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CARGO THERAPEUTICS INC

Cargo Therapeutics

Cargo Therapeutics Inc is a clinical-stage biotechnology company positioned to advance next generation, potentially curative cell therapies for cancer patients. It programs, platforms, and manufacturing are designed to directly address the limitations of approved chimeric antigen receptor (CAR) T-cell therapies. Its product includes CRG-023, an investigational tri-specific CAR T designed to address several known causes of relapse associated with existing CAR T-cell therapies such as loss of tumor antigen expression, loss of co-stimulation (e.g., via CD58/CD2 signaling) and T cell exhaustion. CRG-023 is designed to target the B-cell lineage antigens (CD19, CD20, CD22) via tri-cistronic expression of three distinct CARs from a single lentiviral vector.

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Chinese EV companies Zeekr Intelligent Technology Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>), owned by Geely Automobile Holdings Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) and Neta Auto, reportedly inflated sales data to hit aggressive sales targets.
What Happened: The companies used China's insurance scheme by booking cars for insurance before they were sold to buyers, with Neta using this method on over 64,719 units from January 2023 to March 2024, Reuters reported on Sunday.
Neta reported 117,000 units sold during those 15 months, while Zeekr adopted the same method in 2024 through state-owned dealer Xiamen C&amp;D Automobile, in the city of Xiamen, the report suggested.
Vehicles being reported as sold by insuring them before they reach the customers are known as "zero-mileage used cars," and the practice has emerged following cutthroat competition due to China's EV price war.
Neta dealers were informed by the company that the cars were insured beforehand and therefore &#8220;counted as sold,&#8221; a dealer cited in the report said. &#8220;We had to explain to buyers that the traffic insurance was complementary and remind them it would expire earlier and should be renewed on time,&#8221; the dealer said. However, Neta customers interviewed in the report said they weren&#8217;t informed by the dealers.
Zeekr and Neta did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment. 
On the other hand, Zeekr's methods were reported by Chinese state media, which the Reuters report says is a first instance of specific manufacturers being named by the CCP amid aggressive competition in the domestic automobile market dubbed the &#8220;EV price war.&#8221;
"Geely firmly rejects the report put forward by the China Securities Journal," a spokesperson for the company said in the report after the China Securities Journal, a major state-run financial publication, interviewed Zeekr owners who were refused refunds after finding their cars already had insurance before being sold to them.
The China Securities Journal also reported that Zeekr sold 2,737 units in December in Xiamen, 14 times more than the monthly average sales for Zeekr. The report also suggests Zeekr registered 271 units sold to individual customers out of the 2,737, while the rest were sold to companies.
"The Zeekr salesman said the car would be 3,000 yuan ($420) less than a car I would get from the store and I would also get a charging coupon worth 10,000 yuan," a customer cited in the report said.
Why It Matters: The news comes as the Chinese EV price war has invited new criticism from Beijing, with the government vowing to <a href="https://www.benzinga.com/markets/tech/25/07/46460051/china-says-it-will-regulate-phenomenon-of-irrational-competition-amid-ev-price-war-report">regulate the "irrational" competition</a> currently taking the domestic auto industry by storm.
The government had previously <a href="https://www.benzinga.com/news/topics/25/06/45715047/byds-aggressive-pricing-triggers-ev-rat-race-stock-tumbles-authorities-voice-concern">raised concerns</a> about the fierce competition in the industry, urging companies to also <a href="https://www.benzinga.com/markets/tech/25/06/45878086/tesla-rivals-byd-xpeng-pledge-faster-supplier-payments-amid-ev-price-war-in-china-report">clear dues to the suppliers</a> within 60 days by introducing a regulation in March, which came into effect in June.
Elsewhere, amid the EV price war, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has reported a <a href="https://www.benzinga.com/markets/tech/25/07/46409821/tesla-rebounds-in-china-with-12-3k-weekly-registrations-highest-2nd-week-ever">rebound in Chinese sales</a> during the second week of July after the company experienced lackluster sales figures when the month began.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/asia/25/07/46460445/elon-musk-led-tesla-files-for-model-3-trim-in-china-with-500-mile-range-amid-surge-in-sales-report">Elon Musk-Led Tesla Files For Model 3+ Trim In China With 500-Mile Range Amid Surge In Sales: Report</a></li>
</ul>
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Tesla Rival Geely's Zeekr, Neta Inflated Sales Data In China Through Insurance Scheme Amid 'Zero-Mileage' Used Cars Row: Report

Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has issued an urgent security alert after uncovering active cyberattacks targeting SharePoint server software widely used by U.S. government agencies and businesses for internal document sharing.
What Happened: On Saturday, Microsoft disclosed that previously unknown vulnerabilities in on-premises SharePoint servers are being exploited in a "zero-day" attack, reported Reuters.
The company confirmed that SharePoint Online in Microsoft 365 is not affected. "We&#8217;ve been coordinating closely with CISA, DOD Cyber Defense Command, and key cybersecurity partners globally throughout our response," a Microsoft spokesperson said.
The company warned that the vulnerability allows an authorized attacker to conduct spoofing over a network, masquerading as a trusted source to manipulate data or access sensitive information.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45807465/dan-ives-calls-musk-trump-feud-a-twilight-zone-moment-but-bullish-on-tesla-and-autonomous-future-not-good-for-either-side" target="_blank" rel="noreferrer noopener">Dan Ives Calls Musk-Trump Feud A ‘Twilight Zone Moment&#8217; But Bullish On Tesla And Autonomous Future: ‘Not Good For Either Side&#8217;</a>
The Washington Post first <a href="https://www.washingtonpost.com/technology/2025/07/20/microsoft-sharepoint-hack/">reported</a> the attacks, noting that unidentified actors exploited the flaw in recent days to target U.S. and international agencies. Tens of thousands of servers may be at risk, according to cybersecurity experts cited in the report.
The FBI confirmed it is aware of the attacks and is working closely with federal and private-sector partners to assess the threat. However, it did not disclose further details.
Microsoft did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Why It's Important: On Friday, Microsoft announced it would <a href="https://www.benzinga.com/markets/tech/25/07/46507658/microsoft-ends-china-based-tech-support-for-pentagon-projects-amid-national-security-backlash">no longer involve engineers based in China</a> in supporting its cloud-computing projects for the U.S. Defense Department.
The decision follows a ProPublica investigation that brought the practice to light, leading Defense Secretary Pete Hegseth to initiate a review of the Pentagon's cloud contracts.
In June, reports indicated that <a href="https://www.benzinga.com/markets/tech/25/06/45897154/microsoft-to-roll-out-ai-copilot-for-pentagon-by-summer-2025-tailoring-productivity-tool-for-high-security-government-use-report">Microsoft plans to launch</a> its AI Copilot tool for the Pentagon by summer 2025. A top executive mentioned that a major client with over 1 million Microsoft 365 licenses will adopt Copilot, with the Pentagon seen as a likely candidate due to its massive workforce.
Earlier this month, it was reported that Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google plans to significantly <a href="https://www.benzinga.com/markets/equities/25/07/46360515/trump-pushes-google-amazon-microsoft-to-cut-cloud-prices-20-billion-it-budget-on-chopping-block-as-oracle-sets-precedent-report">lower its cloud computing prices</a> for the U.S. government, following pressure from the Donald Trump administration to cut costs on federal IT contracts worth over $20 billion annually.
This move follows Oracle Corp&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) steep discounts, and similar price cuts are expected from Microsoft Azure and Amazon.com, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Web Services. The effort is part of a broader government initiative to reduce IT spending.
Price Action: Microsoft shares have climbed 21.85% year-to-date and gained 15.15% over the past 12 months. On Friday, the stock dipped 0.32% during regular trading, according to <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0717">Benzinga Pro data</a>.
Benzinga&#8217;s Edge Stock Rankings indicate that MSFT continues to show strong upward momentum across short, medium and long-term timeframes. However, despite its solid momentum score, the stock&#8217;s value rating remains comparatively lower. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Further performance insights can be found here</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21034457/Screenshot-2025-07-21-at-1.13.36%E2%80%AFPM.png" alt="" class="wp-image-993132" /></a></figure>
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45396297/cathie-wood-dumps-palantir-as-stock-touches-peak-prices-bails-on-soaring-flying-taxi-maker-archer-aviation" target="_blank" rel="noreferrer noopener">Cathie Wood Dumps Palantir As Stock Touches Peak Prices, Bails On Soaring Flying-Taxi Maker Archer Aviation</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

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Microsoft Sounds Alarm On Active Cyberattacks Targeting SharePoint — Thousands Of US Government Servers May Be At Risk

Elon Musk's Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) announced that the company has sold over 3 million units of the Model 3 sedan worldwide.
Check out the current price of<a href="https://benzinga.com/quote/tsla"> TSLA stock here</a>.
What Happened: The EV giant made the announcement on Chinese social media platform Weibo, which could be viewed as a counterpart for Musk-owned X (formerly Twitter)
"Model 3 is selling 3 million units worldwide," the company said in the post on Weibo. The company also shared that Tesla sells one unit of the Model 3 every 1.5 minutes.
"Ranked first in global pure electric car sales for 7 consecutive years," the company said in the post.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="775" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21031524/Tesla-model-3--1024x775.jpg" alt="" class="wp-image-993101" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21031524/Tesla-model-3--1024x775.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21031524/Tesla-model-3--300x227.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21031524/Tesla-model-3--768x581.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21031524/Tesla-model-3-.jpg 1490w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: Tesla via Weibo (Original post in Chinese)
Why It Matters: The news comes as Tesla announced <a href="https://www.benzinga.com/markets/tech/25/07/46409821/tesla-rebounds-in-china-with-12-3k-weekly-registrations-highest-2nd-week-ever">a rebound in Chinese sales</a> as the company recorded over 12.3k new insured registrations in the Chinese market in the second week of July.
However, the company has experienced sluggish sales in the U.S., with new units <a href="https://www.benzinga.com/markets/tech/25/07/46436501/ev-prices-drop-2-8-in-june-as-incentives-surge-amid-tumbling-tesla-sales">sold dropping 6% YoY</a> in the country. Despite this, Tesla remains the segment leader with a 44% market share in America.
Tesla also announced a <a href="https://www.benzinga.com/markets/tech/25/07/46487092/as-trump-axes-ev-incentives-elon-musks-tesla-announces-new-offers-amid-sluggish-us-sales">series of offers</a> on its vehicles in the U.S., including the Cybertruck, the Model 3 and the Model Y, in a bid to boost adoption among customers.
As sales continue to decline, Tesla appointed Raj Jegannathan, a senior IT executive at the company, to <a href="https://www.benzinga.com/markets/tech/25/07/46507782/elon-musks-tesla-appoints-tech-veteran-to-head-sales-amid-executive-exodus-report">oversee the sales team</a> after Troy Jones's departure following a 13-year-long stint.&nbsp;
Tesla offers Satisfactory Momentum and Quality, while scoring well on the Growth metric, but offering poor Value. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46511765/elon-musk-says-teslas-self-driving-tech-is-about-to-get-major-boost-from-austin-robotaxi-upgrades-step-change-improvement">Elon Musk Says Tesla&#8217;s Self-Driving Tech Is About To Get Major Boost From Austin Robotaxi Upgrades: &#8216;Step Change Improvement&#8217;</a></li>
</ul>
Image vIa Shutterstock

Elon Musk's Tesla Announces 3 Million Model 3 Units Sold Worldwide

Economist Peter Schiff is calling out President Donald Trump&#8217;s blatant hypocrisy on the Federal Reserve&#8217;s interest rate policy, saying that his demands and behaviors mirror what he had himself condemned in the past.
What Happened: On Sunday's episode of The Peter Schiff Show, Schiff addressed Trump's latest remarks about Fed Chair Jerome Powell, whom Trump recently described as holding &#8220;the easiest job in the world.&#8221;
This comes amid repeated calls by Trump to cut interest rates, despite concerns surrounding tariff-related inflation in recent months.
See Also: <a href="https://www.benzinga.com/markets/economic-data/25/07/46430675/trump-powell-june-inflation-fed-rate-cuts">June Inflation Data Validates Powell&#8217;s Trump Pushback</a>
According to Schiff, Trump's demands mirror the exact behavior he once condemned. &#8220;When Donald Trump ran for president the first time, he called out Janet Yellen for leaving interest rates too low. He accused her of being political, of trying to help the [former President Barack] Obama administration by artificially boosting the economy with low interest rates,&#8221; Schiff said.
Schiff then highlights the fact that this is exactly what he now wants Powell to do, which he refers to as &#8220;another example of the Trump hypocrisy.&#8221;
He does, however, acknowledge the consistency Trump shows in such behavior, saying that &#8220;He&#8217;s a hypocrite, but he is consistently hypocritical.&#8221;
Schiff pushed back against Trump&#8217;s demands for 1% interest rates, a position that he finds incoherent with the current state of inflation, and Trump&#8217;s own assessment of strength in the economy. &#8220;If the economy is this strong, why should interest rates be at 1%?&#8221; he asks.
Schiff also warned that Powell's departure could damage perceptions of Fed independence. He criticized suggestions that the Fed Chair and Treasury Secretary should formally partner, calling it &#8220;a dangerous step&#8221; that could make it appear as though the central bank is politically captured.
&#8220;That is the danger, I think that Trump is pushing with his constant attacks,&#8221; Schiff said.
Why It Matters: This comes amid growing speculation of Trump ousting Powell &#8220;for cause&#8221; regarding the Fed&#8217;s $2.5 billion <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46485087/jerome-powell-defends-2-5-billion-fed-hq-overhaul-says-no-vip-dining-rooms-no-private-elevators-as-trump-allies-slam-project-over-versailles-style-excess">headquarters renovation project</a>. 
Fed Governor Christopher Waller recently said he would accept the Fed chair role &#8220;if the president asks,&#8221; while also backing a rate cut as early as July. That comment <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46491573/waller-fed-chair-trump-rate-cut-july">has raised concerns</a> about political influence over central bank decisions, exactly the kind of dynamic Schiff warns would undermine the Fed's independence.
Recently, Schiff has <a href="https://www.benzinga.com/news/25/04/45027556/after-powell-trumps-fed-nominee-will-be-a-loyal-soldier-says-peter-schiff-willing-to-sacrifice-the-dollar-create-inflation-as-needed">warned about this</a> repeatedly in recent months, saying that after Powell, Trump&#8217;s pick for the Federal Reserve Chair will be a &#8220;loyal soldier.&#8221; He says, &#8220;Trump will likely nominate the most dovish replacement to ever chair the Fed.&#8221;
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Read More:
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<li><a href="https://www.benzinga.com/markets/equities/25/07/46450946/wall-street-wednesday-stock-movers-sp500-trump-powell-bitcoin-gold">Gold, Bitcoin Surge As Trump Eyes Powell Ouster: What&#8217;s Moving Markets Wednesday?</a></li>
</ul>
Image via Shutterstock

Government

Macro Economic Events

Politics

Economics

Federal Reserve

Peter Schiff Says Trump Wants Fed Chair Jerome Powell To Do 'Exactly' What He Accused Janet Yellen Of Doing For Obama: 'A Dangerous Step'

President Donald Trump marked six months back in the White House with a jubilant Truth Social post declaring the United States "the hottest and most respected Country anywhere in the World."
What Happened: The anniversary message capped a stretch the president called "one of the most consequential periods of any President," boasting that his team has "totally revived a major Country" after it was "DEAD" a year ago.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="940" height="356" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21022613/Trump-post-1.png" alt="" class="wp-image-993054" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21022613/Trump-post-1.png 940w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21022613/Trump-post-1-300x114.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21022613/Trump-post-1-768x291.png 768w" sizes="(max-width: 940px) 100vw, 940px" /></figure>
Some of the highlights of Trump&#8217;s second term so far include the fact that Congress <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">passed his "One Big Beautiful Bill Act,"</a> a sweeping package that locks in the 2017 tax cuts and expands border‑security funding. The period also saw several court victories for the President and his team. The Supreme Court sided with the administration in several high‑profile cases, including a decision upholding limits on <a href="https://www.benzinga.com/news/politics/25/06/46156417/supreme-court-hands-trump-a-monumental-victory-as-it-limits-judges-power-to-block-presidents-birthright-citizenship-order">birthright citizenship</a>.
The administration brokered three cease‑fire deals, most recently between Rwanda and the Democratic Republic of Congo, though promised breakthroughs on Russia‑Ukraine and Israel‑Hamas remain elusive.
See Also: <a href="https://www.benzinga.com/crypto/25/07/46511789/trump-shares-greatest-bitcoin-explanation-of-all-time-as-btc-gets-beaten-by-ethereum-dogecoin-and-solana">Trump Shares &#8216;Greatest Bitcoin Explanation Of All Time&#8217; As BTC Gets Beaten By Ethereum, Dogecoin And Solana</a>
<h3 class="wp-block-heading">Trump&#8217;s Approval Numbers</h3>
Trump claimed in a separate social media <a href="https://truthsocial.com/@realDonaldTrump/posts/114885474879269820">post</a> that his approval rate among Republicans stands as high as 95% in &#8220;various polls." Independent surveys paint a dimmer picture. Gallup put his June job <a href="https://news.gallup.com/poll/203198/presidential-approval-ratings-donald-trump.aspx">rating</a> at 40% overall, down seven points from January, while a CBS News/YouGov <a href="https://www.cbsnews.com/news/cbs-news-poll-trump-deportation-program-prices/">poll</a> released Sunday showed 42% approval.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="352" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21023219/Trump-post-2-1024x352.png" alt="" class="wp-image-993062" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21023219/Trump-post-2-1024x352.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21023219/Trump-post-2-300x103.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21023219/Trump-post-2-768x264.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21023219/Trump-post-2-1536x529.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21023219/Trump-post-2.png 1685w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
What To Know: The president's optimism collides with <a href="https://www.benzinga.com/news/politics/25/07/46511833/tim-burchett-shrugs-off-trumps-stupid-remark-doubles-down-on-jeffrey-epstein-files-push-doesnt-give-up-its-secrets-very-easy">intraparty friction</a>. Last week, he called GOP lawmakers pressing for full release of Jeffrey Epstein grand‑jury files "stupid" and "foolish," branding the controversy a Democratic "hoax."
Democrats point to lingering inflation and stalled Ukraine peace talks as evidence that the self‑proclaimed "revival" is oversold. Yet House Speaker Mike Johnson insists the megabill is "jet fuel for the economy" while <a href="https://www.foxnews.com/politics/johnson-says-megabill-jet-fuel-economy-teases-2-future-bills-within-next-year">speaking</a> to Fox News, echoing Wall Street chatter that the measure could <a href="https://www.benzinga.com/news/financing/25/07/46215083/how-trumps-big-beautiful-bill-impacts-snap-medicaid-taxes-and-student-loans">reshape everything</a> from SNAP benefits to cryptocurrency markets.
Six months in, Trump's allies hail a rebounding economy, tax permanence and headline peace deals, while polls show a still‑polarized electorate and unresolved foreign crises.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46510287/elizabeth-warren-sounds-alarm-on-tariffs-the-impact-of-six-months-of-donald-trump-will-be-felt-for-two-generations">Elizabeth Warren Sounds Alarm on Tariffs: &#8216;The Impact of Six Months of Donald Trump Will Be Felt for Two Generations&#8217;</a></li>
</ul>
Image by Justin Lane/Pool via USA TODAY NETWORK via Imagn

Trump Says He's 'Totally Revived' A Country That Was 'DEAD' A Year Ago, Hails His First 6 Months Back As 'Most Consequential Periods Of Any President'

Over the weekend, billionaire venture capitalist Vinod Khosla criticized the co-founders of AI startup Windsurf for walking away from their team after a failed <a href="https://www.benzinga.com/markets/tech/25/07/46380738/google-beats-openai-secures-windsurf-technology-ceo-and-key-staff-for-2-4-billion">multibillion-dollar acquisition</a> by ChatGPT-parent OpenAI.
What Happened: Varun Mohan and Douglas Chen, the co-founders of Windsurf, were reportedly in late-stage talks to sell the startup to OpenAI for $3 billion. However, after the deal collapsed unexpectedly, both founders quickly <a href="https://www.benzinga.com/markets/tech/25/07/46413600/google-pumps-25-billion-into-us-ai-and-data-center-power-grid-heres-where-its-going">departed for positions</a> at Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google DeepMind, leaving the rest of their team in disarray.
Jeff Wang, formerly Windsurf's head of business and now its CEO, described the situation as "crazy" in a post on X, formerly Twitter, noting the emotional toll it took on staff.
"Some people were upset about financial outcomes or colleagues leaving, while others were worried about the future. A few were in tears," he wrote.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/topics/25/07/46383701/apple-undergoing-major-management-overhaul-but-ceo-tim-cook-to-stay-on" target="_blank" rel="noreferrer noopener">Apple Undergoing Major Management Overhaul, But CEO Tim Cook To Stay On</a>
<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">To put it mildly, the past week at Windsurf has been crazy. There have been a lot of different rumors and reports, so I want to share a transparent account of how it actually went down. Before I start, I just want to say that Varun and Douglas were great founders and this…
&mdash; Jeff Wang (@jeffwsurf) <a href="https://twitter.com/jeffwsurf/status/1946376139959841084?ref_src=twsrc%5Etfw">July 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Khosla, whose firm backs AI startup Cognition, which absorbed parts of Windsurf, weighed in on X, saying, "Windsurf and others are really bad examples of founders leaving their teams behind and not even sharing the proceeds… I definitely would not work with their founders next time."
Khosla's remarks came in response to a podcast clip featuring Cognition CEO Scott Wu, who said, "There's an unspoken covenant that as a founder, you go down with the ship."
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<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">So true. Windsurf and others are really bad examples of founders leaving their teams behind and not even sharing the proceeds with their team. I definitely would not work with their founders next time. <a href="https://t.co/SBjxB4Pqgs">https://t.co/SBjxB4Pqgs</a>
&mdash; Vinod Khosla (@vkhosla) <a href="https://twitter.com/vkhosla/status/1946655439921557760?ref_src=twsrc%5Etfw">July 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
When challenged by a user for being hypocritical, Khosla doubled down. He said, "Absolutely not hypocritical about it. I would not work with the WeWork founder either!"
<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">Absolutely not hypocritical about it. I would not work with the WeWork founder either! Working without trust is sure way to be unhappy. And is this founder able to get the best teams to come join him? A 100X isn&#39;t worth it to me at the cost of my values, especially since I have… <a href="https://t.co/lTYjye98Te">https://t.co/lTYjye98Te</a>
&mdash; Vinod Khosla (@vkhosla) <a href="https://twitter.com/vkhosla/status/1946981845406756898?ref_src=twsrc%5Etfw">July 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It&#8217;s Important: Khosla, founder of Khosla Ventures, has played a key role in funding cutting-edge technologies, including biomedicine, robotics and artificial intelligence.
He was among the <a href="https://www.benzinga.com/tech/25/04/44621978/vinod-khosla-was-an-early-investor-in-openai-but-hes-no-fan-of-founder-friendly-venture-capitalism-i-hate-the-culture">first to back OpenAI</a> and reportedly invested $50 million in the company behind ChatGPT.
In 1982, Khosla co-founded Sun Microsystems, which was <a href="https://www.benzinga.com/news/23/12/36056265/openai-investor-vinod-khosla-works-80-hours-a-week-will-use-peter-thiels-anti-aging-methods-if-they">eventually acquired</a> by Oracle Corp. Prior to launching Khosla Ventures, he spent significant time at Kleiner Perkins, where he earned recognition as a forward-thinking tech investor.
Forbes <a href="https://www.forbes.com/profile/vinod-khosla/">estimates</a> his net worth at $9.9 billion. Known for embracing high-risk, high-reward opportunities, Khosla has led his firm to invest in notable companies like Affirm and DoorDash.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Elle Aon on Shutterstock

Ace Investor Vinod Khosla Blasts Windsurf Founders For Abandoning Team After $3 Billion OpenAI Deal Fell Apart: 'I Would Not Work With The WeWork Founder Either'

Alaska Air Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) has requested a nationwide ground stop for all its mainline aircraft, the U.S. Federal Aviation Administration (FAA) status page reported on Sunday.
Check out the current price of <a href="https://www.benzinga.com/quote/ALK">ALK stock here</a>. 
What Happened: According to Reuters, all destinations were affected by the ground stop for Alaska&#8217;s mainline fleet.
Neither Alaska Airlines nor the FAA immediately responded to <a href="https://www.benzinga.com">Benzinga</a>&#8216;s requests for comment outside of regular business hours.
A message on the airline&#8217;s <a href="https://www.alaskaair.com/">website</a> read, "We are experiencing issues with our IT systems. We apologize for the inconvenience and are working to resolve the issues.&#8221;
The Seattle-based airline also said there would be residual impacts to its operations throughout the evening, without providing more details.
See Also: <a href="https://www.benzinga.com/markets/equities/25/07/46463595/dan-ives-picks-5-stocks-for-2nd-half-of-2025-nvidia-palantir-microsoft-and-more-golden-age-of-tech-is-here-with-ai-revolution" target="_blank" rel="noreferrer noopener">Dan Ives Picks 5 Stocks For 2nd Half Of 2025: Nvidia, Palantir, Microsoft And More: ‘Golden Age Of Tech Is Here With AI Revolution'</a>
Why It Matters: The disclosure of Alaska&#8217;s IT issues coincides with warnings from Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google and Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) about the &#8220;<a href="https://www.benzinga.com/news/24/05/38710149/cyberattack-group-shifts-focus-to-banks-insurers-after-casinos">Scattered Spider</a>&#8221; hacking group&#8217;s targeting of the aviation sector. 
A hack disrupted some IT systems at Hawaiian Airlines, an Alaska Air Group company, in June. Alaska Air Group stated it was still calculating the financial impact, reported Reuters.
Price Action: Shares of Alaska Air ended 0.28% lower on Friday in after-hours trading. It was down 17.34% on a year-to-date basis and up 37.23% over the past year.
Benzinga Edge Stock Rankings shows that ALK had a stronger price trend over the short, medium, and long term. Its momentum ranking was decent, and its value ranking was moderate at the 55.45th percentile. The details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="164" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21014919/EDGE-ALK-1024x164.png" alt="" class="wp-image-993024" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21014919/EDGE-ALK-1024x164.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21014919/EDGE-ALK-300x48.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21014919/EDGE-ALK-768x123.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/21014919/EDGE-ALK.png 1162w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended lower on Friday. The SPY was down 0.07% at $627.58, while the QQQ advanced 0.09% to $561.26, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Monday, the futures of the S&amp;P 500, Nasdaq 100, and Dow Jones indices were higher.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Ian Dewar Photography / Shutterstock.com

PANW

Alaska Air Grounds All Mainline Flights Nationwide Amid IT Outage — Cyberattack Fears Loom After 'Scattered Spider' Aviation Warning

OUTLOOK&nbsp;
FY26 traffic remains on track to grow just 3% to 206m passengers, due to heavily delayed Boeing deliveries. As previously guided, we expect modest unit cost inflation in FY26 as the delivery of more B737 Gamechangers, advantageous fuel hedging and effective cost control across our Group airlines helps offset increased ATC charges and higher enviro. costs. While S.25 travel demand is strong, Q2 fare increases will be lower than in Q1 (which benefitted from a full Easter holiday in April and weak prior-year comps) and we now expect to recover almost all of the 7% fare decline we suffered in PY Q2. The final H1 outcome is, however, heavily dependent on the strength of close-in Aug. and Sept. bookings. As is normal at this time of year, we have zero H2 visibility (where PY fare comps normalise and last years modest delivery delay compensation rolls off).&nbsp;
It remains too early to provide meaningful FY26 PAT guidance. We do, however, cautiously expect to recover almost all of last years 7% full-year fare decline, which should lead to reasonable net profit growth in FY26. The final FY26 outcome remains heavily exposed to adverse external developments, incl. the risk of tariff wars, macro-economic shocks, conflict escalation in the Middle East and Ukraine and European ATC strikes, mismanagement &amp; short staffing."

Guidance

RYAAY

Ryanair Maintains FY26 Traffic Forecast At 3% Despite Boeing Delays And Tariff Risks; PAT Guidance Still Unclear

&nbsp;The company reported quarterly sales of $4.12 billion which missed the analyst consensus estimate of $4.99 billion by 17.52 percent. This is a 5.42 percent increase over sales of $3.90 billion the same period last year.

Earnings

Ryanair Holdings Q1 EPADS $4.34, Sales $4.12B Miss $4.99B Estimate

On Sunday, Howard Lutnick, the Commerce Secretary, stated that August 1 is the &#8220;hard deadline&#8221; for countries to begin paying tariffs to the United States.
What Happened: Lutnick also noted that nations can still engage in discussions with the U.S. after this date. 
&#8220;That's a hard deadline, so on August 1, the new tariff rates will come in,&#8221; he <a href="https://youtu.be/k7hAr6C-yGY?feature=shared">told</a> CBS News, adding, &#8220;nothing stops countries from talking to us after August 1.&#8221;
President Donald Trump initially announced these&nbsp;tariffs&nbsp;on April 2. Despite several shifts in the deadline, the White House has now confirmed August 1 as the final date.
Lutnick also mentioned that smaller countries, including those in Latin America, the Caribbean, and Africa, will face a baseline tariff of 10%.
Trump had previously hinted at baseline tariff rates of over 10% for these nations. He also indicated that letters detailing the new tariff rates would be sent to smaller countries soon.
See Also: <a href="https://benzinga.com/crypto/cryptocurrency/25/07/46511527/bitcoin-flat-as-1-billion-whale-move-sparks-speculation-ethereum-dogecoin-spike-analyst-says-btcs-next-leg-up-will-pump-it-above-130000" target="_blank" rel="noopener">Bitcoin Flat As $1 Billion Whale Move Sparks Speculation, Ethereum, Dogecoin Spike: Analyst Says BTC&#8217;s Next Leg Up Will Pump It Above $130,000 &#8211; Grayscale Bitcoin Mini Trust (BTC) Common units of frac</a>
Lutnick's remarks follow letters sent by Trump earlier this month to U.S. trading partners, informing them of new tariff rates that could reach up to 40% for certain countries. The announcement triggered a wave of last-minute negotiations as nations scrambled to secure lower rates.
Why It Matters: The announcement of the hard deadline for tariffs comes amid a series of tariff-related developments. Trump had previously proposed a blanket tariff rate of 15%-20% on most nations, a <a href="https://www.benzinga.com/news/politics/25/07/46386524/trump-wants-blanket-tariffs-of-up-to-20-after-surprise-treasury-surplus-in-june-ed-yardeni-says-dont-push-your-luck">significant increase from the current</a> 10% base, following an unexpected federal budget surplus in June, largely attributed to a surge in tariff receipts.
These inconsistent policies have raised concerns, with Sen. Elizabeth Warren (D-Mass.) voicing worries over the <a href="https://www.benzinga.com/news/politics/25/07/46510287/elizabeth-warren-sounds-alarm-on-tariffs-the-impact-of-six-months-of-donald-trump-will-be-felt-for-two-generations">long-term impact</a> of Trump&#8217;s tariffs on global partnerships.
Trump had also previously indicated that he would be sending &#8220;take it or leave it&#8221; <a href="https://www.benzinga.com/news/politics/25/07/46263813/trump-to-send-take-it-or-leave-it-tariff-letters-to-12-countries-on-monday-report">tariff letters to 12 countries</a>, detailing the tariff rates they would face on exports to the U.S. These offers were set to be dispatched in early July, outlining the tariff levels that would apply to the countries&#8217; exports to the U.S.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Courtesy: Joshua Sukoff / Shutterstock.com

Howard Lutnick Says Trump's August 1 Tariff 'Hard Deadline' Is Final — Smaller Nations Face 10% Base Rate

Preliminary financial information for the First Half 2025(2):
<figure class="table"> 
<table>
<tbody>
<tr>
<td>First Half 2025</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Estimate (€B)</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net revenues</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; €74.3</td>
</tr>
<tr>
<td>Net loss</td>
<td>(€2.3)</td>
</tr>
<tr>
<td>Adjusted operating income(3)</td>
<td>€0.5&nbsp;&nbsp;&nbsp;</td>
</tr>
<tr>
<td>Cash Flows from operating activities</td>
<td>(€2.3)</td>
</tr>
<tr>
<td>Industrial free cash flows(4)</td>
<td>(€3.0)</td>
</tr>
</tbody>
</table>
</figure>
The following factors had a significant impact on results in the first half of 2025:
<ul>
<li>The early stage of actions being taken to improve performance and profitability, with new products expected to deliver larger benefits in the Second Half of 2025</li>
<li>Approximately €3.3 billion of pre-tax net charges, primarily related to program cancellation costs and platform impairments, net impact of the recent legislation eliminating the CAFE penalty rate, and restructuring, which are excluded from Adjusted Operating Income(3) consistent with the Company's definition of AOI</li>
<li>Adverse impacts to AOI from higher industrial costs, geographic and other mix factors, and changes in foreign exchange rates</li>
<li>The early effects of US tariffs – €0.3 billion of net tariffs incurred as well as loss of planned production related to implementation of the Company's response plan</li>
</ul>

STLA

Stellantis Reports Preliminary H1 2025 Loss Of €2.3B On €74.3B Revenue As Q2 Shipments Drop 6% To 1.4M Units Amid Tariff Disruptions And European Product Transitions

Economist Peter Schiff on Sunday called the UK&#8217;s purported plan to sell almost $6.70 billion in stolen Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) a &#8220;right&#8221; approach to address their budget deficit.
What Happened: Schiff took to X to comment on The Telegraph&#8217;s report that UK Chancellor Rachel Reeves is considering selling the BTC stash recovered by police to help close a fiscal gap.
&#8220;For once, the Brits might actually get something right,&#8221; the Bitcoin skeptic said. 
Schiff used the opportunity to poke fun at Bitcoin advocate Michael Saylor, suggesting that his firm, Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), might become the buyer. 
&#8220;I hope the U.S. doesn't buy it for the Strategic Reserve,&#8221; he added.
<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">The UK is thinking about selling £5 billion worth of Bitcoin seized from criminals. The proceeds could help plug the hole in their budget. For once, the Brits might actually get something right. Maybe <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@Saylor</a> will buy it. I hope the U.S. doesn't buy it for the Strategic Reserve.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1947090834530189693?ref_src=twsrc%5Etfw">July 21, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46510203/1-billion-bitcoin-transfer-triggers-massive-liquidations-this-is-where-it-was-offloaded">$1 Billion Bitcoin Transfer Triggers Massive Liquidations — This Is Where It Was Offloaded</a>
Why It Matters: The Bitcoin in question, amounting to 61,000 BTC, was&nbsp;confiscated in 2018 from a&nbsp;Chinese Ponzi scheme. 
The report <a href="https://t.co/SnUar6n5uo">added </a>that the Home Office is developing a "cryptocurrency storage and realization framework" to manage and liquidate the holdings, with a tender offering up to £40 million, worth $53.68 million, in commission.
The anticipated sell-off comes amid a <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46388685/bitcoin-shatters-all-time-high-to-hit-123000-as-ethereum-cracks-3000-and-xrp-taps-3#:~:text=Bitcoin%20Shatters%20All%2DTime%20High,And%20XRP%20Taps%20%243%20%2D%20Benzinga">major cryptocurrency market rally</a> that has pushed Bitcoin to historic highs of over $123,000.
Interestingly, confusion prevailed last week over reports suggesting that the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46461871/cynthia-lummis-raises-alarm-over-reports-of-80-drop-in-us-bitcoin-reserves-analyst-says-nothing-conclusive-until-official-word-comes">U.S. government offloaded over 80% of its&nbsp;Bitcoin reserves</a>, leaving just around 29,000 BTC. &nbsp;According to President Donald Trump&#8217;s executive order, the deposited BTC in reserves is not supposed to be sold.
Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $118,380.36, up 0.32% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;Year-to-date, the cryptocurrency has gained 25.65%.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image Credit: Bob Montgomery / USA TODAY NETWORK Imagn Images<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

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

Cryptocurrency

$BTC

MSTR

Peter Schiff Says UK's Plan to Sell $6.7 Billion In Seized Bitcoin Could Help Budget: 'I Hope The US Doesn't Buy It For The Strategic Reserve'

The billionaire owner of the iconic burger chain&nbsp;In-N-Out, Lynsi Snyder, has announced that she is relocating her family and the company&#8217;s headquarters from California to Tennessee. Snyder cited the challenges of doing business and raising a family in California as the primary reasons for the move.
What Happened: In an episode of the &#8220;Relatable&#8221; podcast released on Friday, Snyder revealed that she is moving to Tennessee as part of In-N-Out&#8217;s expansion into the southeastern United States. The company will also establish a new headquarters in the Nashville suburbs.
Snyder highlighted the challenges of running a business in California, particularly the COVID-19 restrictions, including mask mandates and vaccine requirements. The state&#8217;s stringent policies made it difficult for In-N-Out to operate, with health officials temporarily shutting down several locations in 2021 due to the chain&#8217;s refusal to enforce vaccination mandates.
See Also:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/07/46495773/shiba-inu-rallies-10-in-1-week-can-it-go-higher" target="_blank" rel="noopener">Shiba Inu Rallies 10% In 1 Week: Can It Go Higher?</a>
&#8220;There&#8217;s a lot of great things about California, but raising a family is not easy here. Doing business is not easy here,&#8221; Snyder said in the podcast.
Despite the move, In-N-Out will continue&nbsp;to expand in the Southeast, with Tennessee as the new corporate hub. Snyder emphasized that the company&#8217;s priority is sustainable expansion while maintaining&nbsp;the quality of its products&nbsp;and services.
Why It Matters: Snyder&#8217;s decision to relocate her family and business from California is another example of prominent figures expressing frustration with the state&#8217;s business environment.
In June 2024, celebrity chef Andrew Gruel announced that he would <a href="https://www.benzinga.com/general/24/06/39480311/celebrity-chef-refuses-to-open-new-businesses-in-california-until-they-fix-things">not open any new businesses</a> in California until the state &#8220;actually fix things,&#8221; citing the challenges faced by restaurants due to COVID-19 restrictions.
Last year, California raised <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38557569/april-jobs-report-preview-bank-of-america-anticipates-solid-payrolls-growth-risin">its minimum wage from $16 to $20</a>, triggering a ripple effect across the fast-food industry. Major chains, such as Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), McDonald's Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), and Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), responded by increasing their prices to offset rising labor costs.
Although the wage hike aimed to support and uplift workers, it created <a href="https://www.benzinga.com/general/24/04/38093034/impact-of-californias-wage-hike-chipotle-mcdonalds-and-starbucks-brace-consumers-for-price-surges-ac">financial challenges for businesses</a>, which had to manage significantly higher expenses. These costs were ultimately passed on to consumers through price hikes.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="After 77 Years, In-N-Out Is Moving to Tennessee. Here&#039;s Why &#x7C; Lynsi Snyder &#x7C; Ep 1219" width="500" height="281" src="https://www.youtube.com/embed/E8HnqAgtlcc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Read Next:&nbsp;
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<li><a href="https://benzinga.com/news/topics/25/07/46510332/the-economy-was-roaring-suze-orman-breaks-down-why-high-oil-prices-dont-always-mean-a-market-crash" target="_blank" rel="noopener">&#8216;The Economy Was Roaring&#8217; — Suze Orman Breaks Down Why High Oil Prices Don&#8217;t Always Mean A Market Crash</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Eric Broder Van Dyke / Shutterstock.com

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