Noah Kirsch

Stefani Reynolds/AFP via Getty ImagesTrump Media’s inexplicable ascent came crashing down on Monday, as shares of the social media firm plunged more than 21 percent, knocking roughly $1billion off former President Donald Trump’s net worth.Despite the precipitous drop, his 57 percent stake in the business is still worth over $3 billion.The firm, which began trading last month after merging with a public shell company, has benefited from so-called “meme stock” investors who have driven up its share price despite its abysmal financial performance. In 2023, the company generated revenues of just $4.1 million and posted a loss of $58.2 million, according to public filings.Read more at The Daily Beast.

Photo Illustration by Luis G. Rendon/The Daily Beast/Getty ImagesU.S. District Judge Lewis Kaplan excoriated FTX founder Sam Bankman-Fried during his sentencing hearing on Thursday, declaring that the convicted fraudster had perjured himself on the stand and attempted to commit witness tampering. Kaplan then sentenced Bankman-Fried to 25 years in prison, capping a stunning downfall for the former public face of crypto.Bankman-Fried, who was convicted on seven fraud and conspiracy counts in November, has been locked up since August, when Kaplan got fed up with his pretrial antics and remanded him into custody.During Thursday’s hearing, Kaplan rejected Bankman-Fried’s claim that he deserves a lighter sentence because many of his victims may be made whole on their lost investments. That may happen, the judge noted, but only because cryptocurrencies have skyrocketed in value. He offered an analogy to explain why Bankman-Fried is still culpable: If a thief steals money, takes it to Las Vegas, and earns a handsome profit by gambling, he is still a thief, even if the funds are repaid. Read more at The Daily Beast.

Reuters/Amr AlfikyVice President Kamala Harris drew a line in the sand on Saturday, declaring that the “under no circumstances” would the Biden administration “permit the forced relocation of Palestinians from Gaza or the West Bank, the besiegement of Gaza, or the redrawing of the borders of Gaza.”She made her remarks during a meeting with Egyptian President Abdel Fattah Al-Sisi, according to a White House readout of the conversation.The meeting took place in Dubai, where world leaders are gathered for the Conference of the Parties to the UN Framework Convention on Climate Change, known as COP28. Read more at The Daily Beast.

Reuters/Alexander ErmochenkoThe Jerusalem Post removed an article on Saturday that accused another outlet of misrepresenting a doll as a dead Palestinian baby. After the article was originally published, social media users assailed the Post, arguing that the image did indeed depict a human infant. The Post issued a statement following the retraction blaming the issue on “faulty sourcing.” Read more at The Daily Beast.