Bloomberg Businessweek

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American Bitcoin Corp. stock plunged on Tuesday after restricted shares of the crypto miner co-founded by Eric Trump were freed up to be traded. The selloff was swift. Shares lost more than half of their value in less than 30 minutes as the equity lockup expired, triggering repeated trading halts. The stock pared declines later in the trading session.

Shares from a private placement that took place before American Bitcoin merged with Gryphon Digital Mining Inc. became available on Tuesday, according to the crypto miner and a post on the social media platform X by Trump.

“We expect near term volatility as those shares come to market and as some investors take the opportunity to realize gains,” Matt Prusak, president of American Bitcoin, said in a statement.
Crypto firms have often seen large declines after the end of share lockup periods or announcing private investment in public equity filings, as their largely retail investor base takes it as a signal to sell. Retail traders often fear that those early investors will want to lock in their gains and unload shares.

Today's show features:

• Bloomberg News Equities Reporter Monique Mulima on the crypto market and the pullback in shares of Eric Trump’s American Bitcoin Corp.
• Alan Zafran, Co-Founder and Managing Partner of IEQ Capital on the credit market outlook and AI bubble concerns
• Bloomberg News Wealth Reporter Biz Carson on Michael Dell’s $6.25 billion donation to help fund ‘Trump Accounts’ for American children
• Louise Phillips Forbes, Real Estate Broker for Brown Harris Stevens, on the outlook for New York City real estate under Mayor-elect Zohran Mamdani

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Cybersecurity giant Zscaler is a pioneer and global leader in zero trust security. Many of the world’s largest businesses, critical infrastructure organizations, and government agencies rely on Zscaler to secure users, branches, applications, data & devices, and to accelerate digital transformation initiatives.

The company says its "Zero Trust Exchange" platform is distributed across 160+ data centers globally, and combines with advanced AI to help combat billions of cyber threats and policy violations every day
Jay Chaudhry, Zscaler's Founder, Chairman and CEO, discusses his firm's most recent earnings as well as the landscape for cybersecurity as a service.

Jay speaks with Carol Massar, Tim Stenovec, and Mandeep Singh, the Global Head of Technology Research for Bloomberg Intelligence, on Bloomberg Businessweek Daily.

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The start of a historically strong month on Wall Street saw stocks falling as traders shunned riskier corners of the market amid a selloff in cryptocurrencies. A rout in Japanese debt rippled through global bonds.

Caution prevailed after a rally that drove the S&P 500 to its longest streak of monthly gains since 2021. The Russell 2000 gauge of small caps slid over 1%. Nearly $1 billion of leveraged crypto positions were liquidated during a sharp drop in prices that brought fresh momentum to a wide-ranging industry plunge. Bitcoin sank to around $85,000.

Despite the reduced appetite for risk, Treasuries kicked off the week on the back foot as Japan’s bond yields climbed after comments from the central bank chief spurred rate-hike wagers.
Equities lost steam after investors wrapped up a choppy November with gains amid growing speculation that the Federal Reserve is more likely than not to ease policy this month.

Today's show features:

• Doug Ciocca, CEO of Kavar Capital, on markets, the economy and investment strategies to close out 2025
• Bloomberg Tech Co-Host Ed Ludlow on Nvidia’s $2 billion investment into chip-design software maker Synopsis
• Christina Lee, Managing Director and Co-Portfolio Manager for US Private Debt Strategy at Oaktree Capital Management on the health of the US credit market
• Dana Telsey, Founder, CEO and Chief Research Officer of Telsey Advisory Group, recaps Black Friday and breaks down key retail spending trends for Cyber Monday

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On this special edition of the show following Thanksgiving, Carol Massar and Vonnie Quinn discuss the day's trade, the state of the consumer and more.
Today's show features:

• Dan O'Connell, CEO of Front
• Natalie Kotlyar Managing Principal & National Retail Consumer Products Industry Leader at Bdo
• Clint Henderson, Managing Editor at The Points Guy
• Norah Mulinda, Bloomberg TV markets correspondent on the day's trade

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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ACI Worldwide, an innovator in global payments technology, delivers software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. In addition to reporting strong third-quarter and year-to-date results, and raising its full-year 2025 outlook as it reported earnings, the company also recently entered into a strategic partnership with BitPay, the world’s leading cryptocurrency payments processor.

Robert "Bobby" Leibrock joined ACI as its CFO effective July 1. He breaks down the firm's expansive customer base and details its renewed commitment to digital assets with Carol Massar, Tim Stenovec and Bloomberg News Senior Editor on Bloomberg Businessweek Daily.

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As President Vladimir Putin’s war on Ukraine enters a fourth winter, Russians are having to come to grips with its growing impact on nearly every aspect of their daily lives.

Dozens of regions in central and southern Russia are now feeling the war’s proximity as drones and sometimes missiles hit energy sites and residential buildings. Air raid sirens wail almost every night, offering a constant — and very public — reminder of how the conflict is encroaching.
Beyond the front lines, the rest of Russia, Moscow included, has started to feel the economic toll. From households cutting back on food spending to struggling steel, mining and energy companies, the country’s economic engine is showing multiple fractures, and the earlier resilience spurred by massive fiscal stimulus and record energy revenues is being tested.

The degree of suffering is incomparable to that of Ukraine, and is in any case unlikely to prompt Putin to end the war, yet it underlines the ever-higher cost being extracted for his decision to launch the all-out invasion in February 2022.

The fallout is hitting just as the US applies pressure to curb oil and gas revenue flowing to Moscow as part of the Trump administration’s flurry of activity aimed at reaching a ceasefire. Momentum for a deal is growing, with talks shifting to Moscow and US-Russian negotiations known to have been working behind the scenes on a package that would give Kremlin the sanctions relief it wants.

Today's show features:

• Elise Giuliano, Senior Lecturer in Political Science at Columbia University, on whether the US can ultimately get Russia and Ukraine to agree to peace terms as US presidential envoy Steve Witkoff prepares to visit Moscow
• Bloomberg Economics US and Canada Economist Stuart Paul and Claudia Sahm, Chief Economist for New Century Advisors on Wednesday’s jobless data, the US consumer and the Federal Reserve Beige Book
• Bloomberg Boston Bureau Chief Brooke Sutherland on the latest earnings from Deere, and why its downbeat 2026 forecast is an indicator of broader economic uncertainty
• Max Wasserman, Founder and Senior Portfolio Manager of Miramar Capital, on potential concentration risk and over-reliance on AI and technology stocks for returns

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A new HSBC report launched in collaboration with Know Your Value called "The Giving Shift: Global Living, Local Giving," shows a powerful transformation in how women across the US are building wealth and giving back. Moving away from performative, prestige-driven philanthropy, this new generation of women is ushering in a personal, grounded approach to giving—one rooted in
community, family, and tangible impact.

Racquel Oden, HSBC's US Head of International Wealth and Private Banking, discusses the report's findings as well as the recent shift in sentiment among some private market investors. Racquel speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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White House National Economic Council Director Kevin Hassett is seen by advisers and allies of President Donald Trump as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter, as the search for a new central bank leader enters its final weeks.
With Hassett, Trump would have a close ally whom the president knows well and trusts installed at the independent central bank, the people said, speaking on the condition of anonymity. Hassett is seen as someone who would bring the president’s approach to interest-rate cutting to the Fed, which Trump has long wanted to control, some of the people said.
Still, Trump is known to make surprise personnel and policy decisions, meaning a nomination is not final until it’s made public, they said.

White House Press Secretary Karoline Leavitt in a statement said, “nobody actually knows what President Trump will do until he does it. Stay tuned!”

Fed chair and governor picks are historically the most direct way a president can influence the central bank. Trump nominated current Chair Jerome Powell during his first term. He came to regret the decision when Powell didn’t push for lower interest rates at the pace Trump wanted.

Today's show features:

• Stuart Kaiser, Head of US Equity Trading Strategy at Citi, on the tug-of-war between market momentum and seasonal trends
• Bloomberg News Big Tech Team Leader Sarah Frier on Google’s major leap forward in the global AI race
• Bloomberg Economics Chief Geoeconomics Analyst Jennifer Welch on the latest White House optimism around efforts to negotiate a peace deal between Ukraine and Russia, and whether there is hope for a lasting US-China trade truce
• Jennifer Ewbank, Founder of Andaman Strategic Advisors, on the recent cyber-attack on the Congressional Budget Office, and the risks of broader cyber-warfare with China
• Ryan Kelley, Chief Investment Officer and Portfolio Manager at Hennessy Funds, on investment opportunities in small- and mid-cap stocks

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Upwork (Nasdaq: UPWK) last week outlined its long-term growth strategy and financial outlook at its 2025 Investor Day. Upwork President and CEO Hayden Brown, CFO Erica Gessert, and other executives detailed how the company has fundamentally rewired its business over the last three years and is leading the reinvention of flexible work in the AI era. The company also unveiled its full year 2026 guidance and 2028 growth targets, seeing itself as well-positioned to capture a greater share of the $1.3 trillion global digital knowledge work market.

Erica details Upwork's playbook for durable and profitable growth with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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