In a curious turn of events, The Onion announced its “win” in a bid to purchase Infowars out of bankruptcy for a bargain price of "less than one trillion dollars." The satirical news outlet, known for its sharp wit, declared plans to relaunch the far-right website—but with a twist. Their vision? Transforming Infowars into a parody of itself, blending outrageous rhetoric with tongue-in-cheek humor. However, just as the deal seemed sealed, a judge stepped in late yesterday, putting the sale on hold, leaving the future of the infamous site in limbo.

In the broader financial landscape, markets reacted with caution after Federal Reserve Chair Jerome Powell’s remarks about the U.S. economy. Powell praised the economy as “remarkably good” and suggested the Fed wasn’t in any rush to reduce interest rates. His comments sparked a noticeable dip in stocks, as investors recalibrated expectations. Meanwhile, cryptocurrency enthusiasts saw a slight slip in Bitcoin’s value, with the digital asset dipping below the $90K mark after hitting a historic high of over $93K earlier this week. The fluctuating landscape in both traditional and digital markets keeps investors on their toes as uncertainty continues to loom.

Klarna Files for US IPO as BNPL Booms Ahead of Holiday Rush

Get ready to say “Buy Now, IPO Later,” because Klarna is rolling its shopping cart all the way to Wall Street. After months of buzz, the Swedish payments company has officially filed to go public in the U.S. Klarna is famous for letting shoppers split their purchases into smaller, interest-free payments across more than 550,000 global brands, including household names like Nike, Sephora, Macy’s, Ikea, and even Airbnb. If all goes as planned, Klarna will join its publicly traded buy-now, pay-later (BNPL) rivals, including PayPal and Affirm, on the market.

Though Klarna’s valuation currently sits at $14.6 billion—more than double what it was in 2022—it’s a far cry from the $45.6 billion valuation it reached back in 2021. Despite this dip, Klarna has managed to turn things around, reporting a profit of $66 million in the first half of the year, a sharp contrast to the $45 million loss it recorded last year. A key driver behind this turnaround? The company’s aggressive push for growth in the U.S. and its embrace of artificial intelligence to cut costs.

The BNPL sector is experiencing a full-blown explosion. Last year, BNPL services accounted for $75 billion in online spending—a 14% increase from 2022. While electronics have typically been the go-to purchase for BNPL shoppers, more consumers are now using the service for everyday essentials like toilet paper and groceries, as tighter budgets push people toward more manageable payment options. In fact, a recent survey found that 40% of BNPL users rely on the service at least once a month, with more than half using it even more frequently than they swipe their credit cards.

Sezzle, a Minneapolis-based BNPL player, has seen a jaw-dropping 3,600% surge in its stock price since listing on the Nasdaq last year, fueled by young, mid- to low-income consumers. As we head into the holiday season, the BNPL trend shows no signs of slowing down. Over a third of U.S. shoppers are considering using BNPL loans this month—the highest rate since September 2023—and holiday spending via pay-later services is on track to break records, expected to reach $18.5 billion this year. It’s clear that the pay-later movement is here to stay, making it a prime time for Klarna’s IPO.

World Leaders Clash Over Who Will Foot the Climate Bill as COP29 Intensifies

The heat is on—both in terms of climate change and the fiery debates at the COP29 climate summit in Azerbaijan, where nearly 200 world leaders have gathered this week. The main point of contention: who will shoulder the financial burden of tackling climate change? Back in 2009, wealthy nations promised to contribute $100 billion per year to help fund climate-related initiatives in less-wealthy countries, primarily focused on clean energy projects. Although payments began in 2020, the $100 billion target wasn’t met until 2022, and with the pledge set to expire this year, discussions are now centered around creating a new funding agreement with a much higher target—over $1 trillion annually.

Achieving this trillion-dollar goal may depend heavily on private-sector involvement, with major financial players like JPMorgan and Barclays expected to contribute. However, there’s a major wild card in the mix: the potential return of a Trump-led U.S. government. With the former president likely to once again pull the U.S. out of the Paris Agreement—a global pact aimed at addressing the climate crisis—concerns loom that climate funding from the U.S. could dry up entirely. Last year, the U.S. contributed around $10 billion to global climate efforts, but this is far less than the $30 billion the UK spent. Many at COP29 are now hesitant to finalize their own nations’ contributions without clarity on the U.S.'s stance.

Tensions aren’t just focused on the U.S.; world leaders are also turning their attention to China and the Gulf nations, pressuring them to step up and contribute to the global effort. While Beijing has argued that it shouldn’t be expected to contribute at the same level as established economies like the U.S. and the UK, others point to the country’s economic rise and global influence as reason enough for it to play a more significant role in funding climate solutions.

Despite the ongoing discussions, experts warn that even the lofty $1 trillion annual funding goal might still fall short of what’s needed to address the climate crisis effectively. Some new research suggests the true cost of combating climate change could reach as much as $6 trillion per year. With the planet’s future hanging in the balance, the COP29 summit underscores the urgency of not just setting ambitious goals, but also ensuring the financial commitment to meet them.

The Crypto Catch-Up: Key Moments You Can't Miss

Policy Shifts: New York's ban on new fossil-fuel-powered crypto miners is set to expire next week, sparking curiosity around how this will impact the state’s crypto ecosystem. As the deadline looms, cryptocurrency miners have seen a significant uptick in their stock prices, especially with former President Trump pushing for a “Made in the USA” approach to Bitcoin. This shift in political tone could bring new opportunities for U.S.-based miners, aligning with national energy goals while boosting the local crypto economy.

Tech Trends: The potential to tokenize traditional financial assets like stocks, bonds, and commodities is gaining traction. This bold push could usher in an era where classic financial markets converge with blockchain technology, creating a seamless fusion between the two. Analysts are buzzing with excitement over this innovation, predicting it could unlock a multitrillion-dollar market of tokenized securities. If it happens, we could see a dramatic transformation in how traditional investments are structured and traded.

Spicy Developments: In a surprising turn of events, the FBI has reportedly raided the home of Shayne Coplan, CEO of Polymarket, a crypto-based prediction market platform. The company recently made headlines after its US presidential election event contract hit a staggering $3.2 billion in trading volume. With the federal spotlight now on Polymarket, questions are swirling about the regulatory future of crypto prediction markets and what this could mean for the industry at large.

Stay tuned as these stories evolve—crypto is moving fast, and there's plenty more to come!

Advertiser's disclosures:

¹ The Company's Formula (Gx-03/Hexagen/Atopx) Has Received 510k Marketing Approval As A Medical Device Indicated For The Management Of Symptoms Related To Atopic Dermatitis/Eczema. The Formula Has Not Received Approval As A Drug For The Treatment Of Eczema Or Onychomycosis.

² A plan to IPO is no guarantee that an actual IPO will occur.

³ Please read the offering circular and related risks at StartEngine’s Turn Therapeutics webpage. This is a paid advertisement for Turn Therapeutics Regulation CF Offering. This Reg CF offering is made available through StartEngine Primary, LLC, member FINRA/SIPC.

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