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Exela Technologies Inc is a business process automation (BPA) leader combining industry-specific and multi-industry enterprise software and solutions. The company's BPA suite of solutions is deployed in banking, healthcare, insurance, and other industries. The company's segment includes Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS), and Legal and Loss Prevention Services (LLPS). It generates maximum revenue from the ITPS segment.

EXELA TECHS INC 6% SER B by Exela Technologies, Inc.

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<a href="https://www.benzinga.com/personal-finance/24/11/41818744/warren-buffett-bought-a-1-7-billion-business-over-the-phone-without-meeting-founder-by-using-wha">Warren Buffett</a> has once again demonstrated his commitment to philanthropy. On Monday, the Berkshire Hathaway CEO announced that he had donated over $1.1 billion in Berkshire Hathaway stock to four family foundations, continuing a Thanksgiving tradition of generosity. Buffett, now 94, also detailed his plans for distributing the remainder of his $147.4 billion fortune after his death.
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Buffett has long championed that wealth should serve society rather than create dynasties. His recent donation includes approximately $720 million to the Susan Thompson Buffett Foundation, named after his late first wife. The remaining $144 million was distributed equally among the foundations run by his three children: Howard, Peter and Susie Buffett.
Buffett's letter accompanying the announcement emphasized his belief in equal opportunity from birth. He criticized the &#8220;extreme look-at-me styles of living&#8221; often associated with wealth and reiterated his family's philosophy of modest living. &#8220;As a family, we have had everything we needed or simply liked,&#8221; he wrote, &#8220;but we have not sought enjoyment from the fact that others craved what we had.&#8221;
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Buffett's giving over the years has been substantial. Since 2006, he has made annual gifts to the <a href="https://www.benzinga.com/personal-finance/24/10/41145078/billionaire-bill-gates-has-a-bold-plan-to-shrink-the-wealth-of-the-rich-heres-how-he-intends-to-">Bill &amp; Melinda Gates Foundation</a> as well as the family foundations. However, he revealed that his contributions to the Gates Foundation will cease after his death.
Buffett has previously stated that his three children will oversee the distribution of his remaining wealth within 10 years of his passing. In a proactive move, he announced that successors have already been chosen in case his children – 71, 69 and 66 – cannot complete the task. While he did not disclose the successors&#8217; identities, Buffett confirmed that his children are aligned with the choices.
Buffett acknowledged the inevitability of mortality, saying, &#8220;Father Time always wins. But he can be inconsistent – indeed, unfair and even cruel … Before long, he will get around to me.&#8221;
Trending: The number of ‘401(k)' Millionaires is up 43% from last year —<a href="https://www.benzinga.com/money/401k-millionaires"> Here are three ways to join the club.</a>
Buffett attributes his immense fortune to the power of compounding interest and the <a href="https://www.benzinga.com/general/education/24/09/40784119/warren-buffetts-sister-went-all-in-on-berkshire-hathaway-and-never-looked-back">success of Berkshire Hathaway</a>, which he has led for decades. Despite his vast wealth, he has maintained a frugal lifestyle, living in the same Omaha home he purchased in 1958 and driving modest cars.
He also advised families of all financial backgrounds: discuss your will with your heirs while alive and before you sign it. Buffett believes open communication can prevent family disputes after a loved one's death. &#8220;You don't want your children asking "Why?" in respect to testamentary decisions when you can no longer respond,&#8221; he wrote.
Even after donating more than 56% of his wealth, Buffett remains among the <a href="https://www.benzinga.com/news/management/24/10/41302431/elon-musk-to-end-year-as-richest-man-in-the-world-prediction-market-says-yes-higher-chance-than-l">world's richest individuals</a>. His contributions have been transformative, with $55 billion already directed to the Gates Foundation alone. The remainder of his fortune will be distributed through his family's philanthropic efforts, a responsibility his children have embraced.
Buffett&#8217;s ultimate goal is to ensure his wealth makes a lasting impact. His philosophy reflects a life guided not by the trappings of money but by its potential to create positive change.
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<li>Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a></li>
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Personal Finance

Warren Buffett Gives Away Another $1.1B And Reveals His Plan For Distributing $147B After His Death

Health and Human Services Secretary-designate Robert F. Kennedy Jr. has a long history of working internationally to <a href="https://www.benzinga.com/partner/markets/24/11/42086831/how-the-intersection-of-public-health-and-politics-can-shift-the-societal-landscape" target="_blank" rel="noreferrer noopener">challenge public health policies</a>.
Known for his outspoken skepticism about vaccines and conspiracy theories, Kennedy has extended his influence beyond the U.S. to undermine global health initiatives, particularly in areas like vaccination and AIDS prevention, The New York Times <a href="https://www.nytimes.com/2024/11/30/world/africa/rfk-jr-kennedy-international-work-public-health-policies.html">reports</a>. 
Kennedy&#8217;s nonprofit, Children&#8217;s Health Defense, has established a network of overseas chapters that spread misinformation and promote skepticism about vaccines. In countries like Uganda and South Africa, his organization has interfered with public health efforts, including sex education campaigns meant to combat the spread of AIDS in Africa. 
Kennedy and his affiliates have also targeted the World Health Organization (WHO), questioning the efficacy of their programs and fueling conspiracy theories about global health initiatives, The New York Times added.
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One of his most notable international interventions occurred in Samoa, where a tragic measles outbreak followed his visit in 2019. After a public health tragedy involving the death of two infants during routine vaccinations, Kennedy amplified doubts about vaccine safety. 
His visit, alongside local anti-vaccine activists, led to a significant decline in vaccination rates. Despite the outbreak, Kennedy continued to promote false claims about defective vaccines, contributing to the public health crisis that resulted in 83 deaths, mostly children, The New York Times reports. 
Kennedy has also played a prominent role in Europe, where his organization has hosted conferences promoting vaccine skepticism and opposing COVID-19 health measures. In 2022, Children&#8217;s Health Defense Europe helped organize a protest in Berlin, drawing thousands who rallied against pandemic restrictions. 
The organization&#8217;s ties to fringe groups, including far-right political activists and lawmakers, have raised alarm, especially as it has continued to promote theories that link vaccines to conspiracies involving Bill Gates and global pharmaceutical companies. 
His organization&#8217;s efforts have had tangible effects on vaccination confidence, particularly in countries like South Africa, where misinformation spread by his network contributed to a 30% decline in vaccine trust. 
As Kennedy prepares to take the reins of HHS, his track record of promoting unproven remedies and opposing established public health policies has raised serious concerns about his potential impact on U.S. and global health policy.
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General

Trump's HHS Pick RFK Jr. Has a Long History of Challenging Global Health Policies

<h2 class="wp-block-heading">WAMCO&#8217;s Ken Leech Charged With Fraud For Allegedly ‘Cherry-Picking' Trades</h2>
The Securities and Exchange Commission (SEC) on Monday announced fraud <a href="https://www.sec.gov/newsroom/press-releases/2024-187">charges against </a>Stephen Kenneth ("Ken") Leech, the former co-chief investment officer of Western Asset Management Company LLC or WAMCO, owned by Franklin Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>).&nbsp;
The SEC's complaint alleges that Leech engaged in a multi-year scheme to allocate favorable trades to certain portfolios, while allocating unfavorable trades to other portfolios in a practice known as "cherry-picking" from at least January 2021 through October 2023.&nbsp;
The SEC claims Leech placed trades with brokers and then waited until later in the trading day to allocate the trades among clients in the portfolios he managed. According to the complaint, Leech's delay between placing and allocating trades allowed him the opportunity to observe price movements, and then disproportionately allocate profitable trades to favored portfolios and unprofitable trades to disfavored portfolios.&nbsp;
"This alleged behavior is an egregious abuse of power," said Andrew Dean, Co-Chief of the Division of Enforcement's Asset Management Unit. "By hand-picking trades and sending them to portfolios he favored, Leech allegedly stood to profit personally and professionally."
The complaint alleges that Leech allocated hundreds of millions of dollars in gains to favored portfolios, which also benefited Leech personally, and allocated a similar amount of losses to disfavored portfolios.&nbsp;
Leech received annual <a href="https://www.bloomberg.com/news/articles/2024-11-25/ken-leech-sued-by-sec-over-alleged-cherry-picking-scheme?fromMostRead=true&amp;sref=TBDibEcD">bonuses </a>ranging from $28 million to $30 million per year between 2018 and 2020, and $21 million in 2022, the SEC said, per Bloomberg.&nbsp;
In a parallel action, the U.S. Attorney's Office for the Southern District of New York also announced charges against Leech. The SEC said its investigation remains ongoing.&nbsp;
<h2 class="wp-block-heading">SEC Enforcement Results for Fiscal Year 2024</h2>
Last Friday, the SEC released its<a href="https://www.sec.gov/newsroom/press-releases/2024-186"> enforcement results</a> for fiscal 2024 and said that it filed 583 total enforcement actions during the year. The agency also obtained orders for $8.2 billion in financial remedies, the highest amount in SEC history.
The $8.2 billion in financial remedies consisted of $6.1 billion in disgorgement and prejudgment interest, also the highest amount on record, and $2.1 billion in civil penalties, the second-highest amount on record.&nbsp;
More than half &#8211; 56% &#8211; of the $8.2 billion financial remedies ordered is attributable to a monetary judgment obtained following the SEC's<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40809382/terraform-labs-historic-4-5b-settlement-with-sec-makes-2024-the-most-penalized-year-for-cr"> trial win</a> against Terraform Labs and Do Kwon.&nbsp;
"The Division of Enforcement is a steadfast cop on the beat, following the facts and the law wherever they lead to hold wrongdoers accountable," said SEC Chair Gary Gensler. "As demonstrated by this year's results, the Division helps promote the integrity of our capital markets to benefit investors and issuers alike."
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Image: Simon Jhuan via Shutterstock

Legal

Financial Crime Weekly: WAMCO's Ken Leech Charged With Fraud, SEC Announces Annual Enforcement Results

President-elect Donald Trump may face significant challenges in filling key Cabinet positions, as several of his nominees are expected to encounter strong <a href="https://www.benzinga.com/media/24/11/42239913/trump-white-house-picks-including-elon-musk-and-scott-bessent-spark-conflict-of-interest-concerns-potentially-the-greatest-ethics-cataclysm-in-the-history-of-our-government" target="_blank" rel="noreferrer noopener">opposition from Senate Republicans</a>.
With a GOP-controlled Senate, Trump could be forced to rely on acting secretaries for some departments, a strategy he employed extensively during his first term, The Hill <a target="_blank" href="https://thehill.com/homenews/5010808-trump-acting-secretaries/" rel="noreferrer noopener">reports</a>.
Under the Federal Vacancies Reform Act, acting officials can serve in their roles for up to 210 days without Senate confirmation, with potential extensions if a nominee is still under consideration. During his first term, Trump frequently used acting secretaries, resulting in more than 2,700 combined days across 22 Cabinet-level positions by February 2020, the report read.
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This was more than three times the total of acting officials under President Barack Obama&#8216;s eight years in office.
Notable Trump picks, including Defense Secretary-designate Pete Hegseth, HHS Secretary-designate Robert F. Kennedy Jr., and Director of National Intelligence pick Tulsi Gabbard, are expected to face tough scrutiny from the Senate.
According to Sen. Markwayne Mullin (R-Okla.), the plan is to have experienced deputies ready to support acting secretaries and ensure the smooth operation of agencies. This strategy could mitigate some of the concerns that arose from past acting officials, such as Chad Wolf, whose authority as acting Secretary of Homeland Security was challenged in court.
However, some political analysts suggest that Trump may not resort to acting appointments as frequently this time, given the narrow GOP majority in the Senate. If confirmation battles become too distracting, it could impact the Trump administration&#8217;s broader agenda, The Hill adds.
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Image: Shutterstock

Trump May Start New Term With Acting Secretaries Due To Senate Skepticism of Nominees

The U.S. division of Stoli Group hopes to get a deal under <a href="https://www.benzinga.com/topic/bankruptcy">Chapter 11 bankruptcy protection</a>. 
The company applied on Nov. 27 to the U.S. Bankruptcy Court in the Northern District of Texas. 
Stoli Group USA, based in New York, and Kentucky Owl American whiskey business plan to restructure all assets, valued up to $500 million. See below. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Stoli Group USA Files Chapter 11 with Up to $500M in Assets, Affiliate Kentucky Owl Joins Restructuring BANKRUPTCY FILING ALERT &#x1f6a8; Stoli Group (USA), LLC Chapter 11 &#8211; Northern District of Texas Filed: 11/27/2024 Case No. 24-80146 &#x1f4ca; Assets: $100M-$500M &#x7C; Liabilities:… <a href="https://t.co/TSZG8Hcd3e">pic.twitter.com/TSZG8Hcd3e</a>
&mdash; RK &#x7C; Consultants (@_RKConsultants) <a href="https://twitter.com/_RKConsultants/status/1861924768653390088?ref_src=twsrc%5Etfw">November 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h3 class="wp-block-heading">New On The Block</h3>
<ul>
<li>Ally Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is auctioning off its credit card unit after just three years of ownership, per <a href="https://www.bloomberg.com/news/articles/2024-11-22/ally-financial-is-said-to-weigh-sale-of-credit-card-business?srnd=phx-deals">Bloomberg</a>. The Detroit-based auto lender acquired the segment in 2021 for $750 million. </li>
<li>D.W. Shaw hired Alantra Partners to run the sale process for its Spanish non-performing loans and real estate assets, <a href="https://www.bloomberg.com/news/articles/2024-11-22/d-e-shaw-is-seeking-to-sell-400-million-in-spanish-assets?srnd=phx-deals">Bloomberg</a> reports. The value of the portfolio is roughly €380 million (US$402 million). </li>
<li>Mumbai-based Edelweiss Financial Services of India hired Nomura to find a buyer for a minority stake in its mutual fund business, which could have a total valuation of $700 million to $800 million, according to <a href="https://economictimes.indiatimes.com/mf/mf-news/edelweiss-hires-nomura-for-mutual-fund-unit-stake-sale/articleshow/115646343.cms?from=mdr">the Economic Times</a>.</li>
</ul>
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<h3 class="wp-block-heading">Updates From The Block</h3>
<ul>
<li>The Container Store has been unable to ink a deal or find financing. According to <a href="https://www.cnn.com/2024/11/29/business/the-container-store-black-friday-shopping/index.html">CNN</a>, the Coppell, Texas-based company — known for selling bins — hoped for a $40 million financial lifeline from Beyond, the owner of Bed Bath &amp; Beyond and Overstock.com. But, the agreement hasn&#8217;t worked out and now the franchise is on the verge of bankruptcy, although it hasn&#8217;t filed yet. </li>
</ul>
<ul>
<li>Anglo American&nbsp;(LSE: AAL) agreed to sell its Australian steelmaking coal mines to Peabody Energy&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTU#NYSE">BTU</a>) <a href="https://www.benzinga.com/24/11/42166102/anglo-american-sells-coal-portfolio-for-38-billion-continues-restructuring">for about $3.8 billion</a>. This comes just days before mining giant BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) is allowed to renew its takeover efforts for Anglo American.</li>
</ul>
<ul>
<li>Acquisition-hungry UniCredit (Milan: UCG) offered to acquire Italian lender Banco BPM (Milan: BAMI). The €10 billion offer was rejected, according to <a href="https://www.axios.com/2024/11/25/unicredit-italian-bank?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosprorata&amp;stream=top">Axios</a>. UniCredit also wants to buy Germany-based Commerzbank.</li>
</ul>
<ul>
<li>Gold miner Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) sold its Éléonore mine in Quebec Tuesday to London-based Dhilmar <a href="https://www.benzinga.com/news/asset-sales/24/11/42202141/newmont-sells-mine-for-795-million-barrick-expands-reserves-top-miners-unfazed-by-underperformance">for $795 million in cash</a>. The sale follows Newmont's strategy to divest non-core assets following its milestone acquisition of Newcrest Mining in 2023. </li>
</ul>
<ul>
<li>Schneider National, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNDR#NYSE">SNDR</a>) disclosed that it has agreed to acquire Cowan Systems, LLC and its affiliates for approximately <a href="https://www.benzinga.com/news/mid-cap/24/11/42170700/schneider-expands-its-fleet-390-million-cowan-systems-deal-supercharges-dedicated-services">$390 million in cash</a>, subject to adjustments. The deal also includes a separate purchase of related real estate assets for $31 million. </li>
</ul>
For last week&#8217;s Deal Dispatch, <a href="https://www.benzinga.com/markets/commodities/24/11/42147945/deal-dispatch-starbucks-considers-china-sale-private-equity-bankrupts-snack-company-darwin-financial-talks-mining">click here</a>.
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Image: Benzinga

Asset Sales

ALLY

AMCR

BERY

GOOGL

NISTF

SBUX

SNDR

Deal Dispatch: Stoli On The Rocks As US Business Goes Bankrupt, Ally Financial To Sell Credit Card Unit

Once again, <a href="https://www.benzinga.com/media/24/11/41853221/trump-says-he-wont-sell-trump-media-stock">Donald Trump</a>'s entrepreneurial flair has taken center stage by releasing his new branded guitars, including a "Signature Edition" model costing $10,000. The president-elect has an extensive list of merchandise, ranging from $60 bibles to $100,000 watches. And while his product line has brought significant attention, it also raises questions about presidential branding and conflicts of interest that may come with it.&nbsp;
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<h2 class="wp-block-heading">A Closer Look at Trump's Guitars</h2>
The "Trump Guitars" collection includes a few different models:&nbsp;
<ul>
<li>The American Eagle Series</li>
<li>The Presidential Series</li>
<li>God Bless The USA</li>
</ul>
Prices for the base models start at $1,250 and the "Signature Edition," which features Trump's autograph, is priced at $10,000. According to The Associated Press, the "Limited Edition ‘45' Guitar" is an electric model that showcases patriotic imagery, including an American Flag and a bald eagle, with Trump's "Make America Great Again" slogan inlaid along the neck.&nbsp;
Trump personally introduced the limited-edition guitars on Truth Social, posting a photo of himself holding one. This product launch follows a trend of high-value items Trump has marketed during his third White House campaign, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40445918/how-much-has-donald-trump-made-from-nft-sales-its-more-than-you-might-think">including NFTs</a>, coins and sneakers.&nbsp;
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<h2 class="wp-block-heading">Financial Implications</h2>
While the guitars have sparked curiosity, it isn't clear where their financial backing comes from. According to ABC News, Trump has historically used licensing agreements to monetize his brand. Products like guitars are generally sold through external companies, so Trump can profit from them without direct involvement in manufacturing or sales.&nbsp;
Trump has reportedly earned millions from his licensing deals. CBS News reports that he received $7.2 million from NFTs and $300,000 from Trump-branded bibles. These arrangements, though, frequently meet criticism for their lack of transparency.
Jordan Libowitz, vice president at Citizens for Responsibility and Ethics in Washington, told ABC News, "We&#8217;ve never seen a president merchandise like this. Tracking partners is difficult unless they come forward and there's no way to know for sure."
Libowitz added that it's impossible to know if Trump might use his office's power to help his bottom line without transparency about his business partners.&nbsp;
Trending: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019,<a href="https://www.benzinga.com/money/etoro-doge"> here&#8217;s how much you&#8217;d have today</a>.
<h2 class="wp-block-heading">A Growing Merchandise Empire</h2>
Trump's guitars are just the latest in a long line of <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41080343/mark-cuban-criticizes-trumps-coin-push-is-this-a-con-or-an-investment">branded products</a> that have gained traction among his supporters. Over the years, he has marketed everything from steaks and cologne to digital trading cards and watches. According to ABC News, this approach represents an unprecedented melding of political identity and consumer branding.
As with previous merchandise, critics have raised concerns about these items&#8217; pricing and perceived value. For instance, Libowitz argues that the $10,000 guitars and other high-priced goods may create opportunities for individuals or entities to funnel money directly to Trump.
<h2 class="wp-block-heading">Ethical Concerns and the Future</h2>
The expansion of Trump's merchandise empire raises ethical questions, particularly as he prepares to take office again. Experts, including Robert Weissman of Public Citizen, warn that the opaque nature of these licensing agreements could create potential conflicts of interest.
With few regulatory requirements to ensure transparency, watchdog groups worry about the potential for undue influence. ABC News notes that Trump is expected to relinquish control of his businesses to his sons upon reentering the White House, as he did during his first term. However, critics argue that this arrangement provides limited oversight.
The launch of Trump's $10,000 guitars signals a continued evolution in presidential merchandising. Whether viewed as innovative branding or a cause for concern, the guitars demonstrate Trump's enduring ability to leverage his persona for profit. As <a href="https://www.benzinga.com/general/social-media/24/11/42154487/robert-kiyosaki-trump-will-make-america-richer-again-by-being-the-first-bitcoin-president">his presidency</a> approaches, the scrutiny surrounding these ventures will likely intensify, shaping discussions on the intersection of politics, business and ethics.
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Startups

Trump's $10,000 'Signature Edition' Guitars: Is This The Future Of Presidential Merchandise?

Babcock Ranch, Florida&#8217;s pioneering solar-powered community, proved its resilience <a href="https://www.benzinga.com/general/24/11/41788836/funding-for-hurricane-milton-and-helene-recovery#:~:text=Early%20estimates%20price%20Milton's%20damage,from%20evacuation%20and%20file%20losses.">during Hurricane Milton last month</a>. Its 880-acre solar field kept lights on while 3.3 million Floridians lost power. The planned community near Fort Myers may be a <a href="https://www.benzinga.com/markets/24/10/41385727/this-hurricane-resistant-net-zero-florida-community-survived-a-direct-hit-from-milton-but-the-innova">model for sustainable, hurricane-resistant development</a> that combines energy efficiency with climate resilience.
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&#8220;We are on a mission to build the most innovative, resilient and climate-resilient town in America and in a few short years, we&#8217;ve done just that,&#8221; Syd Kitson, the former Green Bay Packers player who cofounded Babcock Ranch, said to Realtor.com. The development&#8217;s success earned Kitson Time Magazine&#8217;s &#8220;Dreamer of the Year&#8221; recognition in 2023.
Residents there report savings on utility costs despite larger living spaces. &#8220;It was half the cost of our old homes, yet we have double the square footage now,&#8221; homeowner Janette Dulaney told the Babcock Ranch Telegraph, describing her first electric bill as &#8220;mind-blowing.&#8221;
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According to the Realtor report, the community&#8217;s homes, priced from $300,000 to $4 million, incorporate energy-saving features under Bronze Standard FGBC Certification requirements. High-performance windows, advanced insulation and efficient heating and cooling systems contribute to sustainability and hurricane resistance. All structures can withstand 150 mph winds, while underground power lines prevent storm-related outages. &#8220;This town should be duplicated all over,&#8221; says Jason Upperco, a 49-year-old who built a home in the community, pointing to the innovative features.
Environmental protection extends beyond individual homes. About 90% of the community sits on preserved wetlands, naturally mitigating flood risks. Smart Pond systems connected to weather forecasts automatically adjust water levels before storms arrive. The development&#8217;s elevation, 30 feet above sea level, further protects against storm surges.
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The 73,000-acre preservation area surrounding the community reflects Kitson&#8217;s vision of development working &#8220;hand in hand with Mother Nature,&#8221; the report said. The approach proved successful during Hurricane Milton when two Babcock Ranch buildings served as emergency shelters for 2,000 people.
&#8220;It&#8217;s very important to know that you are positively impacting the Earth,&#8221; Upperco said. Beyond energy efficiency, the development promotes sustainable living through walkable neighborhoods, outdoor activities and local amenities that reduce car dependency.
Community features include five neighborhood lakes for water sports, two resident lodges with swimming pools and events at Founder&#8217;s Square, where solar trees provide device charging stations. Children commonly walk or bike to school, contributing to the community&#8217;s reduced carbon footprint.
&#8220;To future &#8216;innovators,&#8217; if you are going to do something unprecedented, be prepared for rejection,&#8221; Kitson said, reflecting on the project&#8217;s challenges.&nbsp;
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Real Estate

'This Town Should Be Duplicated' – How America's Solar-Powered Hurricane Haven Cuts Power Bills In Half

JPMorgan Chase is all in on artificial intelligence. The bank's CEO, Jamie Dimon, is leading the charge. He is described as a <a href="https://www.benzinga.com/24/03/37610586/after-saying-ai-is-not-hype-jpmorgans-jamie-dimon-reveals-how-he-personally-and-professionally-uses">"tremendous user" of the tech</a> and, apparently, he's eager to use it on his phone.
"He's been desperate to get it on his phone," said Teresa Heitsenrether, JPMorgan's chief data and analytics officer. Speaking at the Evident AI Symposium, as reported by Business Insider, she added, "That's a big deliverable before the end of the year."
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JPMorgan recently launched its "LLM Suite," a generative AI tool, to 200,000 employees. These tools are already making waves. Before business reviews with Dimon, Heitsenrether runs her presentation through AI to refine the message. "What is the message coming out of this? Make it more concise. Make it clear," she explained. "It certainly has helped with that."
The AI rollout is just the first step in <a href="https://www.benzinga.com/news/24/04/38149277/jamie-dimon-equates-ai-to-printing-press-steam-engine-consequences-will-be-extraordinary">JPMorgan's broader </a>AI strategy, which Dimon likened earlier this year to the steam engine and the printing press, saying its "consequences will be extraordinary." The bank aims to take employees from "five minutes of efficiency to five hours of efficiency," Heitsenrether said. This means moving beyond tasks like summarizing documents and integrating AI into daily workflows.
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The response to AI at JPMorgan has been "enthusiastic," sparking "healthy competition" between teams. The wealth and asset management division was the first to test a generative AI "copilot" this summer. Naturally, other teams wanted in. "When the investment bank found out, they said, ‘Well, wait a minute, we want to be on there too,'" Heitsenrether said. "It does create a flywheel effect."
To help employees adapt to AI, JPMorgan offers training and has created "superusers"—the top 10% to 20% of employees eager to adopt the tech. These superusers act as local experts within their teams.
The most common early adopters are people who immediately see the benefits, like lawyers using AI to summarize contracts in minutes instead of hours.
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Still, not everyone's on board. Heitsenrether acknowledged "pockets of resistance." But she emphasized that the sooner people engage with AI, the faster they see its potential. "Having it in your hands, I think, demystifies it quite a lot," she said.
JPMorgan isn't stopping here. By next year, Heitsenrether hopes employees will have personal AI assistants tailored to their specific roles.
However, the bank recognizes this is just the beginning. AI systems still need a "human in the loop" to verify their outputs, said Sumitra Ganesh, a member of JPMorgan's AI research team. "It's like training wheels," she said. "At some point, we will be confident enough to let them go."
For now, Jamie Dimon's phone is waiting.
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Jamie Dimon Is 'Desperate' for AI On His Phone, Expands JPMorgan AI Adoption To All Staff

Benzinga examined the prospects for <a href="http://www.benzinga.com/trading-ideas">many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
The Dow rose 1.4% this week, lifting its November gain to 7.5%, while the S&amp;P 500 and Nasdaq Composite advanced 1.1%, ending the month up over 5% and 6%, respectively, marking the Dow and S&amp;P 500's best months of 2024. 
In a shortened trading week, President-elect Donald Trump shook markets by announcing a 25% tariff on imports from Mexico and Canada and a 10% hike on Chinese goods, aiming to address drug trafficking and illegal immigration. 
The Mexican peso and Canadian dollar tumbled to multi-year lows before stabilizing as investors reassessed the potential impact. Despite trade war concerns, broader equity markets remained strong, with small-cap stocks, tracked by the iShares Russell 2000 ETF, surging <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42250351/trumps-proposed-tariffs-target-mexico-canada-us-automakers-wall-street-shrugs-off-concerns-soars-to-record-highs-this-week-in-the-markets">to fresh all-time highs</a>.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/42200429/elon-musk-is-responsible-for-palantir-stock-rally-jim-cramer-says">Elon Musk Is Responsible For Palantir Stock Rally, Jim Cramer Says</a>,&#8221; by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, highlights Jim Cramer attributing Palantir Technologies Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) 275% YTD rally to Elon Musk's influence in the Department of Government Efficiency, which is expected to bolster Palantir's defense-related AI business.
&#8220;<a href="https://www.benzinga.com/24/11/42176396/amazon-anthropic">Amazon&#8217;s $8 Billion Investment In AI Developer Anthropic &#8216;Mutually Beneficial,&#8217; Says Analyst</a>,&#8221; by <a href="https://www.benzinga.com/author/erica-kollmann">Erica Kollmann</a>, reports on Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) expanding its AI partnership with Anthropic through an $8 billion investment, as a BofA Securities analyst highlights benefits for both, including enhanced AWS capabilities and cost savings for Anthropic's model training using Amazon&#8217;s custom Trainium chips.
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42208108/surge-in-bitcoin-dogecoin-and-other-cryptos-boosting-home-ownership-among-low-income-americans-says-treasury-department">Surge In Bitcoin, Dogecoin And Other Cryptos Boosting Home Ownership Among Low-Income Americans, Says Treasury Department</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, highlights a U.S. Treasury report linking gains in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) to increased homeownership among low-income households, with areas heavily invested in crypto seeing homeownership rise from 4.1% in 2020 to 15.4% in 2024.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/24/11/42176317/exclusive-small-caps-hit-records-yet-russell-2000-is-still-very-discounted-relative-to-the-sp-500-expert-says">EXCLUSIVE: Small Caps Hit Records As Expert Says Russell 2000 &#8216;Still Very Discounted&#8217; Compared To S&amp;P 500</a>
<a href="https://www.benzinga.com/media/24/11/42168509/amd-teams-up-with-taiwan-semi-to-take-on-samsung-in-smartphone-market">AMD Teams Up With Taiwan Semi To Take On Samsung In Smartphone Market</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42170135/its-the-most-wonderful-time-of-the-year-for-the-stock-market-history-says">&#8216;It&#8217;s The Most Wonderful Time Of The Year&#8217; For The Stock Market, History Says</a>
The Bears
&#8220;<a href="https://www.benzinga.com/24/11/42181771/rivian-ceo-tesla-exec-slam-restrictions-on-direct-to-customer-sales">Rivian CEO, Tesla Exec Slam Restrictions On Direct-To-Customer Sales: RJ Scaringe Says It Is &#8216;As Close As You Can Get To Corruption&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/anan-ashraf">Anan Ashraf</a>, highlights Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) CEO RJ Scaringe and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) executive Sendil Palani criticizing state laws barring direct-to-consumer sales, calling them anti-competitive and driven by dealer-backed lobbying, with Scaringe describing the system as "close to corruption."
&#8220;<a href="https://www.benzinga.com/general/health-care/24/11/42168118/pharma-bro-martin-shkreli-tells-investors-to-short-sava-stock-falls-over-80-after-phase-3-update">‘Pharma Bro' Martin Shkreli Tells Investors To ‘Short SAVA,' Stock Falls Over 80% After Phase 3 Update</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, details Martin Shkreli's accurate prediction of an 80% drop in Cassava Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) stock after Phase 3 results for its Alzheimer's drug Simufilam failed to meet primary endpoints, leading to widespread investor disappointment.
&#8220;<a href="https://www.benzinga.com/news/small-cap/24/11/42170206/nano-nuclear-stock-plunges-after-60-million-private-placement-offering-details">Nano Nuclear Stock Plunges After $60 Million Private Placement Offering: Details</a>,&#8221; by <a href="https://www.benzinga.com/author/lekha-gupta">Lekha Gupta</a>, reports Nano Nuclear Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNE#NASDAQ">NNE</a>) stock dropped following a $60 million private placement involving 2.5 million shares at $24.00 each and 2.5 million warrants at $26.00, raising cash reserves to over $120 million to support microreactor advancements and strategic growth plans.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/news/global/24/11/42180906/larry-summers-warns-trump-policies-could-trigger-far-larger-stimulus-to-inflation-than-bidens-actions-as-sp-500-surges-markets-go-up-markets-go-down">Larry Summers Warns Trump Policies Could Push Prices Higher Than Biden&#8217;s Actions: Markets Not A Good Predictor Of Inflation</a>
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42180180/peter-schiff-warns-trumps-bitcoin-support-could-lead-to-economic-chaos-make-america-weaker-as-wall-street-misallocates-bigly">Peter Schiff Warns Trump&#8217;s Bitcoin Support Could Lead To Economic Chaos, Make America &#8216;Weaker&#8217; As Wall Street Misallocates &#8216;Bigly&#8217;</a>
<a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42202496/goldman-sachs-expects-major-selloffs-in-canadian-dollar-mexican-peso-says-trump-tariffs-threaten-usmca-agreement">Goldman Sachs Expects Major Selloffs In Canadian Dollar, Mexican Peso, Says Trump Tariffs Threaten USMCA Agreement</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
Image created using artificial intelligence via Midjourney.

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Benzinga Bulls And Bears: Amazon, Tesla, Rivian, Palantir And How Dogecoin Helped Low-Income Families Achieve Homeownership

World&#8217;s richest person Elon Musk has expressed his agreement with Apple Inc.'s legendary co-founder Steve Jobs&#8217; on what the most important job of a CEO of a company is.
What Happened: Earlier this month, Startup Archive shared an old clip of Jobs where he underscored that the most important job of a CEO is recruiting, not managing.
"The greatest people are self-managing. They don't need to be managed…&#8221; Jobs said. &#8220;What they need is a common vision, and that's what leadership is.&#8221;
&#8220;Leadership is having a vision, being able to articulate that so the people around you can understand it, and getting consensus on a common vision."
The former Apple CEO believed that once a strong core team is in place, it becomes self-sustaining and ensures only exceptional talent is brought in.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/11/42210862/nvidias-journey-to-the-top-with-3-5-trillion-market-capitalization-how-the-ai-chip-giant-transformed-post-covid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia's Journey To The Top With $3.5 Trillion Market Capitalization: How The AI Chip Giant Transformed Post-COVID</a>
Responding to this perspective, Musk, known for <a href="https://www.benzinga.com/news/24/03/38013068/tesla-ceo-elon-musk-reacts-to-apple-co-founder-steve-jobs-on-finding-top-talent-you-build-up-these-p">his admiration of Jobs</a>, commented, &#8220;Couldn&#8217;t agree more,&#8221; reaffirming his own leadership philosophy.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Couldn't agree more <a href="https://t.co/Y9k17r9q2Y">https://t.co/Y9k17r9q2Y</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1855572939585843610?ref_src=twsrc%5Etfw">November 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Musk previously also highlighted his <a href="https://www.benzinga.com/news/24/06/39393059/elon-musk-agrees-with-legendary-apple-co-founder-steve-jobs-on-thinker-doers-the-doers-are-the-major">alignment with Jobs&#8217;s remark</a> that those who take action are also the greatest thinkers.
Musk also echoed the sentiments of the late Apple co-founder, who once spoke about the importance of <a href="https://www.benzinga.com/news/24/04/38178568/elon-musk-reacts-to-old-clip-of-apple-co-founder-steve-jobs-saying-theres-a-tremendous-amount-of-cra">fostering a team culture</a> dedicated to transforming innovative ideas into successful products.
However, the Tesla CEO once also took a swipe at Jobs for reportedly contributing to <a href="https://www.benzinga.com/news/24/06/39126810/elon-musk-mocks-steve-jobs-apples-potential-deal-with-openai-siris-ai-overhaul-and-more-this-week-in">Apple's hesitation to adopt</a> open-source technologies.
Walter Isaacson, who has <a href="https://www.benzinga.com/news/23/10/35256969/elon-musk-vs-steve-jobs-walter-isaacson-delves-into-the-minds-of-two-tech-titans">penned biographies</a> of both Musk and Jobs, said that both leaders shared a &#8220;dark streak&#8221; characterized by brutally honest feedback that pushed their teams toward excellence.
While this approach spurred innovation, it occasionally veered into excessive criticism.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock and Wikimedia

Tech

Elon Musk Agrees With Steve Jobs On The Most Important Job Of A CEO: Here's What The Legendary Apple Co-Founder Had To Say

In a significant move, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) looks set to join the Nasdaq 100 index, prompting a major reconstitution of the index. This change, based on market cap rankings as of Nov. 29, will take effect after Dec. 20.
What Happened: According to&nbsp;a report <a href="https://seekingalpha.com/article/4740896-nasdaq-100-upcoming-index-reconstitution-could-be-a-major-event">by</a> Seeking Alpha, the inclusion of MicroStrategy, with its $94 billion market cap, will impact passive funds tracking the&nbsp;index, such as the Invesco&nbsp;QQQ Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) and&nbsp;the Invesco Nasdaq 100&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQM#NYSE">QQQM</a>).
These funds, along with&nbsp;the Global X Nasdaq 100&nbsp;Covered Call (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QYLD#NYSE">QYLD</a>), will need to adjust their holdings to include MicroStrategy by Dec. 20.
MicroStrategy&#8217;s entry into the NASDAQ 100 introduces Bitcoin exposure to passive investors, as the company holds&nbsp;nearly 2% of the Bitcoin&nbsp;supply. Known&nbsp;for issuing stock to purchase&nbsp;Bitcoin, MicroStrategy&#8217;s strategy could affect the index&#8217;s dynamics.
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The reconstitution may result in increased turnover and potential tracking errors for ETFs, as they will need to rebalance their portfolios to accommodate MicroStrategy&#8217;s growing market cap. This unique situation could lead to strategic trading opportunities for investors.
Why It Matters: MicroStrategy&#8217;s potential inclusion in the NASDAQ 100 is a testament to its growing influence in the financial markets, particularly due to its aggressive Bitcoin strategy.
Recently,&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42160774/microstrategy-is-the-bitcoin-magnet-says-bernstein-but-not-everybodys-sold-nothing-is-free-in-finance-says-one-analyst">Bernstein</a>&nbsp;described MicroStrategy as a &#8220;Bitcoin magnet,&#8221; projecting it could hold 4% of the global Bitcoin supply by 2033. However, this strategy is not without risks, as some analysts caution about its long-term viability.
Additionally,&nbsp;Michael Saylor, co-founder of MicroStrategy, recently revealed that the company is generating substantial profits from its Bitcoin holdings, reportedly <a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now">making $500 million a day</a> as Bitcoin nears $100,000.
This has contributed to a surge in MicroStrategy&#8217;s stock, which has increased by 465% year-to-date, significantly impacting ETFs linked to its performance, as noted in a&nbsp;<a href="https://www.benzinga.com/markets/equities/24/11/42208970/microstrategy-linked-etfs-skyrocket-400-this-year-is-this-the-michael-saylor-effect">recent report</a>.
MicroStrategy&#8217;s recent $3 billion offering of 0% convertible senior notes, completed swiftly, underscores <a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them">investor confidence in its strategy</a>. These notes offer no interest but allow participation in the equity upside, reflecting the market&#8217;s appetite for exposure to MicroStrategy&#8217;s Bitcoin-driven growth.
Price Action: Bitcoin was hovering at $96,776 at the time of writing, up by 0.46% in the last 24 hours, according to Benzinga Pro data.
MicroStrategy&#8217;s stock closed at $387.47 on Friday, falling slightly by 0.35%. Year-to-date, the stock has gained 465%.
The MicroStrategy stock has a consensus rating of &#8220;Buy,&#8221; according to&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41683531/michael-saylor-calls-microstrategy-the-public-equity-play-on-bitcoin-maximalism-heres-whos" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. The highest price target is $690, while the consensus price target is $449.50, implying a 16% upside.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: MicroStrategy

ETFs

QQQM

QYLD

MicroStrategy's Imminent Inclusion In Nasdaq 100 Could Reportedly Spark Up To $2B In Fund Inflows

Veteran investor&nbsp;Mark Mobius&nbsp;has highlighted U.S. tech firms with ties to emerging markets as prime investment opportunities for the upcoming year.
What Happened: In an interview <a href="https://www.cnbc.com/2024/11/29/buy-big-tech-firms-with-exposure-to-emerging-markets-mark-mobius.html">with</a> CNBC, Mobius,&nbsp;chairman of the Mobius Emerging&nbsp;Opportunities Fund, emphasized the potential of companies leveraging technology to boost productivity.
Mobius pointed out that U.S.-based companies focusing on markets like China and India are strategically positioned for growth.
"I focus on those companies that are global in their scope, and producing and exporting and selling in these countries, because that's where the growth will be."
Mobius also mentioned the significance of companies involved in&nbsp;&#8220;accelerated information,&#8221; such as chip&nbsp;manufacturers, which are benefiting from rapid information processing capabilities.
His observations come amid an economic surge in semiconductor-producing emerging markets, with Taiwan leading in advanced chip manufacturing. Southeast Asian nations, particularly Malaysia, are also seeing increased foreign investment due to their chip production focus.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42229486/joe-rogan-hasnt-sold-his-bitcoins-for-over-a-decade-conviction-based-hodling-or-private-key-loss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Joe Rogan&#8217;s Bitcoin Pile Has Grown Over 30000% In Value, But He Hasn&#8217;t Sold: Conviction-Based HODLing Or Has The Podcast King Lost His Keys?</a>
Despite concerns of a tech bubble due to high valuations of major tech stocks like&nbsp;Alphabet Inc.,&nbsp;Amazon.com Inc., and&nbsp;Nvidia Corp., Mobius remains optimistic.
He believes the growth rates of these companies justify their valuations, and he expects continued strong performance from the &#8220;Magnificent Seven&#8221; tech giants.
Why It Matters:&nbsp;Mobius&nbsp;has been a staunch advocate for investing in emerging markets, particularly in Asia. In July 2023, he stated that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/07/33454156/billionaire-investor-mark-mobius-puts-all-his-money-outside-us-im-all-international">he had no investments in the U.S.</a>, focusing entirely on international and emerging markets. This aligns with his current emphasis on U.S. tech firms with exposure to these regions.
Mobius has also <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40455099/veteran-investor-mark-mobius-warns-of-potential-risk-to-us-markets-amid-recent-vola">warned of potential risks</a> to U.S. markets amid recent volatility, noting a significant decline in the U.S. M2 money supply. This drop could impact discretionary spending, a key driver of economic growth.
Meanwhile, the surge in&nbsp;Nvidia&#8217;s stock has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39773480/nvidias-stock-surge-raises-concentration-risks-for-investors-warns-analyst-not-smar">raised concerns</a> about concentration risks for investors. The company&#8217;s shares have skyrocketed, driven by high demand for its AI chips.
However, this rapid growth has led to increased holdings by asset managers, posing potential risks if the stock takes a downturn.
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<li><a href="https://www.benzinga.com/24/11/42253350/amazons-focus-shift-to-black-friday-from-cyber-monday-is-paying-off-says-gene-munster-small-changes-to-profitability-can-have-measurable-impact-to-earnings">Amazon&#8217;s Focus Shift To Black Friday From Cyber Monday Is Paying Off, Says Gene Munster: &#8216;Small Changes To Profitability Can Have Measurable Impact To Earnings&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Wikimedia

Analyst Color

Global

Mark Mobius Advocates For Big Tech Investments In Emerging Markets: 'That's Where The Growth Will Be'

Earlier this month, President-elect Donald Trump selected Elon Musk and Vivek Ramaswamy to lead the <a href="https://www.benzinga.com/24/11/41965420/department-of-government-efficiency-led-by-elon-musk-and-vivek-ramaswamy-opens-x-account-with-username-doge">newly formed Department</a> of Government Efficiency (DOGE).
DOGE&#8217;s mission is to identify opportunities for cost-cutting, aiming to reduce the federal budget by up to $2 trillion.
Musk and Ramaswamy are now reportedly tapping into the expertise of Silicon Valley's brightest minds. Here's a closer look at the leaders shaping this new initiative:
Vivek Ramaswamy
Ramaswamy is positioned at the helm of DOGE. After his run for the presidency in 2023, Ramaswamy shifted his focus to supporting Trump.
As co-leader of DOGE, he has highlighted &#8220;crowdsourcing&#8221; examples of waste and inefficiency, promising that Americans will have a voice in shaping the future of federal spending.
Ramaswamy&#8217;s story is captivating: the son of Indian immigrants, he transformed a bold biotech venture into a billion-dollar success by the time he was just 38. You can read about it <a href="https://www.benzinga.com/startups/24/11/42038767/im-one-of-you-how-anti-woke-warrior-vivek-ramaswamy-became-a-billionaire-at-only-38">here</a>.
See Also: <a href="https://www.benzinga.com/24/11/42231794/mark-cuban-says-his-doors-are-open-for-musk-and-ramaswamy-can-doge-leverage-his-cost-plus-drug-company-to-transform-federal-healthcare-programs">Will Mark Cuban Join Rivals Elon Musk, Vivek Ramaswamy&#8217;s DOGE? &#8216;Shark Tank&#8217; Host Says &#8216;Both Know How To Reach Me&#8217;</a>
Travis Kalanick
Kalanick, the former CEO of Uber Technologies, is no stranger to transforming industries. Known for his <a href="https://www.benzinga.com/general/entrepreneurship/24/06/39293049/one-of-americas-most-infamous-ceos">controversial leadership</a> at Uber, Kalanick's reputation as a disruptor aligns with DOGE's mission to shake up Washington's status quo.
He stepped down as Uber&#8217;s CEO in 2017 and resigned from its Board of Directors in 2019. He is now the CEO of City Storage Systems and leads the 10100 Fund.
Kalanick has reportedly been consulted by Musk and Ramaswamy on strategies to make federal government operations more efficient and responsive, <a href="https://www.businessinsider.com/doge-silicon-valley-leaders-elon-musk-donald-trump-vivek-ramaswamy-2024-11#vivek-ramaswamy-1">reported</a> Business Insider.
Earlier this year, there were rumors about Kalanick heading Tesla's robotaxi division, however, <a href="https://www.benzinga.com/news/24/07/39658817/elon-musk-denies-rumors-of-uber-co-founder-travis-kalanick-joining-tesla-to-lead-its-robotaxi-effort">Musk denied them</a>.&nbsp;
Marc Andreessen
Co-founder of Andreessen Horowitz, Andreessen is one of the <a href="https://www.benzinga.com/news/24/07/39813818/elon-musk-highlights-top-silicon-valley-investors-marc-andreessen-ben-horowitz-discussing-their-supp">most influential figures</a> in tech today. Established in 2009, Andreessen Horowitz has supported a range of companies, including OpenAI, Facebook, Airbnb, Anduril, Box, DoorDash, and GitHub.
In an episode of the Joe Rogan Experience podcast earlier this month, Andreessen made it clear that he sees Musk&#8217;s approach — focused on accountability and innovation — as a model for governmental efficiency.
He is also known for his sharp critique of government overreach, particularly when it comes to regulatory agencies like the SEC and FTC.&nbsp;
Last year, Andreessen and Musk <a href="https://www.benzinga.com/news/23/06/32978942/marc-andreessen-takes-a-dig-at-elon-musk-led-ai-camp-whats-really-happening-in-dc">clashed over demands</a> for strict AI regulations. Andreessen championed the idea of unrestricted AI development and market competition, believing they are essential to unlocking the technology's full potential.
Sriram Krishnan
Krishnan is a general partner at Andreessen Horowitz. He is another Silicon Valley leader reportedly in talks to join DOGE.&nbsp;
He has previously <a href="https://www.benzinga.com/news/22/12/30132350/who-could-be-the-next-twitter-ceo-after-elon-musk-a-look-at-7-potential-candidates">worked closely</a> with Musk during the Twitter takeover and has a background in managing high-growth companies like Meta Platforms, Inc. and Snap Inc.
Antonio Gracias
Gracias is a seasoned private equity executive who has been a <a href="https://www.benzinga.com/m-a/22/08/28562499/elon-musk-complains-about-twitter-hounding-him-for-chats-with-associates-outside-deal-scope-report">trusted ally of Musk</a> for years. Gracias played a key role in securing financing for Musk's $44 billion Twitter acquisition and has been integral to many of Musk's ventures, including Tesla.
Now, Gracias is reportedly advising on the strategic direction of DOGE.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/11/41998717/elon-musk-and-vivek-ramaswamy-are-looking-for-high-iq-small-government-revolutionaries-who-are-willing-to-put-in-80-hours-at-doge">Elon Musk And Vivek Ramaswamy Are Looking For &#8216;High IQ Small-Government Revolutionaries&#8217; Who Are Willing To Put In 80+ Hours At DOGE</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photos courtesy: Gage Skidmore on Flickr

Elon Musk's DOGE Dream Team: From Marc Andreessen To Uber's Travis Kalanick, Silicon Valley Titans Reportedly Join Forces To Overhaul Federal Spending

Renowned crypto analyst&nbsp;Michaël van de Poppe&nbsp;has predicted a significant rally for a top altcoin, alongside Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) potential historic surge. This forecast comes as the cryptocurrency market shows signs of a shift from Bitcoin dominance <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42237636/bitcoin-ethereum-dogecoin-simmer-down-on-thanksgiving-analyst-sees-significant-shift-from-btc-season-to-alt-season">to an altcoin season</a>.
What Happened: Van de Poppe anticipates a substantial breakout for&nbsp;Stacks (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/stx/usd">STX</a>), a top-50 altcoin. He suggests that STX,&nbsp;the native token of the&nbsp;Bitcoin layer-2 project, could rally by 70% as it nears a critical resistance level.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ecosystem fires up.<a href="https://twitter.com/search?q=%24STX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STX</a> attacks the recent high, and is likely breaking through this resistance zone. Next stop? I think a new ATH. <a href="https://t.co/GxAySpTM3t">pic.twitter.com/GxAySpTM3t</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1862172102234935339?ref_src=twsrc%5Etfw">November 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Currently, STX is trading at $2.29, marking a 20% increase over the past week, with the potential to exceed its all-time high of $3.86 set in April.
Moreover, van de Poppe predicts that&nbsp;Bitcoin could reach a six-figure milestone if it breaks the $98,000 resistance on the four-hour chart. Bitcoin is currently trading at $96,995,&nbsp;up 1.3% in the last&nbsp;24 hours.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> should break $98K, and then we&#39;ll see $100K with 100% certainty as it breaks the trend. History to be made. <a href="https://t.co/7Vker9wHZg">pic.twitter.com/7Vker9wHZg</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1862479624774852763?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42214089/pepe-set-to-join-dogecoin-shiba-inu-as-multi-billion-dollar-meme-coin-by-2025-massive-breakout-coming-soon-trader-predicts?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Pepe Set to Join Dogecoin, Shiba Inu As Multi-Billion Dollar Meme Coin By 2025: &#8216;Massive Breakout&#8217; Coming Soon, Trader Predicts</a>
Additionally, van de Poppe is optimistic about&nbsp;VeChain (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/vet/usd">VET</a>), highlighting its recent announcement of VeBetterDAO, an ecosystem rewarding sustainable actions.
Why It Matters: The cryptocurrency market is <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42237636/bitcoin-ethereum-dogecoin-simmer-down-on-thanksgiving-analyst-sees-significant-shift-from-btc-season-to-alt-season">undergoing a notable transition</a>. Bitcoin has been oscillating around the $95,000 zone, indicating a potential shift towards altcoins. This aligns with van de Poppe&#8217;s forecast of an altcoin season.
Furthermore,&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42235119/ethereum-outperformed-bitcoin-this-week-as-key-indicators-shift-report">Ethereum&#8217;s recent outperformance</a>&nbsp;against Bitcoin, driven by key market indicators and the upcoming departure of SEC Chair&nbsp;Gary Gensler, has bolstered sentiment around altcoins. Gensler&#8217;s tenure was marked by stringent regulations on cryptocurrencies, and his resignation could signal a more favorable environment for altcoins.
Van de Poppe&#8217;s analysis also warns of potential&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">&#8220;flash crashes&#8221;</a>&nbsp;in Bitcoin, which could present strategic entry points for investors, further fueling the altcoin rally.
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42228090/bitcoin-ethereum-dogecoin-surge-as-traders-raise-risk-appetite-ahead-of-thanksgiving-analyst-says-eth-could-jump-to-highs-not-seen-since-late-2021?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Surge As Traders Raise Risk Appetite Ahead Of Thanksgiving</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

$STX

$VET

Crypto Analyst Says This Altcoin Is Primed For A 70% Rally, Notes Bitcoin Could Cross $100K If This Happens

Amazon.com Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has shifted its focus from Cyber&nbsp;Monday to Black Friday for the second year in a row and is reaping the benefits of this move, according to&nbsp;Deepwater Asset Management's Gene Munster.
This strategic pivot aligns with Amazon&#8217;s tradition of creating its own sales events, such as Prime Day.
What Happened: Munster notes that potential changes to tariffs, especially to the rule on import duty on products valued at over $800, could adversely affect Amazon.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today is the second year that Amazon has shifted its focus from Cyber Monday to Black Friday. Their strategy of making their own weather (Prime Day Summer 2015, Prime Day Fall 2022, NFL Black Friday Game 2023) has been working. Before I jump in, I want to mention that…
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1862499280885293414?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote>
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</figure>
Despite this, the retail sector is gaining momentum, with sales growth accelerating over the past eight quarters. Paid units have risen from 8% in December&nbsp;2022 to 12% in September.
Retail profitability is also improving. Although Amazon does not disclose specific retail operating margins, Munster estimates an improvement from a negative&nbsp;3% two years ago to&nbsp;a positive 5% in the latest quarter.
He suggests that further improvements to 7% in 2025 could significantly boost earnings per share to $7.15, compared to current expectations of $6.15.
See Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/24/11/42237636/bitcoin-ethereum-dogecoin-simmer-down-on-thanksgiving-analyst-sees-significant-shift-from-btc-season-to-alt-season?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Simmer Down On Thanksgiving: Analyst Sees &#8216;Significant Shift&#8217; From BTC Season To Alt Season</a>
This improvement could position Amazon&#8217;s stock to trade at a forward multiple similar to other tech giants like&nbsp;Microsoft Corp.,&nbsp;Apple Inc., and&nbsp;NVIDIA Corp.
Why It Matters: The shift to Black Friday comes amid a&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42244324/black-friday-frenzy-shoppers-queue-for-taylor-swift-merch-retro-gadgets-and-more-">frenzied shopping season</a>, with retailers across the U.S. and Europe rolling out deals to attract bargain hunters.
Stores opened as early as 5 a.m. following Thanksgiving, despite a shortened shopping season. This strategic timing is crucial as the holiday shopping season has been reshaped, with consumers making purchases earlier due to ongoing discounts.
Additionally, the potential impact of&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42240108/trump-tariffs-could-hit-pockets-of-consumers-retailers-urge-customers-to-shore-up">proposed tariffs</a>&nbsp;by the incoming Trump administration could create economic challenges. Analysts warn that these tariffs, aimed at addressing trade imbalances, might inadvertently lead to a stronger dollar, affecting both consumers and businesses.
Despite these challenges, the Black Friday to Cyber Monday period is expected to break sales records, with U.S. retail sales <a href="https://www.benzinga.com/news/retail-sales/24/11/42225933/black-friday-cyber-monday-shopping-set-to-break-sales-records">projected to reach $75 billion</a>, marking a 5% year-over-year growth. This underscores the importance of this key shopping period for retailers, as highlighted by&nbsp;Bain &amp; Company.
Price Action: Amazon stock closed at $207.89 on Friday, up by 1.05%. Year-to-date, Amazon's shares have gained nearly 39%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
The consensus analyst rating on the Amazon stock is currently "Buy," according to Benzinga Pro. The highest price target is $285, while the lowest is $197. At a consensus price target of $238.16, data shows there is an upside of 14.6%.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Retail Sales

Amazon's Focus Shift To Black Friday From Cyber Monday Is Paying Off, Says Gene Munster: 'Small Changes To Profitability Can Have Measurable Impact To Earnings'

ChatGPT-parent OpenAI is facing a lawsuit in Canada from a coalition of news publishers, including The Canadian Press, Torstar, Globe and Mail, Postmedia, and CBC/Radio-Canada.
What Happened: The lawsuit claims that OpenAI&#8217;s ChatGPT system has been scraping content from Canadian media, violating copyright laws, <a href="https://apnews.com/article/canada-news-publishers-lawsuit-chatgpt-3e1790fcf4c9f001f1d32609c4d547af">reported</a> the Associated Press.
The publishers argue that OpenAI benefits financially from this <a href="https://www.benzinga.com/news/24/06/39443965/openai-and-anthropic-allegedly-ignore-web-scraping-rules-stirring-controversy">content without proper authorization</a> or compensation, undermining their investments in journalism.
They also stress the importance of adhering to legal standards and ensuring fair use of intellectual property. OpenAI, however, asserts that its models are trained on publicly available data and are based on fair use principles.
See Also: <a href="https://www.benzinga.com/markets/24/11/42210862/nvidias-journey-to-the-top-with-3-5-trillion-market-capitalization-how-the-ai-chip-giant-transformed-post-covid?itm_source=parsely-api">Nvidia&#8217;s Journey To The Top With $3.5 Trillion Market Capitalization: How The AI Chip Giant Transformed Post-COVID</a>
Why It Matters: This lawsuit is the first of its kind in Canada, although similar legal actions are <a href="https://www.benzinga.com/24/05/38545693/microsoft-openai-sued-by-newspaper-publishers-for-copyright-infringement-over-allegedly-generating-n">underway in the U.S</a>. Some news organizations have chosen to partner with OpenAI, securing compensation deals.
This includes OpenAI's deal with Condé Nast in August earlier this year, to incorporate <a href="https://www.benzinga.com/news/24/08/40477338/chatgpt-maker-openai-forges-content-partnership-with-vogue-and-new-yorker-publisher-cond-nast-amid-c">content from brands</a> like Vogue and The New Yorker into its products.&nbsp;
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.
Despite these challenges, OpenAI continues to expand its influence in the AI sector. In October, the AI startup raised $6.6 billion, reaching a <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">valuation of $157 billion</a>.
Meanwhile, Canada has introduced legislation requiring tech giants like Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) to <a href="https://www.benzinga.com/news/23/06/33070917/after-meta-google-plans-to-cut-off-canada-from-news">pay news publishers</a>.
Earlier this week, Canada's Competition Bureau also initiated <a href="https://www.benzinga.com/24/11/42238248/google-faces-historic-antitrust-lawsuit-in-canada-demanding-sale-of-key-ad-tech-tools">legal proceedings against</a> Google, accusing the tech giant of engaging in anti-competitive practices within the online advertising sector.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

GOOG

OpenAI Faces Fresh Legal Battle As Canadian News Giants Sue ChatGPT-Maker Citing Violation Of Copyright Laws

The Future Fund managing partner Gary Black thinks that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) will not roll out the Cybercab earlier than its scheduled release in 2026.
What Happened: Black said in a post on X on Friday that those who believe Tesla won't launch a more affordable compact model priced between $25,000 and $30,000 with four seats, a steering wheel, and pedals in the first half of 2025 are overlooking key details.
He referenced the EV giant's <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">third-quarter earnings call</a> transcript where Elon Musk tied the topic of a cheaper Tesla EV to a forecast of 20-30% YoY volume growth for 2025.
See Also: <a href="https://www.benzinga.com/24/11/42185887/astrophysicist-neil-degrasse-tyson-dismisses-musks-vision-to-build-self-sustaining-city-on-mars?itm_source=parsely-api">Astrophysicist Neil deGrasse Tyson Dismisses Elon Musk&#8217;s Mars Vision: SpaceX CEO Hits Back, Says &#8216;They Really Don&#8217;t Get It&#8217;</a>
He went on to add that the <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">Cybercab won&#8217;t be available until 2026</a>, underscoring that Tesla will not disclose any details about the new cheaper model until right before its launch to avoid impacting Model 3 or Model Y sales in the fourth quarter.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For those who insist there will not be a cheaper ($25K-$30K after $7,500 tax credit) TSLA Compact with 4 seats, steering wheel, and pedals launched in 2025/1H, you're not paying attention. Read the 3Q earnings call transcript below where Elon tied the topic of a cheaper TSLA EV… <a href="https://t.co/GXRV3Lo2jw">pic.twitter.com/GXRV3Lo2jw</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1862540272556810610?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In a separate tweet, Wedbush analyst Dan Ives highlighted that the next major milestone investors are waiting for is a formal federal framework for Full Self-Driving (FSD).
He believes it will provide a significant boost to Tesla's autonomous and AI ambitions in 2025 and 2026.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The next step the Street awaits is a formal federal framework for FSD as one of the Transportation Dept first key priorities. This will be a huge step forward in easing US rules for self driving cars and be a significant tailwind for Tesla&#39;s autonomous and AI vision in 25/26 &#x1f525;&#x1f402;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1862492012223602949?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Earlier this week, Cybercab was <a href="https://www.benzinga.com/tech/24/11/42230503/tesla-cybercab-spotted-testing-in-giga-texas-facility">spotted undergoing tests</a> at the Giga Texas facility.
The vehicle, priced below $30,000, is a key element of the company&#8217;s plan to transform urban transportation through self-driving vehicles.
However, the autonomous vehicle industry faces skepticism, as Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) CEO Peter Rawlinson previously said that self-driving cars won&#8217;t be a <a href="https://www.benzinga.com/news/24/10/41505138/lucid-ceo-throws-cold-water-on-teslas-robotaxi-vision-says-self-driving-cars-wont-happen-till-the-20">reality until the 2030s</a>.
In October, Tesla reported its third-quarter revenue which reached $25.18 billion, marking an 8% increase compared to the previous year. However, the figure fell short of the Street&#8217;s consensus estimate of $25.37 billion, according to the<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102324&amp;t=be2bearmibe3na1"> data from Benzinga Pro</a>.
Price Action: Tesla&#8217;s stock finished at $345.16 on Friday, rising 3.69% for the day. In after-hours trading, it saw a slight uptick of 0.081%. Year-to-date, Tesla&#8217;s stock has surged by 38.94%.
The consensus rating for Tesla stock is &#8220;Neutral,&#8221; according to data from Benzinga Pro. The highest price target is $400, while the consensus target stands at $232.20, suggesting a 33% downside from current prices.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/TSLA/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30013813/Screenshot-2024-11-30-at-12.08.07%E2%80%AFPM-1024x380.png" alt="" class="wp-image-670998" /></a></figure>
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Photo courtesy: Pexels

LCID

Tesla Bull Gary Black Says Cybercab Won't See An Early Roll Out, Expects A Cheaper Compact Car Under $30K To Launch In First Half Of 2025

Michael Saylor, executive chairman and co-founder of&nbsp;MicroStrategy&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), likened Bitcoin to &#8220;Manhattan in cyberspace,&#8221; describing it as a long-lasting asset in an interview on Wednesday.
What Happened:&nbsp;Saylor emphasized the unique nature of Bitcoin, highlighting its capped supply and its status as a global, digital commodity, in <a href="https://www.barrons.com/amp/articles/microstrategy-stock-michael-saylor-bitcoin-90e4cdc7">an</a> interview with Barron's.
"Bitcoin is actually a way to store value without a trusted intermediary. I'm putting my money in cyberspace, and I want to transform the capital from financial and physical to digital," Saylor said.
"It is indestructible, immortal, invisible, and you don't have all the things that drag down the value of a building. So think of it as Manhattan in cyberspace."
Saylor called the flow of money into Bitcoin to a flow of money from the 20th century to the 21st.
MicroStrategy&#8217;s strategy of leveraging Bitcoin has significantly impacted its stock performance. The company&#8217;s shares have surged 465% year-to-date, vastly outperforming the S&amp;P 500&#8217;s 27% gain.
Over the past two years, MicroStrategy&#8217;s stock has climbed an astonishing 1,773%, compared to the index&#8217;s 48% rise, according to Barron&#8217;s.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42232028/remember-james-howells-who-lost-his-hard-drive-with-8000-bitcoins-now-worth-760m-his-ex-girlfriend-reveals-it-was-she-who-threw-it-away?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Remember James Howells Who Lost His Hard Drive With 8,000 Bitcoins Now Worth $760M? His Ex-Girlfriend Reveals It Was She Who Threw It Away</a>
Saylor also discussed MicroStrategy&#8217;s capital-raising plan, which includes issuing stock to purchase Bitcoin. He stated that this approach allows the company to benefit from Bitcoin&#8217;s growth, which he believes yields more than the S&amp;P 500.
As for MicroStrategy's primary product, Saylor said it's now actually a &#8220;Bitcoin treasury company,&#8221; with its treasury operations significantly outpacing its software business in terms of earnings.
Why It Matters:&nbsp; Saylor&nbsp;has been a prominent advocate for Bitcoin, consistently promoting its potential as a valuable asset. In a recent interview, he revealed that&nbsp;MicroStrategy&nbsp;is <a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now">generating $500 million daily</a> from Bitcoin as its value nears $100,000.
Saylor has also been vocal about the opportunity cost of not investing in Bitcoin. He criticized&nbsp;Warren Buffett&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42084722/warren-buffett-destroying-3b-a-month-of-berkshire-capital-by-not-investing-in-bitcoin-says-microstrategys-michael-saylor">for not utilizing</a> Berkshire Hathaway&#8217;s cash reserves to invest in Bitcoin, suggesting that it has resulted in significant capital destruction.
Moreover, Saylor&#8217;s approach to Bitcoin has <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41683531/michael-saylor-calls-microstrategy-the-public-equity-play-on-bitcoin-maximalism-heres-whos">positioned&nbsp;MicroStrategy</a>&nbsp;as a key player in the Bitcoin space, branding it as the &#8220;public equity play on Bitcoin maximalism."
Price Action: MicroStrategy's stock closed at $387.47 on Friday, falling slightly by 0.35%. Year-to-date, the stock has gained 465%, according to <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41683531/michael-saylor-calls-microstrategy-the-public-equity-play-on-bitcoin-maximalism-heres-whos">Benzinga Pro data</a>.
The MicroStrategy stock has a consensus rating of "Buy." The highest price target is $690, while the consensus price target is $449.50, implying a 16% upside.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="946" height="355" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30025120/MSTR-rating.jpg" alt="" class="wp-image-671020" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30025120/MSTR-rating.jpg 946w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30025120/MSTR-rating-300x113.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30025120/MSTR-rating-768x288.jpg 768w" sizes="(max-width: 946px) 100vw, 946px" /></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.
Photo courtesy: Michael Saylor / MicroStrategy

MicroStrategy's Michael Saylor Calls Bitcoin The 'Manhattan In Cyberspace,' Says It's An Asset You Could Expect To 'Last 1,000 Years'

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)&nbsp;has decided to withdraw its lawsuit against&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), which was centered around a breach of contract involving stock warrants from 2014.
What Happened:&nbsp;This resolution was revealed through a court filing in Manhattan, indicating that both parties have agreed to&nbsp;drop their claims against each&nbsp;other, reported Reuters.
The lawsuit, initiated by JPMorgan in November 2021, sought $162.2 million. The bank alleged that Tesla breached the contract following a 2018 post by CEO Elon Musk, which suggested taking&nbsp;Tesla private at $420 per&nbsp;share.
This post, according to JPMorgan, led to significant stock price volatility, necessitating adjustments to the strike price of the warrants.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/11/42207185/tesla-sweetens-referral-program-allowing-customers-to-earn-up-to-10000-as-elon-musks-ev-giant-races-to-500k-q4-delivery-target?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Sweetens Referral Program, Allowing Customers To Earn Up To $10,000 As Elon Musk&#8217;s EV Giant Races To 500K Q4 Delivery Target</a>
JPMorgan argued that the post required them to reprice the warrants, and Tesla&#8217;s failure to compensate for the subsequent stock price increase led to the lawsuit.
Tesla countersued in January 2023, accusing JPMorgan of attempting to gain a &#8220;windfall&#8221; through the repricing. The settlement terms remain undisclosed.
Why It Matters: The roots of this legal battle trace back to&nbsp;<a href="https://www.benzinga.com/news/18/08/12156605/musk-tweets-he-might-take-tesla-private-at-420">Elon Musk&#8217;s post</a>&nbsp;in August 2018, where he mentioned considering taking&nbsp;Tesla private at $420 per&nbsp;share, claiming to have secured funding.
This caused a spike in Tesla&#8217;s stock price and led to a series of events, including a&nbsp;<a href="https://www.benzinga.com/news/18/09/12421558/sec-charges-tesla-ceo-elon-musk-with-fraud-for-funding-secured-tweets">fraud charge</a>&nbsp;by the SEC against Musk.
The lawsuit by JPMorgan, filed in&nbsp;<a href="https://www.benzinga.com/news/21/11/24113326/tesla-sued-by-jpmorgan-over-refusing-to-pay-up-162m-in-dispute-over-warrants">November 2021</a>, was a direct result of the financial implications of Musk&#8217;s post. The settlement marks the end of a prolonged legal dispute that has been closely watched by investors and industry observers.
Price Action: Tesla stock closed at $345.16 on Friday, up 3.7%. The stock is up nearly 39% year-to-date, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
The Tesla stock has a consensus rating of "Neutral." The highest price target is $400, while the consensus price target is $232.20, implying a 33% downside.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="944" height="351" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30012135/Tesla-rating-1.jpg" alt="" class="wp-image-670988" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30012135/Tesla-rating-1.jpg 944w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30012135/Tesla-rating-1-300x112.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/30012135/Tesla-rating-1-768x286.jpg 768w" sizes="(max-width: 944px) 100vw, 944px" /></figure>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Image made via photos on Shutterstock

JPMorgan, Tesla Settle 3-Year-Old Dispute Over Stock Warrants

Cryptocurrency investor and Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) founder Justin Sun has eaten a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42116475/paying-6-24-million-for-a-duct-taped-banana-justin-sun-did-just-that-and-now-hell-eat-it-as-part-of-this-unique-artistic-experience">$6.2 million duct-taped banana artwork</a>, asserting its conceptual value and drawing parallels to digital assets like NFTs.
What Happened: Sun, who outbid six others at a Sotheby&#8217;s auction in New York on Nov. 20, consumed the pricey fruit at a news conference in Hong Kong on Friday.
The artwork, named &#8220;Comedian,&#8221; was initially presented by Italian visual artist Maurizio Cattelan at the Art Basel Fair Miami in 2019.
See Also: <a href="https://www.benzinga.com/24/11/42228090/bitcoin-ethereum-dogecoin-surge-as-traders-raise-risk-appetite-ahead-of-thanksgiving-analyst-says-eth-could-jump-to-highs-not-seen-since-late-2021?itm_source=parsely-api">Bitcoin, Ethereum, Dogecoin Surge As Traders Raise Risk Appetite Ahead Of Thanksgiving: Analyst Sets Mid-Term Price Target For ETH At $6K</a>
&#8220;To be honest, for a banana with such a back story, the taste is naturally different from an ordinary one,&#8221; Sun posted on X, formerly Twitter.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Many friends have asked me about the taste of the banana. To be honest, for a banana with such a back story, the taste is naturally different from an ordinary one. I could discern a hint of what Big Mike bananas from 100 years ago might have tasted like. &#x1f34c; <a href="https://t.co/Sz6zaePGpv">pic.twitter.com/Sz6zaePGpv</a>
&mdash; H.E. Justin Sun &#x1f34c; (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1862512985346121735?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The banana showcased at Sotheby&#8217;s was procured for 35 cents from a New York City fruit vendor. Sun has expressed his intention to buy 100,000 more bananas from the original vendor. He ate a replacement banana bought in Hong Kong at the event.
&#8220;The real value is the concept itself,&#8221; he said, equating &#8220;Comedian&#8221; to digital assets such as NFTs.
&#8220;This conceptual artwork can be assembled and disassembled anywhere and at any time conveniently and in any place in the world,&#8221; he further elaborated.
Why It Matters: This event mirrors previous performances by artist David Datuna in 2019 and a South Korean university student in 2023.
Earlier this year in October, Sun was appointed as the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41285570/tron-founder-justin-sun-appointed-prime-minister-of-a-crypto-focused-micronation-in-europe">Prime Minister of Liberland</a>, a self-proclaimed micronation that operates on a cryptocurrency and blockchain-based economy.
This appointment came after a notable career setback for him. In April 2023, Sun was removed from his position as <a href="https://www.benzinga.com/markets/cryptocurrency/23/04/31614541/grenada-takes-a-stand-tron-blockchain-founder-justin-sun-loses-wto-rep-role-amid-sec-lawsu">Grenada's Ambassador</a> to the World Trade Organization (WTO) due to an SEC lawsuit filed against him.
He held the ambassadorial role since November 2021 and represented Grenada at the WTO's 12th Ministerial Conference. Despite this, he still refers to himself with the title H.E. ("His Excellency") on his official X account.
Price Action: At the time of writing, TRX, the native cryptocurrency of Tron, was trading at $0.2041, reflecting a 1.23% increase over the past 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>.
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Photo courtesy: Shutterstock

$TRX

Costliest Snack Ever? Crypto Investor And Tron Founder Justin Sun Eats $6.2M Duct-Taped Banana: 'The Real Value Is The Concept Itself'

B. Riley: Good News To Investors (Rating Upgrade)

Exela Technologies, Inc. (XELA) Q4 2023 Earnings Call Transcript

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Exela Technologies, Inc. (XELA) Q1 2024 Earnings Call Transcript

Exela Technologies, Inc. (XELA) Q3 2024 Earnings Call Transcript

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