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Markets are tanking, coronavirus is spreading – and Trump is attacking Biden and the media – CNBC

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President Donald Trump, whose administration is under increasing pressure and criticism for its response to the coronavirus outbreak, lashed out in a Twitter tirade Monday morning that came as global markets tumbled from coronavirus fallout and Joe Biden appeared to be surging toward the Democratic nomination.

Trump blasted the media, accusing it of colluding with Democrats in trying to “inflame the CoronaVirus situation.” He accused the Democratic Party of trying to “smear” Sen. Bernie Sanders, who lost his front-runner status to Biden in a Super Tuesday rout. And the president attacked his predecessors: “The Obama/Biden Administration is the most corrupt Administration in the history of our Country.” 

 

The Trump administration and the president himself are under fire for what has been called a sluggish and flawed response to the initial outbreak of the coronavirus.

Critical reports, including by The Atlantic, The Washington Post and NBC News, have painted a portrait of a White House in an enhanced state of chaos. Some members of the administration, according to reports, have been calling for a more robust response since the early days of the outbreak. Others, including Trump and his top economic advisor, Larry Kudlow, have sought to play down the severity of the outbreak.

Later Monday morning on Twitter, Trump lauded his administration’s response to the disease, taking credit for saving “many lives” and complimenting the task force being led by Vice President Mike Pence.

He added in a follow up: “So much FAKE NEWS!”

The president had spent the weekend in Florida, and was he scheduled to remain there Monday morning to participate in a fundraiser and chat with supporters before returning to the White House in the afternoon.

CNBC reported that Trump will be presented with a “full menu” of economic options to respond to the virus after he gets back to the White House.

The number of coronavirus cases in the United States ballooned to at least 564 over the weekend, while at least 22 people have died from it in the U.S., according to Johns Hopkins University’s tally. Globally, more than 111,000 have been infected, and at least 3,890 have died.

Markets are in turmoil due in large part to the spread of the disease and its impact on trade and consumer demand.

The Dow Jones industrial average plummeted more than 1,800 points at the start of trading Monday. Global equities markets saw broad declines across the board, leading to a quick halt in stock trading shortly after the market opened.

Oil prices plunged, too, as demand fears pushed OPEC members Saudi Arabia and Russia into a price war. Trump has long touted the stock market’s success during his term as a key argument for his policies.

The White House declined to comment when asked for the administration’s reaction to the stock market plunge.

Biden, who surpassed Sanders in the delegate count after an astonishing performance on Super Tuesday and has fed his momentum with a slew of key endorsements, looked to cement his lead in the next round of primary contests Tuesday. All eyes were on Michigan, the delegate-rich swing state in which polls showed Biden with a commanding lead over Sanders.

A week before Super Tuesday, Biden’s campaign appeared to have lost nearly all of its momentum to Sanders, who had triumphed in the Nevada caucuses and enjoyed a healthy lead in delegates.

But Biden’s turnaround in South Carolina on Feb. 29 set the stage for a massive haul on Super Tuesday, when 14 states held their nominating contests.

The former veep to Barack Obama had been a prime target of Trump’s ire from the time he entered the 2020 race. Trump even asked Ukraine President Volodymyr Zelenskiy to announce an investigation into allegations of corruption against Biden and his son Hunter through their connections to a Ukrainian natural gas company.

Those efforts, seen by critics as an attempt to smear the possible Democratic presidential nominee with the taint of a corruption probe, prompted the Democrat-led House to impeach Trump on charges of abuse of power and obstruction of Congress. The president was acquitted of both articles of impeachment in the GOP-held Senate.

With Biden back on top, Trump has taken aim at him once again. 

“I will protect your Social Security and Medicare, just as I have for the past 3 years. Sleepy Joe Biden will destroy both in very short order, and he won’t even know he’s doing it!” Trump tweeted Friday, one of his first direct attacks against Biden since Super Tuesday.

The Biden campaign denounced the president’s attacks. “Why the hell is Donald Trump spending his time tweeting Breitbart fanfiction when he should be leading the country’s response to the coronavirus?” spokesman Andrew Bates said.

The Sanders campaign did not immediately respond to CNBC’s request for comment.

Although COVID-19 emerged squarely within the bounds of Trump’s term in office, the president has even suggested that the Obama administration bears blame for a lack of testing kits available in the U.S.

“The Obama administration made a decision on testing that turned out to be very detrimental to what we’re doing,” Trump claimed without providing evidence during a March 4 roundtable event at the White House. “And we undid that decision a few days ago so that the testing can take place in a much more accurate and rapid fashion.”

Trump’s claim that he “undid” any Obama-era testing rule is wrong, FactCheck.org reported. A day later, Trump denied that he had blamed Obama for the testing kit difficulties.

On Monday, after attacking the Obama-Biden administration, Trump again defended his own response to the outbreak.

Trump complimented Pence, who was put in charge of the U.S. response to the coronavirus. And he took credit for saving “many lives” by implementing travel restrictions and quarantines in late January.

Trump’s public schedule has him spending much of his day at campaign fundraising events in Florida before he travels back to the White House later Monday afternoon. The White House is also scheduled to hold a coronavirus task force media briefing at 5:30 p.m. ET.

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What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’

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Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.

Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.

NEW MOVIES TO STREAM SEPT. 9-15

Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.

— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.

— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”

AP Film Writer Lindsey Bahr

NEW MUSIC TO STREAM SEPT. 9-15

— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”

— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.

AP Music Writer Maria Sherman

NEW SHOWS TO STREAM SEPT. 9-15

— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.

Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.

— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.

— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.

Alicia Rancilio

NEW VIDEO GAMES TO PLAY

— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.

— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.

Lou Kesten

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

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Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

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Arizona man accused of social media threats to Trump is arrested

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Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

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