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Axos Financial

Axos Financial Inc is a bank holding company that operates through its bank subsidiary, BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small to medium-size businesses in certain sectors, and selected specialty finance receivables. Its operating segments are banking business segment and securities business segment . The bank distributed its products through a wide range of retail distribution channels, including only banking brands, affinity groups, and sales teams, among others. The majority of the bank's mortgage exposure is titled toward the state of California, particularly its southern region. Net interest income is a majority of the bank's revenue.

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The <a href="https://www.benzinga.com/topic/esports">global esports market</a> is poised for explosive growth, with a recent report from Arizton Advisory &amp; Intelligence projecting it will exceed $5 billion by 2029, fueled by a compound annual growth rate (CAGR) of 17.48%. 
To put this in perspective, industries like American football and global music show significantly lower CAGRs of 6.9% and 7.8%, respectively, the <a href="https://www.arizton.com/market-reports/global-esports-market">report</a> says.
See Also: <a href="https://www.benzinga.com/general/gaming/24/11/42249576/target-black-friday-deals-pokemon-shoppers-gotta-catch-em-all">Target Black Friday Deals: Pokémon Shoppers Gotta Catch &#8216;Em All</a>
However, regulatory complexities, emerging technologies, and strategic market shifts are shaping the industry&#8217;s future. In dialogue with Benzinga, Arizton&#8217;s Associate Consultant, Abhiyank Verma, shared insights into the challenges and opportunities ahead for esports investors and stakeholders.
<h3 class="wp-block-heading">Navigating The Challenges Of The Esports Industry</h3>
&#8220;Regulatory uncertainties remain a major challenge for esports companies,&#8221; said Verma. He added that governance frameworks vary across regions, creating a fragmented landscape.
"For instance, South Korea leads the way with structured governance through the Korea Esports Association (KeSPA), ensuring fairness and player welfare," Verma shared. 
On the other hand, regions like North America and Southeast Asia rely on fragmented or industry-driven policies, making it difficult to manage player rights and advertising regulations.
Other regions face their own hurdles. "Saudi Arabia enforces strict content controls under Vision 2030, and China imposes tight restrictions on gaming time and content," Verma noted, adding that these measures complicate global operations. 
<h3 class="wp-block-heading">Emerging Technologies Shaping The Future Of Esports</h3>
The adoption of cutting-edge technologies like Augmented Reality (AR) and Virtual Reality (VR) is revolutionizing the esports experience. 
As Verma puts it, "AR enhances real-world environments by overlaying digital elements, enriching gameplay with real-time visuals and data."
VR, on the other hand, transports players to fully virtual worlds, providing &#8220;unparalleled inmmersion.&#8221; Together, these technologies are unlocking new possibilities, from mixed-reality tournaments to enhanced spectator experiences.
The <a href="https://www.benzinga.com/topic/arvr">global impact of AR and VR </a>is already evident. For instance, in the U.S., initiatives like Golden Gloves VR are blending fitness with competitive gaming, while Canada's Dark Slope advances VR-based experiences. The United ArabE is leveraging these innovations to bolster its economy, with Dubai's VR Park projected to add $4.1 billion by 2030. Meanwhile, China's Meta-Tencent partnership showcases the growing role of immersive technology in competitive gaming.
"These technologies are driving trends that expand audiences and unlock economic opportunities," Verma emphasized, underscoring their transformative potential for the esports ecosystem.
<h3 class="wp-block-heading">Advice For Investors Eyeing Esports Growth</h3>
For investors looking to tap into this booming market, Verma stressed the importance of diversification, strategic partnerships, and emerging markets.
<ul>
<li>Revenue Diversification: "Traditional revenue sources such as sponsorships and tournament winnings remain vital," Verma explained, but esports organizations are branching out. He pointed to in-game purchases, virtual goods, subscription services, and digital collectibles as emerging revenue streams that cater to fans&#8217; demand for exclusive content.</li>
<li>Strategic Partnerships: Collaborations with game developers and streaming platforms are essential. "Partnerships with companies like Tencent Holdings ADR&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) Riot Games, Blizzard, and Microsoft Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Activision ensure a steady supply of new titles and competitive events," said Verma. Streaming platforms like Twitch, Alphabet Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) YouTube, and Meta Platforms Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook Gaming also play a critical role in expanding esports' reach and community engagement.</li>
<li>Emerging Markets: Regions like Southeast Asia, India, and the Middle East are experiencing rapid growth due to improved internet infrastructure and smartphone adoption. "With the rise of fan engagement technologies, including VR, AR, and interactive live-streaming, esports organizations are creating new ways for fans to interact with content." </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42249737/antitrust-lawsuit-against-steam-expands-to-include-all-developers-since-2017">Antitrust Lawsuit Against Steam Expands To Include All Developers Since 2017</a></li>
</ul>
Photo by <a href="https://unsplash.com/es/@florianolv?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Florian Olivo</a> on <a href="https://unsplash.com/es/fotos/persona-sentada-en-una-silla-de-juego-mientras-juega-a-un-videojuego-Mf23RF8xArY?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Unsplash</a>.

Tech

GOOGL

MSFT

TCEHY

Esports Market Set To Surpass $5 Billion By 2029: What Investors Need To Know

Newly appointed government efficiency co-czar Vivek Ramaswamy says he will scrutinize a loan issued by the Biden administration to electric vehicle (EV) manufacturer Rivian, a rival of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
What Happened: Ramaswamy, a biotech entrepreneur, will lead the Department of Government Efficiency (DOGE) alongside Tesla CEO Elon Musk following President-elect Donald Trump&#8216;s inauguration.
Ramaswamy recently criticized President Joe Biden administration for approving a $6.6 billion loan to Rivian for a Georgia plant construction, which has since been suspended. He questioned the high cost per job created by this loan and suggested it could be a political move against Musk and Tesla, <a href="https://fortune.com/2024/11/29/vivek-ramaswamy-elon-musk-doge-tesla-rivian-biden-federal-government-loan-trump/">reports</a> Fortune.
The Department of Energy defended the loan, highlighting their&nbsp;Advanced Technology Vehicles Manufacturing program&#8217;s role in reinforcing America&#8217;s global automotive standing. They pointed to the successful loan granted to Tesla in 2010 as evidence of the program&#8217;s efficacy.
Also Read: <a href="https://www.benzinga.com/news/24/11/42154736/elon-musks-social-media-onslaught-targets-federal-employees">Elon Musk&#8217;s Social Media Onslaught Targets Federal Employees</a>
Ramaswamy&#8217;s critique of the loan comes amid concerns about Rivian&#8217;s financial stability. Despite its reputation as a high-end EV brand with a growing lineup of award-winning vehicles, Rivian has yet to turn a profit. 
The company is currently working to streamline its production process and aims to generate&nbsp;a gross profit in the&nbsp;current fourth quarter.
Why It Matters: Ramaswamy&#8217;s scrutiny of the loan to Rivian underscores the ongoing debate about government involvement in the EV market. 
The loan&#8217;s approval has raised questions about the government&#8217;s role in supporting emerging industries and the potential political motivations behind such decisions. 
This scrutiny comes at a critical time for Rivian, which is working to establish its profitability amidst growing competition in the EV market.
Read Next
<a href="https://www.benzinga.com/news/24/11/42026862/musk-and-ramaswamy-seek-spending-cut-wins-where-others-failed">Musk And Ramaswamy Seek Spending Cut Wins Where Others Failed</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

News

TSLA

Musk Ally Ramaswamy Takes Aim At Biden's $6.6B Loan To Tesla Rival Rivian

Robert Kiyosaki, the author of &#8220;Rich Dad Poor Dad,&#8221; predicts a surge in Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value and warned of an impending wealth <a href="https://www.benzinga.com/news/24/10/41305328/robert-kiyosaki-predicts-stock-market-crash-says-invest-in-gold-silver-and-bitcoin">disparity in a recent post</a>.
What Happened:&nbsp;On Saturday, Kiyosaki took to X to express his views on the future of Bitcoin and the potential wealth gap it could create. 
He stated, &#8220;Bitcoin will soon break $100,000.&nbsp;Once Bitcoin passes $100,000 it&nbsp;will be almost impossible for&nbsp;the poor and middle class&nbsp;to catch up.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">THE RICH WILL GET RICHER: Q: WHO WiLL BE RICHER? A: The people who save Gold, Silver. Bitcoin. I own all three financial assets. Q: WhO WILL BE POORER? A: The people who save dollars, Pesos, Yen, Euro, &amp; Loonies. As I warned in Rich Dad Poor Dad "Savers are losers…because…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1862641908834869368?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote>
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He further explained that once Bitcoin surpasses this threshold, only the ultra-rich,&nbsp;corporations, banks, and sovereign wealth&nbsp;funds would&nbsp;be able to afford Bitcoin&nbsp;of any consequence. 
Also Read: <a href="https://www.benzinga.com/general/social-media/24/11/42154487/robert-kiyosaki-trump-will-make-america-richer-again-by-being-the-first-bitcoin-president">Robert Kiyosaki: &#8216;Trump Will Make America Richer Again By Being The First Bitcoin President&#8217;</a>
Kiyosaki also emphasized the importance of investing in Bitcoin, gold, and silver, while criticizing the practice of saving traditional currencies.
Why It Matters:&nbsp;Kiyosaki&#8217;s prediction comes at a time when Bitcoin is gaining mainstream acceptance as a legitimate asset class. 
His warning about the potential wealth disparity caused by Bitcoin&#8217;s rise highlights the growing concerns about wealth inequality in the era of digital currencies. 
His views underscore the importance of financial education and investment strategies in the face of rapidly evolving financial landscapes.
Known for his financial advice and investment strategies, Kiyosaki&#8217;s comments on Bitcoin and wealth disparity have sparked discussions on the implications of digital currencies on global wealth distribution. 
As digital currencies continue to gain traction, the debate around wealth inequality and access to these new forms of assets is likely to intensify.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41869087/kiyosaki-aims-to-own-100-bitcoins-by-2025-i-wish-bitcoin-was-back-to-10-a-coin-but-wishing-has-never-made-poor-people-richer" target="_blank" rel="noreferrer noopener">Kiyosaki Aims To Own 100 Bitcoins By 2025: ‘I Wish Bitcoin Was Back To $10 A Coin, But Wishing Has Never Made Poor People Richer'</a>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Markets

$BTC

Kiyosaki on Bitcoin $100,000: 'Almost Impossible for the Poor and Middle Class to Catch Up'

Black Friday online sales reached an unprecedented $10.8 billion, surpassing in-store purchases as brick-and-mortar stores witnessed a significant decline in customers.
What Happened: Shoppers in the U.S. opted for online shopping, spending an astounding $11.3 million every minute between 10 a.m. and 2 p.m. on Friday.
According to a report <a href="https://nypost.com/2024/11/30/us-news/online-sales-surge-to-record-setting-10-8b-on-black-friday-as-stores-see-thin-crowds/">by</a> The New York Post, Adobe Analytics data indicates that AI-powered chat bots played a crucial role in influencing shoppers, with an 1,800% increase in traffic to retail sites from chat bots compared to the previous year.
Vivek Pandya, the lead analyst at Adobe Digital Insights, told the outlet, &#8220;Crossing&nbsp;the $10 billion mark is&nbsp;a big e-commerce milestone for&nbsp;Black Friday, for a day&nbsp;that in the past was&nbsp;more anchored towards in-store shopping.&#8221; 
He further added that consumers are becoming increasingly comfortable with mobile shopping and chat bots, painting a promising picture for future online Black Friday sales.
"And with consumers getting more comfortable with everything from mobile shopping to chat bots, we have tailwinds that can prop up online growth for Black Friday moving forward," he added. 
Also Read: <a href="https://www.benzinga.com/news/24/11/42247827/one-low-tech-toy-blows-away-black-friday-shopping-competition">One Low-Tech Toy Blows Away Black Friday Shopping Competition</a>
Top-selling items included Harry Potter Lego sets, Disney Princess dolls, makeup, Bluetooth products, and smart watches. Despite inflation worries, shoppers also &#8220;embraced higher ticket items.&#8221;
According to Mastercard SpendingPulse, while U.S. e-commerce sales on Black Friday were up 14.6% from last year, in-store sales were up just 0.7% as brick-and-mortar stores saw an overall drop in customers. The exception was Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), which experienced overnight queues for the launch of its exclusive Taylor Swift book and album.
However, according to Marshal Cohen, chief retail adviser at market research firm Circana, most other stores had a typical shopping day.
Why It Matters: The shift towards online shopping has been accelerated by the COVID-19 pandemic, with consumers preferring the convenience and safety of shopping from home. 
The significant role played by AI-powered chat bots in driving online sales underscores the growing influence of technology in the retail sector. 
Furthermore, the success of high-ticket items suggests that despite economic uncertainties, consumers are willing to spend on premium products. 
The exception of Target&#8217;s in-store success indicates that exclusive product launches can still draw crowds, hinting at potential strategies for brick-and-mortar stores to compete in the digital age.
Read Next
<a href="https://www.benzinga.com/24/11/42253350/amazons-focus-shift-to-black-friday-from-cyber-monday-is-paying-off-says-gene-munster-small-changes-to-profitability-can-have-measurable-impact-to-earnings">Amazon&#8217;s Focus Shift To Black Friday From Cyber Monday Is Paying Off, Says Gene Munster</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

Shoppers Spent $11.3M Per Minute Online on Black Friday

Anthony Scaramucci, who briefly served as White House communications director during President-elect Donald Trump&#8216;s first term, sees promise in Trump&#8217;s proposed Cabinet but fears that Trump&#8217;s mass deportation plan could have severe <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39447328/anthony-scaramucci-says-crypto-will-soar-if-this-presidential-candidate-wins-the-election-">economic repercussions</a>.
What Happened: During a Friday interview, Scaramucci commended Trump&#8217;s intention to nominate Scott Bessent, a billionaire hedge-fund manager, for Treasury secretary. He characterized Bessent as an &#8220;extremely intelligent individual&#8221; who would be a &#8220;reliable figure at Treasury.&#8221;
Scaramucci also showed support for Trump&#8217;s naming Susie Wiles as White House Chief of Staff and intention to nominate Sen. Marco Rubio (R-Fla.) for Secretary of State and Rep. Mike Waltz (R-Fla.) for National Security Adviser, labeling them as &#8220;astute, practical selections.&#8221;
But during the discussion <a href="https://inews.co.uk/news/world/anthony-scaramucci-trump-deportation-plan-crash-economy-3405237">with</a> iNews, Scaramucci expressed apprehension about Trump&#8217;s deportation plan, which could potentially expel up to 20 million individuals, including those born in the U.S. to undocumented immigrants. He is worried that the execution of such a plan could lead to catastrophic economic outcomes.
"I think Trump's barometric pressure of how well he's doing is the stock market. So, if you're telling me he's going to start to deport people and ratchet up tariffs, we're going to have a stock market crash," he said during the interview. 
"The U.S. stock market is saying that Trump's going to run the country like a centrist, moderate, center-right, Republican president. That's what the U.S. stock market is saying. The U.S. stock market is not taking the rhetoric around tariffs and deportations seriously. So, some of the picks have helped me become more optimistic," he added.
Also Read: <a href="https://www.benzinga.com/news/24/11/41866624/scaramucci-on-trump-win-i-got-it-wrong-im-not-going-to-whine-about-it">Scaramucci On Trump Win: &#8216;I Got It Wrong, I&#8217;m Not Going To Whine About It&#8217;</a>
Scaramucci also conveyed his hope that Trump&#8217;s threat to enforce new tariffs on China, Mexico and Canada will not come to pass, as it could trigger a stock market collapse.
Despite his reservations, Scaramucci maintains a positive outlook on the future of Trump&#8217;s administration, primarily due to the tempering effect of his cabinet choices.
Why It Matters: The appointment of a new cabinet and the potential implementation of a mass deportation plan could have significant implications for the U.S. economy. 
Scaramucci&#8217;s comments highlight the importance of these decisions and their potential impact on the country&#8217;s economic stability. His optimism about the cabinet appointments suggests confidence in their ability to guide the country effectively. 
However, his concerns about the deportation plan and potential tariffs underscore the potential risks these policies pose to the economy.
Read Next
<a href="https://www.benzinga.com/news/24/08/40666453/scaramucci-trump-is-in-trouble-and-he-knows-it-slams-him-on-conflicting-abortion-statements-hes-shot" target="_blank" rel="noreferrer noopener">Scaramucci: ‘Trump Is In Trouble And He Knows It'</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Politics

Scaramucci on Trump Deportation Plan: 'We're Going To Have a Stock Market Crash'

As President-elect Donald Trump announces his new Cabinet picks, the diversity of his <a href="https://www.benzinga.com/markets/24/11/41868203/trump-made-big-gains-among-latino-working-class-and-younger-voters" target="_blank" rel="noreferrer noopener">selections remains a point of contention</a>.
Despite making significant strides in gaining support from Black and Latino voters during his campaign, his Cabinet picks tell a different story, <a href="https://www.politico.com/news/2024/11/27/trump-cabinet-diversity-00191874" target="_blank" rel="noreferrer noopener">reports</a> Politico.
As in his first term, Trump&#8217;s choices for his Cabinet include just three people of color in top roles, matching his previous administration&#8217;s lack of diversity.
Scott Turner, a Black former Texas lawmaker, has been selected to head Housing and Urban Development, and Rep. Lori Chavez-DeRemer (R-Ore.), a Latina defeated in her re-election bid this month, is Trump&#8217;s choice to lead the Labor Department..
Also Read: <a target="_blank" href="https://www.benzinga.com/personal-finance/24/11/42250885/gen-zers-are-being-fired-just-months-after-getting-hired-employers-cite-lack-of-motivation-poor-communication-and-unprofessional-behavior" rel="noreferrer noopener">Gen Zers Are Being Fired Just Months After Getting Hired – Employers Cite Lack Of Motivation, Poor Communication And Unprofessional Behavior</a>
One notable selection is Sen. Marco Rubio (R-Fla.), who, if confirmed, would become the first-ever Latino Secretary of State, a position that holds substantial prominence in U.S. government.
Trump&#8217;s team has expressed pride in bringing more Hispanics into high-ranking positions, including Rubio, who would replace George W. Bush administration Attorney General Alberto Gonzales as the highest-ranking Latino government official in U.S. history.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/media/24/11/42252924/canadian-pm-justin-trudeau-warns-trumps-25-tariff-plan-will-hurt-americans-at-high-stakes-dinner" target="_blank" rel="noreferrer noopener">Canadian PM Justin Trudeau Warns Trump&#8217;s 25% Tariff Plan Will Hurt Americans At High-Stakes Dinner</a></li>
</ul>
Photo: Shutterstock

Equities

Media

General

Trump Has Selected Just Three People of Color for Top Jobs

President-elect Donald Trump&#8216;s jest about procuring a young Black girl&#8217;s hair for a hefty sum has been labeled as &#8220;racist&#8221; by his niece Mary Trump.
What Happened: Last Sunday, Trump encountered the girl at his Florida golf course. The interaction, captured on video, quickly gained traction online, featuring the President-elect inviting the girl to sit in his golf cart and pose for a photo.
Mary Trump, on a recent episode of The Mary Trump <a href="https://www.youtube.com/watch?v=_6XAtrmXB2s">Show</a>, condemned the incident as &#8220;creepy&#8221; and &#8220;racist.&#8221; She argued that the incident could be interpreted as a &#8220;racist trope&#8221; and stated that her uncle&#8217;s behavior should not come as a shock, considering his track record of contentious remarks.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Trump to a little Black girl at his golf club: "Oh, I love that girl. I love that hair. I want her hair. Can I buy your hair? I'll pay you millions for that." <a href="https://t.co/szYC6QnpFn">pic.twitter.com/szYC6QnpFn</a>
&mdash; PatriotTakes &#x1f1fa;&#x1f1f8; (@patriottakes) <a href="https://twitter.com/patriottakes/status/1860870879934132594?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote>
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&#8220;Donald's crossing that line shouldn&#8217;t be shocking. He is a racist after all. But there's a more personal aspect to this that, quite frankly, did shock me because. I had a similar experience in my family,&#8221; she said. 
She went on to recount her own experiences with her grandfather Fred Trump, who she said would often remark on her hair and propose to buy it.
Also Read: <a href="https://www.benzinga.com/news/24/11/41869240/mary-trump-warns-of-tyranny-and-fascism-following-uncles-victory">Mary Trump Warns of &#8216;Tyranny&#8217; and &#8216;Fascism&#8217; Following Uncle&#8217;s Victory</a>
&#8220;My grandfather Fred had very little interest in any of his grandchildren, but he was particularly indifferent to his oldest son,&#8221; Mary Trump added.
Why It Matters: The incident has sparked a debate about the implications of such behavior, especially from someone in a position of power. 
The controversy also sheds light on the larger issue of microaggressions and their impact on the individuals on the receiving end. 
This incident serves as a reminder of the importance of understanding and addressing such behaviors to promote a more inclusive and respectful society.
Read Next
<a href="https://www.benzinga.com/news/24/11/41703542/mary-trump-on-trumps-lack-of-empathy-why-is-it-that-the-more-awful-things-donald-does-the-less-it-se" target="_blank" rel="noreferrer noopener">Mary Trump On Trump's Lack Of Empathy: ‘Why Is It That The More Awful Things Donald Does, The Less It Seems To Matter?'</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Mary Trump Slams Uncle Over Alleged Incident Involving Black Girl's Hair: 'He Is A Racist After All'

Dave Ramsey has seen it all when it comes to predictions about the economy. And when it comes to the national debt, he's clear: people have been sounding alarms about an &#8220;economic end of the world&#8221; for decades, but so far, they've been consistently wrong.
Don't Miss:
<ul>
<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/red-ventures"> The percentage may shock you</a>.</li>
<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
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Ramsey <a href="https://www.youtube.com/watch?v=xYnUP1kJqD4">shared</a> his thoughts on the topic, explaining how, <a href="https://www.benzinga.com/startups/24/10/41496567/i-splatted-it-hurt-says-dave-ramsey-referring-to-the-sudden-call-on-his-1-2-million-loans-that-turne">in his late 20s</a>, he was deeply worried about the rapid growth of the national debt. Back then, he thought it might lead to a complete economic collapse. "I've observed people in my world write books about the economic end of the world," he said. "And they keep being wrong, so I don't want to write that book."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Talking about the national debt numbers /w <a href="https://twitter.com/TheoVon?ref_src=twsrc%5Etfw">@TheoVon</a> <a href="https://t.co/Xf9gJ4QI4g">pic.twitter.com/Xf9gJ4QI4g</a>
&mdash; Dave Ramsey (@DaveRamsey) <a href="https://twitter.com/DaveRamsey/status/1827012231013269777?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
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While he acknowledges that the debt is a serious concern, Ramsey doesn't believe it's about to cause the economy to crash. "Is it concerning? Yeah, it's concerning. But is it going to cause a crash? Apparently not," he said.
Ramsey explained that the national debt impacts the economy in subtle but important ways. The government funds its debt by selling <a href="https://www.benzinga.com/money/how-to-buy-treasury-bonds">Treasury bonds</a>, which investors buy because they earn interest. But Ramsey points out that if those investors had put their money into businesses or other productive areas of the economy instead, it could have created more growth and opportunities.
"It's stealing money from the economy in that sense," Ramsey said. He added that the cost of interest payments on the debt is increasingly consuming the federal budget. "The interest only on it is becoming a larger and larger portion of the ‘budget,' as if they've got a budget."
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<h2 class="wp-block-heading">Confidence in the Market</h2>
Despite his concerns about the national debt, Ramsey remains confident in the <a href="https://www.benzinga.com/analyst-stock-ratings">stock market</a> as a safe place for investment. He admitted that there's always been some level of manipulation in the market, but he still encourages people to invest. "I do think it's still a safe place for people to invest. I've got millions and millions of dollars in <a href="https://www.benzinga.com/money/best-mutual-funds">mutual funds</a>," he said.
Right now, the national debt stands at a staggering <a href="https://www.crfb.org/press-releases/gross-national-debt-reaches-36-trillion">$36 trillion</a>. It's such a huge number that it's hard for most people to wrap their heads around. In perspective, if you tried to count to 36 trillion at one number per second, it would take over a million years.
This massive debt has real consequences. A big chunk of the government's budget now goes to paying interest on that debt, leaving less money for things like improving infrastructure, supporting education or funding health care.
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Dave Ramsey Says Those Predicting The 'Economic End Of The World' Over The National Debt Have Been Consistently Wrong

<h2 class="wp-block-heading"></h2>
Meme coin Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) has seen a massive 7,400% increase in its weekly burn rate, with around 2 billion tokens being destroyed. This significant development has sparked renewed optimism about SHIB&#8217;s price potential.
Official tracker Shibburn reported a 7,418% surge in the SHIB weekly burn on Saturday. This followed the removal of 1.93 billion coins from the meme token&#8217;s market supply.
The total supply of the meme coin stood at 589.26 trillion tokens&nbsp;at the time of reporting.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Price: $0.00002606 (1hr 1.43% ▲ &#x7C; 24hr 2.75% ▲ ) Market Cap: $15,320,425,456 (2.60% ▲) Total Supply: 589,260,637,458,704 TOKENS BURNT Past 24Hrs: 1,453,983,861 (486.31% ▲) Past 7 Days: 1,768,449,634 (806.66% ▲)
&mdash; Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1862677971141591092?ref_src=twsrc%5Etfw">November 30, 2024</a></blockquote>
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The token burn mechanism of the meme coin helps in reducing the asset&#8217;s&nbsp;excessive market supply by transferring&nbsp;it to a null address.&nbsp;
These tokens can never be&nbsp;retrieved, thus significantly reducing the crypto&#8217;s supply. This action is expected to have&nbsp;a bullish effect on the&nbsp;asset&#8217;s&nbsp;price, reflecting the law of&nbsp;supply and demand.
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Kaaldhairya, a Shiba Inu executive, seems to have played a significant role in the burn rate surge. Kaal disclosed on November 30 that the ecosystem&#8217;s semi/auto burns have been operational&nbsp;for months, burning over 300M&nbsp;tokens to date. The executive also said, &#8220;I&nbsp;just burned 80M+ SHIB a&nbsp;few minutes ago and enjoyed&nbsp;the cool animation at the&nbsp;end.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Before you start spreading misinformation, maybe do some research. The semi/auto burns have been working for months, burning over 300M+ SHIB—in fact, I just burned 80M+ SHIB a few minutes ago and enjoyed the cool animation at the end. Soon, the burn will go into maintenance to… <a href="https://t.co/qYF4cJfu1R">pic.twitter.com/qYF4cJfu1R</a>
&mdash; Kaal (@kaaldhairya) <a href="https://twitter.com/kaaldhairya/status/1862574596437754123?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote>
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In addition, Kaaldhairya announced&nbsp;that the recent maintenance on&nbsp;Shibarium is complete and that&nbsp;the bridge is now fully&nbsp;functional. This development has further&nbsp;strengthened the meme coin&#8217;s leading position in the broader sector.&nbsp;
Kaaldhairya also revealed that the&nbsp;team is &#8220;still&nbsp;working on upgrades for the&nbsp;burn contracts,&#8221; sparking further&nbsp;discussions over future price movements.
At the time of reporting,&nbsp;the&nbsp;SHIB price traded at $0.00002593,&nbsp;down slightly by 0.06%. The&nbsp;monthly chart for the coin&nbsp;shows a 39% increase, highlighting optimism in the wake&nbsp;of the SHIB burn surge&nbsp;and community advancements.
Meanwhile, increasing&nbsp;Shiba Inu whale accumulations have&nbsp;added to market optimism surrounding&nbsp;the coin&#8217;s&nbsp;price action ahead. According to a report, a major whale to&nbsp;have continued acquiring&nbsp;the token amid a bull&nbsp;market. 
Crypto&nbsp;market participants continue to monitor&nbsp;the meme-themed coin for further&nbsp;price action shifts in light&nbsp;of optimistic statistics.
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$SHIB

Shiba Inu Burn Skyrockets 7,400%, Nearly 2B Tokens Destroyed

Tiffany Masterson's story as the founder of Drunk Elephant, now a household name in skincare, is a powerful example of trusting your instincts – even when doubt surrounds you. Launched in 2013, Drunk Elephant became a major player in the beauty industry before Japanese multinational cosmetics <a href="https://www.benzinga.com/startups/24/10/41191588/selling-a-business-for-3-7-billion-was-a-mistake-for-46-year-old-he-recounts-it-as-his-saddest-day-o">company </a>Shiseido bought it in 2019 for $845 million.
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But the road wasn't easy. From the start, Masterson faced pushback – not for her products but for her brand&#8217;s unconventional name.
In an interview on NPR's How I Built This podcast, Masterson explained how her tight-knit group responded to the name "Drunk Elephant." She added: "My best friend said, ‘I hate it. I don't like it.' My mom didn't like it. My grandma thought that was the dumbest thing she'd ever heard. It just sounded like a bar, people said."
Despite suggestions to reconsider, including a proposal by her hired publicist to conduct a $30,000 focus group, Masterson remained steadfast, believing that external opinions might dilute her vision. She reflected, &#8220;I couldn't listen to other people because then where do you go with that? Then, I wouldn't trust any choices I made … So I just went with it.&#8221;
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Masterson felt that the name expressed the core of her brand. She purposely shied away from the standard approach of naming beauty brands after French words or people's names, seeking something mostly playful instead. One of the main ingredients in her formulations is marula oil, which inspired her.
In her research, she saw a video of animals in South Africa eating fermented marula fruit like they were in a drunken stupor. The arcane imagery stuck and "Drunk Elephant" was born.
The risk paid off. According to Racked, Drunk Elephant experienced a 600% sales increase in 2016 after launching its T.L.C. Sukari Babyfacial, bringing its total <a href="https://www.benzinga.com/real-estate/24/10/41233338/i-make-180-000-a-month-off-properties-i-dont-even-own-airbnb-arbitrage-is-a-golden-goose-for-many-yo">revenue </a>to $30 million that year. By 2023, eCommerceDB reported that the brand's online revenue had climbed to $123.3 million, with most sales coming from the U.S.&nbsp;
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Masterson's dedication to product quality was evident in her decision to exclude the "Suspicious 6," a list of ingredients including silicones, essential oils and chemical sunscreens that she believed caused skin sensitivity. According to Vogue Hong Kong, this approach resonated with consumers seeking clean, effective skincare solutions.
This philosophy is in line with advice from LinkedIn CEO Ryan Roslansky, who advocates that external input be balanced with an inner conviction. "You have to juggle many different people's opinions, but at the end of the day, you have to rely on your gut and make decisions for yourself," he said on The Path, a podcast from LinkedIn.
Roslansky encouraged professionals to weigh risks and keep others' perspectives in mind while remaining true to their instincts. "Take all the input, process it and understand what's happening around you," he said. "But at the end of the day, it's still got to be your heart that makes the decisions."
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'They Said It Sounded Like A Bar!' How Tiffany Masterson's Quirky Idea Turned Into A $845 Million Skincare Empire

He&#8217;s a global rock star, having written some of the biggest hits of the last twenty years. He&#8217;s married and dated Hollywood A-listers and lives in a Malibu mansion. However, Coldplay frontman Chris Martin came from far humbler surroundings.&nbsp;
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<h2 class="wp-block-heading">A Modest Middle-Class Start</h2>
The chart-topper was born in the unglamorous city of Exeter in 1977, South West England and grew up in Whitestone&#8217;s picturesque but tiny village, just four miles from Exeter city center. Martin attended a local Cathedral school and was raised in a six-bedroom Georgian family home. It was a decent middle-class start, befitting his father&#8217;s thriving family business selling motor homes. However, it pales compared to some of Martin&#8217;s subsequent homesteads, post-rock-star status.&nbsp;
<h2 class="wp-block-heading">Malibu Rising</h2>
The Englishman called <a href="https://www.benzinga.com/real-estate/24/08/40225033/steve-jobs-widow-among-neighbors-on-malibus-exclusive-billionaires-bluff">Malibu</a> home to be close to his children when he and his ex-wife, Gwyneth Paltrow, divorced. When he and current fiancee Dakota Johnson started dating, Martin stayed in the A-list-heavy enclave. Martin and Johnson moved in together in 2020, buying a<a href="https://www.realtor.com/news/celebrity-real-estate/chris-martin-dakota-johnson-property-empire-split-rumors/"> </a>$12.5 million Cape Cod-style mansion featuring five bedrooms and seven bathrooms before selling it a year later for $14.4 million.
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Martin has owned several high-priced homes in the area over the years. These include the Garwood Residence, a $14.4 million waterfront home he purchased with Paltrow in 2014, taking ownership after their divorce. He subsequently razed it to construct a new home to share with Johnson.
In 2018, Martin purchased a different property – a $4.5 million theater at Point Dume. The property&#8217;s former incarnations include the Shepherd-by-the-Sea Church and later the famed longtime Malibu Playhouse. He still owns it today.
In 2019, enamored with the area, Martin also purchased a relatively small 1,800-square-foot ranch house for $5,475,000, as first reported in<a href="https://www.standard.co.uk/homesandproperty/celebrity-homes/coldplays-chris-martin-buys-malibu-beach-house-for-ps4-25-million-renovated-ranch-home-is-in-celebrity-hotspot-of-point-dume-a130386.html"> </a>The Standard. The house is ideally located for walks on the nearby private Little Dume Beach.
Martin is also thought to have purchased an additional Malibu home in 2021 for $14 million. The meticulously renovated 1956-built five-bedroom home sits on 1.5 acres of manicured grounds, according to a description in realtor.com.
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<h2 class="wp-block-heading">North London Digs</h2>
Martin didn&#8217;t turn his back on his native England altogether. In 2014, the &#8220;Paradise&#8221; singer bought a home in North London&#8217;s trendy Belsize Park from actress <a href="https://www.benzinga.com/general/entertainment/24/03/37925511/titanic-floating-wood-panel-that-kept-rose-alive-couldnt-fit-two-people-sells-for-718k-at-a">Kate Winslet</a> for $2.5 million. He sold it in 2022, making a profit of £7 million ($8.8 million).
<h2 class="wp-block-heading">Music, Sustainability And A Billion-Dollar Tour</h2>
According to The Times 2023 rich list, Martin&#8217;s net worth was £160 million ($202 million), which has surely increased over the last year with the band having completed a two-and-a-half-year Music of the Spheres World Tour and released a new album. According to<a href="https://www.billboard.com/music/chart-beat/coldplay-tour-1-billion-dollar-grosses-1235762768/"> </a>Billboard, the band grossed over $1 billion from their recent tour and their album, Moon Music, debuted at number one on the Billboard charts with first-week sales of 120,000 and 16.71 million on-demand official streams.
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In addition, Coldplay has partnered with carmaker BMW to promote sustainable energy. The German brand is touted for allowing the band to &#8220;create the world&#8217;s first tourable, rechargeable show battery – which will allow us to power our concerts almost entirely from clean, renewable energy,&#8221; Martin said on the<a href="https://www.bmw.com/en/automotive-life/coldplay-sustainable-live-music-experience.html"> </a>BMW website.
Coldplay has partnered with Finnish oil company Neste to halve its touring emissions. In June 2024, the band stated that after two years on the road, it had reduced its emissions by 59% compared to the previous tour on a show-by-show comparison. There is no information on how much each European company paid Coldplay to be associated with them in their sustainability efforts. However, regardless of endorsements, from touring alone, Coldplay is one of the<a href="https://www.lovemoney.com/gallerylist/299431/how-coldplay-became-a-billiondollar-band"> </a>richest bands in the world.
Not bad for a former resident of a quaint English village on the outskirts of Exeter.
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From A Devon Cottage To Malibu Mansions – A Look at Coldplay Singer Chris Martin's Homes

Most U.S. voters believe President-elect Donald Trump will grant pardons to individuals involved in the January 6, 2021, riot at the U.S. Capitol <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41814454/donald-trump-could-pardon-ross-ulbricht-january-6-protestors-and-one-other-controversial-f" target="_blank" rel="noreferrer noopener">once he returns to the White House</a>.
A new <a href="https://www.politico.com/f/?id=00000193-6fc0-df60-a797-6fc718e80001" target="_blank" rel="noreferrer noopener">poll</a> by Politico/Morning Consult reveals that 40% of registered voters think that it is &#8220;very likely&#8221; Trump will pardon those charged in connection with the insurrection, while an additional 29% believe it is &#8220;somewhat likely.&#8221;
In contrast, just 9% of voters say it&#8217;s &#8220;somewhat unlikely,&#8221; and just 6% think it&#8217;s &#8220;very unlikely,&#8221; the Politico/Morning Consult reveals.
This poll was conducted November 20-22 among a sample of 4,012 registered Voters.  Results from the full survey have a margin of error of plus or minus two percentage points.
Trump has consistently defended the rioters, referring to them as &#8220;warriors&#8221; who were unjustly persecuted by the &#8220;[Kamala] Harris regime,&#8221; The Hill <a href="https://thehill.com/regulation/court-battles/5014163-american-voters-donald-trump-jan-6-pardons-survey/" target="_blank" rel="noreferrer noopener">reports</a>.
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During his campaign, Trump pledged that if he wins the 2024 election, he would review the cases of all individuals he views as political prisoners.
Since the Capitol attack, more than 1,500 people have been charged, with more than 640 sentenced, according to the Justice Department. Trump&#8217;s comments and stance have fueled the expectation that pardons will be forthcoming.
This poll comes amid Trump&#8217;s legal challenges, including a federal election subversion case, which was recently dismissed after his victory in November.
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More Than Two-Thirds of Registered Voters Think Trump Will Issue January 6 Pardons

Amazon.com, Inc.&nbsp;(NASDAQ:&nbsp;<a href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) founder&nbsp;Jeff Bezos&nbsp;lives a private life in an elite neighborhood where he&nbsp;<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars">rarely shows his face</a>.
What To Know: Bezos is a resident of Hunts Point, a wealthy neighborhood just outside of Seattle. He purchased a $37.5 million property in the neighborhood in 2019, as well as three other nearby homes for his staff, according to a Business Insider<a href="https://www.businessinsider.com/jeff-bezos-neighbors-hunts-point-seattle-real-estate-2023-12?utm_medium=social&amp;utm_campaign=business-sf&amp;utm_source=facebook&amp;fbclid=IwAR2_bI6F_vMCKDzK6V7heqE7U9546Pz_vBesxFdrYBEhU3_kn9KGqpNjDGo"> report</a>.
Every year, residents of Hunts Point&nbsp;gather to plant trees, pull weeds and pick up trash around the neighborhood, but Bezos never shows up.&nbsp;
&#8220;I&#8217;ve seen a billionaire pick up trash on Cleanup Day. Not Jeff Bezos,&#8221; one resident reportedly told Insider.
Less than 400 people call Hunts Point home, but the neighborhood is filled with&nbsp;multiple&nbsp;billionaires and other members of the business elite. Former&nbsp;Microsoft Corp&nbsp;(NASDAQ:&nbsp;<a href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) CEO&nbsp;Steve Ballmer&nbsp;and&nbsp;Costco Wholesale Corporation&nbsp;(NASDAQ:&nbsp;<a href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>) co-founder&nbsp;James Sinegal&nbsp;are among the residents of Hunts Point.&nbsp;
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Although Bezos never made appearances at any of the neighborhood gatherings or fundraising events, his staff was regularly seen roaming the area. Bezos had a personal chef who lived in the neighborhood and delivered meals to Bezos on a golf cart, one resident said.&nbsp;
The billionaire&#8217;s security guards also lived in a house near the entrance of the neighborhood and were very friendly to other residents. They had often&nbsp;been&nbsp;seen taking misaddressed packages to other doorsteps — how ironic. They also were involved in reporting suspicious persons and behavior.&nbsp;
Although Bezos kept his gate closed and rarely&nbsp;showed his face, he still acted like he ran the place.
&#8220;Jeff Bezos acts like he owns Hunts Point,&#8221; one resident said.&nbsp;
Another neighbor told Insider that he never seemed to live&nbsp;there full-time. &#8220;He&#8217;s not much of a neighbor,&#8221; the resident said.
Last year, Bezos announced&nbsp;he was&nbsp;<a href="https://www.benzinga.com/news/23/11/35584563/jeff-bezos-makes-emotional-decision-to-shift-base-to-miami-shares-throwback-video-of-seattle-garage">leaving the Seattle area</a>&nbsp;for Miami.&nbsp;
&#8220;My parents have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger &#8230;&nbsp;I want to be close to my parents, and Lauren and I love Miami,&#8221; Bezos said in an Instagram&nbsp;<a href="https://www.instagram.com/p/CzKZBPmvzPV/">post</a>.&nbsp;
When Bezos bought his home in Hunts Point in 2019, he was the richest person in the world. At the time of writing, Bezos was ranked third on the Forbes real-time billionaires&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#6d3d07a13d78">list</a>&nbsp;with a net worth of approximately $221.3 billion.
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Some elements of this story were previously reported by Benzinga and it has been updated.
Image created using artificial intelligence via Midjourney.

AMZN

COST

Jeff Bezos 'Acts Like He Owns' The Elite Neighborhood He Lives In, But Residents Say He's 'Not Much Of A Neighbor'

<a href="https://business.adobe.com/resources/holiday-shopping-report.html" title="https://business.adobe.com/resources/holiday-shopping-report.html">https://business.adobe.com/resources/holiday-shopping-report.html</a>

Retail Sales

ADBE

SHOP

Adobe Analytics Says Consumers Spent $10.8B Online On Black Friday 2024 In The US Vs $9.8B In 2023

<a href="https://www.benzinga.com/personal-finance/24/11/41818744/warren-buffett-bought-a-1-7-billion-business-over-the-phone-without-meeting-founder-by-using-wha">Warren Buffett</a> has once again demonstrated his commitment to philanthropy. On Monday, the Berkshire Hathaway CEO announced that he had donated over $1.1 billion in Berkshire Hathaway stock to four family foundations, continuing a Thanksgiving tradition of generosity. Buffett, now 94, also detailed his plans for distributing the remainder of his $147.4 billion fortune after his death.
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Buffett has long championed that wealth should serve society rather than create dynasties. His recent donation includes approximately $720 million to the Susan Thompson Buffett Foundation, named after his late first wife. The remaining $144 million was distributed equally among the foundations run by his three children: Howard, Peter and Susie Buffett.
Buffett's letter accompanying the announcement emphasized his belief in equal opportunity from birth. He criticized the &#8220;extreme look-at-me styles of living&#8221; often associated with wealth and reiterated his family's philosophy of modest living. &#8220;As a family, we have had everything we needed or simply liked,&#8221; he wrote, &#8220;but we have not sought enjoyment from the fact that others craved what we had.&#8221;
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Buffett's giving over the years has been substantial. Since 2006, he has made annual gifts to the <a href="https://www.benzinga.com/personal-finance/24/10/41145078/billionaire-bill-gates-has-a-bold-plan-to-shrink-the-wealth-of-the-rich-heres-how-he-intends-to-">Bill &amp; Melinda Gates Foundation</a> as well as the family foundations. However, he revealed that his contributions to the Gates Foundation will cease after his death.
Buffett has previously stated that his three children will oversee the distribution of his remaining wealth within 10 years of his passing. In a proactive move, he announced that successors have already been chosen in case his children – 71, 69 and 66 – cannot complete the task. While he did not disclose the successors&#8217; identities, Buffett confirmed that his children are aligned with the choices.
Buffett acknowledged the inevitability of mortality, saying, &#8220;Father Time always wins. But he can be inconsistent – indeed, unfair and even cruel … Before long, he will get around to me.&#8221;
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Buffett attributes his immense fortune to the power of compounding interest and the <a href="https://www.benzinga.com/general/education/24/09/40784119/warren-buffetts-sister-went-all-in-on-berkshire-hathaway-and-never-looked-back">success of Berkshire Hathaway</a>, which he has led for decades. Despite his vast wealth, he has maintained a frugal lifestyle, living in the same Omaha home he purchased in 1958 and driving modest cars.
He also advised families of all financial backgrounds: discuss your will with your heirs while alive and before you sign it. Buffett believes open communication can prevent family disputes after a loved one's death. &#8220;You don't want your children asking "Why?" in respect to testamentary decisions when you can no longer respond,&#8221; he wrote.
Even after donating more than 56% of his wealth, Buffett remains among the <a href="https://www.benzinga.com/news/management/24/10/41302431/elon-musk-to-end-year-as-richest-man-in-the-world-prediction-market-says-yes-higher-chance-than-l">world's richest individuals</a>. His contributions have been transformative, with $55 billion already directed to the Gates Foundation alone. The remainder of his fortune will be distributed through his family's philanthropic efforts, a responsibility his children have embraced.
Buffett&#8217;s ultimate goal is to ensure his wealth makes a lasting impact. His philosophy reflects a life guided not by the trappings of money but by its potential to create positive change.
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<li>Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a></li>
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Personal Finance

Warren Buffett Gives Away Another $1.1B And Reveals His Plan For Distributing $147B After His Death

Health and Human Services Secretary-designate Robert F. Kennedy Jr. has a long history of working internationally to <a href="https://www.benzinga.com/partner/markets/24/11/42086831/how-the-intersection-of-public-health-and-politics-can-shift-the-societal-landscape" target="_blank" rel="noreferrer noopener">challenge public health policies</a>.
Known for his outspoken skepticism about vaccines and conspiracy theories, Kennedy has extended his influence beyond the U.S. to undermine global health initiatives, particularly in areas like vaccination and AIDS prevention, The New York Times <a href="https://www.nytimes.com/2024/11/30/world/africa/rfk-jr-kennedy-international-work-public-health-policies.html">reports</a>. 
Kennedy&#8217;s nonprofit, Children&#8217;s Health Defense, has established a network of overseas chapters that spread misinformation and promote skepticism about vaccines. In countries like Uganda and South Africa, his organization has interfered with public health efforts, including sex education campaigns meant to combat the spread of AIDS in Africa. 
Kennedy and his affiliates have also targeted the World Health Organization (WHO), questioning the efficacy of their programs and fueling conspiracy theories about global health initiatives, The New York Times added.
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One of his most notable international interventions occurred in Samoa, where a tragic measles outbreak followed his visit in 2019. After a public health tragedy involving the death of two infants during routine vaccinations, Kennedy amplified doubts about vaccine safety. 
His visit, alongside local anti-vaccine activists, led to a significant decline in vaccination rates. Despite the outbreak, Kennedy continued to promote false claims about defective vaccines, contributing to the public health crisis that resulted in 83 deaths, mostly children, The New York Times reports. 
Kennedy has also played a prominent role in Europe, where his organization has hosted conferences promoting vaccine skepticism and opposing COVID-19 health measures. In 2022, Children&#8217;s Health Defense Europe helped organize a protest in Berlin, drawing thousands who rallied against pandemic restrictions. 
The organization&#8217;s ties to fringe groups, including far-right political activists and lawmakers, have raised alarm, especially as it has continued to promote theories that link vaccines to conspiracies involving Bill Gates and global pharmaceutical companies. 
His organization&#8217;s efforts have had tangible effects on vaccination confidence, particularly in countries like South Africa, where misinformation spread by his network contributed to a 30% decline in vaccine trust. 
As Kennedy prepares to take the reins of HHS, his track record of promoting unproven remedies and opposing established public health policies has raised serious concerns about his potential impact on U.S. and global health policy.
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Trump's HHS Pick RFK Jr. Has a Long History of Challenging Global Health Policies

<h2 class="wp-block-heading">WAMCO&#8217;s Ken Leech Charged With Fraud For Allegedly ‘Cherry-Picking' Trades</h2>
The Securities and Exchange Commission (SEC) on Monday announced fraud <a href="https://www.sec.gov/newsroom/press-releases/2024-187">charges against </a>Stephen Kenneth ("Ken") Leech, the former co-chief investment officer of Western Asset Management Company LLC or WAMCO, owned by Franklin Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>).&nbsp;
The SEC's complaint alleges that Leech engaged in a multi-year scheme to allocate favorable trades to certain portfolios, while allocating unfavorable trades to other portfolios in a practice known as "cherry-picking" from at least January 2021 through October 2023.&nbsp;
The SEC claims Leech placed trades with brokers and then waited until later in the trading day to allocate the trades among clients in the portfolios he managed. According to the complaint, Leech's delay between placing and allocating trades allowed him the opportunity to observe price movements, and then disproportionately allocate profitable trades to favored portfolios and unprofitable trades to disfavored portfolios.&nbsp;
"This alleged behavior is an egregious abuse of power," said Andrew Dean, Co-Chief of the Division of Enforcement's Asset Management Unit. "By hand-picking trades and sending them to portfolios he favored, Leech allegedly stood to profit personally and professionally."
The complaint alleges that Leech allocated hundreds of millions of dollars in gains to favored portfolios, which also benefited Leech personally, and allocated a similar amount of losses to disfavored portfolios.&nbsp;
Leech received annual <a href="https://www.bloomberg.com/news/articles/2024-11-25/ken-leech-sued-by-sec-over-alleged-cherry-picking-scheme?fromMostRead=true&amp;sref=TBDibEcD">bonuses </a>ranging from $28 million to $30 million per year between 2018 and 2020, and $21 million in 2022, the SEC said, per Bloomberg.&nbsp;
In a parallel action, the U.S. Attorney's Office for the Southern District of New York also announced charges against Leech. The SEC said its investigation remains ongoing.&nbsp;
<h2 class="wp-block-heading">SEC Enforcement Results for Fiscal Year 2024</h2>
Last Friday, the SEC released its<a href="https://www.sec.gov/newsroom/press-releases/2024-186"> enforcement results</a> for fiscal 2024 and said that it filed 583 total enforcement actions during the year. The agency also obtained orders for $8.2 billion in financial remedies, the highest amount in SEC history.
The $8.2 billion in financial remedies consisted of $6.1 billion in disgorgement and prejudgment interest, also the highest amount on record, and $2.1 billion in civil penalties, the second-highest amount on record.&nbsp;
More than half &#8211; 56% &#8211; of the $8.2 billion financial remedies ordered is attributable to a monetary judgment obtained following the SEC's<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40809382/terraform-labs-historic-4-5b-settlement-with-sec-makes-2024-the-most-penalized-year-for-cr"> trial win</a> against Terraform Labs and Do Kwon.&nbsp;
"The Division of Enforcement is a steadfast cop on the beat, following the facts and the law wherever they lead to hold wrongdoers accountable," said SEC Chair Gary Gensler. "As demonstrated by this year's results, the Division helps promote the integrity of our capital markets to benefit investors and issuers alike."
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Image: Simon Jhuan via Shutterstock

Legal

Financial Crime Weekly: WAMCO's Ken Leech Charged With Fraud, SEC Announces Annual Enforcement Results

President-elect Donald Trump may face significant challenges in filling key Cabinet positions, as several of his nominees are expected to encounter strong <a href="https://www.benzinga.com/media/24/11/42239913/trump-white-house-picks-including-elon-musk-and-scott-bessent-spark-conflict-of-interest-concerns-potentially-the-greatest-ethics-cataclysm-in-the-history-of-our-government" target="_blank" rel="noreferrer noopener">opposition from Senate Republicans</a>.
With a GOP-controlled Senate, Trump could be forced to rely on acting secretaries for some departments, a strategy he employed extensively during his first term, The Hill <a target="_blank" href="https://thehill.com/homenews/5010808-trump-acting-secretaries/" rel="noreferrer noopener">reports</a>.
Under the Federal Vacancies Reform Act, acting officials can serve in their roles for up to 210 days without Senate confirmation, with potential extensions if a nominee is still under consideration. During his first term, Trump frequently used acting secretaries, resulting in more than 2,700 combined days across 22 Cabinet-level positions by February 2020, the report read.
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This was more than three times the total of acting officials under President Barack Obama&#8216;s eight years in office.
Notable Trump picks, including Defense Secretary-designate Pete Hegseth, HHS Secretary-designate Robert F. Kennedy Jr., and Director of National Intelligence pick Tulsi Gabbard, are expected to face tough scrutiny from the Senate.
According to Sen. Markwayne Mullin (R-Okla.), the plan is to have experienced deputies ready to support acting secretaries and ensure the smooth operation of agencies. This strategy could mitigate some of the concerns that arose from past acting officials, such as Chad Wolf, whose authority as acting Secretary of Homeland Security was challenged in court.
However, some political analysts suggest that Trump may not resort to acting appointments as frequently this time, given the narrow GOP majority in the Senate. If confirmation battles become too distracting, it could impact the Trump administration&#8217;s broader agenda, The Hill adds.
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Trump May Start New Term With Acting Secretaries Due To Senate Skepticism of Nominees

The U.S. division of Stoli Group hopes to get a deal under <a href="https://www.benzinga.com/topic/bankruptcy">Chapter 11 bankruptcy protection</a>. 
The company applied on Nov. 27 to the U.S. Bankruptcy Court in the Northern District of Texas. 
Stoli Group USA, based in New York, and Kentucky Owl American whiskey business plan to restructure all assets, valued up to $500 million. See below. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Stoli Group USA Files Chapter 11 with Up to $500M in Assets, Affiliate Kentucky Owl Joins Restructuring BANKRUPTCY FILING ALERT &#x1f6a8; Stoli Group (USA), LLC Chapter 11 &#8211; Northern District of Texas Filed: 11/27/2024 Case No. 24-80146 &#x1f4ca; Assets: $100M-$500M &#x7C; Liabilities:… <a href="https://t.co/TSZG8Hcd3e">pic.twitter.com/TSZG8Hcd3e</a>
&mdash; RK &#x7C; Consultants (@_RKConsultants) <a href="https://twitter.com/_RKConsultants/status/1861924768653390088?ref_src=twsrc%5Etfw">November 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h3 class="wp-block-heading">New On The Block</h3>
<ul>
<li>Ally Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is auctioning off its credit card unit after just three years of ownership, per <a href="https://www.bloomberg.com/news/articles/2024-11-22/ally-financial-is-said-to-weigh-sale-of-credit-card-business?srnd=phx-deals">Bloomberg</a>. The Detroit-based auto lender acquired the segment in 2021 for $750 million. </li>
<li>D.W. Shaw hired Alantra Partners to run the sale process for its Spanish non-performing loans and real estate assets, <a href="https://www.bloomberg.com/news/articles/2024-11-22/d-e-shaw-is-seeking-to-sell-400-million-in-spanish-assets?srnd=phx-deals">Bloomberg</a> reports. The value of the portfolio is roughly €380 million (US$402 million). </li>
<li>Mumbai-based Edelweiss Financial Services of India hired Nomura to find a buyer for a minority stake in its mutual fund business, which could have a total valuation of $700 million to $800 million, according to <a href="https://economictimes.indiatimes.com/mf/mf-news/edelweiss-hires-nomura-for-mutual-fund-unit-stake-sale/articleshow/115646343.cms?from=mdr">the Economic Times</a>.</li>
</ul>
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<h3 class="wp-block-heading">Updates From The Block</h3>
<ul>
<li>The Container Store has been unable to ink a deal or find financing. According to <a href="https://www.cnn.com/2024/11/29/business/the-container-store-black-friday-shopping/index.html">CNN</a>, the Coppell, Texas-based company — known for selling bins — hoped for a $40 million financial lifeline from Beyond, the owner of Bed Bath &amp; Beyond and Overstock.com. But, the agreement hasn&#8217;t worked out and now the franchise is on the verge of bankruptcy, although it hasn&#8217;t filed yet. </li>
</ul>
<ul>
<li>Anglo American&nbsp;(LSE: AAL) agreed to sell its Australian steelmaking coal mines to Peabody Energy&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTU#NYSE">BTU</a>) <a href="https://www.benzinga.com/24/11/42166102/anglo-american-sells-coal-portfolio-for-38-billion-continues-restructuring">for about $3.8 billion</a>. This comes just days before mining giant BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) is allowed to renew its takeover efforts for Anglo American.</li>
</ul>
<ul>
<li>Acquisition-hungry UniCredit (Milan: UCG) offered to acquire Italian lender Banco BPM (Milan: BAMI). The €10 billion offer was rejected, according to <a href="https://www.axios.com/2024/11/25/unicredit-italian-bank?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosprorata&amp;stream=top">Axios</a>. UniCredit also wants to buy Germany-based Commerzbank.</li>
</ul>
<ul>
<li>Gold miner Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) sold its Éléonore mine in Quebec Tuesday to London-based Dhilmar <a href="https://www.benzinga.com/news/asset-sales/24/11/42202141/newmont-sells-mine-for-795-million-barrick-expands-reserves-top-miners-unfazed-by-underperformance">for $795 million in cash</a>. The sale follows Newmont's strategy to divest non-core assets following its milestone acquisition of Newcrest Mining in 2023. </li>
</ul>
<ul>
<li>Schneider National, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNDR#NYSE">SNDR</a>) disclosed that it has agreed to acquire Cowan Systems, LLC and its affiliates for approximately <a href="https://www.benzinga.com/news/mid-cap/24/11/42170700/schneider-expands-its-fleet-390-million-cowan-systems-deal-supercharges-dedicated-services">$390 million in cash</a>, subject to adjustments. The deal also includes a separate purchase of related real estate assets for $31 million. </li>
</ul>
For last week&#8217;s Deal Dispatch, <a href="https://www.benzinga.com/markets/commodities/24/11/42147945/deal-dispatch-starbucks-considers-china-sale-private-equity-bankrupts-snack-company-darwin-financial-talks-mining">click here</a>.
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Image: Benzinga

Asset Sales

ALLY

AMCR

BERY

NISTF

SBUX

SNDR

Deal Dispatch: Stoli On The Rocks As US Business Goes Bankrupt, Ally Financial To Sell Credit Card Unit

Once again, <a href="https://www.benzinga.com/media/24/11/41853221/trump-says-he-wont-sell-trump-media-stock">Donald Trump</a>'s entrepreneurial flair has taken center stage by releasing his new branded guitars, including a "Signature Edition" model costing $10,000. The president-elect has an extensive list of merchandise, ranging from $60 bibles to $100,000 watches. And while his product line has brought significant attention, it also raises questions about presidential branding and conflicts of interest that may come with it.&nbsp;
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<h2 class="wp-block-heading">A Closer Look at Trump's Guitars</h2>
The "Trump Guitars" collection includes a few different models:&nbsp;
<ul>
<li>The American Eagle Series</li>
<li>The Presidential Series</li>
<li>God Bless The USA</li>
</ul>
Prices for the base models start at $1,250 and the "Signature Edition," which features Trump's autograph, is priced at $10,000. According to The Associated Press, the "Limited Edition ‘45' Guitar" is an electric model that showcases patriotic imagery, including an American Flag and a bald eagle, with Trump's "Make America Great Again" slogan inlaid along the neck.&nbsp;
Trump personally introduced the limited-edition guitars on Truth Social, posting a photo of himself holding one. This product launch follows a trend of high-value items Trump has marketed during his third White House campaign, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40445918/how-much-has-donald-trump-made-from-nft-sales-its-more-than-you-might-think">including NFTs</a>, coins and sneakers.&nbsp;
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<h2 class="wp-block-heading">Financial Implications</h2>
While the guitars have sparked curiosity, it isn't clear where their financial backing comes from. According to ABC News, Trump has historically used licensing agreements to monetize his brand. Products like guitars are generally sold through external companies, so Trump can profit from them without direct involvement in manufacturing or sales.&nbsp;
Trump has reportedly earned millions from his licensing deals. CBS News reports that he received $7.2 million from NFTs and $300,000 from Trump-branded bibles. These arrangements, though, frequently meet criticism for their lack of transparency.
Jordan Libowitz, vice president at Citizens for Responsibility and Ethics in Washington, told ABC News, "We&#8217;ve never seen a president merchandise like this. Tracking partners is difficult unless they come forward and there's no way to know for sure."
Libowitz added that it's impossible to know if Trump might use his office's power to help his bottom line without transparency about his business partners.&nbsp;
Trending: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019,<a href="https://www.benzinga.com/money/etoro-doge"> here&#8217;s how much you&#8217;d have today</a>.
<h2 class="wp-block-heading">A Growing Merchandise Empire</h2>
Trump's guitars are just the latest in a long line of <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41080343/mark-cuban-criticizes-trumps-coin-push-is-this-a-con-or-an-investment">branded products</a> that have gained traction among his supporters. Over the years, he has marketed everything from steaks and cologne to digital trading cards and watches. According to ABC News, this approach represents an unprecedented melding of political identity and consumer branding.
As with previous merchandise, critics have raised concerns about these items&#8217; pricing and perceived value. For instance, Libowitz argues that the $10,000 guitars and other high-priced goods may create opportunities for individuals or entities to funnel money directly to Trump.
<h2 class="wp-block-heading">Ethical Concerns and the Future</h2>
The expansion of Trump's merchandise empire raises ethical questions, particularly as he prepares to take office again. Experts, including Robert Weissman of Public Citizen, warn that the opaque nature of these licensing agreements could create potential conflicts of interest.
With few regulatory requirements to ensure transparency, watchdog groups worry about the potential for undue influence. ABC News notes that Trump is expected to relinquish control of his businesses to his sons upon reentering the White House, as he did during his first term. However, critics argue that this arrangement provides limited oversight.
The launch of Trump's $10,000 guitars signals a continued evolution in presidential merchandising. Whether viewed as innovative branding or a cause for concern, the guitars demonstrate Trump's enduring ability to leverage his persona for profit. As <a href="https://www.benzinga.com/general/social-media/24/11/42154487/robert-kiyosaki-trump-will-make-america-richer-again-by-being-the-first-bitcoin-president">his presidency</a> approaches, the scrutiny surrounding these ventures will likely intensify, shaping discussions on the intersection of politics, business and ethics.
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Trump's $10,000 'Signature Edition' Guitars: Is This The Future Of Presidential Merchandise?

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