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The week was abuzz with tech titans making headlines. From Elon Musk&#8216;s humorous response to a photo comment to Mark Zuckerberg&#8216;s subtle dig at Apple&#8217;s Vision Pro, the tech world was far from quiet. Here&#8217;s a quick recap of the top stories that unfolded over the weekend.
Elon Musk&#8217;s Laughter Over a Photo Comment
When Greg Brockman, president of ChatGPT's parent company, shared a photo with Sam Altman and Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang, a user humorously asked if former OpenAI chief scientist, Ilya Sutskever, was in the box. Elon Musk, CEO of Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX, responded with a face with tears of joy emoji. <a href="https://www.benzinga.com/news/24/04/38424089/elon-musk-laughs-as-x-user-quip-on-nvidia-ceo-jensen-huangs-picture-with-sam-altman-and-greg-brockma">Read the full article here.</a>
Mark Zuckerberg Shades Apple Vision Pro
Mark Zuckerberg, CEO of Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), expressed skepticism about the mainstream success of augmented reality (AR) glasses, particularly those without "full holographic displays,&#8221; in a subtle jab at Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Vision Pro during Meta's first-quarter earnings call. <a href="https://www.benzinga.com/news/24/04/38424000/mark-zuckerberg-shades-apple-vision-pro-once-again-calls-it-fashionable-ai-glasses-without-a-display">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/general/entertainment/24/04/38397316/elon-musk-says-morgan-freeman-is-awesome-after-american-actor-says-hes-a-huge-fan-of-tesla-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Morgan Freeman Is &#8216;Awesome&#8217; After American Actor Says He&#8217;s A Huge Fan Of Tesla CEO: &#8216;What</a>
Meta&#8217;s Massive $1B Bet On Nvidia H100 GPU Cluster
Meta Platforms has set a goal of buying 350,000 Nvidia H100 GPUs by 2024 to power its AI ambitions. However, Zuckerberg revealed that the massive $1 billion bet was originally intended for a different product, not AI. <a href="https://www.benzinga.com/news/24/04/38400945/metas-massive-1b-bet-on-nvidia-h100-gpu-cluster-will-dwarf-every-other-companys-target-but-zuckerber">Read the full article here.</a>
AI&#8217;s Growing Influence on Social Media Content
During Meta's first-quarter financial results announcement, Zuckerberg revealed that over 50% of the content on Instagram and 30% of posts on Facebook are now recommended by artificial intelligence. <a href="https://www.benzinga.com/news/24/04/38420928/meta-ceo-mark-zuckerberg-more-than-50-of-the-content-people-see-on-instagram-is-now-ai-recommended">Read the full article here.</a>
Elon Musk&#8217;s Prediction for Domestic Robots
Elon Musk agreed with a bold prediction that every middle-class American household will have a domestic robot within seven years. The prediction was made on the All-In Podcast, featuring Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg. <a href="https://www.benzinga.com/news/24/04/38349837/elon-musk-agrees-every-american-household-will-have-a-1-000-per-month-home-robot-in-7-years-time">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/news/24/04/38349837/elon-musk-agrees-every-american-household-will-have-a-1-000-per-month-home-robot-in-7-years-time?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees Every American Household Will Have A $1,000-Per-Month Home Robot In 7 Years&#8217; Time</a>
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Elon Musk's Prediction For Domestic Robots, Mark Zuckerberg's Massive $1B Bet On Nvidia GPUs And More: This Week In AI

This week, Rhona Graff, once <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>&#8216;s trusted confidante, emerged as the second witness to testify against the former president in his hush-money trial.
At Trump Tower, Graff stood guard as Trump&#8217;s gatekeeper, stationed just outside his door, <a href="https://www.nytimes.com/2024/04/26/nyregion/rhona-graff-testify-trump-assistant.html" target="_blank" rel="noreferrer noopener">reported</a> The New York Times.  
Her office proximity allowed her to overhear his directives and anyone seeking access to Trump had to navigate through her, often needing a secret code to connect.
&#8220;Everybody knows to get through to him, they have to go through me,&#8221; she said once, The New York Times noted.
Prosecutors briefly questioned Graff on Friday, followed by a short cross-examination by Trump&#8217;s legal team.
Questioned about her duties at the Trump Organization, Graff informed prosecutors that she managed records encompassing emails, contact lists and calendar entries. She noted that the company&#8217;s directory contained contact details for Karen McDougal and a person identified as &#8220;Stormy.&#8221;
McDougal, a former Playboy model, claims an involvement with Trump. &#8220;Stormy&#8221; likely refers to Stormy Daniels, who alleged an affair with the former president. The latter&#8217;s hush-money payment has been pivotal in the criminal case against Trump.
Graff revealed that despite leaving the Trump Organization and testifying,&nbsp;her legal fees&nbsp;were covered&nbsp;by the organization.
When questioned by a Trump lawyer, she praised her time with the former president, describing him as &#8220;fair,&#8221; prompting a smile from Trump in court. She also&nbsp;expressed admiration for&nbsp;Trump&#8217;s reality show &#8220;The Apprentice,&#8221; noting its role in elevating his status to&nbsp;&#8220;rock-star&#8221;&nbsp;level.
In 1987, Graff seized an opportunity at the Trump Organization through a cold call, kickstarting her career trajectory. Six years later, her wedding to Lucius Joseph Riccio, NYC&#8217;s transportation commissioner, was featured in The New York Times, officiated by Mayor David N. Dinkins.&nbsp;
Her pivotal role within Trump&#8217;s sphere extended beyond mere assistantship,&nbsp;evident&nbsp;in her title as senior vice president. She functioned as Trump&#8217;s media liaison, scheduler, occasional spokeswoman, fundraiser, &#8220;The Apprentice&#8221; co-star, and judge for Miss Teen USA.
Donald Trump&#8217;s criminal trial&#8217;s second week&nbsp;concluded&nbsp;with his defense team aiming to highlight inconsistencies in<a target="_blank" href="https://www.benzinga.com/news/24/04/38475895/in-week-1-of-donald-trumps-hush-money-trial-a-former-tabloid-exec-revealed-how-ex-president-tried-to" rel="noreferrer noopener">&nbsp;David Pecker</a>&#8216;s testimony.&nbsp;However, the former tabloid executive largely maintained the narrative&nbsp;aligned with&nbsp;prosecutors&#8217;&nbsp;theory, Politico&nbsp;<a target="_blank" href="https://www.politico.com/news/2024/04/26/hush-money-trial-trump-former-assistant-00154741" rel="noreferrer noopener">reported</a>.&nbsp;Defense attorney&nbsp;Emil Bove&nbsp;scrutinized Pecker about a January 2017 Trump Tower meeting, where Pecker claimed Trump expressed gratitude for suppressing damaging stories.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38476449/voters-reveal-whether-they-feel-donald-trump-is-receiving-fair-treatment-in-court-in-latest-poll" target="_blank" rel="noreferrer noopener">Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll — What That Means For Former President&#8217;s Election Chances</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Politics

General

Is Donald Trump's Former Assistant, Rhona Graff, The Key Witness In His Manhattan Trial?

<a href="https://www.benzinga.com/topic/elon-musk" target="_blank" rel="noreferrer noopener">Elon Musk</a>, the CEO of X, Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX who is known for his stance on free speech, is embroiled in yet another free speech <a href="https://www.benzinga.com/news/24/04/38476524/facebook-co-founder-brings-back-old-memories-as-he-alleges-elon-musks-tesla-will-be-the-next-enron-h" target="_blank" rel="noreferrer noopener">debate after acquiring X in 2022</a>.
The billionaire is entangled in legal disputes with the governments of Brazil and Australia over their content restrictions. Musk claims they suppress free speech, but critics argue he&#8217;s empowering extremists by selectively challenging cases while complying elsewhere, <a href="https://www.aljazeera.com/economy/2024/4/26/why-is-elon-musk-feuding-with-australia-and-brazil-over-free-speech" target="_blank" rel="noreferrer noopener">reported</a> Al Jazeera. 
Musk&#8217;s clash with Brazilian authorities stems from the handling of &#8220;digital militias&#8221; linked to former President Jair Bolsonaro. Supreme Court Justice de Moraes has been investigating Bolsonaro&#8217;s supporters for spreading fake news and hate speech online during his presidency.
The judge is also leading an inquiry into a coup plot by Bolsonaro&#8217;s backers following his 2022 election defeat to current left-wing President Luiz Inacio Lula da Silva.
During his investigation, de Moraes prohibited 150 accounts linked to the &#8220;digital militias,&#8221; sparking controversy as reports surfaced that many remained active. Musk, in April, criticized the bans as &#8220;aggressive censorship&#8221; in tweets aimed at the judge, Al Jazeera added.
Musk also said X would &#8220;lift all restrictions&#8221; on the banned accounts, although the platform said it had complied with the orders pending legal challenges.
&#8220;This judge has brazenly and repeatedly betrayed the constitution and people of Brazil.&nbsp;He should resign or&nbsp;be impeached,&#8221; Musk&nbsp;<a target="_blank" href="https://twitter.com/elonmusk/status/1776739518240170254?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1776739518240170254%7Ctwgr%5Eb3061cdab80b3f96384a6eff828a9605d1b1096d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.aljazeera.com%2Feconomy%2F2024%2F4%2F26%2Fwhy-is-elon-musk-feuding-with-australia-and-brazil-over-free-speech" rel="noreferrer noopener">said&nbsp;</a>on X. &#8220;Shame.&#8221;
In response, de Moraes launched an investigation into Musk for obstruction of justice, Al Jazeera said.
In addition to his dispute in Brazil, Musk is clashing with Australia&#8217;s internet watchdog over a knife attack livestreamed in Sydney. After the attack, eSafety Commissioner Julie Inman Grant issued a global takedown notice for videos of the event, arguing they should be removed due to the ease of circumventing geo-blocking using VPNs.
While Meta complied, X only restricted the videos in Australia, sparking a legal battle. Despite an emergency injunction, Musk has remained defiant, criticizing Australia for global censorship. Australian Prime Minister Anthony Albanese rebuked Musk as an &#8220;arrogant billionaire.&#8221;
X&#8217;s legal battles has since intensified. In Brazil, Musk&#8217;s platform faces scrutiny for alleged non-compliance with court orders. Meanwhile, in Australia, X contests a global takedown order amid the threat of hefty fines, Al Jazeera reported.
Musk has signaled more legal battles ahead, vowing to fund challenges against Ireland&#8217;s forthcoming hate speech laws.
Musk&#8217;s stance on free speech has remained polarizing: Some view him as a champion, others as a provocateur. Despite his battles with Brazil and Australia, he&#8217;s complied with takedown orders from Turkey and India, raising questions about his consistency.
Critics have suggested Musk&#8217;s defense of free speech is selective, favoring figures like Bolsonaro and Argentina&#8217;s Milei. While the U.S. has lax speech laws, other nations are more aggressive in curbing harmful content, per Al Jazeera. 
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38476449/voters-reveal-whether-they-feel-donald-trump-is-receiving-fair-treatment-in-court-in-latest-poll" target="_blank" rel="noreferrer noopener">Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll — What That Means For Former President&#8217;s Election Chances</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Equities

Elon Musk Take Fight For Free Speech Abroad, Feuds With Australia And Brazil Over Content Restriction

On Friday, Cathie Wood-led<a href="https://www.benzinga.com/topic/ark-invest"> Ark Invest</a> did a flurry of trades involving some of its key portfolio stocks, notably adding a big chunk of shares of AI-levered Palantir Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>).
AI Pickings: Ark, through its ARK Autonomous Technology &amp; Robotics ETF (CBOE: ARKQ), bought 100,344 shares of Palantir, valued at $2.26 billion. This was in addition to the 45,229 shares, worth $981,923, it acquired on Thursday.
Palantir is scheduled to report its first-quarter results on May 5. Analysts, on average, expect the company to report earnings per share of 8 cents per share on revenue of $625.33 million, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>This represents an increase from fourth-quarter numbers of 5 cents per share and $525.19 million, respectively.
Ark also accumulated Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) shares in two sessions following the social media giant&#8217;s quarterly earnings announcement.
The Meta stock ended 10.56% lower on Thursday, reacting to its soft second-quarter revenue guidance and commentary regarding intensive investment in AI. Ark, via its Ark Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) and ARK Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) added 27,961 Meta shares on Thursday worth $12.34 million.
Ark went on a Meta buying spree yet again on Friday despite the stock recovering and closing 0.43% higher. The firm bought 13,494 Meta shares valued at $5.98 million.
See Also: <a href="https://www.benzinga.com/money/best-etfs">Best ETFs To Buy Right Now</a>
Bargain Hunting In Roku: Streaming equipment maker Roku, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) shares fell 10.28% on Friday despite its quarterly beat. Investors apparently did not take kindly to the management hinting at difficult comparisons in the coming quarters.
Undeterred by the sell-off, Ark added a whopping 715,644 Roku shares, valued at $40.33 million, on Friday. 
An EV Buy: Ark, which supported Tesla amid its stock slump prior to its earnings, shifted allegiance to another electric-vehicle maker this week.
Through ARKQ, Ark bought 2,800 shares of BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) worth $146,132 on Thursday. It followed up with the purchase of another 28,434 shares, valued at $1.54 million, on Friday.
Billionaire investor Warren Buffett&#8217;s Berkshire has a stake in BYD, which wrested the global battery EV crown from Tesla in the fourth quarter of 2023 but has since <a href="https://www.benzinga.com/markets/equities/24/04/38047077/tesla-stock-dives-as-q1-deliveries-disappoint-but-ev-giant-reclaims-top-spot-from-chinese-rival">ceded it back to the U.S. EV giant.</a> BYD now accounts for about 1% of ARKQ&#8217;s portfolio by weighting.
Ark&#8217;s flagship exchange-traded fund, the ARKK, closed Friday&#8217;s session up 1.05% at $44.07, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38405187/elon-musk-echoes-cathie-wood-wants-tesla-to-be-seen-as-an-ai-or-robotics-company-if-you-value-te">Elon Musk Echoes Cathie Wood, Wants Tesla To Be Seen As An AI Or Robotics Company: &#8216;If You Value Tesla As Just An Auto Company…Wrong Framework&#8217;</a>
Photo: Shutterstock

ARKF

ARKK

ARKQ

ARKW

BYDDF

BYDDY

PLTR

ROKU

Cathie Wood's Ark Invest Hoards Palantir Stock Ahead Of Q1 Earnings, Adds More Of This Buffett-Backed EV Bet, Buys Meta, Roku Earnings Dip

The Biden reelection campaign has initiated fresh criticism of the former Trump administration, focusing this time on an unexpected issue: impeding cannabis reform efforts. In an email circulated on Thursday, the campaign highlighted Vice President Kamala Harris&#8216;s recent White House roundtable with people who received clemency for drug-related offenses, which the campaign then contrasted with what it viewed as the failures of Trump's criminal justice reform.
"Trump and his administration took marijuana reform backwards, withdrawing guidelines to limit prosecutions of marijuana offenses that were legal under state laws," according to a Democratic campaign email, as <a href="https://www.marijuanamoment.net/biden-campaign-says-trump-took-marijuana-reform-backwards-by-rescinding-enforcement-memo-despite-current-admin-failing-to-reinstate-it/">reported</a> by Marijuana Moment.
<h2 class="wp-block-heading">Which Means What Exactly?</h2>
The Trump administration set back marijuana reform efforts by rescinding Justice Department guidance that allowed for discretion in federal cannabis prosecutions. Specifically, the email pointed to former Attorney General Jeff Sessions&#8216; decision to revoke the Obama-era Cole memo, which outlined priorities for federal marijuana enforcement and notably adopted a hands-off approach to state-legal cannabis activities.
While the practical ramifications of Sessions&#8217; move were limited, legal cannabis states continued to operate their markets with minimal federal intervention. However, the symbolic significance of the decision raised concerns about a potential crackdown that never happened.
Despite criticizing the prior administration&#8217;s actions, the Biden campaign email failed to acknowledge that the current administration has also not reissued any guidance on cannabis enforcement. Attorney General Merrick Garland&#8216;s pledge in June 2022, reiterated several times since then, to address the issue of rescheduling cannabis, remains unfulfilled.
These delays have prompted frustration among Democratic lawmakers, who recently <a href="https://www.benzinga.com/markets/cannabis/24/04/38442044/senators-warren-fetterman-plus-18-more-dems-tell-dea-its-time-to-act-on-cannabis-rescheduling">penned another of many letters</a> to Garland and DEA administrator Anne Milgram expressing their dissatisfaction with the lack of movement on the status of cannabis and the DEA's reclassification.
The Biden campaign&#8217;s emphasis on cannabis reform underscores its strategy to leverage popular issues ahead of what is turning into a tight election bid with Donald Trump. By contrasting the administration&#8217;s approach with that of Trump&#8217;s, the campaign seems to be attempting to highlight its commitment to criminal justice reform, particularly concerning non-violent drug offenses.
Both Biden and Harris have also been actively promoting marijuana policy reform through various channels, including social media and public addresses, signaling the administration&#8217;s prioritization of the issue — though again with little action. These concerted efforts align with the administration&#8217;s broader focus on &#8220;<a href="https://www.benzinga.com/markets/cannabis/24/04/38240431/biden-champions-cannabis-reform-and-pardon-as-election-pressure-mounts-marijuana-takes-center-st" target="_blank" rel="noreferrer noopener">Second Chance Month</a>&#8221; (which is April) as an opportunity to rectify the harms caused by marijuana still being classified as a Schedule I drug under federal law.
One such effort was the Thursday meeting with Kim Kardashian at the White House. Harris took the opportunity to highlight Biden's <a href="https://www.benzinga.com/markets/cannabis/24/04/38412810/president-biden-pardons-commutes-16-non-violent-drug-offenders-cannabis-prisoners-excluded">recent clemency and pardon for non-violent drug offenders</a>, although those convicted of cannabis-related offenses were not included.
Photo: Shutterstock

Cannabis

Government

Regulations

Trump 'Took Marijuana Reform Backwards' While President, Says Biden Reelection Campaign

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
The S&amp;P 500 and Nasdaq just had their best week since November, rising 2.7% and 4.2% respectively, ending their recent streaks of losses. The Dow also increased slightly by 0.7%. 
Tech stocks, represented by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), saw their strongest performance of 2024 after four weeks of declines, boosted by easing geopolitical tensions in the Middle East and strong corporate earnings. 
However, U.S. economic growth decelerated in the first quarter and unexpected rises in key inflation metrics have postponed discussions on <a href="https://www.benzinga.com/markets/equities/24/04/38471231/strong-quarterly-earnings-fuel-market-optimism-despite-inflation-concerns-slowing-economic-growt">potential interest rate cuts.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38465071/microsoft-q3-shines-light-on-ai-innovation-cycle-analysts-see-plenty-of-runway-for">&#8220;Microsoft Q3 Shines Light On &#8216;AI Innovation Cycle&#8217;: Analysts See &#8216;Plenty Of Runway For Growth'&#8221;</a>, by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, reports that Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) exceeded third-quarter financial expectations, with analysts optimistic about its AI-driven growth potential, especially in Azure, and forecasting substantial future revenue.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38454567/trader-who-turned-15k-into-5m-predicts-these-4-meme-coins-to-emulate-the-success-of-doge-s">&#8220;Trader Who Turned $15K Into $5M Predicts These 4 Meme Coins To Emulate The Success Of DOGE, SHIB, FLOKI&#8221;</a>, by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, describes cryptocurrency influencer Crash&#8216;s forecast that Brett (BRETT), Bobo (BOBO), Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) and Resistance Dog (REDO) could match the past successes of Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) in the meme coin market.
<a href="https://www.benzinga.com/news/24/04/38439412/palantirs-rock-concert-ai-sales-strategy-is-rapidly-boosting-commercial-sales-we-cant-do-enough-of-t">&#8220;Palantir&#8217;s &#8216;Rock Concert&#8217; AI Sales Strategy Is Rapidly Boosting Commercial Sales: &#8216;We Can&#8217;t Do Enough Of Them'&#8221;</a>, by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, explains how Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) is innovatively using boot camps, reminiscent of rock concerts, to dramatically increase its commercial sales without a traditional sales team, as described by CEO Alex Karp.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38415577/tesla-posts-strongest-session-since-january-2022-is-a-trend-reversal-underway">Tesla Posts Strongest Session Since January 2022: Is A Trend Reversal Underway?</a>
<a href="https://www.benzinga.com/news/24/04/38380796/ford-ceo-jim-farley-reposts-video-of-f-150-lightning-powering-a-bounce-house-after-generator-failed">Ford CEO Jim Farley Reposts Video Of F-150 Lightning Powering A Bounce House After Generator Failed</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38456702/microsofts-azure-strength-could-rub-off-on-this-warren-buffett-backed-stock-and-ano">Microsoft&#8217;s Azure Strength Could Rub Off On This Warren Buffett-Backed Stock And Another Big Cloud Player, Says Analyst</a>
The Bears
<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38365501/crypto-greed-almost-at-all-time-high-but-prices-are-not-warns-trader-this-cycle-is-kinda-c">&#8220;Crypto &#8216;Greed Almost At All-Time High, But Prices Are Not&#8217; Warns Trader: &#8216;This Cycle Is Kinda Cooked'&#8221;</a>, by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>,&nbsp;details a trader&#8217;s observation that despite the greed index reaching near record levels, the actual market prices for cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) have not escalated, hinting at potential market instability.
<a href="https://www.benzinga.com/markets/equities/24/04/38410320/stock-manipulation-in-trump-media-technology-group-stock-ceo-devin-nunes-urges-house-gop-leaders">&#8220;Stock Manipulation In Trump Media &amp; Technology Group Stock? CEO Devin Nunes Urges House GOP Leaders To Investigate&#8221;</a>, by <a href="https://www.benzinga.com/author/nabaparna-bhattacharya">Nabaparna Bhattacharya</a>, reports that Devin Nunes, CEO of Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), has requested a Congressional investigation into potential stock manipulation, citing unusually high costs and questionable trading practices involving DJT shares.
<a href="https://www.benzinga.com/news/24/04/38474626/tesla-is-now-enron-folks-facebook-co-founder-claims-musks-ev-giant-is-cooking-up-some-fsd-data">&#8220;Tesla &#8216;Is Now Enron, Folks:&#8217; Facebook Co-Founder Claims Musk&#8217;s EV Giant Is Cooking Up Some FSD Data&#8221;</a>, by <a href="https://www.benzinga.com/author/shanthi-rexaline">Shanthi Rexaline</a>, reports that Dustin Moskovitz, co-founder of Facebook (now Meta), has accused Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and CEO Elon Musk of misrepresenting Full Self-Driving (FSD) capabilities, likening the company&#8217;s situation to the infamous Enron scandal.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38397921/apple-in-trouble-tim-cook-reportedly-cuts-vision-pro-shipment-forecasts-by-up-to-50">Apple In Trouble? Tim Cook Reportedly Cuts Vision Pro Shipment Forecasts By Up To 50%, Analyst Says Demand Has &#8216;Fallen Sharply&#8217;</a>
<a href="https://www.benzinga.com/news/24/04/38379284/affirm-stock-drops-as-walmart-rolls-out-new-payment-options-the-details">Affirm Stock Drops As Walmart Rolls Out New Payment Options: The Details</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38468834/intel-still-a-work-in-progress-as-turnaround-efforts-take-root-analysts-say-after-q">Intel &#8216;Still A Work In Progress&#8217; As &#8216;Turnaround Efforts Take Root,&#8217; Analysts Say After Q1 Disappointment</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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MSFT

Benzinga Bulls And Bears: Tesla, Microsoft, Trump Media, Palantir, And Trader Predicts 4 Meme Coins To Echo Dogecoin, Shiba Inu

Mary Trump stated on Thursday that if Donald Trump potentially misused his <a href="https://www.benzinga.com/news/24/02/36923203/trumps-2023-fundraising-takes-major-hit-as-legal-bills-consume-one-quarter-super-pacs-drain-millions">campaign funds</a>, it could have significant ramifications. In a separate post, she also delved into legal updates concerning her uncle.
Sketchy Transaction: In a <a href="https://marytrump.substack.com/p/is-donald-swiping-campaign-funds?utm_source=post-email-title&amp;publication_id=559646&amp;post_id=144001830&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=rkloa&amp;triedRedirect=true&amp;utm_medium=email">post</a> on Substack, clinical psychologist Mary Trump noted that Donald Trump&#8217;s political action committees (PACs) allegedly assisted the former president in covering his growing legal expenses through questionable methods.
A bulk of his legal expenses, approximately $8 million, have been funneled to unidentified party or parties through Red Curve Solutions, a firm that handles his political accounting, Mary Trump said, citing a detailed report by Roger Sollenberger. 
&#8220;This setup purportedly obscures the real recipients of Donald's legal payments, potentially violating federal law and the restrictions on corporate political contributions,&#8221; she said.
In the Federal Election Commission filings, these payments were recorded as &#8220;reimbursements&#8221; for legal expenses and fees, Sollenberger said in the report.
&#8220;The fact that such a large sum of money is being funneled through a third party, raises several red flags,&#8221; Mary Trump said. While the FEC has strict rules regarding transparency in campaign finance in order to prevent corruption and ensure the integrity of the political system, the siphoning of funds by Donald Trump&#8217;s PACs suggests a &#8220;deliberate attempt to obscure the flow of funds in order to hide the true recipients of these payments,&#8221; she said.
Violation of FEC rules would represent a serious breach of ethics and, potentially,&nbsp;a criminal act, she added.
With Red Curve Solutions serving merely as a conduit for these funds, it isn&#8217;t yet known who the ultimate beneficiaries were, Mary Trump said. 
&#8220;The use of a middleman suggests a desire to obscure the true recipients of the funds, to hide the true nature of these transactions,&#8221; she added.
Mary Trump noted that the Campaign Legal Center, a nonpartisan organization dedicated to advancing democracy through law, has already filed a complaint with the FEC. 
&#8220;If it's discovered that these payments are in violation of campaign finance laws, it could result in hefty fines and even criminal charges,&#8221; she said.
See Also:<a href="https://www.benzinga.com/news/24/04/38454052/just-shocked-doj-veteran-says-potential-scotus-suprise-over-trumps-immunity-claim-shows-how-inured-w"> &#8216;Just Shocked:&#8217; DOJ Veteran Says Potential SCOTUS Suprise Over Trump&#8217;s Immunity Claim Shows &#8216;How Inured We Are To Sort Of Trumpism Overtaking What This Country Is Supposed To Stand For&#8217;</a>
Week&#8217;s Legal Travails: In a <a href="https://marytrump.substack.com/p/the-5-court-updates-you-need-to-see?utm_source=post-email-title&amp;publication_id=559646&amp;post_id=144011184&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=rkloa&amp;triedRedirect=true&amp;utm_medium=email">separate</a> post, Mary Trump stated that Donald Trump faced two significant cases this week: the election interference case in New York City and the Supreme Court hearing to determine his immunity from alleged federal crimes.
The psychologist said the Supreme Court could rule in favor of her uncle but it may not help him in the short run. 
Mary Trump said &#8220;in a sane country, this case never would have made it to the Supreme Court. It's a&nbsp; ludicrous argument being made on behalf of a ludicrous defendant.&#8221; 
&#8220;The concept of immunity itself goes against one of this country's most fundamental principles:&nbsp;no president is above the law,&#8221; she said.
Despite the week&#8217;s &#8220;debacle in the Supreme Court being a win of sorts for Donald, there's a lot more going on that is not in his favor,&#8221; the psychologist said. 
&#8220;Because no matter what happens at the federal level, and no matter how the Court rules, Donald cannot be pardoned for state crimes,&#8221; she said.
&#8220;The stakes in these state trials — Georgia, and particularly New York — are incredibly high. But the cases against him are also very strong.&#8221;
Delving into the <a href="https://www.benzinga.com/news/24/04/38475895/in-week-1-of-donald-trumps-hush-money-trial-a-former-tabloid-exec-revealed-how-ex-president-tried-to">New York hush-money case, </a>Mary Trump said, &#8220;Donald's legal quagmire deepens.&#8221;
&#8220;In the New York case, prosecutors have been constructing a robust case, which the defense has, so far, been unable to challenge effectively,&#8221; she said, adding that &#8220;[we're] just seeing the tip of the iceberg and we have another four to six weeks to go, with testimony to be heard, potentially from Michael Cohen, Karen McDougal, and others. But at least the wheels of justice are turning in New York.&#8221;
Read Next: <a href="https://www.benzinga.com/best-penny-stocks">Best Penny Stocks</a>
Photo: Shutterstock

Media

Trump's Niece Says Ex-President Could Face Criminal Charges Over His PACs' Sketchy Transactions: 'Donald's Legal Quagmire Deepens'

With President Joe Biden and his predecessor Donald Trump all but certain to face off in the 2024 election, predicting <a href="https://www.benzinga.com/news/24/04/38348277/trump-vs-biden-nationwide-poll-shows-key-issue-decidedly-tilts-equation-in-favor-of-one-candidate">the potential outcome has proven challenging</a>. Drawing inference from historical trends, poll results released Friday provided a hint at what could come to pass.
Biden&#8217;s Chances: Biden had a 38.7% average job approval rating in his 13th quarter in office, the lowest among the nine past presidents elected to the their first terms, <a href="https://news.gallup.com/poll/644252/biden-13th-quarter-approval-average-lowest-historically.aspx">said</a> Gallup. The analytics firm noted that none of the other nine presidents elected to their first term since Dwight Eisenhower (1956) had lower rating than Biden.
The results were based on Gallup's latest poll conducted April 1-22.
The previous lowest 13th quarter average approval rating was held by George H.W. Bush with a score of 41.8%.
Biden's immediate predecessors, Trump and Barack Obama, averaged 46.8% and 45.9% job approval, respectively, at the same point in their presidencies. The only other president who had a sub-50% job approval rating in the 13th quarter was Jimmy Carter.
Gallup noted that three of the four prior presidents who had 13th-quarter approval averages below 50% lost their reelection bids, with Obama being the exception. Richard Nixon, Ronald Reagan, Bill Clinton and George W. Bush had averages between 51% and 55%, while Eisenhower, had the highest average (73.2%) for a president at this stage of the presidency.
See Also: <a href="https://www.benzinga.com/news/24/04/38454052/just-shocked-doj-veteran-says-potential-scotus-suprise-over-trumps-immunity-claim-shows-how-inured-w">&#8216;Just Shocked:&#8217; DOJ Veteran Says Potential SCOTUS Suprise Over Trump&#8217;s Immunity Claim Shows &#8216;How Inured We Are To Sort Of Trumpism Overtaking What This Country Is Supposed To Stand For&#8217;</a>
On Downhill: The 13th-quarter rating is the lowest of Biden&#8217;s presidency to date, only slightly lower than the previous quarter's 39%.Biden averaged over 50% approval during his first two quarters in office, but since then, the readings have hovered around 40%.
According to the poll, Biden&#8217;s standing was very weak among Republicans, with just 2% GOP voters approving his job as president. It was also weak among independents (at 33%), although 83% of Democrats continued to evaluate Biden's performance positively.
&#8220;With about six months remaining before Election Day, Biden stands in a weaker position than any prior incumbent, and thus faces a taller task than they did in getting reelected,&#8221; Gallup said.
Read Next:<a href="https://www.benzinga.com/money/best-depression-stocks"> Best Depression Stocks</a>
Photo: Shutterstock

Biden Vs. Trump Contest Could Be Lost Cause For One Candidate If History Were Anything To Go By, According To Pollster

The CEO of Tesla Inc, Elon Musk, has moved ahead of Meta CEO Mark Zuckerberg to claim the title of the world&#39;s third-richest billionaire, following <a href="https://www.benzinga.com/news/23/06/32999351/musk-says-cage-fight-with-zuckerberg-might-actually-happen">a resurgence in Tesla&#39;s stock value.</a>
What Happened: According to a<a href="http://www.bloomberg.com/billionaires/"> recent </a>Bloomberg Billionaires Index, Musk&#39;s net worth has climbed to $185 billion, marking an almost 9% surge from earlier this week.
This increase positions him ahead of Zuckerberg, whose net worth is now $157 billion, a result of Meta&#39;s disappointing earnings that caused a $14 billion dent in Zuckerberg&#39;s wealth.
This shift in billionaire rankings follows Zuckerberg&#39;s overtaking of Musk earlier this month, marking the first occurrence since 2020.
Despite a 31% dip in Tesla&#39;s shares year to date, they have seen an over 18% rise since Tuesday&#39;s earnings report. Musk&#39;s promises of new model rollouts and ramped-up production have ignited investor optimism for a Tesla comeback.
In contrast, Meta&#39;s shares have fallen nearly 11% since Wednesday&#39;s earnings report, despite a roughly 27% increase over the same period.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/02/37193857/mark-zuckerberg-offers-why-tech-layoffs-wont-end-anytime-soon-it-was-really-tough" target="_blank">Mark Zuckerberg Offers Why Tech Layoffs Won&#39;t End Anytime Soon: &#39;It Was Really Tough&#39;</a>
Zuckerberg has cautioned investors about potential share price instability as Meta pivots towards AI adoption, a move projected to cost the company $40 billion in capital expenditures.
The competition between the two CEOs has been longstanding, escalating after Meta unveiled a Twitter rival soon after Musk acquired the social media platform in 2022.
Why It Matters: This recent shift in billionaire rankings comes amid several noteworthy&nbsp;events. In April 2024, <a href="https://www.benzinga.com/news/24/04/38348400/several-companies-under-elon-musk-billed-each-other-approximately-9-million-in-expenses-raising-seri">Tesla disclosed</a> a complex web of transactions totaling $9.1 million between Musk&#39;s various companies, including SpaceX, X (formerly Twitter), and The Boring Company. This raised questions about corporate governance.
Additionally, Musk publicly <a href="https://www.benzinga.com/news/24/04/38346514/elon-musk-voices-opposition-to-potential-tiktok-ban-it-is-not-what-america-stands-for">opposed a proposed TikTok ban</a> in the U.S., stating that it contradicts the principles of free speech and expression.
On the other end, Zuckerberg <a href="https://www.benzinga.com/news/24/02/37193857/mark-zuckerberg-offers-why-tech-layoffs-wont-end-anytime-soon-it-was-really-tough">shed light on the ongoing trend of layoffs</a> within the tech industry in February 2024, attributing it to a shift towards more efficient operational models. This came as Meta&#39;s stock reached an all-time high following significant staff reductions.
Read Next: <a href="https://www.benzinga.com/news/24/04/38134183/tech-titans-clash-mark-zuckerberg-rises-as-elon-musk-falters-in-billionaire-rankings">Tech Titans Clash: Mark Zuckerberg Rises As Elon Musk Falters In Billionaire Rankings</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Elon Musk Overtakes Mark Zuckerberg As World's Third-Richest Amid Stock Market Shake-Up

Former Attorney General Bill Barr has announced his intention to vote for former President&nbsp;Donald Trump in the 2024 election, <a href="https://www.benzinga.com/news/24/04/38346954/trump-in-hot-seat-in-hush-money-case-prosecutors-seek-deep-dive-into-ex-presidents-alleged-misconduc">despite his past criticism of Trump&#39;s actions.</a>
What Happened: Barr, who had previously voiced his belief that Trump &quot;shouldn&rsquo;t be anywhere near the Oval Office,&quot; stated on Friday that he believes Trump would do less damage than President Joe Biden.
His support for Trump comes despite his criticism of Trump&#39;s alleged attempts to subvert the peaceful transfer of power and the fact that Trump is facing 88 criminal counts.
During an interview on &quot;The Source,&quot; Barr confirmed his support for the Republican ticket, stating that he would vote for Trump as he believes Trump would cause less damage over four years, <a href="https://edition.cnn.com/2024/04/26/politics/barr-vote-for-trump-2024/index.html">reported&nbsp;</a>CNN.&nbsp;
&ldquo;I think that Biden is unfit for office,&rdquo; Barr told &quot;The Source.&quot; &ldquo;I think Trump would do less damage than Biden, and I think all this stuff about a threat to democracy &mdash;&nbsp;I think the real threat to democracy is the progressive movement and the Biden administration.&rdquo;
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38475895/in-week-1-of-donald-trumps-hush-money-trial-a-former-tabloid-exec-revealed-how-ex-president-tried-to">In Week 1 Of Donald Trump&#39;s Hush Money Trial, A Former Tabloid Exec Revealed How Ex-President Tried To Suppress Damaging Stories</a>
Barr&#39;s public support for Trump&nbsp;came&nbsp;a day after the Supreme Court heard arguments in the election subversion case, questioning whether presidents should have absolute immunity from criminal prosecution for their actions while in office.
&ldquo;I think the real threat to democracy is the progressive movement and the Biden administration,&rdquo; Barr said.
Why It Matters: Earlier in the year, Trump had&nbsp;<a href="http://www.benzinga.com/news/24/01/36442249/trump-privately-worries-over-ballot-eligibility-as-supreme-court-decision-looms">privately expressed&nbsp;apprehension</a> about a potential Supreme Court ruling that may not land in his favor amid challenges to his eligibility for the 2024 ballot.&nbsp;
Furthermore, a YouGov <a href="http://www.benzinga.com/news/24/02/36924973/trumped-up-charges-poll-reveals-what-most-americans-think-of-charges-against-embattled-ex-president">survey </a>revealed a prevailing sense of distrust among Republican voters regarding the impartiality of the legal proceedings against Trump.
Seventy-three percent of Republicans polled believe the federal case concerning election subversion has been handled unjustly.
Interestingly, Barr previously <a href="http://www.benzinga.com/news/24/03/37576742/donald-trumps-justice-department-once-stymied-a-major-investigation-into-caterpillar-says-report">played a key role </a>in defending Caterpillar during a major federal investigation. His support for Trump could be seen as continuing his role in defending high-profile figures against federal investigations.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38348768/courtroom-appearances-by-these-two-members-of-donald-trumps-family-could-help-him-in-hush-money-tria" target="_blank">Courtroom Appearances By These Two Members Of Donald Trump&#39;s Family Could Help Him In Hush-Money Trial, Say Experts</a>
Photo: Shutterstock

Former AG Bill Barr Announces Intention To Vote For Donald Trump, Despite Previously Saying Ex-President Shouldn't Be 'Anywhere Near The Oval Office'

A potential running mate for <a href="https://www.benzinga.com/news/24/04/38422645/trumps-niece-says-ex-president-could-see-potential-imprisonment-as-opportunity-donald-is-facing-real">Donald Trump is facing criticism </a>for recounting the controversial story of her dog&#8217;s death in her memoir.
In her forthcoming memoir, South Dakota Governor Kristi Noem called her dog Cricket &#8220;untrainable&#8221; and &#8220;dangerous,&#8221; <a href="https://www.bbc.com/news/world-us-canada-68909801" target="_blank" rel="noreferrer noopener">reported</a> BBC.
Noem said she ultimately decided to euthanize Cricket and led the <a href="https://www.benzinga.com/startups/24/02/37363631/mella-pet-care-takes-center-stage-on-abcs-shark-tank-with-groundbreaking-pet-wellness-innovations" target="_blank" rel="noreferrer noopener">dog to a gravel pit where she shot her.</a>
&#8220;It was not a pleasant job,&#8221; she wrote. &#8220;But it had to be done.&#8221; 
The memoir, titled &#8220;No Going Back: The Truth on What&#8217;s Wrong with Politics and How We Move America Forward,&#8221; is due for release on May 7.
According to a separate report by Reuters, Noem described Cricket as disrupting a hunt, later attacking local chickens, and behaving like a &#8220;trained assassin,&#8221; posing a danger to anyone she encountered.
The Democratic National Committee reacted strongly to the excerpts, labeling them &#8220;horrifying&#8221; and &#8220;disturbing,&#8221; and sought to leverage them in framing an argument against Noem for the 2024 election.
In a statement online, the committee said, &#8220;If you want elected officials who don&#8217;t brag about brutally killing their pets&#8230; vote Democrat,&#8221; according to BBC.
Meghan McCain, the daughter of 2008 Republican presidential candidate John McCain, also said in response, &#8220;You can recover from a lot of things in politics, change the narrative etc &#8211; but not from killing a dog.&#8221;
In a <a href="https://twitter.com/KristiNoem/status/1783849977409671483" target="_blank" rel="noreferrer noopener">post </a>on X, formerly Twitter, on Friday, Noem said, &#8220;We love animals, but tough decisions like this happen all the time on a farm. Sadly, we just had to put down 3 horses a few weeks ago that had been in our family for 25 years. If you want more real, honest, and politically INcorrect stories that&#8217;ll have the media gasping, preorder.&#8221;
Noem, who left college at 22 to manage her family farm, recounted in her memoir attempting to train Cricket, then a 14-month-old wirehaired pointer, by bringing her along on a pheasant hunt with older dogs.
Despite efforts to discipline her, including&nbsp;the use of&nbsp;an electronic collar, Noem recounted that Cricket&#8217;s behavior persisted. On their way home from the hunt, Cricket escaped and proceeded to attack a local family&#8217;s chickens, killing them with a single bite each.
The situation prompted Noem to recognize that another unpleasant task awaited that day: disposing of a male goat her family owned. 
Describing the goat as &#8220;nasty and mean&#8221; and a threat to her young children, she detailed shooting the goat in a similar manner to Cricket. However, the goat survived the first bullet, requiring her to return to her truck for another shell, she noted in her book, according to BBC. 
Colleen O&#8217;Brien, senior director at PETA, condemned Noem&#8217;s choice to euthanize the dog. She criticized the potential vice presidential candidate for allowing &#8220;this rambunctious puppy loose on chickens and then punishing her by deciding to personally blow her brains out rather than attempting to train her or find a more responsible guardian who would provide her with a proper home,&#8221; Reuters noted.
Read Next:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38476449/voters-reveal-whether-they-feel-donald-trump-is-receiving-fair-treatment-in-court-in-latest-poll" rel="noreferrer noopener">&nbsp;</a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38476449/voters-reveal-whether-they-feel-donald-trump-is-receiving-fair-treatment-in-court-in-latest-poll" rel="noreferrer noopener">Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll — What That Means For Former President&#8217;s Election Chances</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump VP Contender Kristi Noem Stirs Controversy Defending Dog's Brutal Killing On Family Farm: 'It Had To Be Done'

Leawood, Kansas-based movie theater chain AMC Entertainment Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) preannounced <a href="https://www.benzinga.com/calendars/earnings">first quarter results</a> after the market close on Friday, and the stock fell in after-hours trading.
Q1 Preannouncement: AMC said it expects to report first-quarter revenue of $951.4 million and a net loss of $163.5 million (62 cents per share). This is in comparison to the year-ago numbers of $954.4 million in revenue and $235.5 million in net loss ($1.71 per share).
Analysts, on average, have modeled revenue of $861.06 million and a loss of 79 cents per share, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Commenting on the results, CEO Adam Aron said, &#8220;As predicted, the box office in the first quarter was adversely impacted by the 2023 Hollywood writers and actors strikes. Nonetheless, AMC outperformed. AMC exceeded consensus estimates for Revenue, Adjusted EBITDA, Net Income, and Diluted EPS.&#8221;
AMC said it sees first-quarter adjusted EBITDA to come in at a negative $31.6 million, wider than the year-ago&#8217;s negative $7.1 million, which included a $16.7 million benefit from an early termination of a theater lease.
Cash and cash-equivalents, at the end of March 31, are estimated at $624.2 million, the company said. This reflects a drawdown from the $884.3 million it held at the end of the fourth quarter.
The diluted loss per share was calculated based on 263.4 million in outstanding shares, up 137.4 million a year-ago, it added. 
AMC is scheduled to release its first-quarter results after the market closes on May 8.
See Also: <a href="https://www.benzinga.com/money/best-media-diversified-stocks">Best Media Diversified Stocks</a>
Stock Sale Update: AMC said that out of the $250 million worth of Class A common stock it planned to offer through an at-the-market offering launched in March, it sold 12.8 million shares and raised gross proceeds of $41.8 million as of April 25. All of these proceeds were received after March 31, it said.
Look Ahead: AMC hinted at the soft patch continuing. 
&#8220;While we anticipate that the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we are ebullient about the upcoming film slate, and we expect to see an increasingly strong box office as the year progresses,&#8221; said Aron.
Why It&#8217;s Important: AMC is going through a multi-year turnaround from the hit it took from theater closures amid the COVID-19 pandemic. Strong retail interest in the stock amid the <a href="https://www.benzinga.com/markets/cryptocurrency/21/12/24400355/traders-added-150b-to-the-market-cap-of-amc-gme-and-48-other-meme-stocks-in-2021-report">meme mania pushed it to staggering heights in 2021,</a> and the company capitalized on the meme rally and raised the much-needed cash through stock offerings. 
The company still faces the risk of debt repayment. 
&#8220;AMC must cover its interest payments and leases while chipping away at the $3 billion in debt repayments coming due over the next three years while renegotiating the rest,&#8221; said Wedbush&#8217;s Alicia Reese in a recent report.
The stock ended Friday&#8217;s session up 3.96% at $3.41, but fell 3.81% to $3.28 in after-hours trading following the preannouncement.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/02/37378048/amc-entertainment-q4-earnings-highlights-revenue-beat-eps-beat-stunning-results-from-taylor-swift-b">AMC Entertainment Q4 Earnings Highlights: Revenue Beat, EPS Beat, &#8216;Stunning&#8217; Results From Taylor Swift, Beyonce Films</a>
Photo: Shutterstock

Entertainment

AMC Expects Q1 Results To Top Estimates Despite Fewer Box Office Releases Due To Hollywood Strikes, Sees Impact Extending To Q2

Lookonchain, a prominent crypto analyst, recently reported a significant Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) deposit<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38346617/latest-bitcoin-halving-could-cost-miners-billions-of-dollars-in-revenue-report"> by a whale into the Kraken exchange.</a>
The move is notable due to the size of the transaction and the whale&#39;s previous accumulation.
What Happened: According to a tweet by Lookonchain on Thursday, a whale deposited 1,200 Bitcoin, equivalent to $77.67 million, into the Kraken cryptocurrency exchange. The&nbsp;transaction occurred just 43 minutes prior to the tweet.
<blockquote class="twitter-tweet">A whale deposited 1,200 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($77.67M) into <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a> 43 minutes ago.
The whale accumulated 24,755 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($1.68B) at an average price of $68,051 from Mar 1 to Apr 15.
Address: 
bc1qcpflj68s3ahy4xajez4d8v3vk28pvf7qte2jmlftvxzfke2u6mqsge3gvh <a href="https://t.co/fQP33Se1t8">pic.twitter.com/fQP33Se1t8</a>
&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1783875180286328894?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>The same whale had reportedly accumulated 24,755 BTC, valued at approximately $1.68 billion, between March 1 and April 15.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36624790/crypto-analyst-foresees-upswing-in-bitcoins-value-before-major-plunge">Crypto Analyst Foresees Upswing In Bitcoin&#39;s Value Before Major Plunge</a>
The average purchase price during this period was $68,051 per Bitcoin.
According to&nbsp;the data from CryptoQuant, exchange inflows from Bitcoin whales have surged to their highest point in five months.
<blockquote class="twitter-tweet"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>: Surge in Whale Exchange Inflow
&ldquo;This uptick potentially signifies significant profit-taking by whales amidst the 2024 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bull run.&rdquo; &ndash;By <a href="https://twitter.com/phi_deltalytics?ref_src=twsrc%5Etfw">@phi_deltalytics</a>
Link to the full post <a href="https://t.co/jWdPEJz7V0">https://t.co/jWdPEJz7V0</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1783782518887444620?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>This indicates that significant holders are keen on cashing in their profits, possibly signaling an imminent substantial price correction.
Why It Matters: Large-scale transactions, often called &quot;whale&quot;&nbsp;activity, can significantly influence the cryptocurrency market.
This particular whale&#39;s recent deposit into Kraken, following an extensive accumulation period, could potentially impact Bitcoin&#39;s price and trading volume on the exchange.
Lookonchain, which provided&nbsp;the Bitcoin address associated with the whale, allows traders and analysts to monitor&nbsp;account&nbsp;activity. This transparency is a key feature of blockchain technology and can offer valuable insights into market trends and potential price movements.
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37577098/bitcoins-rally-sparks-renewed-interest-in-cryptocurrencies-should-you-invest-in-it-now">Bitcoin&#39;s Rally Sparks Renewed Interest In Cryptocurrencies &mdash; Should You Invest In It Now?</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

As Bitcoin Plunges, Whale Makes Waves With $77.67M Deposit Into Kraken

In Detroit, alongside the NFL Draft, <a href="https://www.youtube.com/live/93htkUYdGNc?feature=shared&amp;t=10012">Benzinga&#8217;s 2024 Draft</a> event hosted a panel titled &#8220;On Champions Mindsets&#8221; with Jared Wangler, a former athlete turned CEO. Wangler guided the conversation with <a href="https://www.benzinga.com/news/events/24/04/38227643/rush-to-glory-donovan-edwards-path-from-college-to-nfl-draft">Donovan Edwards</a>, a standout running back from the University of Michigan, who explored his career from athletics to business.
<h3 class="wp-block-heading">Transforming Athletic Success into Business Strategies</h3>
The panel commenced with Wangler, who shed light on how modern athletes navigate their careers beyond traditional success metrics, such as game wins. 
&#8220;Gone are the days when scoreboard victories defined success. Today, it&#8217;s also about how you build and manage your brand outside the stadium,&#8221; Wangler stated, emphasizing the broader scope of modern athletic careers.
Donovan Edwards, fresh from leading Michigan to a championship victory, shared his insights on what it means to maintain a champion&#8217;s mindset amidst evolving challenges. 
&#8220;Facing adversity head-on and lifting those around you to do the same, that&#8217;s what being a true champion is about,&#8221; Edwards remarked, connecting the concept of resilience in sports to broader life and business challenges.
<h3 class="wp-block-heading">The Impact of NIL on Collegiate Athletics</h3>
The discussion explored the effects of the NCAA&#8217;s name, image, and likeness (NIL) guidelines on athletes. Edwards highlighted the necessity of a strong support system to navigate these new opportunities effectively. 
&#8220;Navigating the NIL landscape requires more than just athletic skill — it demands a reliable team for legal, financial, and marketing guidance to truly succeed,&#8221; he explained. 
This shift has prompted athletes to adopt more sophisticated personal branding and business practices.
<h3 class="wp-block-heading">Prepping for a Promising Future</h3>
Reflecting on his journey and looking forward to his senior year, Edwards offered guidance to younger athletes and peers. 
&#8220;When adversity strikes, it reveals your true character. It&#8217;s about not just facing challenges but using them as stepping stones to forge a path for others to follow,&#8221; he shared, stressing the importance of leadership and legacy in sports.
Edwards also delved into the strategic aspects of managing a brand in the NIL era, from selecting the right team to support personal and professional growth to handling the financial nuances of newfound income streams.
<h3 class="wp-block-heading">Fostering a Legacy of Leadership</h3>
As the panel concluded, Edwards expressed anticipation and a sense of responsibility, focusing on his upcoming final year with Michigan and the legacy he hopes to establish. 
&#8220;This year is about cementing a culture of excellence and preparing the next wave of leaders,&#8221; he concluded, underscoring the ongoing commitment to nurturing a championship culture both on and off the field.
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<iframe loading="lazy" title="Benzinga Sports Business Titans: Unparalleled Athlete Access &amp; Insights Into Success" width="500" height="281" src="https://www.youtube.com/embed/93htkUYdGNc?start=10012&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Sports

Events

Exclusives

Interview

EXCLUSIVE: How Top Athletes Like Donovan Edwards Build Their Brands Beyond Sports

In a recent national poll, former President Donald Trump outpaced President Joe Joe Biden by a slim<a href="https://www.benzinga.com/news/24/04/38131579/donald-trump-reportedly-hid-billionaires-bond-offer-from-court-to-save-millions"> margin of two&nbsp;points, indicating a tightening race.</a>
What Happened: A <a href="https://www.unfporl.org/uploads/1/4/4/5/144559024/porl_spring_2024_national_poll.pdf">poll </a>conducted by the University of North Florida (UNF) shows that 47% of respondents&nbsp;would cast their vote for Trump, while 45% lean&nbsp;towards Biden. The remaining respondents&nbsp;were split among other candidates, had no intention to vote, or were&nbsp;undecided.
Michael Binder, the faculty director of the Public Opinion Research lab at UNF, said&nbsp;that these results point to a &quot;very close race&quot; in the forthcoming November elections.
The poll also revealed that Biden has lost some of his 2020 voters, with 6% of them planning to vote for Trump in 2024.
Conversely, only 2% of 2020 Trump voters expressed their intention to switch to Biden this year.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38133891/donald-trump-says-it-would-be-a-great-honor-if-he-were-jailed-for-breaching-gag-order-i-will-gladly" target="_blank">Donald Trump Says It Would Be A &#39;Great Honor&#39; If He Were Jailed For Breaching Gag Order: &#39;I Will Gladly Become A Modern Day Nelson Mandela&#39;</a>
Despite Trump&#39;s ongoing trial in New York City, 67% of voters stated that a conviction would not influence their vote.
Earlier polls this month showed Biden gaining momentum in some states and national polls.
However, the latest UNF poll, conducted among 745 likely voters from April 8 to 20, indicates a shift in favor of Trump.
Why It Matters: In February, an <a href="https://www.benzinga.com/news/24/02/36925598/trump-vs-biden-poll-shows-one-candidate-overwhelmingly-viewed-as-more-competent-in-handling-of-econo">NBC News poll</a> showed Trump leading Biden by 16 points in economic competence. A <a href="https://www.benzinga.com/news/24/02/37058004/trump-vs-biden-national-poll-shows-slight-advantage-for-one-candidate-in-tight-race">Florida Atlantic University survey</a> also showed Trump leading Biden by 4% among registered voters.
However, a <a href="https://www.benzinga.com/news/24/04/38239577/trump-vs-biden-one-candidates-lead-narrows-to-slim-margin-over-other">New York Times and Siena College poll</a> in April showed Trump&#39;s lead narrowing to just 1 point. Interestingly, <a href="https://www.benzinga.com/news/24/04/38134467/trump-vs-biden-in-surprising-trend-one-candidate-is-gaining-favor-among-younger-voters-over-other">recent polls</a> showed Trump gaining favor among younger voters, a demographic traditionally aligned with the Democrats, and Biden making strides with older voters.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38238321/donald-trump-attempts-to-rally-supporters-ahead-of-first-criminal-trial-72-hours-until-all-hell-brea">Donald Trump Attempts To Rally Supporters Ahead Of First Criminal Trial: &#39;72 Hours Until All Hell Breaks Loose!&#39;</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" rel="noopener noreferrer" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump Vs. Biden: One Candidate Hold Slim Lead Over Other In Latest Poll

HomeServices of America, the real estate firm owned by Warren Buffett, has agreed to pay $250 million to settle a nationwide antitrust lawsuit. The settlement could potentially transform <a href="https://www.benzinga.com/news/24/02/37193641/warren-buffetts-empire-nears-trillion-dollar-club-as-class-a-shares-hit-above-600-000">the way real estate agents are compensated.</a>
What Happened: According to&nbsp;a <a href="http://nypost.com/2024/04/26/business/warren-buffetts-real-estate-firm-paying-250m-to-settle-antitrust-suit-over-commissions/">report </a>by the New York Post, HomeServices of America, a subsidiary of Berkshire Hathaway (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>), was the last defendant in a case against the National Association of Realtors (NAR) and four brokerages.
After a jury verdict in Kansas City, Missouri, in October, the settlement aims to preempt a potentially larger payout. The verdict sided with home sellers who alleged that the industry had artificially inflated real estate commissions.
The jury awarded damages of $1.78 billion. HomeServices&#39;s settlement, which still requires court approval, follows the NAR&#39;s $418 million settlement last month.
Analysts suggest that the agreed-upon changes could reduce commissions by at least 25%.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/08/33936436/here-are-the-eyebrow-raising-moves-warren-buffett-michael-burry-and-bill-ackman-made-recently" target="_blank">Here Are The Eyebrow-Raising Moves Warren Buffett, Michael Burry And Bill Ackman Made Recently</a>
With this latest settlement, the NAR and the brokerages, including HomeServices and Re/Max, will pay over $943 million to resolve antitrust claims.
HomeServices&#39; settlement will result in a $140 million after-tax accounting charge, according to spokesperson Chris Kelly, who emphasized that the settlement is &quot;a sole obligation of HomeServices, with no participation by any parent entity.&quot;
Why It Matters: This settlement comes after&nbsp;<a href="https://www.benzinga.com/news/24/01/36815518/this-is-how-much-warren-buffetts-company-missed-out-on-by-dumping-costco-stock-in-2020">Berkshire Hathaway</a>&nbsp;missed several opportunities, including the sale of its shares in Costco Wholesale Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>) during 2020, which resulted in a potential loss of approximately $1.5 billion in gains.
Berkshire Hathaway, led by <a href="https://www.benzinga.com/news/23/03/31512478/warren-buffetts-success-mantra-the-amount-you-are-loved-is-the-ultimate-measure-of-success-in-life">Warren Buffett</a>, has been known for its savvy investments and strategic moves, such as the $3 billion investment in Dow Chemical during the 2008 financial crisis, which ultimately&nbsp;<a href="https://www.benzinga.com/news/23/09/34661392/how-warren-buffett-poured-3b-into-this-company-during-2008-financial-crisis-and-doubled-his-money">doubled the firm&#39;s&nbsp;money</a>.
The latest settlement, however,&nbsp;could potentially alter the landscape of real estate commissions, impacting real estate agents&#39; earnings and home sellers&#39; costs. It also underscores the legal challenges large corporations face in their business operations.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/09/34193584/warren-buffett-and-elon-musk-both-share-this-same-business-acumen-that-has-led-to-their-success">Warren Buffett And Elon Musk Both Share This Same Business Acumen That Has Led To Their Success</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Real Estate

BRK-A

COST

Warren Buffett's Real Estate Firm Coughs Up $250M To Avoid Bigger Payout Over Commissions

In a bizarre incident&nbsp;this month, a Utah couple inadvertently shipped their pet cat in <a href="https://www.benzinga.com/news/23/10/35254697/amazon-listed-a-strange-job-opening-leading-to-speculations-about-the-companys-real-intentions">an Amazon return package</a>.
The feline, named Galena, was discovered safe in California six days&nbsp;later, having survived without food or water, according to&nbsp;Utah&#39;s <a href="https://ksltv.com/639614/utahns-reunited-with-pet-cat-they-accidentally-shipped-with-amazon-return/">KSL-TV</a>.&nbsp;
Galena&#39;s owner, Carrie Clark, realized her pet was missing on April 10. She&nbsp;and her family reportedly spent nearly a week searching their home and local area, even posting missing posters throughout the town.
On April 17, Clark received a notification that Galena&#39;s microchip had been scanned, leading to a call from a California-based veterinarian.&nbsp;The vet revealed that Galena was discovered in an Amazon return package containing five pairs of steel-toed work boots.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/12/36167127/heres-how-much-amazons-ads-business-is-willing-to-pay-for-top-talent">Here&#39;s How Much Amazon&#39;s Ads Business Is Willing To Pay For Top Talent</a>
An Amazon employee had apparently&nbsp;found Galena in a warehouse after she had been without food or water for six days. The employee then promptly took her to a vet.
&quot;I ran to tell my husband that Galena was found, and we broke down upon realizing that she must have jumped into an oversized box that we shipped out the previous Wednesday,&quot; Clark told KSL-TV.
Clark and her husband then flew to California for an emotional reunion with their pet.
Clark said she hopes this story will encourage more pet owners to microchip their animals, as it greatly enhances the likelihood of lost pets being found and returned to their owners.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/04/31755746/amazons-pre-layoff-payroll-peek-a-boo-the-massive-salaries-of-engineers-data-scientists-managers-and" target="_blank">Amazon&#39;s Pre-Layoff Payroll Peek-a-Boo: The Massive Salaries Of Engineers, Data Scientists, Managers And Others</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock
&nbsp;

A Utah Couple Frantically Searched For Their Missing Cat — Only To Find Out They Had Accidentally Shipped Her In An Amazon Package

In a digital showdown echoing past corporate scandals, Facebook co-founder Dustin Moskovitz set off a firestorm on Thursday, leveling <a href="https://www.benzinga.com/news/24/04/38474626/tesla-is-now-enron-folks-facebook-co-founder-claims-musks-ev-giant-is-cooking-up-some-fsd-data">allegations of fraudulent practices </a>against Elon Musk&#8217;s Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). Comparing Tesla&#8217;s actions to the notorious downfall of Enron, Moskovitz&#8217;s remarks have reignited concerns about corporate integrity and accountability.
What Happened: Moskovitz, now CEO of software company Asana, took to Threads to voice his apprehensions, stating, "I know I sound crazy to most people who don't follow $TSLA closely but at this point it really needs to be said. This is Enron now, folks." <a href="https://www.benzinga.com/news/24/04/38474588/elon-musk-claps-back-at-facebook-co-founders-consumer-fraud-accusations-against-tesla-should-go-to-j">Musk&#8217;s response</a>? A barrage of ridicule on X (formerly Twitter), with Musk quipping, "Yeah, Dustin is the one who should go to jail for impersonating a smart person."
Amid Moskovitz&#8217; comparison of Tesla to Enron, here&#8217;s what you should know about the commodities firm, which was repeatedly hailed as America's "most innovative" and became an enduring symbol of corporate fraud later.
See Also: <a href="https://www.benzinga.com/news/24/04/38475796/youll-be-amazed-elon-musk-urges-tesla-drivers-to-try-supervised-full-self-driving-software">&#8216;You&#8217;ll Be Amazed:&#8217; Elon Musk Urges Tesla Drivers To Try Supervised Full Self-Driving Software</a>
The Enron Saga
The <a href="https://www.benzinga.com/general/education/21/12/24405944/this-day-in-market-history-enron-declares-bankruptcy">Enron scandal back in 2001</a> was like something out of a cautionary tale, showing just how bad corporate greed and deception can get. When the U.S. energy giant went belly-up, it didn&#8217;t just go down by itself — it took down Arthur Andersen LLP, a big auditing and accounting firm, with it. With the firm&#8217;s assets totaling over $60 billion, the collapse of Enron sparked huge debates and led to changes in the law to make sure accounting standards were stronger and more honest.
The Enron Era
Enron&#8217;s story began in 1985 when it was created by the merger of Houston Natural Gas Corporation and InterNorth, Inc. Led by Kenneth Lay and Jeffrey Skilling, Enron quickly became a major player in energy derivatives trading. Skilling&#8217;s bold trading tactics, combined with the chief financial officer Andrew Fastow&#8216;s financial savvy, helped Enron become a leader in the natural gas contracts market. Expanding into different commodities and launching Enron Online during the dot-com boom boosted the company&#8217;s value sky-high.
The Downfall Of Eron
Enron&#8217;s luck turned sour when the bull market started to fade and people started looking closer. Shareholders started pushing harder, so executives turned to shady accounting tricks like &#8220;mark-to-market accounting&#8221; and used special purpose entities (SPEs) to hide losses. Enron would value its future contracts at their estimated market value, booking anticipated profits immediately, even though those profits hadn&#8217;t been realized yet.
Despite warnings and internal voices speaking up, Enron couldn&#8217;t sustain its facade. In 2001, Securities and Exchange Commission (SEC) investigations revealed widespread fraud, sending stock prices crashing down. Efforts to save the company with buyouts failed, and Enron had to file for Chapter 11 bankruptcy protection, bringing a shameful end to its reign.
See Also: <a href="https://www.benzinga.com/news/24/04/38474900/tesla-to-cut-693-jobs-in-nevada-amid-global-workforce-reduction-government-notice">Tesla To Cut 693 Jobs In Nevada Amid Global Workforce Reduction: Government Notice</a>
Enron's stock price peaked at over $90 per share in mid-2000. When the market closed on Nov. 30, 2001, Enron's stock price was just 26 cents.
Aftermath: Accountability And Reforms
The fallout from the Enron scandal reverberated across the corporate landscape. Top executives, including Skilling and Lay, faced indictments and convictions for conspiracy and fraud. Arthur Andersen, complicit in the cover-up, met a similar fate, losing its license and reputation. Shareholders and employees bore the brunt of financial losses, sparking a wave of civil suits. In response, regulatory reforms such as the Sarbanes-Oxley Act were enacted to bolster transparency and governance in corporate firms.
Eron Saga Now A Blur Past 
While the Enron saga is now in the past, it has taught stakeholders many lessons: to remain vigilant and to demand transparency and accountability from corporate leaders.
For Moskovitz&#8217; criticism of Tesla, the company has yet to respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment. 
The EV giant, led by Musk, saw its stock closing 1.11% lower at $168.28 per share on Friday, according to data from <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro.</a> The stock is down 32.26% year-to-date.
For<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube"> the first quarter</a>, Tesla reported revenue of $21.3 billion, down from the $23.33 billion reported a year earlier. This is the first time the&nbsp;company's quarterly revenue has fallen&nbsp;since the pandemic in 2020.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/04/38373389/tesla-ceo-elon-musk-takes-swipe-at-waymo-says-cybertruck-might-be-needed-for-robotaxis-in-san-franci?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Takes Swipe At Waymo, Says Cybertruck Might Be Needed For Robotaxis In San Francisco</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Facebook Co-Founder Brings Back Old Memories As He Alleges Elon Musk's Tesla Will Be The Next 'Enron' — Here's What You Should Know About The Company That Is Etched In History Books For Corporate Fraud

With former President Donald Trump&#8216;s criminal trial underway, only 13% believe he is receiving fair treatment. In comparison, 34% each feel he is being <a href="https://www.benzinga.com/news/24/04/38449644/trumps-request-for-new-trial-in-rape-defamation-trial-rejected-judge-says-ex-presidents-attacks-on-e" target="_blank" rel="noreferrer noopener">treated more harshly or more leniently than other defendants</a>. 
Only 44% express confidence in a fair verdict following jury selection, with 56% skeptical that a fair outcome would take place, a recent CNN poll conducted by SSRS <a href="https://edition.cnn.com/2024/04/25/politics/cnn-poll-trump-trial/index.html" target="_blank" rel="noreferrer noopener">revealed</a>. Furthermore, opinions on Trump&#8217;s behavior during the trial varied, with 42% finding it inappropriate, 25% appropriate, and a third undecided due to lack of information.
Interestingly, more Americans (45% compared to 39% last summer) believe the charges in the ongoing trial concerning Donald Trump&#8217;s alleged falsification of business records to conceal payments to Stormy Daniels are irrelevant to his presidential fitness, despite the accusations.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38427342/trumps-social-media-company-auditor-misspells-own-name-14-times-in-regulatory-filings-report" rel="noreferrer noopener">Trump&#8217;s Social Media Company Auditor Misspells Own Name 14 Times In Regulatory Filings: Report</a>
Roughly 75% of voters supporting Trump in the 2024 election against President Joe Biden assert they&#8217;ll remain loyal even if he&#8217;s convicted of a crime, with 24% indicating that a conviction could potentially prompt them to reassess their support for him.
Trump is confronting charges in four separate cases, and the survey question asked about being convicted of a crime without detailing the charge, according to CNN. About 12% of all registered voters surveyed are open to reconsidering their stance, potentially crucial in a close race if he&#8217;s convicted in any of the four trials before Election Day.
The potential political ramifications of a conviction are uncertain, but an analysis of the characteristics of Trump supporters open to reconsideration provides some insights. 
They skew younger (64% under 50 compared to 37% who wouldn&#8217;t reconsider), are more racially diverse (49% people of color vs. 17%), and were more likely to have voted for Biden in 2020 (20% vs. 6%). They also more likely to acknowledge Biden&#8217;s legitimate victory in 2020 (63% vs. 22%), tend to be independents (49% vs. 31%), and are ideologically moderate (50% vs. 38%).
Views regarding the significance of the cases to Trump&#8217;s fitness for office&nbsp;seem to be&nbsp;evolving.&nbsp;
While more people view the hush money charges as irrelevant to his suitability for the presidency, there&#8217;s also a slight increase in those deeming charges related to election interference and classified documents as irrelevant to his presidential fitness if proven true (37% now, up from 33% last summer).
Regarding the ongoing trial, the majority of Americans believe Trump has acted unethically. Still, fewer believe his actions were criminal: Approximately one-third (33%) view Trump&#8217;s actions related to his business records and hush money payments as illegal. In comparison, another third (33%) consider them unethical but not illegal. Only 12% believe he did nothing wrong in the case, with about 21% expressing uncertainty.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/04/38449644/trumps-request-for-new-trial-in-rape-defamation-trial-rejected-judge-says-ex-presidents-attacks-on-e" target="_blank" rel="noreferrer noopener">Trump&#8217;s Request For New Trial In Rape Defamation Trial Rejected, Judge Says Ex-President&#8217;s Attacks On E. Jean Carroll &#8216;Malicious And Unceasing&#8217;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll — What That Means For Former President's Election Chances

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) led a recovery in electric vehicle stocks in the week that ended on April 26, as <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube">the company delivered what its investors wanted to hear</a> in its earnings release and on its earnings call. Firmer broader market sentiment also helped to some extent.
Here are the key events that happened in the EV space during the week:
Tesla Affirms Product Plans And More: After a string of price cuts across its markets, Tesla chose to make peace with investors by reaffirming that it would roll out a low-end model. Analysts have emphasized the importance of an affordable EV in boosting Tesla&#8217;s sales from their current slump. The company announced an accelerated start of production for the new model, moving it up from the previously stated &#8220;second-half of 2025.&#8221; It will incorporate elements of both the next-generation platform and its current platforms, and will be manufactured using existing production lines.
Skeptics, however, suggested that the company&#8217;s announcement implied the absence of a sub-$30K car in the pipeline, instead indicating a plan to reduce features in its current lineup.
Tesla reported a double-miss, underperforming relative to both first-quarter earnings and revenue expectations, with its free-cash-flow sinking into negative territory. This prompted even bullish analysts to take down their estimates for the company.
Tesla confirmed on its earnings call that the Tesla Semi, which is now being sold exclusively to PepsiCo., will be manufactured from a new factory in Reno and first deliveries to external customers will begin in early 2026.
Tesla bull Ron Baron said in a CNBC interview this week that, while the stock could have bottomed now, &#8220;it&#8217;s going to go up huge.&#8221;
Another key Tesla executive confirmed this week that he would leaving. Tesla&#8217;s Investor Relations Head Martin Viecha said at the end of the earnings call that he communicated the decision to CEO Elon Musk and CFO Vaibhav Taneja a month ago. 
&#8220;I'll be hanging around for another couple of months or so. So, feel free to reach out at any time. But after the seven-year sprint, I'm going to be taking a break and spending some good quality time with my family,&#8221; he said.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Fisker In Talks For Potential Sale: Beleaguered EV maker Fisker, Inc.&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FSRN#OTC">FSRN</a>) CEO Henrik Fisker told employees in an all-hands meeting that the company was in talks with four automakers for a potential sale, Business Insider <a href="https://www.businessinsider.in/thelife/news/fisker-tells-employees-that-4-automakers-are-in-talks-to-buy-the-struggling-startup/articleshow/109602666.cms">reported</a>.
&#8220;We still have some time to get other offers on Fisker. We do have four car companies that have signed NDAs. However, they obviously need time to get to some diligence,&#8221; he reportedly said. 
The report comes close on the heels of the company filing its 10-K report in which it said it &#8220;believes that its available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months from the date of the filing of this Annual Report on Form 10-K. Accordingly, the Company has concluded there is substantial doubt about its ability to continue as a going concern.&#8221;
BYD&#8217;s Pickup Named &#8220;Shark&#8221;: Chinese EV startup and Warren Buffett-backed BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) announced on its Weibo account that its first energy pickup truck will officially be called the BYD Shark and will be built on the DMO super hybrid off-road platform, <a href="https://cnevpost.com/2024/04/22/byd-names-pickup-shark/">reported</a> CnEVPost.
The vehicle will be sold globally, the company said. The report also stated that the pickup will be positioned as a mid-size model, surpassing the Toyota Hilux in size.
VinFast Founder&#8217;s Financing Commitment: Vietnamese EV maker VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>), which entered the U.S. market in 2022, may receive support from its founder as it contends with fierce competition and a slowing industry. Bloomberg reported that Vietnamese billionaire Pham Nhat Vuong <a href="https://www.benzinga.com/markets/equities/24/04/38422694/emerging-tesla-challenger-to-receive-another-1b-from-vietnamese-billionaire-i-will-not-give-up-o">pledged to invest at least another $1 billion of his personal wealth into VinFast</a> at the company&#8217;s shareholders meeting.
Rivian Doing A Tesla? After Tesla announced flat $2,000 price reductions for its Model S,X and Y EVs as part of its Earth Day celebration, Rivian said it would offer <a href="https://www.benzinga.com/markets/equities/24/04/38380242/rivians-earth-day-offer-trade-in-your-gas-powered-car-and-get-up-to-5k-off-on-r1-ev">a discount of up to $5,000 on qualifying new R1 models </a>when customers trade in select gas-powered vehicles. Additionally, buyers would become eligible for a year of charging on the Rivian Adventure Network at no additional cost.
The discount, ranging from $1,000 to $5,000, is available to customers in the U.S. and Canada for deliveries taken between April 22 and June 30.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 2.30% at $21.32, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF gained 1.33%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38453144/teslas-robotaxi-plan-hasnt-excited-investors-but-fund-manager-gary-black-says-this-">Tesla&#8217;s Robotaxi Plan Hasn&#8217;t Excited Investors, But Fund Manager Gary Black Says This Is What Matters More: &#8216;No Other Way To Interpret This&#8230;&#8217;</a>
EV Stock Performances For Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Performances (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+14.44%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>+18.16%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+13.13%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-5.08%</td>
</tr>
<tr>
<td>Fisker</td>
<td>+23.04%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-2.67%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-3.52%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-2.81%</td>
</tr>
<tr>
<td>Rivian </td>
<td>+4.75%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>+0.41%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>)</td>
<td>-19.93%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-0.08%</td>
</tr>
<tr>
<td>VinFast </td>
<td>+3.18%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

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Monday, March 20, 2017