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Cathie Wood, CEO of ARK Invest, has publicly backed Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Elon Musk's appointment to lead the <a href="https://www.benzinga.com/topic/department-of-government-efficiency">Department of Government Efficiency (DOGE)</a>.
What Happened:&nbsp;In an <a href="https://www.cnbc.com/video/2024/11/15/watch-cnbcs-full-interview-with-ark-invest-ceo-cathie-wood.html">interview</a> with CNBC on Friday, Wood said that Musk's understanding of technology and data will be key in his new role at DOGE.
DOGE, named after the cryptocurrency Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), aims to minimize waste, eliminate unnecessary regulations, and reorganize agencies to enhance efficiency.
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42010539/whats-going-on-with-palantir-technologies-stock-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Palantir Technologies Stock Today?</a>
Wood stated that Musk's companies, including X, formerly Twitter, Neuralink, and SpaceX, gather vast amounts of data, putting him in a unique position to improve government operations.
&#8220;The way we're looking at this is, Elon understands we are at the threshold of a convergence among many technologies,&#8221; she stated.
Adding, &#8220;AI being at the center of it, and proprietary data is winning. So he has more proprietary data from all of these companies than I think any other CEO.&#8221;
Musk, who was appointed by President-elect Donald Trump, will spearhead the commission aimed at reducing the U.S. federal budget, to cut up to $2 trillion.
Vivek Ramaswamy, a former Republican primary candidate, will co-direct the group with Musk.
Why It Matters:&nbsp;On Thursday, the official X, formerly Twitter, account of DOGE called for high-IQ candidates willing to <a href="https://www.benzinga.com/news/24/11/41998717/elon-musk-and-vivek-ramaswamy-are-looking-for-high-iq-small-government-revolutionaries-who-are-willing-to-put-in-80-hours-at-doge">work 80+ hours a week</a> to streamline government spending and cut bureaucracy.
This criterion is similar to Musk's well-known 2022 late-night email to Twitter employees, where he encouraged them to be "extremely hardcore" and commit to "long hours at high intensity."
However, analysts have warned that Musk&#8217;s efficiency plans should not be underestimated, but it will <a href="https://www.benzinga.com/news/24/11/41961033/gene-munster-says-elon-musks-doge-efficiency-plans-should-not-be-underestimated-but-warns-itll-likely-take-many-years-to-achieve-2-trillion-in-government-spending">likely take many years</a> to achieve $2 trillion in government spending cuts.
Trump has previously stated that the work of the DOGE department is expected to be completed by July 4, 2026, at the latest.
Price Action: Dogecoin is currently priced at $0.378, reflecting a 4.14% rise in the last 24 hours. However, its trading volume has dropped by 37.06%, reaching $10.12 billion as of this writing.
Tesla shares closed Friday's trading up 3.07%, ending at $320.72. In after-hours trading, the stock saw a slight increase, reaching $320.74 at the time of writing, according to&nbsp;<a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
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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.
Photo courtesy: World Economic Forum

News

Politics

Tech

Media

$DOGE

TSLA

Cathie Wood Backs Elon Musk's $2 Trillion DOGE Initiative, Says Tesla CEO's Access To 'Proprietary Data' And AI Gives Him An Edge

The United States has agreed to provide up to $6.6 billion in direct funding to Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) to build advanced chip facilities in the U.S.
The deal aims to enhance domestic semiconductor production and bolster national security by reducing reliance on foreign suppliers, Barron's <a target="_blank" href="https://www.barrons.com/news/us-finalizes-up-to-6-6-bn-funding-for-chip-giant-tsmc-65252814" rel="noreferrer noopener">reports</a>.
The Biden administration announced that Taiwan Semiconductor's investment will attract $65 billion in private capital to establish three state-of-the-art plants in Arizona.
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The announcement comes just before President-elect Donald Trump assumes office. Trump had previously attacked Taiwan for allegedly undermining the U.S. chip industry and <a target="_blank" href="https://www.benzinga.com/government/regulations/24/11/41845483/taiwan-semiconductor-us-expansion-plans-unfazed-by-trump-win-report" rel="noreferrer noopener">criticized the U.S. Chips Act</a>.
The first of Taiwan Semiconductor's facilities will likely commence operations by early 2025, focusing on producing cutting-edge logic chips. These chips will power next-generation technologies, including 5G/6G smartphones, autonomous vehicles, and AI applications.
Early production at the Arizona plant reportedly matches the quality of Taiwan Semiconductor's facilities in Taiwan, showcasing <a target="_blank" href="https://www.benzinga.com/government/24/10/41545709/usa-scores-big-win-taiwan-semiconductor-arizona-plant-sees-good-production-yields" rel="noreferrer noopener">strong initial yields</a>.
Commerce Secretary Gina Raimondo told Barron's the importance of manufacturing these advanced chips domestically, emphasizing their role in AI, quantum computing, and military hardware.
The initiative aims to mitigate risks associated with overseas supply chains by producing these chips on U.S. soil, addressing a critical national security concern.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
In addition to the direct funding, the U.S. government is extending up to $5 billion in proposed loans to support Taiwan Semiconductor's Arizona project.
The investment will likely generate approximately 6,000 direct manufacturing jobs. A senior U.S. official told Barron's that at least $1 billion of the allocated funding could be distributed to Taiwan Semiconductor this year, contingent on meeting specific milestones.
Meanwhile, Taiwan Semiconductor remains focused on consolidating its moat while diversifying its footprint beyond Taiwan as global governments dole out attractive subsidies.
The contract chipmaker has <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/24/11/41951575/taiwan-semi-boosts-advanced-chipmaking-with-record-euv-expansion-grabs-56-global-share" rel="noreferrer noopener">ramped up its</a> deployment of extreme ultraviolet (EUV) lithography systems, a vital technology in semiconductor production, even with the substantial expense involved.
Each EUV machine costs more than $100 million, making them some of the most costly assets in the chip manufacturing sector.
Industry analysts suggest that TSMC has significantly boosted its EUV capacity, increasing its share of global EUV installations from 50% in 2020 to 56% by 2023.
In Asia, Japan has also earmarked over $64.9 billion to <a target="_blank" href="https://www.benzinga.com/government/regulations/24/11/41939018/japan-increases-semiconductor-funding-as-us-trade-policies-pressure-taiwan-semiconductor" rel="noreferrer noopener">boost the semiconductor and AI</a> sectors. Taiwan Semiconductor is eyeing a second facility in Japan's Kumamoto region, considering a $13.5 billion investment after its first $8.6 billion wafer factory there.
Additionally, the company intends to establish a third advanced chip plant valued at $20 billion in Kumamoto to produce 3-nanometer chips.
Taiwan Semiconductor stock is up 86% year-to-date.
Price Actions: TSM stock is down -2.57% at $186.01 at the last check on Friday.
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Government

Regulations

Just Before Biden's Term Ends, Taiwan Semiconductor Lands $6.6 Billion in US Funding to Build Advanced Chip Plants

Elon Musk has expressed gratitude as major brands, including IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Comcast (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), and Warner Bros.&nbsp;Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>), resumed advertising on X, formerly Twitter.
What Happened: On Friday, Musk took to X and expressed his appreciation to companies for recommencing advertising on X following a <a href="https://www.benzinga.com/news/23/12/36056462/elon-musks-standoff-with-apple-disney-and-other-big-advertisers-forces-x-to-turn-to-smaller-ones">year-long boycott due to brand safety concerns</a>.
This information was shared by social media personality Mario Nawfal on X.
Musk responded to Nawfal's post,&nbsp;saying,&nbsp;&#8220;Just want to say that&nbsp;we super appreciate&nbsp;major brands resuming advertising on&nbsp;our platform!&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/41872302/taylor-swift-fans-abandon-elon-musks-x-for-bluesky-how-trumps-election-victory-triggered-swifties-uprising?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Taylor Swift Fans Abandon Elon Musk&#8217;s X For Bluesky, Says Report: How Trump&#8217;s Election Victory Triggered Swifties Uprising</a>
He also expressed&nbsp;his gratitude to&nbsp;X CEO Linda Yaccarino and&nbsp;the entire X team&nbsp;for restoring&nbsp;advertisers&#8217; confidence.
<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">Just want to say that we super appreciate major brands resuming advertising on our platform! Thanks <a href="https://twitter.com/lindayaX?ref_src=twsrc%5Etfw">@lindayaX</a> and the whole &#120143; team for your hard work in restoring confidence in our platform and ensuring that advertising content only appears where advertisers want it shown. <a href="https://t.co/e508KrMo9g">https://t.co/e508KrMo9g</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857471850676367646?ref_src=twsrc%5Etfw">November 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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.
Why It Matters: In September, it was reported that more companies were <a href="https://www.benzinga.com/news/24/09/40762349/x-faces-major-advertiser-exodus-amid-string-of-elon-musk-controversies">considering pulling ads from X</a> next year due to concerns that their <a href="https://www.benzinga.com/news/23/11/35842015/ibm-pulls-adverts-from-elon-musks-x-following-antisemitic-content-allegations">brands could be harmed by the platform&#8217;s content</a>.
A Kantar survey also&nbsp;revealed that 26% more marketers&nbsp;plan to decrease their spending&nbsp;on X ads in 2025,&nbsp;marking the largest recorded decline&nbsp;in ad spending for any major global platform.
However, following the U.S. 2024 Presidential election, it was reported that some advertisers are contemplating a return to X to gain favor with Musk and President-Elect Donald Trump.
This development also comes as&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <a href="https://www.benzinga.com/general/social-media/24/11/41963996/mark-zuckerbergs-meta-eyes-2025-to-introduce-ads-on-threads-as-elon-musks-x-loses-favor-with-major-brands-report">plans to introduce ads</a> on its Threads early next year, potentially capitalizing on X&#8217;s loss of favor with major brands.
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: Shutterstock

Social Media

CMCSA

IBM, Disney And Other Large Advertisers Return To Elon Musk's X After A Year-Long Boycott: 'We Super Appreciate'

The global plant-based Active Pharmaceutical Ingredient (API) market is projected to grow at a steady pace, reaching a valuation of $52.1 billion by 2034, according to a <a href="https://www.futuremarketinsights.com/reports/plant-based-api-market">new report</a> by Future Market Insights. The industry is expected to expand at a Compound Annual Growth Rate (CAGR) of 5.6%, fueled by rising demand for natural and sustainable pharmaceutical solutions, including <a href="https://www.benzinga.com/markets/psychedelics">psychedelics</a> and <a href="https://www.benzinga.com/topic/cannabis-products">cannabis-derived</a> compounds.
<h3 class="wp-block-heading">Rising Demand For Psychedelic And Cannabis-Based Ingredients</h3>
A significant driver of market growth is the increasing use of psychoactive and plant-derived substances in modern pharmacology. Psychedelics like <a href="https://www.benzinga.com/topic/psilocybin">psilocybin</a> and cannabinoids such as <a href="https://www.benzinga.com/topic/cbd">CBD</a> and <a href="http://v">THC</a> are gaining attention for their <a href="http://v">therapeutic potential</a> in mental health and oncology. The U.S., a key player in the market, is leveraging biotechnological advances like <a href="https://www.genome.gov/genetics-glossary/CRISPR#:~:text=CRISPR%20(short%20for%20%E2%80%9Cclustered%20regularly,editing%20systems%20found%20in%20bacteria.">CRISPR</a> and synthetic biology to scale production of these high-demand APIs, contributing to a 4.2% CAGR.
"The global shift toward sustainable, plant-based solutions reflects both consumer interest in natural medicine and the pharmaceutical industry's focus on alternative therapies," said Sabyasachi Ghosh, associate VP at Future Market Insights. The market&#8217;s rapid expansion underscores the increasing acceptance of psychedelics and cannabis as mainstream pharmaceutical ingredients.
<h3 class="wp-block-heading">Therapeutic Applications And Key Botanical Sources</h3>
Plant-based APIs are harnessed from well-documented medicinal plants such as cannabis, ginseng, turmeric and cinchona. These natural sources contain bioactive compounds like flavonoids, terpenes and alkaloids, offering various therapeutic benefits. Major applications of plant-based APIs include pain management, anti-inflammatory treatments and oncology therapies.
The incorporation of cannabinoids, particularly CBD and THC, into pharmaceutical formulations is reshaping the landscape of pain and anxiety treatments. Similarly, psychoactive compounds from plants like Syrian rue and Psilocybe mushrooms are being explored for treating mental health disorders like depression and PTSD.
<h3 class="wp-block-heading">Regional Growth And Market Segmentation</h3>
The report highlights robust growth in Asian markets, with India leading at an 8.8% CAGR, followed closely by China (8.7%) and South Korea (8.6%). These regions are investing heavily in agricultural biotechnologies and expanding their capabilities in plant-based pharmaceutical production.
The market segments by product type, covering alkaloids, cannabinoids, <a href="https://www.benzinga.com/markets/cannabis/24/05/39064102/cannabis-terpenes-alleviate-chemo-induced-neuropathic-pain-study-shows-added-benefits-with-morph">terpenes</a>, flavonoids and polyphenols. It also includes API forms like extracts, powders and resins from botanicals such as opium poppy, turmeric, ginseng and cannabis.
<h3 class="wp-block-heading">Competitive Landscape: Psychedelics And Cannabis Companies Lead the Charge</h3>
The plant-based API sector is experiencing intense competition, particularly in the cannabis and psychedelics segments. Companies are rapidly scaling production and forming key partnerships to meet the rising demand for plant-based, pharmaceutical-grade ingredients.
Recent developments include Bright Green Corporation's agreement to supply <a href="https://www.benzinga.com/24/02/37292778/dea-clears-this-nasdaq-traded-plant-touching-firm-to-research-and-produce-schedule-i-and-ii-plant-ba">DEA-approved marijuana</a> extracts and psychedelic compounds to Benuvia Operations. Indena's authorization from Italian regulators to produce pharmaceutical-grade CBD further illustrates the expanding global footprint of cannabis-derived APIs.
Key players in the industry include the Illinois-based Abbott (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), New Mexico&#8217;s Bright Green Corporation, Indena S.p.A., headquartered in Milan, Italy, Alchem International Pvt. Ltd., based in India, Israeli Teva Pharmaceutical Industries Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>); Roquette Frères, based in Lestrem, France; and Sami-Sabinsa Group, based in New Jersey.
<h3 class="wp-block-heading">The Future Of Plant-Based APIs: Sustainable And Psychedelic Solutions</h3>
The growing demand for sustainable, natural treatments will likely position the plant-based API market at the forefront of global healthcare. As pharmaceutical companies continue to explore the therapeutic potential of bioactive compounds from plants, the integration of psychedelics and cannabis-derived APIs is likely to play a pivotal role in shaping the next decade of medicine.
Cover image made with AI

Cannabis

Market Summary

Psychedelics

Global

Markets

TEVA

Plant-Based API Market Poised To Hit $52 Billion By 2034, Driven By Psychedelics And Cannabinoids

SpaceX, under the leadership of Elon Musk, is reportedly preparing to initiate a tender offer next month.
What Happened: SpaceX's tender offer will allow the sale of existing shares at $135 each, valuing the company at over $250 billion, as reported by Reuters.
Musk&#8217;s ambition for human Mars exploration could become a national priority under Trump&#8217;s administration. The NASA Artemis program, which intends to use SpaceX&#8217;s Starship for lunar missions as a precursor to Mars expeditions, is anticipated to shift focus towards Mars with uncrewed missions targeted this decade.
SpaceX might push for relaxed regulations on worker and participant safety in private space flights under Trump&#8217;s presidency.
An investigation last year revealed over 600 worker injuries at SpaceX facilities, <a href="https://www.benzinga.com/news/24/04/38374353/elon-musks-spacex-injury-rates-exceed-industry-average-again-raising-concerns-for-nasa-and-clients-r">exceeding the industry average</a>, raising concerns about the company&#8217;s adherence to safety standards.
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Why It Matters: SpaceX&#8217;s valuation has seen a significant increase over the past year. In June, the company was reportedly set for a <a href="https://www.benzinga.com/news/24/06/39516906/elon-musks-spacex-set-for-record-210b-valuation-in-tender-offer-but-still-valued-less-than-tiktok-re">record $210 billion</a> valuation in a tender offer, surpassing its previous $200 billion estimate. This was driven by substantial investor demand.
However, Musk has <a href="https://www.benzinga.com/news/24/06/39519229/elon-musk-dismisses-rumors-of-spacex-ipo-as-it-reportedly-seeks-210b-valuation-pressure-for-short-te">previously dismissed</a> the possibility of a SpaceX initial public offering (IPO), citing the intense pressure for short-term results faced by publicly listed companies.
SpaceX&#8217;s dominance in the space sector is further highlighted by its control over <a href="https://www.benzinga.com/news/24/09/40869627/elon-musk-now-controls-two-thirds-of-the-planets-satellites-and-spacex-is-just-getting-started-with">two-thirds of the planet&#8217;s satellites</a>, thanks to the rapid expansion of its Starlink satellite network.
As of September, SpaceX&#8217;s Starlink service <a href="https://www.benzinga.com/news/24/09/41061483/spacexs-starlink-now-connects-4m-customers-with-more-than-6k-operational-satellites-adds-a-million-u">connects over 4 million customers</a> worldwide, demonstrating the company&#8217;s significant impact on global connectivity.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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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: Shutterstock

SPACE

Startups

SpaceX To Launch Tender Offer, Valuing Company At Over $250 Billion: Report

A major cyber-espionage operation linked to Chinese intelligence has reportedly infiltrated T-Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and other telecom giants, including rivals AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) <a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit">suffered a similar breach</a>, raising significant national security concerns.
What Happened: T-Mobile&#8217;s network was compromised in a large-scale cyber-espionage operation attributed to Chinese hackers, according to a <a href="https://www.wsj.com/politics/national-security/t-mobile-hacked-in-massive-chinese-breach-of-telecom-networks-4b2d7f92">report</a> by The Wall Street Journal.
This breach, which also affected other U.S. and international telecom companies, targeted cellphone communications of high-value intelligence targets.
The extent of the data compromised from T-Mobile customers remains uncertain.
"T-Mobile systems and data have not been impacted in any significant way, and we have no evidence of impacts to customer information," said a T-Mobile spokesperson, according to the report.
See Also: <a href="https://www.benzinga.com/news/global/24/11/41939983/microsoft-president-warns-beijings-tech-progress-is-catching-up-with-the-west-people-who-dont-go-to-china-too-often-assume-theyre-behind?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft President Warns Beijing&#8217;s Tech Progress Is Catching Up With The West</a>
The breach, linked to the Salt Typhoon group, is considered historic in its scope and severity by some U.S. officials. AT&amp;T, Verizon, and Lumen Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) were also reportedly affected.
Hackers exploited vulnerabilities in Cisco Systems routers and possibly used AI or machine learning to enhance their operations, accessing cellphone lines of senior U.S. government and political figures.
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.
Why It Matters: This breach is part of a series of cyberattacks attributed to Chinese hackers, raising alarms about national security.
In April, FBI Director Christopher Wray warned about <a href="https://www.benzinga.com/news/24/04/38330156/fbi-chief-warns-xi-jinpings-ccp-linked-chinese-hackers-are-planning-to-physically-wreak-havoc-on-us">China&#8217;s potential to disrupt U.S. infrastructure</a>, highlighting the targeting of sectors like telecommunications, energy, and water.
In May, a <a href="https://www.benzinga.com/news/24/05/38659657/major-hacking-incident-exposes-data-of-military-personnel-in-uk-ministry-of-defence-breach-is-china">major hacking incident</a> exposed data of U.K. military personnel, with China suspected as the perpetrator.
The recent breach of T-Mobile and other telecom giants underscores the ongoing threat posed by state-sponsored cyber-espionage, emphasizing the need for heightened cybersecurity measures.
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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<li><a href="https://www.benzinga.com/24/11/42022077/elon-musks-xai-seeks-6b-at-50b-valuation-to-acquire-100k-nvidia-chips-for-memphis-data-center">Elon Musk&#8217;s xAI Seeks $6B At $50B Valuation To Acquire 100K Nvidia Chips For Memphis Data Center</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

LUMN

TMUS

T-Mobile Hit By Chinese Hackers After Rivals AT&T, Verizon Suffer Breach: Report

ARC Global Investments, a major investor in&nbsp;Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), has drastically reduced its stake in the company.
What Happened: According to a regulatory filing on Friday, ARC Global and its manager, Patrick Orlando, now hold a mere 0.01% stake in Trump Media, the parent company of&nbsp;Truth Social.
This is a significant decrease from their previous holding of over 5% or more than&nbsp;11 million shares in September.
Orlando, the former CEO of Digital World Acquisition Corp., the SPAC that took Trump Media public, was <a href="https://www.benzinga.com/news/23/03/31451246/trump-linked-spac-digital-world-boots-out-ceo-as-it-looks-to-bring-in-new-management-to-tackle-unpre">removed from his role</a> before the deal was completed.
See Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/24/11/41927985/bitcoin-ethereum-consolidate-dogecoin-surges-as-election-rally-takes-a-breather-analyst-says-pullback-typical-for-healthy-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Consolidate, Dogecoin Surges As Election Rally Takes A Breather: Analyst Says Pullback &#8216;Typical&#8217; For Healthy Market</a>
In July, the U.S. Securities and Exchange Commission (SEC) sued Orlando, <a href="https://www.benzinga.com/news/24/07/39829953/trump-linked-digital-worlds-former-ceo-sued-by-sec-for-securities-fraud">alleging securities fraud</a> for false and misleading statements as CEO of Digital World Acquisition.
In September, a Delaware judge ruled that Trump Media had violated an agreement with ARC Global. The ruling stated that the fund should receive over&nbsp;half a million additional shares&nbsp;before the expiration of&nbsp;a lock-up on insider sales.
Why It Matters: President-elect Donald Trump&nbsp;currently holds&nbsp;a <a href="https://www.benzinga.com/markets/equities/24/11/41878254/trumps-djt-surges-26-in-past-month-boosting-investors-wealth-by-over-1b-as-ex-president-returns-to-white-house-for-a-second-term">57% stake in&nbsp;Trump Media</a>.
On Election Day, Trump Media reported a 6% year-over-year decrease in its <a href="https://www.benzinga.com/news/earnings/24/11/41760961/djt-stock-volatile-on-election-day-donald-trumps-media-company-reports-q3-earnings-growth-initiativ">third-quarter net sales</a>, which stood at $1.01 million, with all revenue coming from advertising on the Truth Social platform.
Earlier this month, Trump announced that he had no plans to <a href="https://www.benzinga.com/media/24/11/41853221/trump-says-he-wont-sell-trump-media-stock">sell his stake in the Truth Social parent</a>, causing the company&#8217;s stock to soar.
Meanwhile, on Wednesday, it was reported that <a href="https://www.benzinga.com/general/social-media/24/11/41993328/trump-media-insiders-sell-more-than-16-million-in-djt-stock">Trump Media&#8217;s CFO</a> and two other insiders sold millions of dollars worth of shares following the election.
Price Action: DJT shares ended Friday up 4.11%, closing at $28.10. However, in after-hours trading, the stock dipped 0.57% to $27.94 at the time of writing, according to <a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41964758/trumps-attorney-general-pick-matt-gaetz-once-proposed-collecting-federal-income-taxes-in-bitcoin-apart-from-co-sponsoring-bill-to-abolish-the-fed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Attorney General Pick Matt Gaetz Once Proposed Collecting Federal Income Taxes In Bitcoin, Apart From Co-sponsoring Bill To Abolish The Fed</a></li>
</ul>
Disclaimer: 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.
Photo courtesy: Shutterstock

Major Investor In Trump Media Offloads Most Of Its Stake In DJT Stock

Elon Musk&#8217;s artificial intelligence venture, xAI, is reportedly in the process of raising up to $6 billion. The funds are intended for purchasing 100,000 Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chips.
What Happened: xAI's latest funding round is expected to close early next week, as reported <a href="https://www.cnbc.com/2024/11/15/elon-musks-xai-raising-up-to-6-billion-to-purchase-100000-nvidia-chips-for-memphis-data-center.html">by</a> CNBC on Friday. It includes $5 billion from Middle Eastern sovereign funds and an additional $1 billion from other investors. Some of these investors may be looking to increase their stakes.
This fundraising would value Musk's AI startup at $50 billion, more than doubling the $24 billion valuation in its <a href="https://www.benzinga.com/news/24/05/39025708/elon-musk-cheers-funding-after-xai-secures-6b-from-sequoia-andreessen-horowitz-saudi-prince-alwaleed">previous round of funding in May</a>.
The chips are crucial for the new Memphis supercomputer, which will support Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Full Self-Driving (FSD) technology.
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.
xAI, launched in July 2023, aims to &#8220;understand the true nature of the universe,&#8221; according to its website.
Last year, xAI introduced a chatbot named Grok, inspired by &#8220;The Hitchhiker&#8217;s Guide to the Galaxy.&#8221; The chatbot was designed to compete with OpenAI&#8217;s ChatGPT, Google&#8217;s Gemini, and Anthropic&#8217;s Claude.
See Also: <a href="https://www.benzinga.com/24/11/41872302/taylor-swift-fans-abandon-elon-musks-x-for-bluesky-how-trumps-election-victory-triggered-swifties-uprising?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Taylor Swift Fans Abandon Elon Musk&#8217;s X For Bluesky, Says Report</a>
Why It Matters: Earlier this year, <a href="https://www.benzinga.com/news/24/05/39027735/elon-musks-xai-raises-6b-heres-where-it-stands-against-openai-anthropic-and-other-ai-rivals">xAI raised $6 billion</a> in its Series B funding round, catapulting its valuation to $24 billion.
This positioned xAI among the world&#8217;s most valuable AI startups, alongside giants like Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI and Anthropic. Despite this, xAI is not yet the largest AI startup in terms of valuation.
The <a href="https://www.benzinga.com/news/24/06/39199007/elon-musks-xai-to-take-on-tech-giants-microsoft-google-and-openai-with-planned-memphis-supercomputer">planned Memphis supercomputer</a>, a key component of xAI&#8217;s strategy, is set to enhance its AI capabilities. The project, located at a former manufacturing site, is awaiting approval from local authorities. Discussions with city officials began in March, underscoring the competitive nature of securing such high-profile projects.
Check out more of Benzinga&#8217;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: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

MSFT

NVDA

Elon Musk's xAI Seeks $6B At $50B Valuation To Acquire 100K Nvidia Chips For Memphis Data Center

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

BJDX

SMST

LIFW

SMCX

LIFWW

Numinus Wellness Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/NUMIF#OTCQX">NUMIF</a>), a leader in <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">psychedelic-assisted mental health care</a>, has <a href="https://www.investors.numinus.com/news/news-details/2024/Numinus-Wellness-Announces-Sale-of-Clinics-and-Unique-Data-Partnership-to-Increase-Access-to-Mental-Health-Care/default.aspx">announced</a> a definitive agreement with Stella, an interventional psychiatry practice, to sell its five wellness clinics in Utah for a total of $3.53 million. The transaction, expected to close by November 30, marks a strategic shift for Numinus, as it pivots towards <a href="https://www.benzinga.com/markets/cannabis/24/09/40845569/mdma-therapy-for-ptsd-faces-fda-delay-are-there-other-ways-forward">developing technology-driven solutions</a> aimed at enhancing the efficiency of mental health care providers.
<h3 class="wp-block-heading">Tech Partnership To Redefine Mental Health Clinics</h3>
In addition to the sale, Numinus and Stella will collaborate on a data-sharing initiative to launch an innovative clinic management platform. By leveraging operational insights from Stella's 12 clinics, Numinus plans to develop a software solution designed to streamline clinic operations, enhance patient outcomes and support insurance reimbursement processes.
"This transaction marks an exciting new chapter in Numinus' strategy to reshape behavioral health care," said Payton Nyquvest, founder and CEO of Numinus. "Leveraging our expertise in patient care, we're now accelerating our mission by focusing on cutting-edge technology solutions. Through our partnership with Stella, we gain unprecedented access to operational data that will enable us to develop a SaaS (software as a service) solution to redefine how clinics operate."
<h3 class="wp-block-heading">Stella Takes Over Utah Operations</h3>
Stella, known for its focus on treating PTSD, anxiety and depression through biological modalities, will assume control of Numinus' Utah clinics. The acquisition includes an upfront payment of $2.08 million, followed by $750,000 in installments throughout 2025, and up to $700,000 in deferred compensation.
"Stella's expansion into Utah brings additional life-changing treatments to the community while supporting Numinus' broader tech initiatives," stated Michael Gershenzon, co-founder and CEO of Stella. "This partnership reflects our commitment to improving behavioral health systems and processes, ultimately enhancing patient care."
<h3 class="wp-block-heading">An Asset-Light Business Model With Enhanced Focus</h3>
With the sale of its clinics, Numinus will shift towards an asset-light model, focusing on its business units like Cedar Clinical Research and the Numinus Network. The strategy aims to integrate clinical research, practitioner training and technology solutions, supporting mental health providers worldwide. The move is part of a broader effort to ease the operational burdens faced by healthcare professionals, particularly as demand for treatments like <a href="https://www.benzinga.com/topic/ketamine-therapy">ketamine</a> and Spravato continues to rise.
"Stella will bolster our clinical solutions offering, leveraging their deep expertise in patient care," Nyquvest added. "We expect strong demand for our Numinus Network Solutions as mental health practitioners navigate growing requests for care."
Cover image made with AI

NUMIF

Numinus Wellness Sells US Clinics, Partners With Stella For Tech-Driven Mental Health Solutions

President-elect Donald Trump has chosen former Representative Doug Collins (R-GA) to lead the <a href="https://www.benzinga.com/cannabis">U.S. Department of Veterans Affairs (VA). </a>
The decision has sparked discussions about how the agency might handle medical cannabis issues, given his inconsistent track record on the issue, as <a href="https://www.marijuanamoment.net/trumps-pick-to-lead-va-voted-against-letting-agency-doctors-recommend-medical-marijuana-to-veterans-before-he-adopted-a-pro-reform-position/">reported</a> Marijuana Moment.
<h3 class="wp-block-heading">Collins' Record On Cannabis</h3>
During his time in Congress, Collins opposed efforts to expand access to medical cannabis for veterans. Between 2014 and 2016, he voted against three proposals that would have allowed VA doctors to recommend cannabis to their patients.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/42018478/trumps-cabinet-choices-will-his-administration-support-or-restrict-cannabis">Trump&#8217;s Cabinet Choices: Will His Administration Support Or Restrict Cannabis?</a>
Collins' views began to shift in 2019. He supported the STATES Act, which would protect state marijuana programs from federal interference, and co-signed a letter with Rep. Matt Gaetz (R-FL), urging Congress to take action on cannabis policy. 
"We believe this Committee and this Congress must act to clarify the rights and responsibilities, relative to cannabis, of individuals, physicians, businesses, medical patients, and law enforcement officials," they wrote.
Later that year, Collins backed a bipartisan bill to protect banks that serve marijuana businesses in states where it is legal. However, he did not take part in a 2020 vote on federal cannabis legalization.
<h3 class="wp-block-heading">Collins' Stance On Psychedelics</h3>
When it comes to psychedelics, there isn't much known about Collins's stance. However, his shifting views on cannabis policy hint that he could be open to exploring different approaches.
<h3 class="wp-block-heading">Cannabis At The VA</h3>
VA policy has long prohibited its doctors from recommending cannabis, citing marijuana's classification as a Schedule I controlled substance under federal law. This stance has remained consistent across both Republican and Democratic administrations, despite growing support for change in Congress.
Recent efforts to address this issue include a Senate Appropriations Committee request for the VA to explore cannabis as an alternative to opioids. Lawmakers have also introduced measures that would allow VA doctors to recommend cannabis in states where it is legal. These efforts have gained bipartisan support, but none have yet become law.
Veterans service organizations have pushed for further reforms, including expanded research into the potential benefits of cannabis. Last year, a Senate committee approved a bill to study cannabis for veterans with certain medical conditions, but it failed to advance to a floor vote.
Read Next:
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<li><a href="https://www.benzinga.com/general/health-care/24/11/42017583/trumps-go-wild-on-health-plan-puts-rfk-jr-in-charge-what-it-means-for-cannabis-and-psychedelics-reform">Trump&#8217;s &#8216;Go Wild On Health&#8217; Plan Puts RFK Jr. In Charge: What It Means For Cannabis And Psychedelics Reform</a></li>
</ul>
Cover image made with AI.

Trump-Appointed Doug Collins To Lead VA: What's Next For Cannabis and Psychedelics In Veterans' Healthcare?

Chardan Capital analyst Daniil Gataulin maintains Clearside Biomedical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSD#NASDAQ">CLSD</a>) with a Buy and maintains $6 price target.

Price Target

Analyst Ratings

CLSD

Chardan Capital Maintains Buy on Clearside Biomedical, Maintains $6 Price Target

Chardan Capital analyst Daniil Gataulin maintains Cognition Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGTX#NASDAQ">CGTX</a>) with a Buy and maintains $11 price target.

CGTX

Chardan Capital Maintains Buy on Cognition Therapeutics, Maintains $11 Price Target

Telsey Advisory Group analyst Cristina Fernandez maintains Williams-Sonoma (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) with a Outperform and maintains $165 price target.

Telsey Advisory Group Maintains Outperform on Williams-Sonoma, Maintains $165 Price Target

– Approval based on positive data from the AUGMENT-101 clinical trial, in which Revuforj delivered robust and durable rates of remission in R/R acute leukemia patients with a KMT2A translocation –
– Syndax to host conference call today at 6:00 p.m. ET –
WALTHAM, Mass., Nov. 15, 2024 /PRNewswire/ -- Syndax Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDX#NASDAQ">SNDX</a>) today announced that the U.S. Food and Drug Administration (FDA) has approved Revuforj&#xAE; (revumenib) as the first and only menin inhibitor for the treatment of relapsed or refractory (R/R) acute leukemia with a lysine methyltransferase 2A gene (KMT2A) translocation in adult and pediatric patients one year and older. The FDA previously granted Breakthrough Therapy and Fast Track designations as well as Priority Review for Revuforj. The New Drug Application (NDA) received approval through the FDA's Real Time Oncology Review (RTOR) program.

Biotech

General

SNDX

Syndax Announces FDA Approval Of Revuforj, The First And Only Menin Inhibitor To Treat Adult And Pediatric Patients With Relapsed Or Refractory Acute Leukemia With A KMT2A Translocation

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