Besides liquidating troubled crypto-investor accounts, MEV trader Nathan Worsley’s bots have also been known to exact revenge on black-hat traders.
LEVON BISS FOR FORBESThe head of the largest bank in the U.S. predicts a recession starting in as little as six months. Warren Buffett, the world’s sixth-richest person, is in line for a payday as the Omaha, Nebraska housing market prepares to take off. Plus, here’s how to make the most of talking to your financial advisor about crypto.
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In The News Today
- Atlanta’s Hartsfield-Jackson International Airport and New York’s LaGuardia Airport were among more than 12 U.S. airports that had their websites hacked by pro-Russia group Killnet, which has an unknown affiliation with the country’s government. U.S. officials said no operational disruptions occurred, and that the attack solely inconvenienced jetsetters seeking travel information.
- The FBI reportedly met with former President Donald Trump’s attorney Christina Bobb as part of its investigation into government papers stored at Mar-A-Lago regarding Bobb signing a legal document in June asserting no more classified materials were stored at the Florida estate—only for the Justice Department to then uncover 103 more at the property in August, along with 11,000 nonclassified ones. That discord could open up Trump’s attorneys to legal liability.
Top Take-Aways
A U.S. recession is likely in the next six to nine months, JPMorgan Chase CEO Jamie Dimon said Monday as the major stock indices reached or neared multiyear lows, including the Nasdaq, which nosedived to its lowest level since September 3, 2020.
World Bank president David Malpass echoed that gloomy sentiment, saying at a joint meeting with the International Monetary Fund on Monday that the “risk and real danger” of a world recession in 2023 is top of mind. The IMF anticipates one-third of the global economy will endure at least two consecutive quarters of negative economic growth this year and next year, wiping out $4 trillion of activity.
Digital World Acquisition Corp., the Nasdaq-listed blank check company looking to acquire former President Donald Trump’s Truth Social platform and take it public, once again pushed back the vote for shareholders, originally scheduled Monday, to determine whether to extend the merger deadline to September 2023 as SEC scrutiny and legal turmoil murk up the deal.
Prepare your wallet for potentially record-high holiday shopping discounts this season, though inflation will likely also take a big chunk out of your gift-giving budget. Online sales during the 2022 holiday shopping season could hit $209.7 billion, a modest 2.5% year-over-year jump as companies contend with inventory surpluses.
Staffing shortages still plague almost 90% of U.S. hotels, particularly in the housekeeping department. The labor issues effectively drive up national average hotel rates as properties are forced to make fewer rooms available to customers, fueling demand.
Billionaire Warren Buffett is sitting on a small gold mine with his Omaha, Nebraska home as the Cornhusker State’s biggest city is poised to become the third-best-performing real estate market in the country over the next year. The nearby town of Lincoln, home to the University of Nebraska, could perform even better as the top hottest market during the same period. Forbes lays out the other locales expecting a real estate windfall.
Today's Must-Read
The Secretive World Of MEV, Where Bots Front-Run Crypto Investors For Big Profits
True believers say crypto is more transparent than traditional finance. Yet that openness—combined with clunky infrastructure and an absence of regulation–lets crypto trading firms with lightning-fast bots prey on unsuspecting retail traders.
In Case You Missed It
Forbes introduces you to the billionaires funding the battle for control of the House Of Representatives. Two rival super PACs focused on November’s midterm elections have raised a total of nearly $100 million from at least 59 of the country’s richest people. But the high-rolling donors to the Republican PAC gave nearly four times more than the Democrats.
Tips You Can Trust
- The number of investors interested in holding cryptocurrency seems to outweigh the count of financial advisors ready and willing to answer their questions. Here’s a breakdown of why your advisor might be reluctant to recommend the digital asset class; the questions you should ask about adding crypto to your portfolio; and what to do if your advisor won’t provide crypto investing guidance.
- A contracting economy, rising costs and record inflation rates are dulling a job market that was red-hot a handful of months ago, and now workers are bracing for the impact it will all have on hiring. Here’s how to prepare for a massive downward shift in the labor market, and the best ways to switch jobs in the current conditions.
Must-Watch Video
From Jackass to Kicking Ass: Steve-O Shares What He's Learned From A Lifetime Of Terrible Decisions
The comedian and New York Times Bestselling author who starred in MTV’s Jackass series took the stage at the 2022 Forbes Under 30 Summit to discuss the personal and professional moments from his life that shaped the man he is today, from jumping into stand-up to writing a second book.
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