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MMTEC

MMTEC Inc provides Internet-based technology services and solutions to the Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms engaging in securities market transactions and settlements globally. It offers complete suite trading solutions, including services such as fund establishment, issuance, custody, transaction, and settlement. The Company currently has two operating segments, Gujia, MM Future, HC Securities, and MM Global. It generates maximum revenue from the Gujia segment. Gujia segment provides market data services and investor relations management services to customers in China.

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In a podcast conversation that was made public Friday, U2 frontman Paul David Hewson, popularly known by the nickname Bono, told Joe Rogan that over 300,000 people have died globally <a href="https://www.benzinga.com/25/05/45345966/bill-gates-criticizes-elon-musk-over-usaid-cuts-demonizing-aid-workers-is-deeply-unfair-warns-against-undermining-global-health-efforts">due to severe cuts</a> to U.S. Agency for International Development (USAID) funding led by Elon Musk's Department of Government Efficiency (DOGE)—a claim the billionaire swiftly denied, calling Bono a "liar."
What Happened: During an appearance on The Joe Rogan Experience, Bono cited a report suggesting that more than 300,000 people, mostly children, have died from the abrupt funding freeze at USAID.
He said that the cuts resulted in food, water, and medical aid being stranded due to mass layoffs of key personnel.
"There's food rotting in boats, in warehouses—50,000 tons of it," Bono said. "The people who knew the codes, who were responsible for distributing that aid, were fired. That's not America, is it?"
See Also: <a href="https://www.benzinga.com/tech/25/05/45510245/elon-musk-was-once-a-microsoft-intern-now-his-company-is-bringing-grok-to-azure-incredibly-important-for-ai-to-be-grounded-in-reality-xai-ceo-tells-satya-nadella" target="_blank" rel="noreferrer noopener">Elon Musk Was Once A Microsoft Intern — Now His Company Is Bringing Grok To Azure</a>
The statistic comes from modeling done by Brooke Nichols, an infectious disease expert at Boston University.
Musk responded to Bono's comment on his social media platform, X, formerly Twitter, <a href="https://x.com/elonmusk/status/1928650871035891811">saying</a>, "He's such a liar/i&#x2A;&#x2A;&#x2A;&#x2A;," adding, "Zero people have died!"
Why It's Important: The USAID budget was slashed by over 80% earlier this year, following Trump's executive order authorizing DOGE to cut $1 trillion in federal spending, <a href="https://www.thetimes.com/us/american-politics/article/usaid-doge-deaths-children-cuts-7nb83dfkp">reported</a> The Times.
USAID's programs, which once supported food aid, clean water access, and HIV treatment in over 120 countries, have been largely dismantled or folded into the State Department.
At a congressional hearing last week, Rep. Brad Sherman (D-Calif.) pressed Secretary of State Marco Rubio on whether anyone had died due to the aid cuts, which Rubio called a lie, <a href="https://www.washingtonpost.com/politics/2025/05/28/rubio-aid-cuts-deaths-fact-checker/">reported</a> the Washington Post.
Rubio also called the question "unfair" and pointed to other countries&#8217; aid reductions.
Meanwhile, on Friday, Musk ended his contentious four-month stint as head of the DOGE.
Despite failing to deliver the anticipated savings, President Donald Trump presented him with a <a href="http://v/">golden key to the White House</a> in a symbolic gesture of appreciation.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Politics

Bono Tells Joe Rogan That 300,000 People Have Died From DOGE-Led USAID Cuts: Elon Musk Calls Him A Liar, Says 'Zero People Have Died'

Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) reported quarterly losses of $(0.04) per share which met the analyst consensus estimate. This is a 100 percent decrease over losses of $(0.02) per share from the same period last year. The company reported quarterly sales of $165.76 million which beat the analyst consensus estimate of $165.48 million by 0.17 percent. This is a 10.06 percent decrease over sales of $184.29 million the same period last year.

Earnings

Earnings Beats

News

CRLBF

Cresco Labs Q1 EPS $(0.04), Inline, Sales $165.76M Beat $165.48M Estimate

On Friday, President Donald Trump announced that he is doubling U.S. tariffs on imported steel to 50%, while also <a href="https://www.benzinga.com/news/global/25/05/45622810/japans-nippon-steel-to-acquire-us-steel-at-55-per-share-report">endorsing the sale</a> of U.S. Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) to Japan's Nippon Steel.
What Happened: Speaking at a U.S. Steel facility in West Mifflin, Pennsylvania, Trump called the 50% tariff hike a "major announcement" aimed at revitalizing the American steel industry and protecting domestic jobs, <a href="https://edition.cnn.com/2025/05/30/business/trump-announces-50-percent-steel-tariff">reported</a> CNN.
"We are going to be imposing a 25% increase," Trump said. "We're going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States. Nobody's going to get around that."
Trump said he initially considered a 40% tariff but raised it after feedback from industry leaders. "At 25% they can sorta get over that fence," he said, adding, "At 50% nobody's getting over that fence."
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/05/45510245/elon-musk-was-once-a-microsoft-intern-now-his-company-is-bringing-grok-to-azure-incredibly-important-for-ai-to-be-grounded-in-reality-xai-ceo-tells-satya-nadella" target="_blank" rel="noreferrer noopener">Elon Musk Was Once A Microsoft Intern — Now His Company Is Bringing Grok To Azure: ‘Incredibly Important For AI To Be Grounded In Reality,&#8217; xAI CEO Tells Satya Nadella</a>
The new tariffs will take effect on Wednesday, June 4, he informed later via a post on Truth Social.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/31015937/Screenshot-2025-05-31-at-11.29.33%E2%80%AFAM-1024x353.png" alt="" class="wp-image-933985" /><figcaption class="wp-element-caption">Source: Truth Social</figcaption></figure>
Trump also celebrated Nippon Steel's acquisition of U.S. Steel, which had previously been blocked by former President Joe Biden on national security grounds.
"US Steel was being sold into foreign hands with no protections for our great steel workers," the President said. "And I said there's no way we're gonna let that happen. I was watching over you."
Why It's Important: On March 12, Trump enacted <a href="https://www.benzinga.com/markets/equities/25/03/44269301/trumps-25-tariffs-on-steel-and-aluminum-imports-take-effect-eu-retaliates-us-steel-nucor-century-aluminum-and-other-domestic-stocks-cheer">broad 25% tariffs on all steel and aluminum</a> imports, prompting swift retaliation from Canada and drawing criticism from the U.S. auto sector.
The EU also responded with plans for counter-tariffs, which were later withdrawn, the report added. Since the March announcement, domestic steel prices have climbed as U.S. producers faced less foreign competition.
Back in 2018, when similar tariffs were implemented during Trump's first term, U.S. steel production rose slightly.
However, according to a 2023 report by the International Trade Commission, these tariffs also drove up prices for vehicles, machinery, and tools, reducing output in those sectors by over $3 billion by 2021, suggesting the economic costs may have outweighed the benefits, the report said.
According to U.S. Commerce Department figures, the country imported $31.3 billion in iron and steel last year. Canada was the leading supplier, sending $7.6 billion worth of those materials to the U.S.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Trump Doubles Steel Tariffs To 50% Saying It Will 'Secure' American Jobs, Backs US Steel's Takeover By Japan's Nippon

President Donald Trump has mandated that automakers, including Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) , manufacture entire vehicles and all components within the U.S. This announcement was made during a press conference on Friday, coinciding with Elon Musk&#8217;s departure as a senior adviser at the White House.
What Happened: President Trump addressed concerns regarding tariffs impacting companies like Tesla that import auto parts.
He assured that Musk would eventually produce entire cars domestically, noting, &#8220;Pretty much he does.&#8221;
Trump emphasized that all manufacturers must build their parts in the U.S., expressing dissatisfaction with parts being made in countries like Canada, Mexico, and Europe.
&#8220;Nobody knew what the hell was happening,&#8221; he stated, declaring that within the next year, automakers must ensure complete production occurs in America.
Earlier this year, the Trump administration imposed a 25% tariff on imported vehicles and auto parts, which the auto industry claims will disrupt supply chains and increase car prices. While Tesla manufactures its electric vehicles in the U.S., many key components are sourced from abroad.
See Also: <a href="https://benzinga.com/markets/equities/25/05/45691777/how-bill-ackmans-stock-tip-turned-a-new-york-taxi-drivers-50-thousand-into-a-3-million-retiremen">How Bill Ackman&#8217;s Stock Tip Turned A New York Taxi Driver&#8217;s $50 Thousand Into A $3 Million Retirement Fund</a>
Why It Matters: The automotive industry has been grappling with the implications of tariffs since President Trump hinted at increasing the 25% tariff on Canadian automobile imports in April, suggesting that the U.S. auto industry would benefit from reduced Canadian involvement.
In a statement from the Oval Office, <a href="https://www.benzinga.com/news/25/04/45018925/trump-says-us-doesnt-need-canadian-cars-hints-tariffs-could-rise-we-dont-want-your-cars-with-all-due">Trump remarked</a>, "We don&#8217;t want your cars, with all due respect."
In May, General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) CEO Mary Barra <a href="https://www.benzinga.com/25/05/45664131/general-motors-ceo-backs-trumps-auto-tariffs-as-a-tool-to-level-the-playing-fieldtheyve-taken-the-time-to-understand-our-industry">expressed support</a> for Trump&#8217;s tariffs, citing them as a tool to level the playing field against foreign government subsidies and tax policies.
The Trump administration <a href="https://www.benzinga.com/25/05/45249274/trump-eases-auto-tariffs-auto-makers-welcome-and-appreciate-the-move">eased some auto tariffs</a>, allowing for reimbursements for domestic car producers importing parts, though these reimbursements will phase out over time.
This policy shift underscores the administration&#8217;s commitment to strengthening the U.S. automotive sector by encouraging domestic production, a move that could have significant implications for automakers and their supply chains.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

TSLA

Trump Demands Automakers, Including Tesla, Build Entirely In The US

Taylor Swift has officially bought back the master recordings of her first six albums, marking the end of a bitter and public battle over the rights to her music.
What Happened: In a heartfelt statement posted to her website, Swift wrote, "I've been bursting into tears of joy at random intervals ever since I found out this is really happening," adding, "All of the music I've ever made now belongs to me."
The development was first <a href="https://www.bbc.com/news/articles/cp3n799d0v5o">spotted</a> by the BBC.
The <a href="https://www.benzinga.com/general/entertainment/24/05/38676513/taylor-swift-vs-scooter-braun-new-docuseries-on-bitter-music-feud-to-skip-us-launch">conflict began in 2019</a> when music executive Scooter Braun acquired Big Machine Records, Swift's former label, and with it, the masters of her albums Taylor Swift, Fearless, Speak Now, Red, 1989, and Reputation.
Swift, who was not given the opportunity to purchase the masters herself, publicly objected to the sale, citing Braun's ties to Kanye West and calling the deal a betrayal, the report noted.
See Also: <a href="https://www.benzinga.com/general/entertainment/25/05/45607331/taylor-swifts-months-long-absence-raises-eyebrows-where-is-she">Taylor Swift&#8217;s Months-Long Absence Raises Eyebrows: Where Is She?</a>
As a workaround, Swift <a href="https://www.benzinga.com/general/entertainment/23/08/33696661/taylor-swift-announces-1989-as-next-rerecorded-album-during-eras-tour-in-los-angeles">began re-recording her early albums</a> as &#8220;Taylor's Versions&#8221; to regain control of her work. So far, she has released four of them, including Fearless (Taylor's Version) and 1989 (Taylor's Version).
"I almost stopped thinking it could ever happen," Swift wrote, reflecting on her two-decade struggle to regain control of her catalog. "But that's all in the past now."
Why It's Important: Owning her master recordings gives Swift full control over how her music is licensed and distributed—a crucial shift in an industry where artists often lack that power.
While the exact terms of the buyback remain undisclosed, Swift emphasized that the fight was about more than business—it was about creative ownership.
In the letter, Swift told fans she&#8217;s paused work on re-recording her 2017 album Reputation, saying she hit a &#8220;stopping point&#8221; because the album was so tied to a specific, emotionally complex time in her life.
While a snippet of the re-recorded Reputation track "Look What You Made Me Do" was previewed recently, her letter hinted that the full re-recording may be delayed or possibly not happen, the report added.
Still, she plans to release unreleased vault tracks from the album if fans are interested.
Swift also confirmed she has re-recorded her self-titled debut album and is happy with how it sounds. She said both albums could still have their moment to re-emerge in the future, but only as a celebration, not from sadness or longing.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock/Brian Friedman

Entertainment

Legal

Taylor Swift Reclaims Ownership Of Her First 6 Albums From Scooter Braun: 'All Of The Music I've Ever Made Now Belongs To Me'

When listener Portia asked a question on the "<a href="https://omny.fm/shows/suze-ormans-women-and-money/ask-kt-suze-anything-will-i-really-be-able-to-retire">Women &amp; Money</a>" podcast about her variable annuity, Suze Orman didn't hold back. Based on the high fees Portia was paying and the surrender schedule she faced, Orman advised her to cut her losses — and fast.
If you've ever wondered whether an annuity is right for your retirement funds, especially when it involves rolling over a 401(k), this is a story worth paying attention to.
<h2 class="wp-block-heading">What Happened: A Costly Variable Annuity</h2>
Portia explained that she transferred $85,000 from her previous employer's 401(k) into a variable annuity at Fidelity in 2022. She's currently paying around $380 per quarter in fees — more than $1,500 per year — and the annuity has a nine-year surrender period. If she waits it out, she avoids the surrender charge but continues paying hefty fees. If she exits now, she'll face a penalty of roughly 7%.
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<a href="https://www.benzinga.com/25/05/45445458/i-got-a-new-job-with-my-dream-salary-but-now-i-miss-my-old-job-suze-orman-offers-some-advice">Orman</a> did the math. If Portia sticks with the annuity until the ninth year, she'll end up paying approximately $9,120 in fees. In contrast, her surrender charge today would be around $6,300 to $6,900. &#8220;Absolutely surrender it," Orman said. "It makes no sense for you to be in it."
<h2 class="wp-block-heading">Why Orman Advises Getting Out Now</h2>
Orman has long warned against putting retirement savings into <a href="https://www.benzinga.com/money/what-is-a-variable-annuity">variable annuities</a>, especially when they come from qualified accounts like a 401(k). In Portia's case, the high annual fees alone are reason enough to reconsider.
According to <a href="https://www.investopedia.com/ask/answers/093015/what-are-risks-rolling-my-401k-annuity.asp">Investopedia</a>, variable annuities often charge 2% to 3% annually just for management and administrative costs. Add in surrender charges, possible sales commissions, and insurance fees, and you're looking at a serious drain on your retirement savings over time.
Even though annuities offer the benefit of guaranteed income, that security comes at a price. "It makes no sense for you to be in it," Orman said. "You might even want to look at converting it little by little to a Roth IRA and really save money in the long run."
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">The Risks of Rolling Over a 401(k) Into an Annuity</h2>
Rolling a 401(k) into an annuity can sound appealing — it promises stability and income in retirement. But the move can backfire if you're not fully informed.
Here's why:
<ul class="wp-block-list">
<li>No added tax benefit: A 401(k) is already tax-deferred, so moving it into an annuity doesn't give you extra tax savings.</li>
<li>Limited flexibility: Annuities often lock you into fixed payment schedules, which can be a problem if your expenses vary month to month.</li>
<li>Hefty fees: Fees can quietly eat away at your balance, reducing your future payouts.</li>
<li>Inheritance issues: If you die prematurely, the remaining annuity funds may go to the insurance company — not your heirs.</li>
</ul>
See Also: 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>.
<h2 class="wp-block-heading">What Portia — and Others — Can Do Instead</h2>
Orman suggested that Portia surrender the annuity and reinvest the money in her IRA in a way that makes more financial sense. She also floated the idea of gradually converting the funds to a <a href="https://www.benzinga.com/personal-finance/25/05/45587754/i-contributed-after-tax-amounts-to-a-pre-tax-ira-can-i-withdraw-those-contributions-to-open-a-roth-account-heres-what-suze-orman-says">Roth IRA</a> to reduce future tax burdens.
If you're in a similar situation, consider seeking advice from a financial planner before making changes. Understanding your investment's fee structure, potential penalties, and tax implications is key to making the right decision.
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Image: Shutterstock

Personal Finance

$85,000 Investment Mistake? Suze Orman Says This Listener Should Exit Her Annuity ASAP

In a recent address, Jamie Dimon, CEO of JPMorgan Chase, highlighted internal challenges as a greater threat to the U.S. economy than tensions with China. This statement was made at the Reagan National Economic Forum in Simi Valley, California.
What Happened: Dimon expressed concerns on Friday about the internal challenges facing the U.S., overshadowing tensions with China.
Speaking at the Reagan National Economic Forum in Simi Valley, California, Dimon emphasized that while China is a potential adversary, the real threat lies within the U.S. itself, according <a href="https://www.cnbc.com/video/2025/05/30/jpmorgan-ceo-jamie-dimon-china-is-a-potential-adversary-but-i-worry-about-us-the-enemy-within.html">to</a> a CNBC report.
Dimon highlighted the need for the U.S. to address its internal issues, including values, capabilities, and management.
His comments come amid ongoing trade tensions between the U.S. and China, exacerbated by President Donald Trump&#8217;s tariffs, which have significantly impacted trade relations.
See Also: <a href="https://benzinga.com/media/25/05/45664231/teslas-optimus-may-be-the-first-humanoid-robot-to-achieve-high-volume-and-tech-scale-says-nvidia-ceo-jensen">Tesla&#8217;s Optimus May Be The First Humanoid Robot To Achieve High Volume And Tech Scale, Says Nvidia CEO Jensen Huang</a>
Dimon warned that the standoff with China, which escalated after Trump&#8217;s accusations of Beijing violating trade agreements, is unlikely to ease. He cautioned against expecting China to yield to U.S. demands.
Dimon agreed with Warren Buffet that America is resilient but stressed the urgency of addressing mismanagement issues, including permitting, regulations, and healthcare.
He noted that resolving these could lead to a 3% annual growth rate for the U.S. economy.
Why It Matters: Dimon&#8217;s recent remarks come amid a series of warnings he has issued regarding the U.S. economy.
Dimon also cautioned about a potential <a href="https://www.benzinga.com/markets/economic-data/25/05/45704089/jamie-dimon-warns-of-bond-market-crisis-caused-by-us-debt-binge-youre-going-to-panic">bond market crisis</a> due to unchecked debt and monetary expansion, predicting a significant dislocation in the financial system.
He also flagged concerns about the U.S. economy facing <a href="https://www.benzinga.com/government/regulations/25/05/45561399/jamie-dimon-says-us-is-not-in-a-sweet-spot-flags-stagflation-risk-and-deficit-problems-amid-trump-china-tensions">stagflation risks</a> and deficit issues amid geopolitical tensions.
Furthermore, Dimon, who previously foresaw the 2008 Lehman Brothers collapse, has warned that <a href="https://www.benzinga.com/markets/equities/25/05/45535142/jamie-dimon-who-flagged-trouble-before-2008-lehman-brothers-collapse-now-warns-sp-earnings-could-fall-to-0rougher-time-for-markets-says-dan-niles">S&amp;P 500 earnings</a> could drop to zero, impacting market valuations.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Economics

Jamie Dimon Sounds Alarm On 'Enemy Within,' Shrugs Off China Concerns

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk concluded his controversial four-month tenure leading the Department of Government Efficiency (DOGE) on Friday, with President Donald Trump honoring him with a golden key to the White House despite falling <a href="https://www.benzinga.com/media/25/05/45534314/elon-musk-just-got-grilled-on-doge-spending-hits-back-with-were-not-kings-here">far short of promised savings</a>.
What Happened: Speaking <a href="https://www.benzinga.com/news/25/05/45707425/trump-says-he-is-having-elon-musk-over-at-the-white-house-tomorrow-for-a-press-conference-as-billion">alongside Trump in the Oval Office</a>, Musk reflected on DOGE's impact, saying, "The DOGE team will only grow stronger over time. The DOGE influence will only grow stronger. I liken it to a sort of person of Buddhism—it's like a way of life," <a href="https://www.theguardian.com/us-news/2025/may/30/elon-musk-leaving-white-house-doge-trump">reported</a> The Guardian.
Created by executive order hours after Trump returned to office, <a href="https://www.benzinga.com/25/04/44759007/did-elon-musk-just-lower-doges-1-trillion-savings-target-to-150-billion-in-a-second-revision-since-jan">DOGE aimed to slash $1 trillion</a> in federal spending by eliminating bureaucracy and government inefficiencies. However, the initiative has only documented $175 billion in cuts so far, according to its own website.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/05/45510245/elon-musk-was-once-a-microsoft-intern-now-his-company-is-bringing-grok-to-azure-incredibly-important-for-ai-to-be-grounded-in-reality-xai-ceo-tells-satya-nadella" target="_blank" rel="noreferrer noopener">Elon Musk Was Once A Microsoft Intern — Now His Company Is Bringing Grok To Azure: ‘Incredibly Important For AI To Be Grounded In Reality,' xAI CEO Tells Satya Nadella</a>
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30233216/Screenshot-2025-05-31-at-9.02.07%E2%80%AFAM-1024x262.png" alt="" class="wp-image-933916" /><figcaption class="wp-element-caption">Source: DOGE website</figcaption></figure>
Still, Musk remains confident. "We do expect to achieve over time the trillion dollars of savings," he said. "Say, by the middle of next year, with the support of the president and Congress, could we achieve a trillion dollars of savings? I think so. We're on track to do so."
Trump lauded Musk as a colossal force in disrupting Washington, saying, "He willingly accepted the outrageous abuse and slander and lies and attacks, because he does love our country. I know that very much."
Why It's Important: Musk's brief tenure was marked by aggressive job cuts across federal agencies, the dismantling of USAID and a series of controversial communications, <a href="https://www.benzinga.com/25/02/43680384/trumps-controversial-fork-in-the-road-government-buyout-program-gets-the-green-light-from-judge-unions-dont-have-the-required-stake">including "fork in the road" resignation emails</a>.
On Friday, Musk and Trump's joint appearance occurred just hours after the New York Times published a report outlining the Tesla CEO's use of ketamine, ecstasy and <a href="https://www.benzinga.com/cannabis/25/05/45700477/elon-musk-was-using-drugs-while-on-campaign-trail-with-trump-including-ecstasy-and-psychedelic-mushrooms">psychedelic mushrooms during</a> his campaign efforts for the President last year.
Musk's decision to step back from DOGE came after his <a href="https://www.benzinga.com/news/25/05/45635854/elon-musk-disappointed-with-trumps-big-beautiful-bill-says-it-undermines-the-work-that-the-doge-team-is-doing">criticism of Trump's $3.8 trillion spending plan</a>, which he labeled as disappointing and harmful to the progress of DOGE.
In an interview earlier this month, the billionaire also admitted he might have spent more time on politics than he should have, describing his involvement in government affairs as a matter of misallocated time.
Musk's renewed attention to Tesla has also sparked fresh optimism among Wall Street analysts. Dan Ives of Wedbush Securities set a bullish price target of $500, projecting a possible <a href="https://www.benzinga.com/markets/equities/25/05/45557873/tesla-bull-dan-ives-thinks-elon-musks-ev-giant-could-be-entering-a-golden-era-says-2-trillion-market-cap-on-the-table">$2 trillion valuation for the company</a>.
Price Action: Tesla shares slipped 3.34% on Friday, closing at $346.46. In after-hours trading, the stock saw a slight decline of 0.27%, according to <a href="http://pro.benzinga.com/">Benzinga Pro data</a>.
As per Benzinga Edge Stock Rankings, Tesla boasts a growth score of 91.89%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against other top-performing stocks</a>.
<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30232913/Screenshot-2025-05-31-at-8.57.16%E2%80%AFAM.png" alt="" class="wp-image-933914" /></a></figure>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Elon Musk's $175 Billion In DOGE Cut Falls Far Short Of The Billionaire's Goal: 'Expect To Achieve Over Time The Trillion Dollars Of Savings,' Says Tesla CEO

On Friday, Cathie Wood-led Ark Invest made some significant trades. The most prominent among these were in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), 10X Genomics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>), Intellia Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTLA#NASDAQ">NTLA</a>), 3D Systems Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DDD#NYSE">DDD</a>), and Adaptive Biotechnologies Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADPT#NASDAQ">ADPT</a>).
The TSLA Trade: Ark Invest sold 6,511 shares of Tesla from its ARK Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#BATS">ARKK</a>) fund. This move comes in the wake of significant developments for the electric vehicle giant, including insider sales and CEO Elon Musk&#8217;s decision to quit his government role.
The TXG and NTLA Trades: Ark Invest bought shares of 10X Genomics Inc. and Intellia Therapeutics Inc. from both its ARK Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>) and ARKK funds.
The firm purchased 46031 shares of TXG and 30357 shares of NTLA from the ARKG fund, and 296148 shares of TXG and 196156 shares of NTLA from the ARKK fund.
The DDD Trade: Ark Invest sold shares of 3D Systems Corp. from its ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) and ARKX funds. The firm sold 36868 shares from the ARKQ fund and 11503 shares from the ARKX fund.
The ADPT Trade: Ark Invest sold 164741 shares of Adaptive Biotechnologies Corp. from its ARKG fund.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

ADPT

ARKG

ARKK

ARKQ

NTLA

Cathie Wood's Ark Invest Continues To Offload Tesla As Elon Musk Moves On From Trump Administration

Global automakers are expressing serious concerns over a potential shortage of rare-earth magnets from China, which could result in factory closures within weeks.
What Happened: A letter dated May 9 from the Alliance for Automotive Innovation, representing major automakers like General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), and Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>), was sent to the Trump administration highlighting these urgent issues, according to a report by Reuters.
&#8220;Without reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components, including automatic transmissions, throttle bodies, alternators, various motors, sensors, seat belts, speakers, lights, motors, power steering, and cameras,&#8221; the Alliance for Automotive Innovation said.
This could lead to decreased production volumes or even the shutdown of vehicle assembly lines in the U.S., the group added. &#8220;In severe cases, this could include the need for reduced production volumes or even a shutdown of vehicle assembly lines.&#8221;
See Also:<a href="https://www.benzinga.com/news/space/25/05/45708311/president-trump-proposes-1-billion-for-private-sector-mars-exploration-report"> President Trump Proposes $1 Billion For Private Sector Mars Exploration: Report</a>
China, which controls over 90% of the global processing capacity for these magnets, imposed restrictions in April, requiring exporters to obtain licenses.
Why It Matters: Earlier in April, China imposed<a href="https://www.benzinga.com/25/04/44650952/china-restricts-rare-earth-exports-to-us-as-part-of-tariff-retaliation"> export restrictions on seven rare earth elements</a>, including samarium and dysprosium, as a retaliatory measure against U.S. tariffs.
Meanwhile, the European Union<a href="https://www.benzinga.com/markets/equities/25/04/44766503/eu-fast-tracks-mining-to-cut-china-reliance-builds-216m-rare-earth-recycling-plant"> is taking steps to reduce its dependency</a> on China for rare earth imports by fast-tracking mining and recycling initiatives.
The U.S. has escalated its tech war with China by imposing new export<a href="https://www.benzinga.com/markets/equities/25/05/45663228/us-escalates-tech-war-with-china-new-export-curbs-hit-cadence-synopsys-as-eda-software-chemicals-and-tools-face-license-requirements-report"> restrictions on semiconductor design software</a> and other critical materials.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Tech

VWAGY

China's Rare-Earth Magnet Restrictions Threaten Auto Production, Could Result In 'Shutdown Of Assembly Lines:' Report

In a boost to Tesla Inc. and SpaceX CEO Elon Musk's Mars ambitions, President Donald Trump is seeking to involve private companies in Mars exploration.
What Happened: The White House&#8217;s 2026 budget proposal, unveiled on Friday, includes over $1 billion for Mars initiatives, according to a report <a href="https://www.bloomberg.com/news/articles/2025-05-30/trump-wants-1-billion-for-private-sector-led-mars-exploration?srnd=homepage-americas">by</a> Bloomberg.
The budget outlines the creation of NASA&#8217;s Commercial Mars Payload Services Program (CMPS), which would grant contracts to companies working on spacesuits, communication systems, and a human-rated landing vehicle.
This initiative is part of a proposed $18.8 billion NASA budget, representing a 25% reduction from the previous year, significantly impacting the agency&#8217;s science portfolio.
The proposal builds on an earlier budget outline and is modelled after NASA&#8217;s Commercial Lunar Payload Services program, which has seen mixed success. SpaceX, led by Musk, is already developing a version of its Starship rocket for moon missions under NASA&#8217;s Artemis program.
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Jared Isaacman, Trump&#8217;s nominee for NASA administrator, indicated that the agency could pursue lunar and Martian missions simultaneously. However, the proposed cuts to NASA&#8217;s science budget have drawn criticism from space industry figures and lawmakers, including former Republican Congressmen Newt Gingrich and Bob Walker.
Why It Matters: The proposed budget shift towards Mars exploration comes amidst significant changes at NASA. Earlier this month, it was reported that NASA is preparing for a <a href="https://www.benzinga.com/markets/25/05/45189017/nasa-prepares-for-6-billion-budget-cut-amid-shift-towards-elon-musks-mars-focused-initiatives">$6 billion budget cut</a>.
Meanwhile, <a href="https://www.benzinga.com/general/space/25/05/45636692/elon-musks-mars-ambitions-face-new-setback-as-spacex-starship-test-flight-fails">SpaceX&#8217;s recent Starship test flight</a> faced setbacks, highlighting the challenges in achieving Musk&#8217;s ambitious timeline for Mars missions. Musk has previously suggested that <a href="https://www.benzinga.com/25/03/44350440/elon-musk-confirms-starship-to-carry-tesla-optimus-to-mars-by-2026-predicts-human-landing-by-2029">human landings on Mars</a> could begin as early as 2029, though some experts, like former NASA astronaut José Hernández, believe<a href="https://www.benzinga.com/25/03/44373082/former-nasa-astronaut-predicts-mars-travel-still-15-years-away-not-5-years-as-elon-musk-alludes-to"> such travel is still 15 years away</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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SPACE

President Trump Proposes $1 Billion For Private Sector Mars Exploration: Report

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk is actively lobbying U.S. lawmakers to establish a regulatory framework for autonomous vehicles.
Musk, alongside his team, has been directly contacting Congress members to rally support for this initiative, <a href="https://www.bloomberg.com/news/articles/2025-05-30/musk-lobbies-washington-to-clear-way-for-self-driving-cars">according</a> to a Bloomberg report.
In recent weeks, Musk has been involved in discussions about revising a bill introduced on May 15, which aims to establish a basic framework for autonomous vehicles.
The options under consideration include fast-tracking the bill or proposing a more comprehensive measure before the July 4 recess, according to sources familiar with the matter.
During a Friday press conference at the Oval Office, Musk confirmed his continued advisory role to President Donald Trump, despite stepping down from the Department of Government Efficiency. The White House deputy press secretary, Harrison Fields, emphasized that the administration&#8217;s policy is focused on achieving the president&#8217;s agenda.
See Also: <a href="https://benzinga.com/25/05/45666513/a-major-byd-dealer-in-china-shut-down-its-operations-as-ev-giant-expands-into-europe-report">Over 20 BYD Dealerships Shut Down In China Amid Expansion To Europe, Impacting 1,000+ Customers: Report</a>
Why It Matters: The push for federal support on autonomous vehicles is crucial as <a href="https://www.benzinga.com/tech/25/05/45662671/tesla-targets-june-12-for-robotaxi-launch-in-austin-elon-musk-says-company-ramped-up-fsd-testing-a-month-ahead-of-schedule">Tesla prepares to launch its Robotaxi service in Austin</a> on June 12. The company has accelerated its Full Self-Driving (FSD) testing, aiming to meet this deadline. However, the launch remains tentative, dependent on regulatory approvals.
Tesla also intends to introduce Cybercabs, pending federal approval for vehicles without steering wheels or pedals.
Analyst Dan Ives of Wedbush Securities views<a href="https://www.benzinga.com/25/05/45667224/dan-ives-calls-elon-musks-trump-white-house-exit-music-to-tesla-shareholders-ears-predicts-renewed-autonomous-vehicle-focushttps:/www.benzinga.com/tech/25/05/45535283/elon-musk-brushes-off-potential-tesla-uber-deal-believes-owners-could-add-their-cars-to-ev-giants-autonomous-fleet-instead"> Musk&#8217;s departure from a White House</a> role as a positive shift, allowing Musk to concentrate on Tesla&#8217;s autonomous vehicle ambitions. This renewed focus is seen as a promising development for shareholders.
Despite the enthusiasm, some industry experts, like Gary Black of Future Fund LLC,<a href="https://www.benzinga.com/25/05/45582499/gary-black-slams-teslas-unsupervised-autonomous-driving-ahead-of-austin-robotaxi-launch-i-have-warned"> express concerns over unsupervised autonomous driving</a>. Black has repeatedly cautioned investors about the risks associated with such technology, particularly as Tesla gears up for its upcoming launch.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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Elon Musk Lobbies For Support From Lawmakers On Legislation For Self-Driving Cars: Report

On Friday, a federal judge signaled he may scale back the Justice Department's proposed remedies for Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google's <a href="https://www.benzinga.com/government/24/08/40169996/alphabet-loses-antitrust-suit-over-google-search-dominance-report">alleged search monopoly</a>, citing the fast-changing role of artificial intelligence in online search.
What Happened: U.S. District Judge Amit Mehta, presiding over the high-profile antitrust case, expressed skepticism about imposing a 10-year oversight plan that would force Google to share search data and stop paying Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and others to be the default search engine, reported Reuters.
"Ten years may seem like a short period, but in this space, a lot can change in weeks," Mehta said, referring to ChatGPT-maker OpenAI's decision to buy Jony Ive's startup to <a href="https://www.benzinga.com/tech/25/05/45640879/openais-sam-altman-says-6-5b-deal-with-jony-ive-to-build-ai-companions-could-add-1-trillion-in-company-value-report">build AI devices</a>.&nbsp;
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He added that future competition may not come from <a href="https://www.benzinga.com/news/23/10/35102432/apples-dismissed-plan-to-replace-google-with-duckduckgo-on-safari-the-inside-story">traditional search rivals like</a> Microsoft Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Bing or DuckDuckGo, but from AI companies offering fundamentally different user experiences.
"If anything, it's going to be one of these AI companies that can do more than just search. And Why? Because maybe people don't want 10 blue links anymore," Mehta said.
Google's lawyer John Schmidtlein pushed back on the idea of giving AI rivals access to Google's proprietary data, arguing, "Coming to Google and asking Google for a handout when they are the market leader seems completely disproportionate to what this case is about."
Previously, Nick Turley, OpenAI&#8217;s product head for ChatGPT, testified that the AI startup would be open to acquiring Chrome if Google <a href="https://www.benzinga.com/news/legal/25/04/44941262/openai-once-tried-to-use-googles-search-technology-instead-of-microsoft-bing-due-to-quality-issues-was-rejected-now-sam-altmans-startup-says-itd-buy-chrome-if-forced-antitrust-sale-happens">were ever compelled to sell it</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's Important: Earlier this month, Apple executive Eddy Cue testified that Safari had seen a <a href="https://www.benzinga.com/25/05/45339953/apple-exec-says-iphone-users-are-ditching-google-search-now-chamath-palihaptiya-urges-the-tech-giant-to-stop-waiting-for-data-and-start-fighting-models-like-chatgpt">drop in search volumes</a> for the first time in over 20 years, attributing the decline to the growing use of AI-powered searches.
Alphabet CEO Sundar Pichai pushed back on this in an interview with The Verge published this week, asserting that the <a href="https://www.benzinga.com/media/25/05/45687166/apple-may-see-fewer-searches-in-safari-but-google-ceo-sundar-pichai-insists-ai-is-fueling-overall-query-growth-far-from-a-zero-sum-game">data does not indicate a decline</a> in overall activity. &#8220;We&#8217;ve been very clear. We&#8217;re seeing overall query growth in search,&#8221; he said.
During his testimony, Cue also revealed that Apple is actively <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45259675/apple-alphabet-shares-tumble-amid-potential-ai-search-shift">considering integrating</a> an AI-driven search engine into Safari, evaluating potential partnerships with OpenAI, Anthropic and Perplexity AI.
Meanwhile, Google <a href="https://www.benzinga.com/markets/25/05/45537306/google-unveils-total-reimagining-of-search-with-chatbot-style-feature-to-compete-with-openai">introduced a new &#8220;AI mode&#8221;</a> in its Search and Chrome browser during its developer conference. Now available to all U.S. users, the feature offers a conversational, Q&amp;A-style interface similar to ChatGPT, replacing the traditional list of search result links.
Price Action: Alphabet Inc.&#8217;s Class A shares dipped 0.32% in after-hours trading, with Class C shares also down 0.32%, based on <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
According to Benzinga Edge Stock Rankings, Alphabet holds a growth score of 88.54%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to compare it with other companies</a> like Apple.
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AAPL

GOOG

GOOGL

MSFT

Google's Monopoly Case Takes A Turn As Judge Considers Lighter Remedies Amid Rising Competition From AI Rivals Like OpenAI And Perplexity

DoorDash (NASDAQ:<a href="https://www.benzinga.com/quote/DASH"> DASH</a>) is synonymous with food delivery in the U.S., and now it appears the company is positioning itself to take on the European market.The delivery giant has <a href="https://ir.doordash.com/news/news-details/2025/DoorDash-Announces-Agreement-to-Acquire-Deliveroo/default.aspx">announced</a> it will acquire U.K.-based Deliveroo in a $3.9 billion deal. U.K.-based Deliveroo is like DoorDash in that it is one of the most recognizable names in its geographic market.&nbsp;
The deal, which <a href="https://www.reuters.com/markets/deals/doordash-acquire-uks-deliveroo-39-billion-deal-2025-05-06/">Reuters</a> says both sides have been working on for the last several months, is indicative of a changing landscape in the food delivery business. According to Reuters, the sector has been struggling due to several factors. First, inflation and increased costs have forced consumers to tighten their belts, and dialing back on luxuries like dinner delivery is an easy way to cut expenses. Second, there is an overabundance of competitors in the sector.
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The two obstacles to profit have created an environment where consolidation is much more likely. AJ Bell Investment Director Russ Mould told Reuters he believes the entire sector has been weakened by an oversaturation of delivery services competing for the same customers. That kind of climate inevitably means that some food-delivery services operating today will not survive the current downturn.
&#8220;Only the strongest will survive, and they&#8217;re the ones picking up smaller rivals who realize their future is [the] best part of a bigger entity, and not going it alone,&#8221; he said.&nbsp;
<a href="https://www.benzinga.com/general/restaurants/25/05/45400599/only-reasonable-profits-jdcom-takes-aim-at-global-food-delivery-economics-with-zero-commission-modelrevives-founders-035-principle">DoorDash</a> may have gotten a good deal on the final price. According to Reuters, Deliveroo shares are trading on the London Stock Exchange for less than half of their 2021<a href="https://www.benzinga.com/money/how-to-invest-in-upcoming-ipos"> IPO</a> price. Deliveroo CEO Will Shu, who delivered meals himself during the company's formative years, was philosophical about the current business climate and its effect on the company's share price.
Trending: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.
&#8220;That was a different time, (and) a different interest rate environment," Shu told Reuters. He was optimistic about Deliveroo's long-term future, but also very aware of how much competition his company was facing. &#8220;The board and myself evaluated that and said, &#8216;Where do we think Deliveroo should be in order for us to truly win?&#8217; And we thought this was the right place for us,&#8221; he said.
Shu's analysis illustrates the reality of being a CEO of a company. You have a duty to your shareholders and investors to do what's best for the company, even if that means being acquired at a relative discount by a larger company. With that said, it's not all bad news for Shu. Reuters estimates that he will receive roughly $215 million for his Deliveroo shares.&nbsp;
"I could not be more excited by the prospect of what DoorDash and Deliveroo will be able to accomplish together," said <a href="https://ir.doordash.com/news/news-details/2025/DoorDash-Announces-Agreement-to-Acquire-Deliveroo/default.aspx">DoorDash CEO</a> Tony Xu. " We'll cover more than 40 countries with a combined population of more than 1 billion people, enabling us to provide more local businesses with the tools and technology they need to thrive." Reuters estimates the two companies did roughly $90 billion in delivery orders in 2024.
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Is DoorDash Planning To Gobble Up Europe? Company Strikes $3.9 Billion Deal To Buy UK Food Delivery Company Deliveroo

EKSO

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

LYEL

APDN

Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>) has outperformed the market over the past 15 years by 3.91% on an annualized basis producing an average annual return of 16.06%. Currently, Cigna Group has a market capitalization of $85.84 billion. 
Buying $100 In CI: If an investor had bought $100 of CI stock 15 years ago, it would be worth $929.38 today based on a price of $316.64 for CI at the time of writing.
<h3>Cigna Group's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1748648720_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

Here's How Much $100 Invested In Cigna Group 15 Years Ago Would Be Worth Today

If you've ever assumed retirement meant having a seven-figure nest egg, you're in good company — and maybe a little stressed.
For years, Americans have treated the $1 million mark as the gold standard for retiring comfortably. Anything less? Cue the panic attacks.
But according to Northwestern Mutual's just-released <a href="https://news.northwesternmutual.com/planning-and-progress-study-2025">2025 Planning &amp; Progress Study</a>, the average American now believes they need $1.26 million tucked away to retire in peace. That's actually down from $1.46 million last year.
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Sure, the so-called magic number dropped by $200,000, but don't pop the champagne just yet. According to the same study, most Americans are <a href="https://www.benzinga.com/personal-finance/25/02/43856927/billionaire-blackrock-ceo-larry-fink-says-people-are-saving-too-much-and-not-investing-enough-to-retire-with-dignity">still wildly unprepared</a>. More than half – 51% – say it's somewhat or very likely they'll outlive their savings. Only 16% feel confident that outliving their savings is "very unlikely."&nbsp;&nbsp;
So if your retirement plan is "hope for the best," you're not alone.
The ‘magic number' to retire comfortably may be down this year, but it's still far beyond what many people actually have. And the gap isn't just wide — it's a canyon.&nbsp;
<a href="https://institutional.vanguard.com/insights-and-research/report/how-america-saves.html?cmpgn=IIG:TL:HAS:HAS24:SRCH:PS:XX:TL:GG:Unknown:Phrase:TLEAD:20230615:BD:NONE:NONE:KW:401kGeneral&amp;gclsrc=aw.ds&amp;gad_source=1&amp;gad_campaignid=17413933089&amp;gbraid=0AAAAADyd_RXD2epePnTlHlLRHWErHyW3U">Vanguard's 2024 report</a> puts the average 401(k) balance across all age groups at just $134,128. That's barely a tenth of what Americans say they'll need to retire comfortably.
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;
And what's behind the drop? Inflation is still top of mind, but it's cooled off—dropping from around 6% in 2023 to <a href="https://www.bls.gov/opub/ted/2025/the-consumer-price-index-rose-3-0-percent-from-january-2024-to-january-2025.htm">about 3% in 2024</a>. That doesn't mean prices are falling; it just means they're not rising quite as fast. Groceries still feel like a splurge and rent still makes you cry, but apparently, that slight dip was enough for Americans to shave down their expectations.
Either way, the new target still feels like a stretch. <a href="https://www.benzinga.com/money/smartasset">One in four Americans has just a single year of income saved</a>. Among Gen X'ers, 52% have saved up to three times their annual income, but&nbsp; 54% don't think they'll be financially ready to retire when the time comes.<a href="https://www.asppa-net.org/news/2025/4/magic-number-for-retirement-drops-with-inflation/">&nbsp;</a>
Which raises a fair question—not from a study or expert, just plain observation: Are Americans adjusting the number because they think they can genuinely live on less, or have they just accepted that $1.26 million sounds more reachable than $1.46 million? Maybe this is optimism. Maybe it's financial fatigue.&nbsp;
See Also: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.
If you're wondering how anyone hits that $1.26 million target: you either start young or start wealthy. To get there by age 65, a 20-year-old would need to sock away $330 a month at a 7% return. <a href="https://www.benzinga.com/personal-finance/24/08/40295808/youre-40-50-or-60-do-you-know-how-much-you-should-have-saved-for-retirement-by-now">Wait until you're 50? </a>That jumps to a casual $3,958 per month.<a href="https://www.asppa-net.org/news/2025/4/magic-number-for-retirement-drops-with-inflation/">&nbsp;</a>
Yes, the goal dipped—but the struggle to reach it hasn't. Americans may be adjusting expectations, but most still have a long way to go before <a href="https://www.benzinga.com/money/are-you-rich">retirement feels anything close to "comfortable."</a>
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Image: Shutterstock

Can You Guess What Americans Think They Need To Retire Comfortably? Hint: The 'Magic Number' Just Dropped From Last Year

<ul class="wp-block-list">
<li>The U.S. Department of Health and Human Services says that around 57% of Americans will need long-term care at some point</li>
<li>Most households have grossly underestimated the potential cost of that long-term care, and aren't aware that they will have to pay out of pocket for much of it</li>
<li>The total cost of long-term care can be significant, extending beyond $100,000</li>
</ul>
Long-term care costs can be significant, extending well beyond $100,000, but experts tell <a href="https://www.cnbc.com/2025/05/17/why-long-term-care-costs-can-be-a-huge-problem.html">CNBC</a> that most households aren't prepared to handle the expense.
"People don't plan for it in advance," certified financial planner Carolyn McClanahan told the network. "It's a huge problem."
A 2022 <a href="https://www.urban.org/research/publication/long-term-services-and-supports-older-americans">report</a> by the U.S. Department of Health and Human Services and the Urban Institute says that 57% of Americans turning 65 will develop a disability that is serious enough to require long-term care. The average cost of this long-term care is $122,400, the report said.
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On average, families will pay for 37% of the total cost of this long-term care out of pocket, with the rest covered by insurance and public programs.&nbsp;
"It's pretty clear [workers] don't have that amount of savings in retirement, that amount of savings in their checking or savings accounts, and the majority don't have long-term care insurance," Employee Benefit Research Institute strategist Bridget Bearden told CNBC. "So where is the money going to come from?"
Costs for long-term care vary widely, depending on where you live. However, <a href="https://www.carescout.com/cost-of-care">data</a> collected by Genworth and CareScout put the national average for a home health aide at $6,483 per month and $5,900 for a spot in an assisted living facility.&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>.&nbsp;
Still, many people grossly underestimate how much long-term care could potentially cost them. A recent Employee Benefit Research Institute <a href="https://www.ebri.org/health/content/employee-perspectives-on-long-term-care">report</a> found that "a significant proportion of future caregivers had not estimated LTC costs," and those who had expected them to remain under $50,000. Additionally, the report found that 43% of future caregivers expected Medicare to cover the costs of long-term care, and 29% expected Medicaid to foot the bill.
Experts told CNBC that estimates like these are not realistic. Health insurance generally doesn't cover long-term care services, and Medicare only covers select aspects, they say.
McClanahan told CNBC that Medicare typically covers skilled care for up to 100 days, which covers things like rehab or medicine administration, but will not cover the custodial care required for daily activities like bathing and dressing.&nbsp;
See Also: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.
As for Medicaid, the largest payer of long-term care costs, not everyone will qualify. Most people who are eligible for these benefits come from low-income households. "You basically have to be destitute" for Medicaid to kick in, she said.
"The challenge with long-term care costs is they're unpredictable," McClanahan told CNBC. "You don't always know when you'll get sick and need care."&nbsp;
She advises Gen Xers and Millennials to begin planning for potential long-term care needs now. "When you think through it in advance, it keeps the decisions way more level-headed," she said.
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