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Li Auto

Li Auto is a leading Chinese NEV manufacturer that designs, develops, manufactures, and sells premium smart NEVs. The company started volume production of its first model Li One in November 2019. The model is a six-seater, large, premium plug-in electric SUV equipped with a range extension system and advanced smart vehicle solutions. It sold over 500,000 NEVs in 2024, accounting for about 4% of China's passenger new energy vehicle market. Beyond Li One, the company expands its product line, including both BEVs and PHEVs, to target a broader consumer base.

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Entrepreneur and &#8220;Shark Tank&#8221; investor,&nbsp;Kevin O&#8217;Leary, has expressed concern over the increasing difficulty Americans are experiencing in contributing to their 401(k) plans due to overspending. 
What Happened: Despite acknowledging&nbsp;the importance of 401(k) plans&nbsp;as a retirement savings tool, O&#8217;Leary points out that many Americans are struggling to make significant contributions due to their spending habits. 
He observes that many are living from&nbsp;paycheck to paycheck, burdened by&nbsp;debt, and holding unrealistic expectations of sudden wealth.
As per the report <a href="https://www.thestreet.com/retirement/shark-tanks-kevin-oleary-sounds-alarm-on-401-k-growing-problem">by</a> The Street, O&#8217;Leary proposes a &#8220;90-Day Number&#8221; calculation, which subtracts total expenses from&nbsp;total income over three months. A positive result suggests room for increased 401(k) contributions, while a negative result serves as a wake-up call to reduce spending and budget more effectively.
According to the 2025 first-quarter&nbsp;Household Debt and Credit Report&nbsp;from the Federal Reserve Bank&nbsp;of New York, total U.S.&nbsp;household debt has increased to $18.2 trillion, with credit card balances reaching $1.18 trillion, a 6% increase from the previous year.
Also Read: <a href="https://www.benzinga.com/news/24/10/41198968/kevin-oleary-told-student-to-pick-business-over-fianc-e-shes-easier-to-replace">Kevin O&#8217;Leary Told Student To Pick Business Over Fiancée: &#8216;She&#8217;s Easier To Replace&#8217;</a>
O&#8217;Leary highlights the peril of credit card debt, describing it as a &#8220;financial cancer&#8221; that impedes&nbsp;the ability to save and&nbsp;invest. He criticizes credit card companies for their high interest rates and argues that their profit model is heavily dependent on&nbsp;consumers who carry a balance&nbsp;month to month.
O&#8217;Leary believes that credit card companies safeguard this high-yield system by making&nbsp;credit easy to obtain and&nbsp;promoting&nbsp;spending behaviors that trap consumers&nbsp;in debt cycles. 
He encourages Americans to&nbsp;prioritize long-term security over short-term&nbsp;gratification and to make conscious financial decisions that will enable them to contribute adequately to their 401(k) plans.
Why It Matters: The rise in household debt and the difficulty in making 401(k) contributions are intertwined issues. The increasing reliance on credit and the cycle of debt it creates are significant barriers to retirement savings. 
O&#8217;Leary&#8217;s warning serves as a reminder of the importance of financial discipline and the need for effective strategies to manage spending and debt. His &#8220;90-Day Number&#8221; proposal is a practical tool that can help individuals assess their financial health and make necessary adjustments to their spending habits. 
This is crucial in ensuring long-term financial security and the ability to contribute to retirement savings.
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Image: Shutterstock

Kevin O'Leary Highlights Growing Concern Over 401(k) Contributions Amid Rising Household Debt

A plot of land neighboring Jeff Bezos&#8216; property in Miami was sold for a staggering $105 million. The undeveloped lot was sold <a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos">by German investor Mikhail Peleg.</a>
What Happened: The sale of the property on Indian Creek Island has set a new record for this ultra-exclusive location. The buyer of the property remains anonymous, but the transaction was made in cash, as per Forbes.
Peleg, a resident of Switzerland, bought the approximately 2-acre&nbsp;land in 2018 for $27.5&nbsp;million. Although he initially planned to build on the plot, the project was eventually abandoned. 
&#8220;When&nbsp;I purchased this property in&nbsp;2018, it was the highest&nbsp;sale price on the market,&#8221; Peleg told the <a href="https://nypost.com/2025/06/20/real-estate/mikhail-peleg-sold-his-jeff-bezos-adjacent-lot-for-105m/">outlet</a>. 
&#8220;People&nbsp;told me I was overpaying,&nbsp;that it wasn't a smart&nbsp;investment. But I saw the&nbsp;long-term potential in both the&nbsp;land and the vision we&nbsp;had for the property.&#8221;
The property, located&nbsp;at 9 Indian Creek Island&nbsp;Road, was&nbsp;listed for $200 million late&nbsp;last year. It drew attention due to its proximity to properties owned by Bezos. 
Also Read: <a href="https://www.benzinga.com/general/entertainment/25/05/45601150/jeff-bezos-called-out-in-hunts-point-acts-like-he-owns-hunts-point-not-much-of-a-neighbor-busy-with-national-stuff">Jeff Bezos Called Out in Hunts Point: &#8216;Acts Like He Owns Hunts Point,&#8217; &#8216;Not Much of a Neighbor,&#8217; &#8216;Busy With National Stuff&#8217;</a>
The final sales price of $105 million&nbsp;sets a new record for&nbsp;Indian Creek Island,&nbsp;just $15 million shy of&nbsp;Miami's most expensive home sale.
Why It Matters: Indian Creek Island is renowned for its exclusivity, with access heavily restricted. 
The island is home to high-profile residents such as Tom Brady, Carl Icahn, and Jared Kushner and Ivanka Trump.
The record-breaking sale price of this property underscores the high demand for real estate in this exclusive location, despite the high costs. 
The sale also highlights the potential for significant returns on investment in the luxury real estate market, as demonstrated by Peleg&#8217;s substantial profit from his 2018 purchase.
Read Next
<a href="https://www.benzinga.com/news/24/12/42715900/jeff-bezos-neighbor-lists-vacant-miami-lot-for-200-million-after-buying-it-for-just-27-5m">Jeff Bezos&#8217; Neighbor Lists Vacant Miami Lot For $200 Million After Buying It For Just $27.5M</a>
Image: Shutterstock/lev radin

Mystery Seller Behind $105 Million Plot Next to Jeff Bezos Estate Finally Revealed

After spending time in multiple career-related subreddits, one Reddit user had a realization that registered with people: Reddit sometimes makes the job market look worse than it really is.
<h2 class="wp-block-heading">Reddit Isn&#8217;t The Full Picture</h2>
&#8220;I've been <a href="https://www.benzinga.com/personal-finance/25/05/45184505/she-earns-130k-on-onlyfans-and-has-a-masters-degree-in-business-still-shes-looking-to-switch-careers-because-the-job-is-boring">trying to switch careers</a> recently and joined a bunch of subreddits — tech, healthcare, education, engineering, etc.,&#8221; the original poster <a href="https://www.reddit.com/r/jobs/comments/1levt2q/reddit_makes_it_seem_like_literally_every_job_is/">wrote</a>. &#8220;And in every single one, it's the same thing: &#8216;No jobs&#8217; &#8216;The market is dead&#8217; &#8216;Everything's saturated&#8217; &#8216;You should've started 10 years ago&#8217;.&#8221;
But they pushed back on the despair. &#8220;People get hired every single day. That's a fact,&#8221; they said. &#8220;The people who are getting jobs aren't posting here. The ones who are stuck are the ones who are venting.&#8221;
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Their perspective resonated, especially as others chimed in with their experiences. &#8220;I <a href="https://www.benzinga.com/news/25/03/44408726/got-laid-off-so-i-went-all-in-on-living-frugally-redditor-shares-how-they-saved-big-and-why-these-tips-may-be-more-important-than-ever">got laid off</a> at the beginning of the year and was terrified because I'm here lurking a lot,&#8221; one person commented. &#8220;Luckily, I'm pretty good at interviewing and landed a [work-from-home] job maybe two weeks after. I never posted about how fast I was able to find work, so what you say is true.&#8221;
Others said the negativity isn&#8217;t universal across fields. &#8220;Tech jobs in education, medical, and finance are <a href="https://www.benzinga.com/25/05/45671051/as-unemployment-trends-upwards-these-college-majors-offer-the-best-job-prospects">booming right now</a>. I moved companies earlier this year and did not have any trouble finding another fully remote position for a significant raise,&#8221; one person added.
Still, the thread also highlighted the brutal side of the market. Many shared long stretches of unemployment and feelings of defeat. One mid-level developer said they&#8217;d sent out over 100 applications in four weeks and heard back from only five. &#8220;I&#8217;m not the best interviewee and am a poster child for, &#8216;if it wasn&#8217;t for bad luck, I&#8217;d have no luck at all.'&#8221;
Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. <a href="https://www.benzinga.com/money/this-company-may-have-found-a-way-to-treat-cancer-by-tricking-the-bodys-immune-system-and-early-studies-show-some-promise-find-out-how-you-can-invest-in-the-future-of-cancer-treatment">Back a bold new approach to cancer treatment with high-growth potential.</a>
New graduates, in particular, seemed to bear the brunt of the pain. &#8220;Some have literally been unemployed for 2-3 years now,&#8221; another person said of recent tech grads. &#8220;One of [my friends] is a camp counselor at a coding camp. The other, working IT at a warehousing startup.&#8221; He described them as &#8220;Smart kids, high 90's in HS and 3.8 and above GPA in university.&#8221;
The nursing and teaching sectors drew mixed responses. Many users acknowledged that these fields continue to experience high demand due to staffing shortages, burnout, and high turnover. However, some pointed out that employers often prefer experienced workers, leaving recent graduates <a href="https://www.benzinga.com/news/education/25/06/46007465/jamie-dimon-sounds-alarm-on-skills-gap-calls-for-overhaul-of-us-education-system">without opportunities</a> to gain that very experience.&nbsp;
Others emphasized how working conditions and pay in these sectors contribute to why positions remain unfilled, with some describing the workload and pressure as overwhelming despite the steady demand for workers.
Reddit&#8217;s tendency to skew toward doom and gloom was a recurring point. &#8220;Reddit as a collective has the mentality of a depressed 16-year-old. It definitely shouldn&#8217;t be used as a barometer for anything,&#8221; one person joked. Another added, &#8220;It's like reading reviews on Amazon. People only post something negative, while positive is rarely posted.&#8221;
See Also: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
In the end, the original poster urged job seekers to stay the course. &#8220;Don't let [Reddit] convince you that nothing is working anywhere for anyone. That's just not true. If you're feeling discouraged, I get it. But keep going. You're probably doing better than you think.&#8221;
<h2 class="wp-block-heading">May's Job Market Data</h2>
Recent <a href="https://www.bls.gov/news.release/empsit.nr0.htm">data</a> from the U.S. Bureau of Labor Statistics paints a mixed yet still functional employment picture. In May, <a href="https://www.benzinga.com/markets/economic-data/25/06/45812372/us-labor-markets-defies-tariff-concerns-as-nonfarm-payrolls-wages-top-expectations-in-may">employers added 139,000</a> nonfarm payroll jobs, keeping the unemployment rate steady at 4.2%. Job gains were led by health care, leisure and hospitality and social assistance.&nbsp;
While federal government payrolls declined, private-sector hiring continued. Though slower than prior months, growth continues, supporting the idea that &#8220;people get hired every single day.&#8221;
Read Next: 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>
Image: Shutterstock

A Jobseeker Says Reddit Paints A Bleak Job Market. But Then Admits People Are Still Getting 'Hired Every Single Day. That's A Fact'

The tech leaderboard of 2030 could look radically different, not just because of who rises <a href="https://www.benzinga.com/tech" target="_blank" rel="noreferrer noopener">but also because of who fades</a>.
A <a href="https://x.com/KoyfinCharts/status/1936092201920217573" target="_blank" rel="noreferrer noopener">post</a> on X by Koyfin reveals that Coatue&#8217;s recent projections for the next wave of trillion-dollar companies suggest a shift in how value is being created across industries.
Notably absent from the top 40 are Alphabet Inc. (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 Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
The exclusion isn&#8217;t arbitrary.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/tech/25/06/46041525/google-offers-to-boost-rivals-in-search-results-to-avoid-eu-antitrust-fine-under-digital-markets-act-report" rel="noreferrer noopener">Google Offers To Boost Rivals In Search Results To Avoid EU Antitrust Fine Under Digital Markets Act: Report</a>
Both companies face structural challenges that could curb future growth. Alphabet, for instance, is increasingly under pressure as generative AI threatens its core search and ad businesses — the very engines that built its empire.
CNBC <a href="https://www.cnbc.com/2025/04/24/alphabet-expects-slight-headwind-to-ads-business-in-2025-execs-say.html#:~:text=Alphabet%20will%20likely%20be%20impacted,advertising%20pullback%20from%20budget%20constraints." target="_blank" rel="noreferrer noopener">reports</a> that Alphabet may face headwinds due to the rising costs of materials essential for building and maintaining the technical infrastructure—like data centers—needed to support its AI ambitions. Additionally, it could feel indirect pressure from a slowdown in advertising spend, as companies tighten budgets, the report adds.
Competitors like OpenAI are already redefining how users interact with information.
Apple, while still wildly profitable, hasn&#8217;t demonstrated category-defining innovation post-iPhone.
Hardware saturation and China-related supply chain risks continue to weigh on investor confidence.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45489614/as-apple-faces-pressure-after-trump-told-tim-cook-to-avoid-manufacturing-in-india-expert-warns-iphone-makers-value-added-growth-is-in-danger" rel="noreferrer noopener">As Apple Faces Pressure After Trump Told Tim Cook To Avoid Manufacturing In India, Expert Warns iPhone Maker&#8217;s &#8216;Value-Added Growth Is In Danger&#8217;</a>
Meanwhile, rising stars like NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), OpenAI, and SpaceX are being valued not just for current profits but for owning the infrastructure of the future — AI, energy, automation, and space.
Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) placement among the top three underscores another trend: institutional acceptance of crypto as a legitimate store of value.
The market isn&#8217;t just rewarding performance anymore — it&#8217;s betting on disruption, scalability, and vision.
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Image: Shutterstock/NRSPro

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Tech Hedge Fund: One of the 'Magnificent 7' May Not Make 2030 Top 40

With a <a href="https://www.benzinga.com/markets/tech/25/06/45966691/elon-musks-net-worth-soars-nearly-3-billion-jeff-bezos-mark-zuckerberg-and-other-top-10-billionaires-add-over-16-billion-as-sp-500-nasdaq-jump-erasing-fridays-losses">net worth of $344 billion</a> as of this month, Elon Musk could buy just about anything. But instead of throwing his money at mansions, Michelin stars, or Maybachs, he's opted to live like someone trying to stretch a student loan refund.
In his own words, <a href="https://x.com/elonmusk/status/1256239554148724737">Musk tweeted on May 1, 2020</a>:
"I am selling almost all physical possessions. Will own no house."
And during a May 8, 2020 <a href="https://www.rev.com/transcripts/joe-rogan-elon-musk-podcast-transcript-may-7-2020">interview on "The Joe Rogan Experience",</a> he added:
"I think possessions kind of weigh you down. They're kind of an attack vector."
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</ul>
Here are five major things Musk refuses to waste money on—even though he easily could.
<h2 class="wp-block-heading">Multi-Million Dollar Homes</h2>
Between 2020 and early 2021, Musk sold seven homes in California, including multiple Bel-Air properties. The total price tag? Over $100 million.
Rather than upgrade, he reportedly moved into a <a href="https://x.com/elonmusk/status/1402718368633745410">$50,000 Boxabl prefab home</a> near SpaceX headquarters in Boca Chica, Texas. It's a 375-square-foot cube—modest even by non-billionaire standards.
<h2 class="wp-block-heading">Furniture —&nbsp; Even a Decent Mattress</h2>
In a March 2022 <a href="https://www.vanityfair.com/style/2022/03/grimes-cover-story-on-music-and-mars">interview with Vanity Fair</a>, Canadian musician Grimes—Musk's former partner and the mother of three of his children—described his lifestyle as anything but billionaire-like.
"Bro does not live like a billionaire," she said. "Bro lives at times below the poverty line."
She recalled their time living in a "$40,000 house" with no security and neighbors who could easily film them. At one point, she said she was eating peanut butter for eight days straight. But the most telling example? Their mattress had a hole in it—and Musk still refused to replace it. Instead, he suggested they just switch sides.
Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. <a href="https://www.benzinga.com/money/this-company-may-have-found-a-way-to-treat-cancer-by-tricking-the-bodys-immune-system-and-early-studies-show-some-promise-find-out-how-you-can-invest-in-the-future-of-cancer-treatment">Back a bold new approach to cancer treatment with high-growth potential.</a>
<h2 class="wp-block-heading">Hotels and Fancy Lodging</h2>
Musk doesn't even technically have a primary residence. In a 2022 TED interview, <a href="https://youtu.be/YRvf00NooN8?si=eHOFbWh1eqbxKj4q">he told host Chris Anderson</a>:
"I don't even own a place right now, I'm literally staying at friends' places."
In a 2015, Google co-founder Larry Page shared a story with Ashlee Vance, the author of Elon Musk's first biography, "Elon Musk: Tesla, SpaceX and the Quest for a Fantastic Future."
Page recalled Musk occasionally reaching out for a place to crash, saying:
"He'll email and say, ‘I don't know where to stay tonight. Can I come over?'"
Page added with a laugh that Musk was "kind of homeless, which I think is sort of funny," offering a glimpse into the billionaire's unusually casual and nomadic lifestyle.
And way back in <a href="https://www.cnn.com/videos/business/2021/01/07/elon-musk-gets-his-mclaren-supercar-1999-vault-orig.cnn">1999, Musk told CNN</a>:
"Three years ago, I was showering at the YMCA and sleeping on the office floor. Now I have a million-dollar car."
<h2 class="wp-block-heading">Gourmet Food or Dining Out</h2>
At 17, Musk decided to test whether he could survive as an entrepreneur by living on just $1 a day for food. It wasn't a stunt—it was a personal challenge to see if he could handle the financial uncertainty that came with starting a business.
He described the experiment during an interview on Neil deGrasse Tyson's "<a href="http://startalkmedia.com/">StarTalk</a>":
"In America it&#8217;s <a href="https://www.benzinga.com/startups/24/08/40612658/elon-musk-says-he-survived-on-1-per-day-before-becoming-the-richest-man-in-the-world-in-america-its">pretty easy to keep yourself alive</a>. So my threshold for existing was pretty low. I figured I could be in some dingy apartment with my computer and be okay, and not starve."
During the Zip2 startup years, <a href="https://x.com/teslaownersSV/status/1532784330103107584">he ate Jack in the Box and White Castle burritos</a>, showered at the YMCA, and funneled every spare dollar into the company.
See Also: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
<h2 class="wp-block-heading">Luxury Cars…Though He Did Once Crash a $1 Million McLaren</h2>
Musk recalled the infamous crash himself during an interview with Sarah Lacy for PandoDaily. After selling Zip2, he had purchased a <a href="https://www.benzinga.com/general/24/02/37016578/elon-musk-spent-1-million-on-a-super-rare-mclaren-f1-but-then-crashed-it-trying-to-impress-peter-thi">McLaren F1 and decided to show it off</a> to PayPal co-founder Peter Thiel.
"Watch this," Musk said—then floored it, spun out, and launched the car into the air before crashing.
His reaction afterward? "It wasn't insured."
Since then, Musk has stuck with practical models. He <a href="https://supercarblondie.com/elon-musk-drives-specific-tesla-model-everyday/">mostly drives a Tesla Model S</a> or Cybertruck. He's also dismissed the idea of building a budget Tesla under $25,000, calling it "silly" during a 2024 Tesla third quarter earnings calls.&nbsp;
<h2 class="wp-block-heading">Sometimes Less Really Is More</h2>
Musk could afford anything. But time and again, he chooses not to. Whether it's sleeping on friends' couches, keeping a broken mattress, or skipping dinner reservations for dollar menus, Musk lives like a man focused on Mars—not material things.
And as far as he's concerned, that's the point.
Read Next: <a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
Image: Shutterstock

Personal Finance

'Possessions Kind of Weigh You Down'— Elon Musk Is the Richest Man In The World But Avoids These 5 Pricey Purchases Most People Can't Resist

Pavel Durov, the CEO and co-founder of messaging platform&nbsp;Telegram, has announced that his vast fortune will be inherited by his numerous offspring.
What Happened: In an interview with the French outlet Le Point, Durov said that his 100-plus children will be the beneficiaries of his multi-billion dollar estate.
Durov, who is officially recognized as the father&nbsp;of six children from three&nbsp;different partners, has also fathered over 100 children across 12 countries via sperm donation. During the interview he <a href="https://www.lepoint.fr/high-tech-internet/exclusive-pavel-durov-on-his-arrest-in-france-macron-russia-the-fbi-and-the-fight-for-telegram-19-06-2025-2592412_47.php#11">said</a>,&nbsp;&#8220;They are all my children&nbsp;and will all have the&nbsp;same rights. I don&#8217;t want&nbsp;them to tear each other&nbsp;apart after my death.&#8221;
The Russian entrepreneur, whose net worth is estimated at nearly $14 billion, recently drafted his will, stipulating that his children would not gain access to his wealth until three decades from now.&nbsp;
&#8220;I want them to live&nbsp;like normal people, to build&nbsp;themselves up alone, to learn&nbsp;to trust themselves, to be&nbsp;able to create, not to&nbsp;be dependent on a bank&nbsp;account,&#8221; Durov added.
Also Read: <a href="https://www.benzinga.com/news/social-media/25/05/45710748/ex-says-musk-told-her-he-fathered-child-with-japanese-pop-star-said-he-would-give-sperm-to-anyone-who-wanted-it">Ex Says Musk Told Her He Fathered Child With Japanese Pop Star, Said He Would Give Sperm To Anyone Who Wanted It</a>
&#8220;I wrote my will very recently. I have decided that my children would not have access to my fortune until a period of 30 years has elapsed, starting from today,&#8221; he said. 
Durov, who founded Telegram in 2013, was apprehended by French authorities last year on allegations of aiding in criminal activity via Telegram, charges he has persistently refuted. Despite these accusations, he continues to helm the messaging platform, which claims around&nbsp;1 billion active users globally.
Why It Matters: Durov&#8217;s decision to distribute his wealth among his numerous offspring is a unique approach to inheritance, particularly given the vast number of children involved. 
His desire for his children to live &#8220;normal&#8221; lives and not be dependent on his fortune reflects his belief in self-reliance and personal development. This move also ensures that his wealth will be distributed evenly, potentially avoiding future family disputes over inheritance.
Despite the controversy surrounding his arrest, Durov remains a significant figure in the tech industry, with Telegram continuing to be a major player in the messaging platform market. 
His decision regarding his fortune may have implications for his children&#8217;s future involvement in the company and the tech industry at large.
Read Next
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Image: Shutterstock/Muhammad Raid Ahyan 2105

Social Media

Telegram CEO Pavel Durov To Leave His $13.9 Billion Fortune to His 100+ Children

Billionaire Elon Musk is worth <a href="https://www.benzinga.com/news/25/06/45932793/elon-musk-net-worth-down-64-billion-in-2025-but-tesla-ceo-still-richer-than-value-of-ford-general-mo">more than $350 billion</a>, giving the Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO the opportunity to buy nearly anything he wants.
While Musk doesn't own any yachts or multiple houses anymore, the billionaire had no problem spending $1 million to buy a famous movie car back in 2013.
What Happened:&nbsp;One of the most expensive personal items ever purchased is the car from the James Bond movie "The Spy Who Loved Me," which he bought in 2013 for&nbsp;<a href="https://www.benzinga.com/news/23/04/31727712/5-of-the-craziest-things-elon-musk-has-spent-his-money-on" target="_blank" rel="noreferrer noopener">nearly one million dollars</a>.
In the 1977 movie, which stars&nbsp;Roger Moore&nbsp;as Bond, a sports car that can transform into a submarine and fire missiles underwater is featured. The vehicle was nicknamed "Wet Nellie" and saw a marine engineering firm convert it into a functional submarine. A retired U.S. Navy SEAL in full scuba gear helped perform the underwater scenes in the movie.
While buying the famous vehicle might be a crazy story for Musk, it's an even crazier story for the couple that once owned it.
A couple from New York purchased an unclaimed storage unit for $100 in 1989 via a blind auction, which means unlike the storage unit auctions you may have seen on TV, the bidders couldn't see what was inside or even open the door.
As reported by&nbsp;<a href="https://www.cnbc.com/2019/12/01/couple-paid-100-for-car-elon-musk-bought-it-from-them-for-6-figures.html" target="_blank" rel="noreferrer noopener">CNBC</a>, the couple found the 1976 Lotus Espirit sports car when they opened the unit after winning. Surprisingly enough, the couple had never watched a James Bond movie.
"They really didn't know what it was," Ian Fleming Foundation Co-Founder&nbsp;Doug Redenius&nbsp;told NBC in 2013. Redenius helped authenticate the car for the couple, who ran a construction tool renting business at the time.
"They had no idea how valuable their discovery was."
According to the story, the couple loaded the car onto a truck and while driving it home were told several times by truckers via CB radio that it was a James Bond car that they were hauling. The discovery led to the husband going out and renting the Bond film on VHS to see the car in the movie.
The couple "cosmetically restored" the vehicle and featured it in exhibits before deciding to part ways and put it up for auction in 2013.
The car purchased by Musk is one of eight that was used during the filming of the 1977 film, but is the only one that was used in the underwater scenes. After filming, the car went into a storage unit.
Musk bought the vehicle anonymously in a 2013 auction with RM Sotheby's. The purchase price was $997,000 for the James Bond car.
It was later revealed that Musk was the buyer of the vehicle.
Are you buying when the CEOs of the Magnificent 7 are selling?
<ul class="wp-block-list">
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>
Musk a Fan Of James Bond:&nbsp;Musk has said in interviews that he was a fan of James Bond movies, particularly "The Spy Who Loved Me."
"It was amazing as a little kid in South Africa to watch James Bond in ‘The Spy Who Loved Me' drive his Lotus Espirit off a pier, press a button and have it transform into a submarine understeer," Musk said previously.
In a 2013 interview, Musk said that he was disappointed the James Bond car he bought didn't actually transform.
"What I'm going to do is upgrade it with a Tesla electric powertrain and try to make it transform for real."
Tesla&nbsp;investors and customers may be familiar with the design of the vehicle featured in the James Bond movie. Musk has called the vehicle a major inspiration for the highly anticipated Tesla Cybertruck electric pickup truck.
"Cybertruck design influenced partly by The Spy Who Loved Me," Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1197638937109336066" target="_blank" rel="noreferrer noopener">tweeted&nbsp;</a>in 2019.
Along with being influenced by The Spy Who Loved Me, the Cybertruck design was also inspired by the "Blade Runner" film.
&#8220;I specifically wanted to make something that looks like the future,&#8221; Musk <a href="https://www.benzinga.com/news/23/12/36104426/elon-musk-wanted-to-make-a-vehicle-for-the-future-one-that-blade-runner-would-drive">said in an interview</a>. &#8220;What car would Blade Runner drive?&#8221;
Musk has&nbsp;<a href="https://twitter.com/elonmusk/status/1252098355062173696" target="_blank" rel="noreferrer noopener">teased&nbsp;</a>for years that the Cybertruck would be able to drive through water, a reference to the underwater capabilities of "Wet Nellie."
It&#8217;s hard to believe that a $100 storage unit purchase by a couple in 1989 led to a one million dollar payday, and also may have played a hand in the design of the Cybertruck.&nbsp;
While the Cybertruck may not live up to Musk's once lofty expectations based on current demand trends, the unique vehicle design will likely be talked about for decades.
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&nbsp;This article was previously published by Benzinga and has been updated.
Photo: Shutterstock

Entertainment

Education

Elon Musk Paid $1M For A James Bond Car — It Was Found In A $100 Storage Unit

Mark Cuban didn't always own NBA teams and billion-dollar businesses. Long before the Dallas Mavericks, long before &#8220;Shark Tank,&#8221; he was just a kid growing up in Pittsburgh, watching his dad grind out 60-hour weeks <a href="https://www.benzinga.com/news/24/02/37384456/mark-cuban-credits-fathers-wisdom-for-billion-dollar-success-story-his-job-didnt-have-a-future">upholstering car seats</a>.
<h2 class="wp-block-heading">A Life-Changing Milestone</h2>
Cuban still remembers the moment he told his dad Norton that he had made $100,000 in a single year. &#8220;He cried,&#8221; Cuban said in a 2019 <a href="https://www.youtube.com/watch?v=JMnrZWXID_s">interview</a> on &#8220;The Dan Patrick Show.&#8221; &#8220;He did upholstery on cars and I don&#8217;t think he ever made more than $40,000 in a year.&#8221;
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The money wasn't just a number. For Cuban, it meant freedom. For his father, it was pride. "It wasn't so much that it was hard for him," Cuban added. "But we would go out to dinner and he would still pull out the credit card. Even when it was my credit card, he gave me a death stare, like, &#8216;Don&#8217;t even think about paying.'&#8221;
<h2 class="wp-block-heading">The Lesson That Shaped His Life</h2>
Cuban also credits his work ethic and values to his dad, who gave him a key piece of advice when he was 14: &#8220;Time is your most valuable asset.&#8221;
&#8220;His time was never his own,&#8221; Cuban told <a href="https://www.cnbc.com/2024/02/28/mark-cuban-built-his-career-using-advice-his-dad-gave-him-at-age-14.html">CNBC</a> last year. &#8220;He wanted me to create my own path.&#8221;
That mindset pushed Cuban to chase independence over a high-paying job. He wanted to control his schedule and never answer to anyone else.&nbsp;
Cuban started <a href="https://www.benzinga.com/personal-finance/24/06/39440861/mark-cuban-began-his-millions-selling-garbage-bags-for-6-the-worlds-first-garbage-bag-door-to-do">selling trash bags</a> door to door at age 12, then stamps and coins. In college, he taught disco lessons for $25 an hour and opened a bar using the money from side hustles. His first big win came when he <a href="https://www.benzinga.com/news/24/12/42638290/mark-cubans-wealth-journey-i-want-to-live-off-this-for-a-long-time">sold MicroSolutions for $6 million</a> in 1990. Less than a decade later, Yahoo acquired his next company, <a href="https://www.benzinga.com/general/education/24/10/41234173/how-mark-cuban-turned-broadcast-com-into-5-7b-sale-we-were-the-youtube-of-our-day">Broadcast.com, for $5.7 billion</a>.
Trending: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
<h2 class="wp-block-heading">Still Just Dad</h2>
Despite the success, Cuban says some things never changed. His dad moved to Dallas after Mark <a href="https://www.benzinga.com/news/25/03/44571779/mark-cubans-big-revelation-says-he-lost-hundreds-of-millions-owning-the-dallas-mavericks">bought the Mavericks</a>, but kept his same humble approach. &#8220;I couldn&#8217;t get him to retire, and finally that was kind of the impetus for him to retire and come down to Dallas and live and just hang out and go to Mavs games,&#8221; Cuban said.&nbsp;
He never gave his dad one big gift. Instead, he gave him the option to go anywhere in the world. His dad took full advantage, cruising across the globe and collecting friends along the way. &#8220;I&#8217;d get emails from random people who met my dad on cruises,&#8221; Cuban told Patrick.
And at home? Cuban might be a billionaire, but to his kids, he&#8217;s still just Dad. &#8220;One of my daughters says, &#8216;You don't know anything about business, Dad,'&#8221; Cuban joked on Theo Von&#8216;s <a href="https://www.youtube.com/watch?v=fiK6IWhDbWU">podcast</a> last year.&nbsp;
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Image: Shutterstock

When Mark Cuban Hit $100,000, He Told His Dad, Who'd Never Earned Even Half That. 'He Just Started Crying'

President Donald Trump has publicly contradicted Director of National Intelligence, Tulsi Gabbard amid reports suggesting Gabbard&#8217;s influence within Trump&#8217;s administration is declining.
What Happened: Trump dismissed Gabbard during a press briefing on Friday. When asked about intelligence supporting a potential strike on Iran, to which Trump replied that Iran had accumulated &#8220;a tremendous amount of nuclear material.&#8221;
As reported <a href="https://www.foxnews.com/politics/shes-wrong-trump-says-tulsi-gabbard-incorrect-about-iran-not-having-nuclear-weapon-capabilities">by</a> Fox News, when told that his intelligence team had said that Iran is not close to achieving a nuclear weapon, Trump retorted, &#8220;Well, then my intelligence community is wrong. Who in the intelligence community said that?&#8221; Upon reporter&#8217;s mention of Gabbard, Trump&#8217;s response was a curt, &#8220;She&#8217;s wrong.&#8221;
Also Read: <a href="https://www.benzinga.com/news/25/02/43758634/mary-trump-warns-dni-gabbard-could-lead-to-catastrophic-outcome-a-known-russian-asset-defender-of-murderous-dictator-assad">Mary Trump Warns DNI Gabbard Could Lead To &#8216;Catastrophic Outcome&#8217;: &#8216;A Known Russian Asset,&#8217; Defender of &#8216;Murderous Dictator&#8217; Assad</a>
This public disagreement follows a recent media report that Gabbard&#8217;s influence within the administration was on the decline. This was after Gabbard released a video warning about the potential for nuclear annihilation, which reportedly upset Trump.
Despite the public disagreement, Vice President&nbsp;JD Vance&nbsp;voiced his support for Gabbard, characterizing her as a &#8220;veteran, a patriot, a loyal&nbsp;supporter of President Trump, and&nbsp;a critical part of the&nbsp;coalition he built in 2024.&#8221;
Why It Matters: The public contradiction of Gabbard by President Trump raises questions about the stability within the administration and the potential impact on national security. 
Gabbard&#8217;s diminishing influence could lead to a shift in the administration&#8217;s approach to intelligence and foreign policy. As a key figure in Trump&#8217;s 2024 coalition, Gabbard&#8217;s potential sidelining could also have political implications.
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Image: Shutterstock/Maxim Elramsisy

Trump Publicly Contradicts DNI Gabbard's Claim That Iran Lacks Nuclear Capabilities: 'She's Wrong'

When a small business owner called into Dave Ramsey&#8216;s &#8220;<a href="https://www.youtube.com/watch?v=BBqXJvG4QEM">EntreLeadership</a>&#8221; podcast recently, she didn't talk about marketing, sales, or profits—she asked for help dealing with something more personal: what to do when too many employees are out for weeks at a time due to illness or family emergencies.&nbsp;
<h2 class="wp-block-heading">Ramsey: &#8216;Grace Can Only Go As Far As the Math Allows&#8217;</h2>
With nine employees and around $700,000 in annual revenue, the specialty retail and race timing business owner told Ramsey she&#8217;s struggling with multiple extended employee absences.
&#8220;It&#8217;d be one thing if it were one person, but it&#8217;s multiple,&#8221; the owner said. &#8220;And I&#8217;m just a small retail store.&#8221;
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Ramsey, who has run businesses of all sizes, told her, &#8220;At your size, you can only absorb so much of it in the name of grace. And then you can&#8217;t continue to absorb it all because you won&#8217;t have the money to pay the people that are there because the work&#8217;s not getting done.&#8221;
He sympathized with her desire to be kind and flexible, but said <a href="https://www.benzinga.com/news/topics/25/06/45829838/a-22-year-old-ceo-asks-dave-ramsey-what-to-do-about-an-employee-asking-for-ownership-his-advice-after-a-sincere-laugh-hit-the-road-jack">the numbers don't lie</a>. &#8220;My grace can only go as far as the math allows it.&#8221;
Ramsey explained that in his own company, they sometimes pay employees out on <a href="https://www.benzinga.com/personal-finance/24/12/42728529/suze-orman-warns-medicare-doesnt-cover-everything-why-you-need-2000-for-drugs-and-1676-for-hospital-costs-in-2025">extended medical leave</a>, but that luxury comes with scale. &#8220;When I was your size, I couldn&#8217;t do that. I didn&#8217;t have the money to do that.&#8221;
The small business owner clarified that her team members aren't lazy. &#8220;None of them I would look at and go, &#8216;Oh, you&#8217;re slacking.'&#8221;
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Still, Ramsey didn't pull punches. &#8220;Corporate America will <a href="https://www.benzinga.com/markets/tech/25/06/45810135/walmart-microsoft-disney-slash-jobs-as-trump-tariffs-ai-push-corporate-america-into-layoff-mode">fire their butt</a> with no feelings,&#8221; he said. &#8220;At least you got feelings.&#8221;
&#8220;Welcome to leadership. Sometimes it&#8217;s hard&#8230; because small business people like you and me, we care about folks, we don&#8217;t just cut their throat,&#8221; Ramsey noted.
He recommended setting a clear policy: allow three weeks of PTO, and then no more than one month unpaid. Beyond that, the position likely needs to be filled.
&#8220;You&#8217;re just never here, so we probably ought to call it out loud and say that,&#8221; he said. &#8220;I feel bad for you, but I also can&#8217;t go on not getting this work done.&#8221;
See Also: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.
Ramsey said leaders can make exceptions when they feel truly called to support someone long-term, but added, &#8220;That&#8217;s a rare exception.&#8221;
His closing reminder: &#8220;The good of the whole outweighs the good of the one. When you can&#8217;t afford to do it, you can&#8217;t afford to do it. That's not evil, it&#8217;s just the stage of business you&#8217;re at. I&#8217;d like to tell you it gets easier. It gets more complicated, is all it gets from here.&#8221;
Read Next: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
Image: Shutterstock

A Small Store Owner Struggles As Staff Constantly Call Out Sick Or Care For Family. Dave Ramsey Says Corporate America Would Just Fire Them

Donald Trump Jr. has joined billionaire entrepreneur Mark Cuban in publicly voicing disapproval of Sen. Elizabeth Warren (D-Mass.)&#8217;s approach to healthcare pricing.
Despite their political differences, Trump Jr. and Cuban found a common point of contention in Warren&#8217;s healthcare pricing strategy. They criticized the senator for not addressing&nbsp;the role of pharmacy benefit&nbsp;managers (PBMs) in escalating drug costs.
Warren had previously argued&nbsp;that the tax system was&nbsp;&#8220;rigged&#8221;&nbsp;because large pharmaceutical companies like&nbsp;Johnson &amp; Johnson&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) often escape federal taxes while charging exorbitant prices for their drugs. 
She wrote on X saying that the "highest drug prices in the WORLD while often paying ZERO dollars in federal taxes themselves."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Big Pharma companies like Johnson &amp; Johnson and Pfizer charge Americans the highest drug prices in the WORLD while often paying ZERO dollars in federal taxes themselves. Why? Because our tax system is rigged. Now, Republicans want to make it worse. I&#39;m fighting back. <a href="https://t.co/k7dFrXBneX">pic.twitter.com/k7dFrXBneX</a>
&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1935443373487440373?ref_src=twsrc%5Etfw">June 18, 2025</a></blockquote>
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Cuban countered this by stating that PBMs, not pharmaceutical companies, are the ones controlling and manipulating drug pricing.
Also Read: <a href="https://www.benzinga.com/news/25/01/43245984/cuban-on-musk-i-have-no-problem-throwing-elon-under-the-bus-but-ill-save-it-for-when-its-truly-deser">Cuban on Musk: &#8216;I Have No Problem Throwing Elon Under the Bus, but I&#8217;ll Save It for When It&#8217;s Truly Deserved&#8217;</a>
Trump Jr. publicly supported Cuban&#8217;s viewpoint on X, despite Cuban&#8217;s well-known opposition to President Trump. This unexpected agreement highlights the growing concern over the role of PBMs in healthcare pricing.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Didn't think I'd be RTing Mark for a while, but he's 100% right on this issue. <a href="https://t.co/ofraK5IFQk">https://t.co/ofraK5IFQk</a>
&mdash; Donald Trump Jr. (@DonaldJTrumpJr) <a href="https://twitter.com/DonaldJTrumpJr/status/1935817600891601345?ref_src=twsrc%5Etfw">June 19, 2025</a></blockquote>
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PBMs have been facing increasing scrutiny from federal regulators and lawmakers due to their influence on healthcare pricing. 
In 2020, the Federal Trade Commission released a report criticizing PBMs for imposing unfair terms on independent pharmacies, thereby favoring large corporate pharmacies like&nbsp;CVS&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>).
The public criticism from Trump Jr. and Cuban underscores the growing debate over the role of PBMs in healthcare pricing. 
Warren&#8217;s focus on pharmaceutical companies, while not entirely misplaced, overlooks the significant influence of PBMs in determining drug prices.
The Federal Trade Commission&#8217;s report from last year further highlights the need for regulatory scrutiny of PBMs. As the debate continues, it remains to be seen how lawmakers will address the issue of healthcare pricing and the role of PBMs in the future.
Read Next
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Image: Shutterstock/lev radin

Politics

Donald Trump Jr. Joins Mark Cuban In Slamming Elizabeth Warren on Healthcare Pricing

If you're working hard just to scrape by, Sen. Bernie Sanders (I-VT) says it's not just draining — it could be deadly.
According to a <a href="https://www.sanders.senate.gov/press-releases/new-report-working-class-americans-can-expect-to-die-at-least-7-years-earlier-than-the-wealthy/">Senate report released by Sanders</a> in March, the wealth gap in America isn't just about who can afford nicer things. It's about who lives longer. And the answer, Sanders says, is simple: "In America today, the bottom 50% of our population can expect to live seven years shorter lives than the top 1%."
It gets worse for rural, working-class Americans. In some parts of the country, the difference in life expectancy stretches to a full 10 years — with some counties facing a 15-year gap between the rich and poor. "Even worse," Sanders said, "Americans who live in working-class, rural counties can expect to die 10 years younger than people who live in wealthier neighborhoods across the country."
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The reason? "The <a href="https://www.benzinga.com/personal-finance/25/01/42914736/bernie-sanders-pushes-for-32-hour-work-weeks-with-no-pay-loss-it-is-time-to-reduce-the-stress-level-in-our-country">enormous stress</a> of living paycheck to paycheck," Sanders said, "not only causes far too many Americans to die much quicker than they should, but also leads to higher levels of anxiety, depression, cardiovascular disease and poor health."
The report shows that people living in the highest-income counties live over 84 years on average. In the poorest half of counties, life expectancy drops to 77.4. In rural areas where the median income is around $30,000, people are expected to live to just 71.7. Meanwhile, <a href="https://www.benzinga.com/personal-finance/24/11/41703390/are-you-richer-or-poorer-than-your-peers-heres-a-look-at-the-average-net-worth-for-your-income">people in suburban counties making over $100,000</a> often reach 81.6.
To put that in perspective: In Loudoun County, Virginia, life expectancy is 84. Just a few hours away in McDowell County, West Virginia, it's 69.
Sanders said he asked Americans on social media how <a href="https://www.benzinga.com/markets/tech/25/06/45968055/bernie-sanders-says-ai-boom-must-serve-working-families-not-billionaires-calls-for-shorter-work-week-higher-quality-of-life">stress from low wages and high costs</a> was impacting their lives. The responses poured in — and some were devastating.
Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. <a href="https://www.benzinga.com/money/this-company-may-have-found-a-way-to-treat-cancer-by-tricking-the-bodys-immune-system-and-early-studies-show-some-promise-find-out-how-you-can-invest-in-the-future-of-cancer-treatment">Back a bold new approach to cancer treatment with high-growth potential.</a>
Edwardo from Texas wrote, "We struggle to get sleep. Our diets fluctuate, and we get sick from spoiled food from the donation pantry. Working long hours, I was recently injured and am struggling, unable to pay for care to help heal."
Caitlan from Colorado shared, "Stress isn't just an inconvenience for me — it's a direct threat to my heart. Living with a congenital heart defect and multiple mechanical valves means that every surge of anxiety, every sleepless night worrying about bills, isn't just mentally exhausting — it physically wears on my heart."
Sanders says these aren't outliers — they reflect a system that punishes people for being poor. His recommendations include:
<ul class="wp-block-list">
<li>Raising the minimum wage to at least $17 per hour </li>
<li>Enacting Medicare for All to guarantee health care</li>
<li>Providing paid family and medical leave</li>
<li>Expanding Social Security and restoring pensions</li>
<li>Making education accessible regardless of income or ZIP code</li>
</ul>
See Also: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
"In the richest country in the history of the world, it is absolutely unacceptable that so many Americans are seeing their lives cut short because they don't have enough money," Sanders said. "This is an issue that Congress must address."
A 2022 systematic review published in the <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC8863240/">National Library of Medicine</a> analyzed 40 studies, including many from the U.S., and found a consistent link between financial stress and depression. Americans facing debt, low income, or trouble affording basic needs were significantly more likely to experience depressive symptoms — especially those in lower-income households.&nbsp;
The message is clear: If you're middle class and barely hanging on, you're not just working your life away — you might be working it shorter, too.
Read Next: <a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
Image: Shutterstock

Bernie Sanders Says Working-Class Americans Die 10 Years Earlier Than the Rich — Blames 'Enormous Stress of Living Paycheck to Paycheck'

Elon Musk has leveled a public accusation against Sergio Gor, a senior aide to President Donald Trump, <a href="https://www.benzinga.com/news/politics/25/06/45827968/trump-vs-musk-betting-markets-anticipate-next-move-in-musk-trump-feud-predict-low-chances-of-musk-forming-political-party">alleging a federal crime</a>.
What Happened: Musk asserts that Gor, currently serving as the director of the presidential personnel office, falsified his birthplace on federal forms, a misstep Musk labels as a &#8220;serious crime.&#8221;
This accusation surfaces amidst a growing dispute between Musk and Gor, which Musk suggests has strained his relationship with President Trump.
The allegations from Musk were triggered by a series of social media posts by race car driver Igor Sushko, who labeled Gor as a &#8220;Russian spy.&#8221; Sushko had disseminated a New York Post story that cast doubt on Gor&#8217;s birthplace, among other articles.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He deliberately lied about where he was born on Federal forms. That's a serious crime.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1936106956634439911?ref_src=twsrc%5Etfw">June 20, 2025</a></blockquote>
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At the heart of Musk&#8217;s allegation is his claim that Gor neglected to fill out his own SF-86, a vital vetting form needed for U.S security clearance. 
Also Read: <a href="https://www.benzinga.com/news/politics/25/06/45829416/trump-allegedly-calling-people-to-claim-elon-musk-has-serious-drug-problem-big-time-drug-addict">Trump Allegedly Calling People To Claim Elon Musk Has Serious Drug Problem: &#8216;Big-Time Drug Addict&#8217;</a>
This is despite Gor&#8217;s responsibility in&nbsp;vetting thousands of executive branch&nbsp;employees. The White House, however, maintains that Gor has completed the form and possesses the necessary clearance.
The conflict between Musk and Gor has been intensifying since Gor allegedly swayed Trump to retract the nomination of Musk&#8217;s friend, Jared Isaacman, for a leadership position at NASA. This event reportedly led to a rift between Musk and Trump, which has been under the public eye.
Why It Matters: The ongoing feud between Musk and Gor has significant implications, particularly considering Musk&#8217;s influential role in the tech industry and Gor&#8217;s position within the Trump administration. 
The fallout between Musk and Trump could potentially impact future collaborations between Musk&#8217;s companies and the federal government. 
Furthermore, the allegations against Gor, if proven true, could lead to serious legal consequences and shake up the current administration.
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Image: Shutterstock

Elon Musk Levels Federal Crime Accusation Against Trump Aide Sergio Gor

Steve Jobs once argued the greatest innovators are "both the thinker and doer in one person," invoking Leonardo da Vinci to prove that creativity and execution rarely succeed apart.
What Happened: Addressing engineers in the early 1990s, the Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPL#NASDAQ">APPL</a>) co-founder <a href="https://allaboutstevejobs.com/videos/misc/future_of_pc_1990">said</a>, "The doers are the major thinkers. … Did Leonardo have a guy off to the side thinking five years out what he would paint? Of course not. Leonardo was the artist, but he also mixed all his own paints."
Jobs's point is that discovery flows from hands-on mastery. "It's very easy to take credit for thinking," he said. "Dig a little deeper and you find the people who really did it were also the people that worked through the hard intellectual problems as well."
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Veteran biographers note Jobs <a href="https://www.goodreads.com/quotes/629614-i-ve-never-believed-that-they-re-separate-leonardo-da-vinci-was">often cited</a> Renaissance polymaths to justify Apple's marriage of hardware, software and design.
See also: <a href="https://www.benzinga.com/markets/tech/25/06/46020016/pavel-durovs-100-plus-children-wont-see-a-cent-of-his-fortune-until-2055-heres-what-the-telegram-ceo-plans-to-do-with-his-estate">Pavel Durov&#8217;s 100-Plus Children Won&#8217;t See A Cent Of His Fortune Until 2055, Here&#8217;s What The Telegram CEO Plans To Do With His Estate</a>
Why It Matters: The thinker-doer thesis now frames a broader debate over when entrepreneurs hit their stride. Census Bureau data <a href="https://insight.kellogg.northwestern.edu/article/younger-older-tech-entrepreneurs">show</a> founders aged 40-plus are likelier to build high-growth firms than their twenty-something peers, a pattern <a href="https://www.benzinga.com/real-estate/23/01/30386966/amid-fears-of-a-recession-whats-been-driving-demand-for-multifamily-real-estate">echoed</a> by late-blooming icons such as Ray Kroc at McDonald's Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) and Sam Walton at Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>).
The gap reflects years spent &#8220;doing,&#8221; honing skills and spotting problems first-hand before leaping to &#8220;think&#8221; up solutions.
Modern CEOs frequently echo Jobs. Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Elon Musk reposted the quote last year with a <a href="https://www.benzinga.com/news/24/06/39393059/elon-musk-agrees-with-legendary-apple-co-founder-steve-jobs-on-thinker-doers-the-doers-are-the-major">one-word endorsement</a>: "True." Venture capitalist Paul Graham <a href="https://x.com/paulg/status/1840698085434884544">tells</a> founders to "learn by building" because abstract ideation rarely survives first contact with users.
For Jobs, that convergence of art and engineering remained Apple's guiding doctrine until his 2011 death. "There is no difference in our industry," he said. "The people that have really made the contributions have been the thinkers and the doers."
Photo Courtesy: rnkadsgn on Shutterstock.com
Read next: <a href="https://www.benzinga.com/news/health-care/25/06/46019567/mark-cuban-says-were-he-to-become-president-for-a-day-he-would-make-these-two-simple-moves-to-overhaul-us-healthcare">Mark Cuban Says Were He To Become President For A Day, He Would Make These Two Simple Moves To Overhaul US Healthcare</a>

APPL

Steve Jobs Once Cited Leonardo Da Vinci's Example To Explain Why All 'Major' Thinkers Had This Trait That Made Them Exceptional

Billionaire Mark Cuban has revealed that the Kamala Harris campaign sought to vet him for the 2024 Democratic vice presidential nomination, <a href="https://www.benzinga.com/news/politics/25/06/45829489/mark-cuban-reacts-to-elon-musk-donald-trump-feud">an offer he chose to decline</a>.
What Happened: Cuban, ex-owner of the Dallas Mavericks, was asked by the Harris campaign to submit vetting documents for the VP role. The billionaire confirmed the rumor during an interview on Friday.
Cuban justified his decision <a href="https://www.thebulwark.com/p/mark-cuban-harris-camp-asked-for">by</a> stating in the interview, &#8220;I&#8217;m not very good as the number two person.&#8221; He further confessed his discomfort with the traditional vice presidential duties of &#8220;shaking hands and kissing babies.&#8221;
While Cuban speculated that the Harris campaign would have taken a &#8220;different&#8221; direction with him as the VP pick instead of Gov. Tim Walz (D-Minn.), he also conceded that a Harris administration with him as VP would have been a disaster.
&#8220;She would have fired me&nbsp;within six days,&#8221; Cuban admitted.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/politics/25/06/45828246/trump-warns-musk-against-aiding-democrats-hell-have-to-pay-serious-consequences-if-he-does-that" target="_blank" rel="noreferrer noopener">Trump Warns Musk Against Aiding Democrats: ‘He'll Have To Pay Serious Consequences If He Does That'</a>
Despite rejecting the VP offer, Cuban remained a staunch supporter of Harris, making appearances at her events in battleground states and handling press calls. 
He even proposed that Harris could nominate him to head bodies&nbsp;such as the Federal Trade&nbsp;Commission or the Securities and&nbsp;Exchange Commission.
Why It Matters: The revelation of Cuban&#8217;s declined VP vetting offer adds a new dimension to the political landscape. His candid remarks about his unsuitability for the role underscore the importance of personality fit in political partnerships.
Despite his refusal, Cuban&#8217;s active support for Harris and his openness to leading federal agencies suggest his ongoing interest in political involvement. 
This development could potentially influence future campaign strategies and candidate selections.
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Image: Shutterstock/miss.cabul

Here's Why Mark Cuban Declined To Be Considered for Kamala Harris' VP

Omi, a Paris-based startup revolutionizing product visuals with 3D modeling and artificial intelligence, has won the "Most Promising" prize at the 2024 LVMH Innovation Awards. The award was <a href="https://www.lvmh.com/en/publications/lvmh-recognizes-three-tech-partners-for-exceptional-collaborations-with-its-maisons-at-2025-lvmh-innovation-award-ceremony">presented</a> on June 12 in Paris at leading European tech conference VivaTech, hosted by LVMH Image and Environment Director Antoine Arnault.
Hugo Borensztein, co-founder and CEO of Omi, said the win reflects a broader shift happening across the luxury and retail industries. &#8220;Working with a Maison founded two centuries ago using the most advanced 3D and AI technologies expresses LVMH's bold, innovation-inspired vision. We are both honored and proud to be part of this adventure," Borensztein said in a statement by <a href="https://www.lvmh.com/en/publications/lvmh-recognizes-three-tech-partners-for-exceptional-collaborations-with-its-maisons-at-2025-lvmh-innovation-award-ceremony">LVMH</a>.
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<h2 class="wp-block-heading">Omi Offers AI-Driven Visuals For The Future Of Luxury Retail</h2>
Omi specializes in using 3D technology to streamline content creation for <a href="https://www.benzinga.com/25/05/45485580/someone-asks-why-do-people-still-equate-luxury-cars-with-being-rich-when-its-common-knowledge-anyone-can-finance-or-lease-a-luxury-car">luxury</a> brands, reducing costs while elevating quality. Its tools allow for the scalable production of photorealistic visuals used in online retail and marketing, according to Omi&#8217;s<a href="https://omi.so/"> website</a>.
According to <a href="https://www.voguebusiness.com/story/technology/content-creation-startup-omi-wins-most-promising-lvmh-innovation-award">Vogue</a>, the company has already worked with Guerlain, an LVMH-owned beauty house, on high-end product visual campaigns that merge legacy identity with modern production speed.
<a href="https://www.benzinga.com/markets/tech/25/06/45878935/nvidias-generative-ai-to-fuel-hyper-scalable-3d-rendering-for-loreal">L'Oréal</a> also announced a collaboration with Omi during VivaTech, introducing a new visual design process powered by Omi's 3D AI platform, according to <a href="https://www.forbes.com/sites/stephaniehirschmiller/2025/06/15/how-ai-is-powering-the-luxury-industry-now-viva-tech-lvmh-loral/">Forbes</a>. The partnership is part of L'Oréal's broader AI strategy within its CREAITECH platform.&nbsp;
Trending: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.
<h2 class="wp-block-heading">LVMH Backs Tech To Reinvent Fashion And Beauty Experiences</h2>
Now in its ninth year, the LVMH Innovation Award program spotlights startups that are shaping the future of the luxury ecosystem. According to LVMH, this year's competition featured three top prizes.
Alongside Omi's win, the Best Business Award went to U.S.-based Kahoona for its personalization work with Dior. LVMH also announced that The Best Impact Prize was awarded to Genesis, a French startup collaborating with Moët Hennessy to digitally monitor and improve soil health in vineyards.
LVMH Chair and CEO Bernard Arnault praised the finalists for their "entrepreneurial spirit and hard work," adding that innovation remains central to the group's mission of excellence.
"Innovation has always energized the growth of our Maisons and their desirability. This innovation is not an end in itself, but rather a means to achieve excellence. I'm always delighted to meet these young entrepreneurs, and to see them working with our centuries-old Maisons and be recognized for their entrepreneurial spirit and hard work," Arnault said in the statement.
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<h2 class="wp-block-heading">Omi Joins A New Class Of AI-Powered Creative Startups</h2>
Omi says its technology allows brands to turn static product data into interactive 3D content that can be deployed across websites, e-commerce platforms, and social media.
Rather than relying on traditional photography or slow post-production workflows, the platform generates high-fidelity visuals directly from 3D models, streamlining product rollout and campaign development.
With LVMH recognizing Omi as a leader in innovation and a new partnership underway with L'Oréal, the startup may push brands a step toward broader adoption of AI-powered visual platforms in luxury.
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Image: Shutterstock

LVMH Awards AI Startup Omi For Disrupting Luxury Visuals With 3D Tech: 'Recognized For Their Entrepreneurial Spirit' Says Bernard Arnault

Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) might never have grown beyond six Seattle coffee shops if not for Bill Gates Sr., the towering attorney, who stepped in when Howard Schultz lacked the cash and the clout to buy the company in 1987.
What Happened: Schultz, then 33, had 60 days to raise $3.8 million after Starbucks' founders offered to sell the chain. One month in, he had only half the money, and a deep-pocketed investor from his previous venture, Il Giornale, swooped in with a higher $4 million bid. "I had no money. Nothing," Schultz later recalled at a Summit event in 2018.
A lawyer friend sent Schultz to meet his firm's senior partner — six-foot-seven Bill Gates Sr., father of Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) co-founder Bill Gates. After hearing Schultz's story, Gates Sr. marched him across the street to confront the rival bidder. "You should be ashamed of yourself," Gates Sr. said to the bidder, according to Schultz. "You are going to stand down. And this kid is going to realize his dream."
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Gates pledged that he and his son would help finance the sale. Local investors soon joined, and on Aug. 15, 1987, Schultz bought Starbucks for the original $3.8 million price. The company has since expanded from 11 stores to more than 38,000 worldwide, with more than 16,000 outlets in the United States alone, according to Cafely.
Why It Matters: Schultz, who has narrated the story at several fireside chats since, credits Gates Sr. for protecting a young entrepreneur at the time. Gates Sr., who died in 2020, remained an informal mentor while Starbucks defined modern coffee culture and inspired rival chains worldwide.
For Starbucks&#8217; stock, the 200-day moving average sits at $95.64, according to Benzinga Pro, which is above the current price of $92.28 at market close on Thursday.
TD Cowen analyst Andrew M. Charles recently kept a Hold on Starbucks and held his $90 price target, noting investors have begun rotating into the stock amid optimism that CEO Brian Niccol can <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45931482/starbucks-at-a-crossroads-analyst-sees-chipotle-like-potential-but-warns-of-declining-value-perception">replicate the turnaround</a> he engineered at Chipotle.
Benzinga Edge Stock Rankings indicate that Starbucks has a Momentum in the 68th percentile and Growth in the 37th. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Check here to see how rival restaurant stocks rank in comparison</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/19164502/sbux-edge-1024x148.png" alt="" class="wp-image-955240" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/19164502/sbux-edge-1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/19164502/sbux-edge-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/19164502/sbux-edge-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/19164502/sbux-edge.png 1380w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Read next: <a href="https://www.benzinga.com/markets/tech/25/06/46016990/apple-google-and-facebook-among-services-exposed-in-massive-leak-of-more-than-16-billion-login-records">Apple, Google and Facebook Among Services Exposed In Massive Leak of More Than 16 Billion Login Records</a>

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Bill Gates Sr. Helped Howard Schultz Buy Starbucks In 1987 By Towering Over A Rival Investor: 'This Kid Is Going To Realize His Dream'

How important is a job title? Some people work their way up the corporate ladder by earning higher-ranking titles, but one Redditor ended up with a peculiar opportunity.
The individual has been working toward a senior vice president title and finally got the opportunity at their current company. However, this individual also received a job offer from another company that doesn't have the fancy title. This second job offers <a href="https://www.reddit.com/r/HENRYfinance/comments/1l9xf3b/career_advice_two_positions_approached_me/">much higher pay</a>, and the potential employer is an AI startup, which can result in plenty of growth opportunities.&nbsp;
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The Redditor asked if it made sense to accept the higher-paying job and walk away from the job with the better title.
"Is this a no brainer?" the Redditor asked the HENRY Finance community.
Here's what fellow Redditors suggested.
<h2 class="wp-block-heading">Follow The Money</h2>
Most Redditors encouraged the original poster to ignore the job title and focus on pay. The top commenter said that the work you do and the compensation matter the most. This commenter even went on to say that a title doesn't mean anything.
"This lesson was one that I wish someone had instilled in me many years ago," one person responded to the comment.
People climb the corporate ladder and pursue higher titles to boost their earnings. If you can work in your profession and earn more money with the same title than with the higher ranking title, you will grow your retirement account faster.&nbsp;
Trending: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.
<h2 class="wp-block-heading">The AI Startup's Current Outlook Also Matters</h2>
Although the AI startup is offering more pay, it's important to assess the long-term stability of that job. Some startups come crashing down after a few years, while the Redditor's current employer is the one that's offering the better title and a salary bump.
One commenter suggested that the original poster assess the AI startup based on its funding stage, who the investors are, the founder's business history, and who their top clients are. This same commenter also suggested comparing the equity packages between the AI startup and the current company.&nbsp;
Knowing this information can help the original poster decide which opportunity makes more sense from a risk standpoint. While the AI startup offers higher pay, it may not matter if the company goes out of business within two years. However, if the equity package is good and the AI startup skyrockets in value, it can be an incredible opportunity for the original poster.
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<h2 class="wp-block-heading">Understanding Startup Culture</h2>
One commenter pointed out that startup culture can require a lot of hours that exceed what you'd put into a 9-to-5 job. The commenter is optimistic that the hours will be more reasonable since the job offers a high salary but shared a warning with the original poster.
"If you have kids, I cannot recommend working for a startup with a true startup culture," the commenter said.
A part of the comments section shifted from startup culture to the job title. Some people suggested that she negotiate a higher title in the startup. It's also possible for the Redditor to mention this offer to her employer and ask if they will give her a higher salary. Even if it's not a complete match, the Redditor can use negotiating tactics to get a better title at the startup or a higher salary from her current job.
Read Next: Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.
Image: Shutterstock

A HENRY Redditor Asks If She Should Take A Job With Higher Pay Or A Better Title: 'Is This A No Brainer?'

Sword Health <a href="https://swordhealth.com/newsroom/sword-health-raises-40m-launches-mind">announced</a> Tuesday that it had raised $40 million in a recent funding round, giving it a $4 billion valuation.
<a href="https://swordhealth.com/faqs">Founded in 2015</a>, the healthcare startup has focused on helping people manage chronic pain at home. Using AI tools, the platform connects users with expert clinicians who then provide patients with tools for digital physical therapy, pelvic health, and overall mobility health.
However, the company says this new round of funding will largely go towards developing a mental health arm of its program called Mind.&nbsp;
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"Today, nearly 1 billion people worldwide live with a mental health condition. Yet care remains fragmented, reactive, and inaccessible," Sword said in the&nbsp; announcement. "Mind redefines mental health care delivery with a proactive, 24/7 model that integrates cutting-edge AI with licensed, Ph.D-level mental health specialists. Together, they provide seamless, contextual, and responsive support any time people need it, not just when they have an appointment."
Sword CEO Virgílio Bento told <a href="https://www.cnbc.com/2025/06/17/sword-health-raises-40-million-expands-into-mental-health-with-ai.html">CNBC</a>, "[Mind] really a breakthrough in terms of how we address mental health, and this is only possible because we have AI."
Users will be equipped with a wearable device called an M-band, which will measure their environmental and physiological signals so that experts can reach out proactively as needed. The program will also offer access to services like traditional talk therapy. Bento told CNBC that a human is "always involved" in patients care in each of its programs, and that AI is not making any clinical decisions.
Trending: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.
For example, if a Sword patient has an anxiety attack, AI will identify it through the wearable and bring it to the attention of a clinician, who can then provide an appropriate care plan.
"You have an anxiety issue today, and the way you're going to manage is to talk about it one week from now? That just doesn't work," Bento told CNBC. "Mental health should be always on, where you have a problem now, and you can have immediate help in the moment."
According to Bento, Sword Mind already has a waiting list, and is being tested by some of its partners who appreciate it's "personalized approach and convenience."
"We believe that it is really the future of how mental health is going to be delivered in the future, by us and by other companies," he told CNBC. "AI plays a very important role, but the use of AI — and I think this is very important — needs to be used in a very smart way."
The rest of the cash raised in the funding round, which was led by General Catalyst, will go towards acquisitions, global expansion, and AI development, Sword Health says.&nbsp;
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Image: Shutterstock

Sword Health Now Valued At $4 Billion, Announces Expansion Into Mental Health Services

A former Redfin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) management lead and founder of a Credit Karma-acquired startup has launched RetroRate, a California-based proptech company aiming to bring assumable mortgages into the mainstream. On June 9, RetroRate<a href="https://medium.com/retrorate/retrorate-announces-funding-round-and-public-release-b25f42b2e8d0"> announced</a> both its official launch and a $2.2 million seed round led by Swift Ventures, with additional backing from Eniac, Cooley Ventures, Keshif Ventures, Interlock Capital, Launch Factory, and Arkus Nexus.
Andy Taylor, who previously led product at Redfin and founded the mortgage startup Approved before its 2018 acquisition by Credit Karma, told<a href="https://www.realestatenews.com/2025/06/13/startup-aims-to-bring-assumable-mortgages-to-the-masses"> Real Estate News</a> that RetroRate was inspired by mortgage trend data he analyzed while overseeing rate tables during his time at Credit Karma.
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Real Estate News says that while analyzing rate data in 2020 and 2021, Taylor discovered assumable loans, an option that allows buyers to take over a seller's mortgage rate and balance, which he had never encountered despite working in the industry since 2009.
&#8220;I&#8217;ve been in the business since 2009, and I had never heard about assumable loans,&#8221; Taylor told Real Estate News. &#8220;It was almost shocking.&#8221;
<h2 class="wp-block-heading">Up To 25% Of Listings Hold Assumable Mortgages, But The Market Is Unaware</h2>
Assumable mortgages are typically linked to government-backed loans such as the Federal Housing Administration, the Department of Veterans Affairs, or the U.S. Department of Agriculture programs and can save buyers hundreds or thousands of dollars monthly compared to new loans at current interest rates, Real Estate News says.
According to Taylor, RetroRate's analysis of multiple listing service and property data suggests that between 20% and 25% of homes listed for sale today may have an assumable mortgage attached. Despite the prevalence, Real Estate News says that buyers and agents rarely pursue these deals due to outdated, paper-based processes and the lack of centralized digital tools.
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RetroRate provides a proprietary, searchable database of homes with assumable mortgages, both on and off market, and ranks them by financial appeal. Buyers pay a 1% fee at closing to access the service, which Taylor described as a "supercharged rate buy-down" with a much shorter payback period.
"Our goal is to make assumable loans just another financing type, like a 30-year fixed or a 5/1 [adjustable-rate mortgage]," Taylor told Real Estate News. "We don't want agents to become experts in this process—we want to be the ones that make it easy for them."
<h2 class="wp-block-heading">Taylor Sees A Process Ripe For Automation And Scale</h2>
RetroRate concluded its beta phase in June after working with agents across 10 states including California, Florida, Texas, and North Carolina. The company launched its assumable loan platform in those same markets, which were chosen based on the volume of assumable mortgage inventory and affordability challenges, Real Estate News reports.&nbsp;
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While the benefits are clear, the process remains cumbersome. Taylor told Real Estate News that some deals require buyers to make large cash payments to cover the gap between home value and mortgage balance, and lender reviews can extend timelines beyond that of conventional financing.
Taylor acknowledged these issues but sees them as indicators of a system overdue for modernization, Real Estate News says, believing that automation and digital tools can reduce friction significantly.
<h2 class="wp-block-heading">A Long-Term Bet On Buyer Demand</h2>
Taylor emphasized that RetroRate is built to thrive regardless of interest rate movement. With the majority of U.S. homeowners still holding mortgages below current market rates, he expects older loans to remain attractive for years, Real Estate News reports.
"There is always going to be someone out there who's got that better rate," Taylor told Real Estate News. "RetroRate is not about one narrow trend. It&#8217;s about restoring affordability and creating liquidity. That&#8217;s a mission we can build on no matter what rates do."
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