The weekend brought several significant news stories in the world of finance and business. Let's take a look at the three key stories that influenced the market.
Ripple Ends Legal Battle with SEC
On June 28, Ripple CEO Brad Garlinghouse announced that the company is dropping its cross-appeal against the SEC. "We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value," Garlinghouse wrote in his post. The regulatory agency is also expected to drop its appeal, which was filed under former Chair Gary Gensler. Last week, Judge Analisa Torres denied a key joint motion from Ripple and the SEC to amend the final judgment from August 2024, stating that they failed to meet the strict requirements necessary for amending. Meanwhile, XRP is trading at $2.18, down 0.26% over the past 24 hours.
Rich Dad Poor Dad Author Predicts Silver Surge
Prominent entrepreneur and author of 'Rich Dad Poor Dad,' Robert Kiyosaki, addressed his followers with a post on his X account. He shared that the best profits come when you buy, not when you sell, naming silver as 'the best asymmetric buy' today. Kiyosaki believes that investing in silver will yield greater potential upside with limited downside risk, predicting that silver prices will explode in the upcoming month.
Strategy CEO Actively Sells MSTR Shares
According to filings with the SEC, Strategy CEO Phong Le has been actively selling MSTR shares over the last three months. On June 18, Phong Le sold 8,400 shares of Class A common stock. Following the sale, he still directly owns 16,390 shares of Class A common stock. In addition to this, Phong Le owns shares of two different series of preferred stock. Insider sales by Strategy executives have totaled around $13.6 million without any recent purchases, with some transactions involving large amounts, such as Director Carl Rickertsen selling 26,390 shares for over $9.8 million. While this level of insider selling might raise concerns, many see it as routine and not necessarily a bad omen for the company. The MSTR stock is up by 27% on a year-to-date basis, outperforming the broader market.
In conclusion, the weekend brought important developments in the financial world, ranging from Ripple's legal resolution to predictions for a silver price surge. These news events may influence market sentiment and upcoming investment decisions.
