Bloomberg Businessweek Podcast Summary

Episode: Crypto Firm Tied to Trumps Sees Shares Sink as Lockup Ends
Date: December 2, 2025
Hosts: Carol Massar, Tim Stenovec

Episode Overview

This episode spotlights two major business stories shaping financial headlines:

1. The dramatic one-day decline of American Bitcoin Corporation, a crypto miner co-founded by Eric Trump, as a lockup period ends and shares plunge.
2. A landmark $6.25 billion charitable donation by Michael and Susan Dell to the government’s new “Trump Accounts” (child investment accounts), and what it means for wealth-building and financial literacy for American kids.

The show also covers updates on real estate markets in New York and San Francisco, and features a detailed discussion on investing trends in private credit and AI-driven equities.

1. American Bitcoin’s Plunge and the Crypto Market Volatility

Key Segment: [02:10] – [08:24]
Participants: Tim Stenovec, Carol Massar, Monique Malima (Bloomberg News Equities Reporter)

Discussion Highlights

• Market Snapshot

  • Bitcoin sees a rebound, trading above $92,000 and up 6.7% on the day, yet the general trend had been negative over the past month, creating headwinds for miners.
  • American Bitcoin Corp, co-founded by Eric Trump, plunged over 50% in 30 minutes, with trading halts triggered and shares down 36% by the segment’s end.

• Causes for the Decline

  • The company, spun out of HUD 8 earlier in the year, is heavily exposed to Bitcoin price movement — miners’ revenues are directly tied to the value of their holdings.
  • American Bitcoin has underperformed relative to other miners who have diversified into AI data centers and new sectors.
  • “Eric Trump posted earlier on X that the company had an unlock for some of its shares today. So that might be pressuring as well.” — Monique Malima [03:54]
  • Retail investor concentration leads to heightened share volatility amid swings in sentiment and structural events like share unlocks.

• Industry Context and Sentiment

  • Market uncertainty persists; regulation, sentiment, and the broader economic environment (especially interest rates) weigh on crypto valuations.

Notable Quote:

“For American Bitcoin, they have a largely retail trader base in terms of their investors. And that can make shares a lot more volatile...” — Monique Malima [03:54]

• HUD 8, as majority owner, also sees shares dip in tandem with American Bitcoin’s fall.
• Share unlocks in crypto firms, even if insiders don’t sell, tend to trigger retail fear and sell-offs due to anticipated insider movements.
• Eric Trump remains publicly committed, holding 7.5% of shares and reiterating he will not sell.

Looking Ahead:

• A potential Fed rate cut could trigger renewed interest in speculative assets like crypto.

“Yes, there are some analysts that are saying an interest rate cut would help crypto.” — Monique Malima [07:42]

2. Michael and Susan Dell’s $6.25 Billion “Trump Accounts” Gift

Key Segment: [10:54] – [18:51]
Participants: Tim Stenovec, Biz Carson (Bloomberg Reporter), Michael Dell (clip), President Donald Trump (clip)

Discussion Highlights

• Initiative Details

  • The Dells pledge $6.25 billion to seed child investment accounts—“Trump Accounts”—as part of the Invest America initiative, under President Trump’s “One Big Beautiful Bill Act.”
  • 25 million U.S. children will each receive $250 to jumpstart investment accounts, aiming to boost financial literacy and generational wealth.

• How the Program Works

  • Newborns (2025–2028) get $1,000 from the government, accounts opened automatically.
  • Children under 18 eligible to activate accounts after July 4, 2026.
  • Dell’s funds go to the U.S. Treasury; children under 10 in zip codes with incomes below $150,000 qualify for the $250 bonus, using census data.
  • “...looking at zip codes where the median income is less than $150,000, he believes he's going to hit 80% of children in that 10 and under bucket.” — Biz Carson [14:48]

• Account Mechanics

  • Annual contribution limit: $5,000.
  • Untouchable until age 18, automatically distributed at age 31 if unused.
  • Withdrawals for education, homeownership, or starting a business are allowed; early withdrawals for other uses incur penalties.
  • Taxation details are still being finalized, but currently, gifts are tax-free and withdrawals taxed as income.

• Wealth Equity Vision

  • The automatic seeding of accounts targets children who have never owned assets, with the hope of narrowing wealth disparities and fostering financial education.

Notable Quotes:

“This is really for those children who don't have that financial knowledge … and then along the way, equip them with financial literacy because they'll be able to look at it and say, ‘look, I own part of Apple stock or something like that through my index fund …’” — Biz Carson [18:15]
“I got to see the power of compound interest early in my life … hopefully will inspire that kind of opportunity for many more young people.” — Michael Dell [11:38]

3. Real Estate Market Shifts (NYC/SF)

Key Segment: [21:18] – [29:07]
Participants: Tim Stenovec, Carol Massar, Louise Phillips Forbes (Real Estate Broker, Brown Harris Stevens)

Discussion Highlights

• San Francisco Rebound

  • The AI boom has reignited the high-end housing market; startup founders cashing in equity and improvements in crime and cleanliness have fueled turnarounds.
  • Policy initiatives by new Mayor Daniel Lurie with a pro-business stance have attracted investment.

• New York City Trends

  • Despite political fears, there’s been no mass exodus after Zoran Mamdani’s election as mayor.
  • The real estate market saw a surge in activity, especially in the $1-4 million range, indicating buyers are no longer “waiting for interest rates to drop.”
  • Anticipate 4–6% median home price increase in 2026; outer boroughs (Bronx, Queens) expected to outpace Manhattan due to affordability.
  • Quote: “Marry the home, date the rate.” [24:16]

• Affordable Housing and Policy

  • New city charter changes aim to fast-track affordable developments, reducing political bottlenecks.
  • Incentives like the revived 421a tax abatement may mobilize private developers.
  • Supply/demand remains tight; affordability will depend on stimulating new construction.

Memorable Moment:

“The other thing I would say is let's improve wealth for everybody and maybe people can afford more homes and you don't have to do so much affordable.” — Tim Stenovec [28:55]

4. Investing Trends: Private Credit & AI Bubble Watch

Key Segment: [33:03] – [39:41]
Participants: Tim Stenovec, Carol Massar, Alan Zafran (Co-Founder, IEQ Capital)

Discussion Highlights

• Private Credit

  • Despite increased scrutiny, private credit as a “core allocation” remains attractive if properly diversified.
  • Warning: retail adoption through 401(k)s and open-end funds could create liquidity risks.

    “...if enough people all want to get out at once, you're going to have to live through the cycle till prices reflect back to a normal point in time.” — Alan Zafran [36:16]

  • Buyer beware: liquidity promises in fund documents may not match reality in a crisis.

• AI “Bubble” Status

  • Not 1999 yet, but “getting close.”
  • Market is beginning to differentiate between winners and losers in AI—performance varies across those tied to Google Gemini vs. OpenAI ChatGPT.
  • Historical lesson: “Alan Greenspan... basically saying things feel overvalued... the S&P 500 doubled from the point he made that comment before the market peaked in March of 2000.” — Alan Zafran [38:32]
  • Healthy skepticism and critical assessment of company fundamentals is returning to the market.

Notable Quotes & Timestamps

• On Crypto Market Volatility:
  • “Shares of the crypto miner, which is co-founded by Eric Trump, lost more than half of their value in less than 30 minutes today, triggering some repeated trading halts.” — Tim Stanweneck [02:19]
• On Child Investment Accounts:
  • “An investment's going to be made. That investment's going to continue to grow, we hope ... hopefully will inspire that kind of opportunity for many more young people in this country.” — Michael Dell [11:20]
• On Market Realities:
  • “Marry the home, date the rate.” — Louise Phillips Forbes [24:16]
• On Private Credit Caution:
  • “You need to understand that it may not be as liquid as advertised ... it's really more of a permanent allocation of capital.” — Alan Zafran [35:25]
• On AI Mania:
  • “Anybody's ability to pinpoint a top, it's a fool's errand to try ... we're not there yet.” — Alan Zafran [38:32]

In Summary

The episode delivers deep dives into a crypto stock rout and regulatory overhang, covers an unprecedented philanthropic effort aimed at disrupting generational poverty, analyzes major real estate market turnarounds, and offers seasoned insight into the risks and opportunities in private credit and artificial intelligence investing. Throughout, industry voices underscore that volatility, adaptability, and financial inclusion are central themes in today’s evolving economic landscape.