With the INR 1,700 crore investment in Trump World Center Pune, a 1.6 million square foot office complex, the Trump Organisation is entering the Indian commercial real estate market. Tribeca Developers will work with Kundan Spaces to create the project, which has an estimated sales potential of INR 2,500 crore. The 27-storey commercial tower, which would be the Trump Organisation’s first office building in India and second endeavour in Pune, will be situated on a 4.3-acre area in the Koregaon Park annexe of Pune. The business previously collaborated with Panchshil Realty on a high-end residential Trump Tower project in the city.
Centre’s Attractions
Features of Trump World Center
Pune
There are two office towers: one for large, leasable workplaces and
the other for strata sales, which are smaller office spaces.
A street of luxury shops featuring luxury brands.
The first Trump Club in India, which provides upscale dining,
entertainment, and business networking opportunities.
For office workers, amenities include childcare centres, hair salons,
auditoriums, fitness centres, sports facilities, spas, dining options, and
supermarkets.
Speaking about the project, Tribeca Developers’ founder, Kalpesh Mehta, said the company is spending INR 1,700 crore on the commercial project in Pune, with a 50/50 revenue-sharing arrangement with our partner. Debt, equity, and sales revenues are being used to finance the project. Small office spaces between 5,000 and 7,000 square feet are the focus of Tribeca Developers’ direct sales strategy; the remainder of the spaces will be leased. The property will also have retail areas, though not in the shape of a mall. Instead, these will have food and beverage shops to meet the needs of business tenants.
India to Witness More Trump-Branded Projects in Coming Years
Three more upscale residential developments in North and South India are planned by Tribeca Developers, which currently has four Trump Tower residential projects in India (Mumbai, Pune, Gurugram, and Kolkata). These new projects will cost between INR 6,000 and INR 7,000 crore in total. Although no official announcements have been made yet, Mehta also alluded to potential future forays into residential and hospitality projects under the Trump brand. “India has embraced the Trump brand with remarkable enthusiasm,” said Eric Trump, Executive Vice President of The Trump Organisation, who expressed excitement about the growth. The brand is developing its first commercial venture in India following the success of its residential partnerships.
In keeping with the traditions of Trump buildings around the world, Trump World Center Pune will establish a new bar for excellence. There are now four Trump Tower developments in India, totalling 3.5 million square feet, located in Mumbai, Pune, Gurugram, and Kolkata. India will soon overtake the US as the country with the most Trump-branded properties, with more releases anticipated. High-net-worth individuals (HNIs), non-resident Indians (NRIs), and Bollywood celebrities are among the purchasers of the ultra-luxury homes in the Gurugram and Kolkata Trump Towers, which are expected to be completed in 2025.
Only a week after President Donald Trump imposed levies on all US imports, India is set to join the global wave of steel protectionism by announcing plans for broad trade tariffs. As several countries erect barriers to stave against an influx of metal, especially from billion-ton manufacturer China, the world steel market is in turmoil. In a statement released on 18 March, the Indian Commerce Ministry suggested imposing interim “safeguard” taxes of 12% on a variety of steel items. According to the ministry’s statement, safeguard measures are employed when there is a surge of unanticipated, unfavourable imports that harm the domestic industry permanently or threaten to do so.
Why India has Opted for this Move?
Along with nations from Asia, Europe, and Latin America, India, the second-largest steel producer in the world, is requesting tariff relief. Trump’s 25% tariffs threaten to drive metal to other markets, and China’s property crisis has caused its steel exports to soar, adding to a global excess at a time when demand is weak. The preliminary ruling, which came after an examination by the nation’s trade commission, states that the planned taxes on Indian imports will be in effect for 200 days. Following a public hearing and 30 days of consultation, a final decision will be made. Despite output reductions, China continues to generate far more steel than it needs domestically, and exports reached a nine-year high in 2024. India also mentioned the effects of various trade restrictions throughout the world, as well as the slowing demand and the expansion of steel capacity in Asia more generally. According to the ministry, there are urgent situations in which failing to apply for temporary safeguards could result in harm that would be challenging to undo. According to government figures, China’s completed steel imports increased by 80% to 1.6 million tonnes in the first seven months of 2024.
In the notification, the Federal Trade Ministry’s Directorate General of Trade Remedies (DGTR) stated that the authority believes a 12% provisional safeguard duty will be suitable to eradicate the substantial harm and threat it poses to domestic industry. According to the notice, the DGTR has also requested feedback on its conclusions within 30 days, after which an oral hearing will be held before a final judgement is made.
Ongoing Scenario of India’s Steel Sector
India’s steel production has increased significantly over the last ten years, but it still only accounted for 15% of China’s output last year. In order to support the nation’s industrialisation and urbanisation, its producers have ambitious long-term expansion goals. The large group of steelmakers who had requested the investigation through the Indian Steel Association will feel some relief if the duty is enforced. The government had been asked by a number of producers to impose a four-year safeguard duty.
Investors are alarmed by President Donald Trump’s tariffs, and a stock market sell-off has erased $4 trillion from the S&P 500’s top last month, when Wall Street was applauding most of Trump’s program, due to fears of an economic slowdown. Businesses, consumers, and investors are now more anxious due to a flurry of new Trump initiatives, particularly the back-and-forth tariff moves against China, Canada, and Mexico, who are important trading partners. On March 10, the stock market selloff intensified. With its largest daily decline of the year, the benchmark S&P 500 opened the day down 2.7%. The Nasdaq Composite saw a 4% drop the biggest one-day drop since September 2022. Monday saw the S&P 500 settle 8.6% lower than its record high of February 19, losing more than $4 trillion in market value since then. The index is now approaching a 10% fall, which would be considered a correction.
Tariff War Causing Uncertainty in the US Market
Over the weekend, as investors feared the effects of his trade strategy, Trump refrained from making any predictions on whether the United States would experience a recession. Speaking at the CERAWeek conference in Houston, Lazard CEO Peter Orszag said that the level of uncertainty brought about by the trade conflicts involving Canada, Mexico, and Europe is making boards and C-suites reevaluate the way forward. The portion about Canada, Mexico, and Europe is unclear, but people can comprehend the ongoing problems with China. This might seriously harm the US economy and M&A activity if it isn’t resolved over the next month or so.
When Delta Air Lines opened on March 10th, it cut its first-quarter profit projections in half, which caused its shares to drop 14% in post-market trading. Ed Bastian, the CEO, cited the increased economic uncertainties in the United States. In order to prevent a partial shutdown of the federal government, investors are also keeping an eye on whether Congress can enact a financing bill. On March 12, the United States will release its inflation report. Based on data from the Federal Reserve Bank of St. Louis as of July 2024, the percentage of total corporate stocks and mutual fund shares owned by the wealthiest 10% of Americans was 87%, while the same percentage for the bottom 50% of Americans was roughly 1%. Megacap technology and tech-related stocks like Nvidia and Tesla, which have underperformed so far in 2025, propelled the S&P 500 to back-to-back gains of over 20% in 2023 and 2024, pulling major indexes along.
Ongoing Developments at Wall Street
Since Trump’s election on November 5, the S&P 500 has lost all of its gains and has fallen by almost 3%. According to a March 10 Goldman Sachs note, hedge funds cut their stock exposure on 7 March for the biggest amount in over two years. Although investors had been hopeful that Trump’s anticipated pro-growth program, which included deregulation and tax cuts, would boost stocks, their euphoria has been tempered by uncertainties around tariffs and other measures, such as federal staff layoffs. Despite the current decline, stock market values are still far higher than historical averages. LSEG Datastream, a global source of financial datasets, reports that as of 7 March, the S&P 500 was slightly above 21 times earnings projections for the upcoming year, as opposed to its long-term average forward P/E of 15.8.
Redefining the U.S. government’s position on digital assets, President Donald Trump issued an executive order to establish a Strategic Bitcoin Reserve. White House Crypto and AI Commissioner David Sacks confirmed the announcement in a post on X. The reserve won’t be dependent on public funds. Rather, it will only be financed with bitcoin that has been seized in civil and criminal forfeiture proceedings. According to Sacks, the federal government’s Bitcoin that was seized as part of criminal or civil asset forfeiture actions will be used to capitalise the reserve.
The Government Owns Sizeable Bitcoin Reserves
Estimates indicate that the U.S. government possesses about 200,000 bitcoin, despite the fact that a complete audit has never been conducted. According to Trump’s executive order, a thorough examination of federal digital asset holdings is required. Presenting bitcoin as a long-term store of value, the directive also forbids the government from selling it from the reserve. This decision was made in response to previous bitcoin liquidations that resulted in significant cash opportunities being lost. Sacks has pointed out that by selling confiscated bitcoin too soon, the United States lost out on roughly $17 billion in possible profits.
The executive order creates a U.S. Digital Asset Stockpile to store additional seized cryptocurrencies in addition to bitcoin. The Treasury Department will oversee this stockpile, guaranteeing a methodical approach to dealing with digital assets that have been seized.
How US is Envisaging its Digital Currency Future?
Additional policy formulation will be supervised by Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. They will concentrate on managing and maybe growing the reserve using cost-neutral methods. Trump recently said on social media that the government will hoard Bitcoin, Ethereum, and three other tokens. This action comes after his remarks. Some in the cryptocurrency industry reacted negatively to the tweet. But according to Sacks, the new policy is a significant step in turning the United States into the “crypto capital of the world.” The U.S. government is sending a clear message about the future of digital assets with this executive order. Although opinions are still divided, the ruling clearly shows that bitcoin is no longer seen as a disposable holding but rather as a strategic asset.
Where Does India Stand in Digital Assets Game?
In the most populous country in the world, where jobs and wage rises have not kept pace with global economic growth, many young Indians are experimenting with cryptocurrency trading as a way to augment their regular income. According to a government report, over two-thirds of its 1.4 billion inhabitants are under 35. They are shifting their focus from equities and derivatives to cryptocurrency assets, whose values have skyrocketed since U.S. President Donald Trump’s election victory in November, when he pledged to relax regulations on the market.
According to reports, Edul Patel, co-founder of the Indian cryptocurrency exchange Mudrex, stated that there is a lot of interest at the grassroots level, particularly in light of Trump’s election as president of the United States and the global shift in the cryptocurrency landscape. According to a consultancy firm, Grant Thornton Bharat, the Indian cryptocurrency industry is predicted to increase from $2.5 billion last year to over $15 billion in 2035 at a compound annual growth rate of 18.5%.
A renowned media house reported on 14 February that Donald Trump’s decision to repeal the so-called “de minimis” criteria is likely to delay fast-fashion company Shein’s plans to float on the UK stock exchange until the second half of this year. According to reports last month, Shein planned to go public in London in the first half of this year, provided it received approval from Chinese and UK regulators. The Trump administration’s announcement that it would eliminate the de minimis tariff exemption in the US, an import regulation that has assisted Shein in maintaining cheap costs, has cast doubt on the company’s future.
Trump’s Opening Salvo
Analysts and industry experts had previously warned that the elimination of the exemption might affect Shein’s profitability and raise product costs in the US, which is its largest market.
According to a media outlet that cited persons familiar with the talks, the fast-fashion retailer had previously informed investors that a London listing might take place as early as this Easter. In what he described as an “opening salvo” in a conflict between the two biggest economies in the world, Trump imposed an additional 10% tariff on China, which included the removal of de minimis. According to a 2023 study by the US congressional committee on China, Shein and rival Temu likely accounted for over 30% of all parcels transported to the US daily under the de minimis rule. Shipments under $800 were excluded from import taxes under the proposal.
According to several media reports last week, Shein was planning to reduce its valuation in a possible listing to about $50 billion, which is about a quarter less than the company’s 2023 fundraising estimate of $66 billion, due to mounting challenges.
Shein Return to India
Nearly five years after the fast-fashion giant’s app was blocked in India due to rising diplomatic tensions between India and its neighbour, China, Isha and Mukesh Ambani’s Reliance Retail has successfully reintroduced Shein in India. Shein has returned to one of Asia’s biggest retail markets with the recently released Shein India Fast Fashion app, which was created under a license agreement with Reliance.
Reliance’s control over operations and data, with all consumer information retained in India, is one of the strict requirements attached to this agreement. The action also represents a change of strategy for Reliance, which aims to expand its online presence by providing Shein’s well-liked, reasonably priced clothing on a completely localised platform.
Nearly five years after its app was banned in India due to diplomatic concerns between China and India, Reliance Retail has formally restored its presence in the country by launching a new app to sell fashionwear from China’s Shein. According to sources, the app, Shein India Fast Fashion, was secretly released on Saturday morning; however, Reliance has not yet released an official statement.
ByteDance, the parent company of TikTok, has received a revised proposal from Perplexity AI that calls for the formation of a new firm that would combine Perplexity with TikTok’s US operations. The US government would be able to own up to 50% of the organisation under this new structure, according to an AP investigation. According to the source, the revised proposal, which was filed last week, expands upon a previous one that was given to ByteDance on January 18, the day before the US law that banned TikTok went into force.
The initial plan included a structure for combining Perplexity, a San Francisco-based company, with TikTok’s US operations and obtaining more capital from investors. The plan provides ByteDance with a compromise that permits it to keep some ties to TikTok without completely cutting them off. ByteDance would have to cede control to a board that is entirely based in the US, though.
According to the updated plan, upon an initial public offering (IPO) of at least $300 billion, the US government might purchase up to half of the new company’s shares. According to media reports, the US government would not be granted a seat on the company’s board or have voting rights over these government-owned shares.
Crucially, the deal states that the US business that ByteDance provided would not include TikTok’s secret technology, which forms the basis of the app’s content recommendation engine.
Trump Supporting Musk to Crack TikTok Deal
In the past, US President Donald Trump has spoken out in favour of Tesla CEO Elon Musk purchasing TikTok, proposing an innovative deal whereby the US government would control 50% of the company in return for operating licenses.
At a press briefing on January 21, Trump responded, “I would be, if he wanted to buy it, yes,” in response to a question regarding Musk’s potential interest in the platform. Additionally, he named Larry Ellison, the chairman of Oracle, adding, “I’d like Larry to buy it, too.”
TikTok Restores Services in USA
Following U.S. President Donald Trump’s announcement last week that he would restore TikTok’s access in the nation if he regained power, the app’s services were resumed. Due to a law citing national security, TikTok blocked its app for users in the United States.
President Donald Trump stated on 25th January that he was in discussions with several parties about purchasing TikTok and that he would probably make a decision regarding the future of the well-known app within the next 30 days.
Growth of Perplexity AI
Over the previous 12 months, Perplexity AI has grown significantly. The company was valued at approximately $500 million at the beginning of 2024. By year’s end, the figure had risen to $9 billion. This expansion was greatly aided by the generative AI boom, as more investors recognised the potential of AI search tools as a significant threat to Google. Nevertheless, Perplexity hasn’t had an easy time. The business has occasionally been in the news for the wrong reasons due to criticism it has received for alleged plagiarism.
On January 21, three leading IT companies announced that they would form a new business, Stargate, to expand artificial intelligence infrastructure in the US. The business, which President Donald Trump referred to as the “largest AI infrastructure project in history,” was announced by Oracle Chairman Larry Ellison, SoftBank CEO Masayoshi Son, and OpenAI CEO Sam Altman at the White House on January 21 afternoon.
With plans to invest up to $500 billion in Stargate over the next few years, the firms will first invest $100 billion in the project. According to Trump, the project is anticipated to generate 100,000 new employment in the US. According to Trump, Stargate will construct data centres across the nation as well as the physical and virtual infrastructure needed to support the next generation of AI. According to Ellison, work is already underway in Texas on the organization’s first data project, which will span one million square feet.
Fulfilling the Long Standing Demand
In order to power their aspirations for artificial intelligence in the upcoming years, AI leaders have been stressing for months that more data centres, along with the processors, electricity, and water resources to run them, are required. Altman stated, “I believe this will be the most significant project of this era.” “Without you, Mr. President, we could not accomplish this.”
One of the largest operators of data centres in the United States is Oracle. Additionally, SoftBank has the kind of large financial resources required to finance the anticipated billion-dollar cost of expanding AI infrastructure. Given that AI has the potential to affect everything from the economy to military capabilities, Altman has previously pushed US leaders to support that infrastructure buildout in order to guarantee that the US stays ahead of China in the AI arms race. According to reports, the CEO of OpenAI met with Masayoshi Son, the CEO of Softbank, last year to ask for funding for new semiconductor facilities that would produce AI chips.
Altman, who was present at Trump’s inauguration, told a news agency last month that he looks “forward to working with his administration on it” and that he thinks Trump will “be very good at” luring investments in AI infrastructure to the US.
Holding the Upper Hand in the AI Race
OpenAI urged the US government to develop a foundational strategy to ensure that infrastructure investment benefits the greatest number of people and maximises access to AI. The policy white paper was released last week and stated that investment in US AI infrastructure can guarantee that US AI tools outperform Chinese technology, as well as create new US jobs and economic opportunities. According to the brief, there are $175 billion in worldwide funds that are ready to be invested in AI initiatives. “Those funds will flow to China-backed projects if the US doesn’t attract them, strengthening the Chinese Communist Party’s global influence,” the company stated.
Oracle claimed in a statement that the Stargate project “will secure American leadership in AI, generate massive economic benefit for the entire world, and create hundreds of thousands of American jobs.” In addition to aiding in the United States’ reindustrialization, this project will give the country and its allies a strategic capability to safeguard their national security.
OpenAI will be in charge of operations, while SoftBank will be in charge of finances for Stargate. MGX, a fourth partner, is also providing financial support. According to OpenAI, the chairman of Stargate will be the son of SoftBank. To encourage a purported revival of American industry, new presidents and presidents-elect have frequently announced large US investments in conjunction with businesses. However, their success record is distinctly uneven.
Steve Huffman is the co-founder of Reddit along with Alexis Ohanian (his college roommate). He started programming/coding at the age of 8. His net worth as of 2024 is about $50 million.
Read ahead to learn more about Steve Huffman’s net worth, personal life, education, early life, and more.
Steve Huffman was born on the 12th of November, 1983. His childhood was spent growing up in Warrenton, Virginia. Just at the age of 8, he began programming computers. In 2001, he graduated from Wakefield School in The Plains, Virginia. He graduated in 2005 from the University of Virginia (UVA), where he studied computer science.
Steve Huffman – Reddit
Huffman and Alexis Ohanian (his college roommate) drove to Boston, Massachusetts, during their spring break to attend a lecture delivered by programmer-entrepreneur Paul Graham. They talked with Graham after the lecture. And he invited them to apply to his startup incubator, Y Combinator. Huffman came up with an original idea, My Mobile Menu. The app allowed users to order food by SMS. Although the idea was rejected, Graham asked Huffman and Ohanian to meet him in Boston to pitch another idea for a startup. At that brainstorming session the idea that came up, Graham called the “front page of the Internet”. Huffman and Ohanian got accepted into Y Combinator’s first class. Huffman coded the entire site in Lisp. Finally, he and Ohanian launched Reddit in June 2005 which was funded by Y Combinator.
Reddit Logo
The site’s audience grew rapidly within its first few months. By August 2005, Huffman noticed their habitual user base had grown large enough, that he no longer needed to fill the front page with content himself. At the age of 23, Huffman and Ohanian sold Reddit to Condé Nast, for a reported $10 million to $20 million on October 31, 2006. Huffman remained with Reddit until 2009, after which he left his role as acting CEO.
Before co-creating the travel website Hipmunk with Adam Goldstein Huffman had spent several months in Costa Rica which was also funded by Y Combinator. He was an author and software developer, in 2010. Hipmunk was launched in August 2010 with Huffman serving as CTO. In 2011, Inc. named Huffman under its 30 list.
Huffman admitted that his decision to sell Reddit had been a mistake. And that the site’s growth had exceeded his expectations, in 2014. On July 10, 2015, Reddit hired Huffman as CEO again, following the resignation of Ellen Pao. It was a particularly difficult time for the company. After rejoining the company, Huffman’s main goals were to launch Reddit’s iOS and Android apps, to fix Reddit’s mobile website, and to create A/B testing infrastructure.
After returning to Reddit, Huffman instituted several technological improvements including a better mobile experience and stronger infrastructure, as well as new content guidelines. These included:
a ban on content that incites violence
quarantining some material users might find offensive, and
removing communities “that exist solely to … make Reddit worse for everyone else”- said by Huffman
Shortly after returning, Huffman wrote that
“neither Alexis nor I created reddit to be a bastion of free speech, but rather as a place where open and honest discussion can happen.”
Ohanian had used the same term in an interview in 2012 to describe Reddit, as noted by The New Yorker and The Verge.
Reddit launched its IPO in March 2024. Its IPO was one of the most highly anticipated of 2024, and it certainly lived up to expectations. On March 20, Reddit priced its shares at $34, hitting the top end of its projected range of $31 to $34.
Huffman had worked hard to make the site more advertiser-friendly. He also led efforts to host videos and images on the site. Beginning of 2017, Huffman led the redesign of Reddit’s website with its first major visual update in a decade. Huffman had said the site looked like a “Dystopian Craigslist” whose obsolete presence deterred new users. In April 2018, the Development of the new site took more than a year, and the redesign was launched.
Steve Huffman – Net Neutrality Activism
Steve is an advocate for net neutrality. He had told The New York Times that without net neutrality protections, “you give internet service providers the ability to choose winners and losers”, in 2017. Huffman urged Redditors to express support for net neutrality and to contact their elected representatives in Washington, D.C. Steve Huffman said that the repeal of net neutrality rules stifles competition. He had said that he along with Reddit would continue to advocate for net neutrality.
Steve Huffman lives in San Francisco, California. He mentors aspiring programmers at coding boot camps such as Hackbright Academy. Huffman was also an instructor for e-learning courses on web development by Udacity. Along with that he is on the board of advisors for the Anti-Defamation League’s Center for Technology and Society.
Astonishingly, Huffman is a ballroom dancer. At the UVA, Huffman used to compete in intercollegiate competitions.
Steve Huffman – Controversy
After Reddit filed for its IPO in February 2024, it was revealed that CEO Steve Huffman received a total compensation of $193 million in 2023, which sparked discontent among some Reddit users. Many criticized the payout, calling it excessively large. In response, Huffman addressed the concerns during a Q&A session on Reddit, explaining that his compensation is a combination of salary and stock, and is directly linked to his performance as CEO.
Huffman was the subject of controversy in late 2016 for altering posts on a common subreddit with Donald Trump supporters, The Donald. Following criticism from Reddit users, issued an apology and he undid the change.
A while ago, TikTok gained a lot of popularity and not particularly in a good way! To this, the co-founder of Reddit thinks TikTok is “fundamentally parasitic“.
He comments in front of a large group of Silicon Valley investors and entrepreneurs at the Social 2030 conference by Lightspeed Venture Partners and Lessin’s VC firm Slow Ventures,
Maybe I’m going to regret this, but I can’t even get to that level of thinking with them. I look at that app as so fundamentally parasitic. It is always listening and the fingerprinting technology they use is truly terrifying. I could not bring myself to install an app like that on my phone. I actively tell people not to install that spyware.
FAQs
Who is Steve Huffman spouse?
Steve Huffman was married to Katie Babiarz in 2009 but they have since divorced.
What is Steve Huffman net worth?
The net worth of Steve Huffman is $50 Million as of 2024.
During the administration of Donald Trump, the United States of America had barred a lot of Visas and had bought a lot of regulations on the immigration by the foreigners to the country. People from all around the world found it difficult to immigrate into the United States under the Trump administration.
Recently Joe Biden has reopened the doors for the foreign entrepreneurs through startup visas. Let’s look at what exactly is a startup visa.
The door for the foreign entrepreneurs to enter the United States of America has been reopened under the administration of Joe Biden. The US Department of Homeland Security (DHS) had announced that it is withdrawing a proposed rule which was issued under the administration of Trump.
The withdrawn proposed rule was to remove the International Entrepreneur Rule (IER) which is more commonly known as the Startup visa programme.
IER is also known as startup visa. This will act as a permit for the foreign entrepreneurs to enter the country and stay in the country for a period of 2.5 years and also has a possibility of another extension for a similar period of time.
Eligibility for Startup Visa
IER or the Startup visa will let entrepreneurs who are qualified which will be based on certain conditions such as funds raised which should be a minimum of USD 250,000 if it is from a qualified US investor or USD 100,000 which should be through government grants.
If they meet the above criteria the entrepreneurs will obtain the immigration parole. The immigration parole will let the entrepreneurs to temporarily enter the country to stay, build and develop their startup even without having a green card or a working visa.
DHS has stated that the withdrawal of the policy is an effort of the Biden’s administration to ensure that all the ways available under the law should be available for the ones who are trying to come to the US which includes the qualified entrepreneurs who would come to the US grow their startups that would benefit the country by growing their business and creating new jobs for the workers.
Fiona McEntee who is a Chicago based immigration attorney has conveyed that, she is thrilled that the Biden administration has decided to implement the IER and added that the current immigration system does not provide an option for the foreign entrepreneurs to enter the Country which provides a competitive disadvantage and IER is expected to fill that gap. She added that the country will have to do what it can in order to retain the innovative immigrant entrepreneurs.
Immigrant Entrepreneurs in the US
Bobby Franklin who is the President and CEO of the National Venture Capital Association has said that the immigrant entrepreneurs in the country have made huge contributions to the economy of the US. The entrepreneurs have created some of the major companies in the country such as Moderna and Pfizer which have successfully developed vaccines for Covid-19.
He added that by implementing IER the Biden Administration has unlocked a way for job creation which would help US in remaining as a global leader in innovation.
Other advantages of the Startup Visa
The foreign entrepreneurs even the ones from India will have an added advantage because of IER. Other than the advanced technology that is available in the United States even when the founders of the company are present in the same country, the US investors would have a comfort level.
Hence, with a US base, the access for funding and the future for the growth of startups especially the tech-based startups would be much more easier. It is a win-win situation for both the parties.
According to an early representation made by the National Venture Capital Association and other associations to the DHS, the IER is expected to create more than 4.29 lakh jobs in the first 10 years which would account for more than USD 25 billion in the form of additional wages and will also inject the indirect value of around USD 18 billion to the US economy.
FAQ
Which countries have startup visa?
Australia, Austria, Canada, Chile, Denmark, Estonia and France are some of the top countries that have Startup Visa.
Which country is best for entrepreneurs?
Japan, Germany, United States, and United Kingdom are some of the best countries for entrepreneurs.
Which country has most successful startups?
United States, China, India, and UK are some of the countries with most Unicorn startups.
Conclusion
Countries such as Canada, UK and Israel already have a separate category of visas for foreign entrepreneurs. The IER was originally created at the end of Obama’s administration but was later stopped under the Trump administration.
Joe Biden is the newly elected President of the United States of America. He is the 46th President of the United States and is considered to be the best President for stock market traders compared to the President’s of the last 75 years. Let’s look at why Joe Biden is considered to be the best President for the traders.
In the first 100 days of Joe Biden’s Presidential rule in the United States, the stock market of the country has provided better returns compared to any other President from the past 75 years. The data was provided by JP Morgan.
JP Morgan’s analysts that were led by John Normand reviewed the administration performance of Joe Biden since the day of the inauguration and discussed on how the various policies on tax and the programmes related to spending could move the markets in the coming months. This was discussed on 23 April 2021 in a note to the company’s clients.
The analysts said that the record fiscal stimulus had increased the returns on equity to all-time highs in the first 100 days of Joe Biden’s rule. They added on to the note saying that the results are not bad for Biden whom Donald Trump had labeled as Sleepy Joe during the election campaign.
Returns
The returns provided by the S&P 500 after 100 days of Joe Biden’s Presidential rule are around 25% for the first 100 days from the day of inauguration. When compared to the returns received after the former President Donald Trump’s Presidential rule was below 15 % for the first 100 days from the day of inauguration.
The data from JP Morgan showed that the average S&P 500 returns on equity of the Democratic Presidents were more than double the average returns provided by the Presidential rule of Republicans since the end of World War II.
The highest returns which were received by any President for the first 100 days mark previously was by President John F Kennedy which was more than 20 %.
JP Morgan added on saying that the Biden’s policies since the day of the inauguration have benefited the market. This was because the proposed policies of Joe Biden were undoubtedly positive. Joe Biden has also planned to increase the capital gains to nearly double as much as around 43 % for the wealthy Americans.
The JP Morgan team said that there would be a drag on the market in the year 2021 due to the hikes on the taxes for corporations and individuals in order to fund spending on social and infrastructure with a strict regulatory environment.
Earnings
The JP Morgan team added that they did not expect that the increases in the tax would cause a big dip in the earnings. The view since the campaign of 2020 has been that a higher rate on corporate is expected to reduce the Earnings Per Share of S&P 500 by many dollars.
But within a sudden growth in the earnings environment which is because of the higher tax rates and the reopening because of the vaccine drives. The strategists of JP Morgan with regards to the US equity have checked and expanded the original analysis this week which shows that there is no change to the target of the 4400 mark by the end of this year in the S&P 500.
JP Morgan said that an increase in the capital gains tax rate in 1986 from 20% to 28% and 2013 from 15 % to 25 % had led to about 5 % drawdowns in a month in the equity market before the new codes coming into effect.
But the analysts said that it is a sample size that is smaller and the Tax Reform Act of 1986 had lower individual and corporate rates. The analysts added that overall, from the Biden’s tax policies they expected that it would increase a continuous rotation into the value based stocks that would be far from the big growth companies and the tech companies. This would be instead of a downturn in the market.
The president of America is paid a $400,000 a year; on top of that, they receive an extra $50,000 expense allowance, a $100,000 non-taxable travel account and $19,000 for entertainment.
How old is Joe Biden?
The age of Joe Biden is 78 years.
Who is the wife of Joe Biden?
Joe Biden’s wife is Jill Biden.
Conclusion
The view of JP Morgan has been supported by the UBS Global Wealth Management. They have informed their clients in a note in the month of April that they had not found any correlation between the valuations of equity markets and tax rates on capital gains.
