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Let's Spill The Tea: Top Consumer Tech News From Last Week That You Should Know (April 21-27)

gm,
I&#8217;m Ivan and welcome to&nbsp;my weekly column&nbsp;Mad Crypto Alpha.
Some people want to build the &#8220;future of finance,&#8221; but I just want to help you make money in crypto.
Each Sunday, you get weekly&nbsp;insights the news does not cover&nbsp;but you need to know about.
So you&#8217;re not just entertained by crypto but get the alpha behind the story.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="640" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/28130815/image-243.png" alt="" class="wp-image-312130" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/28130815/image-243.png 640w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/28130815/image-243-300x300.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/28130815/image-243-150x150.png 150w" sizes="(max-width: 640px) 100vw, 640px" /></figure>
In this&nbsp;week&#8217;s issue:
<ul>
<li>Why do VCs hate meme coins?</li>
<li>Is no one left to buy our meme coin bags?</li>
<li>Memecoin Supercycle: It&#8217;s so over or we&#8217;re so back?</li>
</ul>
<h2 class="wp-block-heading">Why Do VCs Hate Meme Coins?</h2>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued in crab market mode last week.
Every time that happens, Crypto Twitter turns into &#8220;The Jerry Springer Show.&#8221; This week&#8217;s topic: crypto VCs hatin&#8217; on meme coins. 
Exhibit A: Jack Niewold, angel investor.
<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">HOT TAKE #2: Memecoins are horrible for the crypto industry. While memecoins make it harder to dump on small retail investors, they delegitimize the industry in general. A huge cohort of crypto investors (including me) are here for one reason: DeFi. To the average retail…
&mdash; Jack Niewold &#x1fae1; (@JackNiewold) <a href="https://twitter.com/JackNiewold/status/1783917233296597375?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">If you ain&#8217;t reading all that, here&#8217;s the TLDR: Niewold thinks meme coins delegitimize the industry, have no use case and don&#8217;t appeal to &#8220;the average retail investor.&#8221;</figcaption></figure>
Exhibit B: Eddy Lazarin, chief technological officer at a16zcrypto, a major <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38113928/exclusive-the-top-crypto-vc-funding-trends-in-2024">venture capital firm</a>.
<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">Memecoins alter how the public, regulators, and entrepreneurs see crypto. At best, it looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. I see the damage every day. You should too.
&mdash; Eddy Lazzarin &#x1f7e0;&#x1f52d; (@eddylazzarin) <a href="https://twitter.com/eddylazzarin/status/1783179299085856934?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
If you&#8217;re not well-versed in the industry, you won&#8217;t know that what you see is not what you get.
What VCs say: Meme coins are bad for crypto because they make the industry look like a casino, distract from, &#x2A;checks quotes&#x2A;, &#8220;projects that appeal to the masses&#8221; and alienate regulators.
What VCs mean: Nobody is buying our VC coins because <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38080852/meme-coins-were-the-most-profitable-crypto-narrative-in-q1-report">meme coins are the most profitable narrative</a>. Can devs do something?
What&#8217;s actually happening: VCs and the entire industry have brought this on themselves. Retail, that is you, dear reader, has given up trying to understand zero-knowledge, restaking, real-world, [insert latest crypto buzzwords].
VCs have no issue with meme coins when they&#8217;re in on it. See <a href="https://twitter.com/0xen1/status/1783230441400447077">a16z booking profits</a> on Apecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">APE</a>). But, as Hsaka, one of the most proficient cryptocurrency traders, <a href="https://twitter.com/HsakaTrades/status/1774045741532553354">puts</a> it: VCs created the monster they complain about with their coins&#8217; predatory tokenomics. 
&#8220;They bit the hand that fed them, now the same hand has dropped them off at the shelter, and taken in a more friendly dog.&#8221;
Where VCs do have a point: The meme coin market is diluted and maturing. 
Dogecoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38469336/meme-coins-are-a-pure-ponzi-and-destroying-crypto-says-trader-who-thinks-dogecoin-was-diff">used to</a> be a &#8220;F-U to crypto bros shouting have fun staying poor.&#8221; New-gen meme coins are, as Qiao Wang <a href="https://twitter.com/QwQiao/status/1781633374475420080">puts it</a>, more like white-collar sports betting, where you cheer on your favorite narrative. And unlike with sports, have at least a theoretic chance at asymmetric upside.
But unlike sports betting, there&#8217;s no ref checking the insider allocation of any given hot new meme coins.
Also, a lot of meme coin wealth is imaginary and can only be cashed out if you&#8217;re skilled at doing so:
<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">How much of this memecoin bubble is wealth? The answer is much less than I expected &#8212; between the biggest 4 memes I can think of, total liquidity on chain doesn&#39;t even add up to $100m. I know that&#39;s not everything, but how much wealth will truly be created? $500m? Maybe? Many… <a href="https://t.co/4g6xALsKPJ">pic.twitter.com/4g6xALsKPJ</a>
&mdash; Jack Niewold &#x1fae1; (@JackNiewold) <a href="https://twitter.com/JackNiewold/status/1774222920862019584?ref_src=twsrc%5Etfw">March 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
A lot of people won&#8217;t have that skill. That means a lot of people will get hurt. And that means, the government will get involved (even more).
So, if there are ever more meme coins and it&#8217;s becoming ever more difficult to turn a profit, is there even anyone left to buy at this point?
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37577098/bitcoins-rally-sparks-renewed-interest-in-cryptocurrencies-should-you-invest-in-it-now" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Rally Sparks Renewed Interest In Cryptocurrencies — Should You Invest In It Now?</a>
<h2 class="wp-block-heading">Is No One Left To Buy Our Meme Coin Bags?</h2>
It&#8217;s been a rough month for meme coins. Just look at the 30-day performance of the top five by market capitalization.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>30-day performance</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>-30.3%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>-19.6%</td>
</tr>
<tr>
<td>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>)</td>
<td>-3.5%</td>
</tr>
<tr>
<td>Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>)</td>
<td>-28.5%</td>
</tr>
<tr>
<td>Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>)</td>
<td>-2.0%</td>
</tr>
</tbody>
</table>
</figure>
Ouch. 
As Kyle, a pseudonymous researcher, correctly <a href="https://twitter.com/0xkyle__/status/1783900499520983095">points out</a>, memes are the consensus trade. And when everyone has bought, who is left to buy?
Meme coins are not the most egalitarian thing crypto has ever seen. As a trader, you have to pick your dilution poison:
<ul>
<li>Dilution of valuation: classic altcoins that come with massive token unlocks to pay the venture capitalists funding them. Price gets depressed by token sales.</li>
<li>Dilution of supply: meme coins that have no barrier of entry to being created. Price gets depressed by endless competition.</li>
</ul>
Mert, CEO of Helius Labs, <a href="https://twitter.com/0xMert_/status/1783504046688440617">says</a> — and he is right — that memes are not the reason VCs don&#8217;t fund stuff people actually want. Their risk aversion and wrong incentives are the real reason. It&#8217;s easier to justify investing in the 100th blockchain over a new ambitious project.
But that doesn&#8217;t change that, quoting Kyle again, &#8220;you can&#8217;t just ape with half a brain anymore.&#8221; We are (probably) not early but also (probably) not late in this cycle.
The medium to long-term macro outlook is still positive for crypto because we&#8217;re in a situation last seen in the 1940s — the economy is trapped between accelerating public debt and re-accelerating inflation.
<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 second leg of inflation has arrived, and Powell is in quite the conundrum: &#8211; Raise rates further: Soaring $1.1T interest expense compounds, debt spiral accelerates. &#8211; Hold, hope inflation cools: Interest expense as % of GDP at 25y highs &amp; growing at 5.25%. &#8211; Cut into an… <a href="https://t.co/6s4vUv9N6w">pic.twitter.com/6s4vUv9N6w</a>
&mdash; Dylan LeClair &#x1f7e0; (@DylanLeClair_) <a href="https://twitter.com/DylanLeClair_/status/1783897841296891909?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
So, what&#8217;s it gonna be with meme coin investing then — so over or about to be so back?
<figure class="wp-block-image size-large"><img decoding="async" src="https://media1.tenor.com/m/1gH6-MjLRZ0AAAAC/were-waiting-angry.gif" alt="" /></figure>
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38478483/crypto-analyst-predicts-this-altcoin-will-explode-260-in-2024-and-its-not-dogecoin-or-shib">Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And Its Not Dogecoin Or Shiba Inu</a>
<h2 class="wp-block-heading">Memecoin Supercycle: It&#8217;s So Over Or We&#8217;re So Back?</h2>
Ansem, the Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) influencer you may remember for <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38134069/is-crypto-fueling-the-dumbing-down-of-america-mad-crypto-alpha-with-ivan">his market-moving audience size</a>, <a href="https://twitter.com/ZeMirch/status/1783292997561377052/photo/3">thinks</a> there will be a &#8220;consolidation into proven winners.&#8221;
I tend to agree with that. As I <a href="https://twitter.com/IvanCryptoSlav/status/1783545858727752101?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1783545858727752101%7Ctwgr%5Ea6ec8b135ec71ca9675f4f495bc934fbac8347ca%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Feditorial.benzinga.com%2Fwp-admin%2Fpost.php%3Fpost%3D312129action%3Dedit">pointed out</a> on not-Twitter, a lot of crypto bros throw around sky-high meme coin valuations. But is there enough money to go around for all these coins to reach multi-billion-dollar valuations? 
What kind of situation does the market have to be in for someone to look at a meme coin valued tens or hundreds of billions and go,&#8220;Yup, that checks out, I think this is going a lot higher, let me buy here&#8221;.
But I do think Bitcoin is structurally set up for another leg up in this run:
<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">Agree with this. Still little systemic risk in crypto economy US fiscal debt not going anywhere Idiocracy accelerating Tech still holding up the economy Short term maybe a slump, long term everyone will want to go long tech and hard assets Guess what, Bitcoin is both
&mdash; Ivan ─ Crypto, Macro &amp; Geopolitics (@IvanCryptoSlav) <a href="https://twitter.com/IvanCryptoSlav/status/1783582646682989034?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Long-term, I see the combination of (geo)political instability, fragmentation, loss of trust, digitalization and demographic change pushing Bitcoin up and to the right. And meme coins as white-collar online sports betting alternative with it.
TLDR: It&#8217;s not over, we&#8217;re about to be back, bear with us.
<h2 class="wp-block-heading">Wrapping It Up</h2>
If you liked this column, give me a follow&nbsp;<a href="https://twitter.com/IvanCryptoSlav" target="_blank" rel="noreferrer noopener">on Twitter</a>&nbsp;and sign up to our&nbsp;<a href="https://www.benzinga.com/free-newsletters" target="_blank" rel="noreferrer noopener">"Future of Finance" newsletter</a>.
Shoot me a DM or Benzinga a mail if you have topic requests, and I'll see you back for next week's&nbsp;Mad Crypto Alpha.
gn
Read Next: <a href="https://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di">Elon Musk Gives One-Word Response To Joe Biden&#8217;s Dig At Donald Trump At White House Correspondents&#8217; Dinner</a>
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Is The 'Memecoin Supercycle' Over? Mad Crypto Alpha With Ivan

Stephanie Grisham, a former aide to the Donald Trump administration, shared&nbsp;that former First Lady Melania Trump is not pleased with the ongoing<a href="https://www.benzinga.com/news/24/03/38012721/marjorie-taylor-greene-claims-she-has-proof-that-votes-for-donald-trump-in-2020-were-lost-in-the-mai"> details of her husband&#39;s hush money trial.</a>
What Happened: Grisham, who previously served as the former president&#39;s press secretary and chief of staff for Melania Trump, stated that the former First Lady is closely following the trial, according <a href="https://www.cnn.com/videos/politics/2024/04/23/melania-trump-hush-money-trial-stephanie-grisham-ebof-digvid.cnn">to</a> CNN.
The case is centered on the&nbsp;allegations that Donald Trump falsified documents to hide a payment made to adult film actress Stormy Daniels in an attempt to silence her about an alleged affair.&nbsp;&nbsp;
While attending the trial in a Manhattan courtroom this week, Donald Trump expressed dissatisfaction about being away from Melania Trump on her birthday.
The trial has brought to light new details about Daniels and former Playboy model Karen McDougal, who also claims to have had an affair with Donald Trump.The former president has consistently denied these allegations.
In an interview with CNN, Grisham said, &quot;The fact that [Donald Trump] asked about her in the White House, the fact that some &hellip; White House staff got on the phone with David Pecker to talk about keeping this secret even further. Those were new details to me and so I know they were new details to [Melania Trump] and I&rsquo;m sure she&rsquo;s not happy about it.&quot;
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38478689/amid-latest-indictments-former-trump-aide-slams-ex-president-over-treatment-of-bodies-around-him-he">Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of &#39;Bodies Around Him&#39;: &#39;He Takes Out Everybody Who Is Loyal To Him&#39;</a>
Insiders close to Melania Trump suggest she is unlikely to play a significant role in her husband&#39;s reelection campaign, reported&nbsp;<a href="https://thehill.com/regulation/court-battles/4626024-donald-trump-melania-trump-ex-aide-hush-money-trial/">The Hill</a>.&nbsp;&nbsp;
This is seen as a significant loss as, according to The Hill&#39;s&nbsp;sources,&nbsp;&quot;first ladies are typically helpful on the campaign trail&quot; with women voters and undecided voters. However, Donald Trump&#39;s&nbsp;campaign acknowledged&nbsp;Melania&#39;s preference for privacy and her aversion to campaigning.
Why It Matters: Legal experts previously suggested that <a href="http://www.benzinga.com/news/24/04/38348768/courtroom-appearances-by-these-two-members-of-donald-trumps-family-could-help-him-in-hush-money-tria">Melania Trump&#39;s presence in the courtroom</a> could cast Donald Trump in a more favorable light, potentially aligning with his defense strategy by portraying him as a supported and wholesome family man. However, Melania Trump&#39;s recent discontent with the trial details and her reluctance to participate in the campaign could impact this strategy.
Additionally, the Trump family has faced internal conflicts, with a <a href="http://www.benzinga.com/news/24/02/37303851/melania-trump-vs-ivanka-trump-white-house-power-struggle-unveiled-in-new-tell-all-book">power struggle between Melania and Ivanka Trump</a> during their time in the White House.
With Donald Trump stating that his family has been through enough and <a href="http://www.benzinga.com/news/23/07/33333071/trump-says-ivanka-and-others-will-not-return-to-white-house-if-he-wins-in-2024-my-family-has-been-th">will not return to the White House if he wins </a>in 2024, Melania Trump&#39;s role in the upcoming campaign and potential second term remains uncertain.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38133891/donald-trump-says-it-would-be-a-great-honor-if-he-were-jailed-for-breaching-gag-order-i-will-gladly" target="_blank">Donald Trump Says It Would Be A &#39;Great Honor&#39; If He Were Jailed For Breaching Gag Order: &#39;I Will Gladly Become A Modern Day Nelson Mandela&#39;</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
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Ex-Trump Aide Says Melania Trump 'Not Happy' With Latest Revelations In Hush-Money Trial

Last week, former President Donald Trump&nbsp;went on the attack against independent candidate Robert F. Kennedy Jr., as election polls suggest that Kennedy could draw more votes away from <a href="https://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di">Trump than from&nbsp;President&nbsp;Joe Biden.</a>
What Happened: On Friday, Trump took to his Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/112340329782516692">platform&nbsp;</a>to target Kennedy, branding him as a &quot;Radical Left Liberal&quot; and stating that a vote for Kennedy would equate to a &quot;wasted protest vote.&quot;
&quot;RFK Jr. is a Democrat &#39;Plant,&#39;&nbsp;a Radical Left Liberal who&rsquo;s been put in place in order to help Crooked Joe Biden, the Worst President in the History of the United States, get Re-Elected,&quot; Trump wrote. &quot;A Vote for Junior&rsquo; would essentially be a WASTED PROTEST VOTE, that could swing either way, but would only swing against the Democrats if Republicans knew the true story about him. Junior&rsquo; is totally Anti-Gun, an Extreme Environmentalist who makes the Green New Scammers look Conservative, a Big Time Taxer and Open Border Advocate, and Anti-Military/Vet&hellip;&quot;
Kennedy, who has been more critical of Biden than Trump,&nbsp;responded to the former president&#39;s posts by challenging Trump&nbsp;to a debate on the social media platform X, formerly Twitter.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38348768/courtroom-appearances-by-these-two-members-of-donald-trumps-family-could-help-him-in-hush-money-tria">Courtroom Appearances By These Two Members Of Donald Trump&#39;s Family Could Help Him In Hush-Money Trial</a>
When frightened men take to social media they risk descending into vitriol, which makes them sound unhinged. President Trump&#39;s rant against me is a barely coherent barrage of wild and inaccurate claims that should best be resolved in the American tradition of presidential debate.&hellip;
<blockquote class="twitter-tweet">&mdash; Robert F. Kennedy Jr (@RobertKennedyJr) <a href="https://twitter.com/RobertKennedyJr/status/1784267700304335087?ref_src=twsrc%5Etfw">April 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>According to <a href="https://maristpoll.marist.edu/polls/election-2024-april/">polls </a>conducted by Marist College and <a href="https://www.nbcnews.com/politics/2024-election/poll-biden-trump-tight-race-election-interest-low-rcna148170">NBC </a>News, Biden could gain more support than Trump if the ballot were to include&nbsp;other candidates, such as Kennedy,&nbsp;Cornel West and Jill Stein. NBC News reported that Biden leads Trump by two&nbsp;points in a five-way ballot test.
Despite these findings, Biden and his allies remain wary of Kennedy, who once contemplated running against the president in the Democratic primaries. In fact, several Kennedy family members have endorsed Biden, viewing Kennedy as a potential spoiler.
Why It Matters: The current situation is intriguing, given that Trump&#39;s team <a href="http://www.benzinga.com/news/24/01/36817269/in-unusual-twist-donald-trumps-teach-reached-out-to-unlikely-candidate-to-be-his-vice-president-says">had reportedly approached Kennedy</a> about a potential vice-presidential role shortly after Trump announced his presidential campaign in April 2023.
However, in a February interview with Fox News, <a href="http://www.benzinga.com/news/24/02/36925522/donald-trump-fuels-speculation-on-vice-presidential-pick-highlights-two-intriguing-candidates">Trump later hinted at possibly</a> selecting Sen. Tim Scott (R-S.C.) or South Dakota Gov. Kristi Noem as his running mate.
The race between Biden and Trump has tightened, as indicated by a <a href="https://www.benzinga.com/news/24/04/38239577/trump-vs-biden-one-candidates-lead-narrows-to-slim-margin-over-other">recent poll</a>&nbsp;by The New York Times and Siena College, which showed Trump holding a slim lead of just one&nbsp;point over Biden.
This marks a significant shift from a February poll that showed Trump leading Biden by five&nbsp;points in a two-way matchup.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38239577/trump-vs-biden-one-candidates-lead-narrows-to-slim-margin-over-other">Trump Vs. Biden: One Candidate&#39;s Lead Narrows To Slim Margin Over Other</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Donald Trump Goes Off On One Candidate For Stealing Potential Votes Away From Him In Tight Race Against Joe Biden: 'Would Essentially Be A WASTED PROTEST VOTE'

With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings. <a href="https://pro.benzinga.com/?utm_source=insights">According to Benzinga Pro</a>, these enticing companies are scheduled to trade publicly this week.
<ul>
<li>Viking Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIK#NYSE">VIK</a>) will be trading publicly starting on May 1, 2024. The company&#39;s price band is set between $21.00 and $25.00 with an insider lock-up period of 180 days. Viking Holdings Ltd will be offering 44,000,000&nbsp;shares at a per-share value of $23.00.</li>
</ul>
<h3>Breaking Down IPOs</h3>
Initial public offerings, or IPOs, are the transitional processes of private companies deciding to go public and offer shares to investors on exchanges. IPOs typically offer companies the ability to build capital by distributing shares across the market. A company interested in becoming publicly tradeable must first meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.
Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

IPOs

IPO Previews For The Week

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk made a surprising visit to China on Sunday and met with the country&#8217;s premier Li Qiang, according to Bloomberg. A bullish analyst said the visit could be related to the rollout of <a href="https://www.benzinga.com/news/24/03/38012152/tesla-rolls-out-30-day-free-trial-for-its-full-self-driving-software">full-self driving</a> in the country.
What Happened: Immediately after Musk landed in China, the billionaire met with Li, who told him that China is always open to foreign companies and that Tesla was a successful example of Sino-U.S. trade cooperation, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-04-28/musk-makes-unannounced-china-visit-in-push-for-self-driving-cars">reported</a>, citing China Central Television.
The Tesla chief arrived in China at a Gulfstream registered to SpaceX at 2 p.m. local time, the report said.
Musk reportedly told the premier that Tesla was willing to deepen its cooperation with China. Musk also met with other high-ranking officials, including Ren Hongbin, head of the China Council for the Promotion of International Trade, the report said. 
The Tesla CEO is also expected to meet with officials to discuss the rollout of Tesla&#8217;s driver-assistance system, Bloomberg reported, citing a person familiar with the matter.
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock">Everything You Need To Know About Tesla Stock</a>
Why It&#8217;s Important: As Tesla&#8217;s core electric-vehicle business stutters amid amid slowing adoption precipitated by economic uncertainty, the company is resting its hopes on recurring high-margin revenue from the adoption of its FSD software suite. The FSD project has moved from beta testing and is now being promoted as FSD Supervised in North America.
Musk said on Tesla&#8217;s first-quarter earnings call that he was looking to release the FSD in other markets. 
&#8220;We plan on, with the approval of the regulators, releasing it as a supervised autonomy system in any market that — where we can get regulatory approval for that, which we think includes China,&#8221; he said.
With local EV players such as XPeng and Huawei promoting their sophisticated advanced driver-assistance systems as a selling point, Tesla&#8217;s rollout of its FSD in China could give it an edge, Bloomberg said.
Incidentally, <a href="https://in.benzinga.com/content/38235031/indias-detroit-to-make-aggressive-pitch-for-teslas-manufacturing-plant-as-elon-musk-plans-visit">Musk was supposed to visit India last Monday</a> and meet with Prime Minister Narendra Modi to unveil Tesla&#8217;s India plans. The billionaire, however, cancelled the visit in the last hour, citing &#8220;very heavy Tesla obligations.&#8221; 
Wedbush analyst Daniel Ives said that Musk visited China with a &#8220;laser focus on cutting the ribbon on the long awaited rollout of FSD software and permission/approval to transfer data overseas.&#8221;
Calling the visit a &#8220;watershed moment&#8221; for Musk and China, the analyst said &#8220;the long term valuation story at Tesla hinges on FSD and autonomous, a key missing piece in that puzzle is Tesla making FSD available in China which now appears on the doorstep.&#8221;
He noted that data collected by its Chinese fleet has so far been stored in Shanghai since 2021. 
&#8220;If Musk is able to obtain approval from Beijing to transfer data collected in China abroad this would be a &#8216;game changer&#8217; around the acceleration of training its algorithms for its autonomous technology globally,&#8221; Ives said. 
He added that the trip would also hold significance for Tesla and Musk to further bolster their EV presence within the Chinese market at a critical juncture.
&#8220;While demand challenges exist in China for Tesla, the Street is looking through this painful transition period for the long term growth story to emerge for Musk &amp; Co. with FSD a key ingredient in that recipe for success,&#8221; Ives said.
The analyst maintained an &#8220;Outperform&#8221; rating and $275 price target for the stock.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38476368/tesla-calms-investors-after-dismal-q1-fisker-buyout-buzz-byd-enters-pickup-game-and-more-biggest">Tesla Calms Investors After Dismal Q1, Fisker Buyout Buzz, BYD Enters Pickup Game And More: Biggest EV Stories Of The Week</a>
Photo: Shutterstock

Analyst Color

Equities

Reiteration

Analyst Ratings

Media

'Watershed Moment,' Says Tesla Analyst As Elon Musk Makes Surprise China Visit To Reportedly Discuss FSD Rollout And Data Transfer Overseas

Elon Musk&nbsp;reacted to President Joe Biden&#39;s recent comments at the White House correspondents&#39; dinner with a one-word&nbsp;response that <a href="https://www.benzinga.com/news/24/03/37439911/trump-vs-biden-one-candidate-appears-to-lose-support-from-within-party-raising-concerns-about-electa">sparked some discussion&nbsp;on social media.</a>
What Happened: On Sunday, Musk responded to a tweet by Greg Price, the communications director of the&nbsp;State Freedom Caucus Network&nbsp;who&nbsp;quoted Biden&#39;s remarks at the White House Correspondents dinner.
&quot;Biden repeats the bloodbath hoax at the White House Correspondents dinner: &#39;[Trump] promised a bloodbath when he loses again.&#39;&nbsp;He then went on to talk about the dangers of misinformation,&quot; Price wrote.&nbsp;
Musk&#39;s succinct response,&nbsp;&quot;Wow,&quot; left some&nbsp;followers mixed on where he stood on Biden&#39;s statement.&nbsp;
<blockquote class="twitter-tweet">&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1784411027058340179?ref_src=twsrc%5Etfw">April 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Why It Matters: Musk&#39;s political leanings have been a topic of interest. Despite his assurance that he would not financially support either Biden or Donald&nbsp;Trump&#39;s campaigns, his social media activity suggests a preference.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/03/37768322/in-rambling-speech-donald-trump-issues-grim-warning-if-he-loses-election-if-i-dont-get-elected-its-g">In Rambling Speech, Donald Trump Issues Grim Warning About US Auto Industry: &#39;If I Don&#39;t Get Elected ... It&#39;s Going To Be A Bloodbath For The Country&#39;</a>
<a href="http://www.benzinga.com/news/24/03/37574847/biden-vs-trump-elon-musk-says-he-wont-contribute-to-either-campaign-but-his-social-media-activity-su">Musk&#39;s posts have ranged from surmising</a>&nbsp;about Biden&#39;s use of Adderall to endorsing Trump&#39;s views on immigration.
The billionaire&nbsp;has also criticized Biden&#39;s immigration policies. He accused the president of allowing a significant influx of undocumented immigrants into the U.S. for political gain,&nbsp;<a href="http://www.benzinga.com/news/24/02/36922894/elon-musk-accuses-biden-of-encouraging-so-much-illegal-immigration-for-political-gain-this-explains">once commenting that</a>&nbsp;Biden&#39;s strategy was to&nbsp;&quot;1. Get as many illegals in the country as possible. 2. Legalize them to create a permanent majority &ndash; a one-party state.&quot;
There have been increasing comparisons between Musk and Trump, with both known for their unfiltered views and self-promotion. Musk&#39;s recent actions have even invited parallels to<a href="http://www.benzinga.com/news/24/01/36625230/is-elon-musk-becoming-more-like-donald-trump-one-report-suggests-so"> the Trumpian playbook</a>.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38476026/trump-vs-biden-one-candidate-hold-slim-lead-over-other-in-latest-poll">Trump Vs. Biden: One Candidate Hold Slim Lead Over Other In Latest Poll</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Elon Musk Gives One-Word Response To Joe Biden's Dig At Donald Trump At White House Correspondents' Dinner

Cognizant (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTSH#NASDAQ">CTSH</a>) today announced a five-year strategic partnership with Telstra as part of the Australian telecommunications and technology company&#39;s strategy for growth. Cognizant will introduce new ways of working to accelerate Telstra&#39;s software engineering and IT capabilities and leverage modern technologies, such as artificial intelligence (AI) to drive innovation and improve operational efficiency.
The strategic partnership seeks to accelerate Telstra&#39;s technology outcomes with Cognizant implementing modern product engineering practices that will enable Telstra to further improve its customer experience and speed to market. Leveraging its global capabilities, Cognizant will support Telstra&#39;s strategy to enable more efficient software engineering and IT&nbsp;operations and decommission legacy systems. Moreover, the strategic partnership aims to support employee experience by building a superior engineering experience, further fostering a modern and innovative culture within Telstra.

CTSH

Cognizant Earlier Announced Five-Year Strategic Partnership With Telstra To Enhance Software Engineering, Leverage AI For Innovation And Efficiency

<a href="https://finance.yahoo.com/news/china-association-says-tesla-byd-141025655.html" title="https://finance.yahoo.com/news/china-association-says-tesla-byd-141025655.html">https://finance.yahoo.com/news/china-association-says-tesla-byd-141025655.html</a>

BYDDF

China Association of Automobile Manufacturers Published List Of 76 Smart Vehicle Models By Tesla, BYD, Li Auto, Nio, Others Compliant With National Data Security Standards

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has seen its stock soar as exposure to the thriving artificial intelligence technology sector <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38346847/nvidia-in-correction-territory-did-ai-led-tech-stock-bubble-just-burst-this-data-po">has bolstered its fundamentals, drawing investor enthusiasm</a>. But another stock belonging to the consumer discretionary sector could beat Nvidia in terms of its expensiveness, an investment advisor said on Friday.
What Happened: Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), a chain of fast casual restaurants, commands a higher forward price-earnings multiple than Nvidia, said Ram Ahluwalia, founder of Lumida Wealth, an investment advisor focusing on alternative investments and digital assets, on X, formerly Twitter. According to data provided by Yahoo Finance, Chipotle&#8217;s forward P/E is 59.52 compared to Nvidia&#8217;s 36.36.
The P/E ratio is a measure of the value of the stock vis-a-vis the company&#8217;s earnings and forward P/E ratio takes into account future earnings potential. A higher P/E ratio suggests either the stock is very expensive or investors expect higher growth rates from the company. 
Ahluwalia said Chipotle stock could be &#8220;riding on the momentum that may be at exhaustion.&#8221; &#8220;Good time to take profits,&#8221; he added while stating that he doesn&#8217;t hold any Chipotle stock.
&#8220;If you know what to buy, when to buy, when to sell, and how much to buy (position size) you've got it all figured out. Easier said than done. People don't talk enough about &#8216;when to sell.&#8217; This is one of those moments,&#8221; Ahluwalia said.
He clarified that the Chipotle business was thriving and not in decline. 
&#8220;It is time to sell though,&#8221; he said.
See Also: <a href="https://www.benzinga.com/money/best-consumer-discretionary-stocks">Best Consumer Discretionary Stocks</a>
Why It&#8217;s Important: Chipotle reported last week <a href="https://www.benzinga.com/news/earnings/24/04/38417218/chipotle-mexican-grill-q1-earnings-revenue-beat-eps-beat-comparable-sales-up-7-and-more">first-quarter results that came in ahead of expectations </a>as the burrito chain defied inflationary pressure and managed to see an increase in foot traffic. Despite rising menu prices, the company reported an increase in transactions.
The company also raised its sales guidance for the year.
Chipotle&#8217;s board approved a 50-for-1 stock split in March. If shareholders approve the split at the annual shareholders meeting scheduled for June 6, the stock will begin trading on a split-adjusted basis on June 26.
The average analysts&#8217; price target for Chipotle, according to TipRanks, is $3,206.07, suggesting merely 0.60% upside from current levels. 
Chipotle ended Friday&#8217;s session up 2.41% at $3,186.97, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38437634/chipotle-mexican-grill-is-in-a-league-of-their-own-7-analysts-revise-forecasts-afte">Chipotle Mexican Grill Is In A &#8216;League Of Their Own&#8217;: 7 Analysts Revise Forecasts After Q1 Results</a>
Photo: Shutterstock

Trading Ideas

Nvidia Still Pricey, But Investor Warns About Another More Expensive Stock: 'Good Time To Take Profits'

-Reuters Cited China State Media
<a href="https://www.reuters.com/business/autos-transportation/elon-musk-heading-china-visit-teslas-second-biggest-market-sources-say-2024-04-28/" title="https://www.reuters.com/business/autos-transportation/elon-musk-heading-china-visit-teslas-second-biggest-market-sources-say-2024-04-28/">https://www.reuters.com/business/autos-transportation/elon-musk-heading-china-visit-teslas-second-biggest-market-sources-say-2024-04-28/</a>

China's Premier Li Qiang Said During His Meeting With Tesla's CEO Musk Earlier Sunday That Automaker's Development In China Can Be Called A Successful Example Of Sino-U.S. Economic And Trade Cooperation; Musk Said Tesla's Shanghai Factory Is The Company's Best Performing

The mysterious death of Alexei Navalny, a leading figure in Russian opposition,&nbsp;led to a new <a href="https://www.benzinga.com/news/24/02/37193359/putin-rival-alexei-navalny-had-this-message-ready-for-the-russian-public-in-the-event-of-his-untimel">round of sanctions against Russia.</a>
However, recent findings by U.S. intelligence agencies suggest that Vladimir Putin, the Russian president, may not have directly orchestrated Navalny&#39;s demise, adding a new layer of complexity to the situation.
What Happened: U.S. intelligence agencies have deduced that Putin probably did not command Navalny&#39;s death in the harsh prison camp.
This conclusion does not absolve Putin of responsibility but indicates that he likely did not sanction it at that particular moment, <a href="https://www.wsj.com/world/russia/alexei-navalny-death-us-intelligence-71bc95b0">reported&nbsp;</a>The Wall Street Journal.&nbsp;
Despite this development, some European intelligence agencies have remained doubtful, arguing that in a system as tightly controlled as Putin&#39;s Russia, it would be unlikely for Navalny to have been harmed without the president&#39;s foreknowledge.
World leaders, including President Joe Biden, have held Putin accountable for Navalny&#39;s death, citing the Kremlin&#39;s history of targeting Navalny.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/02/37193359/putin-rival-alexei-navalny-had-this-message-ready-for-the-russian-public-in-the-event-of-his-untimel">Putin Rival Alexei Navalny Had This Message Ready For The Russian Public In The Event Of His Untimely Death</a>
However, the U.S. now believes that Putin did not intend for Navalny&#39;s death to occur when it did.
Navalny&#39;s allies maintain that his death was a plot by the Kremlin. Leonid Volkov, a close ally of Navalny, dismissed the U.S. intelligence community&rsquo;s assessment as naive.
Why It Matters: Navalny, known for his anti-corruption activism and large-scale anti-Kremlin protests, <a href="http://www.benzinga.com/news/24/02/37177322/alexei-navalny-opposition-leader-and-prominent-critic-of-russian-president-dies-mysteriously-at-47-i">died mysteriously </a>in a Russian prison.
His death came after a transfer to a high-security penal colony in Kharp, a move widely criticized as an attempt to silence him.
Before his death, Navalny left a message for the Russian people in a 2022 documentary, &quot;Navalny.&quot; He stated, &quot;If they decide to kill me, we are incredibly strong,&quot; urging the public not to remain inactive.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/22/09/28908055/russian-teachers-asked-to-donate-salaries-to-soldiers-invading-ukraine" target="_blank">Russian Teachers Asked To Donate To Putin&#39;s Soldiers In Ukraine: &#39;We Were Told... They Have No Pants And Socks&#39;</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Putin May Not Have Been Directly Behind Opposition Leader's Puzzling Death, U.S. Intelligence Says

Cassidy Hutchinson, a former aide to Donald Trump,&nbsp;publicly expressed her disapproval of the ex-president following the recent indictments of <a href="https://www.benzinga.com/news/24/03/38012721/marjorie-taylor-greene-claims-she-has-proof-that-votes-for-donald-trump-in-2020-were-lost-in-the-mai">his associates in the Arizona fake electors scheme.</a>
What Happened: Last Wednesday, Hutchinson&nbsp;voiced her concerns in an <a href="https://edition.cnn.com/2024/04/24/politics/video/cassidy-hutchinson-trump-attacks-src-digvid">interview </a>with CNN.&nbsp;She previously served as a top aide to Trump&#39;s White House Chief of Staff&nbsp;Mark Meadows, who&nbsp;provided&nbsp;testimony to the January 6 committee.
Hutchinson accused Trump of sacrificing those loyal to him for his gain. She also criticized his disregard for democratic institutions and warned of the potential risks for those who believe they are entering public service for the greater good.
News of the indictment of Meadows and six other associates &mdash;&nbsp;Rudy Giuliani, Jenna Ellis, John Eastman, Christina Bobb, Boris Epshteyn&nbsp;and Mike Roman&nbsp;&mdash;&nbsp;in Arizona had just been released. Hutchinson expressed her disappointment, particularly with her former boss&nbsp;Meadows.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38133891/donald-trump-says-it-would-be-a-great-honor-if-he-were-jailed-for-breaching-gag-order-i-will-gladly" target="_blank">Donald Trump Says It Would Be A &#39;Great Honor&#39; If He Were Jailed For Breaching Gag Order: &#39;I Will Gladly Become A Modern Day Nelson Mandela&#39;</a>
Talking about Meadows&nbsp;getting indicted for&nbsp;the second time,&nbsp;Hutchinson said, &quot;It&rsquo;s really sad. I was really close with Mark.&nbsp;If we look at how Trump has conducted himself, through his business career, and also his political career, I almost relate it to just bodies around him, that he takes out everybody who is loyal to him, because it&rsquo;s all about his personal gain, and what he can gain from those people.&quot;
She emphasized the importance of the public understanding Trump&#39;s true character, especially considering his potential run for the presidency again.
&quot;Donald Trump is inherently about himself. That&rsquo;s why America is in the position that it is today&nbsp;because he did not want to give up the presidency. And he&rsquo;s now running again. He&rsquo;s been indicted in multiple jurisdictions,&quot; she added.&nbsp; 
Why It Matters: This is not the first time Trump has faced&nbsp;scrutiny. The former president&nbsp;<a href="http://www.benzinga.com/news/24/04/38238321/donald-trump-attempts-to-rally-supporters-ahead-of-first-criminal-trial-72-hours-until-all-hell-brea">is facing a criminal trial over</a> alleged hush money payments made during his 2016 presidential campaign. During the first week, the prosecution revealed Trump&#39;s alleged efforts to suppress damaging information about his personal life.
Trump&#39;s legal troubles have divided public opinion. A YouGov poll revealed <a href="http://www.benzinga.com/news/24/02/36924973/trumped-up-charges-poll-reveals-what-most-americans-think-of-charges-against-embattled-ex-president">a clear divide between Republicans</a> and Democrats, with many Republicans skeptical about the fairness of the cases against Trump.
These recent indictments and Hutchinson&#39;s comments add to the growing concerns about Trump&#39;s character and his potential return to politics.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38238321/donald-trump-attempts-to-rally-supporters-ahead-of-first-criminal-trial-72-hours-until-all-hell-brea">Donald Trump Attempts To Rally Supporters Ahead Of First Criminal Trial: &#39;72 Hours Until All Hell Breaks Loose!&#39;</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of  'Bodies Around Him': 'He Takes Out Everybody Who Is Loyal To Him'

Elon Musk&nbsp;dismissed theories of extraterrestrial existence, citing his experience with SpaceX&#39;s satellite operations.
What Happened: Responding to a tweet on Saturday, Elon Musk, the CEO of SpaceX, rejected the idea of alien existence.
He stated, &quot;I have seen no evidence of aliens. If I did, I would &#128175; post about it on &#120143; instantly!&quot;
Musk further substantiated his claim by referring to SpaceX&#39;s extensive satellite network. &quot;SpaceX has almost 6000 satellites in orbit and not once have we had to maneuver around aliens. &quot;
<blockquote class="twitter-tweet">I have seen no evidence of aliens. If I did, I would &#128175; post about it on &#120143; instantly!
SpaceX has almost 6000 satellites in orbit and not once have we had to maneuver around aliens.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1784043082872402161?ref_src=twsrc%5Etfw">April 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>The tweet was in response to a video suggesting an unidentified flying object (UFO) near the missing MH370 flight. The video claimed the object was &quot;flying so close to the plane that it indicates an operation.&quot;
The Boeing 777-200ER involved, known as Malaysia Airlines flight MH370, mysteriously vanished on March 8, 2014, en route from Kuala Lumpur to Beijing.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38477052/elon-musk-overtakes-zuckerberg-as-worlds-third-richest-amid-stock-market-shake-up">Elon Musk Overtakes Mark Zuckerberg As World&#39;s Third-Richest Amid Stock Market Shake-Up</a>
Despite lost&nbsp;contact with civilian radars, military tracking continued for an hour as the plane deviated over the Malay Peninsula and the Andaman Sea.
Why It Matters: Musk&#39;s comments come amid ongoing debates and speculations about the existence of extraterrestrial life.&nbsp;
Under Musk&#39;s leadership, SpaceX has launched nearly 6,000 satellites into orbit. The absence of any alien encounter during these operations strengthens Musk&#39;s argument against the existence of extraterrestrial life.
While Musk&#39;s comments may not end the debate, they add a valuable viewpoint to the ongoing discourse on extraterrestrial life.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38348400/several-companies-under-elon-musk-billed-each-other-approximately-9-million-in-expenses-raising-seri">Several Companies Under Elon Musk Billed Each Other Approximately $9 Million In Expenses, Raising Serious Questions About Corporate Governance</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Elon Musk Dismisses Alien Theories Surrounding Mysterious MH370 Incident: 'I Have Seen No Evidence Of Aliens'

EHang Holdings Limited (&ldquo;EHang&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EH#NASDAQ">EH</a>), the world&rsquo;s leading Urban Air Mobility (&ldquo;UAM&rdquo;) technology platform company, announced that it has established a strategic partnership with ultra-fast charging-focused Guangzhou Greater Bay Technology Co., Ltd. (&ldquo;Greater Bay Technology&rdquo; or &ldquo;GBT&rdquo;) at the 16th Chongqing International Battery Technology Exchange Conference/Exhibition for the research and development of the world&rsquo;s first Ultra-Fast Charging (&ldquo;UFC&rdquo;)/eXtreme Fast Charging (&ldquo;XFC&rdquo;) battery solutions for EHang&rsquo;s electric vertical takeoff and landing (&ldquo;eVTOL&rdquo;) aircraft. The partnership is to promote the research and development as well as industrialization of eVTOL power system components and modules in the UAM sector, laying an ecological foundation for commercial operations of the low-altitude economy.
&nbsp;

EHang and Greater Bay Technology Formed Strategic Partnership to Jointly Develop World's First Ultra-Fast/eXtreme Fast Charging Batteries for eVTOL

A recent forecast by&nbsp;cryptocurrency strategist Altcoin Sherpa suggests an impressive surge in the value of Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>).
According to him, the digital asset is expected to climb by a whopping 267% by year&#39;s end, potentially breaking the $500 mark.
Altcoin Sherpa said acquiring shares of Solana at current levels could be highly advantageous, as he predicts substantial future gains.&nbsp;
&quot;SOL: averaging into SOL is never a bad idea in my opinion. I think this goes to $500+ later this year. Anywhere from $130-$110 would be a gift (not quite expecting that yet),&quot; he shared on X, formerly known as Twitter.
<blockquote class="twitter-tweet"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>: Averaging into SOL is never a bad idea IMO. I think this goes to $500+ later this year. Anywhere from $130-$110 would be a gift (not quite expecting that yet) <a href="https://t.co/eCTNfYDMBK">pic.twitter.com/eCTNfYDMBK</a>
&mdash; Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1783912486229430588?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>The strategist also highlighted potential opportunities in two AI-focused cryptocurrencies, Fetch.ai (FET) and Render (RNDR), suggesting that these could see dips to more attractive buying levels.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37573802/forget-dogecoin-and-shiba-inu-this-meme-coin-has-surged-nearly-70-in-just-24-hours">Forget Dogecoin And Shiba Inu &mdash; This Meme Coin Has Surged Nearly 70% In Just 24 Hours</a>
<blockquote class="twitter-tweet">Prob going to be some good AI coin deals here in the coming weeks/months if btc continues to have the current price action of bleeding/chopping. Stuff like <a href="https://twitter.com/search?q=%24FET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FET</a> <a href="https://twitter.com/search?q=%24RNDR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RNDR</a> are going to be great buys imo. Start averaging in at the .50 fib and go down to .618 IMO. <a href="https://t.co/aaaRw1icdD">pic.twitter.com/aaaRw1icdD</a>
&mdash; Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1783907000427946308?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>&quot;Probably going to be some good AI coin deals here in the coming weeks/months if BTC continues to have the current price action of bleeding/chopping. Stuff like FET, RNDR are going to be great buys in my opinion. Start averaging in at the .50 fib and go down to .618 in my opinion,&quot; the analyst shared.&nbsp;
Fetch.ai and Render are both anticipated to rebound and rally after short-term pullbacks linked to current market volatility.
Currently, Solana is trading at $136, experiencing a slight decrease of 5.54% over the past day. Similarly, Fetch.ai and Render are trading at $2.11 and $7.95, respectively, declining over 7%.
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37577098/bitcoins-rally-sparks-renewed-interest-in-cryptocurrencies-should-you-invest-in-it-now">Bitcoin&#39;s Rally Sparks Renewed Interest In Cryptocurrencies &mdash; Should You Invest In It Now?</a>
Photo: Shutterstock

Markets

Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And Its Not Dogecoin Or Shiba Inu

Bob Bakish, the current CEO of Paramount Global, may be facing termination as the company<a href="https://www.benzinga.com/general/entertainment/24/04/38202664/paramount-directors-exit-as-skydance-merger-talks-continue-report"> continues its merger talks with Skydance Media.</a>
What Happened: A recent CNBC <a href="https://www.cnbc.com/2024/04/27/paramount-ceo-bob-bakish-could-be-out-as-soon-as-monday-as-skydance-merger-talks-continue.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard">report </a>suggests that the board of Paramount Global (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/para#NASDAQ">PARA</a>) is contemplating the dismissal of&nbsp;Bakish, which will possibly come&nbsp;as early as Monday.
In the event of Bakish&#39;s departure, the company is expected to rely on division heads while continuing merger discussions with Skydance Media.
Paramount Global has set up a special committee to explore the potential merger. The two companies are in exclusive talks until May 3, though this period may be extended.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38457749/former-democratic-senator-says-bidens-new-capital-gains-tax-proposal-aimed-at-billi?itm_source=parsely-api" target="_blank">Former Democratic Senator Says Biden&#39;s New Capital Gains Tax Proposal Aimed At Billionaires Has &#39;No Chanc</a>
Shari Redstone, Paramount Global&#39;s controlling shareholder, has reportedly lost faith in Bakish. Redstone had plans to remove Bakish before the company&#39;s carriage negotiation with Charter Communications, a pivotal event for determining Paramount&#39;s value in its merger talks with Skydance.
As the merger talks progress, it is expected that Bakish will leave Paramount&nbsp;and Skydance&#39;s CEO David Ellison will take over.
Bakish has privately opposed the merger, arguing it could dilute common shareholders. The proposed deal would see Skydance and its private equity partners owning nearly 50% of the merged company, with ordinary shareholders owning the rest.
Why It Matters: <a href="http://www.benzinga.com/m-a/24/04/38458769/paramount-skydance-merger-talks-heat-up">The merger talks</a> between Paramount Global and Skydance Media have been heating up. The companies are reportedly close to agreeing on a valuation of about $5 billion for Skydance in the merger.
Interestingly, this isn&#39;t Paramount&#39;s first involvement in merger talks.
In December 2023, <a href="http://www.benzinga.com/m-a/23/12/36334785/ceos-of-warner-bros-and-paramount-meet-to-discuss-possible-merger-axios">Bakish met with</a> Warner Bros. Discovery, Inc.&nbsp;CEO David Zaslav to discuss a potential merger.
The discussions centered on&nbsp;how the two companies could complement each other, including leveraging Paramount&#39;s children&#39;s programming assets and combining CBS News and CNN into a global news outlet.
Now Read:<a href="https://www.benzinga.com/markets/equities/24/04/38335444/why-paramount-global-shares-are-gaining-today">&nbsp;</a><a href="https://www.benzinga.com/markets/equities/24/04/38335444/why-paramount-global-shares-are-gaining-today">Why Paramount Global Shares Are Gaining Today</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

PARA

CEO Shake-Up Looms At Paramount Global Amid Skydance Merger Discussions

MedMen Enterprises Inc. has thrown in the towel, citing financial conditions and an inability to pay its debts, said Amit Pandey, the cannabis company's former chief financial officer late Friday. 
Once hailed as the first cannabis unicorn and the &#8220;Apple store of weed,&#8221; MedMen spiraled over the past several years as troubling financial reports began to leak. These were followed by retail shop closures, layoffs, lawsuits and recriminations among executives.
"The difficult decision to shut down operations and commence the Bankruptcy Proceedings and Receivership Proceedings was made after careful consideration of the current financial condition of the Company and its subsidiaries, their inability to pay their liabilities as they become due and the anticipated enforcement actions of secured creditors," MedMen <a href="https://financialpost.com/pmn/business-wire-news-releases-pmn/medmen-announces-entering-bankruptcy-proceedings-and-resignation-of-cfo-and-directors">announced</a> in a Friday press release. 
"After careful consideration of these factors and in the absence of other available alternatives, the board of directors of the Company determined that it was in the best interests of the Company to proceed with the commencement of the Bankruptcy Proceedings and Receivership Proceedings."
<h2 class="wp-block-heading">$3 Billion Valuation</h2>
MedMen opened one of California's first retail cannabis stores in 2018 in West Hollywood after recreational cannabis laws went into effect. That same year, its stock was given a $3 billion valuation.
Despite MedMen's early success, it faced numerous challenges in the form of legal battles, failed acquisitions, high losses and stiff competition from both the legal and illicit cannabis markets.
Pandey resigned effective Feb. 13, along with each of the company's directors who resigned immediately prior to the commencement of the bankruptcy proceedings.
More information regarding the bankruptcy proceedings can be obtained from <a href="https://brileyfarber.com/engagements/medmen-enterprises-inc/">the bankruptcy trustee's website</a>. 
Photo: Courtesy of MedMen Enterprises Inc.

Cannabis

Retail Sales

Once Called The 'Apple Store Of Weed' And Valued At $1.7B, This Cannabis Company Has Declared Bankruptcy

As the weekend comes to a close, let&#8217;s take a look at the top stories that shaped the week. From a former senator&#8217;s skepticism about President Joe Biden&#8217;s tax proposal to the Fed&#8217;s inflation indicator, here&#8217;s a quick recap of the key events that unfolded.
<h3 class="wp-block-heading">Former Senator Dismisses Biden&#8217;s Capital Gains Tax Proposal</h3>
Former Democratic senator, Heidi Heitkamp, has expressed doubts about the likelihood of President Joe Biden&#8217;s proposed 44% capital gains tax passing. The proposal, part of the Fiscal Year 2025 Budget, aims to raise long-term capital gains and qualified dividends rates to 37% for taxpayers with taxable income above $1 million.&nbsp;
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38457749/former-democrat[%E2%80%A6]or-says-bidens-new-capital-gains-tax-proposal-aimed-at-billi">Read the full article here</a>.
<h3 class="wp-block-heading">Fed&#8217;s Key Inflation Indicator Hits 2.8%</h3>
The Federal Reserve&#8217;s preferred inflation measure, the Personal Consumption Expenditure (PCE) price index, surged beyond expectations in March. This development has further dampened hopes of a Federal Reserve rate cut, which had already been dwindling in recent weeks. Market-implied probabilities now suggest a 60% chance of a rate cut by September 2024, with only one rate cut priced in by year-end.&nbsp;
<a href="https://www.benzinga.com/general/macro-notification/24/04/38458581/feds-key-inflation-indicator-hits-2-8-dashes-rate-cut-hopes-traders-on-alert">Read the full article here</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38457749/former-democratic-senator-says-bidens-new-capital-gains-tax-proposal-aimed-at-billi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/news/earnings/24/04/38374783/wall-street-set-to-open-higher-as-tesla-to-kick-off-magnificent-7-earnings-why-this-analyst-thinks-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">S&amp;P 500, Nasdaq Futures Climb Higher: Will Tesla Earnings Spark Rally Or Retreat?</a>
<h3 class="wp-block-heading">US Economy Grows 1.6% In Q1</h3>
The U.S. economy experienced slower growth in the first quarter of the year, falling slightly below economists&#8217; predictions. The Gross Domestic Product (GDP) annualized growth rate for the quarter stood at 1.6%, as per the advanced estimates released by the Bureau of Economic Analysis.&nbsp;
<a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38429782/us-economy-gr[%E2%80%A6]in-q1-slightly-below-expectations-as-price-pressures-weigh-o">Read the full article here</a>.
<h3 class="wp-block-heading">Goldman Sachs Predicts Steady Inflation Decline</h3>
Despite recent unexpected inflation increases, Goldman Sachs economist Jessica Rindels has forecasted a downturn in the core Personal Consumption Expenditure (PCE) Inflation for the rest of the year. Rindels attributes the re-acceleration to transient factors that are expected to diminish.&nbsp;
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38389508/did-the-feds-st[%E2%80%A6]ay-off-goldman-sachs-projects-steady-inflation-decline-in-20">Read the full article here</a>.
<h3 class="wp-block-heading">Treasury Yields Reach 5-Month High</h3>
As Treasury yields continue to rise, reaching levels not seen since November 2023, the impact on the U.S. mortgage market and potentially the broader economy is becoming increasingly pressing. The yield on the 30-year Treasury note climbed 5 basis points, reaching 4.78% by mid-morning in New York, on track to close at its highest level since Nov. 6, 2023.&nbsp;
<a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38410454/treasury-yiel[%E2%80%A6]-5-month-high-lift-mortgage-rates-expert-warns-federal-debt-">Read the full article here</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Growth Slows In Q1, Yet Inflation Acceleration Signals Stagflation: &#8216;The Worst Possible Outcome For The Fed&#8217;</a>
Image by Chris Yunker via Flickr
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Economics

Everything From Biden's Capital Gains Tax Proposal, Fed's Inflation Indicator To US Economy Growth And Goldman Sachs' Inflation Decline Prediction: Top Economic Updates This Week

The week was a rollercoaster ride in the world of cryptocurrency. From Shiba Inu&#8217;s skyrocketing burn rate to the rising concerns about overvaluation in the crypto market, there was no shortage of action. Meme coins continued to make waves, with Pepe and Dogecoin gaining traction. Meanwhile, Cathie Wood of Ark Invest made a bold prediction about Ethereum. Here&#8217;s a recap of the top stories.
Shiba Inu Burn Rate Skyrockets &#8211; Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) is back in the spotlight with a significant increase in burn rates and wallet movements. Data from Shibburn revealed a 2,211.9% spike in burn rate in the past 24 hours, with a single transaction burning 1.8 million SHIB coins. <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38402854/dogecoin-killer-shiba-inu-burn-rate-skyrockets-2-212-as-robinhood-wallet-moves-3-trillion">Read the full article here.</a>
Crypto Greed Peaks, But Prices Don&#8217;t &#8211; Twitter personality WazzCrypto expressed concerns about the current state of the cryptocurrency market. He highlighted the prevalence of overvaluation, with many new projects launching with valuations exceeding $10 billion. He also discussed the impact of memes on market sentiment and the influx of new money into the cryptocurrency space. <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38365501/crypto-greed-almost-at-all-time-high-but-prices-are-not-warns-trader-this-cycle-is-kinda-c">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38423721/dogecoin-killer-shiba-inu-burn-rate-drops-over-last-24-hours-mirrors-decline-in-price?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu Burn Rate Drops Over Last 24 Hours, Mirrors Decline In Price</a>
Pepe May Flip Shiba Inu and Dogecoin &#8211; Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) has generated significant gains over the past seven days, prompting analysts to foresee further bullish price action. Meme coin analyst and trader Murad believes that Pepe, a "cult community with more than 10 million unique memes," could flip Shiba Inu and Dogecoin. <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38413834/pepe-up-50-on-the-week-cult-community-may-flip-shib-and-possibly-even-doge-predicts-influe">Read the full article here.</a>
Memecoins Fueling Mass Adoption Of Base&#8217;s L2 Network &#8211; Jesse Pollak, the creator of Base of Coinbase, attributed the burgeoning adoption of the layer-2 network to the rise of memecoins. He emphasized the influence of memecoins in integrating a significant number of users into the Base ecosystem. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38376705/doge-shiba-and-other-memecoins-fueling-mass-adoption-of-bases-l2-network-coinbase-e">Read the full article here.</a>
Cathie Wood&#8217;s Ethereum Prediction &#8211; Cathie Wood of Ark Invest believes that Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) could catch up to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and provide investors with huge profits in the coming years. She predicts that Ethereum could reach a market capitalization of $20 trillion by 2032. <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38377888/holding-6-ethereum-eth-could-make-you-a-millionaire-according-to-cathie-wood">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38469336/meme-coins-are-a-pure-ponzi-and-destroying-crypto-says-trader-who-thinks-dogecoin-was-diff?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meme Coins Are &#8216;A Pure Ponzi&#8217; And &#8216;Destroying Crypto,&#8217; Says Trader Who Thinks Dogecoin Was Different</a>
Photo by Avi Rozen via Shutterstock
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 Benzinga Neuro, Edited by 
 
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 extensive Benzinga Ecosystem, including native data, APIs, and more to 
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