Coffee (KC)

La cadena de opciones muestra datos clave de las opciones de acciones de Kingsoft Cloud Holdings a varios precios de ejercicio y fechas de vencimiento. Los operadores utilizan esta información para analizar posibles operaciones y evaluar el sentimiento del mercado para Kingsoft Cloud Holdings..

Kingsoft Cloud Holdings (NASDAQ:KC) Bolsa, Cadena de Opciones

Kingsoft Cloud Hldgs

Kingsoft Cloud Holdings

Kingsoft Cloud Holdings Ltd is an independent cloud service provider in China. It provides integrated cloud-based services including cloud computing, storage, and delivery. Its products and services are Security, Database, Data Analysis, Networking, and others. Its solutions are medical, government affairs, finance, media, education, gaming, Vehicle solutions, and others.

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MYNA

PCLA

SLSR

STAI

STVN

VRPX

ZCAR

Airbnb supera expectativas de ingresos y sus acciones suben un 13,9% en premercado. Descubre qué otros valores están destacando hoy.

Acciones de Airbnb (ABNB) suben alrededor del 14%; 20 acciones que se mueven en el premercado de EE.UU.

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Explora los movimientos más destacados del pre-mercado, incluyendo el aumento del 23% en Logility y más sorpresas.

Acciones de Logility Supply Chain (LGTY) suben un 23%; 20 acciones que se mueven en el premercado de EE.UU.

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Descubre las acciones que lideran los movimientos en la apertura del mercado, incluyendo repuntes destacados y caídas sorprendentes.

Acciones de Evaxion Biotech (EVAX) suben alrededor del 62%; 20 acciones que se mueven en el premercado

Kingsoft Cloud Holdings Limited - American Depositary Shares

Kingsoft Cloud Holdings Ltd

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Series Portfolio Trust Subversive Food Security ETF

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KUTCHO COPPER CORP ORD by Kutcho Copper Corp.

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KECK SENG INVESTMENTS by Keck Seng Investments

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Sen. Thom Tillis (R-N.C.) said Sunday he will not run again in 2026, a decision that landed less than 24 hours after he crossed President Donald Trump on a marquee tax-and-immigration bill and drew an instant primary threat.
What Happened: Serving in the U.S. Senate has been a &#8220;blessing,&#8221; the two-term lawmaker, 64, wrote, recalling a rise from making minimum wage and living at a trailer park to Capitol Hill? Tillis and Sen. Rand Paul (R-Ky.) were the only Republicans to <a href="https://www.benzinga.com/news/politics/25/06/46159430/trumps-major-bill-advances-in-senate-amid-late-night-vote-salt-provision-compromise-stirs-controversy">oppose opening debate</a> on Trump's $4 trillion "One Big Beautiful Bill Act," prompting Trump to vow on Truth Social to meet with &#8220;numerous people" eager to oust Tillis in a GOP primary. "Tillis is a talker and complainer, NOT A DOER," Trump wrote.
The President later hailed Tillis's exit as "Great News!" to supporters online.
See also: <a href="https://www.benzinga.com/news/politics/25/06/46160881/bernie-sanders-slams-trumps-big-beautiful-bill-as-a-gift-for-billionaires-the-most-dangerous-piece-of-legislation-in-modern-history">Bernie Sanders Slams Trump&#8217;s &#8216;Big, Beautiful Bill&#8217; As A Gift For Billionaires: &#8216;The Most Dangerous Piece of Legislation In Modern History&#8217;</a>
Why It Matters: Trump&#8217;s social media outcry initially arrived hours after Tillis declared in a statement that he "cannot support" the president's spending bill in its current form. Tillis warned that the bill's anticipated <a href="https://www.benzinga.com/general/health-care/25/05/45344596/house-republicans-push-880-billion-medicaid-cuts-to-renew-trump-tax-breaks-democrat-warns-millions-will-lose-their-health-care">Medicaid cuts</a> would strip North Carolina, including its hospitals and rural communities, of tens of billions of dollars in funding.
The surprise retirement instantly scrambles the 2026 map in a battleground state Trump won narrowly twice. According to a Politico <a href="https://www.politico.com/news/2025/06/29/thom-tillis-retires-00432045">report</a>, Democrats have courted former governor Roy Cooper, while Republicans eye Trump&#8217;s daughter-in-law and ally Lara Trump. Tillis's exit also highlights the peril for GOP moderates who buck Trump. The party previously censured Tillis for backing gun-safety and same-sex marriage deals.
Meanwhile, the Senate will resume work this week on amendments to the bill that spurred Tillis's break with Trump; passage would return the measure to the House before Independence Day.
Photo Courtesy: Jeffery Edwards on Shutterstock.com
Read next: <a href="https://www.benzinga.com/personal-finance/crowdsourcing/25/06/46160615/congressman-says-nobody-asked-for-the-irs-to-be-americans-tax-preparer-applauds-efforts-to-shut-down-the-irs-direct-file-program">Congressman Says &#8216;Nobody Asked For The IRS To Be Americans&#8217; Tax Preparer,&#8217; Applauds Efforts To Shut Down The IRS Direct File Program</a>

Politics

Thom Tillis Pulls Out Of 2026 Re-Election Run After Saying He 'Cannot Support' Trump-Backed 'One Big Beautiful Bill', President Calls It 'Great News'

As Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) celebrates its <a href="https://www.benzinga.com/general/social-media/24/03/37879478/humble-beginnings-like-nvidia-reddit-was-founded-inside-a-restaurant">20th anniversary</a>, CTO Chris Slowe discussed how the platform's unique blend of AI-powered search and human-driven content distinguishes it from both traditional search engines like Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google and AI companies like OpenAI, as well as social media giants like Elon Musk's X, Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Instagram and ByteDance-owned TikTok.
What Happened: In an <a href="https://www.theverge.com/reddit/692481/reddit-20th-anniversary-cto-ai-future">interview</a> with The Verge that was published on Saturday, Slowe mentioned that as Reddit enters its third decade, the platform has embraced AI to enhance user experience.
The rollout of tools like Reddit Answers, a feature that uses AI to generate concise summaries from the platform&#8217;s wealth of user-generated content, can be seen as an example of this development.
Slowe emphasized that Reddit's AI tools are distinct because they link back to the original posts, maintaining a direct connection to the community-based content.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45830549/pierre-ferragu-takes-apple-to-task-for-dismissing-the-ai-revolution-has-its-head-in-the-sand" target="_blank" rel="noreferrer noopener">Pierre Ferragu Takes Apple To Task For Dismissing The AI Revolution: ‘Has Its Head In The Sand&#8217;</a>
"If you just want the short summary, it's there. If you want to delve deeper, it's an easier way to get into it," Slowe explained.
Slowe also addressed Reddit's decision to collaborate with AI giants like Google and OpenAI, while protecting its own data. He noted, "We aren't a charity&#8230; don't build your business on our back and expect us not to defend ourselves."
When asked about the competition from AI-powered search tools, Slowe said that Reddit aims to keep its identity intact. "Keep allowing Reddit to be Reddit."&nbsp;
Slowe said that the platform doesn't require users to share their real names. In fact, a user's reputation on the platform is shaped by what they contribute, not by who they are in real life — a model he says stands in drastic contrast to other social media platforms like Instagram, TikTok or Facebook.
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's Important: College roommates Steve Huffman and Alexis Ohanian launched Reddit in 2005 and built the fledgling platform on a tight budget until it was acquired by Condé Nast a year later.
The site struggled to find its footing under the media giant's ownership, leading the founders to step away as the company lost its sense of direction.
Eventually, Condé Nast spun Reddit back out as an independent entity. When user discontent reached a boiling point in 2015, Huffman returned as CEO to steer the company through turbulent waters.
Over the next nine years, Reddit regained stability and grew its revenue more than fiftyfold, culminating in a long-awaited IPO nearly two decades after its founding.
Reddit, which made its public debut in March 2024, continues to rank among the world's most-visited websites. According to Semrush, as of April 2025, Reddit.com is the seventh most visited site globally.
It currently has a market cap of $26.38 billion.
Price Action: According to data from <a href="http://pro.benzinga.com/dashboard">Benzinga Pro</a>, Reddit's stock has surged by 210.89% over the past five years, despite being down 13.80% year-to-date. Over the past year alone, shares have climbed 114.75%.
Benzinga's Edge Stock Rankings indicate that Reddit's shares are maintaining an upward trend across short, medium and long-term periods. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">More in-depth performance insights can be found here</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/30005645/Screenshot-2025-06-30-at-10.22.17%E2%80%AFAM.png" alt="" class="wp-image-966206" /></a></figure>
Photo Courtesy: EvaristoMGD on Shutterstock.com
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>.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45489038/us-stocks-likely-to-open-lower-after-moodys-downgrade-bear-market-isnt-fully-recovered-yet-but-it-is-close-says-expert" target="_blank" rel="noreferrer noopener">US Stocks Likely To Open Lower After Moody&#8217;s Downgrade: ‘Bear Market Isn&#8217;t Fully Recovered Yet, But It Is Close,&#8217; Says Expert</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

GOOG

GOOGL

RDDT

Reddit Turns 20, CTO Explains Why The Platform Is No Google Or OpenAI But Is Also Unlike X, Instagram And TikTok

Macro Economic Events

Econ #s

Economics

Reported Earlier, China Non-Manufacturing Purchasing Managers Index For June 50.5 Vs. 50.3 Est.; 50.3 Prior

Reported Earlier, China Manufacturing Purchasing Managers Index For June 49.7 Vs. 40.6 Est.; 49.5 Prior

Reported Earlier, China Composite Purchasing Managers' Index For June 50.7 Vs. 50.4 Prior

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Industrial Production (MoM) Preliminary For May 0.5% Vs. 3.4% Est.; -1.1% Prior

Canada rescinded its Digital Services Tax (DST) on Monday to support complex trade negotiations with the United States, reversing a policy that had triggered market volatility and threatened bilateral relations.
What Happened: Finance Minister François-Philippe Champagne announced the decision following Prime Minister Mark Carney&#8216;s agreement with President Donald Trump to resume negotiations toward a comprehensive deal by July 21. 
The move halts the scheduled June 30 collection and will require new legislation to formally repeal the Digital Services Tax Act.
The DST, announced in 2020, targeted large technology companies generating revenue from Canadian users who might otherwise avoid taxation. 
Trump had halted trade talks on Friday after Canada announced the digital tax, calling it &#8220;a direct and blatant attack&#8221; <a href="https://www.benzinga.com/news/politics/25/06/46150909/trump-canada-tariffs-dollar-deal">on American technology companies</a>. His Truth Social post triggered sharp market reversals, with the S&amp;P 500 tumbling 52 points from record highs. Major tech stocks including Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) and Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) declined 7.1%, 6.9%, and 4.5% respectively.
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/46161262/chinas-ant-group-boosts-rd-spending-to-record-3-26-billion-in-2024-amid-ai-push">China&#8217;s Ant Group Boosts R&amp;D Spending To Record $3.26 Billion In 2024 Amid AI Push</a>
Why It Matters: Currency markets reflected the tension as the <a href="https://www.benzinga.com/news/politics/25/06/46150909/trump-canada-tariffs-dollar-deal">Canadian dollar weakened</a> from 1.3670 to 1.3750 against the U.S. dollar. The iShares MSCI Canada Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWC#NYSE">EWC</a>) fell nearly 1% to $45.39.
&#8220;Canada&#8217;s new government will always be guided by the overall contribution of any possible agreement to the best interests of Canadian workers and businesses,&#8221; Carney stated. The Prime Minister emphasized that rescinding the digital tax supports negotiations toward their agreed timeline.
Trump <a href="https://www.benzinga.com/news/politics/25/06/45992119/trump-cuts-g7-visit-short-calls-canada-deal-achievable">had previously declared the deal</a> &#8220;achievable&#8221; during G7 meetings, despite philosophical differences on tariff approaches. 
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46161059/apple-has-the-potential-to-crush-metas-ray-ban-smart-glasses-says-ming-chi-kuo-but-the-tech-giant-has-been-surprisingly-slow" target="_blank" rel="noreferrer noopener">Apple Has the Potential To Crush Meta's Ray-Ban Smart Glasses, Says Ming-Chi Kuo, But The Tech Giant Has Been ‘Surprisingly Slow'</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Maxim Elramsisy / Shutterstock.com

COIN

ENPH

PLTR

Canada Rescinds Digital Services Tax After Trump Calls It A 'Blatant Attack' On America

Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) led the meme coin gains Sunday night as the broader cryptocurrency market capped the week on a high.
What happened: The Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based cryptocurrency popped over 6% over the last 24 hours, with trading volume exploding by 120%.
In doing so, PEPE outgained meme heavyweights like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), which rose 2.99% and 1.16%, respectively.
The latest uptick propelled the frog-themed coin's weekly gains past 14%, making it one of the most lucrative meme coin bets.
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46149584/why-crypto-investors-are-receiving-internal-revenue-service-warning-letters">Why Crypto Investors Are Receiving Internal Revenue Service Warning Letters</a>
Notably, the balance held by PEPE's long-term holders rose 0.04% in the last 24 hours, <a href="https://app.intotheblock.com/">according</a> to IntoTheBlock, indicating accumulation by diamond hands. Moreover, large transactions valued at over $100,000 spiked 12.21%.
Well-known analyst Max Schwartzman said he was excited over what PEPE had to offer, predicting a "Jackpot July" for the meme coin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">JACKPOT JULY &#x1f3b0; I am shaking with excitement &amp; you should be too. The prophecy foretold years ago will be fulfilled. <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> &#x7C; <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a href="https://t.co/FulSMD9xBt">https://t.co/FulSMD9xBt</a> <a href="https://t.co/RvznDND5L6">pic.twitter.com/RvznDND5L6</a>
&mdash; Max (@MaxBecauseBTC) <a href="https://twitter.com/MaxBecauseBTC/status/1939056352938090798?ref_src=twsrc%5Etfw">June 28, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Leading cryptocurrencies such as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/crypto/25/06/46160966/bitcoin-ethereum-dogecoin-climb-as-trump-labels-growing-btc-adoption-as-great-thing-sell-pressure-on-largest-crypto-may-be-fading-away-says-analyst">trended upward</a> after President&nbsp;Donald Trump&nbsp;called&nbsp;BTC&#8217;s growing adoption a "great thing" for the U.S.
Price Action:&nbsp; At the time of writing, PEPE was exchanging hands at $0.00001005, up 6.03% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the coin has plunged 46%.
Photo Courtesy: Akif CUBUK on Shutterstock.com
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46148904/donald-trump-says-bitcoin-takes-a-lot-of-pressure-off-the-dollar">Donald Trump Says &#8216;Bitcoin Takes A Lot Of Pressure Off The Dollar&#8217;</a></li>
</ul>

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

Cryptocurrency

$BTC

$DOGE

$ETH

$PEPE

$SHIB

CCCM

Pepe Leaps Ahead Of Dogecoin, Shiba Inu Sunday Night: Analyst Expects 'Jackpot July' For Frog-Themed Crypto

Chinese fintech giant Ant Group disclosed on Monday that it invested a record 23.45 billion yuan ($3.26 billion) in research and development during 2024, marking the fourth consecutive year of increased R&amp;D spending since 2021.
What Happened: The Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) affiliate revealed the figures in its 2024 sustainability report, according to Reuters, highlighting its commitment to technology advancement amid China&#8217;s artificial intelligence boom.
Ant Group, formerly known as Ant Financial, operates China&#8217;s dominant mobile payments platform, Alipay, and has been rebuilding its operations following regulatory setbacks that derailed its 2020 initial public offering. Chinese regulators halted the company&#8217;s planned IPO at the last moment and imposed <a href="https://www.benzinga.com/25/05/45200539/alibabas-ant-group-eyes-hong-kong-ipo-for-ant-international-as-it-pushes-forward-with-fintech-growth">antitrust measures on domestic tech giants</a>.
The substantial R&amp;D investment comes as the parent company, Alibaba, <a href="https://www.benzinga.com/markets/tech/25/06/46069690/alibaba-accelerates-global-ai-push-targets-overseas-data-centers">accelerates its global AI expansion</a>. Alibaba has committed 380 billion yuan ($52 billion) over three years for cloud computing and AI infrastructure development. The company plans to extend its Qwen large language models to overseas data centers by 2025, operating 29 facilities globally, including two in the United States.
See Also: <a href="https://www.benzinga.com/news/politics/25/06/46159125/elon-musk-calls-trumps-megabill-political-suicide-says-it-is-utterly-insane-and-destructive-will-destroy-millions-of-jobs-in-america">Elon Musk Calls Trump&#8217;s Megabill &#8216;Political Suicide,&#8217; Says &#8216;It Is Utterly Insane and Destructive,&#8217; Will &#8216;Destroy Millions of Jobs in America&#8217;</a>
Why It Matters: Recent partnerships with Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Siemens AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SIEGY#OTC">SIEGY</a>), and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) underscore Alibaba&#8217;s <a href="https://www.benzinga.com/markets/tech/25/06/45975004/alibaba-updates-llms-to-power-ai-on-apple-devices-in-china">strategic AI positioning</a>. Benchmark analyst Fawne Jiang identified Alibaba as &#8220;a leading beneficiary of accelerated AI adoption in China.&#8221;
Ant Group has explored listing its Singapore-registered overseas arm, Ant International, on the Hong Kong stock exchange as it seeks growth opportunities beyond mainland China. The company <a href="https://www.benzinga.com/25/05/45200539/alibabas-ant-group-eyes-hong-kong-ipo-for-ant-international-as-it-pushes-forward-with-fintech-growth">reported 100 million users</a> for its tap-and-pay service launched in June 2024.
Alibaba shares have surged over 58.05% in the past 12 months as investors recognize the company&#8217;s AI potential amid U.S.-China <a href="https://www.benzinga.com/markets/macro-economic-events/25/06/46113383/us-china-trade-deal-could-be-finalized-next-week-says-harvard-scholar-they-are-going-to-stabilize-this">trade relations prospects</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/tech/25/06/46161059/apple-has-the-potential-to-crush-metas-ray-ban-smart-glasses-says-ming-chi-kuo-but-the-tech-giant-has-been-surprisingly-slow">Apple Has the Potential To Crush Meta&#8217;s Ray-Ban Smart Glasses, Says Ming-Chi Kuo, But The Tech Giant Has Been &#8216;Surprisingly Slow&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: THINK A / Shutterstock.com

Equities

BABA

MSFT

NVDA

SIEGY

China's Ant Group Boosts R&D Spending To Record $3.26 Billion In 2024 Amid AI Push

Investor Gary Black, the founder of The Future Fund, has issued a cautious outlook on Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) upcoming second-quarter deliveries, saying that the EV giant is likely to miss estimates.
What Happened: On Saturday, in a post on X, Black projected that the company would deliver around 370,000 vehicles in Q2, marking a 17% year-over-year decline, while falling short of consensus estimates by Wall Street analysts at 385,000, or 13% before estimates.
&#8220;We expect TSLA 2Q deliv[erie]s due out next week to disappoint,&#8221; Black said, adding that the ideal re-entry price for the stock would be &#8220;in the $250 range,&#8221; which he notes is 30% below the price that his fund had exited a couple of weeks ago, at $358 a share.
See Also: <a href="https://www.benzinga.com/news/education/25/06/46159918/elon-musk-reveals-the-lunch-that-launched-tesla-do-you-mind-if-i-do-that">Elon Musk Reveals The Lunch That Launched Tesla: &#8216;Do You Mind If I Do That?&#8217;</a>
Black also cautions that the company&#8217;s widely anticipated, upcoming affordable models could end up cannibalizing its sales instead of expanding its total addressable market, if they end up being just stripped-down versions of the existing Model 3 or the Model Y.
&#8220;If the 2023–2024 price-cutting experience repeats, a lower-priced, lower-cost model won't expand TSLA TAM or generate incremental volume since it will merely cannibalize the higher-priced trims,&#8221; he says.
Instead, Black argues that Tesla would need to introduce an entirely new form factor, such as a compact hatchback or a low-priced pickup, to attract new customer segments and generate true volume growth.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We continue to post on <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> because many of our followers ask us daily what might be a good re-entry point. We would venture a TSLA re-entry price in the $250 range (-30% from our $358 exit) after the new more affordable TSLA is announced and turns out to be a lower cost… <a href="https://t.co/gjeAV6ELOC">pic.twitter.com/gjeAV6ELOC</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1938820545048449109?ref_src=twsrc%5Etfw">June 28, 2025</a></blockquote>
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Why It Matters: Black has repeated his theory on cannibalization several times in the past, <a href="https://www.benzinga.com/markets/25/04/44971532/teslas-new-cheaper-cars-might-not-be-the-game-changer-investors-hoped-for-warns-gary-black-heres-why-he-thinks-they-could-hurt-more-than-help">warning shareholders</a> about this for the first time over two months ago. 
He has also repeatedly warned that the company&#8217;s second-quarter sales would be disappointing. Having said last week that Tesla&#8217;s CEO, Elon Musk, is unwilling to accept that at least <a href="https://www.benzinga.com/markets/tech/25/06/46132042/teslas-q2-sales-going-to-s-says-gary-black-after-tsla-north-america-and-europe-chief-omead-afshars-exit">some of this weakness</a> is owing to the &#8220;brand taint associated with his right-wing political rhetoric and DOGE activities.&#8221;
Other leading analysts, such as Mark Delaney of Goldman Sachs, have since <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45818240/tesla-stock-faces-demand-brand-issues-in-us-competition-in-china-analyst-lowers-delivery-estimates">lowered their price targets</a> for the stock to $290, with a &#8220;Neutral&#8221; rating, citing the company&#8217;s substantial demand and brand-related issues. 
There have been several bullish takes on the stock as well, with Wedbush analyst Dan Ives <a href="https://www.benzinga.com/content/46157191/tesla-the-next-month-could-make-or-break-the-year">raising the target</a> to $500 while reiterating its &#8220;Outperform&#8221; rating last week.
In a research note, Ives said, &#8220;We believe the march to a $2 trillion valuation for Tesla has now begun.&#8221;
Price Action: Shares of Tesla were down 1.43% on Friday, ending the week at $323.79, but it is up 0.75% after hours.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="146" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29234118/Screenshot-2025-06-30-at-9.11.02-AM-1024x146.png" alt="" class="wp-image-966167" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29234118/Screenshot-2025-06-30-at-9.11.02-AM-1024x146.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29234118/Screenshot-2025-06-30-at-9.11.02-AM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29234118/Screenshot-2025-06-30-at-9.11.02-AM-768x110.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29234118/Screenshot-2025-06-30-at-9.11.02-AM.png 1526w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Tesla scores well on Benzinga&#8217;s Edge Stock Rankings, and has a favorable price trend in the short, medium and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights on the stock, its peers, and competitors. 
Photo Courtesy: Jonathan Weiss on Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46156654/ford-ceo-jim-farley-believes-waymos-approach-makes-more-sense-than-elon-musk-led-teslas-when-you-have-a-brand-like-ford-you-have-to-be-really-careful">Ford CEO Jim Farley Believes Waymo&#8217;s Approach Makes More Sense Than Elon Musk-led Tesla&#8217;s: &#8216;When You Have A Brand Like Ford&#8230; You Have To Be Really Careful&#8217;</a></li>
</ul>

Large Cap

Travel

TSLA

Gary Black Warns Tesla Q2 Deliveries Will 'Disappoint' — Says Cheaper Models Could Cannibalize Sales And See Ideal Re-Entry 22% Below Current Levels

Seasoned investor Cathie Wood said Saturday that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holders may not hesitate to shift their holdings to a centralized cryptocurrency exchange to avail home loans.
What Happened: Wood, the CEO of&nbsp;ARK Invest, was responding to an X user who suggested that Bitcoin holders, who typically self-custody their assets, would be unlikely to&nbsp;move their holdings to a&nbsp;centralized exchange to help their loan applications.
Wood countered this view, stating, &#8220;Bitcoin hodlers probably have a&nbsp;large percent of their net&nbsp;worth in crypto and therefore&nbsp;have not been able to&nbsp;qualify for a mortgage. I&nbsp;wouldn't be surprised if they&nbsp;were to shift some of&nbsp;their Bitcoin to Coinbase to&nbsp;serve as collateral for a&nbsp;once unattainable new home.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin hodlrs probably have a large percent of their net worth in crypto and therefore have not been able to qualify for a mortgage. I wouldn't be surprised if they were to shift some of their bitcoin to Coinbase to serve as collateral for a once unattainable new home. <a href="https://t.co/C36B7yT14f">https://t.co/C36B7yT14f</a>
&mdash; Cathie Wood (@CathieDWood) <a href="https://twitter.com/CathieDWood/status/1939116844884918430?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
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<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41508328/michael-saylor-says-he-supports-self-custody-for-the-willing-able-after-coming-under-fire-">Self-custody</a> is a widely touted ideal in the cryptocurrency space, advocating control of one&#8217;s digital assets, specifically private keys, without relying on a third-party custodian. Purists consider holding coins on exchanges, like Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), as against the cryptocurrency ethos.
The COIN stock boasted a high Momentum and Growth ranking as of this writing. Find out how other cryptocurrency stocks stack up on these metrics using <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="560" height="342" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29233019/image-429.png" alt="" class="wp-image-966163" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29233019/image-429.png 560w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29233019/image-429-300x183.png 300w" sizes="(max-width: 560px) 100vw, 560px" /></a></figure>
Why It Matters: Wood&#8217;s comments come after the Federal Housing Finance Agency <a href="https://www.benzinga.com/news/25/06/46108786/fannie-and-freddie-directed-to-consider-crypto-mortgages-by-us-housing-regulator-but-michael-saylor-thinks-its-only-bitcoin-that-has-entered-the-american-dream">announced plans to consider cryptocurrency as an asset</a> for a mortgage. However, the directive asked mortgage giants Fannie and Freddie to consider only those assets that can be stored on a U.S.-regulated cryptocurrency exchange, subject to applicable laws
Wood praised the directive, stating that it could bolster both crypto and housing<a href="https://x.com/CathieDWood/status/1938961940501667967"> significantly.</a>
Wood has been an outspoken advocate of Bitcoin,&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45335755/cathie-wood-stands-firm-on-bold-700000-bitcoin-prediction-for-investors-says-bull-case-in-the-1-5-million-range" target="_blank" rel="noreferrer noopener">forecasting that it will reach $700,000</a>&nbsp;in the coming years, with the bull case in the&nbsp;$1.5 million range.
Her asset management firm maintains a sizeable portfolio of cryptocurrency stocks and makes significant trades from time to time, depending on the market movements. Recently, ARK Fintech Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#BATS">ARKF</a>) <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/06/46156309/cathie-woods-ark-invest-continues-to-offload-coinbase-bets-big-on-sofi-technologies">offloaded nearly $40 million</a> worth of Coinbase shares. 
Price Action:&nbsp; At the time of writing, Bitcoin was exchanging hands at $108,523.02, up 1.08% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Photo Courtesy: Stonel on Shutterstock.com
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46087464/bitcoins-400x-rise-aside-cathie-wood-says-the-next-exciting-leg-is-just-beginning">Bitcoin&#8217;s 400x Rise Aside, Cathie Wood Says The &#8216;Next Exciting Leg&#8217; Is Just Beginning</a></li>
</ul>

ARKF

Bitcoin Investors Faced Mortgage Hurdles Due to Crypto-Tied Assets, Says Cathie Wood: 'Won't Be Surprised' If They Were To Shift Some Of Their BTC To Coinbase

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has the <a href="https://www.benzinga.com/news/24/06/39449125/apple-glass-potential-competitor-to-ray-ban-meta-smart-glasses-may-take-longer-to-develop-report">potential to outshine</a> Meta Platforms, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Ray-Ban smart glasses, says analyst Ming-Chi Kuo.
What Happened: Over the weekend, Kuo highlighted Apple&#8217;s lag in <a href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do">the smart glasses</a> market, especially compared to Meta&#8217;s Ray-Ban models.
&#8220;Apple could build the best Meta Ray-Ban–like smart glasses on the market,&#8221; Kuo said, &#8220;Yet its decision-making in this area has been surprisingly slow.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45830549/pierre-ferragu-takes-apple-to-task-for-dismissing-the-ai-revolution-has-its-head-in-the-sand" target="_blank" rel="noreferrer noopener">Pierre Ferragu Takes Apple To Task For Dismissing The AI Revolution: ‘Has Its Head In The Sand'</a>
Despite this, Kuo expressed confidence that Apple's renewed push for hardware innovation could lead to significant market shifts.
&#8220;Better late than never,&#8221; he said, adding, &#8220;Apple&#8217;s renewed push for hardware innovation is undoubtedly good news for the supply chain.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I believe—and I doubt anyone would disagree—that Apple could build the best Meta Ray-Ban–like smart glasses on the market. Yet its decision-making in this area has been surprisingly slow. Putting AI aside for a moment, this category could cannibalize at least some AirPods demand,… <a href="https://t.co/nuqahpVnVQ">https://t.co/nuqahpVnVQ</a>
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1939429560610959363?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
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Kuo's observation came after he shared a research update and key findings, noting that Apple is working on at least seven head-mounted and <a href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do">smart glasses projects</a>, with some slated for release from 2027 onward.
This includes Vision Pro M5 Version, Vision Air, All-New Design Vision Pro 2nd Generation, XR Glasses and display accessory.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I believe—and I doubt anyone would disagree—that Apple could build the best Meta Ray-Ban–like smart glasses on the market. Yet its decision-making in this area has been surprisingly slow. Putting AI aside for a moment, this category could cannibalize at least some AirPods demand,… <a href="https://t.co/nuqahpVnVQ">https://t.co/nuqahpVnVQ</a>
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1939429560610959363?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
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Why It's Important: Earlier this month, Venture capitalist Chamath Palihapitiya harshly criticized Apple's future innovation potential on the All-In podcast, arguing the company has <a href="https://www.benzinga.com/markets/tech/25/06/46068152/whats-next-for-apple-chamath-palihapitiya-fires-back-dont-think-they-have-any-chance-of-anything-dismisses-glasses-and-ai-hopes">no chance of delivering</a> major breakthroughs.
There's a <a href="https://www.benzinga.com/media/25/05/45486193/why-is-apple-still-behind-on-ai-expert-dissects-reasons-behind-iphone-maker-lagging-likes-of-microsoft-and-amazon-despite-poaching-googles-ai-chief">growing skepticism about Apple's capacity</a> to stay ahead in emerging technologies like AI and spatial computing, particularly when compared to agile startups and major rivals such as Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Meta.
Previously, it was reported that Apple executives have discussed the <a href="https://www.benzinga.com/markets/tech/25/06/46041473/apple-eyes-perplexity-ai-acquisition-while-facing-shareholder-lawsuit-over-exaggerated-ai-progress-report">possibility of acquiring</a> Perplexity AI, but the startup said it is not aware of any current or planned acquisition talks.
Price Action: Data from <a href="http://pro.benzinga.com/dashboard">Benzinga Pro</a> shows that Apple's stock has fallen by 17.54% year-to-date and has declined 7.23% over the past year.
Benzinga's Edge Stock Rankings suggest that Apple's shares remain on a downward trajectory across short, medium and long-term timeframes. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">More detailed performance data is available here</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/29231718/Screenshot-2025-06-30-at-8.29.11%E2%80%AFAM.png" alt="" class="wp-image-966157" /></a></figure>
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>.
Photo Courtesy: Muhammad Raid Ahyan 2105 on Shutterstock.com
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45489038/us-stocks-likely-to-open-lower-after-moodys-downgrade-bear-market-isnt-fully-recovered-yet-but-it-is-close-says-expert" target="_blank" rel="noreferrer noopener">US Stocks Likely To Open Lower After Moody's Downgrade: ‘Bear Market Isn't Fully Recovered Yet, But It Is Close,' Says Expert</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

Apple Has the Potential To Crush Meta's Ray-Ban Smart Glasses, Says Ming-Chi Kuo, But The Tech Giant Has Been 'Surprisingly Slow'

Standard Chartered chief executive&nbsp;Bill Winters&nbsp;says his Ivy League MBA was "a waste of time," and the real edge in today's AI-driven economy comes from the curiosity and empathy he developed as a humanities major.
What Happened: Winters, 63, <a href="https://www.bloomberg.com/news/videos/2025-06-24/stanchart-ceo-bill-winters-on-imposter-syndrome-video">told</a> Bloomberg last week that his 1988 Wharton degree added little value, even though the New Jersey native parlayed it into a 26-year run at JPMorgan Chase (NYSE:&nbsp;JPM) and a decade at the helm of the £26 billion emerging-markets lender.
"I studied international relations and history. I got an MBA later, but that was a waste of time," he said. The veteran banker credits those undergraduate classes at Colgate University, not finance lectures in Philadelphia, for teaching him &#8220;how to think.&#8221;
&#8220;For the 40 years since I left university, those skills have been degraded, degraded, degraded. They're coming back now," he added, arguing that algorithmic tools handle most technical work while leaders must excel at "curiosity and empathy."
See also: <a href="https://www.benzinga.com/personal-finance/financial-advisors/25/06/46158210/hes-67-still-working-and-just-sold-his-house-his-bank-advisor-says-claiming-social-security-now-or-lose-money-later-is-that-true">He&#8217;s 67, Still Working, And Just Sold His House — His Bank Advisor Says Claiming Social Security Now Or Lose Money Later. Is That True?</a>
Why It Matters: Winters' critique lands as MBA costs soar. Tuition at Wharton has climbed to roughly $93,000 a year, almost six times the 1988 sticker price, while median starting pay has only tripled. He urged teenagers to skip business school unless it delivers clear, job-ready skills.
Winters insists that humanities graduates are better positioned for boardrooms reshaped by generative AI. "The technical skills are being provided by the machine, or by very competent people in other parts of the world who have nailed the technical skills at a relatively low cost," he said.
Shark Tank star and investor Kevin O&#8217;Leary echoes Winters&#8217; thoughts. O&#8217;Leary once remarked that <a href="https://www.benzinga.com/markets/tech/25/06/46018778/kevin-oleary-once-said-that-business-school-graduates-know-nothing-until-the-real-world-smacks-them-something-he-learned-the-hard-way-now-he-can-spot-a-winner-in-15-minutes-flat">real-world experience</a>, rather than business school, shaped his instincts. Ken Griffin, founder of hedge‑fund giant Citadel LLC, also lectured Stanford students that he strongly believes that the key goal for everyone enrolled in an Ivy League MBA program should be to <a href="https://www.benzinga.com/news/management/25/05/45183198/citadel-kingpin-ken-griffin-warns-being-smartest-in-the-room-means-youve-screwed-up-your-mba">surround themselves with sharper minds</a>.
Photo Courtesy: fongbeerredhot on Shutterstock.com
Read next: <a href="https://www.benzinga.com/personal-finance/crowdsourcing/25/06/46158113/so-wild-to-see-her-reaction-alexis-ohanian-co-founder-of-reddit-uses-ai-to-turn-childhood-doodles-into-space-adventures-with-his-kid">&#8216;So Wild To See Her Reaction&#8217; — Alexis Ohanian, Co-Founder Of Reddit, Uses AI To Turn Childhood Doodles Into Space Adventures With His Kid</a>

Education

General

Ivy League MBA Was A 'Waste Of Time,' Says Veteran Banker, Lists Two Key Traits Far More Relevant In The AI Age

Leading cryptocurrencies rose Sunday as President Donald Trump called Bitcoin&#8217;s growing adoption a &#8220;great thing&#8221; for the United States.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Cryptocurrency</th>
<th>Gains +/-</th>
<th>Price (Recorded at 9:30 p.m. ET)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.18%</td>
<td>$108,713.46</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+3.07%</td>
<td>$2,511.22</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+3.03%</td>
<td>$0.1688</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin hit the upper reaches of $108,000, as trading volume for the apex cryptocurrency jumped over 25% in the last 24 hours. Its market dominance rose further to 64.6%.
The asset received a new round of support from Trump, who said Bitcoin was <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46148904/donald-trump-says-bitcoin-takes-a-lot-of-pressure-off-the-dollar">helping to ease pressure on the dollar</a> and that its growing adoption was &#8220;a great thing" for the U.S.
Ethereum also erupted late evening, reaching intraday highs of $2,523.32.&nbsp;
The rally resulted in nearly $200 million in cryptocurrency liquidations in the last 24 hours, with $164 million in shorts wiped out.
Bitcoin&#8217;s open interest rose 3.82% in the last 24 hours. Interestingly, the majority of top trader accounts on Binance with open BTC positions were short as of this writing.
The "Greed" sentiment persisted in the market, according to the Crypto Fear &amp; Greed Index.
Top Gainers (24 Hours)
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Cryptocurrency</th>
<th>Gains +/-</th>
<th>Price (Recorded at 9:30 p.m. ET)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Arbitrum (ARB)</td>
<td>+17.14%</td>
<td>$80.3639</td>
</tr>
<tr>
<td>Pyth Network (PYTH)&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+11.69%</td>
<td>$0.1105</td>
</tr>
<tr>
<td>Immutable (IMX)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+8.19%</td>
<td>$0.4675 </td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.3 trillion, following an increase of 0.15% in the last 24 hours.
Stock futures rallied overnight Sunday. The Dow Jones Industrial Average Futures climbed 215 points, or 0.49%, as of 9:41 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 rose 0.25%, while Nasdaq 100 Futures gained 0.35%.
The U.S. stock market pushed into record territory, with the S&amp;P 500 and the Nasdaq Composite notching new highs on Friday.
Meanwhile, Trump <a href="https://www.benzinga.com/news/politics/25/06/46156587/trump-says-july-tariff-deadline-not-set-in-stone-we-can-do-whatever-we-want">signaled flexibility on the July deadline</a> for reinstating U.S. tariffs on various countries. "We can do whatever we want," he told reporters at the White House.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely followed cryptocurrency analyst and trader Rekt Capital noticed Bitcoin nearing a major weekly resistance level that, if broken, could propel it to new highs.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is once again approaching the final major Weekly resistance that, once broken, would unlock new All Time Highs (red)<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/73kL0TtfWK">pic.twitter.com/73kL0TtfWK</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1939266221884494159?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Another cryptocurrency chartist, Autumn Riley, stated that despite sideways movement, Bitcoin showed a bullish structure with higher lows, indicating that sell pressure was waning.
"Most people are seeing BTC just going sideways, but there's actually a lot happening inside this range," the analyst added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Most people are seeing <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> just going sideways, but there's actually a lot happening inside this range. If you look at the 15-minute chart, the structure is bullish. Every time price sweeps a high, it reacts down but keeps making higher lows. The pressure from sellers is fading… <a href="https://t.co/rpVyGbWzIC">pic.twitter.com/rpVyGbWzIC</a>
&mdash; Autumn Riley (@Autumn_Rileyy) <a href="https://twitter.com/Autumn_Rileyy/status/1939255855934824634?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo Courtesy: sundaemorning on Shutterstock.com
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46117165/bitcoin-consolidating-at-107000-heres-what-will-drive-the-market-in-q3">Bitcoin Consolidating At $107,000: Here&#8217;s What Will Drive The Market In Q3</a></li>
</ul>

Bitcoin, Ethereum, Dogecoin Climb As Trump Labels Growing BTC Adoption As 'Great Thing': Sell Pressure On Largest Crypto May Be Fading Away, Says Analyst

Sen. Bernie Sanders (I-VT) is once again taking a shot at President Donald Trump&#8217;s budget reconciliation bill, dubbed the &#8220;One Big, Beautiful Bill.&#8221;
What Happened: On Sunday, Sanders posted on X with highlights from his recent remarks on the Senate floor regarding the proposed legislation. 
Sanders calls the bill a &#8220;gift to the billionaire class,&#8221; which causes massive pain for millions of working-class American families, referring to it as &#8220;the most dangerous piece of legislation in the modern history of our country.&#8221;
The post is accompanied by a video of Sanders&#8217; speech on the Senate floor, where he says that the bill provides $975 billion in tax breaks to the top 1%, along with a $211 billion estate tax exemption for the top 0.2%. &#8220;Congratulations, you hit the jackpot.&#8221;
See Also: <a href="https://www.benzinga.com/news/politics/25/06/46087132/elizabeth-warren-says-the-tax-break-for-mark-zuckerbergs-meta-is-so-bountiful-under-trumps-big-beautiful-bill-that-35-copay-from-each-american-wont-still">Elizabeth Warren Says The Tax Break For Mark Zuckerberg&#8217;s Meta Is So Bountiful Under Trump&#8217;s &#8216;Big Beautiful Bill&#8217; That $35 Copay From Each American Won&#8217;t Still Match It</a>
He said that large corporations would receive $918 billion in tax cuts, even as many move jobs overseas or invest in job-replacing AI technologies.
Sanders further warned that the legislation would make deep cuts to the Affordable Care Act and Medicaid, removing health coverage for over 16 million Americans. &#8220;This bill throws over 16 million people off the health insurance they have,&#8221; he said, <a href="https://www.benzinga.com/news/politics/25/06/45785851/elizabeth-warren-says-trumps-one-big-beautiful-bill-will-rip-away-health-coverage-from-16-million-a">citing projections from</a> the Congressional Budget Office.
The independent Senator from Vermont also criticized the bill for forcing Medicaid recipients with incomes as low as $16,000 per year to begin paying co-pays. &#8220;For the first time, [it] forces millions of Medicaid recipients who make as little as $16,000 a year to pay a $35 co-payment every time they visit a doctor&#8217;s office,&#8221; Sanders said.
Pointing to a joint study by the Yale School of Public Health and the University of Pennsylvania, Sanders claimed the consequences could be deadly. &#8220;They estimate that if this bill goes through, over 50,000 Americans will die unnecessarily every year,&#8221; he said. 
&#8220;In other words, this bill is literally a death sentence for low-income and working-class people,&#8221; he says.
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Trump's "Big, Beautiful Bill" is a gift to the billionaire class while causing massive pain for working families. It is the most dangerous piece of legislation in the modern history of our country. I'm LIVE on the floor to oppose this disastrous bill. <a href="https://t.co/flAfpXmEzM">https://t.co/flAfpXmEzM</a>
&mdash; Bernie Sanders (@SenSanders) <a href="https://twitter.com/SenSanders/status/1939457235068871013?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
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Why It Matters: Sanders is joined by several of his Democratic peers, alongside experts, analysts and economists in pushing back against this bill.
Last week, Senate Minority Leader Chuck Schumer referred to the bill as &#8220;flawed&#8221; and &#8220;irredeemable,&#8221; citing <a href="https://www.benzinga.com/markets/macro-economic-events/25/06/46132709/chuck-schumer-slams-gops-big-beautiful-bill-as-flawed-it-guts-healthcare-kills-jobs-to-fund-tax-breaks-for-billionaires">the same reasons</a> as Sanders, that it kicks millions off healthcare, kills good-paying energy jobs, and takes food away from children, all the while bankrolling &#8220;tax breaks for billionaires.&#8221;
Economist Justin Wolfers calls it &#8220;pure reverse Robin Hood,&#8221; calling out the fact that it <a href="https://www.benzinga.com/25/05/45535537/trumps-budget-agenda-is-reverse-robin-hood-economics-says-justin-wolferstakes-from-working-families-gives-to-the-rich">takes from the poor</a> to give to the rich. 
Wolfers says that <a href="https://www.benzinga.com/markets/economic-data/25/06/45919422/trumps-one-big-beautiful-bill-is-the-largest-redistribution-from-poor-to-rich-in-american-history-says-economist-justin-wolfers-amid-tax-cuts-spending-s">the bill represents</a> one of the &#8220;largest redistributions from poor to rich in American history.&#8221;
Even GOP senators, Ron Johnson&nbsp;(R-Wis.) and&nbsp;Rand Paul&nbsp;(R-Ky.) have warned <a href="https://www.benzinga.com/news/25/05/45604917/gop-senators-threaten-to-block-trumps-tax-and-spending-bill-over-deficit-medicaid-cuts-and-debt-ceiling-hike">against the bill</a>, saying that it could fuel deficits and inflation. 
Photo Courtesy: Jana Shea on Shutterstock.com
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Government

Bernie Sanders Slams Trump's 'Big, Beautiful Bill' As A Gift For Billionaires: 'The Most Dangerous Piece of Legislation In Modern History'

Elon Musk's Neuralink has been receiving tons of feedback from the deaf community after the tech entrepreneur proposed plans to use <a href="https://www.benzinga.com/25/05/45160705/elon-musk-says-neuralink-will-ultimately-be-available-to-all-as-fda-grants-breakthrough-status-for-speech-restoring-brain-tech">brain implant technology</a> to restore hearing.
What Happened: Over the weekend, Musk said that Neuralink could eventually restore hearing for people who have experienced total hearing loss since birth, thanks to the device&#8217;s ability to activate brain neurons that process sound.
&#8220;There is a clear path to restoring hearing with a Neuralink, even for someone who has had total loss of hearing since birth, as our device directly activates the neurons in the brain that process sound,&#8221; posted on X, formerly Twitter.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/25/06/45919464/boeing-faces-fresh-turmoil-as-india-mulls-787-8-grounding-after-fatal-crash-ceo-kelly-cancels-paris-trip-report" target="_blank" rel="noreferrer noopener">Boeing Faces Fresh Turmoil As India Mulls 787-8 Grounding, Safety Review After Fatal Crash, CEO Kelly Ortberg Cancels Paris Trip: Report</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There is a clear path to restoring hearing with a <a href="https://twitter.com/neuralink?ref_src=twsrc%5Etfw">@Neuralink</a>, even for someone who has had total loss of hearing since birth, as our device directly activates the neurons in the brain that process sound <a href="https://t.co/h5CeELct5m">https://t.co/h5CeELct5m</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1939064963257245920?ref_src=twsrc%5Etfw">June 28, 2025</a></blockquote>
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However, the suggestion sparked an immediate response from the deaf community.
A user, who goes by the handle name @DeafLibertarian, urged Musk to engage with deaf adults before proceeding. "We deserve a say," the user wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Please meet with Deaf adults before moving forward. We deserve a say.
&mdash; Among the Wildflowers (@deaflibertarian) <a href="https://twitter.com/deaflibertarian/status/1939070093021077953?ref_src=twsrc%5Etfw">June 28, 2025</a></blockquote>
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Some other users also supported the call for inclusion, with some voicing concerns about the implications of such technology on deaf culture and identity.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It seems that a lot of the comments here are from people that do not fully understand the deaf/hard of hearing community. Please correct me if I misunderstand what my daughter (who has profound hearing loss) has explained to me. Us hearing people THINK that we are being…
&mdash; &#x1f1fa;&#x1f1f8;Fred&#x1f1fa;&#x1f1f8;&#x1f1ee;&#x1f1f1;&#x1f1e9;&#x1f1ea; (@FDyroff) <a href="https://twitter.com/FDyroff/status/1939088269586936166?ref_src=twsrc%5Etfw">June 28, 2025</a></blockquote>
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However, there was also a section of people who said that deaf people have the choice to either get these implants or not, but they cannot decide what the research should be about.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The treatment is something others may want and nobody HAS to get. It's not an attack on her, it's innovation that individuals have a right to try should they choose to.
&mdash; OlgaSayz (@OlgaSayz) <a href="https://twitter.com/OlgaSayz/status/1939297901252948448?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It&#8217;s Important: Musk's latest comments came after Musk's he revealed during a Y Combinator fireside chat that within the <a href="https://www.benzinga.com/markets/tech/25/06/46020319/elon-musk-says-neuralinks-blindsight-implant-will-help-people-see-radar-infrared-like-a-superpower-ahead-of-human-trial-next-year">next six to twelve months</a>, Neaurlink plan to carry out their first vision implants — aiming to restore sight by interfacing directly with the visual cortex, even for people who are fully blind.
He also mentioned that one of their monkeys involved in testing has had the visual implant for three years.
Meanwhile, Neuralink has also implanted its brain-computer <a href="https://www.benzinga.com/markets/tech/25/06/46012959/elon-musks-neuralink-implants-brain-chip-in-6th-patient-enables-paralyzed-man-to-move-cursor-play-game-with-his-mind">interface in a sixth person</a>, who was able to control a video game using only their thoughts just a week after the procedure.
Last month, Neuralink secured more than $650 million through its Series E funding round — attracting investors like Cathie Wood's ARK Invest — bringing its current valuation to <a href="https://www.benzinga.com/general/health-care/25/05/45634160/elon-musks-neuralink-hits-9-billion-valuation-with-new-funding">around $9 billion</a>.
Photo Courtesy: Kemarrravv13 on Shutterstock.com
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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.

Health Care

Elon Musk Says 'Clear Path' To Restoring Hearing With Neuralink, But The Deaf Community Want To Have Their 'Say'

Billionaire investor&nbsp;Bill Ackman&nbsp;called for a federal law requiring protesters to disclose their funding sources while commenting on the anti-immigration protests that rocked Los Angeles earlier this month.
What Happened:&nbsp;In an X post, the Pershing Square Capital Management CEO said that the difference between organic protests and those funded by special interests is significant.
&#8220;Protests can change the course&nbsp;of history, but there is&nbsp;a big difference between an&nbsp;organic protest of volunteers for&nbsp;a cause and protestors paid&nbsp;for by special interests seeking&nbsp;to achieve an objective,&#8221; he argued.
Ackman was responding&nbsp;to a post by Tyler&nbsp;Winklevoss, co-founder of cryptocurrency exchange Gemini, who alleged the protests were not organic but rather &#8220;NGO funded propaganda.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It should be a requirement under Federal law that all protests disclose their source of funding. Protests can change the course of history, but there is a big difference between an organic protest of volunteers for a cause, and protestors paid for by special interests seeking… <a href="https://t.co/S80iiLFQqq">https://t.co/S80iiLFQqq</a>
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1939298478330368137?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The discussion started after a video surfaced showing officials from the Federal Bureau of Investigation and the Internal Revenue Service announce an investigation into the funding of the riots.
See Also:&nbsp;<a href="https://benzinga.com/news/health-care/25/06/46159226/bill-gates-warns-us-its-not-too-late-to-change-course-as-trump-team-targets-hiv-funding-cuts" target="_blank" rel="noreferrer noopener">Bill Gates Warns US &#8216;It&#8217;s Not Too Late To Change Course&#8217; As Trump Team Targets HIV Funding Cuts</a>
Why It Matters: Demonstrations against immigration raids escalated in Los Angeles, leading to large-scale protests. Some of them turned violent.
To&nbsp;<a href="https://www.benzinga.com/news/politics/25/06/45851810/trump-supports-arrest-of-california-governor-gavin-newsom-as-us-deploys-700-marines-to-los-angeles">quell the agitation</a>, Trump authorized the deployment of National Guard troops and Marines, a move deemed a&nbsp;<a href="https://www.benzinga.com/news/politics/25/06/45830221/gavin-newsom-calls-deployment-of-national-guard-in-los-angeles-unlawful-says-there-was-no-problem-until-trump-got-involved-serious-breach-of-state-sovereignty" target="_blank" rel="noreferrer noopener">breach of state sovereignty</a> by California Governor&nbsp;Gavin Newsom. Newsom asked a federal court to block the Trump administration from using the U.S. military to assist with immigration raids in the city.
More than 30 cases of &#8220;police violence&#8221; against journalists while covering the protests were also reported, according to a Reuters report dated June 12.
Photo Courtesy: Christopher Penler on Shutterstock.com
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Disclaimer:&nbsp;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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Bill Ackman Demands Funding Disclosure Law After Gemini's Tyler Winklevoss Brands LA Protests 'NGO Funded Propaganda'

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul class="wp-block-list">
<li>Citigroup analyst George Gianarikas downgraded the rating for Lyft, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) from Buy to Hold and lowered the price target from $22 to $14. Lyft shares closed at $15.85 on Thursday. <a href="https://www.benzinga.com/quote/AFRM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Canaccord Genuity analyst George Gianarikas downgraded Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) from Buy to Hold and cut the price target from $90 to $84. Uber shares closed at $93.12 on Thursday. <a href="https://www.benzinga.com/quote/AFRM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stephens &amp; Co. analyst Trey Grooms downgraded GMS Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GMS#NYSE">GMS</a>) from Overweight to Equal-Weight and maintained the price target of $95. GMS shares closed at $98.54 on Thursday. <a href="https://www.benzinga.com/quote/AFRM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird analyst David George downgraded Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) from Outperform to Neutral and maintained the price target of $52. Bank of America shares closed at $47.46 on Thursday. <a href="https://www.benzinga.com/quote/AFRM/analyst-ratings">See how other analysts view this stock</a>.</li>
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Considering buying UBER stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><a href="https://www.benzinga.com/quote/UBER/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="552" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/27101911/image-426-1024x552.png" alt="" class="wp-image-965002" style="width:612px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/27101911/image-426-1024x552.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/27101911/image-426-300x162.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/27101911/image-426-768x414.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/27101911/image-426.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Photo via Shutterstock

Downgrades

Analyst Ratings

LYFT

UBER

This Uber Analyst Is No Longer Bullish; Here Are Top 4 Downgrades For Friday

Rep. Jason Smith (R-MO) is celebrating the House-passed bill that would shut down the Internal Revenue Service Direct File <a href="https://www.benzinga.com/personal-finance/24/10/41321973/more-than-30-million-americans-can-file-taxes-for-free-in-2025-find-out-if-youre-one-of-them-and">program</a>, a free federal tool that allows Americans to file taxes online without paying private companies.
&#8220;Nobody asked for the IRS to be Americans' tax preparer, filer, and auditor,&#8221; Smith <a href="https://x.com/RepJasonSmith/status/1937596031174103338">posted on X</a> on June 24. &#8220;The House-passed One, Big, Beautiful Bill puts an end to the IRS Direct File Program.&#8221;
<h2 class="wp-block-heading">The Program Had Strong Support From Voters And Users</h2>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Nobody asked for the IRS to be Americans's tax preparer, filer, and auditor. The House-passed One, Big, Beautiful Bill puts an end to the IRS Direct File Program.
&mdash; Rep. Jason Smith (@RepJasonSmith) <a href="https://twitter.com/RepJasonSmith/status/1937596031174103338?ref_src=twsrc%5Etfw">June 24, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Despite Smith&#8217;s remarks, the Direct File program has received <a href="https://www.benzinga.com/news/25/04/44656868/lets-prove-doge-wrong-mark-cuban-urges-followers-to-use-irs-direct-file-for-taxes-says-doge-wants-it-gone-due-to-low-usage">broad support</a> from taxpayers and voters across the political spectrum. According to a Data for Progress <a href="https://www.filesforprogress.org/datasets/2025/4/dfp_groundwork_direct_file_tabs.pdf">poll</a> conducted in April, 82% of likely voters said they support expanding Direct File to all Americans. That includes 80% of Republicans, 85% of Independents, and 81% of Democrats.
The IRS launched Direct File using Inflation Reduction Act funds. It started as a small pilot in 12 states during the 2024 tax season and expanded to 25 states in 2025, serving 32 million eligible users. The tool was described as secure, simple, and always free.
Kitty Richards, senior fellow at the Groundwork Collaborative, a progressive economic policy group, <a href="https://groundworkcollaborative.org/news/direct-file-is-government-efficiency-at-work-says-groundworks-richards/">said</a> Direct File was &#8220;a crystal clear example of government efficiency at work. Taxpayers shouldn't have to pay exorbitant fees to predatory for-profit companies just to file their taxes.&#8221;
According to Groundwork, IRS data and user surveys also backed the program's popularity. In 2024, 90% of surveyed users rated their experience as excellent or above average, and most reported filing in under an hour. By their estimates, Direct File saved taxpayers $5.6 million in fees during its first full rollout, and every dollar invested returned $160 in savings.
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<h2 class="wp-block-heading">Critics Say Ending Program Benefits Big Companies</h2>
When news broke out in April that the Trump administration plans to discontinue Direct File for the 2026 tax season, Sen. Ron Wyden (D-OR) <a href="https://www.finance.senate.gov/ranking-members-news/wyden-blasts-trump-killing-free-direct-tax-filing-service">called</a> Direct File a &#8220;massive success&#8221; that removed unnecessary middlemen. He accused President Donald Trump and Treasury Secretary Scott Bessent of &#8220;robbing regular American families to pay back lobbyists that spend millions to make tax filing more expensive and more difficult.&#8221;&nbsp;
Staff working on the program were reportedly told weeks earlier that they would no longer be needed.
The Department of Government Efficiency, once led by Tesla CEO (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Elon Musk, reportedly played a role in weakening the IRS program. Musk <a href="https://x.com/elonmusk/status/1886498750052327520?lang=en">posted</a> in February that the Direct File development team had been &#8220;deleted.&#8221;
Meanwhile, the program critics like David Williams of the Taxpayers Protection Alliance argued that the IRS overstepped by building Direct File without explicit approval. &#8220;The IRS created Direct File without congressional approval,&#8221; Williams <a href="https://x.com/tpapres/status/1912571116037497090">wrote</a> in April. &#8220;In fact, the $15M from the Inflation Reduction Act was supposed to be for a study. Instead, the IRS built the software.&#8221;
Still, many policy advocates and voters say the program filled a real need and made tax season less stressful.
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Congressman Says 'Nobody Asked For The IRS To Be Americans' Tax Preparer,' Applauds Efforts To Shut Down The IRS Direct File Program

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