President-elect Donald Trump has picked hedge fund executive Scott Bessent as the U.S. Treasury Secretary.



What Happened: Bessent, 62 and founder of Key Square Group, was a leading candidate, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42091821/could-donald-trumps-potential-treasury-secretary-be-out-of-his-depth-on-crypto-policy-polymarket-traders-just-cant-decide-on-a-favorite">competing with</a> former Fed Governor Kevin Warsh and private equity executive Marc Rowan.



While sharing the decision on Friday via his social media platform Truth Social, Trump lauded Bessent as "one of the World's foremost International Investors and Geopolitical and Economic Strategists."



<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22205557/Screenshot-2024-11-23-at-7.25.49%E2%80%AFAM-900x1024.png" alt="" class="wp-image-661913"/><figcaption class="wp-element-caption">Source: Truth Social</figcaption></figure>



See Also: <a href="https://www.benzinga.com/news/legal/24/11/42147981/trumps-hush-money-sentencing-delayed-as-legal-immunity-debate-escalates">Trump&#8217;s Hush Money Sentencing Delayed As Legal Immunity Debate Escalates</a>



Bessent is known for his support of gradual tariffs and deregulation, aligning with Trump&#8217;s economic vision, which includes reviving manufacturing and achieving energy independence.



Despite his previous role as chief investment officer for George Soros' fund, Trump expressed confidence in Bessent&#8217;s ability to improve U.S. competitiveness and address trade imbalances.



Why It Matters: As Treasury Secretary, Bessent will replace outgoing Secretary Janet Yellen, overseeing financial institutions and combating financial crimes at a time when <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42140842/sp-500-faces-volatile-2025-as-inflation-boom-could-return-bank-of-america-strategist">the national debt has ballooned to $36 trillion</a>.



According to <a href="https://www.benzinga.com/government/regulations/24/11/41909846/trumps-treasury-pick-frontrunner-scott-bessent-could-shift-wall-street-crypto">betting markets</a>, Bessent was a frontrunner with an 82% probability of securing the nomination. His appointment could significantly impact Wall Street and the crypto sector.



In October, Bessent assured that a new Trump administration would <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41308042/trump-adviser-defends-ex-presidents-economic-policies-strong-dollar-would-natural">support a strong dollar</a>, countering previous suggestions of a weaker dollar to boost exports.



Despite Elon Musk&#8217;s support for Howard Lutnick, <a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks">Trump favored Bessent&#8217;s</a> business-as-usual approach.



In July, Bessent gained attention for his optimistic stance on cryptocurrency, suggesting he might support digital assets if confirmed. &#8220;Crypto is about freedom and the crypto economy is here to stay,&#8221; he stated at the time.



The latest 13F filing from Bessent&#8217;s Key Square Group fund shows a highly concentrated portfolio, with equal investments in two banking-focused ETFs: the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>), each making up 50% of the fund.



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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.



Photo courtesy: Shutterstock

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News

Regulations

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Trump Picks Hedge Fund Exec Scott Bessent As Treasury Secretary: What President-Elect's Choice Means For America's Economic Future

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) co-founder Michael Saylor has revealed that the company is minting $500 million a day as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">inches closer to $100,000</a> for the first time in its history.



What Happened: Saylor, who has been all-in on Bitcoin for years now, has revealed an insane statistic – MicroStrategy's holdings of the top cryptocurrency have appreciated by as much as $5.4 billion over the last two weeks.



In an interview with CNBC, Saylor broke down MicroStrategy's gains, saying, "We're making $500 million a day. I'm staring at my screen and we're selling dollar bills for $3, sometimes a million times a minute."



To put things into perspective, MicroStrategy's stock delivered a whopping 97% gain in the last month, while Bitcoin has gained nearly 47%.



See Also: <a href="https://www.benzinga.com/24/11/42151442/bitcoin-could-reach-180k-in-current-cycle-thanks-to-trump-victory-says-vaneck-but-has-this-warning-for-investors">Bitcoin Could Reach $180K In Current Cycle Thanks To Trump Victory, Says VanEck, But Has This Warning For Investors</a>



Year-to-date, MicroStrategy's stock has gained over 515% while Bitcoin prices have increased by 122%.



Nvidia, the AI bellwether and the world's most valuable company by market capitalization, has seen its stock rise by nearly 195% during this period.



"We may very well be the most profitable company in the U.S. growing the fastest right now. There's not many companies making $500 million a day," Saylor said.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">JUST IN: Michael Saylor says, "We are making $500 million a day" with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> and "we may very well be the most profitable company in the US growing the fastest right now." <a href="https://t.co/HeMTnebfXw">pic.twitter.com/HeMTnebfXw</a>&mdash; Simply Bitcoin (@SimplyBitcoinTV) <a href="https://twitter.com/SimplyBitcoinTV/status/1859966097782636791?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The surge in&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42138209/microstrategy-trading-at-insane-256-premium-to-bitcoin-holdings-research-shows">MicroStrategy&#8217;s stock</a>&nbsp;is not just a reflection of Bitcoin&#8217;s rising value but also highlights the company&#8217;s strategic bet on the cryptocurrency.



Research from BitMEX has shown that MicroStrategy is trading at a 256% premium to the net asset value of its Bitcoin holdings, suggesting a significant valuation disparity driven by its aggressive acquisition strategy.



This premium may be influenced by financial regulations that restrict Bitcoin ETF purchases, pushing investors towards MicroStrategy for exposure.



Furthermore, Saylor&#8217;s bold prediction that Bitcoin could reach $13 million by 2045 has sparked discussions about the potential economic implications, including&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42116183/michael-saylor-predicted-bitcoin-to-hit-13-million-if-it-happens-it-will-entail-massive-hyperinflation-analyst-warns">massive hyperinflation</a>.



This prediction, if realized, would elevate Bitcoin&#8217;s market cap to $250 trillion, dwarfing the current world GDP and global stock markets.



Amidst these developments,&nbsp;Warren Buffett&#8217;s decision to hold $325 billion in cash at&nbsp;<a href="https://www.benzinga.com/markets/equities/24/11/42137295/as-mstrs-michael-saylor-says-warren-buffett-is-destroying-berkshire-capital-analyst-suggests-overpricedhot-stock-market-could-be-the-reason-oracle-of-omaha-is-sitting-on-325b-cash">Berkshire Hathaway</a>&nbsp;has drawn criticism from Saylor, who argues that not investing in Bitcoin is a missed opportunity.



Price Action: At the time of writing, Bitcoin was trading at $98,556, down 0.04% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



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</ul>



Photo courtesy: Wikimedia

Cryptocurrency

Markets

$BTC

MSTR

Michael Saylor Reveals MicroStrategy Is 'Making $500M A Day' With Bitcoin: 'May Very Well Be The Most Profitable Company In The US Growing The Fastest Right Now'

Warren Buffett is a master of making money – and Coca-Cola is <a href="https://www.benzinga.com/startups/24/11/42011977/99-billion-bet-warren-buffett-invests-heavily-in-2-stocks-expected-to-jump-19-and-20-wall-street-analysts-predict">one of his biggest cash cows</a>. In 2024, Berkshire Hathaway, Buffett's investment behemoth, is set to rake in $776 million in Coca-Cola dividends alone.&nbsp;



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<li>This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai-2"> here's how there's a limited time opportunity to invest at $1,000 for only $0.50/share before it closes tonight.</a></li>
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That's right: $776 million for holding 400 million shares. According to Moneywise, this massive payout comes from Coca-Cola upping its quarterly dividend to 48.5 cents per share. If you're doing the math, that's $0.485 x 4 x 400,000,000. It&#8217;s not a bad haul for simply sitting on a mountain of Coke stock.



Buffett's love for Coca-Cola isn't just financial – it's personal. The 94-year-old billionaire famously drinks five cans daily and gets roughly 25% of his daily calories from the fizzy stuff. In a 2015 Fortune interview, he admitted, "If I eat 2,700 calories daily, a quarter of that is Coca-Cola. I drink at least five 12-ounce servings. I do it every day."&nbsp;



However, despite being Coca-Cola's largest shareholder and perhaps its most dedicated fan, Buffett doesn't get his favorite beverage for free. As revealed in the 2017 HBO documentary Becoming Warren Buffett, his wife Astrid even goes out of her way to buy the soda on sale. According to Buffett's daughter, Susie, her dad doesn't have room to stockpile the soda, but her mother bought it in bulk for the best price when she was alive.&nbsp;



Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>



Susie also revealed her famously frugal father's second wife, Astrid, also likes to get a deal. "Astrid is more likely to try to find out where it's on sale and buy it on sale."&nbsp;



While it may seem like Buffett has been a Coca-Cola lover forever, he once only drank its rival. <a href="https://www.benzinga.com/personal-finance/24/10/41198368/warren-buffetts-son-who-famously-cashed-in-his-90-000-inheritance-at-19-spends-millions-in-buffe">His son</a>, Howard, even called him "Pepsi Warren." He reportedly drank Pepsi for nearly 50 years before switching brands in the 1980s.&nbsp;



Buffett's switch from Pepsi to Coca-Cola reportedly had to do with his neighbor, Don Keough, a coffee salesperson in Omaha in the 1960s. According to Glen Arnold in The Deals of Warren Buffett Volume 2, Buffett once knocked on Keough's door with a pitch: "If you give me $10,000, I might be able to do something with it." Keough wasn't sold. "I didn't have it, but I could've borrowed it from my father. But can you imagine giving $10,000 to a guy who doesn't get up and go to work in the morning?" he later said. Keough passed on the offer, which Arnold estimated could've grown to $93 million by 2018.



See Also: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>



Years later, Keough climbed the corporate ladder at Coca-Cola, becoming its president and COO in the 1980s. Keough seized the moment when he read in a magazine that Buffett was hooked on Pepsi Cherry. He sent his old neighbor some Cherry Coke samples, calling it the "<a href="https://www.benzinga.com/general/24/02/37240748/warren-buffett-drinks-5-cans-of-coke-per-day-at-93-years-old-but-he-was-a-dedicated-pepsi-drinker-fo">nectar of the gods</a>." Buffett was hooked. In 1986, he even told Berkshire Hathaway shareholders that Cherry Coke was now the official drink of their annual meeting, cementing his switch – and his eventual investment – in Coca-Cola.



Buffett&#8217;s 400 million shares of Coca-Cola stock represent a massive portion of his investment portfolio, worth over $25 billion at current market prices. But this investment is more than just numbers – it's a perfect example of Buffett's <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">long-term approach to investing</a> and his connection to the brand, even if he does have to buy it on sale.&nbsp;



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<li>With over 7.8K investors including Meta, Google, And Amazon Execs — this AI Startup's valuation has skyrocketed from $5 million to $85 million in just three years. <a href="https://www.benzinga.com/money/rad-ai-2">Be an early investor with just $1,000 for only $0.50/share today before the offer closes in less than 24 hours</a>!</li>



<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">You can still get 4,000 of its pre-IPO shares for with $1,000 for just $0.25/share</a></li>
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Warren Buffett Is Set To Collect $776 Million In Coca-Cola Dividends – But Daughter Says His Wife Buys Him The Soda 'On Sale'

Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is expediting the certification process of Samsung Electronic Co.&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) AI memory chips.



What Happened: This information was confirmed by Nvidia&#8217;s CEO, Jensen Huang, at an event at the Hong Kong University of Science and Technology on Saturday, <a href="https://www.bloomberg.com/news/articles/2024-11-23/nvidia-working-as-fast-as-it-can-to-certify-samsung-s-ai-memory?srnd=homepage-asia">reported</a> Bloomberg.



Huang said that Nvidia is evaluating both 8-high and 12-high HBM3E offerings from Samsung.



Notably, the Nvidia CEO did not include Samsung in the list of major partners he mentioned during a post-earnings call with analysts earlier this week.



See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42103355/nvidias-blackwell-set-to-outpace-hopper-heres-what-ceo-jensen-huang-predicted-for-2025">Nvidia&#8217;s Blackwell Set To Outpace Hopper? Here&#8217;s What CEO Jensen Huang Predicts For 2025</a>



At that time, Huang highlighted the impressive list of partners including Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), Amphenol (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APH#NYSE">APH</a>), SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>), Foxconn, Micron Technology Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MU#NYSE">MU</a>), and Dell Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>).



Nvidia reported <a href="https://www.benzinga.com/24/11/42099904/nvidia-q3-earnings-highlights">third-quarter revenue</a> of $35.1 billion, a 94% increase year-over-year, surpassing the Street consensus estimate of $33.12 billion, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: This development follows <a href="https://www.benzinga.com/markets/equities/24/07/39924480/nvidia-greenlights-samsungs-high-bandwidth-memory-chips-for-ai-chips-in-china-report">Nvidia&#8217;s initial approval</a> of Samsung&#8217;s fourth-generation high bandwidth memory in July.



This marked the first time Nvidia approved the use of Samsung's HBM3 chips, albeit for a less advanced Nvidia graphics processing unit (GPU), the H20, specifically designed for the Chinese market.



However, Samsung&#8217;s delay in obtaining Nvidia&#8217;s certification for AI memory chips has given competitors SK Hynix and Micron an <a href="https://www.benzinga.com/markets/asia/24/10/41645191/samsung-profits-soar-but-companys-nvidia-ai-chip-race-lag-allows-sk-hynix-micron-to-take-the-lead-in">edge in the high-bandwidth memory</a> market.



Nvidia&#8217;s new Blackwell AI chips are reportedly <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">facing overheating problems</a>. When asked about it during the earnings call, Huang sidestepped the question and instead highlighted that the supply levels surpassed initial expectations.



Nvidia&#8217;s CFO, Colette Kress, also said the company <a href="https://www.benzinga.com/24/11/42103355/nvidias-blackwell-set-to-outpace-hopper-heres-what-ceo-jensen-huang-predicted-for-2025">shipped 13,000 GPU samples</a> in the third quarter, including one of the first Blackwell DGX samples to OpenAI.



&#8220;Blackwell demand is staggering, and we are racing to scale supply to meet the incredible demand customers are placing on us,&#8221; Kress stated during the call.



Price Action: Nvidia shares dropped 3.22% on Friday, closing at $141.95, and saw a further decline of 0.13% in after-hours trading, reaching $141.77 as of the latest update, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



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Photo courtesy: Shutterstock

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Jensen Huang's Nvidia Fast-Tracks Samsung's AI Memory Certification As AI Giant Looks To Catch Up To Demand

SPAC king Chamath Palihapitiya&nbsp;suggested a major overhaul of the U.S. tax system. He proposed replacing the extensive U.S. Federal Tax Code, which spans 7,000 pages, with a straightforward flat tax.



What Happened: Palihapitiya emphasized that this could be condensed&nbsp;into a few pages of&nbsp;simple English, which would make it easier to both pay taxes as well as enforce rules.



"Replace the US Federal Tax Code&#8217;s 7000 pages and millions of words with a simple flat tax. It could fit into a few pages of simple English, make paying taxes simple and enforcement even simpler."



<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">Replace the US Federal Tax Code&#39;s 7000 pages and millions of words with a simple flat tax. It could fit into a few pages of simple english, make paying taxes simple and enforcement even simpler.&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1860139825791414640?ref_src=twsrc%5Etfw">November 23, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The proposal comes amid discussions on fiscal policies following&nbsp;Donald Trump&#8216;s recent election victory. Palihapitiya&#8217;s suggestion aligns with ongoing debates about tax reforms and government efficiency.



Palihapitiya&#8217;s post is part of a broader conversation on fiscal responsibility and simplification of tax processes, echoing sentiments expressed during Trump&#8217;s campaign.



Why It Matters: The idea of simplifying the tax code is significant in light of recent discussions about federal budget cuts and economic policies. Palihapitiya&#8217;s proposal follows his <a href="https://www.benzinga.com/24/11/41926584/chamath-palihapitiya-says-cut-the-federal-budget-by-trillions-and-then-do-this-with-a-fraction-of-the-money-to-make-america-great-again">earlier suggestion to cut trillions</a> from the federal budget to fund nationwide internet access.



Trump&#8217;s economic strategies, including tax cuts and tariffs, have been under scrutiny. Economists <a href="https://www.benzinga.com/personal-finance/24/09/40961812/economists-warn-trumps-plans-for-tax-cuts-tariffs-and-deportation-could-trigger-skyrocketing-inf">warn these could lead to inflation</a>. Palihapitiya&#8217;s flat tax proposal could be seen as a counter to these complex fiscal policies.



Furthermore, Trump&#8217;s plans to eliminate taxes on <a href="https://www.benzinga.com/news/24/09/40845900/trump-says-he-will-end-taxes-on-overtime-pay-but-economist-peter-schiff-says-there-is-a-fly-in-his-o">overtime pay</a> have been met with skepticism, highlighting the need for clear and effective tax reforms. This context underscores the relevance of Palihapitiya&#8217;s call for a simplified tax system.



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<li><a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s DOGE Initiative To Have &#8216;Marginal Impact&#8217; Says Analyst As Elon Musk Aims To Target Over $500B In Federal Expenditures</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: The Brian Solis via Flickr

Chamath Palihapitiya's Suggestion For Donald Trump: 'Make Paying Taxes Simple And Enforcement…'

<h2 class="wp-block-heading">UPS Pays $45 Million Fine For Improperly Valuing Its Worst-Performing Business&nbsp;</h2>



The Securities and Exchange Commission (SEC) announced on Friday that it <a href="https://www.sec.gov/newsroom/press-releases/2024-184">settled charges</a> against United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) when valuing one of its worst performing businesses.&nbsp;&nbsp;



The SEC found that UPS did not record a goodwill impairment for its UPS Freight business division in 2019. If UPS had properly valued Freight, its earnings and other reported items would have been materially lower, the SEC said.&nbsp;



Read Next: <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a>



"Goodwill balances provide investors with valuable insight into whether companies are successfully operating the businesses they own," said Melissa Hodgman, Associate Director at SEC.&nbsp;



"Therefore, it is essential for companies to prepare reliable fair value estimates and impair goodwill when required. UPS fell short of these obligations, repeatedly ignoring its own well-founded sale price estimates for Freight in favor of unreliable third-party valuations," Hodgman added.&nbsp;



In addition to the $45 million civil penalty, UPS agreed to cease and desist from further violations of these provisions, adopt training requirements for certain officers, directors, and employees, and retain an independent compliance consultant to review and make recommendations about the company's fair value estimates and disclosure obligations.



<h2 class="wp-block-heading">BIT Mining To Pay $4 Million Fine For Bribery&nbsp;</h2>



The SEC announced on Monday that BIT Mining Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTCM#NYSE">BTCM</a>), formerly known as 500.com Limited,<a href="https://www.sec.gov/newsroom/press-releases/2024-180"> agreed to pay</a> a $4 million civil penalty to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) from 2017 to 2019 by conducting a widespread bribery scheme to influence foreign officials, including members of Japan's parliament.&nbsp;



The SEC's order finds that the bribery scheme involved illicit payments of approximately $2.5 million in the form of cash bribes, entertainment and trips. The order further finds that the bribes were authorized by a 500.com senior executive in an attempt to establish an integrated resort casino in Japan.&nbsp;



"Investors must have confidence that the operations and performance of public companies reflect merit and legitimate considerations. Bribery and corruption turn that dynamic on its head, distorting the orderly operation of the markets and undermining investor confidence," said Charles E. Cain, Chief of the SEC Enforcement Division's FCPA Unit.&nbsp;



Additionally, the US Department of Justice announced on the same day that it entered into a deferred prosecution agreement in which BIT Mining agreed to pay a $10 million criminal fine, of which $4 million will be satisfied by the company's payment of a civil penalty to the SEC.&nbsp;



More Crime Stories: Here are other crime stories covered by Benzinga this week. 



<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42100433/archegos-capitals-bill-hwang-receives-18-year-sentence-for-fraud-market-manipulation">Archegos Capital's Bill Hwang Receives 18 Year Sentence For Fraud, Market Manipulation</a></li>



<li><a href="https://www.benzinga.com/news/global/24/11/42101365/indian-billionaire-one-of-the-worlds-richest-men-indicted-for-alleged-250-million-bribery-scheme">Indian Billionaire, One Of The World&#8217;s Richest Men, Indicted For Alleged $250 Million Bribery Scheme</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42055570/bitfinex-bitcoin-laundering-case-lands-crocodile-of-wall-street-in-jail">Bitfinex Bitcoin Laundering Case Lands &#8216;Crocodile Of Wall Street&#8217; In Jail</a></li>
</ul>



Image: Gerd Altmann from Pixabay

Legal

BTCM

Financial Crime Weekly: UPS Pays $45M Fine, BIT Mining Pays $4M Fine For Bribery

Billionaire entrepreneur Mark Cuban believes micromanagement is a <a href="https://www.benzinga.com/general/24/02/36955564/the-moment-mark-cuban-knew-he-could-not-work-in-the-corporate-world-his-bank-boss-yelled-at-him-for">sign that something is broken</a>.



What To Know:&nbsp;Ofek Lavian, CEO of fintech company&nbsp;Forage, recently posted a thread on&nbsp;<a href="https://twitter.com/OfekLavian/status/1766950034581700697">X</a>&nbsp;focused on counterintuitive leadership principles. Cuban responded to the thread, noting that he agreed with everything except for the post on micromanaging.



"Pretty darn good list. Agree with all but micromanage," Cuban said. "Micromanage early. Trust the process or fix what's broken if you always have to micromanage."



CNBC&nbsp;<a href="https://www.cnbc.com/2024/03/22/mark-cuban-micromanaging-is-a-toxic-trait-with-one-exception.html">reported</a>&nbsp;Cuban's opinion on micromanaging was formed from personal experience with his former company Broadcast.com.



Cuban reportedly micromanaged his employees in his early days as he expected them to match his own work ethic. This created a situation in which Cuban was always focused on pushing employees to be better and work faster without thinking about how he was coming off.



"I wish somebody would have told me to be nicer,&#8221; Cuban reportedly said on the "Bio Eats World" podcast last year.



Check This Out: <a href="https://www.benzinga.com/news/24/11/42027001/mark-cuban-swings-1m-to-golf-company-despite-hating-the-sport">Mark Cuban Swings $1M To Golf Company Despite Hating The Sport</a>



Cuban's "go, go, go" mentality and micromanaging tendencies actually hurt the company in its early stages. Cuban recalled one of his business partners pulling him aside and telling him he was scaring some of the employees with his management style. Still, Cuban sold the company to Yahoo for $5.7 billion in stock in 1999.



Lavian's post included a link to a video featuring&nbsp;Shopify Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) co-founder and CEO&nbsp;Tobi Lütke,&nbsp;who argued that the idea of micromanaging is bad is "the dumbest idea on planet Earth."



Although Cuban disagreed with the take, Lavian responded to Cuban, thanking him for his input.



"I try to hire the right team so I don&#8217;t have to micromanage, but I don&#8217;t always get it right," Lavian said.



"Once I know I can trust someone to get the little things right, I know they can devote the same level of detail and attention for the big ones that truly matter."



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/11/42027035/mark-cuban-planned-to-retire-by-age-35-he-says-theres-only-one-reason-he-didnt">Mark Cuban Planned To Retire By Age 35: He Says There&#8217;s Only One Reason He Didn&#8217;t</a></li>
</ul>



This story is part of a series of features on the subject of success, <a href="https://www.benzinga.com/topic/benzinga-inspire">Benzinga Inspire</a><a href="https://www.benzinga.com/topic/benzinga-inspire">.</a> Some elements of this story were previously reported by Benzinga and it has been updated.



Photo: Shutterstock.

Social Media

General

SHOP

Mark Cuban: If You Have To Micromanage, Something Is Probably Broken — 'I Wish Somebody Would Have Told Me To Be Nicer'

Spirit Airlines has filed for Chapter 11 bankruptcy, a strategic move to stabilize its <a href="https://www.benzinga.com/personal-finance/24/08/40512938/dave-ramseys-blunt-advice-your-finances-are-80-behavior-avoid-this-one-costly-mistake">finances </a>while keeping operations running smoothly. Known for its ultra-low-cost business model, the airline has faced mounting challenges, including over $1 billion in deferred debt, a $158 million quarterly loss this year and failed merger efforts with JetBlue and Frontier Airlines.&nbsp;



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According to a company statement, Spirit's restructuring plan involves $300 million in new financing and $350 million in equity investments from bondholders, which will slash nearly $795 million in debt. The airline expects to emerge from bankruptcy by early 2025.



CEO Ted Christie assured passengers that the restructuring would not affect flights and bookings in an open letter to customers. "You can continue to book and fly confidently now and in the future," Christie said. Spirit has pledged to maintain ticket sales, flights and loyalty programs without disruption throughout the process.



Spirit's financial woes didn't develop overnight. According to CNBC, the airline hasn't turned a profit since 2019, when it lost $335 million. The COVID-19 pandemic significantly affected travel demand, hitting Spirit's operations hard.&nbsp;



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The recall of Pratt &amp; Whitney engines in 2023 further strained the airline by disrupting fleet availability, while rising fuel costs and stiff competition from larger carriers put additional pressure on margins.



Regulatory hurdles compounded these challenges. In January, U.S. courts blocked Spirit's $3.8 billion merger with JetBlue, citing concerns about reduced competition in the budget travel market.&nbsp;



Analysts warn, however, that more drastic measures, such as cutting routes or reducing flight frequencies, could still be necessary. Statista reported that Spirit's total flight capacity declined by 33% to 27.7 billion available seat miles between 2019 and 2020.



TD Cowen's senior research analyst, Helane Becker, told CNBC, &#8220;Spirit Airlines' goal should be to preserve value as much as they can."



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In response to its financial struggles, Spirit has begun implementing cost-saving measures. The Associated Press reported that the airline plans to sell 23 older planes for $519 million and cut jobs, saving an estimated $80 million annually.&nbsp;



The Wall Street Journal revealed that Spirit Airlines and Frontier Airlines have resumed talks about a potential merger, causing their stock prices to climb. However, <a href="https://www.benzinga.com/startups/24/10/41312615/investors-pour-billions-into-openai-whats-driving-this-unprecedented-surge-in-funding">investor </a>confidence has faltered amid these setbacks. According to CNBC, Spirit's stock price dropped from $3.22 to $1.15 after The Wall Street Journal reported that the company was set to file for bankruptcy.&nbsp;



Tom Fitzgerald, an analyst at TD Cowen, recently highlighted Spirit Airlines&#8217; precarious situation on UPI. He stated that balancing cost-cutting measures with maintaining passenger confidence is critical for the airline&#8217;s survival. He noted that customers might begin avoiding the airline if its financial struggles intensify.&nbsp;



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Debt Piles Up And Losses Mount – Spirit Airlines Finally Files For Bankruptcy After Struggling To Stay Afloat

Recent elections across the U.S. delivered mixed results for housing initiatives, with voters showing strong support for funding affordable housing while remaining skeptical of rent control measures, according to an analysis by Redfin Chief Economist Daryl Fairweather.



Rhode Island became a standout success story, with voters overwhelmingly approving a record-breaking $120 million housing bond. The measure, nearly doubling the state&#8217;s previous housing investment from three years ago, signals growing public recognition of the housing crisis.



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Several major cities also secured funding for affordable housing initiatives. Los Angeles voters approved a new half-cent sales tax for housing development, while Charlotte, North Carolina, passed a $100 million housing bond package. Baltimore followed with a $20 million bond measure for affordable housing projects.



San Francisco&#8217;s Proposition G secured $8.25 million annually for low-income rental subsidies, though Fairweather noted it might serve as a temporary fix rather than a long-term solution. &#8220;This helps low-income renters in the short term, but without adding more housing, it&#8217;s just a Band-Aid on the problem,&#8221; she said on X, formerly Twitter.



However, not all housing measures succeeded. Denver voters narrowly rejected Ballot Issue 2R, which would have generated $100 million annually through a sales tax increase for new housing development. California saw the defeat of two significant proposals: Proposition 33, which would have loosened rent control restrictions and Proposition 5, which aimed to lower the supermajority threshold for housing bonds.



See Also: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>



The rejection of rent control measures extended beyond California. Hoboken, New Jersey voters struck down a proposal to raise rent caps on vacant units. Fairweather views the outcomes as potentially positive for housing supply, stating, &#8220;strict rent control keeps existing tenants happy but limits new investment and leads to fewer rentals in the long run.&#8221;



Local initiatives employed various approaches to raise housing funds. According to the Institute on Taxation and Economic Policy, communities used diverse funding mechanisms, including sales taxes in Lawrence, Kansas, real estate transfer taxes in Berkeley and Mountain View, California and lodging taxes in several Colorado municipalities.



Berkeley bucked the trend against rent control by approving Measure BB&#8217;s 5% rent cap. However, Fairweather and <a href="https://www.benzinga.com/personal-finance/24/08/40101676/nearly-50-economists-were-asked-how-they-feel-about-president-bidens-5-rent-cap-this-is-what-the">other economists suggest rent control measures could discourage future development</a>. "The best way to stabilize rents is to build more homes," Fairweather said.



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The election results demonstrated that voters recognize the need for housing investment while remaining divided on policy approaches. While many communities showed willingness to fund affordable housing initiatives, rejecting certain measures highlights ongoing debate about the most effective solutions to address housing affordability.



Fairweather emphasized that while the Federal government <a href="https://www.benzinga.com/real-estate/24/11/41968915/will-trumps-second-term-unlock-housing-lower-rates-more-development-on-the-table-experts-say">can aid in the housing crisis</a>, &#8220;local initiatives have a profound impact on the housing market, even if they don&#8217;t make national headlines.&#8221; The mix of successful and failed measures indicates that while voters broadly support addressing housing affordability, they remain selective about specific policy solutions and funding mechanisms.



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Real Estate

2024 Election Housing Measures: What Passed, What Failed And What It Means For Supply, According To Redfin Chief Economist

Investors have been hit with an increased amount of short reports from some of the most well-known names in the space, which could be due to high valuations for stocks or could be coming after the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">2024 presidential election results</a>.



What Happened: Over the past three months, big names in the short report space have taken on small and large companies claiming high valuations, accounting irregularities and other reasons that the stocks should trade lower.



Muddy Waters recently <a href="https://www.benzinga.com/24/11/42097477/muddy-waters-carson-block-is-betting-against-elf-beauty-short-seller-believes-company-is-overstating-revenue-earnings-major-red-flag">issued a short report</a> on e.l.f. Beauty, which was the first report from the short seller in months.



Kerrisdale Capital recently <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42092578/oklo-stock-slides-as-short-seller-sets-sights-on-altman-backed-nuclear-startup">issued a short report</a> on Oklo, its first published report since June.



Hindenburg, who has been issuing short reports on a monthly basis was the talk of the investing world when they took on technology company Super Micro Computer (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), <a href="https://www.benzinga.com/trading-ideas/short-ideas/24/08/40579899/super-micro-computer-stock-falls-on-short-report-hindenburg-says-company-has-accounting">accusing the company</a> of accounting, governance and compliance problems.



While the call was not popular at the time, given the company's soaring valuation, the stock is now down 28% over the last month after some of the alleged claims from Hindenburg were amplified<a href="https://www.benzinga.com/trading-ideas/movers/24/10/41625460/super-micro-computer-stock-dives-as-auditor-resigns-whats-going-on"> with the resignation</a> of the company's independent auditor.



Citron Research published an update on their Geo Group bullish case in September, the last post made on the company's website. However, the firm led by Andrew Left has been active on social media, with a post this week announcing the firm <a href="https://www.benzinga.com/24/11/42118133/short-seller-andrew-left-targets-microstrategy-stock-as-hedge-against-bullish-bitcoin-bet-completely-detached-from-btc-fundamentals">had shorted shares </a>of the high-flying software company and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holder MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>).



The announcement of the short report by Left comes as the investor recently <a href="https://www.benzinga.com/news/24/07/40027424/gamestop-short-seller-and-citron-founder-andrew-left-pleads-not-guilty-to-fraud-charges">pleaded not guilty</a> to fraud charges in July.



Along with the recent growth of short reports from the firms who hadn't published in awhile, there are also regular short reports coming monthly from Grizzly Research and bi-weekly reports from The Bear Cave.



Read Also: <a href="https://www.benzinga.com/news/24/11/41784498/dead-company-walking-short-seller-sets-sights-on-viasat-expects-elon-musks-starlink-to-take-share-af">&#8216;Dead Company Walking&#8217;: Short Seller Sets Sights On ViaSat, Expects Elon Musk&#8217;s Starlink To Take Share After Trump Win</a>



Why It's Important: While short reports have been a regular fixture for investors for years, both from investors who are betting against the stocks themselves with their own short positions, newer reports from the likes of The Bear Cave by Edwin Dorsey come from an investor who claims to never take stakes in the companies he writes about.



Whether short reports are being done to make profit betting against the stock or to provide public information for investors to make their own decisions on investments, the big question is why the increase in reports over the last several months.



There's likely two big reasons why.



The first big reason for the increase could be because of the narrative that short sellers and short reports will be targeted by the new White House administration.



Muddy Waters' CEO Carson Block said Elon Musk and Donald Trump have both publicly criticized short sellers in the past.



"We've already had some rhetoric, we might have some more anti-short seller rhetoric," Block told <a href="https://www.bloomberg.com/news/articles/2024-11-21/carson-block-expects-more-anti-short-seller-rhetoric-under-trump?sref=TBDibEcD">Bloomberg</a>.



Block said Republican-led administrations are often lighter on enforcement, but he's not sure if Trump will roll back regulations.



"It is a question as to who is going to head the SEC," Block added.



The comment comes as SEC Chairman Gary Gensler recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">announced he will</a> step down on Trump's inauguration day, ahead of the assumption that Trump was going to replace him with a new leader.



Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), which was co-founded by Trump,<a href="https://www.benzinga.com/markets/equities/24/04/38337541/trump-media-technology-group-alleges-naked-short-selling-seeks-nasdaqs-intervention"> has targeted </a>short sellers and alleged that naked short selling is the reason the stock has fallen in price several times.



Musk, who has often publicly criticized short sellers, recently<a href="https://www.benzinga.com/news/24/07/39759646/as-tesla-ceo-elon-musk-wants-to-obliterate-short-sellers-expert-says-they-are-important-more-than-ev"> said he wanted</a> to "obliterate" short sellers.



The other reason for the increased short report volume could be due to stock market indexes trading near all-time highs and strong year-to-date gains.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500, is up 26.0% year-to-date. This return is currently the fourth best in the last 10 years and the ETF could still pass the returns of 26.2% (2023), 28.8% (2021) and 31.2% (2019) to move up the list. &nbsp;



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</ul>



Image: Shutterstock

Short Sellers

Short Ideas

Trading Ideas

SMCI

Short Sellers Are Back – Flurry Of Big Calls From Muddy Waters, Citron And Others Raises Questions: Why Now?

Cryptocurrency markets are trading higher, with Bitcoin hovering around $100,000 and <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42144871/jim-cramer-says-own-bitcoin-thats-a-winner-crypto-community-scoffs-pack-up-your-bags-sell-everything">Jim Cramer suggesting it is &#8220;a winner</a>.&#8221;



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$99,254.71</td><td>+0.88%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$3,281.28</td><td>-2.1%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$253.09</td><td>-0.8%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.3987</td><td>+3.7%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00002463</td><td>+0.3%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 47.5% and daily active addresses growing by 27.2%. Transactions greater than $100,000 are up from 13,321 to 18,859 in a single day. Exchanges netflows are down by 4.5%.</li>



<li>Coinglass data reports 113,608 traders were liquidated in the past 24 hours for $340.73 million. Open interest continues to stand at peak levels, $64 billion.</li>



<li>Polymarket <a href="https://polymarket.com/markets/crypto/crypto-prices">data</a> shows there is a 60% chance of Bitcoin touching $100,000 today and an 89% probability of it happening this month.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/42124007/trump-media-trademark-filing-for-truthfi-hints-at-potential-digital-wallets-asset-trading">Trump Media Trademark Filing For &#8216;TruthFi&#8217; Hints At Potential Digital Wallets, Asset Trading</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42136031/charles-schwab-prepares-for-spot-cryptocurrency-trading-under-new-leadership">Charles Schwab Prepares For Spot Cryptocurrency Trading Under New Leadership</a></li>



<li><a href="https://www.benzinga.com/general/social-media/24/11/42142397/trump-medias-truthfi-gamble-tests-bulls-and-bears">Trump Media&#8217;s TruthFi Gamble Tests Bulls And Bears</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42143918/strike-ceo-jack-mallers-bitcoin-is-the-best-performing-asset-in-the-history-of-mankind">Strike CEO Jack Mallers: &#8216;Bitcoin Is The Best Performing Asset In The History Of Mankind&#8217;</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42139601/solana-hits-264-record-high-as-etf-filings-regulatory-optimism-drive-market-momentum">Solana Hits $264 Record High As ETF Filings, Regulatory Optimism Drive Market Momentum</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Stellar (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xlm/usd">XLM</a>)</td><td>$0.3194</td><td>+28.2%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$1.42</td><td>+20.6%</td></tr><tr><td>Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>)</td><td>$0.9647</td><td>+19.9%</td></tr></tbody></table></figure>



Trader Notes: Bitcoin nearing $100,000 sparked mixed sentiments among traders. 



Altcoin Sherpa <a href="https://x.com/AltcoinSherpa/status/1859959484438970634">quipped</a> "See you guys at $60,000" when Bitcoin failed to break through the psychological barrier.



Crypto trader Seth highlights a "thick and sticky sell wall" as the obstacle.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The menace right now! This is a thick and sticky sell wall. &#x1f972;<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/w25TFe6gev">https://t.co/w25TFe6gev</a> <a href="https://t.co/13uVxevS9T">pic.twitter.com/13uVxevS9T</a>&mdash; Seth (@seth_fin) <a href="https://twitter.com/seth_fin/status/1860030191172751682?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Dogecoin founder Billy Markus <a href="https://x.com/BillyM2k/status/1860031634218844543">stated</a>, "maybe bitcoin will become a $99,000 stablecoin."



Quinten Francois remains optimistic, stating the Bitcoin bull market has "just started."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The bull market just started &#x1f440;&#x1f4a5; <a href="https://t.co/QYfxyaKAeJ">pic.twitter.com/QYfxyaKAeJ</a>&mdash; Quinten &#x7C; 048.eth (@QuintenFrancois) <a href="https://twitter.com/QuintenFrancois/status/1860034071507976659?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1860037119575458134">explained</a> that traders are preemptively shifting from altcoins to Bitcoin as it edges closer to the $100,000 milestone. 



He predicts a breakout, followed by consolidation could lead to altcoin rebounds. Until then, Bitcoin is expected to continue absorbing liquidity.



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Bitcoin 'On Brink Of Breaking $100,000,' Dogecoin Up, Ethereum Down: Crypto Community Holds Its Breath As BTC Guns For Milestone

On Nov. 12, the U.S. House of Representatives passed the <a href="https://www.benzinga.com/personal-finance/24/09/41051553/bipartisan-effort-to-eliminate-social-security-cuts-for-teachers-police-and-more-grows-in-congre">Social Security Fairness Act</a>, a bipartisan bill set in motion to eliminate two long-standing provisions that currently reduce Social Security benefits for public sector employees.&nbsp;



The legislation was first introduced in 2023 and will now head to the Senate, where it has strong bipartisan support. If passed, it is estimated to cost $196 billion over the next decade. Critics worry that enacting this bill could further exacerbate <a href="https://www.benzinga.com/personal-finance/24/09/41082731/new-survey-finds-75-of-americans-support-cuts-for-higher-income-retirees-to-cover-social-securit">Social Security's funding challenges</a>.&nbsp;



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<h2 class="wp-block-heading">What Does the Social Security Fairness Act Do?</h2>



The bill addresses two key provisions – added to the Social Security Act in 1983 – that affect public sector workers:



<ol>
<li>The Windfall Elimination Provision (WEP): This rule reduces Social Security benefits for individuals who receive pensions from jobs where they didn't pay Social Security taxes, like certain state and local government positions. According to the Congressional Research Service, about 2.1 million people are affected by this provision. </li>



<li>The Government Pension Offset (GPO): The GPO reduces Social Security benefits for spouses, widows and widowers who receive government pensions. About 745,000 individuals currently receive reduced benefits under this provision. </li>
</ol>



Those in support of repealing these rules argue that they unfairly penalize retired teachers, police officers, firefighters and other public servants, many of whom heavily rely on their Social Security and pension benefits for their income. 



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<h2 class="wp-block-heading">Supporters Praise the Bill</h2>



Proponents of the bill see it as a victory for equity. Representative Garret Graves (R-La.), a coleader of the bill, stated on the House floor, "This has been 40 years of treating people differently, discriminating against a certain set of workers."&nbsp;



The National Committee to Preserve Social Security and Medicare called the House vote a &#8220;bipartisan victory&#8221; for public employees and their families.



<h2 class="wp-block-heading">Concerns About Social Security's Future</h2>



While the bill aims to address disparities among a demographic affected for over 40 years, critics are concerned that enacting it could further strain Social Security's already depleting finances.&nbsp;



The Congressional Budget Office estimates the bill would add $196 billion to deficits over the next 10 years and bring the trust fund depletion date forward by six months. Social Security funds are expected to run out at their current rate <a href="https://www.benzinga.com/personal-finance/24/09/40817544/report-warns-of-16-500-annual-social-security-benefit-cut-for-dual-income-couples-by-2033">in 2033</a>, meaning that beneficiaries would receive about 79% of their benefits. 



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Some lawmakers, like Rep. John Larson (D-Conn.), argue that, while reform is necessary, it needs to be handled differently. "I could not vote for the bills on the floor tonight because they are not paid for and therefore put Americans' hard-earned benefits at risk," Larson said. "It would hurt most deeply the five million of our fellow Americans who receive below poverty checks and almost half of all Social Security recipients who rely on their earned benefits for the majority of their income."&nbsp;



Instead, Larson proposed an alternative proposal: the Social Security 2100 Act. This would also repeal the WEP and GPO and include additional measures to increase revenues, like raising payroll taxes for higher earners.&nbsp;



Policy experts also express their concerns. Romina Boccia, director of budget and entitlement policy at the Cato Institute, criticized the bill, stating the policy is wrong and needs broader changes.&nbsp;



"We should reform Social Security so that it provides basic income security to the most vulnerable Americans in old age without adding to the debt or tax burden that younger workers face," Boccia said.



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<h2 class="wp-block-heading">What Happens Next?&nbsp;</h2>



The Social Security Fairness Act has already garnered enough Senate cosponsors to pass if brought to the floor for a vote. If signed into law, repealing the WEP and GPO would apply to benefits starting in 2024, significantly changing the benefits for the affected retirees and leaving unresolved questions about the program's long-term solvency.&nbsp;



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Personal Finance

House Passes $196 Billion Social Security Bill: Will Repealing Pension Reductions Shorten The Program's Lifespan?

It was big news earlier this year when Warren Buffett revealed he's no longer planning to leave his vast fortune to the Gates Foundation after his death. Instead, his billions will go to a trust <a href="https://www.benzinga.com/startups/24/11/41866296/with-warren-buffett-donating-99-of-his-fortune-whats-left-for-his-three-children-well-its-complicated">managed by his three children</a>. For a man who once described <a href="https://www.benzinga.com/personal-finance/24/11/41882910/bill-gates-shares-the-best-investment-for-getting-rich-if-youre-earning-100000-or-less-but-wall-street-might-not-agree">Bill and Melinda Gates</a> as "the perfect solution" for dispersing his wealth, this marked a seismic shift in philanthropy.



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In a 2008 Fortune profile, Buffett was clear in his admiration for Melinda, saying, "He's [Bill] smart as hell. But in terms of seeing the whole picture, she's smarter." He also referred to her as a "longtime friend." Buffett continued praising Melinda, saying, "I very much admire what she is doing for women around here and around the world."



Only weeks after the Gateses announced their divorce, Buffett resigned as a trustee of the foundation. As reported by The New York Times in a 2021 article, Buffett released a statement saying: "For years I have been a trustee – an inactive trustee at that – of only one recipient of my funds, the Bill and Melinda Gates Foundation. I am now resigning from that post, just as I have done at all corporate boards other than Berkshire's."



Warren Buffett may think Bill Gates is "smart as hell," but even he admitted in his Fortune profile, "Would I have given the Gates Foundation my fortune if Melinda weren't in the picture? That's a great question. And the answer is, I'm not sure."



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The Buffett connection looms large in the October 2024 Vanity Fair interview, where Melinda discusses her life after divorce, the challenges of being a woman in philanthropy and her legacy. In classic Melinda style, she doesn't shy away from tough truths. She noted her decades of joint philanthropic work with Bill: "If I went into a president or prime minister's office and I was with my ex-husband, they would turn to him first. Unless I interrupted the conversation, they could have kept going for the whole meeting."



This wasn't just frustrating – it was telling. "Why would they assume I knew less than him about philanthropy when we had been doing it together for almost 25 years?" she asked. "That, really, was sexism."



Her willingness to call out these dynamics – and challenge them – is part of what makes her so effective. Melinda's journey from Microsoft marketing manager to one of the most powerful women in philanthropy hasn't been without its share of roadblocks. As she told Vanity Fair, during the early years of the foundation, she didn't understand the major role that gender played. She added, "But things just kept coming up for women – contraceptives or their health or what they wanted – that it started to make me realize we were making a mistake."



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It's this insight that shaped the Gates Foundation's focus on global health and education, with a specific lens on empowering women and girls. From ensuring access to contraceptives to fighting preventable diseases, Melinda's fingerprints are all over the foundation's most impactful initiatives.



But what happens when Buffett's billions are no longer <a href="https://www.benzinga.com/personal-finance/24/10/41198368/warren-buffetts-son-who-famously-cashed-in-his-90-000-inheritance-at-19-spends-millions-in-buffe">flowing to the foundation</a>? That's a question no one seems to have a clear answer for yet. Melinda, for her part, seems more than ready to <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">embrace the challenge</a> as she continues to carve out her own space in the philanthropic world.



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Image via Wikimedia Commons/ Flickr

Warren Buffett Thinks Bill Gates Is 'Smart As Hell' – But Says His Ex-Wife Melinda Is Smarter 'In Terms Of Seeing The Whole Picture'

When <a href="https://www.benzinga.com/personal-finance/24/09/40922368/excuse-me-you-want-to-check-my-credit-nba-legend-shaq-shares-he-felt-disrespected-when-trying-to">Shaquille O'Neal</a> got drafted in 1992, he didn't just sign a basketball contract; he essentially handed his parents a life-changing upgrade.&nbsp;



Raised by <a href="https://www.benzinga.com/personal-finance/24/10/41337452/nba-legend-shaq-was-raised-by-teen-mom-who-fueled-his-success-cant-outplay-me-because-if-you-are">parents who instilled discipline</a> and a strong work ethic, Shaq didn't forget where he came from – or the sacrifices his family made to get him to the top. But instead of writing them a one-time check, Shaq had a better idea: he put them on the payroll. Yes, he turned "family support" into a literal job title with serious perks.



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During a 2022 interview on Drink Champs, Shaq explained how he started managing his finances after reading The Dummies' Guide to Starting Your Own Business. That book didn't just teach him about incorporating himself as a business – it shaped his financial playbook. He made moves as soon as the ink dried on his first NBA contract.



"The first thing I did was incorporate ‘Shaq,' and then I put my mom on salary and put my dad on salary," Shaq shared. His stepfather, Phillip Harrison, a military veteran earning $60,000 a year, got a raise that would make anyone emotional. "I asked him, ‘How much you make in the Army?' He said, ‘I only make $60,000.' [I told him], ‘Now you making half a million a year.' He started crying."



And Shaq didn't stop there. He asked his mom how much she wanted to make and, in classic Shaq fashion, gave her a hefty $750,000 salary.



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But Shaq wasn't just handing out big checks without a plan. He emphasized teaching his parents how to manage their new responsibilities. "I also had to teach them the business," he said. By putting his parents on payroll and teaching them how it all worked, he turned what could've been a financial free-for-all into a sustainable family structure.



Shaq credits much of his financial savvy to self-education. "I learned about business not from college, but from a book," he explained, urging others to take control of their learning. "Whatever you want to do, educate yourself." Reflecting on how far access to information has come, he added, "If I was 14 or 15 now, I'd be a genius because information is so available now." He's right – today, anyone can tap into a world of resources through the internet, YouTube tutorials and forums.



Putting his parents on the payroll wasn't just about <a href="https://www.benzinga.com/personal-finance/24/11/41869301/shaqs-got-a-500-million-fortune-but-his-kids-arent-getting-a-dime-without-earning-it-you-need-3-degrees-to-touch-daddys-cheese">sharing his wealth</a> but about teaching them responsibility and business skills. Shaq made it clear that their new roles came with expectations. "I also had to teach them the business," he said. They weren't just handed checks; they became real employees with structured salaries.&nbsp;



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This thoughtful setup not only empowered his parents but also had financial benefits. As one of the hosts pointed out, "Instead of giving it to the IRS, you're giving it to your family and you can write it off." It was a win-win, highlighting Shaq's practical, forward-thinking approach to money.



O'Neal's story highlights a valuable lesson: wealth isn't just about making money; it's about managing it wisely and bringing others along for the ride. From incorporating his brand to employing his family, Shaq's approach is a master class in turning success into a legacy.



Shaq's savvy business moves – like owning restaurants and investments in Vegas – have made him one of the <a href="https://www.benzinga.com/personal-finance/24/08/40658562/nba-legend-shaq-tells-his-kids-in-order-to-get-my-cheese-you-have-to-present-me-with-two-degrees">wealthiest athletes in history</a>. But at the heart of it all? A guy who just wanted to make his parents proud.



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NBA Legend Shaq Put His Mom and Dad On Payroll When He Made It Big In Basketball – 'Now You Making Half A Million A Year'

Despite widespread anticipation that NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)'s quarterly results would dictate Wall Street's year-end trajectory, the stock market delivered a robust weekly rebound — even in the absence <a href="https://www.benzinga.com/quote/NVDA/news">of its AI darling.</a>



While the semiconductor titan beat analyst expectations on both earnings and revenue for the third quarter, Nvidia's stock remained flat for the week.



Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), the parent company of Google, faced sharp turbulence. Shares tumbled after the U.S. Department of Justice called for the divestiture of Chrome in a bid to curb Google's dominance in search and digital advertising.



The sell-off wiped out over $120 billion in market capitalization on Thursday alone.



A <a href="https://www.benzinga.com/tech/24/11/42140450/doj-targets-google-chrome-poll-shows-64-oppose-alphabet-breakup-youtube-seen-as-top-prize">recent Benzinga poll indicates</a> 64% of respondents oppose breaking up Alphabet, with YouTube viewed as the company's most valuable asset.



On the economic front, <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42141413/us-business-activity-soars-to-31-month-highs-in-november-small-caps-rally-dow-tops-44000">U.S. private sector activity expanded significantly</a> in November, as reflected in S&amp;P Global's Purchasing Managers' Index surveys. The services sector, in particular, surged at its fastest pace since March 2022, while price pressures continued to recede, creating less headwinds for the Federal Reserve.



Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rally shows no signs of cooling, with the cryptocurrency notching its fourth consecutive week of gains and hovering around the <a href="https://www.benzinga.com/24/11/42130693/bitcoins-path-to-100k-inevitable-but-leverage-to-the-gills-warns-mike-novogratz-predicts-80k-correction-ahead">historic $100,000 threshold.</a>



The U.S. dollar also maintained its upward momentum, rising for the eighth straight week to <a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs">reach two-year highs.</a> This latest rally, however, stemmed largely from external turmoil, as escalating geopolitical tensions between Russia and Ukraine, coupled with worsening economic momentum in Europe, triggered sharp weekly sell-offs in the euro and the British pound.



<h1 class="wp-block-heading">You might have missed…</h1>



<h1 class="wp-block-heading">Trump Backs Drilling</h1>



President-elect Donald Trump advocates for increased fossil fuel production with his &#8220;drill, baby, drill&#8221; policy. In contrast, Elon Musk, co-leader of the proposed Department of Government Efficiency (DOGE), envisions a future dominated by solar energy. UBS analysts recommend investors consider renewable energy stocks following their <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42130859/as-trump-backs-drill-baby-drill-his-doge-co-lead-elon-musk-believes-all-energy-generation-will-be-solar-heres-what-ubs-recommends-after-election-dip">election-induced market dip.</a>



<h1 class="wp-block-heading">Trump Crypto Clarity</h1>



Cathie Wood of Ark Invest anticipates the Trump administration will provide regulatory clarity for Bitcoin and other digital assets, potentially incorporating them into <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42136536/ark-invests-cathie-wood-says-team-trump-would-give-regulatory-clarity-for-bitcoin-and-other-digital-assets-which-they-may-put-in-the-treasurys-strategic-reserve">the Treasury&#8217;s strategic reserve</a>.



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General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) is reportedly preparing to enter Formula One in 2026, potentially partnering with Andretti Autosport. This move would mark GM&#8217;s first foray into F1, aligning with its global <a href="https://www.benzinga.com/24/11/42135392/general-motors-gears-up-for-potential-f1-entry-in-2026-report">motorsport expansion strategy.</a>



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