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Whispers are growing louder among Republicans that Florida Gov. Ron DeSantis (R) has miscalculated in his battle with Disney — a struggle that has already gone on for more than a year and has no end in sight.

There are real dangers, they say, of his fight with the corporation becoming a distraction from his likely presidential campaign — and one that could make him seem petty and vindictive rather than strong or decisive.

Despite the fact many polls suggest GOP voters are sympathetic to DeSantis’s war on “wokeness” in general, there are also concerns among conservatives about a powerful elected official targeting a specific company for political reasons.

People close to former President Trump, DeSantis’s archrival if he should enter the 2024 race, are gleefully fanning those concerns.

“If you are allowing governors to dictate their own politics to private businesses, what is to stop a liberal governor from doing the same?” asked one source familiar with the former president’s thinking.

The Trump source complained about governors who “overstep their authority for their own political validation,” adding, “The conservative media attacked Gov. [Andrew] Cuomo and Gov. [Gretchen] Whitmer for doing the same thing during the lockdowns. You can’t have it both ways.”

Such commentary is not confined to pro-Trump circles, either. Related coverage from The Hill: McCarthy hits DeSantis on Disney prison quip: ‘Sit down and negotiate’ Rubio warns against Florida going after companies for ‘political purposes’ Justice jumps into race to unseat Manchin DeSantis-Disney feud heats up 19 Michigan state GOP lawmakers throw support behind DeSantis

One Republican strategist not aligned with any declared or likely 2024 candidate said that while it is true conservatives have “issues” with Disney, they also have “issues with government picking winners and losers.”

On a practical level, the strategist added: “I think DeSantis first got on the national radar by getting in a fight with Disney. I think his problem now is that he has to win it — and it is not clear that he can continue upping the ante.”

The latest twist in the long-running DeSantis-Disney saga came on Wednesday when the corporation sued DeSantis in federal court in Florida. 

The company’s filing alleged “a targeted campaign of government retaliation” that it said had been “orchestrated” by DeSantis. 

The alleged campaign, Disney contended, “threatens Disney’s business operations, jeopardizes its economic future in the region, and violates its constitutional rights.”

DeSantis, who has been on an international trade mission in recent days, responded from Israel. At a news conference, he argued that the Disney suit was “political” and had no “merit.”

The governor further argued that Disney was seeking special treatment in his state and was “upset that they are actually having to live by the same rules as everybody else.”

But now, DeSantis faces the prospect of being mired in a protracted legal struggle even as he is perceived to be making moves toward launching a presidential candidacy. 

The Disney saga has its roots in the Florida legislation passed with DeSantis’s support last year that prohibited teaching about gender identity or sexual orientation through the third grade.

The legislation, tagged somewhat hyperbolically as the “Don’t Say Gay” bill by critics, caused national controversy. Within weeks of its passage, Disney issued a statement expressing its opposition, adding that the bill “should never have been signed into law.”

DeSantis fired back in short order, moving to strip Disney of the significant level of autonomy it enjoyed in the area where Walt Disney World is. 

Then, there were further squabbles earlier this year over the makeup of the five-person board that runs the district.

DeSantis, with the backing of Florida Republicans, sought to appoint his own board. But the outgoing board then tried to outmaneuver him by making agreements at its last meeting that would have greatly constrained their replacements.

Earlier this month, DeSantis went even further, suggesting the state might build a prison near Disney’s theme parks, presumably as a means of exacting retribution.

A Reuters/Ipsos poll released earlier this week found a clear majority of Republicans favoring DeSantis’s basic position but a significant majority dissenting.

Sixty-four percent of Republicans said DeSantis was “rightfully rolling back special treatment for Disney,” but 36 percent said he was “punishing Disney for exercising their right to free speech.”

Worryingly for the Florida governor — especially if he ever became the GOP nominee for president — independents broke heavily against him on that question, contributing to strong sympathy for Disney among the population at large.

Moreover, although 44 percent of Republicans said they had a more positive view of DeSantis because of the controversy, 19 percent said they had a more negative view. 

In potentially even worse news for DeSantis, majorities of Democrats, Republicans and independents said they would be less likely to vote for a candidate who “supports or passes laws designed to punish a company for its political, social or cultural stances.”

The escalation of the controversy with Disney also comes as DeSantis has endured a bad time in his quasi-campaign, falling further behind Trump in the polls and having to mop up an assertion that the Ukraine-Russia war is a mere “territorial dispute.”

There will, of course, be many twists and turns in the presidential campaign, which will not see its first debates until August. No votes will be cast until early next year.

Still, for now, there is no sign that DeSantis’s battle with Disney is letting up anytime soon. And that could be a hindrance, at a minimum, if a presidential campaign gets underway in earnest. MTA ends real-time service alerts on Twitter, says platform is ‘no longer reliable’ Watch live: Jeffries holds weekly press conference

“It’s just the fiercest legal tug-of-war between two titans in our state that we have seen, maybe in our lifetimes,” said Susan MacManus, a University of South Florida professor emerita and a prominent commentator on politics in the state. 

“There are no holds barred, and neither side is blinking.”

The Memo is a reported column by Niall Stanage.

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California judge rules DAO members liable under partnership laws

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California judge rules DAO members liable under partnership laws

A16z Crypto’s Miles Jennings posted on X that the ruling is a “huge blow” to decentralized governance. 

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Thousands of farmers to descend on Downing Street to protest against inheritance tax changes

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Thousands of farmers to descend on Downing Street to protest against inheritance tax changes

Thousands of farmers from across the UK are expected to gather outside Downing Street today – in the biggest protest yet against the government’s changes to inheritance tax rules.

The reforms, announced in last month’s budget, will mean farms worth over £1m will be subject to 20% inheritance tax from April 2026.

Farmers say that will lead to land being sold to pay the tax bill, impact food security and the future of British farming.

The Government insists it is “committed” to the farming industry but has had to make “difficult decisions”.

Farmers from Scotland, Northern Ireland, Wales and England will arrive in London to hear speeches from agricultural leaders.

Sky News understands TV presenter and farm owner Jeremy Clarkson, Conservative Party leader Kemi Badenoch and Lib Dem leader Ed Davey will also address crowds.

Protestors will then march around Parliament Square.

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A sign in a field by the M40 near Warwick, protesting the changes to inheritance tax (IHT) rules in the recent budget. Pic: PA
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A sign in a field by the M40 near Warwick, protesting the changes to inheritance tax rules in the recent budget. Pic: PA

‘It’s really worrying’

“It’s unfortunate, as Labour had originally said they would support farmers,” said fourth-generation farmer Will Weaver, who is attending today’s rally.

His 500-acre cow and sheep farm in South Gloucestershire has been in his family since 1939.

“We’ve probably buried our head in the sand a little bit. I think, back of a fag-packet rough estimates, tax is going to be north of half a million [pounds].”

The government is keen to stress that farmers will get a decade to pay the bill – but that comes as little comfort to Will: “It’s more than our profit in any year that we’ve had in the last 10 years. Dad’s saying we’ll have to sell something. I don’t know if we’ll be able to raise that sort of money through a mortgage. It’s really worrying.”

As anger grows, there continues to be disagreement between the National Farmer’s Union and the Government over how many farms will actually be impacted by the change.

The Treasury says only the wealthiest estates, around 500 of them, will have to pay under the new rules – claiming 72% of farms won’t be impacted.

But farmers say that calculation is incorrect – citing that DEFRA’s own figures show 66% of farms are valued at over £1m and that the government has undervalued many estates.

At the same time as the rally, the NFU is addressing 1,800 of its members in Westminster before they lobby MPs.

More on this story:
Farmers warn of food price hikes

Minister downplays risk of empty shelves if farmers strike

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The president of the National Farmers’ Union says farmers are feeling

‘Understanding has been betrayed’

Max Sealy represents the NFU Dairy Board in the South of England.

“We have a detailed job to do to explain why this is wrong not just for farming, not just for the countryside and not just for our families, but for the economy in general,” he said.

“This is a bad tax – it’s been badly implemented because it will affect growth productivity in the country.”

He told Sky News Labour made promises to farmers ahead of the election.

“Both Steve Reed and Keir Starmer came to our conference two years ago and told us farming wasn’t a business like any others and that he understood the long-term nature of farming – that understanding has been betrayed,” he said.

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And the government say:

In a joint statement, Chancellor Rachel Reeves and Secretary of State for Environment, Food and Rural Affairs Steve Reed said: “Farmers are the backbone of Britain, and we recognise the strength of feeling expressed by farming and rural communities in recent weeks. We are steadfast in our commitment to Britain’s farming industry because food security is national security.

“It’s why we are investing £5bn into farming over the next two years – the largest amount ever directed towards sustainable food production, rural economic growth and nature’s recovery in our country’s history.

“But with public services crumbling and a £22bn fiscal hole that this Government inherited, we have taken difficult decisions.

“The reforms to Agricultural Property Relief ensure that wealthier estates and the most valuable farms pay their fair share to invest in our schools and health services that farmers and families in rural communities rely on.”

A Met Police spokesperson said it was “well prepared” for the protest and would have officers deployed to ensure it passes off “safely, lawfully and in a way that prevents serious disruption”.

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Fintech unicorns are watching Klarna’s debut for signs of when IPO window will reopen

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Fintech unicorns are watching Klarna's debut for signs of when IPO window will reopen

Hiroki Takeuchi, co-founder and CEO of GoCardless. 

Zed Jameson | Bloomberg | Getty Images

LISBON, Portugal — Financial technology unicorns aren’t in a rush to go public after buy now, pay later firm Klarna filed for a U.S. IPO — but they’re keeping a watchful eye on it for signs of when the market will open up again.

Last week, Klarna made a confidential filing to go public in the U.S., ending months of speculation over where the Swedish digital payments firm would list. Timing of the IPO is still unclear, and Klarna has yet to decide on pricing or the number of shares it’ll issue to the public.

Still, the development drew buzz from fintech circles with market watchers asking if the move marks the start of a resurgence in big fintech IPOs. For now, that doesn’t appear to be the case — however, founders say they’ll be watching the IPO market, eyeing pricing and eventually stock performance.

Hiroki Takeuchi, CEO of online payments startup GoCardless, said last week that it’s not yet time for his company to fire the starting gun on an IPO. He views listing as more of a milestone on a journey than an end goal.

“The markets have been challenging over the last few years,” Takeuchi, whose business GoCardless was last valued at over $2 billion, said in a CNBC-moderated panel at the Web Summit tech conference in Lisbon, Portugal.

“We need to be focused on building a better business,” Takeuchi added, noting that “the rest will follow” if the startup gets that right. GoCardless specializes in recurring payments, transactions that come out of a consumer’s bank account in a routine fashion — such as a monthly donation to charity.

Lucy Liu, co-founder of cross-border payments firm Airwallex, agreed with Takeuchi and said it’s also not the right time for Airwallex to go public. In a separate interview, Liu directed CNBC to what her fellow Airwallex co-founder and CEO Jack Zhang has said previously — that the firm expects to be “IPO-ready” by 2026.

“Every company is different,” Liu said onstage, sat alongside Takeuchi on the same panel. Airwallex is more focused on becoming the best it can be at solving friction in global cross-border payments, she said.

An IPO is a goal in the company’s trajectory — but it’s not the final milestone, according to Liu. “We’re constantly in conversations with our investors shareholders,” she said, adding that will change “when the time is right.”

‘Stars aligning’ for fintech IPOs

One thing’s for sure, though — analysts are much more optimistic about the outlook for fintech IPOs now than they were before.

'Phantom debt' is flying under the radar — and it could be a problem for the U.S. economy

“We outlined five handles to open the [IPO] window, and I think those stars are aligning in terms of the macro, interest rates, politics, the elections are out the way, volatility,” Navina Rajan, senior research analyst at private market data firm PitchBook, told CNBC.

“It’s definitely in a better place, but at the end of the day, we don’t know what’s going to happen, there’s a new president in the U.S.,” Rajan continued. “It will be interesting to see the timing of the IPO and also the valuation.”

Fintech companies have raised around 6.2 billion euros ($6.6 billion) in venture capital from the beginning of the year through Oct. 30, according to PitchBook data.

Jaidev Janardana, CEO and co-founder of British digital bank Zopa, told CNBC that an IPO is not an immediate priority for his firm.

“To be honest, it’s not the top of mind for me,” Janardana told CNBC. “I think we continue to be lucky to have supportive and long-term shareholders who support future growth as well.”

He implied private markets are currently still the most accommodative place to be able to build a technology business that’s focused on investing in growth.

However, Zopa’s CEO added that he’s seeing signs pointing toward a more favorable IPO market in the next couple of years, with the U.S. likely opening up in 2025.

That should mean that Europe becomes more open to IPOs happening the following year, according to Janardana. He didn’t disclose where Zopa is looking to go public.

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