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Economist&nbsp;Mohamed El-Erian, Chief Advisor at&nbsp;Allianz, raised concerns about the Federal Reserve&#8217;s data-dependent approach following the&nbsp;<a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/24/05/38612469/job-market-cools-in-april-payrolls-miss-forecasts-wages-rise-less-than-expected" rel="noreferrer noopener">April U.S. jobs report</a>. He suggests it could cause further disruptions in global markets.
Red Flags?&nbsp;The April jobs report, released on Friday, showed a significant slowdown, particularly in construction. El-Erian, according to&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/newsletters/2024-05-03/fed-gets-reward-in-jobs-report-along-with-more-risk-mohamed-el-erian-says" rel="noreferrer noopener">Bloomberg</a>, worries this data could have far-reaching consequences for global markets.
El-Erian emphasized the risks associated with the Fed&#8217;s data-driven policy, especially in light of the weak jobs report. He argued that the Fed&#8217;s reliance on backward-looking data like payrolls could lead to delayed reactions.
"This volatility in interest rate structure — it is causing havoc elsewhere in the world when U.S. rates swing as much as they do on a short-term basis," said El-Erian, the president of Queens&#8217; College, Cambridge. "This volatility, which we are continuing in rates, risks — I'm afraid — risks breaking something elsewhere, and that is what we've got to keep an eye on."
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-recession-proof-etfs-right-now" rel="noreferrer noopener">Best Recession-Proof ETFs Right Now</a>
Conflicting Views:&nbsp;While some, like&nbsp;BlackRock&#8216;s&nbsp;Jeff Rosenberg, see the slowdown as potentially positive news for the Fed, there&#8217;s no clear consensus. Rosenberg suggests the market&#8217;s reaction reflects pre-report pessimism, not the data itself.
The bigger picture remains uncertain.&nbsp;Sarah Wolfe&nbsp;of&nbsp;Morgan Stanley&nbsp;presents a &#8220;soft landing&#8221; scenario where lower-income families are already in recession, while higher-income earners continue to prop up the economy. In contrast,&nbsp;Andrew Hollenhorst&nbsp;of Citigroup predicts a &#8220;rough landing&#8221; with four rate cuts in 2024 and rising unemployment.
El-Erian, however, is particularly concerned about wage growth, which was cooler than expected in the jobs report.&nbsp;
"Remember especially at the low income side, wages are key to consumption and key to economic growth," he said, as per the report. "Wage income is absolutely critical to the well being of this economy."
Fed Policy Under Scrutiny:&nbsp;The Fed recently announced a slowdown in its quantitative tightening program after a period of steady interest rates. This aims to control inflation but could also lead to higher borrowing costs.
Despite inflation concerns, Fed Chair&nbsp;Jerome Powell&nbsp;has&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38571216/peter-schiff-blasts-jerome-powell-for-not-seeing-the-stag-in-stagflation-same-type-of-blindness-that" rel="noreferrer noopener">downplayed the possibility</a>&nbsp;of a rate hike. However, El-Erian&#8217;s comments highlight the potential risks of the Fed&#8217;s data-dependent approach, suggesting a period of economic uncertainty lies ahead.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38634229/the-vanishing-american-dream-inflation-hits-even-six-figure-earners-and-threatens-middle-class-stabi" rel="noreferrer noopener">The Vanishing American Dream? Inflation Hits Even Six-Figure Earners And Threatens Middle-Class Stability: &#8216;They Don&#8217;t Feel Like They Can Relax&#8230;&#8217;</a>
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Analyst Color

News

Economics

Federal Reserve

Markets

El-Erian Warns Fed's Data Dependence Risks Global Market Havoc: 'That Is What We've Got To Keep An Eye On'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk expressed surprise after <a href="https://www.benzinga.com/news/24/05/38628868/warren-buffetts-frugal-lifestyle-hacks-saved-millions-here-are-5-tips-to-follow-suit-in-your-everyda">Warren Buffett</a> revealed that Berkshire Hathaway, Inc.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) <a href="https://www.benzinga.com/markets/equities/24/05/38629833/berkshire-hathaways-q1-operating-earnings-surged-39-heres-why">cash pile</a> stands at $189 billion.
What Happened: Musk was left astonished at just how much cash Berkshire Hathaway has on its books, after the Omaha-based investment conglomerate offloaded stocks during the first quarter of 2024.
According to Berkshire Hathaway's filings, the company pared its investments by $20 billion during the first three months of 2024 and bought $2.7 billion worth of stocks during this period.
As a result, its net inflow from this activity stood at $17.3 billion, boosting its cash pile to a record $189 billion.
Musk&#8217;s current wealth currently stands at $192 billion, making him the third richest person in the world, according to the Bloomberg Billionaires Index.
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This elicited a one-word reaction from Musk, who said, "Wow."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Wow
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787300430252319103?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
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This is the fourth consecutive quarter of a rise in Berkshire Hathaway's cash pile.
Berkshire <a href="https://www.benzinga.com/markets/equities/24/05/38630421/warren-buffett-confidence-in-apple-wanes-berkshire-cuts-stake-by-18-amid-tech-giants-troubles">pared its Apple Inc. holdings</a> by a significant margin – its investment in the iPhone maker was down to $135.4 billion at the end of Q1 2024, from $174.3 billion at the end of 2023.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38628664/ai-revolution-now-coming-to-cupertino-tech-bull-says-betting-against-apples-tim-coo">&#8216;AI Revolution Now Coming To Cupertino:&#8217; Tech Bull Says Betting Against Apple&#8217;s Tim Cook Has Been &#8216;Proven Wrong Again And Again&#8217;</a>
Musk Asks Buffett To Invest In Tesla
Musk also thinks <a href="https://www.benzinga.com/markets/equities/24/05/38635317/its-an-obvious-move-elon-musk-nudges-warren-buffett-again-to-take-position-in-tesla-heres-why-th">it's "obvious" for Buffett</a> to invest in Tesla. This comes at a time when Musk's company, Tesla, reported a negative cash flow of $2.2 billion during Q1 2024.
"He should take a position in Tesla. It's an obvious move."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He should take a position in Tesla. It's an obvious move.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787325206677401672?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
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Despite a 25% rally in Tesla shares since the <a href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp">company's Q1 2024 earnings call</a>, the EV maker's stock is still down 27% in 2024 so far.
Buffett was also <a href="https://www.benzinga.com/markets/equities/24/05/38633307/warren-buffett-comments-on-whether-elon-musks-fsd-will-impact-berkshires-auto-insurance-business">asked about</a> Tesla's full self-driving (FSD) technology bringing down insurance rates, impacting GEICO, one of Berkshire's portfolio companies.
Although he did not directly comment on Tesla's claims and capabilities, he did say that a reduction in accidents is good for society, which is what "we're looking for."
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: <a href="https://www.benzinga.com/news/24/05/38628868/warren-buffetts-frugal-lifestyle-hacks-saved-millions-here-are-5-tips-to-follow-suit-in-your-everyda">Warren Buffett&#8217;s Frugal Lifestyle Hacks Saved Millions — Here Are 5 Tips To Follow Suit In Your Everyday Life</a>
Photos courtesy: Flickr

Equities

Tech

TSLA

Elon Musk Is Astonished By Warren Buffett's Berkshire Hathaway Amassing As Much Cash As Tesla CEO's Wealth: 'Wow'

The Israeli military has ordered Palestinians in parts of Rafah to evacuate immediately in anticipation of a planned military operation.
What Happened: The Israeli Defense Force has initiated the evacuation of Palestinians from parts of Rafah, a city in southern Gaza, as <a href="https://www.cnbc.com/2024/05/06/israeli-military-tells-palestinian-civilians-in-parts-of-rafah-to-evacuate-immediately-.html">reported</a> by CNBC on Monday. The region currently houses about half of Gaza&#8217;s total population.
&#8220;For your safety, the IDF appeals to you evacuate immediately to the expanded humanitarian area in Al-Mawasi,&#8221; stated Avichay Adraee, the IDF&#8217;s head of the Arab media division.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/%D8%B9%D8%A7%D8%AC%D9%84?src=hash&amp;ref_src=twsrc%5Etfw">#عاجل</a> &#x1f534; نداء عاجل الى كل السكان والنازحين المتواجدين في منطقة بلدية الشوكة وبالأحياء &#8211; السلام الجنينة, تبة زراع والبيوك في منطقة رفح بالبلوكات: 10-16, 28, 270 &#x2b55;&#xFE0F;جيش الدفاع سوف يعمل بقوة شديدة ضد المنظمات الإرهابية في مناطق مكوثكم مثلما فعل حتى الآن. كل من يتواجد بالقرب من… <a href="https://t.co/I4LDdAtYET">pic.twitter.com/I4LDdAtYET</a>
&mdash; افيخاي ادرعي (@AvichayAdraee) <a href="https://twitter.com/AvichayAdraee/status/1787344298943365560?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/05/38614138/have-you-used-siri-lately-elon-musk-answers-mkbhd-after-tim-cook-teases-exciting-ai-developments-fro?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Have You Used Siri Lately?&#8217; Elon Musk Answers MKBHD After Tim Cook Teases &#8216;Exciting&#8217; AI Developments From Apple This Year</a>
Al Mawasi, a narrow coastal strip, is already accommodating several hundred thousand displaced Palestinians. Over 1.2 million people are currently seeking shelter in Rafah, many of whom have fled from other regions of the Gaza Strip. The living conditions are dire, with insufficient access to water, food, and basic medicine.
The international community, including the White House, the United Nations, and the World Health Organization, has cautioned Israel against an offensive in Rafah, citing potential catastrophic humanitarian consequences. However, Israeli President Benjamin Netanyahu has stressed the necessity of an operation in Rafah for Israel to prevail in its conflict with Hamas.
Why It Matters: The warning from the Israeli military comes amid escalating tensions in the region. Despite warnings from the international community, Israel has been preparing for a significant <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38411689/israel-gears-up-for-military-strike-in-rafah-despite-bidens-warning">military operation in Rafah</a>. The operation is aimed at targeting the last Hamas stronghold in the region, with efforts to minimize civilian casualties.
Meanwhile, former U.S. President Donald Trump recently expressed his dissatisfaction with Netanyahu over the handling of an incident involving Iran&#8217;s Qassem Soleimani. Trump&#8217;s comments underscore <a href="https://www.benzinga.com/news/24/04/38539146/trump-says-he-had-a-bad-experience-with-netanyahu-during-the-qassem-soleimani-incident-he-dropped-ou">the complex dynamics</a> at play in the region and the potential impact on the ongoing conflict.
Despite the escalating tensions, there have been <a href="https://www.benzinga.com/etfs/specialty-etfs/24/04/38501663/gaza-ceasefire-hopes-rise-on-intensive-talks-blinkens-middle-east-tour-possible-icc-arrest-wa">reports of a possible ceasefire</a> in Gaza, with Israel offering Hamas a 40-day truce in exchange for the release of captives. This proposal, if accepted, could potentially ease the situation in the region and pave the way for further negotiations.
Read Next: <a href="https://www.benzinga.com/government/24/05/38630925/buffett-says-no-other-americans-would-have-had-to-pay-even-a-dime-in-federal-taxes-if-this-had-happe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened</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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Politics

Global

Israeli Military Issues Urgent Evacuation Warning To Gaza's Rafah Amid Anticipated Operation

Tesla and SpaceX CEO Elon Musk, known for his <a href="https://www.benzinga.com/general/gaming/23/08/33610477/elon-musk-lover-of-video-games-has-praise-for-this-record-breaking-title-and-its-not-elden-ring">love for video games</a>, has shared his top picks with compelling storylines.  
What Happened: Over the weekend, a user on X, formerly Twitter, asked other social media users to recommend a video game with a "great storyline."&nbsp;
Musk, who <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27881697/happy-birthday-elon-musk-52-facts-and-figures-about-tesla-and-spacex-ceo-on-his-52nd-birth">sold a video game company</a> he created for $500 at the age of just 12, replied to the user, suggesting three titles: Deus Ex, BioShock, and Mass Effect 2. 
See Also: <a href="https://www.benzinga.com/news/24/05/38634420/ozempic-ftw-elon-musk-touts-novo-nordisks-blockbuster-drug-as-solution-to-childhood-obesity-problem">&#8216;Ozempic Ftw:&#8217; Elon Musk Touts Novo Nordisk&#8217;s Blockbuster Drug As Solution To Childhood Obesity Problem</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Deus Ex, Bioshock, Mass Effect 2
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787246360023965779?ref_src=twsrc%5Etfw">May 5, 2024</a></blockquote>
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Deus Ex is a role-playing video game that draws inspiration from real-world conspiracy theories. Ian Storm developed the first two games in the series, followed by Eidos-Montreal and again Storm.&nbsp;
BioShock is a retro-futuristic video game franchise created by Ken Levine and published by 2K. The game is known for delving into in-game narratives woven with philosophical and ethical themes.&nbsp;
Mass Effect 2 is an action role-playing video game developed by BioWare. It is set in a dystopian future with the insectoid alien race as the antagonists against humanity.&nbsp;
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.&nbsp;
Why It Matters: Musk&#8217;s love for video games is well-documented. Last month, <a href="https://www.benzinga.com/general/gaming/24/04/38395097/elon-musk-likes-games-originating-from-this-country-because-because-they-havet-been-corrupted-by-w">he admired Japanese video games</a>, citing them as untainted by &#8220;woke DEI lies.&#8221; The tech billionaire is also known for posting frequently about popular games, such as Elden Ring and Diablo IV.&nbsp;
In February, earlier this year, Musk also expressed his <a href="https://www.benzinga.com/general/gaming/24/02/37196810/elon-musk-opens-up-on-when-tesla-will-make-a-video-game-ive-wanted-to-do-that-for-a-long-time">intention to create a video game</a> for Tesla fans worldwide, but only after the company&#8217;s Full Self-Driving capabilities become safer than &#8220;even supervised FSD.&#8221;&nbsp;
&#8220;I&#8217;ve wanted to do that for a long time,&#8221; Musk said at the time.&nbsp;
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38614138/have-you-used-siri-lately-elon-musk-answers-mkbhd-after-tim-cook-teases-exciting-ai-developments-fro">&#8216;Have You Used Siri Lately?&#8217; Elon Musk Answers MKBHD After Tim Cook Teases &#8216;Exciting&#8217; AI Developments From Apple This Year</a>
Image created using AI via MidJourney

Gaming

Level Up With Elon: Tesla CEO Musk Reveals His Top Video Game Picks With Great Storylines

Macro Economic Events

Econ #s

Eurozone Services Purchasing Managers Index For April 53.3 Vs. 52.9 Est.; 51.5 Prior

HCOB Eurozone Composite Purchasing Managers Index For April 51.7 Vs. 51.4 Est.; 50.3 Prior

Germany Services Purchasing Managers Index For April 53.2 Vs. 53.3 Est.; 50.1 Prior

France Services Purchasing Managers Index For April 51.3 Vs. 50.5 Est.; 48.3 Prior

Former President Donald Trump has once again used language reminiscent of Nazi Germany, this time accusing President Joe Biden of running a &#8220;Gestapo administration.&#8221;
What Happened: Trump made the comments on Saturday at a private event at his Mar-a-Lago resort, <a href="https://apnews.com/article/trump-gestapo-biden-nazi-germany-campaign-rhetoric-531691ce92cafc18c810c75740802883">according</a> to The Associated Press. He reportedly linked the Biden administration to his ongoing legal issues, including his trial for hush money and fraud in New York.
The Gestapo was the secret police force of Nazi Germany, known for suppressing political opposition and targeting Jewish people during the Holocaust. Trump&#8217;s comparison comes as he denies the charges against him, particularly his efforts to overturn the 2020 election.
Republican Governor Doug Burgum of North Dakota, a potential running mate for Trump, confirmed the statement on CNN,but, downplayed its significance. He suggested that a majority of Americans view Trump&#8217;s trial as politically motivated.
See Also: <a href="https://www.benzinga.com/news/24/05/38632362/russian-troops-enter-us-military-base-in-niger-trumps-views-on-presidential-immunity-and-more-top-po?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Russian Troops Enter US Military Base In Niger, Trump&#8217;s Views On Presidential Immunity And More: Top Poli</a>
Why It Matters: Trump&#8217;s use of Nazi-era language is not a new development. In the past, he has referred to political opponents as &#8220;vermin&#8221; and accused migrants of &#8220;poisoning the blood of our country,&#8221; language that echoes statements made by Adolf Hitler during his rule of Germany.
Trump&#8217;s comments have drawn criticism from Biden&#8217;s reelection campaign, with a spokesperson condemning the reference as &#8220;despicable and insulting&#8221; to the Holocaust. Trump&#8217;s campaign has not yet responded to the AP&#8217;s request for comment.
Trump&#8217;s remarks come amid a backdrop of increasing political tension. Biden, in December, warned that <a href="https://www.benzinga.com/news/23/12/36319441/joe-biden-warns-we-lose-everything-if-trump-wins-2024-election-god-knows-where-hell-take-us">a Democratic defeat</a> in the 2024 election could spell the end of democracy in the U.S.
Trump, on the other hand, has been vocal in his criticism of Biden&#8217;s administration, accusing the president of undermining democracy and calling his potential re-election a moral battle against <a href="https://www.benzinga.com/news/23/12/36061916/trump-fires-back-at-biden-accuses-president-of-undermining-democracy-he-is-crooked-the-most-corrupt">Biden&#8217;s &#8220;criminal&#8221; administration</a>. His latest comments further add to the escalating political rhetoric in the lead-up to the 2024 election.
Read Next: <a href="https://www.benzinga.com/news/24/05/38630115/trump-vs-biden-latest-polls-dont-bode-well-for-one-candidate-in-tight-presidential-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Polls Don&#8217;t Bode Well For One Candidate In Tight Presidential Race</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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Trump Accuses Biden Of Running 'Gestapo Administration' Amid Legal Woes: 'Only Way They're Going To Win'

As part of the Additional Investment, AstraZeneca subscribed today for 10,000,000 &quot;class A&quot; convertible preferred shares and 18,000,000 &quot;class B&quot; convertible preferred shares, in each case at a price of&nbsp;$5.00&nbsp;per convertible preferred share, issued by the board of directors of Cellectis pursuant to the authorizations granted by the extraordinary general meeting of the shareholders of Cellectis held on December 22, 2023.

CLLS

Cellectis Announces Completion Of AstraZeneca's $140M Additional Investment, Issuing Class A & B Convertible Shares

Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) has released new images of its latest luxury resort,&nbsp;Wynn Al Marjan Island, currently under construction in&nbsp;Ras Al Khaimah, United Arab Emirates.

WYNN

Wynn Resorts Releases New, Updated Images of Wynn Al Marjan Island

KKR Acquires Healthium, An Indian Medical Device Firm, From Apax Funds; Deal Terms Not Disclosed

&nbsp;Calliditas Therapeutics AB&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CALT#NASDAQ">CALT</a>) (Nasdaq Stockholm: CALTX)&nbsp;(&quot;Calliditas&quot;) today announced data from the proof-of-concept Phase 2 trial evaluating setanaxib, its lead NOX enzyme inhibitor, in combination with pembrolizumab, in patients with squamous cell carcinoma of the head and neck (SCCHN). The analysis showed statistically significant improvements in progression-free survival (PFS), as well as in overall survival (OS), with statistically significant changes in tumor biology consistent with the mechanism of action of setanaxib.

CALT

Calliditas Therapeutics Reports Data From Phase 2 Study Of Setanaxib In Combination With Pembrolizumab For Head And Neck Cancer

Daniel McKinnon, who has worked as a product manager with both Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google, shared insights into the <a href="https://www.benzinga.com/general/24/04/38186755/jeff-bezos-says-people-have-very-high-standards-for-their-work-life-balance-if-you-enjoy-half-of-it">work-life balance</a> at both companies.
What Happened: McKinnon, who worked at Meta from 2018 to 2022 and was then at Google for two years, before returning to Meta in February to work on the company&#8217;s Ray-Ban AI glasses, highlighted the differences between the two tech giants in a blog post last month.
McKinnon noted that while both companies are great for product managers, there are key differences in work-life balance and compensation. He suggested that Meta might be a better fit for those seeking growth&nbsp;at the expense of stress&nbsp;and pressure, while&nbsp;Google could be a great&nbsp;place for those prioritizing&nbsp;work-life balance.
&#8220;If you want to prioritize work-life balance, stability, and job security, Google could be a great place for you,&#8221; he wrote.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38607653/sam-altmans-openai-and-amazon-backed-anthropic-face-serious-competition-from-these-chinese-startups?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Sam Altman&#8217;s OpenAI And Amazon-Backed Anthropic Face Serious Competition From These Chinese Startups Backed By Alibaba, Xiaomi And More</a>
McKinnon also highlighted differences in compensation structures, project opportunities, company transparency, &#8220;expression&#8221; in the workplace, career ladder, and the role of product managers versus software engineers at the two companies.
For instance, in terms of compensation, McKinnon stated that Meta distributes its Restricted Stock Unit or RSU evenly across four years, whereas Google allocates its grants differently by concentrating 70% of the stock within the initial two years of employment.
&#8220;Refreshers at Google are significantly smaller than Meta for the same level and role and performance multipliers are much scarcer,&#8221; he wrote. However, a representative from Google contested McKinnon&#8217;s claim that employees receive lower compensation annually due in part to the absence of additional bonuses or stock refreshers for those with a &#8220;significant impact&#8221; rating, <a href="https://www.businessinsider.in/tech/news/a-product-manager-who-worked-at-meta-and-google-reveals-which-company-is-best-for-work-life-balance/articleshow/109868085.cms">reported</a> Business Insider.
According to McKinnon, Google CEO Sundar Pichai&#8217;s responses to employees lacked the same level of openness as those of Meta CEO Mark Zuckerberg. He noted that compensation at Google is also less predictable, and obtaining feedback from leadership is more challenging compared to the situation at Facebook.
He also stated that career advancement appears to occur more rapidly at Meta compared to Google, where progression frequently relies on seniority.
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: Meta&#8217;s first-quarter revenue of $36.45 billion, up 27% year-over-year,&nbsp;<a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">beat the Street consensus estimate</a>&nbsp;of $36.16 billion. However, the company&#8217;s guidance and higher costs impacted its stock.
On the other hand, Google&#8217;s parent company, Alphabet, reported a 15% year-over-year increase in its first-quarter revenue to $80.539 billion,&nbsp;<a href="https://www.benzinga.com/news/earnings/24/04/38445001/alphabet-q1-earnings-revenue-beat-eps-beat-70b-buyback-first-ever-dividend-ai-leadership-and-more">beating the consensus estimate</a>&nbsp;of $78.594 billion. The company also reported quarterly earnings of $1.89 per share, surpassing analyst estimates of $1.51 per share.
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/24/05/38614138/have-you-used-siri-lately-elon-musk-answers-mkbhd-after-tim-cook-teases-exciting-ai-developments-fro?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Have You Used Siri Lately?&#8217; Elon Musk Answers MKBHD After Tim Cook Teases &#8216;Exciting&#8217; AI Developments From Apple This Year</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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Meta Or Google: Which Tech Giant Offers Better Work-Life Balance? Here's What An Ex-Product Manager Who Was At Both Places Says

<ul>
<li>-A single oral administration of MM120 100 &micro;g met its primary and key secondary endpoints and maintained clinically and statistically significant HAM-A reductions compared to placebo at 12 weeks with a&nbsp;65%&nbsp;clinical response rate and a&nbsp;48%&nbsp;clinical remission rate-</li>
<li>-MindMed also presents two new epidemiology studies quantifying the burden of GAD in the US-</li>
<li>-APA Annual Meeting, the largest psychiatric gathering in the world, is the first scientific presentation of MM120 Phase 2b data-</li>
</ul>

MNMD

Reported Saturday, MindMed Unveils Phase 2b Data Of MM120 For Generalized Anxiety Disorder At American Psychiatric Association Annual Meeting

<ul>
<li>New and Recurrent Patients Treated with UGN-102 Achieved Similar Durability of Response Rates (DOR) at 12 months</li>
</ul>
UroGen Pharma Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/URGN#NASDAQ">URGN</a>), a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, today announced results from a new analysis of the ATLAS trial, which estimates using Kaplan Meier methods the probabilities of remaining in complete response for both new and recurrent low-grade intermediate-risk non- muscle invasive bladder cancer (LG-IR-NMIBC) patients following treatment with investigational drug UGN-102 as primary therapy, with or without subsequent transurethral resection of the bladder tumor (TURBT) at 3 months.

URGN

Reported Saturday, UroGen Announced ATLAS Study Results At AUA 2024: UGN-102 Demonstrates Sustained Response In New And Recurrent Bladder Cancer Patients

<ul>
<li>Investigator-Sponsored Phase 2 Study Demonstrated Positive Results in Children with Noonan Syndrome, Idiopathic Short Stature and Other Growth-Related Conditions</li>
<li>BioMarin-Sponsored&nbsp;Phase 3 Data Show Notable Mean Annualized Growth Velocity Increases in Children with Achondroplasia Who Started Treatment During Adolescence</li>
</ul>

BMRN

Reported Saturday, BioMarin Presented New Data On VOXZOGO for Multiple Growth-Related Conditions in Children Presented At Pediatric Endocrine Society (PES) Annual Meeting

Warren Buffett&#8216;s Berkshire Hathaway, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) announced its <a href="https://www.benzinga.com/markets/equities/24/05/38629833/berkshire-hathaways-q1-operating-earnings-surged-39-heres-why" target="_blank" rel="noreferrer noopener">first-quarter results </a>on Saturday, with the investment guru hosting the annual shareholder event in Omaha, Nebraska. A regulatory filing also showed a second straight quarter of trimming its Apple stake. Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk saw this as a potential opportunity for Berkshire to invest in the electric vehicle maker.
What Happened:&nbsp;A Tesla fan following the weekend shareholder meeting offered some advice to Buffett on social media: &#8220;C&#8217;mon Warren Buffett, sell all your $AAPL and buy $TSLA.&#8221;
Berkshire&#8217;s Apple Holding:&nbsp;&nbsp;At the end of the first quarter, Berkshire&#8217;s Apple holding stood at $135.4 billion, down over 22% from the previous quarter. The exact number of shares will be known only when the firm files its 13F report.&nbsp;
Based on Apple&#8217;s average first-quarter stock price of $181.83, Berkshire may have held 744.65 million shares at quarter-end, lower than the 904.87 million shares at the end of the fourth quarter.
Buffett shrugged off the Apple reduction as a one-time move and reiterated that the iPhone maker would remain Berkshire&#8217;s top holding unless it dramatically changes its capital allocation strategy.
He suggested the move aimed to bolster Berkshire&#8217;s cash position and pay tax bills.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/how-to-invest-in-startups" rel="noreferrer noopener">How To Invest In Startups</a>
Musk&#8217;s Invitation: Despite Buffett&#8217;s stance, Musk continues to harbor hopes for Berkshire&#8217;s investment. Replying to the social media post, the Tesla CEO said, &#8220;He should take a position in Tesla. It&#8217;s an obvious move.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He should take a position in Tesla. It's an obvious move.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787325206677401672?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
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This is not the first time Musk has expressed interest in Berkshire&#8217;s involvement. In February 2023, when informed about Berkshire&#8217;s significant cash reserves, Musk hinted&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/02/31061532/elon-musks-investment-advice-to-warren-buffett-invest-in-company-that-starts-with-a-t" rel="noreferrer noopener">at a potential investment</a>&nbsp;in a company starting with &#8220;T.&#8221;&nbsp;
Additionally, Musk has mentioned an unsuccessful meeting with&nbsp;Charlie Munger, Berkshire&#8217;s former Vice Chairman, in 2009.
At the May 2023 shareholder meeting, both Buffett and Munger acknowledged Musk&#8217;s achievements. Buffett called him &#8220;a brilliant, brilliant guy&#8230; He dreams about things and his dream has got a foundation,&#8221; while Munger referred to him as &#8220;brilliant.&#8221;
Investment Philosophy Clash?&nbsp;The rationale behind Berkshire&#8217;s lack of interest in Tesla likely stems from its value investing philosophy.&nbsp;Future Fund&#8216;s&nbsp;Gary Black, a Tesla investor, has explained why&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/23/03/31523318/elon-musk-may-keep-whining-but-warren-buffett-isnt-going-to-own-tesla-stock-analyst" rel="noreferrer noopener">Berkshire might never invest</a>&nbsp;in the EV stock: &#8220;Growth investors start with high growers and then buy those that are reasonably priced relative to intrinsic value. It&#8217;s two entirely different mindsets.&#8221;
Tesla&#8217;s high forward price-to-earnings ratio (72.46) and lack of dividend policy make it a less attractive option for value investors like Berkshire.&nbsp;
On Saturday, when asked about zero-emission vehicle companies as an investment option, Buffett said he didn't believe Berkshire brought any special expertise to that field. He noted that vehicle manufacturers were better suited for such endeavors.
Meanwhile, Tesla faces headwinds with a slowdown in sales. The company is banking on its full self-driving technology to compensate for the weakness in its core auto business.
Read Next: <a href="https://www.benzinga.com/news/24/05/38632849/charlie-and-i-warren-buffett-reminisces-about-late-friend-whom-he-credits-as-architect-of-todays-ber">&#8216;Charlie And I:&#8217; Warren Buffett Reminisces About Late Friend, Whom He Credits As &#8216;Architect Of Today&#8217;s Berkshire&#8217;</a>
Image made via photos on Shutterstock

'It's An Obvious Move:' Elon Musk Nudges Warren Buffett Again To Take Position In Tesla — Here's Why That May Not Happen Soon

Churchill Downs Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHDN#NASDAQ">CHDN</a>) (&quot;CDI&quot;) announced today that NBC Sports will continue to host the Kentucky Derby on NBC and Peacock through 2032. CDI&#39;s partnership with NBC Sports began in 2001. This multi-year partnership extension will make NBC the first media company to present the most prestigious event in horse racing for over three decades. 
&nbsp;

CHDN

Reported Saturday, NBC Sports To Broadcast Kentucky Derby Until 2032 As Churchill Downs And NBC Extend Longstanding Partnership

Amid ongoing chaos within the GOP, House Minority Leader Hakeem Jeffries (D-N.Y.) has asserted that the Democrats are effectively governing as the majority in the House. 
What Happened: Jeffries made this claim during a CBS "60 Minutes" interview on Sunday, The Hill <a href="https://thehill.com/homenews/house/4645295-jeffries-democrats-effectively-in-majority-due-to-gop-chaos-dysfunction/">reported</a>. He stated that the Democrats have been governing as if they were in the majority due to the fractured state of the GOP.
"Even though we're in the minority, we effectively have been governing as if we were in the majority because we continue to provide a majority of the votes necessary to get things done," Jeffries said.
"Our view would traditionally be, ‘Let the other side work its own mess out.&#8217; But when that mess starts to impact the ability to do the job on behalf of the American people, then the responsible thing at that moment might be for us to make clear that we will not allow the extremists to throw the Congress and the country into chaos."
The GOP&#8217;s majority in the House is currently slim, with only a five-seat advantage. This leaves Speaker Mike Johnson (R-La.) with little room for error on controversial bills without Democratic support. Johnson also faces a potential ouster threat from Rep. Marjorie Taylor Greene (R-Ga.), who has criticized him for working with Democrats.
See Also: <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?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hillary Clinton On Another Trump Presidency: &#8216;It Wouldn&#8217;t Be As Bad As It Was Last Time, It Would Be&#8230;&#8217;</a>
Jeffries and the Democrats have stated they will protect Johnson against Greene's motion to vacate. Greene is expected to make her motion to vacate privilege this week, potentially setting up a vote.
Jeffries has already used the Democrats' influence to pass some bipartisan priorities in the House, including a $95 billion foreign aid package last week. Johnson voted with Democrats to advance the bill, a move that Greene cited in her decision to go after the Speaker.
Why It Matters: The current turmoil within the GOP has been brewing for some time. Speaker Johnson has <a href="https://www.benzinga.com/news/24/04/38305637/mike-johnson-on-border-criticism-some-of-my-colleagues-want-the-speaker-of-the-house-to-have-a-magic">faced criticism from conservatives</a> due to the lack of border security provisions in his latest foreign aid proposal. Johnson dismissed the criticism, attributing the lack of action to Senate and White House Democrats.
Adding fuel to the fire, Greene has been threatening to oust Johnson for over a month. Top Democrats<a href="https://www.benzinga.com/news/24/04/38539364/marjorie-taylor-greenes-ouster-threat-against-mike-johnson-gets-top-democrats-rallying-behind-house"> have rallied to shield Johnson</a> from Greene&#8217;s ouster threat, further intensifying the ongoing tensions within the House of Representatives.
Read Next: <a href="https://www.benzinga.com/news/24/05/38628322/elon-musk-reacts-after-house-report-reveals-mark-zuckerbergs-meta-and-others-were-pressured-by-white?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After House Report Reveals Mark Zuckerberg&#8217;s Meta And Others Were Pressured By White House To Censor COVID Lab Leak Theory</a>
Images via Shutterstock
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