Focus Impact Acquisition Corp Class A Stock (OTC: FIAC)

Focus Impact Acquisition Corp Class A (OTC:FIAC) Stock, Quote.Headers.trade-ideas

DSTRF

News

Market-Moving Exclusives

Exclusives

FIAC

E-Fill partners with DevvStream&#39;s EVCCOP to generate carbon credits in India, supporting EV charging network expansion and creating new revenue stream.

EXCLUSIVE: DevvStream Collaborates With E-Fill Electric, Targets Carbon Credits In India&#39;s EV Charging Network

Focus Impact Acquisition Corp Class A

FOCUS IMPACT ACQUISITION CORP UNIT 1 CL A & 1/2 WT EXP

Focus Impact Acquisition Corp Warrants(28/10/2026)

In a world where tech founders <a href="https://www.benzinga.com/news/management/25/01/42771258/worlds-top-10-richest-people-gained-more-wealth-in-2024-than-costco-and-nikes-combined-valuation-how-elon-musk-warren-buffett-and-others-fared">chase billion-dollar valuations</a>, Craig Newmark, the founder of Craigslist, has taken a drastically different approach. He's resisted the allure of vast fortunes and actively rejected them. Why? Because, as he puts it, "you should know when enough is enough."
Craigslist, the minimalist website connecting people for decades, is one of the most visited websites globally. With 250 million monthly users, it's not far behind giants like Amazon. And yet, Craigslist generates less than $1 billion annually. Compare that to platforms charging hefty transaction fees and Craigslist could easily rake in tens of billions. But that's never been Craig's goal.
Don't Miss:
<ul>
<li>With 100+ historic trademarks including some of the high grossing characters in history, like Cinderella, Snow White and Peter Pan, <a href="https://www.benzinga.com/money/elf-labs-1">this company is transforming the $2 trillion entertainment market with patented AR, VR, and AI tech. — For a short window, investors are able to claim $2/share ($980 min).</a></li>
<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a></li>
</ul>
By design, the company doesn't make a single cent on most transactions. Instead, the site charges modest fees for job postings and apartment listings in select cities – a choice inspired by users who felt they were getting better value compared to other platforms.
<h2 class="wp-block-heading">Why Not Redesign?</h2>
If you've ever used Craigslist, you've probably noticed it hasn't changed much since the 1990s. No sleek designs or flashy updates – just a simple, functional interface. "People want it simple, fast and effective,"<a href="https://www.youtube.com/watch?v=mwS2On-IG6o"> Craig said</a>. While designers have pitched modern overhauls, Craig and his team have stuck to the basics.
This approach is intentional. Craigslist hasn't poured money into maximizing user retention or playing the UI game, unlike other tech platforms. "Fancy may not be the answer," Craig pointed out. Instead, the platform prioritizes usability, helping people find jobs, homes and items to buy or sell with minimal fuss.
See Also: <a href="https://www.benzinga.com/money/qnetic-2">This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here&#8217;s Why Early Investors Are Flocking To Invest Before Funding Closes</a>
<h2 class="wp-block-heading">Turning Down Billions</h2>
Over the years, <a href="https://www.benzinga.com/money/what-is-venture-capital">venture capitalists</a> have approached Craig with massive offers, urging him to monetize more aggressively or sell. They saw a gold mine in Craigslist's scale and suggested ads, subscriptions or transaction fees. But Craig wasn't interested.
"I don't need billions,"<a href="https://www.youtube.com/watch?v=pKfg69v-X3g"> he said</a>. "I've met a bunch of rich people and none of them are all that happy." According to Forbes, Newmark was a billionaire for years before dropping off the list in 2020. &#8220;Had I done the usual Silicon Valley thing … I'd be worth $11 billion." Instead, Craig leaned on lessons from his childhood. In Sunday school, he learned to treat people the way he'd want to be treated. To him, it's not altruistic, just basic fairness.
Craig's rejection of billions isn't as much about simplicity as impact. By keeping costs low and the platform accessible, Craigslist has helped millions of people find jobs, homes and opportunities. "In a lot of ways, [Craigslist] is helping people put food on the table," he said.
Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a>
<h2 class="wp-block-heading">The Humble Rise of Craigslist</h2>
Craig started Craigslist in 1995 as an email list to share local events. It quickly exceeded his expectations, adding categories like jobs, housing and for-sale items. By 1999, it became a company, but even then, Craig remained humble. He stepped back from management, admitting he wasn't a great boss and instead worked as a customer service rep for 15 years.
People would email him directly at <a href="mailto:Craig@craigslist.org">Craig@craigslist.org</a>. "I spent a lot of time doing that kind of thing and got a lot of stuff done." His approach to customer service reflected his broader philosophy: fairness, simplicity and community.
<h2 class="wp-block-heading">Living Modestly and Giving Back</h2>
Today, Craig is retired but busier than ever, focusing on philanthropy. He's donated millions to causes like internet freedom, unbiased journalism and veteran support. He's also been a major donor to Wikipedia, reflecting his commitment to accessible public resources. He&#8217;s even pledging $300 million to prevent cybercrimes against the U.S.
"The deal is our country is under attack now," he told Yahoo Finance. "It's not like I'm in the recruiting line after Pearl Harbor because my dad volunteered in the &#8217;40s, but I guess that's what I should be doing."
Despite his wealth, Craig lives modestly. He doesn't own a car, prefers public transportation and avoids unnecessary luxuries.
Read Next:
<ul>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
</ul>

'I Don't Need Billions. You Should Know When Enough Is Enough' – Craig From Craigslist Says He Rejected Billions To Redesign The Platform

<a href="https://www.globenewswire.com/Tracker?data=_9NbSKMoHr9QJcQl6d2ggryhVNf0W2mnCXS4iTaQMewDgW0jlmBmKRrNqxYUo6nsoY6B3yCVfYU_LPvO6-hPQh1dFEsvWR3OBzO8afu6PfI=">Molecular Partners</a> AG ((SIX: MOLN, NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOLN#NASDAQ">MOLN</a>), a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics, and Orano Med, a clinical-stage radiopharmaceutical company and a pioneer in the development of targeted alpha-particle therapies (TAT) with 212Pb (lead-212), today announced the expansion of their strategic collaboration.
The terms of the new agreement include the development of an additional six targeted alpha therapeutics candidates, now representing a total of ten potential programs between the two companies. Molecular Partners will lead development of the additional six programs, subject to a royalty arrangement, and include an option for Orano Med to move two of the six programs into a 50/50 co-development where Orano Med will hold commercialization rights.

MOLN

Molecular Partners, Orano Med Expand Partnership To Develop Targeted Alpha Radio-Therapies For Cancer

QIAGEN has decided to implement the maximum USD300 million value of the mandate given at the Annual General Meeting in June 2024, where shareholders gave virtually unanimous approval for the related resolutions. This approach is designed to return cash to shareholders in a more efficient way than through a traditional open-market repurchase program. It would also enhance earnings per share (EPS) through the reduction in outstanding shares. The synthetic share repurchase will become effective on January 28, 2025, and will be settled in line with market convention in the subsequent days

Buybacks

QGEN

Qiagen Said Sunday, It Will Return ~$300M To Shareholders Through A Synthetic Share Repurchase

<a href="https://www.bloomberg.com/news/articles/2025-01-12/johnson-johnson-exploring-bid-for-intra-cellular?embedded-checkout=true" title="https://www.bloomberg.com/news/articles/2025-01-12/johnson-johnson-exploring-bid-for-intra-cellular?embedded-checkout=true">https://www.bloomberg.com/news/articles/2025-01-12/johnson-johnson-exploring-bid-for-intra-cellular?embedded-checkout=true</a>

ITCI

Bloomberg Reported Sunday, J&J Explores Bid For Intra-Cellular Therapies

Guidance

RXST

RxSight Sees Q4 Revenue $40.2M Vs. $40.4M Est; Sees FY 2024 Revenue ~$139.9M,Up 57% YoY

ARQT

Arcutis Biotherapeutics Reported Sunday, Preliminary Unaudited Product Revenue For Q4 2024 Expected To Be ~$63M, Up ~366% Vs. Q4 2023; For FY 2024 Expected To Be ~$160M, Up ~449% Vs. 2023

Wayfair and Google Cloud today announced an expanded partnership to significantly enhance the online retailer's product catalog with Google's advanced Gemini models on Vertex AI and to improve employee collaboration by deploying Google Workspace to its thousands of employees worldwide. By using Google's AI technologies, Wayfair has already seen improvements in workforce efficiency and operational cost savings.

Tech

GOOGL

Wayfair, Google Cloud Announced Expanded Partnership Sunday To Transform Online Retail With Gemini

RARE

Ultragenyx Reported Sunday Preliminary 2024 Total Revenue Of $555M To $560M, Exceeding Top End Of Guidance; 2025 Expected Total Revenue Guidance Of $640M To $670M

Biographer Seth Abramson, who says he is writing a biography of Elon Musk, has expressed concerns over the mental health of the billionaire entrepreneur, citing his recent online behavior.
What Happened:&nbsp;In a post on X last week, Abramson, who has been tracking Musk&#8217;s online activities for the past two years, voiced his fears about Musk&#8217;s mental wellbeing. 
He stated, &#8220;I legitimately believe Elon Musk may be going mad. I&#8217;m a Musk biographer who has been tracking his online behavior for the last two years, and given that he&#8217;s admitted to all of mental illness, heavy drug use, and crippling stress, it is now reasonable to fear he is deeply unwell.&#8221;
<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">I legitimately believe Elon Musk may be going mad. I&#39;m a Musk biographer who has been tracking his online behavior for the last two years—and given that he&#39;s admitted to all of mental illness, heavy drug use, and crippling stress, it is now reasonable to fear he is deeply unwell.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1876343355665494253?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In another post, he wrote, &#8220;It is now reasonable to fear he is deeply unwell. Protect America from Elon Musk.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For 14 days more the administration is in a position to take urgent action to protect America from Elon Musk. That could include ending all U.S. contracts with him, filing lawsuits to block his unconstitutional DOGE initiative, and launching new federal and natsec investigations.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1876344354568393095?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He also referenced Musk's role as the incoming head of the Department of Government Efficiency (DOGE) under the Trump administration, emphasizing that Musk's influence could threaten national stability. 
Also Read: <a href="https://www.benzinga.com/news/24/02/36925273/elon-musk-fostered-culture-of-drug-use-among-senior-leaders-at-tesla-and-spacex-report-says">Elon Musk Fostered Culture Of Drug Use Among Senior Leaders At Tesla And SpaceX, Report Says</a>
&#8220;His control over &#8216;civilization-essential industries&#8217; and his upcoming government role mean his erratic behavior endangers us all,&#8221; Abramson stated.
<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">His private struggles would not be of general concern except they have dramatic public consequences. His holdings across many civilization-essential industries and the fact that he&#39;s the incoming POTUS mean that his madness and increasing incitement of violence endanger us all.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1876343840258617394?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Abramson&#8217;s concerns stem from Musk&#8217;s own admissions&nbsp;of mental illness, heavy drug&nbsp;use, and crippling stress. The biographer&#8217;s post has since garnered over 4.1 million views, sparking widespread discussion about the mental health of high-profile individuals like Musk.
Why It Matters:&nbsp;Elon Musk, the CEO of&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and&nbsp;SpaceX, is one of the most influential figures in the tech industry. His mental health could potentially impact the operations and stock performance of his companies.
Moreover, Abramson&#8217;s tweet highlights the importance of mental health awareness, even among successful individuals. It serves as a reminder that mental health issues do not discriminate and can affect anyone, regardless of their status or achievements.
Read Next
<a href="https://www.benzinga.com/news/24/01/36526208/concerns-mount-as-elon-musks-illegal-drug-use-sparks-alarm-at-tesla-and-spacex-wsj">Concerns Mount As Elon Musk&#8217;s Illegal Drug Use Sparks Alarm At Tesla And SpaceX</a>
Image: Shutterstock

Social Media

Health Care

ARKK

iShares Dow Jones US Technology Sector Index Fund

RIVN

TSLA

Is Elon Musk's Mental Health a Cause for Concern? Biographer Thinks So

DOJ Sues 6 Of The Largest Landlords For Pricing Schemes That Harmed Struggling Renters
The U.S. Department of Justice on Tuesday amended its <a href="https://www.justice.gov/opa/pr/justice-department-sues-six-large-landlords-algorithmic-pricing-scheme-harms-millions">antitrust lawsuit</a> against RealPage to include six of the nation's largest landlords for allegedly participating in algorithmic pricing schemes.&nbsp;
The lawsuit accuses Greystar Real Estate Partners LLC, Blackstone's LivCor LLC, Camden Property Trust, Cushman &amp; Wakefield Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWK#NYSE">CWK</a>) and Pinnacle Property Management Services LLC,&nbsp; Willow Bridge Property Company LLC and Cortland Management LLC of sharing data on rents and occupancy with competing firms in order to avoid lowering rents.&nbsp;
The landlords, who collectively operate more than 1.3 million units in 43 states and the District of Columbia, allegedly shared information including renewal rates and even their approach to pricing for the next quarter.
Read Next: <a href="https://www.benzinga.com/25/01/42919029/supreme-court-hears-tiktok-oral-arguments">Supreme Court Hears TikTok Arguments With App&#8217;s Ban Ahead: &#8216;Essentially, The Platform Shuts Down&#8217;&nbsp;</a>
"While Americans across the country struggled to afford housing, the landlords named in today's lawsuit shared sensitive information about rental prices and used algorithms to coordinate to keep the price of rent high," said Acting Assistant Attorney General Doha Mekki of the Justice Department's Antitrust Division.&nbsp;
"Today's action against RealPage and six major landlords seeks to end their practice of putting profits over people and make housing more affordable for millions of people across the country," Mekki added.&nbsp;
Oklahoma Man Pleads Guilty To $9.4 Million Crypto Scheme
Travis Ford, 35, of Glenpool Oklahoma, on Friday pleaded guilty to his role in a cryptocurrency investment scheme that raised $9.4 million from approximately 2,800 investors through fraudulent conduct.
Ford was the CEO, co-founder, and head trader of Wolf Capital Crypto Trading LLC, a purported cryptocurrency investment firm. From January 2023 through August 2023, Ford solicited investments through Wolf Capital's website and other social media and internet-based promotion activities and marketed himself as a sophisticated trader.&nbsp;
Ford lured victims with promises of high returns of 1% to 2% per day and later admitted that he did not believe those investment returns were possible to achieve consistently. Ford also misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of his investors. 
Read More:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/01/42900817/quantum-stocks-regetti-computing-ionq-d-wave-poised-to-open-higher-after-nvidia-ceo-comments-drove-huge-losses">Quantum Stocks Regetti Computing, IonQ, D-Wave Poised To Open Higher After Nvidia CEO Comments Drove Huge Losses</a></li>
</ul>
Image: Shutterstock&nbsp;

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

Cryptocurrency

Legal

Markets

Real Estate

Financial Crime Weekly: DOJ Sues 6 Of The Nation's Largest Landlords, Man Pleads Guilty To $9.4 Million Crypto Scheme

German Chancellor Olaf Scholz, a member of the nation&#8217;s Social Democratic Party, has raised concerns over President-elect Donald Trump&#8217;s <a href="https://www.benzinga.com/25/01/42889488/pentagon-dismisses-greenland-invasion-plans-following-trumps-comments-were-concerned-with-the-real-national-secur" target="_blank" rel="noreferrer noopener">moves on border integrity</a>.
Scholz, who has been chancellor since 2021, highlighted shaky times ahead in relations with Washington and also suggested the rise of the far right in neighboring Austria at a party congress in Berlin, <a href="https://www.bloomberg.com/news/articles/2025-01-11/scholz-derides-cdu-tax-plans-as-attack-on-germany-s-workers?srnd=phx-politics" target="_blank" rel="noreferrer noopener">reports</a> Bloomberg.
Per Scholz, Trump&#8217;s current expansionist oratory against Greenland and Canada, as well as the Panama Canal, give him cause for worry.
Scholz emphasized to the audience that the principle of inviolability of borders applies to all nations, stating that no country should be treated as the backyard of another, Bloomberg adds, quoting the German leader.
He further expressed that no small country should fear its larger neighbor, describing this as the core of Western values.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/42931941/mark-zuckerberg-critiques-culturally-neutered-companies-advocates-for-masculine-energy-as-meta-cuts-dei-programs-post-joe-rogan-appearance" rel="noreferrer noopener">Mark Zuckerberg Critiques &#8216;Culturally Neutered&#8217; Companies, Advocates For &#8216;Masculine Energy&#8217; As Meta Cuts DEI Programs Post-Joe Rogan Appearance</a>
During a news conference on Tuesday, Trump stated that NATO should increase its defense spending target to 5% of GDP, up from the current 2%, AP News <a target="_blank" href="https://apnews.com/article/germany-scholz-trump-denmark-greenland-792cf697a69c0f17291dc6a18aba1355" rel="noreferrer noopener">reports</a>.
Germany, which faced criticism from Trump in his first term for not meeting the 2% target, raised its spending after Russia&#8217;s invasion of Ukraine in 2022, the report adds.
Scholz responded that NATO has a set procedure for determining the required military capabilities and emphasized the importance of unity in addressing these issues.
Meanwhile, Bloomberg reports that Scholz&#8217;s conservative challenger, Friedrich Merz of the Christian Democratic Union, stated that Trump&#8217;s sentiments won&#8217;t intimidate him.
Merz emphasized that Germany should focus on strengthening its economic and military power.
Ahead of a federal election next month in Germany, Scholz faces growing pressure to address Trump&#8217;s calls for increased defense spending while balancing domestic priorities.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/42931704/tiktok-users-call-on-trump-to-deliver-immediately-on-his-promise-to-save-app-from-us-ban-we-dont-need-the-supreme-court-to" target="_blank" rel="noreferrer noopener">TikTok Users Call On Trump To ‘Deliver Immediately' On His ‘Promise' To Save App From US Ban: ‘We Don't Need The Supreme Court To…'</a></li>
</ul>
Image: Shutterstock

Politics

General

Scholz Warns of Tension with Trump as Border Integrity and NATO Spending Loom Over Germany's Election

President-elect Donald Trump&#8216;s estranged niece Mary Trump has weighed in on her uncle&#8217;s <a href="https://www.benzinga.com/news/24/12/42497190/mary-trump-slams-uncle-over-anti-birthright-citizenship-stance-a-deeply-ignorant-cruel-man">controversial comments</a> on the continuing wildfires in southern California.
What Happened: At least 16 people have died in the Eaton and Palisades fires, according to the latest update from the&nbsp;County of Los Angeles Medical Examiner. The fires have also led to the evacuation of more than 153,000 residents.
According to reports, the Pacific Palisades fire, fueled by strong winds and dry conditions, is anticipated to continue burning until it reaches the Pacific Ocean.&nbsp;Los Angeles Fire Chief Kristin&nbsp;Crowley&nbsp;cautioned, &#8220;We are absolutely not out&nbsp;of danger yet.&#8221;
Amid the devastation, Mary Trump shared her thoughts on her uncle&#8217;s response and handling of the crisis. The President-elect&#8217;s social media posts blaming Gov. Gavin Newsom (D-Calif.) for the fires have been dismissed as &#8220;pure fiction&#8221; by Newsom&#8217;s office.
"One of the best and most beautiful parts of the United States of America is burning down to the ground. It's ashes, and Gavin Newscum should resign. This is all his fault!!!" Trump wrote in one post.
Also Read: <a href="https://www.benzinga.com/news/24/12/42713956/mary-trump-reveals-the-worst-christmas-gift-she-ever-received-from-uncle-donald-trump">Mary Trump Reveals the Worst Christmas Gift She Ever Received from Uncle Donald Trump</a>
&#8220;Unfortunately for us, one of the people who has been most vocal, and least useful, during this ongoing tragedy — Donald Trump — is terrible in a crisis. By that, I don't mean he doesn't handle crises well (although this is undoubtedly true), I mean he exploits tragedies for his own ends, making things worse for the rest of us in the process,&#8221; Mary Trump wrote in a blog post.
&#8220;I do know what Donald gets out of stirring up chaos and division during those times when we need unity. Division benefits him, even if, or maybe especially if it&#8217;s at the expense of the rest of us. Division wears us down, even as it leaves him unaltered. I actually think it energizes him,&#8221; she added. 
&#8220;One of the most frustrating things about all of this is that none of it is surprising — Donald is no longer an unknown quantity. After four years of his first administration, we are all too familiar with the sort of chaos he brings to already fraught situations. He has, in fact, a long, sordid history of making things worse,&#8221; Mary Trump wrote.
&#8220;Remember, it was during Covid that Donald found the most effective way to tear us apart. Because what was true then, what has always been true, and will always be true is that if Donald Trump can in any way profit from your death, he will facilitate it, and then he will ignore the fact that you died,&#8221; she said. 
Victims of the wildfires have been encouraged to register for assistance through the FEMA website, app, or hotline. Several organizations, such as the California Fire Foundation and the American Red Cross of Greater Los Angeles, are offering support to those affected.
Read Next
<a href="https://www.benzinga.com/news/24/12/42635765/mary-trumps-warning-donald-trumps-second-term-already-is-more-dangerous-than-the-first" target="_blank" rel="noreferrer noopener">Mary Trump's Warning: Donald Trump's Second Term ‘Already Is More Dangerous Than the First'</a>

Mary Trump Blasts Uncle Over Wildfire Comments: 'If Donald Trump Can Profit From Your Death, He Will Facilitate It'

Just before his death, investing legend Charlie Munger made a contrarian bet that resulted in doubling his money, as revealed by his close friend Li Lu in an interview with Chinese social network Zhenge Island.
What Happened: Munger, who was&nbsp;Warren Buffett&#8216;s business partner and vice chairman of&nbsp;Berkshire Hathaway&nbsp;for over four decades, invested in a stock that was neither popular nor politically correct. This, however, did not deter the seasoned investor.
Li Lu, the founder of Himalaya Capital Management and a close friend of Munger, shared that&nbsp;&#8220;The week before he died,&nbsp;this stock had doubled from&nbsp;the time he started investing&nbsp;to that time.&#8221; The name of the stock was not disclosed by Li.
&#8220;There was a stock that everyone disliked, and it might not be particularly politically correct,&#8221; Li added saying that it didn&#8217;t stop Munger from studying the company and buying its shares, as reported <a href="https://www.businessinsider.com/charlie-munger-stock-investing-li-lu-buffett-musk-risk-berkshire-2025-1">by </a>Insider. 
Li also said that the stock remained &#8220;in the Munger family portfolio&#8221; and was &#8220;still performing very well.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/06/39347990/this-famous-piece-of-wisdom-from-charlie-munger-can-go-a-long-way-in-investing-and-in-life-say-inves">This Famous Piece Of Wisdom From Charlie Munger Can Go A Long Way In Investing — And In Life, Say Investment Experts</a>
Li also shared an anecdote about a lunch he had with Munger and&nbsp;Elon Musk, where Musk attempted to win over Munger&#8217;s investment. 
He highlighted the stark differences in risk appetite between the two, with Musk willing to embark on ventures&nbsp;with only a 5% chance&nbsp;of success, while Munger required an 80% chance of success.
Munger passed away in late November 2023, just&nbsp;shy of his 100th birthday.
Why It Matters: Munger&#8217;s final investment move showcases his contrarian approach to investing, which often involved betting against popular opinion. 
This strategy, while risky, has proven successful for Munger throughout his career, and this last investment was no exception. 
His approach to risk, as contrasted with Elon Musk&#8217;s, provides valuable insight into the mindset of one of the most successful investors of our time.
Read Next
<a href="https://www.benzinga.com/news/23/05/32319092/secret-to-success-get-toxic-people-out-of-your-life-fast-says-billionaire-charlie-munger">Secret To Success? Get Toxic People Out Of Your Life — Fast, Says Billionaire Charlie Munger</a>

Success Stories

Here's How Charlie Munger's Final Investment Move Doubled His Money, Reveals His Close Friend Li Lu

Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO <a href="https://www.benzinga.com/topic/mark-zuckerberg">Mark Zuckerberg</a> has much bigger fences to mend with President-elect Donald Trump than the Silicon Valley tech giants and other&nbsp;billionaires who have been <a href="https://www.benzinga.com/tech/24/12/42722137/elon-musk-peter-thiel-and-billionaires-influence-in-trumps-white-house-former-labor-secretary-robert-reichs-warning">making the trek</a> to Mar-a-Lago since the November elections. Friday&#8217;s visit, <a href="https://nypost.com/2025/01/10/us-news/mark-zuckerberg-meets-with-trump-in-fla-parks-private-jet-next-to-trump-force-one/">reported</a> by The New York Post, was Zuckerberg's <a href="https://www.benzinga.com/markets/24/11/42227958/mark-zuckerberg-and-trump-reportedly-met-at-mar-a-lago">second meeting with Trump</a> since the 2024 election.
Why It Matters: The Facebook founder&#8217;s relationship with Trump profoundly soured after Meta platforms <a href="https://www.benzinga.com/news/23/02/30848473/trumps-back-on-facebook-and-instagram-for-real">banned outgoing President Trump's Facebook and Instagram accounts</a> after the January 6, 2021 Capitol riot. Meta lifted the remaining restrictions on Trump's accounts in July. 
As recently as March 2024, <a href="https://www.benzinga.com/news/24/03/37572294/donald-trump-is-against-tiktok-ban-because-it-would-help-facebook-and-zuckerschmuck-double-their-bus">Trump labeled Facebook</a> "a true Enemy of the People" on Truth Social, accusing the platform of election interference. In July 2024 Truth Social post, Trump <a href="https://www.benzinga.com/news/24/07/39723781/trump-threatens-to-jail-metas-mark-zuckerberg-and-election-fraudsters-if-re-elected-dont-do-it-be-ca">vowed to jail Zuckerberg</a> and other "election fraudsters" if elected. The GOP had it out for Zuckerberg's $400 million "Zuckerbucks" initiative during the 2020 election cycle, a generosity he chose not to repeat in 2024.
Now, the tech billionaire seems to be recalibrating his stance.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/25/01/42913566/john-fetterman-first-democratic-lawmaker-to-accept-trump-invitation-to-mar-a-lago">John Fetterman First Democratic Lawmaker To Accept Trump Invitation To Mar-a-Lago Since 2024 Election</a>
<h2 class="wp-block-heading">All Is Forgiven</h2>
Over the summer, Zuckerberg reportedly had private phone conversations with Trump and has since made notable overtures, including a $1 million donation to Trump's inaugural fund.
One of the latest and probably most consequential moves on Zuckerberg's part was <a href="https://www.benzinga.com/25/01/42851889/meta-ditches-fact-checking-for-community-notes-zuckerberg-says-opportunity-to-restore-free-expression">his recent decision</a> to end third-party fact-checking on Facebook, ostensibly to restore &#8220;free speech&#8221; and to roll back Diversity, Equity and Inclusion (DEI) initiatives at Meta. The GOP in general and Trump in particular have expressed their how deeply they despise the concept of DEI.
In terms of fact-checking, another concept low on the incoming administration&#8217;s list, Zuckerberg <a href="https://about.fb.com/news/2025/01/meta-more-speech-fewer-mistakes/" target="_blank" rel="noreferrer noopener">said </a>in a video last week. &#8220;It&#8217;s time to get back to our roots around free expression on Facebook and Instagram.&#8221;
The NY Times <a href="https://www.nytimes.com/2025/01/10/technology/meta-mark-zuckerberg-trump.html">reported</a> that inside Meta, the reaction to the changes has been divided with some employees celebrating the moves and others shocked. Several employees wrote that they were ashamed to work for Meta.
"Even though Facebook is as powerful as it is, it still had to bend the knee to Trump," said Brian Boland, a former Facebook vice president, who left the company in 2020, <a href="https://www.cnbc.com/2025/01/11/meta-had-to-bend-the-knee-to-trump-ahead-of-inauguration.html">reported</a> CNBC on Saturday.
Zuckerberg, noted the NY Post, parked his Gulfstream G650 jet adjacent to Donald Trump's iconic Boeing 757 "Trump Force One," and was seen boarding the aircraft at Palm Beach International Airport following the meeting.
Benzinga contacted the Meta team for comment and has yet received a response.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/01/42926133/metas-new-moderation-policies-do-not-extend-to-marijuana-content-cannabis-searches-still-blocked">Meta&#8217;s New Moderation Policies Do Not Extend To Marijuana Content, Cannabis Searches Still Blocked</a></li>
</ul>
Photo: Courtesy of&nbsp;<a href="https://commons.wikimedia.org/wiki/File:Mark_Zuckerberg_F8_2019_Keynote_(47774202191).jpg" target="_blank" rel="noreferrer noopener">Anthony Quintano</a>&nbsp;and&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;on flickr

Government

Mark Zuckerberg Meets Donald Trump At Mar-a-Lago: Mending Fences Ahead Of GOP White House Return

Billionaire investor&nbsp;Mark Cuban&nbsp;has publicly endorsed Bitcoin as a superior alternative to gold in times of economic crises.
What Happened: In an interview with Wired, Cuban stated that Bitcoin is a &#8220;better version of gold.&#8221; He reasoned that, like gold, Bitcoin is considered a safe haven by many investors during economic downturns.
During <a href="https://www.youtube.com/watch?v=y7TSb9oT1lg">the</a> intervew, Cuban highlighted that Bitcoin has several advantages over gold in such circumstances. He noted that gold, especially in bar form, is heavy, prone to theft, and challenging to exchange for goods and services.
&#8220;Interest in&nbsp;gold isn't based off the supply and demand of jewelry. People see it as an option in the event of the economy going down or something bad happening," Cuban said. 
On the other hand, he said Bitcoin is easy to carry and more practical for smaller transactions.
Also Read: <a href="https://www.benzinga.com/news/25/01/42865308/mark-cuban-on-selling-dallas-mavericks-stake-i-didnt-want-my-kids-feeling-the-pressure-of-walking-in">Mark Cuban on Selling Dallas Mavericks Stake: &#8216;I Didn&#8217;t Want My Kids Feeling the Pressure of Walking Into My Spot&#8217;</a>
&#8220;People look at Bitcoin as a better version of gold, and I agree with that. It&#8217;s easier to buy and&nbsp;sell. You can fractionalize it,&nbsp;you can buy things, you&nbsp;can transfer it internationally. And&nbsp;so I think it has&nbsp;more value than gold,&#8221; he added. 
While gold and Bitcoin are both viewed as hedges against economic instability, Cuban&#8217;s remarks indicate that the digital currency could be a more feasible option during a severe economic crisis.
Why It Matters: Cuban&#8217;s endorsement of Bitcoin over gold during economic crises is significant. His views reflect a growing trend among investors who are increasingly recognizing the potential of digital currencies as a hedge against economic instability. 
This shift in perspective could potentially influence the investment strategies of others, further propelling the adoption and acceptance of Bitcoin in the mainstream financial landscape.
Read Next
<a href="https://www.benzinga.com/news/24/12/42638290/mark-cubans-wealth-journey-i-want-to-live-off-this-for-a-long-time">Mark Cuban&#8217;s Wealth Journey: &#8216;I Want to Live Off This for a Long Time&#8217;</a>

Mark Cuban Advocates Bitcoin Over Gold During Economic Turmoil: 'I Think It Has More Value Than Gold'

The city of Los Angeles is currently grappling with a series of devastating wildfires, fanned by the Santa Ana winds. The largest fire, located in the Pacific Palisades, is just 11% contained and is posing a significant threat to <a href="https://www.benzinga.com/news/25/01/42933396/californias-10-trillion-property-market-faces-unprecedented-threat-from-wildfires">densely populated neighborhoods</a>.
What Happened: Wildfires have been causing havoc in Los Angeles for nearly a week, leading to unprecedented destruction.
The most significant blaze is in the affluent Pacific Palisades area, which is only 11% contained and is advancing towards the densely populated Encino neighborhood&nbsp;in the San Fernando Valley.
The California Department of Forestry and Fire Protection (Cal Fire) has reported that over 40,000 acres have been consumed by four separate fires, resulting in 16 deaths so far, <a href="https://www.businessinsider.com/los-angeles-california-wildfires-updates-pacific-palisades-eaton-fire-damage-2025-1">reports</a> Business Insider.
Gov. Gavin Newsom (D-Calif.) says these fires could become the worst natural disaster in U.S. history, with the death toll expected to rise.
&#8220;I think it will be in terms of just the costs associated with it, in terms of the scale and scope,&#8221; Newsom told said. &#8220;I&#8217;ve got search and rescue teams out. We&#8217;ve got cadaver dogs out. And there&#8217;s likely to be a lot more.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/25/01/42935340/125-million-home-of-luminar-ceo-gutted-in-la-wildfires-after-week-of-gains-for-company">$125 Million Home of Luminar CEO Gutted in LA Wildfires After Week of Gains for Company</a>
More than&nbsp;100,000 residents near the Palisades&nbsp;and Eaton fires are under evacuation orders, with an additional 87,000 instructed to be ready to evacuate at any moment. 
The National Weather Service has&nbsp;issued a high wind warning, affecting&nbsp;areas near the Hurst and&nbsp;Eaton fires,&nbsp;which will remain in effect&nbsp;until Sunday afternoon.
Why It Matters: Analysts from&nbsp;JPMorgan&nbsp;estimate that the fires could lead to approximately&nbsp;$50 billion in total economic&nbsp;losses. If these estimates are&nbsp;accurate, the damage caused by&nbsp;the current fires would far exceed&nbsp;the 2018 Camp Fires, which&nbsp;resulted in&nbsp;$10 billion in insured losses.&nbsp;
This prediction underscores the severity of the current situation and the potential for significant economic impact.
Read Next
<a href="https://www.benzinga.com/general/entertainment/25/01/42933292/wildfires-destroy-celebrity-homes-in-pacific-palisades-paris-hilton-says-the-heartbreak-is-truly-indescribable">Wildfires Destroy Celebrity Homes in Pacific Palisades, Paris Hilton Says &#8216;The Heartbreak Is Truly Indescribable&#8217;</a>

Newsom: LA Wildfires Could Become Worst Natural Disaster in US History

In early 2024, Warren Buffett voiced his concerns about the <a href="https://www.benzinga.com/markets/24/12/42638957/warren-buffetts-timeless-advice-if-youre-gonna-do-dumb-things-because-your-stock-goes-down-you-shouldnt-own-a-stock-at-all">current state of the stock market</a>.
What Happened: Earlier last year, in one of his annual shareholder letters, Buffett shared Charlie Munger&#8216;s view&nbsp;of the modern stock market, comparing it to a casino and noting that its behavior has become more &#8220;casino-like&#8221; over time, despite its significant growth.
Munger, throughout his career, made a clear distinction between investors and speculators. He advocated for disciplined, thoughtful investing over speculative quick-profit seeking that disregards the intrinsic value of the stocks purchased.
According to a report <a href="https://fortune.com/2024/02/26/warren-buffett-berkshire-hathaway-earnings-stock-market-casino-like/">by</a> Fortune, Buffett echoed Munger&#8217;s concerns about speculative investing, especially among the younger generation. He criticized the trend of buying stocks based on their popularity, without conducting a thorough research into the company&#8217;s fundamentals.
"For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young. Though the stock market is massively larger than it was in our early years, today's active participants are neither more emotionally stable nor better taught than when I was in school," Buffett wrote. 
Also Read: <a href="https://www.benzinga.com/markets/25/01/42803589/warren-buffetts-advice-for-overpriced-stocks-zip-up-your-wallet-take-a-vacation-and-come-back-in-a-few-years-to-buy-stocks-at-cheap-prices">Warren Buffett&#8217;s Advice for Overpriced Stocks: &#8216;Zip up Your Wallet, Take a Vacation, and Come Back in a Few Years To Buy Stocks at Cheap Prices&#8217;</a>
The billionaire CEO attributed the rise in speculative investing to&nbsp;the democratization and gamification of&nbsp;trading, which has been enabled by online trading applications. He warned that this could trigger rapid market panics due to the speed of communication and technology.
"The casino now resides in many homes and daily tempts the occupants," Buffett said. 
Buffett reminded investors that brokerage firms profit from trading fees, not from the success of the investor. He cautioned that speculators should not expect assistance or justice during market downturns.
"Speed of communication and the wonders of technology facilitate instant worldwide paralysis, and we have come a long way since smoke signals. Such instant panics won't happen often—but they will happen," Buffett warned. 
Why It Matters: Buffett&#8217;s concerns about the current state of the stock market reflect the changing dynamics of investing. The rise of online trading platforms has made investing more accessible to a wider audience, but it has also led to an increase in speculative investing. 
This trend, according to Buffett, could lead to rapid market panics and potential losses for investors who do not conduct thorough research into the stocks they purchase. 
His advice serves as a reminder to investors to stay disciplined and focused on the long-term value of their investments.
Read Next
<a href="https://www.benzinga.com/markets/24/12/42714309/warren-buffetts-stock-market-advice-ignore-neighbors-whispers-on-stock-tips-focus-on-long-term-value" target="_blank" rel="noreferrer noopener">Warren Buffett&#8217;s Stock Market Advice: Ignore Neighbor&#8217;s Whispers On Stock Tips, Focus On Long-Term Value</a>

Warren Buffett Sounds Alarm on 'Casino-Like' Market, Shares This Key Lesson for Young Investors

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is said to be preparing to introduce a thinner iPhone, potentially dubbed the iPhone 17 Air, later this year.
Bloomberg columnist Mark Gurman in his <a href="https://www.bloomberg.com/news/newsletters/2025-01-12/apple-2025-plans-iphone-17-smart-home-hub-ios-19-ai-apple-watch-ipads-m5?srnd=undefined&amp;sref=TBDibEcD">latest</a> weekly &#8220;Power On&#8221; newsletter on Sunday revealed that the tech behemoth might have settled on the name iPhone 17 Air for the rumored slim iPhone expected to debut this fall. Gurman indicated that the new phone will act as a &#8220;testing ground for future technologies.&#8221;
The iPhone 17 Air is&nbsp;predicted to be &#8220;about 2 millimeters thinner&#8221; than existing iPhones, consistent with Apple&#8217;s custom of launching slimmer versions of its devices, as evidenced by&nbsp;the MacBook Air and iPad&nbsp;Air. 
The phone&#8217;s thinness is not merely a design choice; it is a strategic step towards the creation of future foldable iPhones and iPads.
In addition, the iPhone 17 Air could potentially be among the first devices to incorporate Apple&#8217;s proprietary cell modem, codenamed Sinope. The iPhone lineup for this year is also anticipated to introduce Apple-designed Wi-Fi/Bluetooth chips.
Also Read: <a href="https://www.benzinga.com/tech/24/12/42500167/could-apple-set-revolutionize-tablet-market-with-18-8-inch-foldable-ipad">Could Apple Set Revolutionize Tablet Market With 18.8-Inch Foldable iPad?</a>
The upcoming phone is rumored to sport&nbsp;a 6.6-inch ProMotion OLED display,&nbsp;a single 48-megapixel camera lens, a 24-megapixel front camera, and Apple&#8217;s A19 chip. 
Similar to the iPhone SE 4, it is expected to come with 8GB of RAM to support Apple Intelligence AI features.
This move by Apple signifies a strategic shift towards thinner, more portable devices that don&#8217;t compromise on performance. The introduction of the iPhone 17 Air could potentially set a new standard for smartphone design, pushing competitors to follow suit. 
Furthermore, the inclusion of Apple&#8217;s in-house cell modem and Wi-Fi/Bluetooth chips could give the tech giant more control over its devices&#8217; performance and user experience, reducing its reliance on third-party suppliers. 
This could have significant implications for the broader tech industry, potentially reshaping supply chains and competition dynamics.
Read Next
<a href="https://www.benzinga.com/24/12/42381024/apple-eyes-sony-partnership-for-game-changing-vision-pro-upgrade" target="_blank" rel="noreferrer noopener">Apple Eyes Sony Partnership For Game-Changing Vision Pro Upgrade</a>
Image: Shutterstock

AAPL

Apple's Slimmest iPhone Yet? The iPhone 17 Air Expected This Fall

In the <a href="https://www.benzinga.com/startups/24/11/41869153/mark-cuban-reveals-regrettable-shark-tank-deal-that-drives-him-crazy-was-a-chocolate-covered-pretzel-company-who-offered-free-shipping">world of Shark Tank</a>, where million-dollar deals are made with a handshake and a smile, even Kevin O'Leary – aka "Mr. Wonderful" – isn't immune to making costly mistakes. With more than $8.5 million invested across 40 companies on the show, according to The Street, O'Leary's got his fair share of wins, like the $300 million sale of Plated. But not every pitch turns into a profit.
In fact, one investment left O'Leary half a million dollars lighter, all because he ignored a voice he now swears by – his gut. As he said in an interview with CNBC's Make It in 2022: "In my stomach, I didn't feel right about it … and it cost me $500,000. That was really stupid."
Don't Miss:
<ul>
<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a></li>
<li>The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a></li>
</ul>
What makes this failure stand out? It wasn't just the money; it was the fact that he saw the red flags waving but chose to look the other way. And when it all came crashing down, the lesson hit harder than the loss itself: sometimes, trusting your instincts is worth more than the numbers on the page.
Here's how Mr. Wonderful's $500,000 misstep became a textbook case for why even <a href="https://www.benzinga.com/personal-finance/24/08/40430034/you-look-at-what-you-had-not-what-you-have-and-other-investor-mistakes-that-suze-orman-says-you-">seasoned investors</a> should never let their guard – or their gut – down.
When Bad Investments Happen to Good Sharks
O'Leary doesn't shy away from admitting that his <a href="https://www.benzinga.com/startups/24/12/42618228/mark-cuban-admits-ive-gotten-beat-after-losing-20-million-on-shark-tank-startups">worst Shark Tank deal</a> still stings. While keeping the company's name under wraps for legal reasons, he shared the story of how it all unraveled.
It started with a $250,000 investment in a telecommunications startup. Within months, the founder returned, admitting they had already burned through the funds and needed another $250,000 to fix their mistakes. Against his better judgment, O'Leary agreed.
"My gut said, ‘No,'" he later told CNBC. "But because I knew the guy and I liked him … I gave him another [$250,000]."
Big mistake.
The company quickly blew through the second round of funding in just 60 days, leaving O'Leary with nothing to show for his half-million-dollar gamble.
See Also: With 100+ historic trademarks including some of the high grossing characters in history, like Cinderella, Snow White and Peter Pan, <a href="https://www.benzinga.com/money/elf-labs-1">this company is transforming the $2 trillion entertainment market with patented AR, VR, and AI tech. — For a short window, investors are able to claim $2/share ($980 min).</a>
The Red Flags Investors Ignore at Their Peril
The fallout taught O'Leary one critical lesson: always trust your instincts. "The lesson is: Listen to your gut, because that is your experience [talking]," he said. It's not just about crunching numbers or <a href="https://www.benzinga.com/personal-finance/24/04/38220646/charlie-munger-told-a-table-full-of-people-all-the-ways-tesla-would-fail-elon-musk-said-it-made-">believing in a charismatic pitch – </a>it's about recognizing the patterns and pitfalls that years of experience teach you to spot.
But ignoring that intuition wasn't the only mistake. O'Leary also realized the importance of adaptability in business. He noted that many of his failed investments share one thing in common: founders who can't pivot.
"They can't get out of their own way," he said. "They won't listen to anybody else."
O'Leary called such entrepreneurs "stupid," arguing that their stubbornness often dooms their businesses before they even get started.
Trending: <a href="https://www.benzinga.com/money/qnetic-2">This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here&#8217;s Why Early Investors Are Flocking To Invest Before Funding Closes</a>
Why Failure Is the Price of Success
For O'Leary, bad investments are just part of the game. "You make 10 investments, you get two to three huge hits. And it pays for the other seven [failed investments]," he said. The key is accepting that not every deal will work out and using each mistake as a steppingstone to smarter decisions.
Still, this misstep continues to haunt him – not just because of the money, but because he ignored his gut. "I'm pissed. And I don't forget that," O'Leary admitted.
So, what's the takeaway for <a href="https://www.benzinga.com/startups/24/10/41255752/jeff-bezos-says-all-overnight-success-takes-10-years-amazon-didnt-turn-a-profit-for-almost-a-decade">aspiring entrepreneurs and investors</a>? Whether you pitch a product or sign a deal, remember that instincts matter. If your gut is telling you to hit the brakes, listen. It might just save you from your own $500,000 mistake.
Read Next:
<ul>
<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a></li>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>

Personal Finance

Kevin O'Leary's Worst 'Shark Tank' Investment Ever Cost Him $500,000 Because He Ignored The Red Flags – 'The Lesson Is, Listen To Your Gut'

The founder and chairman of <a href="https://www.benzinga.com/topic/high-times">Hightimes Holding Corp</a>., the company that publishes High Times magazine, has agreed to plead guilty to joining a criminal conspiracy to pay more than $150,000 in undisclosed compensation to an analyst for an investment newsletter that touted its stock and assisted Hightimes in raising at least $6 million, officials said Friday.
<a href="https://www.benzinga.com/topic/adam-levin">Adam Levin</a> was charged last month with one federal count of conspiracy to tout securities for undisclosed compensation. In a plea agreement filed Dec. 20, Levin agreed to plead guilty to the felony offense, <a href="https://www.justice.gov/usao-cdca/pr/chairman-high-times-parent-agrees-plead-guilty-scheme-give-undisclosed-payments">according</a> to the U.S. Attorney&#8217;s Office.
Levin, who purchased the iconic cannabis magazine in 2017 following the death of its original owner of 40 years, the late <a href="https://www.benzinga.com/markets/cannabis/21/06/21654862/michael-kennedy-late-civil-rights-attorney-and-high-times-chairman-remembered-in-documentary-pre">Michael J. Kennedy</a>, ESQ, is scheduled to appear in a Los Angeles federal court on Jan. 14.
Read More: <a href="https://www.benzinga.com/markets/cannabis/24/08/40218753/high-times-hit-with-5m-class-action-lawsuit-over-unfulfilled-stock-deals">High Times Hit With $5M Class Action Lawsuit Over Unfulfilled Stock Deals</a>
<h2 class="wp-block-heading">Money Laundering And Pay To Play</h2>
Levin is the fourth defendant to be charged in the scheme in which companies paid an analyst at Palm Beach Venture, an investment newsletter with subscribers nationwide. That analyst, Jonathan William Mikula along with his associate, Christian Fernandez, who acted as a money launderer for the scheme and Raj Beri who brokered deals for undisclosed payments by other issuers, each received a portion of the payments. Mikula, Fernandez and Beri each pleaded guilty last year and are scheduled to be sentenced in July 2025.
The payments made by executives such as Levin were in exchange for Palm Beach Venture publishing promotional pieces for securities offerings, according to court documents. Federal law requires full and public disclosure from anyone who has received payment, directly or indirectly from an issuer for publishing, publicizing or circulating any advertisement or communication that describes the issuer&#8217;s security offered for sale.
<h2 class="wp-block-heading">$20 Million From &#8216;Investor-Victims&#8217;</h2>
According to Levin's plea agreement, in 2020 and 2021 "Hightimes raised approximately $20 million from more than 10 investor-victims, with at least $6 million in investment proceeds associated with Palm Beach Venture's promotion."
To conceal the scheme, noted the Attorney&#8217;s Office, Levin entered into a sham &#8220;marketing agreement&#8221; and routed the payments through a Canadian bank to a shell company in Canada, according to the plea agreement.
Mikula then caused Palm Beach Venture to promote Hightimes&#8217; securities offering on April 6 and Sept. 23 in 2020 in articles that falsely stated, &#8220;Neither the Palm Beach Research Group nor its affiliates receive compensation for bringing this deal to you,&#8221; the plea agreement states.
Levin also admitted that he lied to the U.S. Securities and Exchange Commission when he denied knowing that he entered into a &#8220;pay-for-play arrangement,&#8221; court papers show.
The FBI is investigating the matter.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/01/42926133/metas-new-moderation-policies-do-not-extend-to-marijuana-content-cannabis-searches-still-blocked">Meta&#8217;s New Moderation Policies Do Not Extend To Marijuana Content, Cannabis Searches Still Blocked</a></li>
</ul>
Photo: Sarah Stierch (<a href="http://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noreferrer noopener">CC BY 4.0</a>)

Cannabis

High Times Magazine Executive Pleads Guilty In Securities Fraud Scheme - $20 Million From 'Investor-Victims'

An update from Focus Impact Acquisition Corp. Class A ( ($FIAC) ) is now available. Focus Impact Acquisition Corp. (FIAC) is advancing towards a si...

Focus Impact Acquisition Corp. Eyes DevvStream Merger and Financing Options

12:11 EDT Focus Impact Acquisition (FIAC) Corp trading halted, volatility trading pause Published first on TheFly – the ultimate source for real-ti...

Focus Impact Acquisition Corp trading halted, volatility trading pause

12:16 EDT Focus Impact Acquisition (FIAC) Corp trading resumes Published first on TheFly – the ultimate source for real-time, market-moving breakin...

Comments

Focus Impact Acquisition Corp Class A

Focus Impact Acquisition Corp Class A (FIAC) Forecast

Focus Impact Acquisition Corp Class A (OTC:FIAC) Stock, Quote.Headers.trade-ideas

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga