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Wellchange Holdings

Wellchange Holdings Co Ltd is an enterprise software solution services provider. It provides software solutions, cloud-based software-as-a-service (SaaS) platforms, and white-label software design and development services.

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Sangamo Therapeutics se dispara tras anunciar un acuerdo exclusivo con Eli Lilly sobre tecnología genética patentada. ¿Qué implica esto?

Acciones de Sangamo Therapeutics (SGMO) se disparan un 40%; Aquí están 20 acciones que se mueven en premercado

Wellchange Holdings Company Limited - Ordinary shares

Wellchange Holdings Co Ltd

WCT Holdings Bhd

Financial analyst and strategist Tom Lee stated Monday that Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) will play a crucial role in the banking sector&#8217;s future, highlighting the rationale for buying and holding the second-largest cryptocurrency in reserves.
What Happened: During a CNBC interview, Lee was confident that financial behemoths such as Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) would use Ethereum to <a href="https://www.benzinga.com/markets/cryptocurrency/25/06/45998961/ethereum-l2-chosen-for-jpmorgans-new-step-in-public-blockchain-space">power their stablecoin offerings</a>.
&#8220;Ethereum is also the architecture that future banks will have. When Goldman issues a stablecoin and JPMorgan doing it on Ethereum, as a Layer-1 blockchain they&#8217;re going to want to secure it by staking Ethereum,&#8221; Lee said. &#8220;We&#8217;re trying to get in front.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The ETH thesis for <a href="https://twitter.com/fundstrat?ref_src=twsrc%5Etfw">@fundstrat</a> is simple. He&#39;s frontrunning ETH accumulation by the banks. &quot;Ethereum is also the architecture that future banks will have. When goldman issues a stablecoin and JPMorgan doing it on Ethereum as Layer 1 blockchain they&#39;re going to want to secure it… <a href="https://t.co/MyyJz94rXw">pic.twitter.com/MyyJz94rXw</a>
&mdash; RYAN SΞAN ADAMS &#8211; rsa.eth &#x1f984; (@RyanSAdams) <a href="https://twitter.com/RyanSAdams/status/1939686608254460283?ref_src=twsrc%5Etfw">June 30, 2025</a></blockquote>
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Lee announced his new role as chairman of BitMine Immersion Technologies (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/BMNR#AMEX">BMNR</a>), a small-cap Bitcoin mining firm that will transition to an Ethereum-focused treasury company, adopting ETH as its primary reserve asset.
He said that the company wants to &#8220;get in front&#8221; of the impending ETH accumulation by Wall Street giants.
BitMine shares skyrocketed on Monday, closing at $33.90, up 694%. As of this writing, the stock had an average Value rating and a poor Momentum. Visit Benzinga Edge Stock Rankings to see how Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), the pioneer of a cryptocurrency treasury a, stacks up.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="548" height="248" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01013526/image-1.png" alt="" class="wp-image-967855" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01013526/image-1.png 548w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01013526/image-1-300x136.png 300w" sizes="(max-width: 548px) 100vw, 548px" /></figure>
Why It Matters: Ethereum works on a <a href="https://www.benzinga.com/money/how-to-stake-ethereum-eth#:~:text=What%20is%20Ethereum%20Staking%3F,have%20control%20over%20your%20money.">proof-of-stake model</a> where users contribute to the network&#8217;s security by staking ETH. It also lets users earn rewards in return.
Moreover, due to its smart contract capabilities and its role as a leading platform for decentralized finance applications, it plays a significant role in powering stablecoins. According to <a href="https://defillama.com/stablecoins/chains">DeFiLlama</a>, it has a stablecoin market capitalization exceeding $126 billion, the highest among all networks.
Price Action:  At the time of writing, ETH was exchanging hands at $2,482.94, down 0.85% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Photo Courtesy: alfernec on Shuttertsock.com Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46175268/ethereum-traders-target-4000-in-summer-whats-fueling-the-optimism">Ethereum Traders Target $4,000 In Summer: What&#8217;s Fueling The Optimism?</a></li>
</ul>

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

Cryptocurrency

Small Cap

$ETH

BMNR

MSTR

Ethereum The Next Big Thing In Banking? Tom Lee Thinks So And Wants This Small-Cap Company He Chairs To Front-Run The Likes Of Goldman Sachs, JPMorgan

With U.S. stock futures trading higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
<ul class="wp-block-list">
<li>Wall Street expects MSC Industrial Direct Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>) to report quarterly earnings at $1.03 per share on revenue of $970.23 million before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. MSC Industrial Direct shares slipped 0.1% to $84.96 in after-hours trading.</li>
<li>Nektar Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKTR#NASDAQ">NKTR</a>) disclosed a proposed public offering of common stock. Nektar Therapeutics fell 2.4% to $25.22 in the after-hours trading session.</li>
<li>Analysts are expecting Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) to post earnings at $3.31 per share on revenue of $2.55 billion for the latest quarter. The company will release earnings after the markets close. Constellation shares rose 0.5% to $163.49 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul class="wp-block-list">
<li>Progress Software Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) posted better-than-expected earnings for the second quarter, while sales missed estimates. The company also raised its guidance for FY2025. Progress Software shares fell 7.2% to $59.27 in the after-hours trading session.</li>
<li>Analysts expect The Greenbrier Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) to post quarterly earnings at 98 cents per share on revenue of $785.72 million after the closing bell. Greenbrier shares gained 1% to $46.50 in after-hours trading.</li>
</ul>
Check This Out: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/06/46169288/5-stocks-in-the-spotlight-wall-streets-most-accurate-analysts-weigh-in">5 Stocks In The Spotlight: Wall Street&#8217;s Most Accurate Analysts Weigh In</a> </li>
</ul>
Photo courtesy: T. Schneider / Shutterstock.com

NKTR

PRGS

MSC Industrial Direct, Constellation Brands And 3 Stocks To Watch Heading Into Tuesday

BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) has unveiled a new, longer-range trim of the company's best-selling car, the Seagull EV, in China amid the EV price war.
What Happened: The Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rival unveiled the long-range trim, priced at $11,000 on Monday. The hatchback offers 252 miles of CLTC range on a single charge, with a 38.9 kWh battery pack.
BYD offers the Seagull in 4 trim levels, with the base Vitality trim offered for $7,800 and the range-topping Flying trim available for $11,800. Seagull is also equipped with BYD's God's Eye advanced driver assistance system.
Why It Matters: The news comes in as BYD has been offering aggressive discounts in the highly competitive Chinese auto industry, which is currently <a href="https://www.benzinga.com/news/topics/25/06/45715047/byds-aggressive-pricing-triggers-ev-rat-race-stock-tumbles-authorities-voice-concern">grappling with a price war</a>.
BYD also recently released the <a href="https://www.benzinga.com/markets/tech/25/06/45855643/tesla-rival-byd-launches-15000-seal-06-sedan-as-chinas-ev-price-war-heats-up">Seal 06 sedan</a>, priced at $15,000, positioned squarely against the Tesla Model 3, which it undercuts by almost half as the Model 3 retails for around $30,000 in China.
The company has also been expanding its presence in other markets. BYD recently launched the Seagull EV's Euro-spec version, dubbed the <a href="https://www.benzinga.com/markets/25/05/45560953/byds-europe-pivot-in-full-swing-with-new-26000-affordable-ev-amid-tesla-sal">Dolphin Surf EV</a>, which is priced at around $26,000 in the region.
Despite the European expansion, the company has had to deal with some issues, with reports suggesting that the company planned to scale down production, <a href="https://www.benzinga.com/markets/asia/25/06/46111314/byd-denies-production-cutbacks-amid-ev-price-war-says-output-remains-stable-report">which BYD denied</a>.
Xiaomi Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>) also unveiled the company's very first <a href="https://www.benzinga.com/markets/asia/25/06/46132552/telsla-model-y-rival-xiaomi-yu7-suv-receives-nearly-300000-orders-in-1-hour-in-china">all-electric SUV</a>, the YU7, which goes up against the Tesla Model Y in China.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46069883/teslas-china-sales-slip-over-10-in-mid-june-after-strong-may-surge">Tesla&#8217;s China Sales Slip Over 10% in Mid-June After Strong May Surge</a></li>
</ul>
Photo courtesy: Tada Images / Shutterstock.com

Tech

BYDDF

BYDDY

TSLA

XIACY

Tesla Rival BYD Launches $11,000 Long-Range Trim Of Its Best-Selling Seagull EV As Price War Heats Up

Reported Earlier, TELUS Confirms Pricing And Acceptance Results For Multiple Note Series, With Settlement And Accrued Interest Payments Expected July 3

MESO

Reported Earlier, Mesoblast And FDA Reach Alignment On Key Requirements For Revascor Biologics License Application Targeting Ischemic Heart Failure With Inflammation

Each unit consists of one Class A ordinary share and one right. Each right entitles the holder to receive one-fifth (1/5) of one Class A ordinary share upon consummation of the Company's initial business combination.&nbsp;

IPOs

NMPAU

Reported Earlier, NMP Acquisition Corp. Prices $100M Initial Public Offering Of 10M Units At $10.00 Each

Reported Earlier, Dyne Therapeutics Prices $200M Public Offering Of 24,242,425 Common Shares At $8.25 Each

The Supreme Court rejected Monday an appeal to block the Internal Revenue Service from accessing&nbsp; Coinbase Global Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) user data.
What happened: The apex court denied a request from James Harper, a Coinbase account holder, who argued that the summons by the IRS demanding users' transaction data violated their privacy rights under the Fourth Amendment.
Harper filed a lawsuit against the agency in 2020, but it was dismissed by the U.S. District Court for the District of New Hampshire in 2021.
The Supreme Court decided not to review the decision, meaning that the lower court's ruling stands.
Coinbase filed an amicus brief in May supporting Harper's case, arguing that the government&#8217;s sweeping data <a href="https://www.benzinga.com/government/regulations/25/05/45185950/coinbase-challenges-irs-data-demands-at-us-supreme-court">requests threaten Americans&#8217; digital privacy</a>.&nbsp;
Paul Grewal, Coinbase's legal head, expressed disappointment with the decision but vowed to "continue the fight."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Someday we will wake up to the truth that expectations of privacy do not disappear when personal information is entrusted to a third party. Just not today. We will continue the fight. <a href="https://t.co/Lgv7w9g7sY">https://t.co/Lgv7w9g7sY</a>
&mdash; paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1939909627568955584?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote>
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Price Action:&nbsp; Shares of Coinbase dipped 0.58% in after-hours trading after closing 0.82% lower at $350.53 during Wednesday's regular trading session, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the stock has gained 41%.
COIN demonstrated a very high momentum score—a measure of the stock&#8217;s relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. To check out equities with an even higher Momentum score, head to <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="557" height="242" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01022837/image-2.png" alt="" class="wp-image-967904" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01022837/image-2.png 557w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01022837/image-2-300x130.png 300w" sizes="(max-width: 557px) 100vw, 557px" /></figure>
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/06/46186154/cathie-woods-monday-moves-loads-up-on-amd-stock-lightens-coinbase-crypto-bet">Cathie Wood&#8217;s Monday Moves: Loads Up On AMD Stock, Lightens Coinbase Crypto Bet</a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46148904/donald-trump-says-bitcoin-takes-a-lot-of-pressure-off-the-dollar"> </a></li>
</ul>

COIN

Coinbase Legal Head Vows To 'Continue The Fight' After Supreme Court Rejects Appeal To Block IRS From Accessing User Data

Reported Earlier, Tempus AI Prices Upsized $650M Convertible Senior Notes Due 2030 At 0.75% Interest, Reflecting $250M Increase Over Initial Plan

Former Vice President&nbsp;Mike Pence&nbsp;is mobilizing his advocacy group,&nbsp;Advancing American Freedom, to push for&nbsp;an extension of the 2017&nbsp;tax cuts, a key component of the reconciliation package currently under review in Congress.
What Happened: Advancing American Freedom, founded by Pence, has initiated a campaign to extend the 2017 tax cuts.&nbsp;The group has launched a website that offers information and resources highlighting the advantages of the tax cuts. The website also explains how allowing the tax cuts to expire could lead to tax increases for families and businesses, and highlights how the tax cuts have contributed to federal revenue, &nbsp;<a href="https://thehill.com/business/5376453-pence-group-pushes-tax-cuts-extension/?ref=biztoc.com">reported</a>&nbsp;The Hill.
The website launch is being paired with a letter to lawmakers and their staff, promoting it as a &#8220;one-stop shop&#8221; for information on why the tax cuts should be extended. The group is also restarting its ad campaign in Washington, D.C., featuring a spot that urges lawmakers to support the extension.
The Senate is currently advancing the reconciliation package, which features an extension of the 2017 tax cuts, increased funding for border security, and other major components of President Donald Trump&#8216;s agenda. However, some Republicans have expressed concerns about the bill&#8217;s potential effect on the national debt and Medicaid provisions.
SEE ALSO: <a href="https://benzinga.com/news/politics/25/07/46186877/emmanuel-macron-calls-tariffs-blackmail-white-house-shoots-back-saying-trump-is-doing-whats-right-f" target="_blank" rel="noreferrer noopener">Emmanuel Macron Calls Tariffs &#8216;Blackmail,&#8217; White House Shoots Back Saying Trump Is &#8216;Doing What&#8217;s Right For Our People&#8217;</a>
Why It Matters: The&nbsp;extension of the 2017 tax&nbsp;cuts has been a contentious issue in Congress. The&nbsp;<a href="https://www.benzinga.com/markets/equities/25/05/45536595/big-beautiful-bill-will-explode-the-deficit-and-make-the-rich-richer-congressional-budget-office-estimates-4-income-fall-for-lowest-decile-of-americans-by-2033">Congressional Budget Office</a>&nbsp;(CBO) estimated that the tax changes, including extending the 2017 tax act, would increase the federal deficit by $3.8 trillion. This has raised concerns about the bill&#8217;s&nbsp;impact on the national debt, a concern that has been echoed by some Republicans.
In May, it was reported that the 2017&nbsp;<a href="https://www.benzinga.com/politics/25/05/45178685/tax-cuts-and-jobs-act-could-expire-at-end-of-2025-without-congressional-extension-what-this-means-for-you">Tax Cuts and Jobs Act</a>&nbsp;could expire at the end of 2025 without a congressional extension. With Republican control of the presidency, the House of Representatives, and the Senate,&nbsp;an extension of the 2017&nbsp;tax bill was expected to be a priority. However, the bill&#8217;s progress has been slow, and its potential&nbsp;impact on the national debt&nbsp;has been a point of contention.
Meanwhile, Pence has recently become more vocal in backing Trump's policies, despite having criticized them on multiple occasions in the past. In June, he&nbsp;lauded Trump&#8217;s <a href="https://www.benzinga.com/news/politics/25/06/46046249/mike-pence-lauds-trumps-decisive-leadership-on-the-historic-mission-against-irans-nuclear-program-i-couldnt-be-more-proud">decisive leadership</a>&nbsp;in the historic mission against Iran&#8217;s nuclear program, praising the U.S. military&#8217;s courage and professionalism in executing the mission as a continuation of the Trump administration&#8217;s firm policies.
<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46186853/ray-dalio-says-politicians-that-promise-not-to-raise-your-taxes-not-aligned-with-preventing-a-big-debt-dollar-crisis-to-me-thats-a-tragedy">Ray Dalio Says Politicians That Promise Not To &#8216;Raise Your Taxes&#8217; Not Aligned With Preventing A &#8216;Big&#8217; Debt, Dollar Crisis: &#8216;To Me, That&#8217;s A Tragedy&#8217;</a> </li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Mike Pence's Advocacy Group Launches Campaign To Extend Trump's 2017 Tax Cuts: Report

Reported Earlier, KKR Launches Ascend Asia Financial Services Group In Singapore To Elevate Financial Advisory Industry Standards

<ul>
<li>34,611&nbsp;vehicles delivered in June, up 224% YoY</li>
<li>Achieved a new record quarterly deliveries of 103,181 units in Q2 2025</li>
<li>First-half 2025 deliveries hit 197,189 units, surpassing total deliveries in 2024</li>
<li>30,000+ monthly deliveries sustained for eight consecutive months</li>
</ul>

XPEV

XPENG's June 2025 Delivery Update: Delivered 34,611 Vehicles, Up 224% Yoy; H1 Total At 197,189, Surpassing Full-Year 2024

Zscaler Prices $1.5B Offering Of 0.00% Convertible Senior Notes Due 2028

Baidu, Inc. announced the appointment of Mr. Haijian He as&nbsp;Chief Financial Officer of the Company, effective immediately.
Concurrently, Mr.&nbsp;Junjie He&nbsp;will step down from his position as Interim Chief Financial Officer and assume the role of Senior Vice President in charge of human resources and administrative functions. In addition, Ms. Shanshan Cui will serve as Secretary General to the Organizational Culture Committee of Baidu.

BIDU

Baidu Names Haijian He CFO; Junjie He To Oversee HR And Administration As Senior VP

Macro Economic Events

Econ #s

Economics

U.K. Nationwide HPI (YoY) For June 2.1% Vs. 3.3% Est.; 3.5% Prior

U.K. Nationwide HPI (MoM) For June -0.8% Vs. -0.2% Est.; 0.4% (Revised) Prior

AMZN

Amazon Unveils Its Biggest Prime Day Yet: Four Days Of Unmatched Savings, Trending Products, And Member-Exclusive Deals

Elon Musk revived his Latin rallying cry Monday, posting "VOX POPULI, VOX DEI" — the voice of the people is the voice of God — after voicing his displeasure over President Donald Trump's "Big, Beautiful Bill."
What Happened: The Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX chief said more than 80% of 1.9 million respondents backed his June 5 poll seeking a new party "that actually represents the 80 percent in the middle," and warned that, if Congress approves the spending package, <a href="https://www.benzinga.com/news/politics/25/06/46186733/elon-musk-staging-a-political-comeback-tesla-ceo-sparks-america-party-buzz-as-he-slams-trumps-insane-spending-bill">he will launch</a> an "America Party" the next day.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">VOX POPULI VOX DEI 80% voted for a new party <a href="https://t.co/JkeOlG7Kl4">https://t.co/JkeOlG7Kl4</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1939900498892792236?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote>
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Musk labeled the $5 trillion deficit-ballooning plan an "insane spending bill" and derided both major parties as the "Porky Pig Party," promising to fund primary challengers against any lawmaker who votes yes.
The One Big Beautiful Bill Act pairs $3.8 trillion in tax cuts with $1.2 trillion in social-program reductions, a combination the Congressional Budget Office says will deepen the deficit by $3.3 trillion over ten years. Musk is <a href="https://x.com/elonmusk/status/1939051424995786839">certain</a> that the bill will &#8220;destroy millions of jobs&#8221; and provide &#8220;handouts to industries of the past.&#8221;
See also: <a href="https://www.benzinga.com/news/politics/25/07/46186965/trump-to-visit-alligator-alcatraz-migrant-detention-center-this-week-amid-deportation-push-report">Trump To Visit &#8216;Alligator Alcatraz&#8217; Migrant Detention Center This Week Amid Deportation Push: Report</a>
Musk's criticism is also aimed at the sections of the bill that propose tax hikes on a range of energy projects. These include solar, battery, geothermal, wind, and nuclear energy projects. Tesla has significant interests in both battery energy storage systems and solar photovoltaics.
Why It Matters: Musk's distress marks the latest rupture with Trump, whom he once advised and backed financially during the 2024 campaign. The billionaire's feed over the past 24 hours slammed the bill as "<a href="https://www.benzinga.com/news/25/06/46177116/elon-musk-calls-trumps-megabill-political-suicide-says-it-is-utterly-insane-and-destructive-will-des?">political suicide</a>," reposted charts on rising interest costs, and celebrated bipartisan critics like Sen. Rand Paul (R-Ky.).
Trump's campaign <a href="https://www.whitehouse.gov/articles/2025/06/myth-vs-fact-the-one-big-beautiful-bill/">defended</a> the measure Monday night, arguing the tax breaks will "unleash American energy," while the White House insisted cuts to green subsidies and Medicaid are necessary to curb runaway deficits.
It is also interesting that Musk had <a href="https://x.com/elonmusk/status/1593769469741932544">used</a> the same phrase when restoring Trump's X account in 2022, "Vox populi, vox Dei."
Photo Courtesy: Frederic Legrand &#8211; COMEO On Shutterstock.com
Read next: <a href="https://www.benzinga.com/markets/tech/25/07/46187171/ford-ceo-jim-farley-praises-chinese-evs-amid-affordable-ev-platform-plans-its-the-most-humbling-thing">Ford CEO Jim Farley Praises Chinese EVs Amid Affordable EV Platform Plans: &#8216;It&#8217;s The Most Humbling Thing&#8217;</a>

Politics

Elon Musk Is Unhappy With Trump's 'Big Beautiful Bill' And Just Reminded Everyone That 80% 'Voted' For A New Party

President Donald Trump launched a criticism of electric vehicle mandates and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Tuesday, suggesting his former government efficiency advisor&#8217;s empire depends entirely on federal subsidies.
What Happened: &#8220;Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,&#8221; Trump wrote on Truth Social. &#8220;No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a fortune.&#8221;
The president&#8217;s broadside comes amid Tesla&#8217;s deteriorating market position and Musk&#8217;s ongoing criticism of Trump&#8217;s &#8220;Big Beautiful Bill,&#8221; a nearly 1,000-page spending and tax package. Trump specifically suggested the Department of Government Efficiency (DOGE), which Musk previously headed, should examine billions in subsidies flowing to his companies.
Tesla faces mounting headwinds across key markets. Sales in <a href="https://www.benzinga.com/markets/tech/25/06/46162850/tesla-sales-in-canada-have-dropped-to-nearly-zero-says-researcher-expects-elon-musk-led-ev-giant-may-report-losses-starting-2026">Canada plummeted 87% in Quebec during the first quarter of 2025</a>, with researcher Troy Teslike warning the company may report GAAP losses starting in the first quarter of 2026. Tesla continues operating 35 Canadian stores despite near-zero sales. 
The EV mandate criticism reflects Trump&#8217;s campaign promise to roll back former President Joe Biden-era clean energy incentives. &#8220;Electric cars are fine, but not everyone should be forced to own one,&#8221; Trump stated, emphasizing his consistent opposition predated Musk&#8217;s presidential endorsement.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="665" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01011053/image-1024x665.png" alt="" class="wp-image-967842" style="width:391px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01011053/image-1024x665.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01011053/image-300x195.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01011053/image-768x499.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/01011053/image.png 1192w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46186180/raoul-pal-says-robinhood-letting-users-trade-openai-spacex-through-blockchain-is-democratization-of-finance-end-of-public-vs-private-markets-has-begun">Raoul Pal Says Robinhood Letting Users Trade OpenAI, SpaceX Through Blockchain Is &#8216;Democratization Of Finance&#8217; — End Of Public Vs Private Markets Has Begun</a>
Why It Matters: The feud reignited tensions between the former allies following Musk&#8217;s June departure from the Trump administration. Musk, who reportedly <a href="https://www.benzinga.com/news/politics/25/06/46166058/elon-musk-birthday-trump-tax-bill-economy">contributed over $250 million to Trump&#8217;s 2024 campaign</a>, has repeatedly attacked the spending bill as &#8220;utterly insane and destructive.&#8221; The Congressional Budget Office estimates the legislation would increase federal deficits by more than $3 trillion over a decade.
Tesla&#8217;s stock has declined amid political controversy surrounding Musk&#8217;s government role. His net worth, which peaked at $440 billion in December, dropped to $363 billion following Tesla&#8217;s <a href="https://www.benzinga.com/news/politics/25/05/45710505/elon-musks-government-efficiency-push-a-closer-look-at-his-financial-gains-and-losses">value erosion and vandalism</a> targeting dealerships during his government tenure.
The president&#8217;s subsidy criticism carries particular weight given SpaceX&#8216;s reliance on NASA contracts and Tesla&#8217;s dependence on EV tax credits. 
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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

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Trump Says Elon Musk Would 'Close Up Shop And Head Back Home To South Africa' Without Subsidies: 'No More Rocket Launches, Satellites, Or Electric Car'

Elon Musk&#8216;s xAI has successfully secured a massive $10 billion in fresh debt and equity. This move is a bid to expand AI infrastructure through data centers, amidst intensifying industry competition.
What Happened: Musk&#8217;s xAI has completed a $5 billion debt raise alongside a separate $5 billion strategic equity investment, reported Reuters. 
Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) said, in a post on X, that the debt raise includes financing of secured notes and term loans. The bank said the deal was oversubscribed and attracted prominent global debt investors. The equity investment is aimed at supporting xAI&#8217;s continued development of AI solutions, a data center, and its flagship Grok platform, the bank stated.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Morgan Stanley is pleased to announce the successful completion of a $5 billion financing of Secured Notes and Term Loans for <a href="https://twitter.com/xai?ref_src=twsrc%5Etfw">@xAI</a>, a leading innovator in artificial intelligence technology. This transaction, which was oversubscribed and included prominent global debt investors,… <a href="https://t.co/0QM5jruviN">pic.twitter.com/0QM5jruviN</a>
&mdash; Morgan Stanley (@MorganStanley) <a href="https://twitter.com/MorganStanley/status/1939768047780172184?ref_src=twsrc%5Etfw">June 30, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://benzinga.com/markets/macro-economic-events/25/06/46163141/trump-says-hell-skip-trade-deals-set-global-tariffs-with-a-letter-pay-a-25-tariff-o">Trump Says He&#8217;ll Skip Trade Deals, Set Global Tariffs With A Letter: &#8216;Pay A 25% Tariff, Or 20%, Or 40 Or 50%&#8217;</a>
The company is also in talks to raise about $20 billion in equity, which would value the company at more than $120 billion, with some investors placing valuations as high as $200 billion.
Why It Matters: This recent development comes just weeks after reports emerged that xAI was <a href="https://www.benzinga.com/markets/bonds/25/06/45853241/elon-musks-xai-seeks-5-billion-via-morgan-stanley-amid-trump-rift-and-2022-twitter-debt-hangover-report">rapidly exhausting its financial reserves</a>, with estimates suggesting a staggering monthly expenditure of approximately $1 billion. This underscores the extraordinary capital demands of developing sophisticated <a href="https://www.benzinga.com/opinion/25/06/46036767/musks-xai-reportedly-burns-1-billion-monthly-why-that-matters-to-ai-investors">AI systems</a> in today&#8217;s fiercely competitive landscape, raising crucial questions for investors regarding the long-term viability of AI startups operating outside the umbrella of tech giants with deep pockets.
According to an earlier report, xAI had also been in talks to raise $4.3 billion through an equity investment on top of its $5 billion debt funding plans. This move, <a href="https://www.benzinga.com/25/05/45413741/elon-musk-wants-a-proper-value-for-xai-after-6-billion-raise-100000-gpus-and-a-quiet-100-million-deal-most-missed">coupled with</a> the recent debt and equity raise, signifies xAI&#8217;s aggressive pursuit of capital to stay ahead in the AI arms race.
Meanwhile, the AI industry has been witnessing significant shifts, with <a href="https://www.benzinga.com/markets/tech/25/06/45943342/google-microsoft-elon-musks-xai-reportedly-cut-ties-with-scale-ai-after-mark-zuckerbergs-meta-buys-stake">major players like</a> 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>) and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) making strategic moves to advance their AI capabilities. This latest development from xAI is expected to further intensify the <a href="https://www.benzinga.com/tech/25/02/43761023/elon-musks-xai-to-unveil-grok-3-on-monday-as-ai-race-with-chatgpt-parent-openai-and-chinas-deepseek-heats-up">competition</a> in the industry. 
Photo Courtesy: JRdes on Shuttertsock.com
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Disclaimer: 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 xAI Secures $10 Billion In Debt And Equity Amid Soaring Burn Rate As AI Arms Race Intensifies

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