported that Apple has postponed the release date of an unmanned electric car for a year.

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Apple postponed the release date of Apple’s electric car by a year



Apple's electric car

U.S. Apple Inc. (NASDAQ:AAPL) has pushed back the release date of Apple’s unmanned electric car by a year to 2026 and somewhat tempered its ambitions about the extent of its self-driving capability, Bloomberg reported, citing sources.

Earlier, Apple announced electric cars. According to the sources, the Titan project has been in limbo for the past few months because top executives at Apple have concluded that their vision of a fully self-driving car with no steering wheel and no pedals can’t be realized with existing technology. The APPLE Price Chart showed a slight decline amid this news. 

In this regard, the company has decided to adjust the project and now plans to create a less autonomous car, with a steering wheel and pedals, with the possibility of fully unmanned driving on highways, sources said.

The driver of the car is expected to be able to do his or her own thing while driving on the highway, such as watching a movie or playing a game, and will receive advance notifications to switch to manual control when approaching city streets or deteriorating weather conditions.

Apple shares fell 2.5 percent in trading Tuesday. Since the beginning of this year, their value has fallen by 19.5%.

We previously reported on World Economic News now through the morning of Dec. 6.

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