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Imperial Ptrl

Imperial Petroleum Inc is a provider of international seaborne transportation services to oil producers, refineries, and commodities traders. It owns and operates a fleet of six medium-range product tankers that carry refined petroleum products such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals.

Imperial Petroleum Inc

Imperial Petroleum Inc. - 8.75% Series A Cumulative Redeemable Perpetual Preferred Shares

When the <a href="https://www.benzinga.com/personal-finance/24/11/41949050/bill-gates-warned-the-u-s-will-experience-another-2008-style-financial-crisis-he-cant-predict-when-but-says-this-is-a-certainty">2008 financial crisis hit</a>, it felt like the entire global economy was spiraling out of control. But for <a href="https://www.benzinga.com/startups/25/01/43339032/jamie-dimon-calls-elon-musk-our-einstein-after-years-of-feuds-weve-hugged-it-out-and-settled-differences-at-tech-summit">Jamie Dimon</a>, CEO of JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), it was exactly the moment he'd been preparing for—long before most people even realized there was a problem.
"I knew that if the sh&#x2A;t had hit the fan early on, we would've had a real problem," Dimon admitted on the How Leaders Lead podcast on Thursday. But he didn't wait around to find out.&nbsp;
Drawing lessons from watching his father navigate economic slumps in the '70s and '80s, Dimon had a simple mantra: "Don't over celebrate the rising tide, be prepared for the tide to go out."
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That mindset shaped <a href="https://www.benzinga.com/startups/25/01/43193484/jamie-dimon-talks-income-inequality-saying-the-wrong-part-is-that-the-bottom-30-didnt-do-better">how he ran JPMorgan</a> from day one. Tough on capital, liquidity, and profitability, he enforced rigorous stress tests even when colleagues dismissed them as unnecessary. Their skepticism didn't faze him. "I don't care if it happens [or not]… I want to know if it happens that we survive to serve our client," Dimon said. And when the financial world started crumbling, JPMorgan wasn't just surviving—they were ready.
One of the most intense moments came on March 13, 2008. Dimon was at a Greek restaurant with his parents when his phone rang. On the other end was Bear Stearns CEO Alan Schwartz in full panic mode: "Jamie, I need $30 billion tonight, otherwise we're going to go bankrupt in Asia in the morning."
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>
Dimon's reaction? Brutally honest: "Even I said, ‘Alan, I don't even know how to get $30 billion.'" But he didn't waste time. He called his senior team with a simple directive: "Get dressed and go to the office." Within hours, hundreds of JPMorgan employees were at their desks, dissecting Bear Stearns's books line by line. "We did six months of work in two days, and bought Bear Stearns that night," Dimon recalled. "That kind of thing is the moment where you're breathless."
While other banks scrambled, JPMorgan's internal "army" was already in motion. Dimon didn't need to reinvent the wheel; the machine was built and battle-tested. Before the crisis, the risk committee met once a week. When markets collapsed? "It was meeting five times a day, every day, for a year," Dimon said. "And I mean, every day. I mean going to 10 p.m. and 5 a.m. because you had Asia—we had to be up for that."
See Also: According to Juniper Research, the total value of B2B cross-border payments stored on the blockchain is projected to exceed $4.4 trillion — <a href="https://www.benzinga.com/money/web3-enabler-future-of-enterprise-transactions">Join the first company to bring blockchain payments to Salesforce early with just $100.</a>
Under that kind of pressure, Dimon said he saw firsthand who could handle stress and who couldn't. "Some people are great, and some are just children," he remarked bluntly. But he found his own way to cope with the chaos: "The only thing that really satisfies me when I have stress from work is to work."
For Dimon, it wasn't about heroics or last-minute miracles. It was about preparation. And when the tide finally went out, JPMorgan Chase was still standing—exactly as he planned.
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<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
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Personal Finance

'I Need $30 Billion By Tonight' – Jamie Dimon Recalls The 'Breathless' Moment He Pulled Off 6 Months Of Work In 2 Days During 2008 Crisis

Renowned financial educator Robert Kiyosaki recently expressed his preference for gold and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) over saving in dollars, <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42804530/robert-kiyosaki-predicts-massive-market-crash-save-gold-silver-bitcoin-crash-is-here">stirring up discussions in the financial world</a>.
What Happened:&nbsp;In a post on X on Saturday, Kiyosaki voiced his opinion on the value of gold and Bitcoin in comparison to the dollar. He stated that owning these assets is a smarter and safer choice than saving dollars.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">WHY I bought more gold and Bitcoin. Answer: Owning gold and Bitcoin is smarter and safer than saving dollars.
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1887943578967757222?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
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Kiyosaki, best known for his book &#8220;Rich Dad Poor Dad&#8221;, has been a long-time advocate for financial education and independence. His recent tweet further emphasizes his belief in the value of alternative assets over traditional currency.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43423389/robert-kiyosaki-predicts-gold-silver-bitcoin-crash-over-trumps-tariffs-says-its-a-buying-moment">Robert Kiyosaki Predicts Gold, Silver, Bitcoin Crash Over Trump&#8217;s Tariffs—Says It&#8217;s A Buying Moment</a>
Why It Matters:&nbsp;Kiyosaki&#8217;s views reflect a growing trend among investors who are increasingly turning to alternative assets like gold and Bitcoin. This shift is driven by concerns over inflation and the declining purchasing power of the dollar.
While Kiyosaki&#8217;s tweet does not provide specific reasons for his preference, it is likely influenced by these broader market trends. 
His stance adds to the ongoing debate about the future of traditional currencies and the role of digital assets in the global economy.
Read Next
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Image: Shutterstock

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

Cryptocurrency

News

$BTC

Robert Kiyosaki Advocates for Gold and Bitcoin Over Dollar Savings: 'It Is Smarter and Safer'

Elon Musk has confirmed that he will reappoint a former Department of Government Efficiency (DOGE) employee who was dismissed over &#8220;inappropriate remarks.&#8221; The decision came after a poll conducted on Musk&#8217;s social media platform, X.
What Happened: The poll, which sought public opinion on whether the former DOGE employee should be rehired, garnered more than 385,000 votes, with a significant 78% favoring his return.&nbsp;
&#8220;He will be brought back,&#8221;&nbsp;Musk announced following the poll&#8217;s conclusion. The employee in question is believed to be&nbsp;Marko Elez, a 25-year-old who&nbsp;had stints at SpaceX and X before his tenure at DOGE.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bring back <a href="https://twitter.com/DOGE?ref_src=twsrc%5Etfw">@DOGE</a> staffer who made inappropriate statements via a now deleted pseudonym?
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1887867644814020902?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
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Elez was associated with a now-defunct social media account that propagated racist views, as disclosed by The Wall Street Journal. The White House later verified to Business Insider that Elez had stepped down. His recent role&nbsp;at the Treasury Department has&nbsp;sparked concerns about DOGE&#8217;s&nbsp;access to the department&#8217;s payment&nbsp;systems.
Also Read: <a href="https://www.benzinga.com/news/25/02/43419885/musks-doge-eyes-treasury-payment-system-sparks-controversy-leading-to-officials-exit">Musk&#8217;s DOGE Eyes Treasury Payment System, Sparks Controversy Leading To Official&#8217;s Exit</a>
In response to Musk&#8217;s poll,&nbsp;an X user suggested that Elez&nbsp;&#8220;deserves a second chance&#8221; but&nbsp;should &#8220;have a talk about the racist stuff.&#8221; Musk concurred, responding &#8220;True&#8221;&nbsp;to the comment. Vice President&nbsp;JD Vance also endorsed Elez&#8217;s comeback, stating, &#8220;bring him back.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">True
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1887870505790636450?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
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Musk is known for conducting polls on X and has previously acted in accordance with the outcomes&nbsp;of some of his social&nbsp;media polls.
Why It Matters: This incident underscores Musk&#8217;s unconventional approach to decision-making, often leveraging&nbsp;his social media platform, X,&nbsp;to gauge public sentiment. It also highlights the potential influence of social media on corporate decisions, which could set a precedent for other leaders. 
However, it raises questions about the appropriateness of such methods, especially when dealing with sensitive issues such as racism. 
The rehiring of Elez, despite his controversial past, could potentially impact the public perception of Musk and his ventures.
Read Next
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Social Media

Politics

Elon Musk Plans Reinstatement of DOGE Employee Fired Over Social Media Posts

President Donald Trump has targeted CBS and its flagship &#8220;60 Minutes&#8221; program with a social media post, accusing the network of &#8220;the biggest Broadcasting SCANDAL in History!!!&#8221; over alleged deceptive editing of a pre-election interview with Kamala Harris, his <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Democratic opponent last year</a>.
&#8220;CBS should lose its license, and the cheaters at 60 Minutes should all be thrown out, and this disreputable &#8220;NEWS&#8221; show should be immediately terminated,&#8221; Trump wrote in a <a href="https://truthsocial.com/@realDonaldTrump/posts/113956631326391344" target="_blank" rel="noreferrer noopener">post</a> on the Truth Social platform.
&#8220;With the new Democrat scandal that just arose with respect to USAID illegally paying large sums of money to Politico and other media outlets, the question must me asked, was CBS paid for committing this FRAUD?&#8221; Trump added, threatening, &#8220;Many other questions to come!&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/25/02/43577630/trump-administration-delays-suspension-of-duty-free-imports-from-china-under-de-minimis-rule" rel="noreferrer noopener">Trump Administration Delays Suspension Of Duty-Free Imports From China Under De Minimis Rule</a>
Trump&#8217;s claims that CBS manipulated the interview sparked immediate backlash, with the network and its legal team dismissing the accusations as meritless, the Financial Times <a href="https://www.ft.com/content/e9dabfc9-ffb3-4527-89e0-ca3c19405052" target="_blank" rel="noreferrer noopener">reports</a>.
The controversy has added fuel to Trump&#8217;s longstanding animosity towards the press, which he has repeatedly labeled as &#8220;fake news&#8221; and &#8220;enemies of the people.&#8221;
This time, however, he has escalated his attack by leveraging lawsuits and regulatory threats aimed at crippling critical media organizations financially and operationally.
Experts believe this could be part of a broader strategy to force news outlets into more favorable coverage, or risk facing penalties and restrictions, Financial Times adds.
At the heart of this showdown is CBS&#8217;s decision on whether to settle the lawsuit or stand firm against the Trump administration&#8217;s pressures.
Legal experts have dismissed the case as baseless, yet there&#8217;s internal division at CBS, with some staff members urging the network to resist yielding to presidential demands.
CBS&#8217;s parent company, Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), is currently in the process of finalizing a multi-billion-dollar sale to Skydance, and Trump&#8217;s allies, like Federal Communications Commission chair Brendan Carr, are reviewing the 60 Minutes interview in connection with that deal, Financial Times adds.
These tensions underscore a wider trend, as traditional media outlets face increasing financial pressure with declining viewership, while Trump bolsters conservative media and alternative outlets.
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Image: Shutterstock

Markets

General

PARA

Trump vs. CBS: President Threatens License Over 'Fraud' and Claims of Edited Kamala Harris Interview

President Donald Trump, <a href="https://www.benzinga.com/markets/asia/25/02/43574248/trump-hints-at-rekindling-nippon-steels-14-billion-acquisition-of-united-steel-in-talks-with-japanese-pm-ishiba">while meeting</a> with Japanese Prime Minister Shigeru Ishiba in the Oval Office on Friday was asked by a reporter if he had a "reaction" to Time magazine's new cover featuring "Elon Musk sitting behind your Resolute Desk." After a pointed "No" and a long pause during which Trump did not look happy, he finally replied, "Is Time magazine still in business? I didn't even know that."
The Time cover, in what could be seen as a calculated provocation, is part of the magazine's upcoming issue that includes a deep-dive by Simon Schuster and Brian Bennett into Musk's <a href="https://www.benzinga.com/25/01/43417749/elon-musks-aides-block-government-workers-from-federal-data-systems-report">sweeping influence</a> over the federal government. As head of the newly formed Department of Government Efficiency (DOGE), Musk has been handed extraordinary power to overhaul the government in alignment with Trump's agenda. Though, recent <a href="https://www.benzinga.com/news/legal/25/02/43539572/musk-allies-face-treasury-data-limits-as-judge-steps-in">legal challenges</a> have slowed some of Musk&#8217;s more aggressive efforts.
Read More: <a href="https://www.benzinga.com/news/legal/25/02/43539572/musk-allies-face-treasury-data-limits-as-judge-steps-in">Musk Allies Face Treasury Data Limits As Judge Steps In</a>
The starkly designed cover depicts Musk, coffee in hand, flanked by the American and presidential flags against a plain red backdrop. The accompanying article describes Musk's government overhaul as ruthless, noting that "millions of government workers find themselves at Musk's mercy."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">TIME&#39;s new cover: Inside Elon Musk&#39;s war on Washington <a href="https://t.co/95Qictx4zP">https://t.co/95Qictx4zP</a> <a href="https://t.co/QZ73CZqtnM">pic.twitter.com/QZ73CZqtnM</a>
&mdash; TIME (@TIME) <a href="https://twitter.com/TIME/status/1887849588104548502?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
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"So far, Musk appears accountable to no one but President Trump, who handed his campaign benefactor a sweeping mandate to bring the government in line with his agenda," Schuster and Bennett write. They add that DOGE declined to answer questions about its work, instead referring all inquiries to the White House, which also refused to comment.
This marks Musk's second Time cover in recent months, following a November issue that styled him as "Citizen Musk" and a political "kingmaker" in the 2024 election. Time&#8217;s back-to-back stories suggest that Musk, not Trump, may wield the real power, an implication that could unsettle a president known for his desire to be at the center of attention.
Trump's dismissive remark Friday belies his long-standing reverence for Time magazine, where he has been named "Person of the Year" twice and frequently graced the cover. 
Since Trump's return to office, Musk has been tasked with executing mass government layoffs reminiscent of his restructuring of Twitter (now X) in 2022. Uncharacteristically for Trump, he appears to have given Musk near-total autonomy in the effort.
Meanwhile, despite his relentless presence on X, Musk has remained conspicuously silent about his latest Time cover—at least for now.
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Photo: Shutterstock

Government

Media

Elon Musk on Time Magazine Cover Behind Resolute Desk Appeared to Surprise Trump

A judge has temporarily blocked President Donald Trump&#8217;s plan to place 2,200 U.S. Agency for International Development employees on paid <a href="https://www.benzinga.com/tech/25/02/43578110/while-elon-musk-has-been-at-the-center-of-trumps-presidency-in-the-first-three-weeks-data-shows-his-rivals-jeff-bezos-mark-zuckerberg-and-others-benefited-more-since-the-inauguration-here" target="_blank" rel="noreferrer noopener">leave just hours before it was set to occur</a>.
USAID, the world&#8217;s largest aid donor with most of its budget directed toward global health programs and two-thirds of its 10,000 employees stationed overseas, had already placed some staff on administrative leave, with 2,200 more scheduled to join them.
However, a temporary restraining order issued by Judge Carl Nichols, in response to a lawsuit by two unions, halts these actions until February 14.
&#8220;All USAID employees currently on administrative leave shall be reinstated until that date, and shall be given complete access to email, payment, and security notification systems until that date, and no additional employees shall be placed on administrative leave before that date,&#8221; Nichols writes.
The move follows Trump&#8217;s push to merge USAID with the U.S. Department of State as part of his &#8220;America First&#8221; agenda, which critics argue would significantly impact global humanitarian programs, BBC writes.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/global/25/02/43554574/apple-faces-mounting-pressure-from-uk-government-to-grant-spying-access-to-encrypted-data-of-users-worldwide" rel="noreferrer noopener">Apple Faces Mounting Pressure From UK Government To Grant Spying Access To Encrypted Data Of Users Worldwide</a>
President Trump&#8217;s administration has been pushing to dismantle USAID, arguing that its overseas spending is not a valuable use of taxpayer money.
The proposed restructuring would leave just 611 employees out of USAID&#8217;s 10,000-strong workforce, with the rest on leave, BBC <a target="_blank" href="https://www.bbc.com/news/articles/cdd9p8g405no" rel="noreferrer noopener">adds</a>.
Prior to the court ruling, around 500 workers had already been put on administrative leave, and another 2,200 were set to be furloughed.
The unions, filing the lawsuit, argued that the government&#8217;s actions violated the U.S. Constitution and caused harm to the workers, with Nichols agreeing that the workers would suffer &#8220;irreparable harm&#8221; if the court did not intervene.
The court order also reinstates the 500 employees who had been placed on leave, ensuring they regain access to email, payments, and security systems.
The judge noted that the impact of administrative leave for employees in conflict zones like Syria differs significantly from those in the U.S.
The restraining order is set to last until February 14, and a hearing will take place to assess the possibility of a longer-term pause.
&#8220;Administrative leave in Syria is not the same as administrative leave in Bethesda: simply being paid cannot change that fact,&#8221; the Judge writes.
The Trump administration is targeting various federal agencies, including USAID, in efforts to reduce U.S. spending.
To help cut the budget, Trump created the Department of Government Efficiency (DOGE), led by tech billionaire Elon Musk.
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Image: Shutterstock

Judge Blocks Trump's Bold USAID Layoff Plan, Saving 2,200 Workers – Major Setback for 'America First' Agenda?

President Donald Trump has signed an executive order freezing <a href="https://www.benzinga.com/content/43221574/top-trading-instruments-gaining-popularity-in-south-africa-forex-stocks-and-cryptocurrencies" target="_blank" rel="noreferrer noopener">financial aid to South Africa</a>.
The decision comes in the wake of tensions over South Africa&#8217;s controversial new land reform law, which Trump claims violates citizens&#8217; rights, <a href="https://www.bbc.com/news/articles/clykenglv32o" target="_blank" rel="noreferrer noopener">reports</a> BBC.
As part of the executive order, the U.S. will also develop plans to offer humanitarian relief by resettling Afrikaner farmers, primarily white South Africans of Dutch and French descent, as refugees in the U.S.
However, groups representing South Africa&#8217;s white minority rejected President Trump&#8217;s plan to offer them refugee status and resettlement in the U.S., AP News <a target="_blank" href="https://apnews.com/article/trump-south-africa-afrikaners-0120efec17122b47e3371e0e39fe1db8" rel="noreferrer noopener">reports</a>.
Trump&#8217;s administration expressed disapproval of South Africa&#8217;s position on a case accusing Israel of genocide at the International Court of Justice.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/02/43578729/court-halts-musks-doge-squad-from-gaining-access-to-treasury-payment-systems-a-risk-of-irreparable-harm" rel="noreferrer noopener">Court Halts Musk&#8217;s DOGE Squad From Gaining Access to Treasury Payment Systems: &#8216;A Risk of Irreparable Harm&#8217;</a>
South Africa&#8217;s new law, which permits land seizures without compensation under specific conditions, has ignited controversy.
While the South African government insists the policy aims to address land inequalities from the apartheid era, Trump and his supporters argue that it is an unjust violation of property rights, BBC adds.
Trump further emphasized his objections by accusing South Africa of mistreating certain groups, although no specific evidence has been provided for these claims.
South Africa condemned the U.S. action as &#8220;misinformation&#8221; and a distortion of the country&#8217;s complex history, rooted in colonialism and apartheid.
President Cyril Ramaphosa has defended the land policy, stressing that it targets land not being used productively, and was designed to ensure fairer access to land, BBC adds.
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</ul>
Image: Shutterstock

Trump vs. South Africa: Aid Cut, Refugee Plan and Land Law Tensions Escalate

Dave Ramsey, the financial guru known for his <a href="https://www.benzinga.com/personal-finance/25/02/43443687/dave-ramsey-says-if-you-want-to-waste-5000-a-year-spend-13-70-a-day-on-things-you-dont-need">strict budgeting advice</a>, recently revealed that when it comes to travel, he spares no expense. On a recent episode of the Smart Money Happy Hour podcast, Ramsey <a href="https://youtu.be/0WrQwrTnKKY?si=djbat4Rg_0H1upJS&amp;t=179">admitted</a> that his biggest splurge is on &#8220;uber-luxury, bougie travel.&#8221;
&#8220;The coolest thing I ever found in my life is when we go international, for somewhere around $400, $500—sometimes $1,000—you can have someone meet you at the gate, a personal customs escort,&#8221; he said. His daughter and podcast host Rachel Cruze jumped in, saying, &#8220;They do this on Crazy Rich Asians!&#8221; They walk you past everything. Straight through like like you own the place,&#8221; Ramsey continued.
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He recalled his trip to Egypt. &#8220;They sit you in a lounge and bring food while they run all your stuff, and then you go get in the car and leave. I mean, that&#8217;s bougie travel right there I mean, that&#8217;s money well spent when you&#8217;re living like no one else.&#8221;
Ramsey explained that while he has always been known for preaching frugality, he believes in spending on experiences that truly enhance his life. &#8220;I don't want travel stress. I want to enjoy the whole thing.&#8221; So, he pays for things that make his &#8220;life good&#8221; when he travels.
The personal finance expert, who built his brand on principles like <a href="https://www.benzinga.com/personal-finance/24/12/42691699/i-dont-borrow-money-says-dave-ramsey-even-if-the-offer-is-1-billion-at-0-interest-for-the-next-decade">living debt-free</a> and <a href="https://www.benzinga.com/personal-finance/25/01/43011673/dave-ramsey-says-stop-trying-to-keep-up-with-the-joneses-theyre-broke-warns-people-are-fake-rich-average-household-debt-is-175075">avoiding unnecessary purchases</a>, says he doesn't believe in cutting corners when it comes to travel accommodations. &#8220;We don't want to go travel 20 hours on a plane and then stay in a freaking Motel 6 just to say we got to go to a country,&#8221; he added.
Trending: <a href="https://www.benzinga.com/money/gbr-savings-by-age">If You're Age 35, 50, or 60: Here&#8217;s How Much You Should Have Saved Vs. Invested By Now</a>
Ramsey also acknowledged that his approach to spending has evolved over the years. As Cruze explained, people still think Ramsey followers &#8220;have to <a href="https://www.benzinga.com/personal-finance/24/08/40151501/dave-ramseys-tough-love-on-car-payments-avoid-the-middle-class-trap-the-goal-is-have-cars-where-">drive a crappy car</a>&#8221; for life and only eat rice and beans. The goal is to build wealth so you can enjoy life without financial stress.
His philosophy is simple: save and invest wisely, live below your means early in life, and later, spend guilt-free on things that genuinely matter. &#8220;When you've lived like no one else, then you can live like no one else,&#8221; Ramsey said, quoting his famous financial mantra.
While Ramsey's travel choices might raise some eyebrows, his reasoning aligns with his long-held belief in intentional spending. If you're going to spend big on something, make sure it's worth it. For him, that's making sure he&#8217;s not standing in line at customs when he could be starting his vacation.
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'Money Well Spent,' Says Dave Ramsey About Treating Himself To 'Uber-Luxury, Bougie Travel—'They Do This On Crazy Rich Asians'

A progressive think tank has urged the U.S. Department of Justice (DOJ) to scrutinize the legality of the meme coin TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) launched by <a href="https://www.benzinga.com/news/24/11/42254953/scaramucci-on-trump-deportation-plan-were-going-to-have-a-stock-market-crash">President Donald Trump</a>.
What Happened: The nonprofit consumer advocacy group, Public Citizen, has <a href="https://www.citizen.org/article/doj-oge-must-investigate-potential-violation-of-federal-law-barring-gift-solicitation/">raised</a> questions about the legality of the President&#8217;s new cryptocurrency TRUMP meme coin.
The meme coin, which was launched in mid-January, just before Trump assumed office, quickly escalated in value, securing its position as&nbsp;the 41st-largest digital asset by&nbsp;market cap.
In a communication&nbsp;to the DOJ and the&nbsp;Office of Government Ethics, officials&nbsp;from Public Citizen proposed that the meme coin might be in violation of federal laws that oversee gifts to government officials.
They highlighted that the TRUMP website clearly states that the meme coins are not meant to be an investment opportunity or security of any kind, but rather a digital receipt. 
Also Read: <a href="https://www.benzinga.com/25/01/43074520/solana-skyrockets-sees-15-surge-following-launch-of-trump-themed-meme-coin">Solana Skyrockets, Sees 15% Surge Following Launch Of Trump-Themed Meme Coin</a>
They argue that this is similar to asking for money in return for nothing, which could be interpreted as a personal gift to the President.
The Constitution prohibits accepting anything of value from foreign state actors, and due to the nature of cryptocurrency exchanges, it&#8217;s challenging to ascertain whether foreign entities are gifting the President by buying the memecoin.
Public Citizen&#8217;s skepticism is not solitary. Last month,&nbsp;Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) founder Vitalik Buterin&nbsp;denounced political coins as &#8220;vehicles for unlimited political bribery,&#8221; although he did not mention any specific token.
Why It Matters: The concerns raised by Public Citizen and others underscore the complex legal and ethical issues surrounding political cryptocurrencies. 
The involvement of high-profile individuals such as President Trump further complicates matters, as it raises questions about the potential for misuse of such platforms for personal gain or influence. 
The outcome of the DOJ&#8217;s investigation could have significant implications for the future of political cryptocurrencies.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076714/scaramucci-criticizes-donald-trumps-meme-coin-launch-idi-amin-level-corruption">Scaramucci Criticizes Donald Trump&#8217;s Meme Coin Launch: &#8216;Idi Amin-Level Corruption&#8217;</a>
Image: Shutterstock

$ETH

$TRUMP

Think Tank Calls for DOJ Probe Into TRUMP Meme Coin Over Possible Anti-Bribery Violations

As President Donald Trump pushes forward with <a href="https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-orders-plan-for-a-united-states-sovereign-wealth-fund/">plans</a> to <a href="https://www.benzinga.com/government/regulations/25/02/43447339/trump-announces-us-sovereign-wealth-fund-hints-at-tiktok-ownership">create the United States' first-ever sovereign wealth fund</a>, he should be taking a look at some of the world's most successful funds for inspiration. One of the best examples of how a sovereign wealth fund can succeed is Norway's Government Pension Fund Global, which is worth $1.7 trillion.
This fund is considered one of the best examples of how to manage national wealth for the long term. So, what can Trump—and the U.S.—learn from Norway's success?&nbsp;
<h2 class="wp-block-heading">What Is a Sovereign Wealth Fund, and Why Does It Matter?</h2>
A sovereign wealth fund is a government-run investment fund designed to manage the country's assets, whether they're from natural resources, budget surpluses, or other sources. These funds can be used to stabilize the economy, finance national infrastructure projects, or save for future generations.
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In Norway, the government set up its fund back in the 1990s to invest the country's oil revenue. The intention was to prevent the nation&#8217;s economy from collapsing when the oil supply ran out. Over time, it's become a powerhouse, invested in global stocks, bonds, and real estate and at the same time <a href="https://www.benzinga.com/real-estate/25/02/43424874/ceo-of-norways-sovereign-wealth-fund-advises-investors-to-dump-tech-stocks">providing long-term financial stability</a> for Norway's citizens.
<h2 class="wp-block-heading">How Norway's Fund Became a Model</h2>
Norway's <a href="https://www.benzinga.com/personal-finance/24/09/40796101/i-hate-the-idea-of-a-sovereign-wealth-fund-says-mark-cuban-still-thinks-it-might-work-in-one-spe">sovereign wealth fund</a> is often praised for being transparent, well-managed, and focused on long-term results.&nbsp;
Norway doesn't put all its eggs in one basket. While its fund started with oil money, it has since expanded into a wide range of global assets. This helps shield the country's economy from the volatility of any single market or resource. Trump's U.S. fund should learn from this and invest in many different areas.
Trending: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
The fund is overseen by an independent board, making decisions free from political pressure. This transparency helps avoid accusations of corruption or favoritism. Trump will need to set up a solid governance structure for his sovereign wealth fund to ensure it operates fairly and in the best interest of all Americans.
Norway's fund focuses on the long-term benefits, with an eye toward sustainability. The U.S. could easily fall into the trap of short-term thinking, where funds are used to address immediate issues instead of planning for the future.&nbsp;
<h2 class="wp-block-heading">What Can the U.S. Learn from Norway?</h2>
With plans to create a similar sovereign wealth fund in the U.S., Trump has an opportunity to follow in Norway's footsteps. However, he'll need to be careful with a few key aspects to make sure the fund doesn't go off track.
Norway's fund is known for its openness. If the U.S. fund is to succeed, it needs a clear strategy for how assets will be invested and how funds will be allocated. The public needs to know that the fund is being managed well and in their best interest.
See Also: According to Juniper Research, the total value of B2B cross-border payments stored on the blockchain is projected to exceed $4.4 trillion — <a href="https://www.benzinga.com/money/web3-enabler-future-of-enterprise-transactions">Join the first company to bring blockchain payments to Salesforce early with just $100.</a>
While immediate issues like infrastructure and national security concerns may tempt Trump to use the fund for short-term goals, Norway's success lies in focusing on long-term economic growth. The U.S. fund should aim for sustainable wealth that will benefit future generations.
One of the best things about Norway's fund is that it's <a href="https://www.benzinga.com/news/25/02/43465260/elon-musk-clashes-with-ceo-of-1-7-trillion-norway-wealth-fund-and-tesla-shareholder-who-voted-against-his-56-billion-compensation-deal">not controlled by political interests</a>. If the U.S. wants its fund to be successful, it will need to focus on what's best for the country, not for any one person or political party.
The question now is whether the U.S. will heed the lessons from Norway's massive success. A well-managed sovereign wealth fund could provide stability, reduce the tax burden, and create long-term economic security for the country.
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The World's Largest $1.7 Trillion Sovereign Wealth Fund Holds Key Lessons For Trump And The U.S.—Will They Listen?

Robert F. Kennedy Jr., President Donald Trump&#8217;s Health and Human Services Secretary-designate, has revealed in financial disclosures that he carries up <a href="https://www.benzinga.com/25/02/43468887/robert-f-kennedy-nomination-advances-to-full-senate-vaccine-stocks-drop" target="_blank" rel="noreferrer noopener">to $1.2 million in credit card debt</a>.
His balances, ranging between $610,000 and $1.2 million, are charged at high interest rates of 23.24% to 23.49%, <a href="https://www.cnbc.com/2025/02/07/what-rfk-jrs-financial-disclosures-may-teach-us-about-managing-debt.html" target="_blank" rel="noreferrer noopener">reports</a> CNBC.
While Kennedy&#8217;s financial situation may seem extraordinary, experts reportedly say high credit card debt is not limited to the wealthy.
Credit card balances across the U.S. have surged to a record $1.17 trillion in 2024, with many consumers, including high-income individuals, relying on credit to manage expenses amid rising prices, CNBC adds.
Matt Schulz, chief credit analyst at LendingTree, points out to CNBC that credit cards have become a &#8220;de facto emergency fund&#8221; for many Americans as inflation squeezes their budgets.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/social-media/25/02/43577521/mark-zuckerbergs-meta-to-begin-mass-layoffs-next-week-speeds-up-hiring-of-machine-learning-engineers-report" rel="noreferrer noopener">Mark Zuckerberg&#8217;s Meta To Begin Mass Layoffs Next Week, Speeds Up Hiring Of Machine Learning Engineers: Report</a>
Financial experts emphasize that carrying high credit card balances is costly, CNBC writes. If Kennedy were to pay off his debt at $50,000 per month, it could take up to 33 months to pay off the $1.2 million balance, incurring approximately $434,000 in interest.
In an interview to CNBC, Ted Rossman, senior analyst at Bankrate, calls Kennedy&#8217;s debt &#8220;truly massive&#8221; but also highlights that with significant income, such debt is puzzling.
For average consumers, the average credit card debt per borrower stood at $6,380 in 2024, with an interest rate of 20.13%, CNBC adds.
Experts suggest accelerating debt repayment to reduce the burden of interest, which can quickly accumulate.
Reducing credit card debt, they advise, is crucial to financial health — for both the wealthy and everyday Americans.
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RFK Jr. Reveals Shocking $1.2 Million Credit Card Debt – Glimpse into Americans' Worsening Debt Crisis?

Nike Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) has decided to return to Super Bowl advertising after a 27-year break, in an effort to revive its dwindling sales.
What Happened: The news of Nike&#8217;s return was disclosed by JPMorgan analysts in a research note, following a meeting with Nike&#8217;s CEO and CFO. The company has yet to make a public statement on the matter.
This decision comes at a critical time&nbsp;for Nike, which has been&nbsp;battling falling sales. The company is taking a high-stakes risk, as a 30-second Super Bowl ad spot can cost more than $8 million.
As per the report <a href="https://www.businessinsider.com/nike-returns-super-bowl-commercial-reverse-sales-slump-2025-2">by </a>Insider, newly appointed CEO, Elliott Hill, who returned to the company&nbsp;in October after a four-year&nbsp;hiatus, had presented a recovery plan in December. Hill has been critical of some of Nike&#8217;s previous strategies, such as heavy discounting and neglecting relationships with wholesalers.
The sportswear behemoth is also trying to reignite interest in its&nbsp;iconic sneaker brands like Jordans&nbsp;and Air Force 1s by limiting supply to stimulate demand.
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Over the past year, Nike&#8217;s shares have dropped approximately 30%, and the company reported an 8% year-over-year decrease in revenue to $12.4 billion for the quarter ending November 30.
In recent months, Nike has restructured its marketing department, promoting several company veterans,&nbsp;including former vice president Nicole&nbsp;Hubbard Graham, who was appointed as marketing chief.
The company seems to be leveraging significant cultural events to rejuvenate its brand, as seen by a new ad launched during the Grammy Awards this month, celebrating the 40-year legacy of its Jordan Brand.
Why It Matters: Nike&#8217;s return to Super Bowl advertising signifies a major shift in its marketing strategy. This move could potentially attract a larger audience and boost sales, which is crucial for the company given its recent financial performance. 
However, the high cost of Super Bowl advertising also adds a significant risk to this strategy. 
The success of this move will largely depend on how effectively the company can leverage this platform to connect with its target audience and rekindle interest in its products.
Image: Shutterstock

Sports

Nike Returns to Super Bowl Advertising To Revive Sales After 27-Year Gap

The Kansas City Chiefs have won the last two Super Bowls and are attempting to be the first NFL team to win three in a row <a href="https://www.benzinga.com/general/sports/25/02/43480342/chiefs-chase-historic-super-bowl-three-peat-and-nba-legend-stands-to-gain">in Super Bowl LIX</a>.
While fans of the team will shell out thousands of dollars to attend the game in New Orleans, millions will watch the game from the comfort of their home or a Super Bowl viewing party. Here's a look at what would have happened if a person invested the amount they would have spent on Super Bowl tickets for the last 14 seasons on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) instead.
What Happened: Bitcoin was <a href="https://www.benzinga.com/general/education/25/01/42789566/happy-birthday-bitcoin-16-fun-facts-about-leading-cryptocurrency">launched in January 2009</a> with the first 50 BTC mined. The launch of the cryptocurrency, which today is the largest by market capitalization, followed a whitepaper that was released in October 2008.
It took several years for Bitcoin transactions to reach mainstream and it to become easier for users to buy and sell the cryptocurrency on major exchanges.
One of the first-ever recognized Bitcoin transactions happened in October 2009 when a Finnish computer student sold 5,050 Bitcoin for $5.02. Less than a year later, in May 2010, one of the most famous Bitcoin transactions of all-time took place when programmer&nbsp;Laszlo Hanyecz&nbsp;sought out a person to buy him pizza in exchange for Bitcoin.
A person in England spent around $41 to buy pizza from&nbsp;Papa John&#8217;s&nbsp;for Hayecz in what is widely believed to be the first retail transaction using Bitcoin.
Today, investors can buy and sell Bitcoin across many cryptocurrency platforms and stock brokerages. Bitcoin is also an acceptable payment form several places.
Mark Yusko, who is the founder of&nbsp;Morgan Creek Capital&nbsp;and Managing Partner of&nbsp;Morgan Creek Digital,&nbsp;shared on X, formerly known as Twitter, that investing in Bitcoin over Super Bowl tickets is his advice.
&#8220;Every year, I advise people to take the money they would have spent on Super Bowl tickets and buy Bitcoin instead,&#8221; Yusko&nbsp;<a href="https://twitter.com/MarkYusko/status/1752433893238583299" target="_blank" rel="noreferrer noopener">said</a>.
Read Also: <a href="http://=https://www.benzinga.com/general/sports/25/02/43548933/exclusive-super-bowl-lix-viewers-more-excited-about-nfl-game-kendrick-lamar-commercials-or-taylor-swift-63-say">EXCLUSIVE: Super Bowl LIX Viewers More Excited About NFL Game, Kendrick Lamar, Commercials Or Taylor Swift? 63% Say…</a>
Investing in Bitcoin Over Super Bowl Tickets:&nbsp;The price of Super Bowl tickets has risen almost every year and continues to be one of the most expensive sporting events annually.
Sometimes fans shell out thousands to go and support their team and other times fans of the National Football League go to celebrate the potential once in a lifetime opportunity or because the Super Bowl is in a city near where they live.
Here&#8217;s a look at how much a ticket to the Super Bowl cost each year since 2012 using data from various sources, including&nbsp;<a href="https://www.gobankingrates.com/saving-money/entertainment/cost-super-bowl-tickets-year-you-were-born/" target="_blank" rel="noreferrer noopener">GoBanking&nbsp;</a>and how much Bitcoin a person could buy with the ticket money instead. The value of Bitcoin today is based on a price of $95,922.53 at the time of writing.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Year</td>
<td>Super Bowl Ticket Price</td>
<td>Bitcoin Price</td>
<td>#BTC Could Buy</td>
<td>Value Today</td>
</tr>
<tr>
<td>2012</td>
<td>$1,200</td>
<td>$5.18</td>
<td>231.6602</td>
<td>$22,221,432.48</td>
</tr>
<tr>
<td>2013</td>
<td>$1,250</td>
<td>$20.65</td>
<td>60.532.7</td>
<td>$5,806,449.73</td>
</tr>
<tr>
<td>2014</td>
<td>$1,500</td>
<td>$699.57</td>
<td>2.1442</td>
<td>$205,677.09</td>
</tr>
<tr>
<td>2015</td>
<td>$2,000</td>
<td>$231.57</td>
<td>8.6367</td>
<td>$828,454.11</td>
</tr>
<tr>
<td>2016</td>
<td>$2,500</td>
<td>$380.87</td>
<td>6.5639</td>
<td>$629,625.89</td>
</tr>
<tr>
<td>2017</td>
<td>$2,500</td>
<td>$1,043.63</td>
<td>2.3955</td>
<td>$229,782.42</td>
</tr>
<tr>
<td>2018</td>
<td>$2,500</td>
<td>$9,334.87</td>
<td>0.2678</td>
<td>$25,688.05</td>
</tr>
<tr>
<td>2019</td>
<td>$2,900</td>
<td>$3,521.39</td>
<td>0.8235</td>
<td>$78,992.20</td>
</tr>
<tr>
<td>2020</td>
<td>$4,300</td>
<td>$9,468.80</td>
<td>0.4541</td>
<td>$43,558.42</td>
</tr>
<tr>
<td>2021</td>
<td>$8,609</td>
<td>$39,621.84</td>
<td>0.2173</td>
<td>$20,843.97</td>
</tr>
<tr>
<td>2022</td>
<td>$8,869</td>
<td>$42,693.05</td>
<td>0.2077</td>
<td>$19,923.11</td>
</tr>
<tr>
<td>2023</td>
<td>$6,800</td>
<td>$22,060.99</td>
<td>0.3082</td>
<td>$29,563.32</td>
</tr>
<tr>
<td>2024</td>
<td>$8,600</td>
<td>$48,535.94</td>
<td>0.1772</td>
<td>$16,997.47</td>
</tr>
<tr>
<td>2025</td>
<td>$4,232</td>
<td>$96,922.53</td>
<td>0.0441</td>
<td>$4,232.00</td>
</tr>
</tbody>
</table>
</figure>
In total, buying Super Bowl tickets the last 14 seasons would have a cost of $57,760 per person. This amount invested each year in Bitcoin instead could have generated a sizable return.
In total, the person would have over 314 Bitcoin and have turned their investment of $57,760 into $30,161,220.26.
For comparison, investing the amount of the Super Bowl ticket in the&nbsp;SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500,&nbsp;would have generated much smaller returns.
A trip to a Super Bowl can be a once in a lifetime experience, but for many the cost of tickets, airfare and travel outweighs the experience. Fans of teams in the big game or the NFL in general can watch the game free at home, with the game airing on Fox this year. 
Last year&#8217;s Super Bowl set a <a href="https://www.benzinga.com/general/space/24/02/37109382/super-bowl-lviii-sets-modern-day-viewership-record-how-did-nfl-championship-compare-to-apollo-11-mo">record for viewership</a> with 123.4 million viewers on average with 202.4 million people watching at least a portion of the game. 
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This article was previously published by Benzinga and has been updated.
Image: Shutterstock

If You Invested in Bitcoin Instead of Buying Super Bowl Tickets Each Year Since 2012, Here's How Much You'd Have Today

Bill Gates earlier this week disclosed that the late Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) co-founder Steve Jobs once suggested that he should have experimented with hallucinogenic drugs to make Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) products more appealing.
What Happened: Gates, the co-founder of Microsoft, shared this anecdote in an interview with&nbsp;<a href="https://www.independent.co.uk/money/property-price-slow-drop-fall-affordable-b2010005.html">The Independent</a>. Jobs, the co-founder of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), was known for his innovative product designs, which he partially attributed to his use of LSD.
"Steve Jobs once said that&nbsp;he wished I'd take acid&nbsp;because then maybe I would&nbsp;have had more taste in&nbsp;my design of my products."&nbsp;
Gates, who is currently worth $164 billion, said he tried recreational drugs in his younger years, including marijuana, but ceased when he began working on Microsoft with co-founder Paul Allen.
He clarified, "Another thing about my personality is that I like my mind to work and be very logical. So I stopped … because it made my mind sloppy, either during or the day afterwards."
He also acknowledged Jobs&#8217; talents in design and marketing, admitting that they were not his strong suits.
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Gates responded to Jobs&#8217; suggestion with a light-hearted remark,&nbsp;"Look, I got the wrong&nbsp;batch. I&nbsp;got the coding batch, and&nbsp;this guy got the marketing-design&nbsp;batch, so good for him.&#8221;
&nbsp;"I envy those skills. I'm&nbsp;not in his league."&nbsp;
Jobs, who passed away in 2011, had publicly expressed his belief that Gates would have been a more well-rounded individual had he experimented with drugs or gone to a religious retreat, or ashram, in his youth.
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>.
Why It Matters: This revelation adds a new dimension to the relationship between two of the most influential figures in the tech industry. Despite their differences, Gates and Jobs had a complex relationship, as evidenced by Gates&#8217; recent disclosure.
Jobs&#8217; suggestion to Gates is particularly interesting given their history.
In 1997, Gates <a href="https://www.benzinga.com/personal-finance/24/10/41340693/bill-gates-saved-rival-apple-from-bankruptcy-by-investing-150-million-steve-jobs-thanked-him-pub">invested $150 million in Apple</a> when the company was on the brink of bankruptcy, a move that saved the company and was publicly acknowledged by Jobs.
Gates also <a href="https://www.benzinga.com/markets/24/10/41457050/bill-gates-once-said-he-was-so-jealous-of-apples-steve-jobs-and-labeled-him-a-genius-and-wizard-no-o">expressed his admiration for Jobs</a> in a 2020 interview, highlighting Jobs&#8217; natural charisma and ability to motivate people.
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/markets/cryptocurrency/25/02/43482587/elon-musk-appointed-as-special-government-employee-amid-doge-department-push-cant-do-anyth" target="_blank" rel="noreferrer noopener">Elon Musk Appointed As ‘Special Government Employee&#8217; Amid DOGE Department Push: ‘Can&#8217;t Do Anything Without Our Approval,&#8217; Says Trump</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock and Apple

Tech

AAPL

MSFT

Bill Gates Says Steve Jobs Once Told Him, I Wish You'd 'Take Acid' That Would Enhance Microsoft's Product Design More: 'I Envy Those Skills. I'm Not In His League'

It's 2025, and the federal minimum wage in the U.S. is <a href="https://www.benzinga.com/personal-finance/25/01/43234188/bernie-sanders-the-7-25-federal-minimum-wage-is-shameful-in-2025-america">still stuck at $7.25 an hour</a>—exactly where it's been since 2009. While some states have raised it on their own, millions of Americans are still struggling to make ends meet despite working full-time jobs.
Back in 2016, right after Donald Trump won the presidency for the first time, Warren Buffett sat down for an interview with CNN to discuss income inequality, wages, and what should be done to ensure full-time workers aren't living in poverty. Nearly a decade later, his words still hit hard.
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<h2 class="wp-block-heading">In a Super Rich Country, 40 Hours Should Be Enough</h2>
Buffett, <a href="https://www.benzinga.com/startups/25/01/43101102/elon-musk-the-richest-man-in-the-world-is-estimated-to-earn-over-23-million-every-single-hour-of-the-day-heres-how-hes-spending-it">one of the world's richest men</a>, has long argued that a full-time job should provide financial stability. He put it bluntly in that interview:
"We have to make sure that in a super rich country, anybody who's willing to work 40 hours a week has a decent living."
That's a simple idea. If you put in the hours, you should be able to afford rent, groceries, and a reasonable quality of life. But the reality in 2025? The gap between the ultra-wealthy and everyday workers is still enormous. <a href="https://www.benzinga.com/personal-finance/24/09/41082731/new-survey-finds-75-of-americans-support-cuts-for-higher-income-retirees-to-cover-social-security-shortfall">People are still working multiple jobs</a> just to survive, and Buffett's words are just as relevant as they were back then.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a>
<h2 class="wp-block-heading">Why Not Just Raise the Minimum Wage?</h2>
Buffett has been asked for years whether the solution is to raise the minimum wage. His answer? It's complicated.
"It's the hardest question I've been asked because I don't know the answer," he admitted in 2016.
He supports higher wages but <a href="https://www.benzinga.com/personal-finance/24/07/39776316/bill-gates-is-against-raising-minimum-wage-because-it-would-cause-job-destruction-says-limited-h">worries about unintended consequences</a>.
"If you tell me I've got to run a business that pays $15 an hour in many industries, I'm going to employ fewer people than before," Buffett explained. "I don't want to employ fewer people; I just want that person to make $15 an hour."
It's a classic economic debate: higher wages mean better pay for workers, but could also lead to fewer jobs if businesses cut costs by hiring less.
Trending: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
<h2 class="wp-block-heading">Buffett's Solution: A Minimum Income, Not a Minimum Wage</h2>
Instead of pushing for a higher minimum wage, Buffett champions the earned income tax credit –government program that supplements low wages with tax credits.
"You don't need a minimum wage. You need a minimum income," he said.
His idea is simple: keep wages as they are but use the tax system to boost take-home pay. The earned income tax credit could ensure that even those in low-wage jobs effectively earn $15 an hour without forcing businesses to cut jobs.
"The earned income tax credit can give everyone $15 an hour even if their market skills don't command it," Buffett explained. "You don't lose any employment, and you make it graduated so there's still an incentive to move up."
The way Buffett sees it, the government has enough money to make this work:
"If we've got an $18 trillion GDP, we can allocate enough so that anybody who works productively at 40 hours a week can have a decent life," he said.&nbsp;
See Also: Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a>
<h2 class="wp-block-heading">Did Anyone Listen?</h2>
Since Buffett's 2016 interview, some states have raised their minimum wages to $15 or more, but at the federal level, nothing has changed. The earned income tax credit has been adjusted slightly over the years, but not in any significant way.
In states where the minimum wage has increased, results have been mixed. Some businesses have cut jobs or raised prices, while others have absorbed the costs and seen increased productivity. Meanwhile, in places where wages have stayed low, the struggle continues.
Buffett has continued pushing for an expanded earned income tax credit, but Congress has yet to take meaningful action. He argues that the government knows how to fix the problem—they just haven't done it.
"We need to address the problem not of how to get more eggs—we know how to do that—but how to make sure that in a super rich country, <a href="https://www.benzinga.com/money/are-you-rich">anybody who's willing to work 40 hours</a> a week has a decent living," he said.&nbsp;
Nine years after Buffett's interview, the debate over wages and income inequality rages on. The federal minimum wage remains frozen, and while some states have taken action, there's no universal fix. Buffett's push for a stronger earned income tax credit is still an idea sitting on the shelf, waiting for lawmakers to act.
So the question remains: will 2025 be the year politicians finally listen? Or will we be having this same conversation in another decade?
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Warren Buffett Said 'Anybody Who's Willing To Work 40 Hours A Week' Deserves A Decent Life — But Proposes A Minimum 'Income', Not Minimum Wage

A federal judge has imposed a temporary restriction preventing Elon Musk&#8216;s Department of Government Efficiency (DOGE) from accessing Treasury Department payment systems. The judge cited potential risk of &#8220;irreparable harm&#8221; as the reason for this decision.
What Happened: On Saturday, U.S. District Judge Paul Engelmayer issued the order in response to a lawsuit filed by attorneys general from 19 states against President Donald Trump and Treasury Secretary Scott Bessent.
The lawsuit seeks to end what it terms as&nbsp;the government&#8217;s &#8220;new and dangerous&nbsp;expanded access policy.&#8221;
&#8220;That is both because of the risk that the new policy presents of the disclosure of sensitive and confidential information and the heightened risk that the systems in question will be more vulnerable than before to hacking,&#8221; Engelmayer said.
The judge&#8217;s order, effective until Friday, February 14, also requires officials who have accessed&nbsp;the systems since January 20&nbsp;to &#8220;immediately destroy any and all&nbsp;copies of material downloaded from&nbsp;the Treasury Department&#8217;s records and&nbsp;systems.&#8221;
Also Read: <a href="https://www.benzinga.com/news/25/02/43419885/musks-doge-eyes-treasury-payment-system-sparks-controversy-leading-to-officials-exit">Musk&#8217;s DOGE Eyes Treasury Payment System, Sparks Controversy Leading To Official&#8217;s Exit</a>
According to the report <a href="https://www.businessinsider.com/judge-blocks-elon-musk-doge-accessing-treasury-payment-systems-2025-2">by</a> Insider, New York Attorney General Letitia James (D), who initiated the lawsuit, alleged in a video that Musk&#8217;s DOGE had &#8220;accessed the personal private information of tens of millions of Americans&#8221; in the past week. The defendants, Trump and Bessent, are scheduled to present their arguments to Judge Jeannette Vargas on February 14.
&#8220;This unelected group, led by the world&#8217;s richest man, is not authorized to have this information, and they explicitly sought this unauthorized access to illegally block payments that millions of Americans rely on, payments for healthcare, childcare and other essential programs,&#8221; James told the outlet.
DOGE, which aims to reduce government expenditure and regulations, has not yet responded to Business Insider&#8217;s request for a comment.
Why It Matters: This development comes amidst growing concerns over privacy and data security. The lawsuit and the judge&#8217;s order highlight the potential risks associated with granting expanded access to sensitive government systems. 
The case also underscores the ongoing debate about the balance between efficiency and privacy in government operations.
The outcome of this case could have significant implications for DOGE and similar initiatives in the future. It could also influence policies around access to government systems and the handling of personal data.
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Image: Shutterstock

Court Halts Musk's DOGE Squad From Gaining Access to Treasury Payment Systems: 'A Risk of Irreparable Harm'

U.S. Sen. <a href="https://www.benzinga.com/25/01/43291979/how-crazy-is-that-says-bernie-sanders-condemning-trump-for-ignoring-working-families-issues-in-his-inauguration-speech">Bernie Sanders</a>, (I-VT), recently took to social media to voice his concerns about proposed Republican policies and executive orders from the Trump administration that he argues would harm working families in favor of adding more to billionaires wallets.&nbsp;
In a <a href="https://www.tiktok.com/@bernie/video/7466148894095740203?_r=1&amp;_t=ZP-8tXFAxwauPG">video</a> Sanders recently posted on TikTok, he outlined the current political landscape and urged Americans to take action against what he sees as a shift toward oligarchy and authoritarianism.&nbsp;
<h2 class="wp-block-heading">Concerns Over Economic Inequality</h2>
Sanders emphasized the growing wealth gap in the U.S. by pointing out that since Donald Trump was elected as president again, billionaires like <a href="https://www.benzinga.com/startups/25/02/43483655/elon-musk-is-all-in-on-trump-tesla-investors-holding-600000-shares-question-if-he-can-still-run-a-1-25-trillion-company">Elon Musk</a>, Jeff Bezos, and Mark Zuckerberg have seen their wealth increase by over $200 billion. He argued that the men, who stood behind Trump at his inauguration last month, represent a system that is becoming increasingly controlled by the ultra-wealthy.&nbsp;
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One primary concern that Sanders voiced is the Republican-backed Budget Reconciliation Bill. He claimed that this legislation would deliver significant tax cuts to the wealthiest Americans while making cuts to critical programs like Medicaid.&nbsp;
"At a time of unprecedented income and wealth inequality, when so many of our people are struggling to put food on the table, we must not savage programs for working families to provide huge tax breaks for billionaires," he said.&nbsp;
<h2 class="wp-block-heading">Pushback Against Cuts to Social Programs</h2>
In his video, Sanders said that proposed cuts to Medicaid and other federal assistance programs would disproportionately impact low-income Americans. He said that Trump's recent call for a <a href="https://www.benzinga.com/news/25/01/43322173/trumps-memo-freezing-federal-assistance-money-rescinded-by-another-memo-following-lawsuits">federal funding freeze</a>, which was quickly overturned by the courts, could have serious impacts on programs like Head Start, food assistance, and support for homeless veterans.&nbsp;
"Tens of millions of Americans, some of the most vulnerable people in our country, were impacted by that decision," he said.&nbsp;
Trending: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
Sanders also expressed strong opposition to potential privatization efforts in Medicare and the failure to raise the <a href="https://www.benzinga.com/personal-finance/25/01/43234188/bernie-sanders-the-7-25-federal-minimum-wage-is-shameful-in-2025-america">federal minimum wage</a>, which currently stands at $7.25 per hour. He argued that raising the minimum wage to at least $17 per hour is necessary to ensure that full-time workers can afford basic living expenses.
<h2 class="wp-block-heading">Differing Views on Policy Changes</h2>
While Sanders has called for action against these policy proposals, Republican leaders argue that tax cuts are necessary to stimulate economic growth and encourage job creation. Supporters of the Budget Reconciliation Bill contend that reducing government spending will help address the national debt and increase financial sustainability. Similarly, proponents of stricter immigration enforcement believe that stronger border policies will enhance national security and protect job opportunities for American workers.
On the issue of housing, Sanders advocates for increased investment in low-income housing projects, whereas some lawmakers emphasize deregulation and private sector solutions as a way to address affordability concerns. These differing approaches highlight the broader debate over the role of government in economic and social policy.
See Also: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>
<h2 class="wp-block-heading">Looking Ahead</h2>
Sanders concluded his remarks by urging unity among working-class Americans, emphasizing that collective action is the key to achieving meaningful change. "If we stand together and oppose right-wing efforts to divide us up by our race, by our religion, our sexual orientation, or where we were born, if we stand together, there is nothing that we cannot accomplish," he said.
As debates over tax policy, social programs, and <a href="https://www.benzinga.com/personal-finance/25/02/43499935/worldwide-57-expect-the-next-generation-to-be-worse-off-financially-what-drives-this-economic-pessimism">economic inequality</a> continue, differing perspectives will shape the direction of policy decisions in the coming months. Sanders&#8217; message serves as a call for civic engagement and political activism, while lawmakers from both sides of the aisle continue to advocate for their respective policy priorities.
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Bernie Sanders Says 'We Must Not Savage Programs For Working Families To Provide Huge Tax Breaks For Billionaires'

Benzinga examined the prospects for <a href="http://www.benzinga.com/trading-ideas">many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
All three major indexes declined for the week, with the Dow Jones Industrial Average, which is tracked by the SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), snapping a three-week winning streak, falling 0.54%, while the S&amp;P 500 Index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), lost 0.24%, and the Nasdaq-100 Index, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), dropped 0.53%. 
January's jobs report showed mixed signals, as nonfarm payrolls rose by 143,000—well below December's 307,000—while unemployment edged lower and <a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43559446/us-economy-adds-fewer-than-expected-jobs-in-january-unemployment-slows-wage-growth-spikes">wages exceeded expectations</a>.
The University of Michigan's consumer sentiment index unexpectedly fell in February, citing rising inflation expectations, which the report linked to concerns over higher Trump-era tariffs. 
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), surged past $2,850 per ounce to new all-time highs, extending its six-week rally as investors sought safety amid inflation fears <a href="https://www.benzinga.com/25/02/43574339/magnificent-seven-slip-inflation-fears-grip-consumers-gold-hits-record-highs">and economic uncertainty</a>.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/news/earnings/25/02/43480688/amd-q4-earnings-revenue-beat-eps-beat-data-center-continued-growth">AMD Q4 Earnings: Revenue Beat, EPS Beat, Data Center Up 69%, &#8216;Clear Opportunities&#8217; For Continued Growth And More</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, reports Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) surpassing estimates with $7.66 billion in Q4 revenue and $1.09 EPS, driven by a 69% jump in data center sales, while gaming revenue declined 59% year-over-year.
&#8220;<a href="https://www.benzinga.com/trading-ideas/movers/25/02/43453368/xrp-erases-black-sunday-losses-with-20-surge-as-jack-dorsey-posts-intriguing-video-featuring-bitcoin-bull-michael-saylor">XRP Erases &#8216;Black Sunday&#8217; Losses With 20% Surge As Jack Dorsey Posts Intriguing Video Featuring Bitcoin Bull Michael Saylor</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, reports on XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) rallying 20% after Donald Trump&#8217;s temporary tariff relief, while a viral video from Jack Dorsey featuring Michael Saylor morphing into the XRP logo fueled speculation on social media.
&#8220;<a href="https://www.benzinga.com/25/02/43487682/palantir-ceo-hails-elon-musks-doge-initiative-anticipates-positive-outcome">Palantir CEO Hails Elon Musk&#8217;s DOGE Initiative, Anticipates Positive Outcome</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/namrata-sen">Namrata Sen</a>, highlights Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) CEO Alex Karp&#8217;s enthusiasm for Elon Musk&#8217;s Department of Government Efficiency (DOGE), calling it a &#8220;revolution&#8221; that will benefit Palantir, despite potential disruptions for government contractors.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43474406/nvidia-still-a-top-pick-as-microsoft-meta-stick-with-gpus-despite-deepseek-challenge-analyst">Nvidia Still A Top Pick As Microsoft, Meta Stick With GPUs Despite DeepSeek Challenge: Analyst</a>
<a href="https://www.benzinga.com/25/02/43475080/paypal-beats-q4-estimates-as-transaction-margins-and-payment-volume-drive-growth-eyes-2025-growth-with-strong-tmd-eps-outlook-ahead-of-investor-day-analyst">PayPal Transaction Margins and Payment Volume Drive Growth, Eyes 2025 Growth With Strong TMD Ahead of Investor Day: Analyst</a>
<a href="https://www.benzinga.com/25/02/43474797/amazon-faces-trumps-tariffs">Amazon &#8216;Relatively Well-Positioned&#8217; To Face Trump&#8217;s Tariffs: Analyst</a>
The Bears
&#8220;<a href="https://www.benzinga.com/25/02/43534797/tesla-sales-drop-60-in-germany-are-elon-musks-politics-getting-in-the-way-of-ev-growth">Tesla Sales Drop 60% In Germany: Are Elon Musk&#8217;s Politics Getting In The Way Of EV Growth?</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, reports Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) seeing a 59.5% year-over-year sales decline in Germany for January, attributed to the Model Y refresh and potential backlash from Elon Musk&#8217;s political stance, while broader EV sales in the country rose 53.5%.
&#8220;<a href="https://www.benzinga.com/25/02/43444802/comcast-downgraded-as-broadband-struggles-and-price-cuts-raise-investor-concerns">Comcast Faces Broadband Headwinds, Analyst Downgrades Stock And Cuts Price Forecast</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, reports Scotiabank downgrading Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) to Sector Perform, lowering its price target to $44.50, citing broadband losses and pricing pressure from mobile-broadband bundles, though the company remains optimistic about subscriber retention and long-term ARPU growth.
&#8220;<a href="https://www.benzinga.com/25/02/43540794/what-analysts-are-saying-about-fords-q4-performance-and-outlook">Ford&#8217;s Cost Reductions And Transition In Focus, Analysts Trim Forecasts Amid Lackluster 2025 Guidance</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/shivani-kumaresan">Shivani Kumaresan</a>, covers analysts&#8217; mixed reactions to Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) beating Q4 estimates but issuing weaker-than-expected 2025 guidance, with Goldman Sachs maintaining an $11 price target, RBC Capital lowering its target to $9, and BofA Securities cutting its forecast from $19 to $15.50, citing pricing pressures, cost-cutting measures, and industry headwinds.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/government/regulations/25/02/43502963/oil-drops-as-traders-doubt-iran-sanctions-trump-bark-is-far-worse-than-his-bite-analyst-sa">Oil Drops As Traders Doubt Iran Sanctions: &#8216;Trump Bark Is Far Worse Than His Bite,&#8217; Analyst Says</a>
<a href="https://www.benzinga.com/25/02/43459558/novo-nordisk-faces-investor-concerns-over-hybrid-cagrisema-trial-results-for-weight-loss">Novo Nordisk Faces Investor Concerns Over Hybrid CagriSema Trial Results For Weight Loss</a>
<a href="https://www.benzinga.com/news/earnings/25/02/43493897/versace-jimmy-choo-parent-capri-q3-earnings-miss-sales-decline-lackluster-outlook-more">Versace, Jimmy Choo Parent Capri Q3: Earnings Miss, Sales Decline, Lackluster Outlook &amp; More</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
Image created using artificial intelligence via Midjourney.

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Benzinga Bulls and Bears: Tesla, Palantir, AMD, Ford and XRP Rallies After Viral Jack Dorsey Video

A surge of billionaires joining the Trump administration has triggered a boom in Washington&#8217;s luxury real estate market, as tech titans and business leaders rush to establish footholds in the capital.
According to the Financial Times, Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg is exploring purchasing property in Washington, signaling his efforts to <a href="https://www.benzinga.com/25/01/43296858/mark-zuckerberg-reportedly-explores-buying-property-in-washington-dc-as-meta-ceo-looks-to-work-closely-with-trump">influence the administration&#8217;s technology policies</a>. The move comes as Meta commits up to $65 billion in AI-related spending.
The trend extends beyond tech executives. According to The New York Times, at least a dozen billionaires have been tapped for senior administration roles, led by Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk with a net worth of $429 billion. Musk, is heading the Department of Government Efficiency, is reportedly eyeing property in the Adams Morgan neighborhood.
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Real estate agents report unprecedented demand for luxury properties. &#8220;We&#8217;ve really been overwhelmed by the wealth factor that has come to Washington since the election,&#8221; Jim Bell, executive vice president of TTR Sotheby&#8217;s International Realty, told The New York Times.
Recent high-profile purchases include a $25 million French Chateau-style home bought by&nbsp; Commerce Secretary-nominee Howard Lutnick, setting a local record. The Financial Times said that Trump&#8217;s crypto and AI czar David Sacks bought a $10 million residence in the capital.
&#8220;These are really rich people,&#8221; tech journalist Kara Swisher told The New York Times. &#8220;As much as they like to have an image of not being spendy, they&#8217;re all really spendy. They all have private planes, they all have assistants.&#8221;
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The scramble for property mirrors a broader shift in Washington&#8217;s power dynamics. &#8220;There are a lot of very wealthy people looking for a seat at the table,&#8221; Jonathan Taylor of TTR Sotheby&#8217;s told The New York Times.
Billionaire David Rubenstein explained the motivation. &#8220;Big donors would like to get the policies they believe in from the federal government — more oil drilling, easier antitrust policy, more favorable crypto policy, less bank oversight,&#8221; he said.
Prime neighborhoods like Kalorama, Massachusetts Avenue Heights, and Georgetown have seen particular interest. The trend has transformed traditionally elite enclaves, with tech wealth displacing old-money residents.
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The transformation of Washington&#8217;s <a href="https://www.benzinga.com/real-estate/25/02/43492631/dc-luxury-market-responds-to-trumps-return-with-buying-frenzy-as-business-elite-aim-to-infiltrate-inner-circle">real estate market extends beyond individual purchases</a>, though. A historic Georgetown property, the 1850 Italianate-style home of the late White House counsel and diplomat Boyden Gray, sold for $10.5 million, while real estate agents report actively calling existing homeowners to gauge interest in selling to wealthy newcomers.
For the billionaires, Washington properties represent relative bargains. &#8220;If you want to buy a home in New York or Southampton, a really good house, it could cost $100 million to $150 million,&#8221; Rubenstein told the New York Times. &#8220;You can&#8217;t spend $25 million in Washington even if you try.&#8221;
The influx has particularly impacted established neighborhoods. As Jamie Peva, a Georgetown real estate agent, explained to The New York Times, &#8220;that whole WASP hegemony that started to decline in the &#8217;80s just continued to decline. All of a sudden tech starts to come in. It&#8217;s a meritocracy.&#8221;
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Real Estate

Why Billionaires Are Buying Up Washington: The 'Trump Bump' In Luxury Real Estate

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