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business
Jack Raines

Legal US presidential prediction markets are imminent

A little more than one month from the 2024 presidential election, it looks like US voters will soon be able to put their money where their mouth is regarding their predictions for this year's winner.

Kalshi's CEO and founder, Tarek Mansour, posted on X that his company had won its lawsuit, opening the door for legal presidential election markets. The ruling lifted the stay the CFTC had requested against Kalshi’s 2024 congressional elections contracts while it appeals a lower court decision.

For context, Kalshi sued the CFTC in November 2023 for blocking election market contracts last year. While Polymarket has thus far been the biggest name in prediction markets, with media outlets from The Wall Street Journal to Bloomberg citing its election odds, Polymarket only operated overseas due to US regulations. With today's ruling, Kalshi is well-positioned to take the lead in the prediction market space.

For context, Kalshi sued the CFTC in November 2023 for blocking election market contracts last year. While Polymarket has thus far been the biggest name in prediction markets, with media outlets from The Wall Street Journal to Bloomberg citing its election odds, Polymarket only operated overseas due to US regulations. With today's ruling, Kalshi is well-positioned to take the lead in the prediction market space.

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Report: OpenAI won’t pay a dime in cash for its 3-year licensing deal for Disney IP

More financial details behind the landmark deal that will grant OpenAI three years of access to Disney intellectual property are coming out, and they’re pretty surprising.

The deal will reportedly see OpenAI pay zero dollars in licensing fees, instead compensating Disney in stock warrants. It was previously reported that Disney would invest $1 billion into OpenAI as part of the agreement.

It’s very abnormal for Disney to grant anyone access to its massive IP library without a cash payment, and the entertainment juggernaut has been known to strike down even crocheted Etsy Yodas for infringing on its turf. In its fiscal year 2025, Disney booked more than $10 billion in revenue from licensing fees across merchandising, television, and theatrical distribution.

OpenAI Deal to License Disney Characters Is Entirely in Stock

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It’s very abnormal for Disney to grant anyone access to its massive IP library without a cash payment, and the entertainment juggernaut has been known to strike down even crocheted Etsy Yodas for infringing on its turf. In its fiscal year 2025, Disney booked more than $10 billion in revenue from licensing fees across merchandising, television, and theatrical distribution.

business
Max Knoblauch

Ford says it will take $19.5 billion in charges in a massive EV write-down

The EV business has marked a long stretch of losing for Ford, and today the automaker announced it will take $19.5 billion in charges tied, for the most part, to its EV division.

Ford said it’s launching a battery energy storage business, leveraging battery plants in Kentucky and Michigan to “provide solutions for energy infrastructure and growing data center demand.”

According to Ford, the changes will drive Ford’s electrified division to profitability by 2029. The company will stop making its electric F-150, the Lightning, and instead shift to an “extended-range electric vehicle” that includes a gas-powered generator.

The Detroit automaker also raised its adjusted earnings before interest and taxes outlook to “about $7 billion” from a range of $6 billion to $6.5 billion.

Ford’s write-down is one of the largest taken by a company as legacy automakers scale back on EVs, giving EV-only automakers a market share boost.

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