Latest news for Arbor Metals (OTC:ABRMF) Stock

Arbor Metals Corp is a mineral exploration company with a high-value geographic expedition and development business model. It is in the exploration stage of developing its exploration and evaluation properties. The company's projects include the Jarnet Lithium Project, the Miller Crossing property, and the Rakounga Gold Project.

Arbor Metals Corp

Ajit Jain, a key figure at Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) since 1986, has sold more than half of his shares in the company. Jain sold 200 Berkshire Class A shares on Monday for approximately $139 million.
What Happened: This sale represents around 55% of Jain&#8217;s total stake in the conglomerate. He now retains 61 Berkshire shares personally, 55 shares in a family trust, and 50 in the Jain Foundation. The shares were sold at an average price of $695,417.65 each, <a href="https://fortune.com/2024/09/12/berkshire-hathaway-stock-warren-buffetts-insurance-guru-ajit-jain-sells-why/">reported</a> the Fortune.
Jain&#8217;s decision to sell remains unclear, but Steve Check, president and CIO of Check Capital Management speculated it might be due to the stock being fully priced. Berkshire Hathaway&#8217;s stock has surged nearly 23% year to date, surpassing a $1 trillion market cap for the first time.
&#8220;The only reason I can come up with for why he is selling is he thinks the stock is fully priced,&#8221; Check said. 
Tax considerations could also be a factor. Check suggested Jain might be taking advantage of current capital gains tax rates, which could increase if Vice President Kamala Harris&#8216;s <a href="https://www.benzinga.com/news/24/09/40722526/kamala-harris-reveals-28-capital-gains-tax-for-high-earners-toning-down-bidens-proposed-rates-ahead">proposed policies are implemented</a>.
Jain has been instrumental in building Berkshire&#8217;s insurance businesses, which significantly contribute to the conglomerate&#8217;s revenue and earnings.
See Also: <a href="https://www.benzinga.com/news/earnings/24/09/40811837/how-to-earn-500-a-month-from-nvidia-stock?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Earn $500 A Month From Nvidia Stock</a>
Why It Matters: Jain&#8217;s share sale comes at a time when Warren Buffett is making significant moves in the market. Recently, Buffett&#8217;s $13 billion investment in Occidental Petroleum has faced challenges, with <a href="https://www.benzinga.com/markets/equities/24/09/40848034/warren-buffett-13b-bet-on-occidental-petroleum-turns-sour-as-shares-plunge-29-since-mid-april-an">shares plunging 29% since mid-April</a>. This has led to speculation that Buffett might buy more shares, although he is unlikely to take over the company.
Additionally, <a href="https://www.benzinga.com/news/24/09/40805571/bank-of-america-ceo-on-buffetts-share-retreat-i-dont-know-what-exactly-he-is-doing-we-cant-ask">Buffett has been reducing his stake</a> in Bank of America, selling nearly $7 billion worth of shares since mid-July. This has raised questions about his investment strategy, with Bank of America CEO Brian Moynihan stating, &#8220;I don&#8217;t know what exactly he is doing because frankly we can&#8217;t ask.&#8221;
Jain&#8217;s sale also follows his recent caution on the profitability of cyber insurance. At the Berkshire Hathaway <a href="https://www.benzinga.com/news/earnings/24/05/38631112/berkshire-hathaways-ajit-jain-cautions-on-cyber-insurance-amid-risks-each-time-you-write-a-cyber-in">annual shareholder meeting</a> in May, Jain warned that cyber insurance, despite being a $10 billion market, poses significant risks and potential losses.
Buffett has previously praised Jain&#8217;s contributions to Berkshire Hathaway, stating in his <a href="https://in.benzinga.com/content/37328038/warren-buffett-says-his-company-wouldnt-have-been-the-same-without-this-iit-grad">annual letter to shareholders</a> that the company&#8217;s position would not be what it is today without Jain, who joined in 1986. Buffett highlighted Jain&#8217;s role in building the company&#8217;s insurance business, which has been a cornerstone of Berkshire&#8217;s success.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

News

Markets

Warren Buffett's Top Executive Ajit Jain Sells Over Half His Berkshire Hathaway Stake For $139M Amid Speculation On Stock Valuation And Kamala Harris's Tax Policies

Hewlett Packard Enterprise (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) CEO Antonio Neri has defended the company&#8217;s decision to continue its $4 billion lawsuit against the estate of Mike Lynch, following the <a href="https://www.benzinga.com/markets/equities/24/09/40679402/hewlett-packard-continues-4b-claim-against-estate-of-uks-bill-gates-mike-lynch-following-tech-ma">tech magnate&#8217;s recent death</a>.
What Happened: Neri stated that the lawsuit, which seeks damages related to the 2011 acquisition of Autonomy, is in the shareholders&#8217; best interest, <a href="https://www.ft.com/content/ed11a72c-713f-4135-bc66-fddae6b6a2b1">reported</a> Financial Times on Friday. Lynch, who founded Autonomy, passed away last month in a yacht accident off Sicily.
The accident, which also claimed the life of Lynch&#8217;s daughter, occurred while they were celebrating his acquittal on U.S. fraud charges. Despite this, Neri emphasized that the civil case in the UK remains unaffected by Lynch&#8217;s death or his U.S. acquittal.
&#8220;Obviously my job as a representative of shareholders is to make the difficult decisions,&#8221; Neri said, adding that the company must see the legal process through to its conclusion. 
HPE, which emerged from the 2015 split of Hewlett-Packard, initially sued Lynch after an $8.8 billion writedown on the Autonomy acquisition. A UK High Court judge found Lynch liable for fraud in 2022.
Neri noted that the UK judge is expected to award damages soon. &#8220;We will gather and understand what comes next,&#8221; he said, reiterating that the civil case is independent of the U.S. criminal proceedings, according to the report.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40814908/whats-going-on-with-ford-motor-stock-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Ford Motor Stock Today?</a>
Why It Matters: The lawsuit against Lynch&#8217;s estate is significant due to the high-profile nature of the case and the substantial financial implications for HPE. Lynch, often referred to as the UK&#8217;s Bill Gates, was a prominent figure in the tech industry.
In May 2023, Lynch was extradited to the U.S. to face criminal fraud charges related to the 2011 acquisition of Autonomy by HPE. The U.S. government accused Lynch of inflating Autonomy&#8217;s revenues to make it <a href="https://www.benzinga.com/news/23/05/32377451/uks-bill-gates-extradited-to-us-faces-money-fraud-charges-linked-to-hewlett-packard-takeover-deal">more appealing to buyers</a>.
However, in June, Lynch was acquitted of these charges, which he was celebrating at the time of <a href="https://www.benzinga.com/news/24/06/39226258/uks-bill-gates-acquitted-of-fraud-charges-linked-to-11b-hewlett-packard-takeover-deal">his tragic death</a>.
Despite his acquittal, the civil case in the UK continues, with HPE seeking damages for what it claims were fraudulent activities leading to <a href="https://www.benzinga.com/markets/equities/24/09/40679402/hewlett-packard-continues-4b-claim-against-estate-of-uks-bill-gates-mike-lynch-following-tech-ma">an $8.8 billion writedown</a>.
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</ul>
Image via Invoke Capital / YouTube
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Legal

HPE CEO Defends $4B Lawsuit Against Late Tech Magnate Mike Lynch's Estate, Says It Is In Shareholders' Best Interest To 'Make The Difficult Decisions'

In a recent development, North Korean leader Kim Jong Un inspected a uranium enrichment facility and called for an increase in the production of weapons-grade material.
What Happened: Kim&#8217;s visit to the Nuclear Weapons Institute and a production base for weapon-grade nuclear materials was reported by state media, which did not provide details on the timing or location of the visit. The report included images of Kim walking amid long rows of metal centrifuges used for uranium enrichment, which is banned under multiple United Nations Security Council resolutions, Reuters reported on Friday.
Kim stressed the importance of North Korea&#8217;s nuclear arsenal in countering threats from the United States and its allies, stating that the weapons are necessary for &#8220;self-defense and the capability for a preemptive attack.&#8221; He also expressed the need to increase the number of centrifuges to &#8220;exponentially increase&#8221; nuclear weapons and expand the use of a new type of centrifuge to further strengthen the production of weapon-grade nuclear materials.
Recent commercial satellite imagery has shown construction at the main Yongbyon Nuclear Scientific Research Center, including its uranium enrichment plant, suggesting possible expansion. The U.N. nuclear watchdog confirmed on Monday that it had observed activity consistent with the operation of a reactor and the reported centrifuge enrichment facility at Yongbyon.
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Why It Matters: This development comes amid increasing nuclear threats from North Korea. In July, North Korea accused the United States and South Korea of <a href="https://www.benzinga.com/news/24/07/39883605/kim-jong-uns-north-korea-slams-us-and-south-korea-for-crossing-a-red-line-on-nuclear-war-without-hes">conducting joint military drills</a> against it, thereby crossing a "red line" toward a new nuclear war.
In response to these threats, South Korea's Defense Minister nominee, Kim Yong-hyun, <a href="https://www.benzinga.com/news/24/08/40417195/amid-kim-jong-uns-increasing-nuclear-threats-seouls-defense-minister-nominee-is-open-to-all-means-an">expressed readiness to consider </a>all possible measures against North Korea's nuclear threats in August. He emphasized the significance of the alliance with the United States in addressing these threats.
Experts suggest that North Korea&#8217;s advancement in fuel cycle capabilities and the increased reliance on uranium for their cores indicate that the country is more capable of scaling up its highly enriched uranium stockpiles compared to the more complex process for plutonium.
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Politics

Global

General

Kim Jong Un Tours Banned Uranium Enrichment Site, Calls For Increased Production Of Weapons-Grade Uranium For 'Self Defense'

Janus Henderson Group plc Ordinary Shares

Janus Henderson Joins Forces With Anemoy And Centrifuge On Its First Tokenized Treasury Fund

The Polaris Dawn crew on Thursday shared pictures <a href="https://www.benzinga.com/news/24/09/40830436/spacex-completes-1st-ever-spacewalk-by-a-commercial-company-as-part-of-polaris-dawn-mission">from space</a> on social media platform X with the help of Starlink satellite internet, showing the Earth from outer space.
What Happened: &#8220;Sent to you from space over a beam of Starlink laser light,&#8221; the team wrote about the two pictures. While one picture shows the four-member all-civilian crew, the other shows the Earth as seen from outer space.
Starlink is the satellite internet segment of Elon Musk&#8217;s SpaceX aimed at removing cellular dead zones with the help of a satellite constellation in low-Earth orbit. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hello Earth &#8211; We are so grateful for all the support! Please enjoy two recent photos from our mission and stay tuned for our next message &#x1f3b6; Sent to you from space over a beam of Starlink laser light &#x1f6f0;&#xFE0F; &#8211; Crew of Polaris Dawn <a href="https://t.co/KkeZw1yAoT">pic.twitter.com/KkeZw1yAoT</a>
&mdash; Polaris (@PolarisProgram) <a href="https://twitter.com/PolarisProgram/status/1834286327891984474?ref_src=twsrc%5Etfw">September 12, 2024</a></blockquote>
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Polaris Dawn is the first of up to three human spaceflight missions planned under the Polaris program founded by&nbsp;Shift4 Payments&nbsp;CEO&nbsp;Jared Isaacman.
SpaceX's Falcon 9 rocket&nbsp;<a href="https://www.benzinga.com/news/24/09/40787779/spacex-launches-polaris-dawn-crew-to-space-with-aim-of-first-ever-private-spacewalk" target="_blank" rel="noreferrer noopener">launched the mission</a>&nbsp;to space from NASA&#8217;s Kennedy Space Center in Florida at around 5:23 a.m. ET on Tuesday. SpaceX&#8217;s Dragon spacecraft and the all-civilian Polaris Crew composed of four including its mission commander&nbsp;<a href="https://www.benzinga.com/sec/insider-trades/0001805608/jared-isaacman" target="_blank" rel="noreferrer noopener">Isaacman</a>, Kidd Poteet, Sarah Gillis, and Anna Menon will spend up to five days in orbit before returning to Earth.
Other Landmarks On Mission: On day two of the mission, the mission touched its maximum target altitude of 870 miles, marking the farthest humans have ventured from Earth in over 50 years since the end of the Apollo program. The International Space Station (ISS), in comparison, travels to a maximum altitude of only about 285 miles.
During a <a href="https://www.benzinga.com/news/24/09/40830436/spacex-completes-1st-ever-spacewalk-by-a-commercial-company-as-part-of-polaris-dawn-mission">spacewalk earlier on Thursday,</a> crew members Isaacman and Gillis separately exited SpaceX‘s Dragon spacecraft into the vacuum of space at an altitude of about 738 km.
Isaacman exited the spacecraft first after the Dragon's cabin was depressurized and the hatch opened, followed by Gillis. Gillis' return to the capsule and subsequent closing of the hatch marked the end of the spacewalk.&nbsp;
Both Isaacman and Gillis spent about 12 minutes each outside of the spacecraft, testing the SpaceX-designed EVA spacesuits.
While space agency NASA routinely conducts extravehicular activities with government astronauts, no commercial player or civilians have attempted it before, making this a landmark achievement for SpaceX and commercial spaceflight companies.
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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Photo courtesy: Polaris Dawn

SPACE

Tech

Polaris Dawn Crew Shares Pictures On X With The Help Of Starlink Satellites In Space: 'Hello Earth'

Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) co-founder, Sergey Brin, admitted that the tech giant was overly cautious in deploying language models, despite being pioneers in the field.
What Happened: While appearing at the All-In Summit earlier this week,&nbsp;Brin discussed the company&#8217;s hesitance in deploying language models.
Brin acknowledged that Google had been &#8220;too timid to deploy&#8221; language models, despite having essentially invented them with the publication of the &#8220;Transformer&#8221; paper seven years ago. He attributed this hesitance to a fear of making mistakes and causing embarrassment.
The co-founder highlighted the need for risk-taking in the tech industry, stating that while these models can make &#8220;really stupid mistakes,&#8221; they are also &#8220;incredibly powerful&#8221; and can facilitate tasks that would otherwise take a significant amount of time to learn.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40784773/elon-musk-liked-the-camera-on-iphone-15-but-iphone-16-doesnt-get-much-love-from-the-techno-king-here?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Liked The Camera On iPhone 15, But iPhone 16 Doesn&#8217;t Get Much Love From The Techno King: Here&#8217;s What He Said</a>
Despite the potential for occasional errors, Brin expressed his belief that these models should be released to the public for experimentation, rather than being kept &#8220;close to the chest and&nbsp;hidden until it&#8217;s like perfect.&#8221;
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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: Google&#8217;s cautious approach to AI deployment has been a topic of discussion in the tech industry.
In May, Deepwater Asset Management&#8217;s managing partner Gene Munster said that <a href="https://www.benzinga.com/markets/equities/24/05/38834052/google-is-6-months-behind-chatgpt-parent-openai-in-artificial-intelligence-but-about-5-years-ahe">Google was six months behind</a> ChatGPT-parent OpenAI in AI development, but still about five years ahead of the rest of the industry.
This was followed by&nbsp;criticism&nbsp;from a 16-year Google veteran who claimed that the company&#8217;s AI projects were <a href="https://www.benzinga.com/news/24/05/38941350/16-year-google-veteran-slams-sundar-pichais-ai-efforts-says-projects-driven-by-panic-compares-it-to">driven by &#8220;panic&#8221; rather</a> than user needs.
Previously, an&nbsp;internal email from Microsoft Corporation revealed their concerns about <a href="https://www.benzinga.com/news/24/05/38582364/microsofts-fear-of-googles-ai-dominance-led-to-openai-investment-internal-email-reveals-were-multipl">falling behind Alphabet&#8217;s AI</a> capabilities. The report suggested that Microsoft&#8217;s investment in OpenAI was driven by the tech giant&#8217;s fear of losing AI grounds to Google.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Photo courtesy: Wikimedia
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

GOOG

GOOGL

Google Co-Founder Sergey Brin Admits Company Was 'Too Timid' To Rollout ChatGPT-Like LLMs Despite Basically Inventing Them

Under the transaction agreement, on completion, Flutter will (i) pay cash consideration of approximately&nbsp;$350m&nbsp;1&nbsp;and (ii) contribute its existing Betfair Brazil business, in return for a&nbsp;56%&nbsp;stake in the newly combined Flutter Brazil business. In addition, a mechanism has been put in place to enable Flutter to increase its shareholding through reciprocal put/call arrangements in year five and year ten following the completion date&nbsp;4&nbsp;.

FLUT

Flutter Entertainment Acquires 56% Stake In Brazil's NSX Group For $350M

In a recent cyber attack, pro-Russian hackers have reportedly targeted and temporarily disrupted the Taiwan Stock Exchange website, as per local media reports.
What Happened: The Taiwan Stock Exchange experienced &#8220;unstable service for a short period of time&#8221; at 3 p.m. local time due to &#8220;a large number of foreign IPs launching invalid queries&#8221; on its network, CNBC<a href="https://www.cnbc.com/2024/09/13/pro-russian-hackers-crash-taiwan-stock-exchange-website-local-media-reports-.html"> reported</a> on Friday. The network resumed normal operations at 3:22 p.m. local time, with the securities market and related businesses remaining unaffected.
The disruption was attributed to a distributed denial of service (DDoS) attack by a pro-Russian hacker group by the local media. The attack was reportedly aimed at the Taiwanese government and financial entities, including airports and tax bureaus.
The Taipei Times cited information security company Radware, which suggested that the attack was a retaliation for comments made by Taiwanese President Lai Ching te. In September, Lai had criticized China&#8217;s territorial claims on Taiwan, suggesting they were more about achieving Western Pacific hegemony than about territorial rights.
See Also: <a href="https://www.benzinga.com/news/24/09/40808420/trump-harris-debate-sparks-bipartisan-reactions-marjorie-taylor-greene-accuses-vp-of-lying-about-joe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump-Harris Debate Sparks Bipartisan Reactions — Marjorie Taylor Greene Accuses VP Of Lying About Joe Biden&#8217;s Fitness To Serve</a>
China considers Taiwan as part of its territory and has not ruled out the use of force against the island. Lai challenged this stance, questioning why China has not reclaimed land ceded to Russia in the Treaty of Aigun if territorial integrity was its primary concern.
Why It Matters: This incident follows a series of cyber attacks involving Russia and China. In June 2023, Taiwanese Foreign Minister Jaushieh Joseph Wu warned that Xi Jinping&#8216;s <a href="https://www.benzinga.com/news/23/06/33020670/taiwan-says-russias-failure-in-ukraine-should-deter-xi-jinping-they-should-refrain-from-using-milita">threat against Taiwan</a> is much more serious than what is visible.
Furthermore, in July, Microsoft Corp. reportedly informed over a dozen <a href="https://www.benzinga.com/news/24/07/39573008/microsoft-hack-exposes-texas-agencies-to-russian-state-sponsored-attack-report">Texas state agencies</a> and public universities that Russian state-sponsored hackers accessed their emails through a breach.
Additionally, the United States has been facing a significant <a href="https://www.benzinga.com/news/24/06/39516240/china-russia-iran-targeting-us-water-systems-water-is-among-the-least-mature-in-terms-of-security">threat to its water systems, </a>with China, Russia, and Iran identified as the primary culprits. 
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Photo: B_A from Pixabay.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Pro-Russian Hackers Reportedly Disrupt Taiwan Stock Exchange On Thursday, Services Restored In 22 Minutes

Amid Elon Musk&#8216;s Starlink achieving a significant <a href="https://www.benzinga.com/news/24/09/40744852/elon-musks-spacex-rockets-past-new-milestone-launches-7-000th-starlink-satellite">milestone with its 7,000th satellite launch</a>, Federal Communications Commission Chair Jessica Rosenworcel has called for increased competition in the space industry.
What Happened: Speaking at the U.S. Chamber of Commerce&#8217;s Global Aerospace Summit, Rosenworcel emphasized the need for competition in the commercial space industry. She highlighted that Starlink now accounts for nearly two-thirds of all active satellites in orbit, <a href="https://www.theregister.com/2024/09/12/starlink_satellite_dominance_fcc/">reported</a> The Register on Thursday.
&#8220;Every communications market that has competition is stronger &#8211; we see lower prices and more innovation, and honestly space should be no exception,&#8221; Rosenworcel said in a conversation with FedScoop&#8217;s Rebecca Heilweil.
She also mentioned that the FCC has initiated a transparency effort to assist companies interested in building their own satellite constellations. This initiative aims to help them understand the FCC&#8217;s regulations and approval processes.
Addressing concerns about space debris, Rosenworcel noted that new satellite operators must have a five-year deorbit plan. &#8220;If you bring it up, you have to have a plan to bring it down,&#8221; she said.
The FCC&#8217;s recent actions come after <a href="https://www.benzinga.com/news/24/05/39079925/elon-musk-insists-spacex-isnt-killing-competition-with-low-pricing-hopes-rivals-focus-on-rocket-reus">rejecting Starlink&#8217;s $885 million award</a> from the Rural Digital Opportunity Fund, citing failure to meet speed requirements. Musk criticized the decision as &#8220;extremely unethical and politically partisan.&#8221;
See Also: <a href="https://www.benzinga.com/personal-finance/24/09/40799246/elon-musks-ex-wife-and-mom-of-5-says-he-was-willing-to-give-up-his-fortune-for-space-goals-even-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Ex-Wife And Mom Of 5 Says He Was Willing To Give Up His Fortune For Space Goals, Even If It Meant Moving In With Her Parents</a>
Why It Matters: The call for increased competition comes at a time when Musk has been defending SpaceX against accusations of stifling competition. In May, Musk refuted claims that SpaceX was undercutting <a href="https://www.benzinga.com/news/24/05/39079925/elon-musk-insists-spacex-isnt-killing-competition-with-low-pricing-hopes-rivals-focus-on-rocket-reus">competitors with low pricing</a>, emphasizing the company&#8217;s commitment to reusability and profitability.
On a broader scale, the European Union has also taken <a href="https://www.benzinga.com/news/24/01/36796522/eu-to-counter-elon-musks-starlink-with-a-multi-billion-euro-satellite-system">steps to counter Starlink&#8217;s dominance</a> by announcing a multi-billion euro satellite system, IRIS², aimed at providing secure communications and reducing reliance on SpaceX.
Last week, SpaceX launched its 7,000th Starlink satellite into space, marking a major milestone for the company's satellite internet segment.
According to data from astronomer Jonathan McDowell, 6337 of the 7001 Starlink satellites launched are working currently, while 5770 of them are <a href="https://www.benzinga.com/news/24/09/40744852/elon-musks-spacex-rockets-past-new-milestone-launches-7-000th-starlink-satellite">in operational orbit</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40785731/dogecoin-shoots-up-over-6-as-elon-musk-remembers-his-now-famous-dogefather-skit-from-snl-i?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Shoots Up Over 6% As Elon Musk Remembers His Now Famous &#8216;Dogefather&#8217; Skit From SNL: &#8216;I Went Off The Rails&#8217;</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

A Week After Elon Musk's SpaceX Launched 7,000th Starlink Satellite, FCC Chair Jessica Rosenworcel Calls For Increased Competition In The Space Industry

Reported Earlier, Marcus & Millichap Closes $187.5M Deal For 497-Unit Multifamily Phoenix Property

The gross proceeds to MBX Biosciences from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $163.2 million. All of the shares are being offered by MBX Biosciences.&nbsp;
The shares are expected to begin trading on the Nasdaq Global Select Market on September 13, 2024 under the ticker symbol &quot;MBX.&quot; The offering is expected to close on September 16, 2024 subject to the satisfaction of customary closing conditions.

IPOs

Reported Earlier, MBX Biosciences Prices Initial Public Offering Of 10.20M Common Shares At $16/Share

The odds of Donald Trump launching a coin before the November election skyrocketed on prediction platform Polymarket after the former president announced the launch date of his upcoming cryptocurrency project.
What happened: Bets in favor of the token launch <a href="https://polymarket.com/event/will-trump-launch-a-coin-before-the-election?tid=1726208346644">ballooned </a>from 40% 24 hours earlier to 85% as of this writing.&nbsp;
The odds have been rising since Trump started promoting the decentralized finance (DeFi) venture, called World Liberty Financial, on social media.
The breakthrough moment came on Aug. 29 when the presidential hopeful teased a plan to make the U.S. "the crypto capital of the planet," causing the probability to spike from 17% to 24%.&nbsp;
From then on, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40722435/trumps-crypto-project-vows-to-bolster-us-financial-dominance-with-dollar-pegged-stablecoin">frequent updates by the project</a> enticed users to increase their bets.&nbsp;
The latest explosion came on the heels of Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40846008/trump-to-launch-upcoming-crypto-venture-on-elon-musks-x-on-this-date-says-were-leaving-the">finally announcing that the project</a> would be launched next Monday on X Spaces.&nbsp;
About $1.7 million has been wagered by bettors on the occurrence of this event.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40846883/sam-altman-founded-worldcoin-soars-on-openais-o1-announcement-xrp-rides-on-grayscale-trust">Sam-Altman Founded Worldcoin Soars On OpenAI&#8217;s o1 Announcement, XRP Rides On Grayscale Trust Launch</a>
Why It Matters: Polymarket, built atop Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) Layer-2 chain, Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>), has emerged as one of the world&#8217;s top prediction markets for U.S. elections in recent months.&nbsp;
The platform allows users to bet on major global events using cryptocurrencies, opening up a new business avenue for the asset class.
Meanwhile, Vice President Kamala Harris established a slender lead over Trump in odds of winning the election. Trump's probability has fallen significantly ever since Harris replaced incumbent President Joe Biden as the Democratic nominee.
Image via Shutterstock
Did You Know?&nbsp;
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

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

Cryptocurrency

$ETH

$MATIC

Trump Coin Launch Odds Jump On Crypto Betting Platform Polymarket After World Liberty Financial Gets A Launch Date

Reported Earlier, Learn CW Investment Extends The Period To Consummate Its Initial Business Combination To October 13, 2024

Reported Earlier, BMO Secures C$875M After Court Overturns Petters Ponzi Scheme Judgment

&ndash; Tecentriq Hybreza provides patients and physicians with greater flexibility of treatment options while showing safety and efficacy consistent with intravenous (IV) Tecentriq &ndash;
&ndash; New subcutaneous (SC) option reduces treatment time to approximately 7 minutes, compared with 30-60 minutes for IV infusion &ndash;

HALO

RHHBF

RHHBY

RHHVF

Reported Earlier, Roche's Genentech And Halozyme Receives FDA Approval Of Tecentriq Hybreza, The First Subcutaneous PD-(L)1 Cancer Immunotherapy, Offering Faster Treatment For Multiple Cancer Types

Shares of Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) have plummeted 29% since mid-April, impacting Warren Buffett&#8216;s substantial investment in the company.
What Happened: Chris Bloomstran, fund manager at Semper Augustus, suggested that while Buffett might buy more shares, he is unlikely to take over the company. Bloomstran noted that Buffett prefers Occidental to initiate a stock buyback program, which CEO Vicki Hollub has said will only happen after significant debt reduction, Business Insider <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-occidental-petroleum-stock-oil-price-drop-2024-9#:~:text=Occidental%20Petroleum%20shares%20have%20dropped,about%20dema">reported</a> on Friday.
&#8220;I wouldn&#8217;t rule out a purchase of additional shares,&#8221; Bloomstran said, according to the report. 
Further compounding the issue, Buffett holds warrants to buy an additional 83.5 million shares at a strike price of $59.62, nearly 20% above the current market price, according to Bloomstran.
The decline in Occidental&#8217;s stock price aligns with a 23% drop in crude oil prices, driven by concerns over demand and excess supply. Berkshire Hathaway&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) $13 billion investment in Occidental Petroleum is now potentially underwater.
Buffett&#8217;s conglomerate has been accumulating shares of Occidental since early 2022, with a significant buying spree in June at around $60 per share. Currently, Berkshire owns a 29% stake in the oil producer.
The $55-$60 price range had previously acted as a support level for Occidental&#8217;s stock since Buffett began his purchases, but this floor has now been breached for the first time in over two years.
According to HedgeFollowe, Berkshire Hathaway&#8217;s average purchase price for its stake is estimated at $51.22 per share, slightly above the current trading price.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40825182/anthony-scaramucci-said-last-week-bitcoin-could-touch-up-to-200k-now-hes-thanking-living-l?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Said Last Week Bitcoin Could Touch Up to $200K, Now He&#8217;s Thanking &#8216;Living Legend&#8217; Mich</a>
Why It Matters: The setback for Buffett comes amid a <a href="https://www.benzinga.com/news/24/09/40805571/bank-of-america-ceo-on-buffetts-share-retreat-i-dont-know-what-exactly-he-is-doing-we-cant-ask">broader context of strategic shifts</a> and market movements. Recently, Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) CEO Brian Moynihan commented on Buffett&#8217;s reduction of his stake in the bank, noting that Buffett has been a stabilizing force but has sold nearly $7 billion in shares since mid-July.
Buffett has been <a href="https://www.benzinga.com/opinion/24/09/40778693/three-stocks-warren-buffett-is-selling-as-a-recession-nears">selling shares in several companies</a>, including Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Bank of America, as economic uncertainties loom.
Despite these challenges, Buffett&#8217;s investment acumen remains highly regarded. On his 94th birthday, Berkshire Hathaway <a href="https://www.benzinga.com/general/education/24/08/40652464/warren-buffett-celebrates-94th-birthday-with-1-trillion-market-cap-milestone-a-look-back-at-hig">reached a $1 trillion market cap milestone</a>, underscoring his long-term success. 
However, even Buffett has <a href="https://www.benzinga.com/startups/24/09/40693497/warren-buffett-admitted-he-was-too-dumb-and-an-idiot-for-not-investing-in-amazon-early-on-but-finall">admitted to missed opportunities</a>, such as his late investment in Amazon.com Inc.
Back in the mid-1990s, when Amazon was just an online bookstore with big dreams, Buffett had the chance to invest. He also passed on buying shares during Amazon&#8217;s IPO in 1997. 
Reflecting on this now, Buffett doesn&#8217;t shy away from admitting his mistake. &#8220;I was too dumb to realize&#8221; the potential of Amazon and its visionary founder, Jeff Bezos, he&#8217;s said, with his usual blend of humility and humor. 
Action Price: Occidental Petroleum&#8217;s stock is trading at $50.99, up 0.65% on Thursday. However, year to date, the stock has dropped by 15.09%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40743718/mark-cuban-says-kamala-harris-is-simply-doing-what-trump-did-in-2016-its-her-party-she-gets-to-set-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Kamala Harris Is Simply Doing What Trump Did In 2016: &#8216;It&#8217;s Her Party. She Gets To Set The Rules&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

AAPL

Warren Buffett $13B Bet On Occidental Petroleum Turns Sour As Shares Plunge 29% Since Mid-April — Analyst Says He Could Buy More

Reported Earlier, B2Gold's Goose Project On Track For Q2 2025 First Gold Production With Revised $1.54B Pre-Production Expenditure Estimate

Bicara Therapeutics&#39; shares are expected to begin trading on the Nasdaq Global Market on September 13, 2024 under the ticker symbol &quot;BCAX.&quot; The offering is expected to close on September 16, 2024, subject to the satisfaction of customary closing conditions.

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