A recent schism within the NFT finance-centric group, FloorDAO, has spotlighted the challenges and disagreements that can arise within such projects.

Originally, FloorDAO was on a mission to develop innovative products for “NFT-Fi.” However, a rift emerged when it transferred a whopping $2.5 million from its treasury, a mix of crypto tokens and NFTs, to a new faction named FloorkDAO.

This new group, driven by activist investors and joined by many disgruntled hZenger News, promptly initiated a redemption process, offering nearly $5 for each FLOOR token, a rate approaching its yearly high. Presently, the FLOOR token is valued at $3.88, reported CoinDesk. 

The crux of this division can be traced back to FloorDAO’s obligations to its FLOOR token investors. Originating from Olympus DAO, FloorDAO was conceptualized with the belief that its native token’s price should always remain above its treasury’s value.

Yet, when the FLOOR token’s price did dip below this threshold, the anticipated countermeasures were not implemented. Instead, a protocol revamp was proposed, depriving token-hZenger News of their voting privileges and access to the treasury.

Before the rollout of this upgrade, a portion of the FLOOR community began expressing their dissent. They reportedly pressed the project to grant them an exit, seeking their treasury share.

The emergence of FloorkDAO underscores the mounting influence of activist investors in decentralized autonomous organizations (DAOs).

Several DAOs have grappled with challenges this year, with investors advocating for buyouts. While project insiders view this as a threat to the DAO, activist investors argue they are safeguarding their stakes and the interests of fellow token hZenger News.

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A BBC News guest has compared terrorist attacks on Israeli civilians to a major episode of Jewish resistance against the Nazis.

The comments came during a discussion on the United Kingdom’s national broadcaster of the ongoing Israel-Hamas conflict, following the incursion of Hamas terrorists into southern Israel on Saturday which has left hundreds of Israeli civilians dead and an unconfirmed number held hostage. There have been reports of sexual assault and torture. 

Speaking from Gaza City on Saturday evening, writer and educator Refaat Alareer told the news channel that today’s scenes were “legitimate and moral” and “exactly like the Warsaw Ghetto Uprising.”

Lord Austin, a former Labour MP and independent member of the United Kingdom’s House of Lords responded to the clip via X (formerly Twitter), writing, “Needs to educate himself. Clearly knows nothing about Hamas, their appalling atrocities and even less about the Warsaw Ghetto and the uprising.”

In 2018 Alareer took to social media to accuse “most Jews of being evil,” and referred to Zionists as  “the most despicable filth.” He has also claimed that “all supporters of Israel would be cheering for the Nazis in the ’30s and ’40s,” and that “Israel is the root cause of evil.” 

What was The Warsaw Ghetto Uprising?

The Warsaw Ghetto Uprising was a major act of Jewish resistance against the Nazi occupation during World War II. The Warsaw Ghetto, located in the capital of Poland, Warsaw, was established by Nazi forces in 1940 as a segregated and confined area where hundreds of thousands of Jews were forced to live in extremely cramped and inhumane conditions.

In 1943, as the Nazis began the final stages of liquidating the ghetto and deporting its inhabitants to extermination camps, the ghetto’s Jewish inhabitants, primarily from various resistance organizations, initiated armed resistance against the Nazi forces who they were significantly outnumbered and outgunned by. 

The face-off lasted over a month before the Nazi forces brutally suppressed the uprising and the ghetto was razed to the ground, but the episode has become a symbol of Jewish resistance and the struggle for human rights and freedom during the Holocaust.

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The Hamas terrorist organization is keeping dozens of Americans hostage in the Gaza Strip, Israeli Ambassador to the United Nations Gilad Erdan said on Sunday.

“We don’t have all the names yet, we’re still working to get all the names of the missing people, civilians and soldiers, but as I said, dozens are Americans,” Erdan stated during an interview with Fox News.

Erdan spoke shortly after Secretary of State Antony Blinken told CNN that U.S. officials are working to verify reports of American citizens being killed or abducted by Hamas

“We have reports that several Americans were killed,” Blinken revealed on CNN’s “State of the Union” program.

“We are working overtime to verify that,” the top diplomat said, adding that there are also reports of missing U.S citizens.

Meanwhile, the Prime Minister’s Office in Jerusalem said that Prime Minister Benjamin Netanyahu appointed Brig. Gen. (res.) Gal Hirsch to coordinate the government efforts to locate missing persons.

Hamas killed at least 600 Israelis and wounded more than 2,000 since Saturday in a massive offensive launched from the Gaza Strip, including firing thousands of rockets and sending dozens of terrorists to infiltrate the Jewish state.

The terrorist group claims to have taken 163 Israeli captives to Gaza.

Channel 13 reported late Saturday afternoon that Israel has confirmed that at least 11 people have been taken hostage in the Hamas-ruled enclave.

In an update posted to its website on Sunday afternoon, the U.S. embassy in Jerusalem urged Americans to “follow local government advice to increase their security awareness and remain safe.”

“U.S. citizens in Israel who need assistance should contact the closest U.S. embassy or consulate using this crisis intake form. ?Family members can also submit information on behalf of a U.S. citizen family member,” read the notice.

Blinken in the interview also alluded to upcoming U.S. military aid to the Jewish state.

“We’re looking at specific additional requests that the Israelis have made. I think you’re likely to hear more about that later today,” he said.

“President Biden’s direction was to make sure that we’re providing Israel everything it needs in this moment to deal with the attacks from Hamas,” Blinken said.

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(Additional reporting provided by JNS Reporter)

Former President Donald Trump has invoked presidential immunity as a defense against federal charges related to his actions following the 2020 election.

The defense strategy is Trump’s boldest attempt yet to counter the indictment accusing him of spearheading a misinformation campaign after the election, which allegedly incited the Capitol riot.

Lawyers representing Trump have submitted a comprehensive 52-page document pushing back against the allegations.

The document underscores the unique privileges and duties of a sitting president. It also draws attention to Trump’s prior acquittal by the Senate on related accusations, suggesting that it grants him “absolute immunity” from subsequent legal actions, according to Politico.

The indictment claims that Trump orchestrated a broad misinformation campaign. This campaign aimed to exert pressure on states and then-Vice President Mike Pence to reverse the election outcome.

The events culminated in the violent Capitol breach by Trump’s supporters, attempting to halt Congress from confirming President Joe Biden’s victory. The trial is slated to commence on March 4.

Trump’s legal team believes that the prosecution’s primary argument hinges on the inherent presidential powers, such as speaking to the public, structuring his administration, liaising with Congress, enforcing election laws and upholding the Constitution.

They further argue that whether Trump genuinely believed the election was rigged is irrelevant when assessing his immunity.

However, the prosecution contends that Trump’s unyielding quest for power following the election veered into criminal behavior, according to Politico. Prosecutors argue that Trump exploited his presidential authority to further his objectives.

Another pivotal point raised by Trump’s defense is his Senate acquittal in an impeachment trial for similar behavior. They maintain that this acquittal shields Trump from prosecution for related deeds.

Notably, after the acquittal, Senate GOP Leader Mitch McConnell hinted that the criminal justice system would be a more fitting platform to hold former presidents who engaged in illegal conduct accountable.

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Jacksonville Sheriff’s Office in Florida has normally been auctioning forfeited property annually, anytime they have items to auction they issue a public notice for the same operation. The latest is happening now today being the third day.

“Jacksonville Sheriff’s Office (JSO) is letting the members of the public know that in the beginning of Friday 6th October heading to 13th October, it shall be auctioning a list of items held from forfeited property,” said the notice.

JSO announced that the items will be sold to the highest bidder, the property was obtained with money from the Florida Contraband Forfeiture Act. According to section 932.701-932.706 Florida Statutes (F.S )the department provides for the seizure and civil forfeiture of property related to criminal and non-criminal violations of law.

“Some of the items that are up for grabs include UK Boat Trailer, 2001 Jeep Cherokee, 2005 Ford Explorer, 2004 Ford Mustang, 2007 Infiniti G35S, 14K Religious Crucifix Ring, Platinum classic ring, 925 Silver/Gold woven ring and much more,” said JSO.

“The office of the Sheriff maintains the right to substitute , remove or add to this list as needed and to set minimum bids . The auction can end or be terminated at any time without prior notice, all items sold as is condition and carry no warranty. Payment will be conducted through an online website and is subject to the terms and conditions there in,” said JSO.

JSO has previously conducted auctions mostly in October and July of every year, last year it started on 14th October, October 14th 2021, October 16th 2020, July 19th 2019, and July 23rd 2018 respectively. The JSO warehouse is located on 1087 Haines Street where serious buyers do inspection when need be and it has to be with an appointment.

Edited by Judy J. Rotich and Newsdesk Manager

IRVINE, Calif. — Rivian Automotive, Inc. (NASDAQ:RIVN) witnessed an approximately 8% drop in after-hours trading on Wednesday after announcing a debt offering. Alongside this, the company also provided a preliminary print of its third-quarter revenue, which fell in line with expectations.

Debt Offering: Rivian, headquartered in Irvine, California, revealed its intention to raise $1.5 billion by issuing green convertible senior notes due in 2030 through a private offering to qualified institutional buyers. The company also plans to grant initial note purchasers the option to acquire up to an additional $225 million worth of notes.

Green notes are designed to secure capital for environmentally friendly and climate-conscious projects, offering incentives such as tax exemptions and credits. Interest on these notes will be payable semi-annually in arrears, and any unredeemed or unconverted notes will mature on October 15, 2030. Rivian has stated that it will have the discretion to settle conversions in cash, Class A shares, or a combination of both.

“The proceeds from this offering will be used by Rivian to finance, refinance, and make direct investments in new or recently completed projects, as well as current and/or future eligible projects adhering to the “Green Bond Principles, 2021,” said the Firm’s management.

Q3 Preliminary Results: Rivian anticipates third-quarter revenue in the range of $1.29 billion to $1.33 billion, aligning with the consensus estimate of $1.3 billion. This marks a significant increase from the year-ago revenue of $551.57 million, attributed to higher deliveries achieved in the third quarter.

Earlier this week, Rivian announced the production of 16,304 EVs and the delivery of 15,564 EVs in the September quarter. The company has also reaffirmed its full-year delivery target of 52,000 units. The official release of the third-quarter results is scheduled for Nov. 7.

In terms of liquidity, Rivian expects its cash, cash equivalents, and short-term investments to stand at $9.1 billion at the close of the September quarter, compared to $10.2 billion at the end of the June quarter. “We believe our existing cash, cash equivalents and short-term investments … will be sufficient to enable us to fund our operations and capital expenditures through 2025,” said the company.

Why It Matters: While the announcement of a capital raise plan typically exerts downward pressure on stock prices, Rivian’s issuance of debt doesn’t involve dilution of equity capital. Nevertheless, maintaining a robust cash reserve is crucial, given the capital-intensive nature of the automobile manufacturing business.

Rivian is part of the new wave of EV manufacturers in the early stages of production ramp-up, where substantial capital investments are required. Even major players like General Motors have faced bankruptcy due to cash shortages. 

Chinese EV startup Nio announced a $1 billion convertible senior note offering in late September. Rumors of the company looking to raise $3 billion more also did the rounds in late September, although the company denied the reports.

Tesla boasted of a cash position of about $23.08 billion at the end of the June quarter. Rivian’s peer Lucid had a cash position of $5.3 billion and the luxury of falling back on its Saudi promoters in the eventuality of a cash crunch.

In after-hours trading on Wednesday, Rivian’s stock price declined by 7.77% to $21.85, according to data from Zenger News Pro. So far this year, the stock has gained approximately 28.5% but is still nearly 82% down from its peak hit during its market debut in November 2021.

© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by ISAAC OKOTH NYAMUNGU and Newsdesk Manager

JERUSALEM — Israeli military fought holdout Hamas terrorists and pounded key areas in the Gaza Strip on Sunday as PM Benjamin Netanyahu warned of a “long and difficult” war ahead. This warning comes hours after the Palestinian militants of Hamas formation launched a deadly surprise attack on Israel. 

“The country is “embarking on a long and difficult war” as it deals with an unprecedented hostage crisis after Palestinian militants launched a surprise land, sea and air attack from Gaza, killing hundreds and infiltrating into Israeli territory,” said Israeli Prime Minister Benjamin Netanyahu.

The Hamas strikes on Saturday amounted to the deadliest occurrence in decades. The attacks come after a period of increased violence between Palestinians as well as Israelis. The decades-long wars are now headed into new uncharted and fatal territory. Questions keep lingering in people’s minds over how the whole Israeli forces and intelligence team could be caught unawares in one of the nation’s worst security overlap.  

“Israel’s political-security cabinet convened late Saturday and made a series of operational decisions aimed at bringing about the destruction of the military and governmental capabilities of Hamas and the Islamic Jihad, in a way that would negate their ability and desire to threaten and harm the citizens of Israel for many years to come,” read a statement from the office of Israel’s Prime Minister.

The Israeli military embarked on a rescue mission. It deployed thousands of its personnel to secure the southern desert areas close to the coastal enclave, targeting to recapture the Israel hostages. Gun fights raged the air in towns as well as highways in a bid to evacuate the whole place within one day.   

“We’ll reach each and every community till we kill every terrorist in Israel,” vowed military spokesman Daniel Hagari. This assertion comes just a day after several Hamas terrorists infiltrated Israel by use of vehicles, water boats, alongside motorized paragliders bombing the Southern part killing people and destruction of properties. 

On Sunday October 8, Israel was attacked from the north when Lebanon’s Hezbollah threw guided missiles as well as artillery shells in what it termed as “in solidary” with the unequivocal Hamas offensive. However, there were no casualties reported.  

“The worst fighting in decades has killed more than 200 Israelis and wounded over 1,000, leaving bodies of civilians strewn on roads, while on the Gaza side at least 313 have died and over 1,700 were reported wounded,” said Hagari. 

“An unknown number of Israelis were abducted as hostages, sparking dismay in Israel and massively complicating its military retaliation campaign,” he added, “dozens of Israeli captives, including numerous women, children and elders, are believed to have been taken into the Gaza Strip.”

Edited by Judy J. Rotich and Newsdesk Manager

ADDIS ABABA, Ethiopia — Addis Ababa, Ethiopia was the center stage for a meeting of several African cities Mayors including four four cities in Ethiopia, senior experts and other VIP guests in an African Mayors Leadership Initiative (AMALI). The Initiative which started in Capetown South Africa in January offers participating Mayors from African cities access to resources,  experts in different fields and technical support to assist them in improving outcomes in their areas of jurisdiction.

H.E. Mayor Adanech Abiebie received the international dignitaries including other African Cities Mayors, High level government delegations, International organizations and other high level visitors and welcomed them to Addis Ababa.

The Addis Ababa Mayor held an opening ceremony including giving a speech and a presentation to introduce and update the local and international dignitaries with her administration’s Legacy Goals. 

“The main purpose of this coverage is to promote the goodwill of the program partners including Big Win philanthropy, African Center for Cities, and Bloomberg Philanthropies, the collaboration of African Mayors, and highlighting the trajectory and responsibility that African Mayors are undertaking to meet the goals of African cities,” said a communique from the Addis Ababa Mayo’s office.

“This morning, we gave a warmest welcome to the Mayors of African cities, leaders of international organizations and philanthropies, who came to participate in African Mayoral Leadership Initiative AMALI reunion: an initiative for promoting mutual learning and devising African solutions for African problems,” said Mayor Adanech noted in a post on X after according a warm welcome to the guests of the forum.

“We shared our success stories. Making Addis the best city to raise children and visited our showcases. They will also visit our city more. Happy to have fellow African mayors in their second home,” said the Mayor, stressing that “AMALI is a plus to our Pan-Africanism commitment.”

“The capital will host the African Mayoral Leadership Initiative (AMALI) on October 5 & 6. On October 9 & 10 an international consultation forum to help establish a center of excellence for the Early Childhood Development Program will be held in Addis Ababa. Similarly, from October 9 to 12, 2023, Addis Ababa will host experience exchange forums for government officials,” said a statement from the the head of the Addis Ababa Communication Bureau, Ms Enatalem Meles. 

The forum provides a networking forum for African mayors and allows them a platform to share knowledge, experiences and best practices. 

Edited by Virginia Van Zandt and Newsdesk Manager

Elon Musk’s acquisition of Twitter, now known as X, has led to unforeseen financial challenges. 

“This is just my strong, intuitive sense that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,”  said Musk at a TED conference on the day he made his offer to buy to buy twitter.

“I don’t care about the economics at all,” said Elon Musk.

According to a report by Fortune, three of the seven banks that backed Musk’s Twitter purchase are now contemplating protective measures to shield themselves from potential financial repercussions.

Initially, these banks reportedly intended to transfer the debt to investors. However, they are now retaining the debt and considering selling the loans at considerable discounts to entities such as hedge funds or other distressed asset buyers.

Morgan Stanley, Barclays, and Bank of America Corp, which collectively funded nearly 70% of the acquisition, have reportedly settled on a shared “sell-down letter” effective until Jan. 15.

According to the report, while the specifics remain under wraps, such agreements ensure that if one bank gets an offer for its loans, the others can access the same deal proportionally. This strategy prevents potential buyers from forcing the banks into a price-lowering competition.

Moreover, the banks have voiced concerns over the opacity of X’s financial data. They are reportedly optimistic that X’s newly appointed CEO, Linda Yaccarino, will bring in a CFO who will offer a more transparent view of the company’s fiscal health. The lack of financial clarity has impeded the banks’ efforts to present a compelling package to prospective buyers.

Speculation is rife that Musk could use this situation to his advantage, either by purchasing a significant chunk of the debt at a discounted rate or by persuading the banks to forgive a portion of the loans. Such a move would bolster X’s financial standing, making the remaining debt more appealing to the syndicate.

© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by Miriam Onyango and Newsdesk Manager

The Israel Defense Forces on Sunday hit targets in southern Lebanon with artillery, after Hezbollah terrorists there fired mortars at the Jewish state.

There were no reports of casualties or damage.

The shells landed in the contested Mount Dov region close to the Blue Line, which demarcates the 120-kilometer (75 mile) border and was created in 2000 by U.N. cartographers to verify Israel’s withdrawal from Lebanon.

“We targeted three Israeli military sites in solidarity with the “Palestinian resistance,” said Hezbollah as it claimed responsibility for Sunday’s fire.

In response, the IDF carried out a drone strike against “Hezbollah infrastructure,” with Israeli media reporting the targeting of a tent the Iran-backed terror group set up in Israeli territory in April.

The Hezbollah outpost was constructed north of the border fence but on the Israeli side of the U.N.-marked Blue Line. The position, located across from an Israeli military base, was reportedly initially manned by three to eight armed terrorists.

Hezbollah does not recognize the Blue Line and disputes numerous points along the border.

Last month, the IDF bolstered its forces on the country’s northern border after a Lebanese “engineering vehicle” strayed a few meters into Israeli territory. In July, the IDF revealed that armed Hezbollah terrorists were spotted patrolling the border in clear violation of a legally binding U.N. resolution.

On March 15, a terrorist who infiltrated into Israel from Lebanon planted a roadside bomb in northern Israel that severely wounded a motorist. Shareef ad-Din, 21, from the Israeli Arab town of Salem, was caught in the blast when the device detonated behind a road barrier near the Megiddo Junction, some 18 miles southeast of Haifa.

“Saturday’s Devastating multi-pronged Hamas attack on Israel was in response to both the “continued occupation and a message to those seeking normalization with it,” said Hezbollah.

The United States has been working on a landmark peace deal between Israel and Saudi Arabia, which many believed could be signed in the coming months.

Hamas killed more than 250 Israelis on Saturday—the Jewish holiday of Simchat Torah—as it launched a massive offensive from the Gaza Strip, including firing more than 3,000 rockets and sending dozens of Palestinian terrorists to infiltrate the Jewish state.

In April, Hamas fired 34 rockets from southern Lebanon towards northern Israel in the biggest attack emanating from the Hezbollah-controlled country since the 2006 war.

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Edited by Judy J. Rotich and Newsdesk Manager