Billionaires Flex Historic Power In Campaigns

“Elon Musk’s misinformation megaphone has created a ‘huge problem’ for election officials in key battleground states who told CNN they’re struggling to combat the wave of falsehoods coming from the tech billionaire and spreading wildly on his X platform,” CNN reports. “Election officials in pivotal battleground states including Pennsylvania, Michigan and Arizona have all tried – and largely failed – to fact-check Musk in real time.

Trading in Trump Media shares were halted twice Thursday morning as shares rapidly dropped at the start of another volatile trading session, CNBC reports. The Independent: Trump loses $1.3bn in net worth after his social media stock tanks.

New York Times: “In an election season that is setting records in some states for turnout, campaign spending and existential angst, a new survey of races nationwide offers another chart-topping statistic: Seven in 10 elective offices in this year’s general election are being sought by only one candidate.” “BallotReady, a nonpartisan organization promoting civic engagement, which conducted the research, said the share of uncontested races at all levels of government, from local fire districts to Capitol Hill, was greater than in any of its past surveys in 2020, 2022 and 2023.”

Wall Street Journal: “Across Pennsylvania, local and state officials are warning that efforts by Trump and his supporters to call into question the integrity of the presidential election in the crucial swing state are ramping up—before a single ballot has been counted.” “The state’s top election official, Republican Secretary of the Commonwealth Al Schmidt, said Wednesday that in just the previous 24 hours, several widely disseminated videos lacked context or were false.”

“Elon Musk and his political action committee are seeking to move the Philadelphia District Attorney’s lawsuit targeting their $1 million swing state voter lottery to federal court,” CNBC reports.

Kathryn Ann Edwards: “Economists mostly shun politics in favor of policy. We prefer to be aloof soothsayers giving voice to data and research rather than our own beliefs. A luminary in the profession once told me that ‘the only political party economists support is whichever is willing to be smart,’ before adding, ‘and a smart economist would never join a political party.'” “And yet, in a stunning turn — at least for us in the profession — 23 Nobel Prize-winning economists, from Columbia University professor Joseph Stiglitz to Massachusetts Institute of Technology’s Daron Acemoglu, released a letter endorsing Kamala Harris for US president.” From their letter: “Simply put, Harris’s policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable.”