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Tesla and SpaceX CEO Elon Musk, who acquired Twitter in <a href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next">October 2022 and subsequently</a> rebranded it as X, is now getting complaints about the lack of female-friendliness on his social media platform.
What Happened: Over the weekend, a user on X shared a video of Johnny McEntee, Donald Trump <a href="https://www.benzinga.com/general/politics/23/12/36055300/donald-trumps-next-employees-appointees-if-he-wins-2024-election-could-be-screened-with-question">loyalist and former staffer</a>, saying that he should start posting on X. This prompted a discussion about the platform&#8217;s female user base, or lack thereof.
One user pointed out that X&nbsp;needs video integration to make&nbsp;it easier to upload TikTok videos. In response, Ashley St Clair, a right-wing commentator and an X user, noted that the platform&#8217;s demographic is primarily male. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38695318/from-beginner-to-enthusiast-top-5-free-harvard-courses-to-spark-your-ai-journey-with-machine-learnin?itm_source=parsely-api">From Beginner To Enthusiast: Top 5 Free Harvard Courses To Spark Your AI Journey With Machine Learning, Python And More</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">Also his demographic is primarily female. It's 70% men here.
&mdash; Ashley St. Clair (@stclairashley) <a href="https://twitter.com/stclairashley/status/1789780698280120531?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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At this point, a user shared that his wife and her&nbsp;sisters don&#8217;t find X appealing, while TikTok and Instagram are almost like addictions for them. &#8220;Something about X probably isn&#8217;t female friendly.&#8221;
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.
Clair also mentioned that the platform&#8217;s graphic and controversial content, as well as the lack of sensitivity settings, deter many women. &#8220;I tried getting my mom to use X more. Feeds for new users are incredibly graphic, controversial + off-putting,&#8221; she said. 
Adding, &#8220;Lots of women also deterred by lack sensitivity settings for their own comments. Women don't want a gladiator-free speech arena under their posts. Just how it is.&#8221;
Musk appeared to acknowledge all these concerns as he responded with a simple &#8220;Noted.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Noted
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1789804135094624708?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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Why It Matters: This discussion comes on the heels of a report that X is experiencing a surge in adult content, causing discomfort among its users. The platform&#8217;s lack of female-friendly features could further exacerbate this issue, potentially impacting user <a href="https://www.benzinga.com/general/entertainment/24/03/37942470/x-is-losing-users-and-struggling-to-attract-creators-according-to-new-data">engagement and retention</a>.
Meanwhile, Musk proudly highlighted the capability of <a href="https://www.benzinga.com/news/24/05/38754725/elon-musk-going-for-youtube-billionaire-now-wants-you-to-post-your-movies-tv-shows-and-podcasts-on-x">posting multiple hours-long videos</a> on the social media platform last week. He said, &#8220;Post your movies, TV series, or podcast on this platform and monetize by turning on subscriptions!&#8221;
The tech billionaire has been working toward transforming the social media platform into an &#8220;everything app,&#8221; that comes with functionalities like audio and video calls, photos and video sharing, transferring money, searching for jobs, and more.
Photo Courtesy: Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38720217/wedbush-analyst-dan-ives-says-the-world-is-in-early-stages-of-a-fourth-industrial-revolution-and-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wedbush Analyst Dan Ives Says The World Is In &#8216;Early Stages Of A Fourth Industrial Revolution&#8217; And It Is Led By Nvidia CEO Jensen Huang As &#8216;Godfather Of AI&#8217;</a>
Disclaimer:&nbsp;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.

Elon Musk's X Isn't Female Friendly: Tech Billionaire Takes Note As Users Complain About Algorithm Needing Some 'Serious Adjustments'

Chief Economic Advisor at Allianz, Mohamed El-Erian, has highlighted inflation as a major challenge for President Joe Biden&#8216;s potential reelection. This comes amid a recent poll showing that inflation fears are affecting Biden&#8217;s economic policy approval ratings.
What Happened: El-Erian took to social media platform X to share the findings of the latest FT-Michigan Ross <a href="https://www.ft.com/content/46c6cc07-ec71-4d8b-a630-9c39f5856b7c">poll</a>. The poll revealed that 80% of voters consider high prices to be one of their most significant financial challenges. 
This concern about inflation is impacting Biden&#8217;s economic policy approval ratings, with 58% of voters disapproving of his handling of the economy. This disapproval has increased from 55% the previous month.
El-Erian&#8217;s post also highlighted other financial concerns among voters. 49% of voters are worried about income levels, up from 45% in the previous poll, and 32% are concerned about housing costs, up from 27% in April.
El-Erian wrote citing the latest FT-Michigan Ross poll, "Joe Biden's re-election prospects are being dogged by persistent fears over <a href="https://twitter.com/hashtag/inflation?src=hashtag_click">#inflation</a>, with 80 per cent of voters saying high prices are one of their biggest financial challenges." 
"Aside from anxiety about inflation, the poll also found 49 per cent of voters are concerned about income levels, up from 45 per cent, and just under a third — 32 per cent — are worried about housing costs, compared to 27 per cent in April."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Per the latest FT-Michigan Ross poll: "Joe Biden's re-election prospects are being dogged by persistent fears over <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a>, with 80 per cent of voters saying high prices are one of their biggest financial challenges." "Aside from anxiety about inflation, the poll also found… <a href="https://t.co/7S04wPdRP5">pic.twitter.com/7S04wPdRP5</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1789663557077893538?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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These findings are a reversal of the recent gains Biden had made among voters regarding his handling of the U.S. economy. The poll results, which come less than six months before the presidential election, suggest that voters are still attributing high consumer prices to Biden without acknowledging the strong jobs market and booming economy.
March inflation stood at a 3.5% annual increase, while the Federal Reserve&#8217;s benchmark policy rate remains within the 5.25%-5.50% range since July.
See Also: <a href="https://www.benzinga.com/news/earnings/24/05/38756854/us-stocks-set-to-end-week-strong-with-with-s-p-500-eyeing-break-above-late-march-peak-analyst-says-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 Futures Climb Solidly: What&#8217;s Driving Premarket Action</a>
Why It Matters: The findings of the FT-Michigan Ross poll are significant as they indicate a potential shift in public opinion regarding Biden&#8217;s economic policies. This shift could have implications for the upcoming presidential election.
El-Erian&#8217;s concerns about inflation align with the broader economic landscape. The recent surge in inflation has led to fears of a potential economic downturn. This has prompted the Federal Reserve to consider rate hikes, a move that could impact the stock market. Investment strategist Ed Yardeni has even warned of a potential <a href="https://www.benzinga.com/news/24/05/38720656/feds-rate-cut-could-trigger-stock-market-melt-up-warns-investment-strategist">stock market &#8220;melt-up&#8221;</a> driven by rate cuts.
Despite these concerns, President Biden remains optimistic about the economy, attributing the persistently high inflation to <a href="https://www.benzinga.com/government/24/05/38724294/biden-says-hes-already-turned-economy-around-blames-corporate-greed-for-persistently-high-inflation">corporate greed</a>. Meanwhile, Goldman Sachs has pointed to the recent rebound in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38678379/immigration-rebound-helps-solve-us-inflation-puzzle-goldman-sachs">U.S. immigration levels</a> as a factor that has helped stabilize wages and inflation.
El-Erian has previously warned about the potential impact of the Federal Reserve&#8217;s data-dependent approach following the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38635916/el-erian-warns-feds-data-dependence-risks-global-market-havoc-that-is-what-weve-got">April U.S. jobs report</a>. He suggested that this approach could lead to further disruptions in global markets.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38743773/trumps-china-tariff-hikes-could-smother-us-economic-growth-fitch-ratings-sounds-ala?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s China Tariff Hikes Could Smother US Economic Growth: Fitch Ratings Sounds Alarm</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Global

Economics

Mohamed El-Erian Highlights Voter Concerns Over Inflation, Income, And Housing Costs In Latest Poll, Impacting Biden's Reelection Prospects

Leading cryptocurrencies remained range-bound over the weekend, with bears continuing to provide tough resistance to the market&#8217;s drive for sustained gains.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.24%</td>
<td>$61,759</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>+0.72%</td>
<td>$2,941.17</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>-1.06%</td>
<td>$0.1424</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin, the largest cryptocurrency by market cap, meandered in the $61,000 zone, after witnessing a sharp correction from $63,000 last Friday. The apex crypto finished last week with losses of more than 4%.&nbsp;
The sideways movement was reflected in the speculative interest for the coin, as Open Interest (OI) in Bitcoin futures saw a tepid 0.32% increase in the 24-hour period.
About $56 million in positions was wiped out in the last 24 hours, with nearly equal amounts of longs and shorts liquidated.
Ethereum and king of memecoins, Dogecoin, had a more difficult time, shedding 6% and 12% over the week.
The Cryptocurrency Fear &amp; Greed Index flashed "Greed" ahead of a new trading week, suggesting that investor sentiment remained unchanged from the last week.
Top Gainers (24 Hour)
<figure class="wp-block-table"> 
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Core (CORE)</td>
<td>+10.47%</td>
<td>$1.75</td>
</tr>
<tr>
<td>Arweave (AR)</td>
<td>+4.68%</td>
<td>$42.53</td>
</tr>
<tr>
<td>THORChain (RUNE)</td>
<td>+4.60%</td>
<td>$6.14</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stands at $2.27 trillion, expanding marginally by 0.6% over the past 24 hours.
Like the crypto market, stock market futures traded sideways on Sunday. The Dow Jones Industrial Average Futures fell 12 points, or 0.03%, as of 9 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dipped 0.02%, while Nasdaq 100 Futures added 0.03%.
Investors await the key April's consumer price index data on Wednesday for cues regarding the Federal Reserve's next moves. In addition, the market will look for insights from Fed Chair Jerome Powell and Fed Vice Chair Philip Jefferson&#8217;s speeches due this week.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Noted cryptocurrency analyst and trader, Ali Martinez flagged the importance of $64,290 as a support level for Bitcoin.&nbsp;
"If Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610," Martinez forecasted. "However, if it fails to surpass $64,290, BTC might retest support at $51,970."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> might retest support at $51,970. <a href="https://t.co/s4D1fTEU7k">pic.twitter.com/s4D1fTEU7k</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1789683591288394043?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Prominent on-chain analytics firm Santiment noted that the bearish sentiment in the market was high, as negative commentary on most coins trumped positive chatter.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4c9; With <a href="https://twitter.com/hashtag/bearish?src=hash&amp;ref_src=twsrc%5Etfw">#bearish</a> sentiment high, <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> markets have continued to slip over the past week. Overall, the market has dropped -3.6%, and volume is -27% lower than the previous week. <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TON</a>, <a href="https://twitter.com/search?q=%24KAS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$KAS</a>, <a href="https://twitter.com/search?q=%24RUNE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RUNE</a>, and <a href="https://twitter.com/search?q=%24AKT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AKT</a> have kept traders hopeful. <a href="https://t.co/E6b2DtmAxI">https://t.co/E6b2DtmAxI</a> <a href="https://t.co/VoiCJk1ymh">pic.twitter.com/VoiCJk1ymh</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1789822670650954057?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Fernando Cortes on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38767596/decoding-donald-trumps-crypto-gambit">Decoding Donald Trump&#8217;s Crypto Gambit</a>

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

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Bitcoin, Ethereum, Dogecoin Trade Mixed After Turbulent Week: Analyst Says King Crypto Can Rise To $76K Level If It Reclaims This Crucial Support

To bolster China&#8217;s artificial intelligence sector, <a href="https://www.benzinga.com/startups/24/02/36939487/this-little-known-chinese-ai-startup-just-raised-200-million-from-alibaba-and-others-then-shot-to-th">renowned AI pioneer and founder</a> of Beijing-based startup — 01.AI — Kai-Fu Lee is launching the company&#8217;s first consumer AI application.
What Happened: The new app, named Wanzhi, is designed to enhance productivity for users in&nbsp;the Chinese market. It can&nbsp;assist with tasks such as creating spreadsheets, documents, and slide presentations, interpreting financial reports, and providing summaries of lengthy texts,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-05-13/ai-pioneer-kai-fu-lee-aims-to-bring-china-its-chatgpt-moment?srnd=technology-vp">reported</a>&nbsp;Bloomberg.
In an interview with the publication, Lee, 62, highlighted the necessity for China to develop its version of ChatGPT, the chatbot released by OpenAI in 2022. ChatGPT is <a href="https://www.benzinga.com/government/23/02/31022341/chinas-ban-on-openais-chatgpt-likely-to-serve-as-tailwinds-for-baidu-alibaba-report">currently prohibited in China</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38695318/from-beginner-to-enthusiast-top-5-free-harvard-courses-to-spark-your-ai-journey-with-machine-learnin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">From Beginner To Enthusiast: Top 5 Free Harvard Courses To Spark Your AI Journey With Machine Learning, Python And More</a>
&#8220;For Americans, the moment happened 17 months ago,&#8221; he said, adding, &#8220;China's users didn't have a ChatGPT moment. Until now, none of the Chinese chatbots or tools have been good enough.&#8221;
Lee, who previously worked with&nbsp;Apple Inc. and&nbsp;Alphabet Inc.&#8217;s Google, took over as CEO of&nbsp;01.AI last year. The startup, which reached a $1 billion valuation within eight months, is also introducing a proprietary large language model&nbsp;called Yi-Large, aimed at enterprise&nbsp;users.
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: The launch of Wanzhi is a significant move in China&#8217;s AI landscape, which has seen fierce competition and regulatory challenges. The country&#8217;s AI sector has been <a href="https://www.benzinga.com/news/24/05/38699497/us-mulls-over-regulations-to-restrict-chinas-access-to-advanced-ai-software-behind-apps-like-chatgpt">striving to catch up with U.S. firms</a>, which have been leading in generative AI.
Chinese tech giants like&nbsp;Baidu Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and&nbsp;ByteDance Ltd.&nbsp;have also been investing heavily in&nbsp;developing their own AI models&nbsp;and chatbot services. Last month, it was reported that Baidu&#8217;s AI chatbot, Ernie Bot, has&nbsp;<a href="https://www.benzinga.com/news/24/04/38263639/chatgpts-china-rival-ernie-bot-by-baidu-surpasses-200m-users-amid-fierce-competition">amassed over 200 million users</a>.
However, the sector has also faced challenges in the country. This includes the U.S. considering regulations to restrict China&#8217;s access to advanced AI software, and the <a href="https://www.benzinga.com/news/23/12/36270201/openai-suspends-tiktok-parent-bytedance-after-it-used-gpt-to-train-its-own-chatgpt-of-china">suspension of ByteDance</a> by OpenAI for using GPT to train its own competing AI model.
Photo Courtesy: Shutterstock.com
Check out more of&nbsp;Benzinga&#8217;s&nbsp;Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38759440/elon-musk-gets-another-vote-of-confidence-from-twitter-co-founder-jack-dorsey-elon-made-the-right-ch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gets Another Vote Of Confidence From Twitter Co-Founder Jack Dorsey: &#8216;Elon Made…The Right Choice&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

AAPL

BIDU

GOOGL

China Has Yet To Have Its 'ChatGPT Moment,' Says Billionaire Startup Founder Kai-Fu Lee Who Is Launching Consumer-Oriented AI App Wanzhi

Sen. JD Vance (R-Ohio) has pledged to recognize the results of the 2024 presidential election, on the condition that the election is held in a &#8216;free and fair&#8217; manner.
What Happened: Vance, who is seen as a potential vice presidential candidate, has reiterated the views of several other prospective running mates for former President Donald Trump. These individuals have shown a degree of hesitation in promising to accept the election results, reflecting Trump&#8217;s own position, who has continually spread unverified allegations about voter fraud and the 2020 election result, <a href="https://www.nbcnews.com/politics/2024-election/sen-jd-vance-says-accept-2024-results-election-free-fair-rcna151895">reported</a> NBC News.
&#8220;I fully intend to accept the results of 2024,&#8221; Vance declared to CNN&#8217;s Dana Bash, expressing his belief in Trump&#8217;s potential win. &#8220;If it&#8217;s a free and fair election, Dana, I think every Republican will enthusiastically accept the results,&#8221; Vance further stated.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>
However, Vance underscored the need to address any perceived &#8220;problems&#8221; with elections. &#8220;If you think there were problems, you have to be willing to pursue those problems and try to prosecute the case,&#8221; he said.
Other potential running mates, such as Sen. Tim Scott (R-S.C.) and Rep. Elise Stefanik (R-N.Y.), have been less decisive about accepting the election results. President Joe Biden has regularly criticized Trump&#8217;s denial of election results and his VP hopefuls.
Why It Matters: As reported in a <a href="https://www.benzinga.com/news/24/05/38719612/biden-isnt-convinced-trump-will-accept-outcome-of-2024-election-says-world-leaders-rooting-for-his-v">Benzinga article</a> from May 2024, President Biden has previously expressed concerns about Trump's <a href="https://www.benzinga.com/news/24/05/38719612/biden-isnt-convinced-trump-will-accept-outcome-of-2024-election-says-world-leaders-rooting-for-his-v">potential refusal</a> to acknowledge the election results. He stated, "He may not accept the outcome of the election. I promise you he won't, which is dangerous." 
Biden also revealed that a significant number of international allies are rooting for his re-election, further highlighting the global significance of the forthcoming US election.
Read Next: <a href="https://www.benzinga.com/news/24/05/38776670/the-disparate-treatment-of-trumps-fake-electors-is-a-serious-concern-says-legal-expert-its-so-unusua?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Disparate Treatment Of Trump&#8217;s Fake Electors Is A Serious Concern, Says Legal Expert: &#8216;It&#8217;s So Unusual To Have This Situation&#8217;</a>
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Politics

Potential Trump VP Contender JD Vance Ready To Accept 2024 Election Results As Long As They Are 'Free And Fair'

Mark Penn, a former senior advisor to the Clintons, voiced his criticisms of President Joe Biden&#8217;s current campaign strategy, suggesting that it could potentially jeopardize his chances in the upcoming election.
What Happened: Penn, who served as an advisor to the Clintons from 1995 to 2008 and is now at the helm of the Harris Poll, expressed his concerns in an <a href="https://www.nytimes.com/2024/05/12/opinion/joe-biden-swing-voters.html?smid=nytcore-ios-share&amp;referringSource=articleShare&amp;sgrp=c-cb">op-ed</a> published in The New York Times on Sunday. He criticized Biden&#8217;s strategy of catering to the left wing of the Democratic Party and overlooking independent voters, a move he believes could prove harmful for Biden&#8217;s re-election bid, as <a href="https://thehill.com/homenews/campaign/4659263-clinton-advisor-says-biden-campaign-doing-it-all-wrong/">reported</a> by The Hill.
Penn penned, &#8220;If Mr. Biden wants to serve another four years, he has to stop being dragged to the left and chart a different course closer to the center.&#8221; He underscored the significance of bipartisan compromises, fiscal discipline, and a strong America.
He also implied that Biden is behaving like a &#8220;scared candidate,&#8221; focusing on appeasing his left-leaning base rather than attracting new voters. Penn contended that Biden&#8217;s path to victory lies in appealing to the moderate Republican base, specifically former U.N. Ambassador Nikki Haley&#8217;s supporters.
Penn further advised Biden to revamp his policy platform to align more closely with what he believes moderates want, including being tough on crime and immigration, supporting Israel, and backing off key promises related to combating climate change.
See Also: <a href="https://www.benzinga.com/news/24/05/38776670/the-disparate-treatment-of-trumps-fake-electors-is-a-serious-concern-says-legal-expert-its-so-unusua?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Disparate Treatment Of Trump&#8217;s Fake Electors Is A Serious Concern, Says Legal Expert: &#8216;It&#8217;s So Unusual To Have This Situation&#8217;</a>
Why It Matters: The 2024 elections are shaping up to be a <a href="https://www.benzinga.com/general/politics/24/05/38718471/trump-vs-biden-2024-election-poll-shows-tie-broken-which-candidate-gains-support-from-his-party-">close race</a> between Biden and Trump. Despite some key swing state voters giving Biden a <a href="https://www.benzinga.com/news/24/05/38753402/biden-vs-trump-key-swing-state-voters-give-big-lead-to-one-candidate-despite-ranking-him-down-on-cri">substantial lead</a> over Trump. 
Penn&#8217;s criticisms highlight potential weaknesses in Biden&#8217;s current strategy. Recently, former Secretary of State Hillary Clinton has warned of a more <a href="https://www.benzinga.com/news/24/04/38539846/hillary-clinton-on-another-trump-presidency-it-wouldnt-be-as-bad-as-it-was-last-time-it-would-be">severe Donald Trump presidency</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38750997/trumps-son-in-law-back-in-political-arena-jared-kushner-reportedly-making-calls-to-potential-donors?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Son-In-Law Back In Political Arena? Jared Kushner Reportedly Making Calls To Potential Donors To Attend Ex-President&#8217;s New York Fundraiser For 2024 Run</a>
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Clinton Advisor Slams Biden's Campaign Strategy Ahead Of 2024 Elections: He Is Like A 'Scared Candidate'

Former Republican congressman David Jolly has criticized independent presidential candidate Robert F. Kennedy Jr., labeling him a &#8216;MAGA crazy Republican&#8217;. Jolly&#8217;s comments suggest that Kennedy&#8217;s controversial stances could potentially draw votes away from the GOP in the upcoming November elections.
What Happened: On Sunday, Jolly, who served in the House as a Republican but later left the party, made these remarks during an interview with MSNBC host Jonathan Capehart. He suggested that Kennedy&#8217;s controversial stances, including denying science and flip-flopping on the issue of abortion, could lead to him drawing votes away from the GOP, <a href="https://thehill.com/homenews/campaign/4659397-ex-republican-congressman-calls-rfk-jr-a-maga-crazy-republican-who-will-take-votes-away-from-gop-trump/">reported</a> The Hill.
&#8220;I still think RFK Jr. could take more from Republican, and I think that's why Donald Trump's attacking him,&#8221; said Jolly, according to the report.
Kennedy, who switched from the Democratic party to run as an independent last fall, faced backlash after expressing his opposition to government limits on abortion, even if they&#8217;re full term. He later attempted to clarify his stance, stating that abortion should be legal up until a certain number of weeks, and restricted thereafter.
Jolly also referenced a recent statement by Kennedy about a past health issue, where he claimed that a parasite had eaten part of his brain. Jolly suggested that such statements could impact Kennedy&#8217;s standing in key states crucial for a Biden victory in November.
Political strategists are divided on whether Kennedy&#8217;s candidacy will be more damaging to President Joe Biden or to Trump in the upcoming polls. While some Republicans believe Kennedy will draw votes away from Biden, others, like Democratic strategist James Carville, believe he could take votes away from Trump.
See Also: <a href="https://www.benzinga.com/news/24/05/38779447/biden-vs-trump-matchup-in-this-traditionally-red-state-shows-republican-partys-lead-could-shrink-due?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup In This Traditionally Red State Shows Republican Party&#8217;s Lead Could Shrink Due To This Factor</a>
Why It Matters: This month, Kennedy <a href="https://www.benzinga.com/news/24/05/38572185/robert-f-kennedy-jr-says-hes-the-one-that-can-beat-trump-urges-biden-to-drop-out-we-only-have-one-ch">urged President Biden to step down</a> from the presidential race, claiming he was the only candidate who could defeat Trump.
Interestingly, an <a href="https://www.benzinga.com/news/24/04/38349825/trumps-voters-enamored-with-robert-kennedy-jr-not-bidens-shows-latest-poll">NBC News poll</a> in April revealed that Kennedy was drawing more support from Trump voters than Biden&#8217;s. This, coupled with Trump&#8217;s dismissal of Kennedy as a &#8216;not a serious candidate&#8217;, has added a new dynamic to the upcoming elections.
Photo courtesy: Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>\
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Robert Kennedy Jr. A 'MAGA Crazy Republican' Who Could Draw Votes Away From GOP, Says Former Congressman: 'That's Why Donald Trump Is 'Attacking' Him

Donald Trump reportedly stirred controversy at a political rally in Wildwood, New Jersey on Saturday, when he praised the fictional serial killer Hannibal Lecter as a &#8220;wonderful man.&#8221;
What Happened: The rally, which saw an estimated 80,000 supporters, was part of Trump&#8217;s ongoing challenge to President Joe Biden&#8217;s re-election bid. Trump&#8217;s admiration for Lecter, a character from the film &#8220;Silence of the Lambs&#8221;, was followed by disparaging remarks about undocumented immigrants, <a href="https://www.theguardian.com/us-news/article/2024/may/12/trump-rally-speech-hannibal-lecter">reported</a> The Guardian.
Trump also reiterated his admiration for Lecter, previously expressed after actor Mads Mikkelsen, who portrayed Lecter in a television series, described Trump as &#8220;a fresh wind for some people&#8221;.
Trump&#8217;s speech also included exaggerated claims about his legal troubles, comparing himself to notorious mob boss Alphonse Capone. The ex-president claimed to have been &#8220;indicted more than the great Alphonse Capone.&#8221; Trump, who has faced more than 80 criminal charges since spring 2023, dismissed the charges as &#8220;bullshit&#8221;, sparking chants from the crowd.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>
Despite the large turnout, a reporter for the Philadelphia Inquirer noted that the crowd began to thin as Trump continued his speech. The rally was dismissed by Democrats, with Rep. Mikie Sherrill (D-N.J.) stating that &#8220;Jersey is not going to be a welcoming place for Trump&#8221;.
Why It Matters: Trump&#8217;s controversial remarks come in the backdrop of his ongoing legal troubles. He has been facing a criminal trial for allegedly falsifying business records for a <a href="https://www.benzinga.com/general/politics/24/05/38771094/trump-lashes-out-at-fake-hush-money-criminal-trial-ahead-of-michael-cohens-monday-testimony-id-b">hush money payment</a> made to adult actress Stormy Daniels.
Trump has <a href="https://www.benzinga.com/news/24/05/38779364/donald-trump-dismisses-hush-money-case-as-sham-accuses-joe-biden-of-heading-a-gestapo-administration">dismissed his hush money case</a> as a &#8220;sham&#8221; and attributed his legal troubles to Biden. He has also criticized the <a href="https://www.benzinga.com/news/24/05/38775034/trump-slams-judges-gag-order-on-his-former-lawyer-as-a-disgrace-what-he-just-did-now-is-a-joke">gag order</a> imposed on his ex-lawyer Michael Cohen by Judge Juan Merchan in the ongoing trial, branding it a "joke" and a "disgrace."
Photo Courtesy: Shutterstock.com
Read Next: <a href="https://www.benzinga.com/news/24/05/38776647/elon-musk-berates-gavin-newsom-after-california-governor-discloses-plans-to-cut-10-000-vacant-state?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Berates Gavin Newsom After California Governor Discloses Plans To Cut 10,000 Vacant State Jobs</a>
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Trump Extols Hannibal Lecter As 'Wonderful Man,' Repeats Claims He's Been Indicted More Than 'Great' Al Capone In Rally Speech

This article was originally published on <a href="https://mgmagazine.com/cannabis-news/illicit-sales-outpace-legal-market-by-more-than-3-to-1/">MG Magazine</a>&nbsp;and appears here with permission.
WASHINGTON&nbsp;&ndash; Illicit cannabis sales exceeded $74 billion in 2022, outpacing the country&rsquo;s legal sales of $28 billion by a staggering 164 percent according to&nbsp;<a href="https://info.newfrontierdata.com/cannabis-consumers-in-america-2023-part-3" rel="nofollow noopener" target="_blank">New Frontier Data</a>&rsquo;s latest report about cannabis consumers in America. The stark gap presents clear opportunities for legal operators who can appeal to the frequent consumers who&rsquo;ve become dependent on unregulated channels and the millions of adults who&rsquo;ve shown an interest in cannabis but remain hesitant to try it.
To understand the underlying issues driving the industry&rsquo;s multi-billion-dollar problem, New Frontier Data surveyed more than 5,500 U.S. adults across all market types. The demographically representative sample was surveyed during Q1 2023 and includes consumers who rely on a broad range of sources to procure cannabis.
<h3>U.S. Cannabis Consumer In A&nbsp;Snapshot</h3>
<ul>
<li>Approximately 42 percent of U.S. consumers source cannabis from state-regulated markets.
<ul>
<li>Thirty-four percent live in adult-use markets.</li>
<li>Eight percent are registered patients in medical-only markets.</li>
</ul>
</li>
</ul>
<ul>
<li>About 24 percent of U.S. consumers have access to state-legal cannabis but do not use licensed retailers as a primary source.
<ul>
<li>Seventeen percent reside in adult-use markets but source cannabis elsewhere, usually from friends, family, or illicit dealers.</li>
<li>Seven percent live in medical-only markets but do not participate in their state&rsquo;s medical program.</li>
</ul>
</li>
</ul>
<ul>
<li>The other 34 percent of U.S. consumers do not have adequate access in their home state and would need policy reform to join the licensed cannabis market.
<ul>
<li>Twenty-three percent live in states where cannabis is illegal.</li>
<li>Eleven percent are non-medical consumers in medical states.</li>
</ul>
</li>
</ul>
<h2>Converting Illicit Consumers To Retail Customers</h2>
While most dispensaries are competing against each other to serve the same group of people who&rsquo;ve committed to legal markets, there are significant opportunities outside the current customer pool. According to New Frontier Data&rsquo;s research, four key barriers must be overcome when attempting to attract frequent gray-market customers into licensed-dispensary shoppers.
<h4>1. Price</h4>
Those who buy from gray-market sources often also tend to consume the most the most often, with 56 percent reporting cannabis use multiple times per day. They also consume the most flower, with roughly 32 percent using more than an ounce per month. While they shop frequently and consume the most, they have lower household incomes than people sourcing from friends and family, who have lower average incomes than licensed-dispensary shoppers. By most measures, high inflation&nbsp;<a href="https://www.dallasfed.org/research/economics/2023/0110" rel="nofollow noopener" target="_blank">affects low-income households the most</a>. To adequately appeal to this segment in 2024, retailers must provide products at a variety of price points with attractive promotions including bulk discounts and one-gram deals. Unfortunately, many markets deal with a level of taxation that makes competing on price alone difficult if not impossible.
<h4>2. Product Variety</h4>
Manufactured, non-flower products are the legal dispensary&rsquo;s differentiator. Even in adult-use states, fewer than half of surveyed consumers reported having access to anything but flower, pre-rolls, and edibles. As many as 25 percent of frequent consumers in adult-use markets who primarily purchase from friends, family, or dealers do visit dispensaries on occasion for non-flower products like vape cartridges, concentrates, and topicals. Licensed retailers could do a better job of retaining these customers with promotions like affordable flower bundled with non-flower products.
<h4>3. Product Quality</h4>
According to New Frontier Data, much of the illicit cannabis sold in the U.S. is high-quality flower grown in California. To compete against the gray-market, retailers in every legal market must offer&nbsp;<a href="https://mgmagazine.com/business/retail-merchandise/best-weed-strains-2023/">in-demand strains</a>&nbsp;with a level of quality that can meet or exceed what&rsquo;s being shipped from California farms. While this holds true for customers who frequently source from friends and family members, quality and freshness are especially important for frequent consumers with higher tolerances and experienced palates.
<h4>4. Accessibility</h4>
Frequent gray-market consumers disproportionately live in&nbsp;<a href="https://mgmagazine.com/business/retail-merchandise/best-dispensaries-washington-d-c/">urban areas</a>&nbsp;and may not have convenient transportation to a local licensed dispensary. Similarly, those who primarily source from friends and family disproportionately live in urban areas and may not live anywhere near a licensed dispensary. In each of these instances,&nbsp;<a href="https://mgmagazine.com/business/retail-merchandise/how-free-samples-trigger-curiosity-and-drive-brand-loyalty/">achieving loyalty</a>&nbsp;is next to impossible. Businesses will need to work with local regulators to change zoning ordinances and delivery coverage areas. In locations with a high population of senior citizens like Leisure World in Seal Beach, California, local dispensaries offer&nbsp;<a href="https://patch.com/california/longbeach-ca/directory/listing/94706/long-beach-luxury-cannabis-dispensary-offers-shuttle-service-from-leisure-world" rel="nofollow noopener" target="_blank">regular shuttle services</a>&nbsp;to bring customers into the store to address this group&rsquo;s primary barrier to retail shopping.
<h3>Converting The Curious Holdouts</h3>
While current gray-market customers may be set in their ways or dealing with barriers that are difficult to overcome, millions of other potential new adult customers are open to trying cannabis for the first time (or the first time in decades).
&ldquo;Roughly two in five (39 percent) potential consumers in adult-use states described themselves as likely to try cannabis in the next six months,&rdquo; the report states. &ldquo;And the good news is that for any of these potential consumers who choose to begin consuming cannabis, retail is a likely and attractive source of cannabis relative to the illicit market.&rdquo;
New Frontier Data&rsquo;s insights about product preferences is especially important here, with 76 percent of potential customers interested in edibles. Half of the respondents said they would be interested in trying topicals, 42 percent are interested in beverages, and 28 would like to try tinctures. Only 18 percent expressed an interest in smoking flower. Although flower may dominate retail sales across the country, dispensaries properly marketing non-flower products stand the best chance of attracting a new wave of older, suburban, canna-curious individuals with disposable income.
This article is from an external unpaid contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.
&nbsp;

Cannabis

Why Do Americans Still Buy Non-Legal Weed? Illicit Cannabis Sales 3 Times Higher Than Legal Marijuana Sales

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>JIADE LIMITED (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JDZG#NASDAQ">JDZG</a>) will be trading publicly starting on May 15, 2024. The company&#39;s price band is set between $4.00 and $5.00 with an insider lock-up period of 180 days. JIADE LIMITED will be offering 2,200,000&nbsp;shares at a per-share value of $4.50.</li>
<li>KindlyMD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDLY#NASDAQ">KDLY</a>) will be trading publicly starting on May 15, 2024. KindlyMD will be offering 1,273,000&nbsp;shares at a per-share value of $5.50 with an insider lock-up period of 180 days.</li>
<li>Graphex Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GGL#NYSE">GGL</a>) will be trading publicly starting on May 14, 2024. The company&#39;s price band is set between $16.00 and $19.00 with an insider lock-up period of 180 days. Graphex Group Limited will be offering 14,500,000&nbsp;shares at a per-share value of $17.50.</li>
</ul>
<h3>What Are IPOs?</h3>
An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must 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

JDZG

KDLY

A Look At Upcoming IPOs For The Week

gm,
I&#8217;m Ivan and welcome to&nbsp;my weekly column&nbsp;Mad Crypto Alpha.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="933" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-1024x933.png" alt="" class="wp-image-333901" style="width:289px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-1024x933.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-300x273.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61-768x700.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12151500/image-61.png 1073w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Trump Is Right&#8230;</h2>
You read that right.
Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38736514/donald-trump-says-you-better-vote-for-him-if-youre-pro-crypto-but-has-he-always-been-fine-">flip-flopped</a> on crypto last week.
And in the viral video clip documenting Trump&#8217;s <a href="https://twitter.com/IvanCryptoSlav/status/1752466242521215154">totally-not-surprising pivot</a>, Trump only says true things from second 17 onwards:
<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">&quot;If you like crypto in any form, and it comes in a lot of different forms, if you&#39;re in favor of crypto you better vote for Trump.&quot;<a href="https://t.co/WAT5MYuXUC">pic.twitter.com/WAT5MYuXUC</a>
&mdash; Cory Klippsten &#x7C; Swan.com &#x1f9a2; #Bitcoin (@coryklippsten) <a href="https://twitter.com/coryklippsten/status/1789333124012441673?ref_src=twsrc%5Etfw">May 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<ul>
<li>Gary Gensler is <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38672190/crypto-an-outsized-piece-of-the-scams-and-problems-in-markets-gary-gensler">against crypto</a>.</li>
<li>The Democratic Party has <a href="https://www.standwithcrypto.org/politicians">a lot fewer</a> pro-crypto members.</li>
<li>Crypto comes in many forms (such as <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38630548/exclusive-trump-themed-maga-memecoin-plans-to-rival-dogecoin-and-shiba-inu-with-four-more-">Trump&#8217;s own meme coin</a>).</li>
<li>Thus, Trump is less likely to be against crypto. </li>
</ul>
Alright, even if Trump is right&#8230;why should you care?
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38778908/if-you-bought-your-mom-100-in-bitcoin-dogecoin-and-ethereum-last-mothers-day-heres-how-muc">If You Bought Your Mom $100 In Bitcoin, Dogecoin And Ethereum Last Mother&#8217;s Day, Here&#8217;s How Much She&#8217;d Have Today</a>
<h2 class="wp-block-heading">&#8230;And Everyone&#8217;s Losing Their Mind</h2>
As long as things go according to plan and only regulators and Congresspeople comment on crypto it&#8217;s all fine.
But as soon as Trump comments on crypto&#8230;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="498" height="210" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12153859/image-62.png" alt="" class="wp-image-333904" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12153859/image-62.png 498w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/12153859/image-62-300x127.png 300w" sizes="(max-width: 498px) 100vw, 498px" /></figure>
The following anecdote will tell you all you need to know to position yourself correctly for maximum chance of profits going into election season.
It was all nice and quiet on Crypto Twitter following Trump&#8217;s 180 until Blockworks&#8217; opinion editor Molly Zuckerman chose to poke the hornet&#8217;s nest by giving a — wait for it— different opinion &#x2A;audience gasps&#x2A;.
<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">Crypto Twitter has been especially horrible this week in showing support for pro-crypto politicians just because they are pro-crypto Crypto is not enough to sacrifice your principles — voting crypto shouldn&#39;t be at the expense of your conscience <a href="https://t.co/p6hiwvPjiW">https://t.co/p6hiwvPjiW</a>
&mdash; Molly Jane Zuckerman (@MollyJZuckerman) <a href="https://twitter.com/MollyJZuckerman/status/1789047157909057832?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Molly&#8217;s point: We don&#8217;t know whether Trump&#8217;s pivot is real, and even if it is, you shouldn&#8217;t vote for a party just for one reason because there&#8217;s a good chance that&#8217;s just the sweet serenade of election season.</figcaption></figure>
[Narrator&#8217;s voice:] What Molly did not know is that one does not simply shared a different opinion.
The customary social media s&#8211;tstorm ensued. All nuance went out the window and Molly got dunked on for <a href="https://x.com/icebagz_/status/1789297073080107220">her looks</a>, her <a href="https://twitter.com/mikeinspace/status/1789365085627974046">presumed agenda</a> and everything else a good old hate mob addresses.
But you&#8217;re not here to read about Ryan Selkis, CEO of Messari and speaker at Trump&#8217;s event, trying to <a href="https://twitter.com/twobitidiot/status/1789307227951546862">calm down</a> the mob.
Or that Coindesk thinks Trump&#8217;s speech <a href="https://www.coindesk.com/policy/2024/05/11/trumps-pro-crypto-bluster-at-nft-gala-lacked-policy-substance/">lacked substance</a> (no I&#8217;m not surprised, how could you tell?).
You want to know why Trump&#8217;s pivot is bullish and for whom.
Most people&#8217;s dunks on the op-ed had a notable conservative/libertarian undertone. These people aren&#8217;t voting Democrat in the fall and most likely never were, Trump pivot or not. And these people do not like President Joe Biden, for good reason or not.
But these people do have a lot of market-moving power because they&#8217;re quite wealthy in the crypto industry.
So, what coins are conservative-leaning crypto diehards going to buy come election season?
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38776144/jpmorgan-reports-760k-spot-bitcoin-etf-holdings-even-as-ceo-jamie-dimon-called-for-shuttin">JPMorgan Reports $760K Spot Bitcoin ETF Holdings Even As CEO Jamie Dimon Called For Shutting Down Crypto Industry</a>
<h2 class="wp-block-heading">Crypto Isn&#8217;t All Conservative But Whales Probably Are</h2>
Crypto actually does skew Republican as much as it might appear.
As Alex Thorn, head of research at Galaxy, points out, it&#8217;s really a bipartisan issue and split almost evenly along party lines.
<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">crypto really is a bipartisan issue 20% of likely voters in swing states say it's a "major issue in the 2024 election" &amp; these voters are split on party lean 45% R, 42% D, and 13% I it's national dems who've chosen to make it partisan &amp; potentially &#x2A;lose&#x2A; votes over it. why? <a href="https://t.co/xs4bQeDR2I">pic.twitter.com/xs4bQeDR2I</a>
&mdash; Alex Thorn (@intangiblecoins) <a href="https://twitter.com/intangiblecoins/status/1788926037838987349?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
But that is not the case on Crypto Twitter. It has long leaned Republican, and many crypto or crypto-adjacent accounts, such as WallStreet Silver, think Trump is likely to win the election (or at least <a href="https://x.com/intangiblecoins/status/1788926037838987349">retweet</a> people that think so).
When Trump-supporting crypto whales go coin-shopping in the coming weeks and months, they&#8217;re likely to buy cryptocurrencies that are mascots for their candidate.
And political meme coins do not offer much for liberal-leaning folk anyway:
<ul>
<li>Trump is the biggest holder of MAGA Memecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>), the meme coin created in his honor.</li>
<li>Jeo Boden (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BODEN</a>) is technically a &#8220;<a href="http://jeo boden Meme Coin Clocks New All-Time High On 56% Daily Surge - Emeren Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOL#NYSE">SOL</a>) - Benzinga">Democrat meme coin,&#8221; but it makes fun of the president&#8217;s gaffes and perceived lack of mental clarity.</li>
<li>Other politicial meme coins like Tooker or Ju Rugan parody right-wing media figures, but there&#8217;s no such alternative for liberals.</li>
</ul>
Conclusion: Crypto Twitter wants Trump to win. Coins supporting Trump (or making fun of Biden) have done well and will probably be high on the list again.
But what about other cryptocurrencies? Are these coins going to outperform Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) or Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)?
No idea. If I knew that, I wouldn&#8217;t be &#8230; ah nevermind.
I&#8217;m not saying these coins are guaranteed to do well. I don&#8217;t even know whether they will outperform other meme coins. And as always, all of that is subject to big daddy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) playing ball and staying in an acceptable range over summer.
But I do know that crypto whales like Trump and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38479551/is-the-memecoin-supercycle-over-mad-crypto-alpha-with-ivan">memecoin supercycle</a> does not look like it has topped out.
So don&#8217;t @ me because that is not financial advice, but the political crypto season is just getting started.
<figure class="wp-block-image size-large"><img decoding="async" src="https://media1.tenor.com/m/tT-abFfzMy8AAAAC/grows-zoo.gif" alt="" /></figure>
<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/markets/cryptocurrency/24/05/38749745/if-you-invested-1-000-in-bitcoin-when-donald-trump-said-the-cryptos-value-was-based-on-thi">If You Invested $1,000 In Bitcoin When Donald Trump Said The Crypto&#8217;s Value Was &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much You&#8217;d Have Now</a>
Image created using artificial intelligence with Midjourney.

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Trump's Crypto Pivot Is Bullish...But For Whom? Mad Crypto Money With Ivan

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What's New In Consumer Tech World Last Week? News That You Should Know (May 5-May 11, 2024)

Cook&#8217;s Replacement: Apple&#8217;s <a href="https://www.benzinga.com/news/24/05/38723115/tim-cooks-potential-retirement-sparks-successor-search-at-apple-not-clear-how-this-all-pans-out">executive team has remained largely unchanged</a> over the past twenty years, with many members aging alongside CEO Tim Cook. Mark Gurman <a href="https://www.bloomberg.com/news/newsletters/2024-05-12/who-will-run-apple-after-cook-leaves-a-look-at-company-s-succession-challenge-lw3j2t5z?srnd=undefined">highlighted</a> this challenge in his recent &#8220;Power On&#8221; newsletter, pointing out the need for a successor once Cook steps down.
&#8220;That means Apple faces a broader succession challenge than just finding a replacement for Cook. Many of its top leaders could step down around the same time,&#8221; he said.
The Apple specialist referred to his earlier reporting about Apple&#8217;s hardware engineering chief John Ternus potentially taking over from Cook. 
&#8220;He&#8217;s become an increasingly public face of Apple,&#8221; Gurman said, adding that Ternus was set to deliver the commencement speech at UPenn&#8217;s engineering school on May 18, close on the heels of his participation at the iPad unveiling event last week.
Another factor working in Ternus&#8217; favor would be his age, given he isn&#8217;t yet 50, Gurman said.
The columnist also did not rule out Chief Operating Officer Jeff Williams taking over if Cook were to quit.
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock">Everything You Need To Know About Apple Stock</a>
Next Leadership Rung: Gurman also assessed potential successors for key leadership roles across critical departments like engineering, marketing, services, and finance.
<ul>
<li>Operations: Williams could be replaced by his top deputy, Senior Vice President Sabih Khan, who currently oversees the entire supply chain. Khan&#8217;s role could be taken over by Priya Balasubramaniam.</li>
<li>Finance: Finance Vice President&nbsp;Kevan Parekh&nbsp;could eventually take over from CFO Luca Maestri.</li>
<li>General Counsel:&nbsp;Kate Adams, who joined Apple in 2017, could ultimately pass the baton to her deputies&nbsp;Kyle Andeer&nbsp;and&nbsp;BJ Watrous.</li>
<li>Software Engineering: Craig Federighi, Apple's top software executive since 2012, may not leave any time soon. But when he does, Jon Andrews, who runs some of Apple's underlying software technologies, could be a fit.</li>
<li>Hardware Engineering: If Ternus were to replace Cook in the CEO job, he has a host of deputies, including Kate Bergeron, Deniz Teoman and Eugene Kim, to potentially replace him in his current role. Mike Rockwell, who just launched the Vision Pro, may also make the cut.</li>
<li>Hardware Technologies: Johny Srouji, who runs the hardware technologies organization, may pass the baton to Sri Santhanam, who is responsible for the main chips that go into all of Apple's devices. There is a remote chance that Tim Millet, who introduced the M4 chip during Apple's presentation for the new iPad Pro, could also be an option.</li>
<li>Marketing: Marketing head Greg Joswiak&#8216;s no. 2 Bob Borchers, could take over from the former. Since Borchers is only slightly younger than Joswiak, Kaiann Drance, a vice president overseeing iPhone marketing, could also be in contention.</li>
<li>Artificial Intelligence: John Giannandrea, who is heading the AI initiatives, does not strictly have a top deputy, but, if a non-AI software executive were to take over, Vice President Kevin Lynch could be a good bet.</li>
<li>Retail: The replacement for Deirdre O'Brien, who has been overseeing retail operations since 2019, could be an outsider. Vanessa Trigub will likely at least run the group on an interim basis.</li>
<li>Services:  Eddy Cue&#8216;s responsibilities might be divided into entertainment and services, with Oliver Schusser taking charge of the former, while Jeff Robbin would expand his current engineering role to include applications, iCloud and Maps.</li>
</ul>
Apple ended Friday&#8217;s session down 0.69% to $183.05, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzigna Pro data.</a>
Read Next: <a href="https://www.benzinga.com/news/24/05/38774065/apple-chooses-sam-altman-led-openai-to-integrate-chatgpt-into-iphone-deal-almost-done-report">Apple Inches Closer To Choosing Sam Altman-Led OpenAI To Integrate ChatGPT On iPhones: Report</a>
Photo: Shutterstock

Equities

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Who Would Replace Tim Cook At Apple? Gurman Weighs In On 'Broader Succession Challenges' At The Tech Giant

Donald Trump has the support of the majority of voters in Louisiana, although the lead may be not as big as the one he had over President <a href="https://www.benzinga.com/topic/joe-biden">Joe Biden</a> in the 2020 election, poll results published on Friday showed.
The Matchups: In a head-to-head matchup, Trump came on top with 52% support compared to Biden&#8217;s 38%, a poll commissioned by The Advocate/The Times-Picayune <a href="https://www.nola.com/news/politics/poll-louisiana-prefers-trump-over-biden/article_ae5f5b4e-0d2c-11ef-b406-2fa526ee613e.html">showed.</a> The poll was conducted by Louisiana-based nonpartisan research firm Faucheux Strategies. About 800 registered voters across Louisiana were surveyed between April 22-26, with the margin of error at 3.5%.
The margin suggests that Trump could beat Biden by a smaller margin than the 18.6% difference that was in Trump&#8217;s favor in 2020. The former president took away 58% of Louisiana&#8217;s total vote in 2020 and Biden polled 40%. Louisiana, historically a red state, has consistently favored Republican candidates, polling between 57% and 59% of voters in every election since 2024, according to the newspaper. Bill Clinton was the last Democratic candidate to win the state in a presidential contest in 1996.
Adding independent candidates Robert F. Kennedy Jr. and Cornel West, along with third-party candidate Jill Stein, to the ballot resulted in 48% of Louisiana voters choosing Trump, while 33% chose Biden. Kennedy received 10% support, followed by West, with 2%, and Stein, with 1%. Another 6% of the respondents said they don't know who they'd back.
See Also: <a href="https://www.benzinga.com/24/05/38776943/donald-trump-says-nikki-haley-not-under-consideration-for-vp-role-amid-rumors-i-wish-her-well">Donald Trump Says Nikki Haley &#8216;Not Under Consideration&#8217; For VP Role Amid Rumors: &#8216;I Wish Her Well&#8217;</a>
Not So Easy: The survey revealed that Trump&#8217;s support could erode if he is convicted in one of the four criminal cases he is fighting. 
&#8220;A conviction could cost Trump between 2% and 9% of his support in Louisiana. Even then, he&#8217;d still win the state comfortably, but similar erosion in battleground states could be consequential,&#8221; the report said.
Most of Trump&#8217;s criminal cases have been delayed, with the former president&#8217;s detractors crying foul over Trump-appointed judges ruling in his favor. Legal experts suggest that the New York City criminal case involving the former president&#8217;s alleged sexual affair <a href="https://www.benzinga.com/general/politics/24/05/38749159/stormy-daniels-says-she-never-asked-for-money-in-trump-hush-money-case-former-president-declares">with adult movie star Stormy Daniels</a> and the subsequent cover-up of hush-money payments made to her is the only trial likely to reach a verdict.
Trump narrowly won the suburbs in 2020, but his advisers are now concerned about these suburban precincts, the report said. The Republicans&#8217; hard stance against abortion have also not gone down well with these voters, it added.
Read Next: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
Photo: Shutterstock

Biden Vs. Trump Matchup In This Traditionally Red State Shows Republican Party's Lead Could Shrink Due To This Factor

These large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Teva Pharmaceutical Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>) shares surged 16.24% after the company reported mixed Q1 financial results and announced results from the efficacy portion of the Phase 3 SOLARIS trial of TEV-‘749 in adult patients with <a href="https://www.benzinga.com//node/38709408" target="_blank" rel="noreferrer noopener">schizophrenia compared to placebo</a>.</li>
<li>Toast, Inc. Class A&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>) shares increased 14.71% on strong first-quarter&nbsp;2024 financial results, with revenue of&nbsp;$1.075 billion,&nbsp;<a href="https://www.benzinga.com//node/38684417" target="_blank" rel="noreferrer noopener">beating the&nbsp;estimates&nbsp;of&nbsp;$1.041 billion</a>. Several analysts raised the&nbsp;<a href="https://www.benzinga.com//node/38710825" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Applovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) shares were up 13.28% after the company reported <a href="https://www.benzinga.com//node/38715910" target="_blank" rel="noreferrer noopener">better-than-expected Q1 financial results.</a> Multiple analysts <a href="https://www.benzinga.com//node/38735571" target="_blank" rel="noreferrer noopener">lifted price targets on the stock</a>. </li>
<li>Vistra Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) shares rose 13.25% after it announced that it would join the S&amp;P 500, and a few analysts&nbsp;<a href="https://www.benzinga.com/quote/vst/analyst-ratings" target="_blank" rel="noreferrer noopener">raised the price target on the stock</a>.</li>
<li>International Flavors &amp; Fragrances, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IFF#NYSE">IFF</a>) shares rose 11.22% after the company reported strong first-quarter results and expected FY24 revenue to trend towards the <a href="https://www.benzinga.com//node/38653308" target="_blank" rel="noreferrer noopener">higher end of its guidance range</a>. Several analysts increased <a href="https://www.benzinga.com/quote/iff/analyst-ratings" target="_blank" rel="noreferrer noopener">the price target on the stock</a>.</li>
<li>STERIS Plc (Ireland)&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STE#NYSE">STE</a>) shares grew 10.72% after the company reported better-than-expected&nbsp;Q4&nbsp;financial results. The company announced a planned restructuring of its&nbsp;<a href="https://www.benzinga.com//node/38714045" target="_blank" rel="noreferrer noopener">healthcare surgical business in Europe</a>.</li>
<li>Constellation Energy Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>) shares increased 8.56% after it reported mixed first-quarter FY24 results. Some analysts raised the&nbsp;<a href="https://www.benzinga.com/quote/ceg/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Emerson Electric Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>) shares increased 7.99% after it reported better-than-expected&nbsp;Q2&nbsp;earnings and&nbsp;<a href="https://www.benzinga.com//node/38702517" target="_blank" rel="noreferrer noopener">raised its FY24&nbsp;guidance</a>. Many&nbsp;analysts made changes to&nbsp;<a href="https://www.benzinga.com//node/38728407" target="_blank" rel="noreferrer noopener">their price targets for the stock</a>.</li>
<li>Equinix, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>) shares jumped 6.9% following&nbsp;mixed&nbsp;<a href="https://www.benzinga.com//node/38736613" target="_blank" rel="noreferrer noopener">first-quarter FY24&nbsp;earnings</a>.</li>
<li>International Paper Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IP#NYSE">IP</a>) shares upped 5.68%  following a report suggesting Suzano offered <a href="https://www.benzinga.com//node/38681160" target="_blank" rel="noreferrer noopener">to acquire the company</a>.</li>
</ol>
See Also: <a href="https://www.benzinga.com/news/24/05/38779404/last-weeks-worst-performing-stocks-are-these-10-large-cap-stocks-in-your-portfolio-may-5-may-11-2024">Last Week's Worst-Performing Stocks: Are These Large-Cap Stocks In Your Portfolio? (May 5-May 11, 2024)</a>
Photo: Shutterstock

EQIX

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TOST

These 10 Large Cap Stocks Shined Brightest Last Week (May 5-May 11, 2024): Are They In Your Portfolio?

These&nbsp;10&nbsp;large-cap stocks were the worst performers last week. Are they in your portfolio?
<ol>
<li>EPAM Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPAM#NYSE">EPAM</a>) shares tumbled 24.6% after it lowered <a href="https://www.benzinga.com//node/38732658" target="_blank" rel="noreferrer noopener">its FY24 revenue guidance</a>. Several analysts trimmed the <a href="https://www.benzinga.com/quote/epam/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares declined 24.4%&nbsp;<a href="https://www.benzinga.com//node/38703997" target="_blank" rel="noreferrer noopener">following&nbsp;first-quarter FY24&nbsp;earnings</a>. Many analysts revised the price targets on Shopify following&nbsp;<a href="https://www.benzinga.com//node/38729578" target="_blank" rel="noreferrer noopener">the earnings announcement</a>.</li>
<li>Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) shares plunged 20.5% after it <a href="https://www.benzinga.com//node/38730781" target="_blank" rel="noreferrer noopener">issued weak guidance</a>. Several analysts cut the price <a href="https://www.benzinga.com//node/38762725" target="_blank" rel="noreferrer noopener">target on the stock</a>.</li>
<li>Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>) shares are down 15.7%&nbsp;&nbsp;<a href="https://www.benzinga.com//node/38676974" target="_blank" rel="noreferrer noopener">following&nbsp;first quarter&nbsp;earnings</a>. Some analysts&nbsp;<a href="https://www.benzinga.com/quote/bldr/analyst-ratings" target="_blank" rel="noreferrer noopener">cut the price target on the stock</a>.</li>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) shares were down 15.5%&nbsp;<a href="https://www.benzinga.com//node/38653781" target="_blank" rel="noreferrer noopener">following soft revenue&nbsp;guidance</a>. Many analysts revised the&nbsp;<a href="https://www.benzinga.com/quote/pltr/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) shares were down 13% after the company&nbsp;<a href="https://www.benzinga.com//node/38681326" target="_blank" rel="noreferrer noopener">reported&nbsp;Q1&nbsp;financial results</a>.</li>
<li>Suzano S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUZ#NYSE">SUZ</a>) shares decreased 13.98% following a report suggesting that it made an offer to acquire International Paper as well as <a href="https://www.benzinga.com//node/38747815" target="_blank" rel="noreferrer noopener">weak first quarter FY24 results</a>. </li>
<li>Telefonica Brasil S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIV#NYSE">VIV</a>) shares fell 11.8%&nbsp;after the company reported&nbsp;Q1&nbsp;financial results and&nbsp;<a href="https://www.benzinga.com/quote/viv/analyst-ratings" target="_blank" rel="noreferrer noopener">analysts trimmed the price target</a>.</li>
<li>Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) shares decreased 9.3% after the company <a href="https://www.benzinga.com//node/38713550" target="_blank" rel="noreferrer noopener">reported Q1 financial results</a>. Many analysts <a href="https://www.benzinga.com//node/38735131" target="_blank" rel="noreferrer noopener">revised the price target</a>.</li>
<li>Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) shares are down 7.3% following&nbsp;<a href="https://www.benzinga.com//node/38669929" target="_blank" rel="noreferrer noopener">a&nbsp;Q2&nbsp;revenue miss</a>. Several analysts cut the&nbsp;<a href="https://www.benzinga.com/quote/dis/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
</ol>
Also Read: <a href="https://www.benzinga.com/news/24/05/38779419/these-10-large-cap-stocks-shined-brightest-last-week-may-5-may-11-2024-are-they-in-your-portfolio">These 10 Large Cap Stocks Shined Brightest Last Week (May 5-May 11, 2024): Are They In Your Portfolio?</a>
Photo: Shutterstock

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Last Week's Worst-Performing Stocks: Are These 10 Large-Cap Stocks In Your Portfolio? (May 5-May 11, 2024)

The initiative for a bipartisan commission to address the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36464390/us-national-debt-soars-past-34-trillion-gold-bull-peter-schiff-has-just-one-questio">United States&#39; escalating $34.6 trillion debt</a> appears to be stalling in Congress.
What Happened
The bipartisan commission, an idea advocated by Speaker of the House Mike Johnson since his inauguration, has encountered resistance from both political parties, effectively halting its progress, according to the Associated Press.&nbsp;
Left-leaning Democrats and advocacy groups are concerned that the commission would suggest reductions to Social Security benefits. On the other hand, some Republicans and right-leaning organizations are opposed to the commission, fearing it would propose tax hikes.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38661979/us-pays-2m-interest-per-minute-on-national-debt-funny-peculiar-chicken-and-the-egg-type-situation">US Pays $2M Interest Per Minute On National Debt: &#39;Funny, Peculiar Chicken-And-The-Egg Type Situation&#39;</a>
&nbsp;
Sen. Joe Manchin, D-W.Va., the sponsor of the Senate&#39;s debt commission bill, expressed his disappointment, saying, &quot;No one seems to care. It&rsquo;s a shame, $34.6 trillion in debt. No one cares about it.&quot;
The proposed commission would be a 16-member panel, with the responsibility of recommending measures to balance the federal budget and enhance the long-term fiscal health of Medicare and Social Security.
Despite the grim outlook, supporters of the bill, including Rep. Scott Peters, D-Calif., maintain optimism, asserting that the commission&#39;s approval by the end of this Congress is still achievable.
Why It Matters
The impasse in Congress over the formation of a bipartisan commission to address the national debt underscores the deep political divisions over how to manage the country&#39;s fiscal health. With the national debt reaching record levels, the need for a comprehensive strategy to balance the budget and ensure the sustainability of critical social programs like Medicare and Social Security is more urgent than ever. However, the divergent views on tax increases and spending cuts present significant hurdles to reaching a consensus. The fate of the proposed commission, and its potential impact on the national debt, remains uncertain.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38628113/elon-musk-issues-stark-warning-amid-rising-national-debt-the-dollar-will-be-worth-nothing">Elon Musk Issues Stark Warning Amid Rising National Debt: &#39;...The Dollar Will Be Worth Nothing&#39;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Government

Joe Manchin Expresses Disappointment In Congress' Inaction Over Nation's Rising $35 Trillion Debt: 'It's A Shame ... No One Cares About It'

In a recent public appearance, former President Donald Trump addressed a large audience in Wildwood, New Jersey, where he voiced criticism towards his ongoing trial and<a href="https://www.benzinga.com/news/24/05/38779139/joe-biden-calls-donald-trump-clearly-unhinged-at-private-fundraiser-when-he-lost-in-2020-something-s"> the administration of President Joe Biden</a>.
What Happened: As <a href="http://www.politico.com/news/2024/05/11/trump-rally-new-jersey-trial-fascists-00157482">reported</a> by Politico, Trump rallied his supporters on Saturday, dismissing his hush money case as a &quot;sham&quot; and attributing his legal troubles to Biden. This follows a week of witness testimonies in his New York criminal trial.
Trump refrained from commenting on the witnesses or jurors involved in the case, likely due to a gag order enforced by Justice Juan Merchan. The former president has already been penalized for breaching the order 10&nbsp;times, resulting in a $10,000 fine and a warning of potential imprisonment for future violations.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38776800/donald-trump-reacts-to-barron-trumps-role-in-rnc-misstates-sons-age-in-process-hes-pretty-young">Donald Trump Reacts To Barron Trump&#39;s Role In RNC, Misstates Son&#39;s Age In Process: &#39;He&#39;s Pretty Young&#39;</a>
The rally in Wildwood marks Trump&#39;s third public appearance since the commencement of his trial nearly a month ago. His criticism of the justice system and Biden has intensified, with accusations of Biden leading a &quot;Gestapo administration&quot; and being &quot;surrounded by fascists around the Oval Office.&quot;
Trump also expressed disapproval of Biden&#39;s promise to withhold arms from Israel if it initiates attacks on the densely populated city of Rafah. He further pledged to expel any foreign student who propagates &quot;jihadism or antisemitism&quot; on U.S. college campuses.
Despite ongoing legal proceedings, Trump remains active in political engagements, hosting events in Michigan and Wisconsin, as well as fundraising and campaign events at his private club in Florida.
Why It Matters: Trump&#39;s public criticism of his ongoing trial and Biden&#39;s administration indicates his continued engagement with his supporter base despite his legal challenges. His comments on the trial and Biden&#39;s policies reflect his ongoing political ambitions and his efforts to maintain his influence within the Republican party. His continued campaign activities in key states also suggest his potential interest in running for office in the future.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38776670/the-disparate-treatment-of-trumps-fake-electors-is-a-serious-concern-says-legal-expert-its-so-unusua">The Disparate Treatment Of Trump&#39;s Fake Electors Is A Serious Concern, Says Legal Expert: &#39;It&#39;s So Unusual To Have This Situation&#39;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Donald Trump Dismisses Hush-Money Case As 'Sham,' Accuses Joe Biden Of Heading A 'Gestapo Administration'

This article was originally published on <a href="https://cannabis.net/blog/news/what-are-the-best-states-for-starting-a-cannabis-business-in-2024-marijuana-legal-experts-weigh">Cannabis.net</a> and appears here with permission.
Have you ever pondered the landscape of cannabis regulations across the United States? Amid a shifting legal terrain where nearly half of the states have embraced recreational cannabis and&nbsp;<a href="https://cannabis.net/blog/locations/a-state-by-state-guide-to-cannabis-legalization-updated-with-decriminalization">38 have legalized medical marijuana</a>, the complexities abound. Despite federal law maintaining cannabis as an illegal substance, each state charts its course with unique rules and regulations. Deciding on the optimal cannabis state involves considering various factors, such as whether the state permits medical, recreational, or both cannabis programs, the presence of non-profit entities, and regulations surrounding commercial licenses.
Addressing this intricate question,&nbsp;<a href="https://markets.businessinsider.com/news/stocks/10-best-states-for-cannabis-businesses-ranked-by-legal-experts-the-winner-will-surprise-you-1032893503">according to Businees Insider</a>, the Missouri-based law firm Thompson Coburn has undertaken the task of creating an updated state-by-state ranking of cannabis regulations. Their 2023 guide offers a glimpse into how 2024 rankigns will stack up and offers a&nbsp;<a href="https://cannabis.net/blog/news/which-states-have-medical-marijuana-in-2022-the-guide-to-the-rules-and-regulations-of-medical-m">comprehensive overview of cannabis laws</a>, encompassing every state, DC, and U.S. territories. The rankings range from states with the most favorable regulations for cannabis businesses to those with the most restrictive. In a surprising turn of events, Michigan claimed the top spot in the 2023 rankings, attributed to its low taxes and minimal entry barriers at the state level. According to Michael Rosenblum, a partner at Thompson Coburn, Michigan&#39;s success serves as a potential case study for regulators nationwide grappling with market challenges.
For those interested in exploring further, here&#39;s a glimpse into the first four marijuana states leading the pack with the most business-friendly cannabis laws:
<h3>1. Michigan</h3>
<a href="https://cannabis.net/blog/news/michigan-legalizes-recreational-weed-on-december-6-heres-what-you-need-to-know">Michigan legalized adult-use cannabis in 2018</a>, becoming the 10th state and the first in the Midwest to do so. The Michigan Regulation and Taxation of Marijuana Act (MRTMA) governs the possession and cultivation of cannabis, allowing individuals aged 21 and older to possess up to 2.5 ounces and cultivate 12 plants for personal use. The state&#39;s regulatory framework is business-friendly with a 6% sales tax and a 10% excise tax. However,&nbsp;<a href="https://cannabis.net/blog/news/get-an-ounce-of-legal-weed-in-michigan-for-122-the-race-to-the-bottom-continues-across-america">market saturation has led to challenges</a>&nbsp;for businesses, resulting in closures and financial struggles. Medical-use cannabis is regulated under the Medical Marihuana Facilities Licensing Act (MMFLA), with licenses varying based on activities. Cannabis sales in Michigan surpassed $2.3 billion in 2022, driven by a record monthly sales of $276 million in July 2023. The state&#39;s per capita sales exceed California&#39;s, partly due to neighboring states prohibiting adult-use cannabis.
<h3>2. Illinois</h3>
In 2019,&nbsp;<a href="https://cannabis.net/blog/opinion/the-cannabis-cannonball-run-illinois-becomes-11th-state-to-legalize-recreational-cannabis">Illinois became the first state to legislatively legalize adult-use cannabis</a>&nbsp;with the Illinois Cannabis Regulation and Tax Act. The law permits residents aged 21 and older to possess specified amounts of cannabis for recreational use, but home cultivation is restricted for adult users. Social equity applicants, residing in disproportionately impacted areas with qualifying convictions, can access a $30 million loan program to support startup costs. Recreational sales commenced on January 1, 2020, but faced challenges, leading to forgivable loans and expungement of low-level marijuana charges.&nbsp;<a href="https://cannabis.net/blog/news/illinois-rakes-in-nearly-20-million-in-revenue-in-first-12-days-of-legal-recreational-marijuana">Illinois sold over $1 billion in marijuana in 2021</a>, increasing to $1.5 billion in 2022. Governor Pritzker emphasized equity in the&nbsp;<a href="https://cannabis.net/blog/opinion/illinois-going-recreational-cannabis-will-create-the-biggest-black-market-in-us-history">cannabis ecosystem</a>, with 50 social equity licensees operating by September 2023. Changes in 2023 include altered application processes for social equity licensees, though regulatory developments, especially concerning delta-8 THC, have faced delays.
Illinois hosts prominent multi-state operators (MSOs) on a national scale, featuring key players such as Green Thumb Industries (GTBIF), Verano Holdings (VRNOF), PharmaCann, Cresco Labs (CRLBF), and Ascend Wellness (AAWH).
<h3>3. Arizona</h3>
Both&nbsp;<a href="https://cannabis.net/blog/news/arizona-sells-over-1400000000-worth-of-cannabis-in-the-first-12-months-of-legalization">medical and adult-use marijuana have been legal in Arizona since 2010</a>, with physicians prescribing up to 2.5 ounces every two weeks for qualifying conditions. As of August 2023, 149,000 residents are registered for medical marijuana, down from 278,000 in 2020 due to increased recreational purchases. Medical patients enjoy employment protection. In 2020, voters approved Proposition 207, allowing recreational use. The Act permits possession of up to 1 ounce and home cultivation of six plants. Recreational sales, marked by a 16% excise tax, began on January 22, 2021. The Arizona Department of Health Services oversees licensing, with dual licensees operating retail locations for both medical and adult-use marijuana. Sales reached $1.4 billion in 2021 and 2022, with a shift from medical to recreational dominance in 2022. As of September 2023, 148 facilities operate, including major players like 4Front Ventures and Trulieve. Trulieve, a Florida-based operator, acquired Harvest Health &amp; Recreation in 2021 and expanded its cultivation facilities in Arizona in 2022.
<h3>4. California</h3>
<a href="https://cannabis.net/blog/opinion/california-is-the-worlds-biggest-legal-cannabis-marketplace-but-problems-are-here">California pioneered medical cannabis</a>&nbsp;legalization in 1996 with the Compassionate Use Act, followed by the 2016 Medical and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA). By 2022, its legal cannabis market accounted for 20% of the national industry,&nbsp;<a href="https://cannabis.net/blog/news/marijuana-sales-in-america-hit-1.4-billion-over-the-last-90-days-which-state-sold-the-most-weed">generating $5.3 billion in sales</a>. The complex licensing framework, overseen by the Department of Cannabis Control (DCC), offers over 20 classifications, with no defined limits on licenses but stringent requirements. Challenges include a flourishing illicit market, high taxes, and regulatory complexities. Recent legislation addresses employment discrimination, cannabis delivery bans, and potential interstate trade. Despite a sales downturn in 2022 and ongoing credit concerns, California continues legislative efforts, such as allowing cannabis cafes, reflecting the state&#39;s dynamic cannabis landscape.
The ranking further continues like this:
5. Nevada
6. Massachusetts
7. Missouri
8. New York
9. New Jersey
10. Oregon
<h3>Some Of The Worse States But With&nbsp;Little Business Promise</h3>
Within the list of the 10 least favorable states for cannabis, South Carolina, North Carolina, Wyoming, Kansas, Tennessee, Indiana, South Dakota, the U.S. Virgin Islands, Iowa, and Wisconsin stand out.
Despite its current 43rd ranking, the U.S. Virgin Islands displays considerable potential. Rosenblum notes it&#39;s a budding marijuana state, especially since it embraced adult use just this year.
&quot;The U.S. Virgin Islands emerges as a recently legalized state with significant potential, not only due to its substantial tourist influx (1.6 million day tourists annually) but also because of the enticing tax incentive program offered by the territory&#39;s Economic Development Authority. This program could lead to a 90% reduction in corporate income tax for MSOs establishing a back office in the territory,&quot; Rosenblum concluded.
<h3>Bottom Line</h3>
The 2023 state-by-state ranking of cannabis regulations by Thompson Coburn sheds light on the diverse and evolving landscape of cannabis legislation in the United States. Michigan&#39;s unexpected claim to the top spot underscores the intricate considerations businesses face, including taxes, entry barriers, and market saturation. The rankings not only highlight leading states like Illinois, Arizona, and California but also draw attention to the challenges within the industry, such as regulatory complexities, evolving market dynamics, and the perpetual tug-of-war between state and federal laws. As the cannabis sector continues to mature, these insights provide valuable perspectives for businesses navigating the complex web of regulations and seeking optimal environments for sustainable growth.
This article is from an external unpaid contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Regulations

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The More Things Stay The Same

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