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Ahead of a looming government shutdown, a significant development occurred in the House of Representatives as Speaker Mike Johnson's (R-La.) <a href="https://www.benzinga.com/news/24/09/40913633/house-set-to-vote-on-gop-bill-to-prevent-government-shutdown-after-chuck-schumer-warns-republicans-n">funding bill was defeated</a>.
What Happened: A diverse group of House Republicans rejected Speaker Johnson's proposal to fund the government on Wednesday. The bill&#8217;s failure complicates efforts to avoid a government shutdown at the end of the month, <a href="https://thehill.com/homenews/house/4887533-mike-johnson-funding-bill-fails-house/">reported</a> The Hill.
&#8220;We have time to fix the situation, and we'll get right to it. I'm disappointed. I know this was the right thing to do, and I think the American people are gonna let a lot of the folks that voted no tonight hear their concerns about it,&#8221; Johnson said. 
Fourteen Republicans joined nearly every Democrat in voting against the bill, which combined a six-month stopgap measure with a requirement for proof of citizenship to vote. The final vote tally was 202-220, with two members voting present.
The opposition came from various GOP factions: hardline conservatives opposed the continuing resolution, defense hawks worried about Pentagon funding, and moderates were concerned about the shutdown threat close to the election.
Rep. Beth Van Duyne (R-Texas) criticized the bill, saying, "I look at the spending, and I think that's one of the largest issues that we have in our country, is $36 trillion in debt."
The bill's failure leaves Speaker Johnson in a difficult position, with the path to avoiding a shutdown now uncertain. Johnson indicated he is already discussing alternative plans with colleagues.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40874541/anthony-scaramucci-more-gop-officials-will-start-to-denounce-trump-senator-mitt-romney-may?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci: &#8216;More GOP Officials Will Start To Denounce Trump&#8217; — Senator Mitt Romney May Be One Of Them, Polymarket Traders Think</a>
Senate Majority Leader Chuck Schumer (D-N.Y.) urged bipartisan cooperation to keep the government running, stating, "Bipartisan, bicameral cooperation. That's what works."
Former President Donald Trump has pressured Republicans to include the SAVE Act in any funding legislation, further complicating Johnson's efforts to navigate the situation.
Why It Matters: The defeat of Speaker Johnson&#8217;s funding bill is a critical moment in the ongoing struggle to prevent a government shutdown. This event follows a series of contentious negotiations and warnings from key political figures.
On Wednesday, the House was set to vote on Johnson&#8217;s proposal to keep the government funded, but the bill lacked <a href="https://www.benzinga.com/news/24/09/40913633/house-set-to-vote-on-gop-bill-to-prevent-government-shutdown-after-chuck-schumer-warns-republicans-n">sufficient Republican support</a> to pass. Senate Majority Leader Schumer had previously warned that if a shutdown occurred due to &#8220;Republican poison pills,&#8221; the <a href="https://www.benzinga.com/news/24/09/40890590/chuck-schumer-says-if-government-shutdown-happens-it-will-because-of-republican-poison-pills-the-ame">American public would hold the GOP responsible</a>.
Earlier in June, Speaker Johnson had suggested invoking the 25th Amendment to remove President Joe Biden from office, indicating his <a href="https://www.benzinga.com/news/24/06/39562810/mike-johnson-suggests-using-25th-amendment-to-remove-biden-after-debate-performance-this-is-a-very-d">aggressive stance on various issues</a>.
In March, the House had successfully passed a major spending bill to prevent a government shutdown, showcasing the complexities and challenges in <a href="https://www.benzinga.com/government/24/03/37529014/us-house-successfully-passes-major-spending-bill-to-prevent-government-shutdown">achieving bipartisan agreement</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40897716/elon-musk-reacts-after-mark-cuban-says-he-would-buy-x-in-a-heartbeat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Mark Cuban Says He Would Buy X &#8216;In A Heartbeat&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

News

Politics

House Republicans Reject Their Own Funding Bill As Government Shutdown Looms — Mike Johnson Says 'We Have Time To Fix The Situation'

Wednesday&#8217;s trading session saw the stock market slip into the red following the Federal Reserve&#8217;s decision to <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">cut interest rates by 0.5%</a>. This marks the beginning of the central bank&#8217;s highly anticipated cutting cycle, the first since March 2020. T
The Dow Jones Industrial Average dropped 0.25% to 41,503.10, while the S&amp;P 500 slipped 0.3% to 5,618.26. The Nasdaq also fell 0.3%, closing at 17,573.30.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia shares closed down 1.92% at $113.37, after hitting an intraday high of $117.7 and a low of $113.22. The stock&#8217;s 52-week high is $140.76, and its 52-week low is $39.23. The tech giant is considering a <a href="https://www.benzinga.com/m-a/24/09/40926078/nvidia-considers-165m-octoai-acquisition-aims-to-strengthen-ai-and-cloud-dominance">$165 million acquisition</a> of the OctoAI startup to bolster its software and cloud computing services.
T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>)
T-Mobile shares ended the day down 2.97% at $196.68, with an intraday high of $206.1 and a low of $195.47. The stock&#8217;s 52-week high is $206.31, and its 52-week low is $135.82. The company announced a <a href="https://www.benzinga.com/markets/equities/24/09/40925493/t-mobile-partners-with-nvidia-ericsson-and-nokia-to-pioneer-ai-driven-mobile-networks">partnership</a> with Nvidia, Ericsson, and Nokia to pioneer AI-driven mobile networks. The company has also signed an agreement with OpenAI to transform customer experience and redefine customer success standards globally
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913998/jamie-dimon-says-jpmorgan-is-likely-one-of-the-bigger-users-of-blockchain-technology-but-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jamie Dimon Says JPMorgan Is Likely &#8216;One Of The Bigger Users&#8217; Of Blockchain Technology, But Calls Cryptocurrencies A &#8216;Pet Rock&#8217;</a>
Vivos Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VVOS#NASDAQ">VVOS</a>)
Vivos Therapeutics shares surged 47.50% to close at $4.13, after hitting an intraday high of $5.95 and a low of $3.02. The stock&#8217;s 52-week high is $48.79, and its 52-week low is $1.91. The FDA granted 510(k) clearance to the company&#8217;s flagship oral medical device, poised to <a href="https://www.benzinga.com/news/24/09/40920621/vivos-therapeutics-says-it-is-poised-to-disrupt-pediatric-sleep-apnea-market-secures-fda-approval-fo">disrupt the pediatric sleep apnea market</a>.
SoFi Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)
SoFi shares closed down 0.12% at $8.11, after hitting an intraday high of $8.53 and a low of $8.04. The stock&#8217;s 52-week high is $10.49, and its 52-week low is $6.01. The shares moved on heavy trading volume as investors <a href="https://www.benzinga.com/fintech/24/09/40928342/what-happened-with-sofi-stock-today">anticipated a rate cut</a> from the Federal Reserve.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares ended the day up 0.48% at $227.87, with an intraday high of $234.57 and a low of $226.55. The stock&#8217;s 52-week high is $273.93, and its 52-week low is $138.8. The shares traded higher likely due to the broader market reaction to the Federal Reserve's <a href="https://www.benzinga.com/news/24/09/40927218/tesla-shares-surge-amid-fed-rate-cut-and-cybertruck-developments">recent policy decision</a> to cut interest rates.
Photo by Phongphan on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40917216/elon-musk-says-warren-buffett-is-positioning-for-kamala-harris-win-with-his-277b-cash-pile-as-pr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Warren Buffett Is Positioning For Kamala Harris Win With His $277B Cash Pile As Pro-Trumper John Paulson Warns Of Equity Market Exit</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

Markets

NVDA

SOFI

TMUS

TSLA

VVOS

Nvidia, T-Mobile US, Vivos Therapeutics, SoFi Technologies, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Tesla and SpaceX CEO Elon Musk&nbsp;has agreed with&nbsp;Nvidia Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang&#8217;s prediction of a future where individuals will have personal digital agents akin to Star Wars&#8217; R2-D2 or C-3PO.
What Happened:&nbsp;On Wednesday, during&nbsp;T-Mobile's Capital Markets Day 2024,&nbsp;Huang shared his vision of a future where digital agents will accompany and learn with individuals throughout their lives.
He expressed excitement about the idea of having a computer that grows smarter over time, helping its user accomplish tasks and essentially becoming a personal R2-D2 or C-3PO.
&#8220;I love the idea that I&#8217;ll have my own R2-D2, my own C3PO, and my R2 will be following me,&#8221; he stated, adding, &#8220;People who are just growing up now they&#8217;re going to have their own personal R2 with them.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40848374/google-co-founder-sergey-brin-admits-company-was-too-timid-to-rollout-chatgpt-like-llms-despite-basi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Co-Founder Sergey Brin Admits Company Was &#8216;Too Timid&#8217; To Rollout ChatGPT-Like LLMs Despite Basically Inventing Them</a>
Huang then discussed the latest advancements introduced by Sam Altman-led OpenAI in the shape of their new <a href="https://www.benzinga.com/top-stories/24/09/40842891/openai-unveils-o1-model-a-step-closer-to-human-like-ai-but-not-without-flaws">reasoning model &#8220;o1,&#8221;</a> highlighting how future AI systems will possess greater reasoning capabilities.
Unlike the single-pass approach currently used in tools like ChatGPT, future systems will perform hundreds of passes, using reinforcement learning to generate more thoughtful responses, he stated.
This increased computational demand is why Huang pointed out <a href="https://www.benzinga.com/news/24/09/40800236/nvidia-faces-investor-scrutiny-over-blackwell-chip-delays-big-revenue-expected-report">improvements in the</a> Blackwell platform, which boosted inference performance by 50 times.
When a clip of Huang&#8217;s interview was shared on X, formerly Twitter, Musk responded with a simple &#8220;True,&#8221; indicating his agreement with Huang&#8217;s vision.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">True
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1836518602813608189?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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R2-D2 and C-3PO are iconic droids from the&nbsp;Star Wars&nbsp;franchise. C-3PO is a protocol droid designed for etiquette and translation, fluent in over six million forms of communication. It is another gem from Star Wars, which often serves as a companion to R2-D2.
Why It Matters: Earlier this month, OpenAI launched a new model, ‘o1,' which is a significant step towards achieving human-like artificial intelligence.
This model can answer complex questions faster than a human and outperforms previous models in writing code and solving multi-step problems.
Meanwhile,&nbsp;Nvidia&nbsp;is facing rising <a href="https://www.benzinga.com/news/large-cap/24/09/40820349/nvidia-ceo-jensen-huang-admits-its-tense-as-surging-demand-for-blackwell-chips-sparks-customer-fru">tensions due to the limited supply</a> of its latest Blackwell chips. The company is experiencing such great demand for its chips that it is causing frustration among some of Nvidia&#8217;s customers.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Photo Courtesy: cfg1978 On Shutterstock.com
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<li><a href="https://www.benzinga.com/news/24/09/40897716/elon-musk-reacts-after-mark-cuban-says-he-would-buy-x-in-a-heartbeat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Mark Cuban Says He Would Buy X &#8216;In A Heartbeat&#8217;</a></li>
</ul>
Disclaimer: 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.

Tech

Elon Musk Agrees With Nvidia CEO Jensen Huang's Vision Of A Future Where We'll Have Our Own AI-Powered Personal Assistants Like Star Wars' R2-D2 Droid

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has started temporary furloughs for thousands of employees as it grapples with the financial <a href="https://www.benzinga.com/markets/equities/24/09/40912464/elon-musk-accuses-faa-of-fining-spacex-over-nonsense-that-doesnt-affect-safety-amazingly-no-star">impact of a machinists union strike</a>.
What Happened: In a memo to employees, Boeing CEO Kelly Ortberg stated that the furloughs, affecting U.S.-based executives, managers, and employees, will occur one week out of every four until the strike concludes. Ortberg and his leadership team will also take pay cuts, The Washington Post <a href="https://www.washingtonpost.com/transportation/2024/09/18/boeing-furloughs-machinists-strike/">reported</a> on Wednesday.
"With production paused across many key programs in the Pacific Northwest, our business faces substantial challenges and it is important that we take difficult steps to preserve cash and ensure that Boeing is able to successfully recover," Ortberg stated. 
The strike, initiated by the 33,000-member International Association of Machinists and Aerospace Workers, began after rejecting Boeing&#8217;s offer. The union demands a 40% pay increase and the reinstatement of a pension program.
Despite the furloughs, work critical to quality, customer support, and key certification programs will continue. Production of the 787 jet in South Carolina remains unaffected.
Analysts estimate the strike could cost Boeing $1 billion weekly. The company could burn through $3.5 billion in cash if the strike extends through September, according to Bloomberg Intelligence.
Boeing&#8217;s financial measures include a hiring freeze, reduced capital and supplier spending, and an end to nonessential travel. The strike is the first by Boeing machinists in 16 years, according to the report.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40893386/elon-musk-and-oracles-larry-ellison-begged-jensen-huang-for-nvidia-gpus-at-a-dinner-please-take-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk And Oracle&#8217;s Larry Ellison &#8216;Begged&#8217; Jensen Huang For Nvidia GPUs At A Dinner: &#8216;Please Take Our Money&#8217;</a>
Why It Matters: The strike&#8217;s origins trace back to Saturday, when over 30,000 workers walked off the job after rejecting Boeing&#8217;s offer of a 25% <a href="https://www.benzinga.com/news/24/09/40867999/over-30-000-boeing-workers-are-standing-shoulder-to-shoulder-union-leader-says-strike-could-go-on-fo">wage increase over four years</a>. Union leader Jon Holden emphasized the workers&#8217; resolve, stating, &#8220;They're standing shoulder to shoulder and they're ready. So it (the strike) could go on for a while.&#8221;
Subsequently, Boeing and the union returned to the negotiating table with federal mediators on Wednesday. The talks aim to resolve the wage and pension disputes that triggered the strike. The union&#8217;s demand for a 40% wage hike starkly <a href="https://www.benzinga.com/news/24/09/40913789/boeing-and-its-largest-union-return-to-table-with-federal-mediators-after-30k-workers-strike-over-fa">contrasts with Boeing&#8217;s 25% offer</a>.
Adding to the complexity, Elon Musk recently criticized the Federal Aviation Administration for <a href="https://www.benzinga.com/markets/equities/24/09/40912464/elon-musk-accuses-faa-of-fining-spacex-over-nonsense-that-doesnt-affect-safety-amazingly-no-star">allegedly favoring Boeing</a> over SpaceX in regulatory matters. 
Price Action: Boeing Co. closed at $155.11 on Wednesday, down 0.82% for the day. In after-hours trading, the stock gained 0.38%. Year to date, Boeing&#8217;s stock has dropped by 38.39%, according to <a href="https://pro.benzinga.com/dashboard?quote=AAPL">data from Benzinga Pro</a>.
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</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Boeing Enforces Temporary Furloughs Amid Strike, CEO Kelly Ortberg Announces 'Difficult Steps' Like Pay Cuts As $1B Weekly Loss Looms

On Wednesday, Cathie Wood-led Ark Invest continued its trend of offloading shares of Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) and Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), marking significant trades for the day.
The Robinhood Trade: Ark Invest&#8217;s Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) sold 24,796 shares of Robinhood. This decision aligns with Ark&#8217;s recent trading patterns, which have seen a <a href="https://www.benzinga.com/markets/equities/24/09/40890420/cathie-woods-monday-maneuvers-ark-invest-continues-to-offload-robinhood-and-palantir-shares">steady decrease</a> in Robinhood holdings. 
The move comes in the wake of Robinhood&#8217;s $3.9 million settlement with California&#8217;s Department of Justice over its previous ban on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) withdrawals. Despite this setback, Robinhood has been evolving from a meme stock trading platform to a serious contender against traditional brokerages. The value of the trade, based on Robinhood&#8217;s closing price of $22.95 on the same day, is approximately $569,368. 
Notably, Robinhood shares rose after the Federal Reserve cut interest rates by 50 basis points, <a href="https://www.benzinga.com/news/24/09/40926981/robinhood-markets-stock-surges-wednesday-heres-why">benefiting from increased user engagement</a>, margin trading, and favorable growth stock valuations in a low-rate environment. The shares appreciated 1.4% in the regular session and gained 0.9% in the after-hours trading.
The Palantir Trade: Ark Invest&#8217;s ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) fund sold 32,772 shares of Palantir. This move followed the company&#8217;s 5th AIPCon, where CEO Alex Karp expressed optimism about Palantir&#8217;s inclusion in the S&amp;P 500 Index and the company&#8217;s potential for growth. Based on Palantir&#8217;s closing price of $36.38 on the same day, the value of the trade is approximately $1.2 million.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40867788/expert-says-warren-buffetts-top-executive-ajit-jain-sold-berkshire-hathaway-stake-because-the-st?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Expert Says Warren Buffett&#8217;s Top Executive Ajit Jain Sold Berkshire Hathaway Stake Because &#8216;The Stock Was Fully Pricing The Business&#8217;</a>
Other Key Trades: 
<ul>
<li>Ark Invest sold shares of Veeva Systems Inc. The firm also offloaded shares of Butterfly Network Inc. </li>
<li>Ark Invest bought shares of Tempus AI Inc and sold shares of Roblox Corp. </li>
<li>Ark Invest fund sold shares of Intuitive Surgical Inc and bought shares of 3D Systems Corp. </li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40892040/starbucks-north-america-ceo-michael-conway-quits-after-just-6-months-in-the-position?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Starbucks North America CEO Michael Conway Quits After Just 6 Months In The Position</a></li>
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ETFs

$BTC

ARKF

ARKK

HOOD

PLTR

Cathie Wood's Ark Invest Continues Dumping Robinhood And Palantir Shares As Interest Rates Fall

On Wednesday, Betsey Stevenson expressed her astonishment at Donald Trump&#8217;s running mate J.D. Vance and his supporters&#8217; economic optimism despite the Federal Reserve&#8217;s <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">recent rate cut. </a>
What Happened: Stevenson, a former Obama administration economic advisor, shared her views on X, stating, &#8220;I have to admit that I am pleasantly surprised that J.D. Vance and his supporters thinks the economy is too strong for the rate cut.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I have to admit that I am pleasantly surprised that JD Vance and his supporters thinks the economy is too strong for the rate cut. <a href="https://t.co/UzHUaHfkJg">https://t.co/UzHUaHfkJg</a>
&mdash; Betsey Stevenson (@BetseyStevenson) <a href="https://twitter.com/BetseyStevenson/status/1836511962118992076?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Stevenson shared a video featuring a Vance rally where he was asked a question on Federal Reserve&#8217;s move to slash interest rates by 50 basis points. The crowd booed when the question was asked.
Vance said, &#8220;My reaction is half a point is nothing compared to what American families have been dealing with for the last 3 years.&#8221; In response to the Vice Presidential candidate&#8217;s answer, the crowd cheered.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40895240/wall-street-could-head-higher-as-traders-look-forward-to-retail-sales-data-ahead-of-fed-decision?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 Futures Firm Up Ahead Of Retail Sales Data</a>
Why It Matters: Stevenson&#8217;s post is particularly noteworthy given the ongoing debate around the implications of the rate cut. Republican presidential nominee Trump has <a href="https://www.benzinga.com/news/24/09/40931251/trump-isnt-happy-with-jerome-powells-50-bps-rate-cut-maneuver-i-guess-it-shows-the-economy-is-very-b">expressed skepticism</a> over the Federal Reserve's decision, suggesting it could be indicative of a faltering U.S. economy or a politically motivated action.
Stevenson&#8217;s surprise at Vance&#8217;s optimism might stem from her previous criticism of the Republican vice presidential nominee. She had earlier <a href="https://www.benzinga.com/news/24/08/40643613/jd-vance-slammed-by-ex-obama-advisor-for-spewing-frustrating-lies-on-tariffs-stresses-need-for-fact">rebuked Vance</a> for spreading misinformation about the effects of tariffs on consumer prices.
This comment comes in the wake of the Federal Reserve&#8217;s unexpected decision to slash interest rates by 50 basis points, marking the first rate cut in over four years. This move surprised Wall Street analysts who had anticipated a more modest 25-basis-point cut.
Image via Shutterstock
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Economics

General

Obama-Era Economist Says She Is 'Pleasantly Surprised' That JD Vance Thinks The 'Economy Is Too Strong For The Rate Cut'

The Federal Reserve implemented its first <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40929003/powells-hawkish-tone-tempers-market-excitement-after-historic-50-basis-point-intere">rate cut since March 2020</a>. The move aimed to combat inflation and economic concerns.
What Happened: The rate cut was widely anticipated, with an 85% likelihood leading up to the announcement. This anticipation led to a bullish reaction in both cryptocurrency and traditional equity markets. However, prices quickly reversed as traders executed buy orders.
Santiment <a href="https://insights.santiment.net/read/rate-cut-celebrations-are-likely-but-watch-for-retail-traders-ruining-the-party-8119?utm_source=twitter&amp;utm_medium=post&amp;utm_campaign=twitter_rate_cut_celebrations_insight_b_091824/&amp;fpr=twitter">noted</a> that this pattern is familiar, having been observed after events like the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) merge and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) halving. Traders often become euphoric, expecting prices to soar, only to be surprised by a retracement.
Despite the initial bullish reaction, the market&#8217;s response may not be as straightforward. Traders are advised to monitor sentiment and funding rates closely. Positive sentiment could indicate greed, while negative sentiment might signal a buying opportunity.
Two more rate cuts are expected by the end of 2024, potentially lowering interest rates by 100 basis points heading into 2025, according to the report.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40883274/senator-warren-urges-fed-to-slash-rates-by-0-75-veteran-investor-warns-even-0-5-cut?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren Urges Fed To Slash Rates By 0.75%; Veteran Investor Warns Even 0.5% Cut Could &#8216;Reduce Trump&#8217;s Chances Of Winning&#8217;</a>
Why It Matters: The Federal Reserve&#8217;s decision to <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down">cut interest rates by 50 basis points</a> to a range of 4.75% to 5% marks a significant shift in monetary policy. 
Jerome Powell, the Fed Chair, defended the move, stating it was necessary to support the labor market and prevent economic harm. Powell emphasized the importance of acting preemptively to safeguard the economy, highlighting the Fed&#8217;s cautious, <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down">data-driven approach</a>.
The rate cut has <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40928301/interest-rates-in-free-fall-what-it-means-for-mortgages-credit-cards-and-your-wallet-a">broader implications for consumers</a>, potentially affecting mortgage rates, credit card interest rates, and auto loan rates. This trickle-down effect could influence consumer spending and borrowing behavior. 
Despite the initial market euphoria, Powell&#8217;s cautious remarks on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40929003/powells-hawkish-tone-tempers-market-excitement-after-historic-50-basis-point-intere">future rate path have injected uncertainty</a> into the markets. The Fed&#8217;s dot plot indicates further easing ahead, with additional rate cuts expected in the coming years.
Price Action: Bitcoin is trading at $61,950.10, up 0.32% in the last 24 hours. Year to date, it has gained 40.14%. Meanwhile, Ether is currently priced at $2,357.76, rising 0.92% in the last 24 hours. Year to date, it has increased 0.19%, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40890194/both-trump-and-harris-hold-undergraduate-degrees-in-economics-says-obama-era-economist-but-there-is?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Both Trump And Harris Hold Undergraduate Degrees In Economics, Says Obama-Era Economist But There Is One Candidate He Favors Over The Other</a></li>
</ul>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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

Cryptocurrency

Federal Reserve

$ETH

Bitcoin And Ethereum Euphoria Built Around Rate Cuts Could Be Ruined By Retail Traders, Says Crypto Data Intelligence Platform

Sen. Bernie Sanders (I-Vt.), expressed his dissatisfaction with Donald Trump&#8217;s approach to the ongoing healthcare crisis in America.
What Happened: On Wednesday, Sanders took to X to voice his concerns about Trump&#8217;s handling of the healthcare crisis. He highlighted the fact that despite Trump&#8217;s four-year term as president, his current plan for addressing the healthcare crisis is inadequate. 
Sanders said, &#8220;We are in the midst of a serious health care crisis — 85 million Americans are uninsured or underinsured. Now he&#8217;s working on &#8216;a concept of a plan&#8217; ?? That&#8217;s not going to cut it.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> has been in three political campaigns. He was president for four years. We are in the midst of a serious health care crisis — 85 million Americans are uninsured or underinsured. Now he&#39;s working on &quot;a concept of a plan&quot; ?? That&#39;s not going to cut it. <a href="https://t.co/2aK8C9NSS7">pic.twitter.com/2aK8C9NSS7</a>
&mdash; Bernie Sanders (@BernieSanders) <a href="https://twitter.com/BernieSanders/status/1836549690071912865?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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This post comes in the wake of the <a href="https://www.benzinga.com/news/24/09/40868605/trump-vs-harris-presidential-debate-sanders-on-healthcare-disparity-and-more-this-week-in-politics">presidential debate</a> between Trump and Vice President Kamala Harris.
Sanders shared a video in his post where an NBC anchor asked him about comments Trump made at the debate with Harris in regards to Obamacare. The former president had claimed that he saved The Affordable Care Act.The Vermont senator&#8217;s post was in response to this question.
See Also: <a href="https://www.benzinga.com/news/24/09/40899012/elon-musk-reacts-after-trump-campaign-releases-over-50-examples-of-democrats-rhetoric-that-inspired?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Trump Campaign Releases Over 50 Examples of Democrats&#8217; Rhetoric That &#8216;Inspired Assassination Attempt&#8217;</a>
Why It Matters: Sanders has been a <a href="https://www.benzinga.com/news/24/07/39784920/bernie-sanders-getting-sick-in-america-should-not-mean-going-bankrupt-losing-your-home-car-or-life-s">vocal critic</a> of the existing U.S. healthcare system, highlighting the financial burden it places on patients. He has previously stated that &#8220;Getting sick in America should not mean going bankrupt, losing your home, car, or life savings.&#8221;
Moreover, Sanders has pointed out the <a href="https://www.benzinga.com/news/24/09/40784837/bernie-sanders-says-if-youre-poor-in-america-youll-live-10-15-years-less-anybody-else-see-a-problem">disparity in health outcomes</a> between the rich and the poor in America, stating that the poor live significantly shorter lives.
Image via Shutterstock
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<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Bernie Sanders Is Not Having It When Trump Says He Saved Obamacare: 'That's Not Going To Cut It'

Microsoft Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) vice chair and president, Brad Smith, has raised concerns about potential foreign interference in the upcoming <a href="https://www.benzinga.com/topic/2024-presidential-election">2024 U.S. presidential election</a>.
What Happened: On Wednesday, during his opening testimony at a Senate Intelligence Committee hearing on <a href="https://www.benzinga.com/general/politics/24/09/40743037/putin-says-russia-backs-harris-and-her-infectious-laugh-for-2024-election-we-will-root-for-her">foreign election interference</a>, Smith warned of &#8220;real and serious&#8221; threats, <a href="https://thehill.com/policy/technology/4887227-microsoft-election-iran-trump-russia-harris/">reported</a> The Hill.
He pointed out that the election has become a battleground for foreign actors, specifically Iran and Russia, against presidential candidates Donald Trump and Kamala Harris respectively.
&#8220;We know that there is a presidential race between Donald Trump and Kamala Harris, but this has also become an election of Iran vs Trump and Russia vs Harris,&#8221; he stated.
See Also: <a href="https://www.benzinga.com/news/24/09/40893054/mark-cuban-says-he-would-buy-rupert-murdochs-fox-news-and-elon-musks-x-but-there-are-some-obstacles?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Would Buy Rupert Murdoch&#8217;s Fox News And Elon Musk&#8217;s X But There Are Some Obstacles: &#8216;If I Had Enough… I&#8217;d Buy It In A Heartbeat&#8217;</a>
Smith also shed light on the <a href="https://www.benzinga.com/news/24/09/40760931/trump-vs-harris-who-do-russia-iran-and-china-favor-in-2024-election-intelligence-officials-weigh-in">combined efforts of Russia, Iran, and China</a> in undermining democracy. He cited a recent Microsoft report that revealed Russian influence operations behind a false <a href="https://www.benzinga.com/news/24/09/40915084/kremlin-aligned-group-behind-false-hit-and-run-allegations-against-kamala-harris-microsoft-says">viral video accusing Harris of a hit-and-run</a>.
He stressed the importance of tech companies upholding two principles: preserving the right to free expression and protecting the American electorate from foreign deception.
Smith called on tech companies to put in place safeguards, especially around AI-generated content, and to educate candidates about AI risks.
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Why It Matters: Smith&#8217;s testimony comes at a time when concerns over foreign interference in the election through online disinformation and misinformation campaigns are escalating.
He testified alongside Nick Clegg, the president of global affairs at Meta Platforms, and Kent Walker, the president and chief legal officer for Google's Alphabet, the report noted.
On Tuesday, in a blog post, Microsoft revealed that its Threat Analysis Center noticed a <a href="https://www.benzinga.com/news/24/09/40912191/harris-walz-campaign-targeted-by-russian-hackers-microsoft-threat-analysis-center-notices-shift-in-t">shift in tactics by Russian hackers</a> who targeted the campaign of Democratic nominee Harris.
Earlier this month, the Justice Department seized over 30 web domains used by Russia for covert campaigns. The FBI also revealed that Iran was behind a hacking of the Trump campaign.
On Wednesday, the FBI said, &#8220;Iranian malicious cyber actors in late June and early July sent unsolicited emails to individuals then associated with President Biden's campaign that contained an excerpt taken from stolen, non-public material from former President Trump's campaign as text in the emails.&#8221;
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40914747/jpmorgan-ceo-jamie-dimon-thinks-social-media-platforms-like-tiktok-and-facebook-are-a-total-stupid-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Thinks Social Media Platforms Like TikTok And Facebook Are &#8216;A Total Stupid Waste Of Time&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

MSFT

'This Has Also Become An Election Of Iran Vs Trump And Russia Vs Harris' — Microsoft President Brad Smith Warns About Foreign Interference In 2024 Election

In the run-up to the presidential election, Donald Trump, the Republican nominee, has voiced his disapproval of the Federal Reserve&#8217;s recent decision to <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">slash its benchmark interest rate by half a percentage point</a>. Trump suggests this move could be indicative of a faltering U.S. economy or a politically motivated action.
What Happened: Trump expressed skepticism over the Federal Reserve&#8217;s decision. This critique comes as the November presidential election is just around the corner, <a href="https://www.ft.com/content/da9347a5-b4db-4987-94c9-2aeb20624726">reported</a> The Financial Times.
&#8220;I guess it shows the economy is very bad to cut it by that much, assuming that they are not just playing politics,&#8221; said Trump.
Trump has previously voiced his displeasure with Federal chair Jerome Powell, accusing the independent central bank of political bias. In a conversation with Bloomberg News, Trump cautioned Powell against reducing interest rates before the election. However, he also mentioned that he would allow Powell to complete his term as chair if he was &#8220;doing the right thing.&#8221;
In a separate discussion with Fox Business Network, Trump hinted at his intention to replace Powell, blaming him for being &#8220;political&#8221; and predicting he would lower interest rates to &#8220;help the Democrats,&#8221; according to the report.
Trump&#8217;s remarks were made just hours before a campaign rally in the suburbs of New York City on Long Island. His Democratic rival, vice-president Kamala Harris, also reportedly shared her thoughts on the Fed&#8217;s decision, stating the cut would be &#8220;welcome news for Americans who have borne the brunt of high prices&#8221;.
See Also: <a href="https://www.benzinga.com/news/24/09/40890590/chuck-schumer-says-if-government-shutdown-happens-it-will-because-of-republican-poison-pills-the-ame?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chuck Schumer Says If Government Shutdown Happens It Will Be Because Of &#8216;Republican Poison Pills&#8217; — &#8216;The American People Are Going To Hold Them Responsible&#8217;</a>
Why It Matters: The Federal Reserve&#8217;s decision to cut interest rates by 50 basis points marks the first rate cut in over four years, breaking a streak of 12 consecutive months with rates held steady. This decision came as a surprise to Wall Street analysts who had largely anticipated a more modest 25-basis-point cut.
Earlier this month, Trump had <a href="https://www.benzinga.com/general/politics/24/09/40861372/trump-says-no-federal-rates-cuts-before-2024-election-republican-congress-members-say-the-time-i">expressed his desire</a> for the Federal Reserve to leave rates unchanged ahead of the 2024 presidential election. However, investors and members of Congress were expecting a rate cut.
The anticipation among investors for a 50 basis point interest rate cut was growing, and this expectation could have <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40919701/investors-betting-on-50-basis-point-rate-cut-expert-says-market-pressure-could-sw">influenced the Federal Reserve&#8217;s decision</a>. The market was pricing in a 63% likelihood of a 50 basis point cut, a significant increase from 34% the previous week.
Image via Shutterstock
Check This Out:
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Isn't Happy With Jerome Powell's 50 Bps Rate Cut Maneuver: 'I Guess It Shows The Economy Is Very Bad'

Antivaccine advocate and former independent presidential candidate, Robert F. Kennedy Jr., stated that he might be appointed by former President Donald Trump to select leaders for key public health agencies, should the former president win a second term.
What Happened: Kennedy Jr. disclosed this information during a discussion with conservative commentator Tucker Carlson, as reported by <a href="https://thehill.com/homenews/campaign/4887585-rfk-jr-trump-fda-nih-cdc/">The Hill</a> on Wednesday.
He named the Centers for Disease Control and Prevention, the Food and Drug Administration, and the National Institutes of Health as agencies he might be involved with. Kennedy made this announcement during a Tuesday stop in Wisconsin on Carlson's live tour.
&#8220;President Trump has asked me specifically to do two things. One, to help unravel the capture of the agencies by corrupt influence. In other words, to drain the swamp. And, you know, I had to say something about President Trump,&#8221; said Kennedy Jr.
In a previous conversation with Carlson, Kennedy mentioned that Trump asked him to be part of his transition team if he secures a second term. However, Trump campaign spokesperson Karoline Leavitt labeled discussions about who will serve in a second Trump administration as &#8220;premature&#8221;.
Earlier this month, Democrats and the public health community voiced their concerns over the potential of Kennedy becoming the Health and Human Services secretary in a second Trump term.
See Also: <a href="https://www.benzinga.com/news/24/09/40890069/donald-trump-jr-doesnt-mince-words-democrat-donor-with-a-kamala-harris-bumper-sticker-on-his-car-tri?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Jr. Doesn&#8217;t Mince Words: &#8216;Democrat Donor With A Kamala Harris Bumper Sticker On His Car Tried To Assassinate My Dad&#8217;</a>
Why It Matters: Kennedy&#8217;s potential role in a second Trump administration has been a <a href="https://www.benzinga.com/news/24/07/39898056/robert-kennedy-jr-eyes-role-in-trumps-administration-amid-endorsement-chatter-report">topic of discussion</a> for some time. According to a Benzinga report from July, Kennedy, then an independent presidential candidate, had talks with Trump about endorsing his campaign and possibly taking up a senior role in his administration.
In August, Kennedy <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">suspended his presidential campaign</a> and endorsed Trump. He stated that he didn&#8217;t believe he had a real chance of winning the 2024 election and that his continued presence in the race would result in a Democratic Party victory.
Image via Shutterstock
Did You Know? 
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Robert Kennedy Jr: Trump Wants Him To Help Pick CDC, FDA, and NIH Leaders — 'Unravel The Capture Of Agencies By Corrupt Influence'

Shaquille O'Neal is widely recognized as one of the greatest basketball players, but since retiring from the NBA, he&#8217;s gained significant <a href="https://www.benzinga.com/markets/24/07/39915962/shaquille-oneal-began-building-his-estimated-500-million-portfolio-by-investing-in-this-tech-titan-w?utm_campaign=partner_feed&amp;utm_source=yahooFinance&amp;utm_medium=partner_feed&amp;utm_content=real_estate">respect for his business expertise</a> and chance encounters.
What Happened: During a 2018 appearance on "The Ellen Show," Shaq shared two pivotal investment stories.
First, he recounted his &#8220;worst investment ever&#8221; — turning down Starbucks.&nbsp;
When Starbucks&#8217; then-CEO Howard Schultz proposed opening locations in African-American communities, Shaq&#8217;s response was skeptical. 
&#8220;Black people don&#8217;t drink coffee,&#8221; he said referring to his earlier thought. This misconception led him to pass on what could have been a lucrative opportunity.
"So now, every time I go to Starbucks, I see black people drinking coffee, I&#8217;m like… [he does a facepalm]."
See Also: <a href="https://www.benzinga.com/general/entertainment/24/09/40824404/shaq-once-said-the-earth-was-flat-and-then-it-cost-him-20m-it-was-like-500k-hate-mail">Shaq Once Said The &#8216;Earth Was Flat&#8217; And Then It Cost Him $20M: &#8216;It Was Like 500K Hate Mail&#8217;</a>
In contrast, Shaq then shared his successful Google investment story.
He recalled a chance encounter at the Four Seasons Hotel in LA around &#8217;93 or &#8217;94, where he was essentially babysitting someone&#8217;s kids during a meeting.
After the meeting, the impressed parent offered him an investment opportunity, saying, &#8220;In the future, you&#8217;re going to be able to type on your phone, search engine, this, do this, boom, boom, boom. You should invest.&#8221;
This turned out to be Google, and Shaq's decision to invest paid off handsomely. Google, now rebranded as Alphabet Inc. has a current market cap of $1.973 trillion, making it the fourth most valuable company in the world.
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<iframe loading="lazy" title="Shaq&#039;s Babysitting Gig Led to His Google Riches" width="500" height="281" src="https://www.youtube.com/embed/hKNRieaN0ZI?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>
</div>
</figure>
Why It&#8217;s Important: This anecdote highlights how unconventional networking can lead to significant investment opportunities in the tech world.
Shaq's Google investment marked the beginning of his successful post-NBA business career, setting him apart from the <a href="https://www.benzinga.com/general/entertainment/23/02/30945804/google-apple-lyft-and-ring-shaquille-oneals-track-record-of-phenomenal-startup-investments">65% of NBA players</a> who reportedly go broke within five years of leaving the game.
Earlier this month, the website CelebrityNetWorth estimated Shaq&#8217;s net wealth to be around $500 million. His investment portfolio includes stakes in various franchises such as Five Guys, Papa John&#8217;s, Krispy Kreme, and his own fast-food chain, Big Chicken.
Apart from Google, other <a href="https://www.benzinga.com/general/sports/24/04/38090549/7-basketball-legends-turn-investment-titans-shaq-lebron-and-more">notable company investments</a> include Ring video doorbell, which was later acquired by Amazon, and Apple.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Shaquille O'Neal's Estimated $500M Portfolio Includes A Big Bet On Google, But Big Shamrock Made A Critical Error That Makes Him Facepalm Each Time He Steps Into A Starbucks — 'Worst Investment Ever'

BNZIW

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

BNZI

GDHG

Investors now have more ways to invest in or against MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a software company and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holder that has outperformed top stocks, asset types and index funds <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817792/missed-out-on-nvidia-michael-saylor-says-get-on-the-bitcoin-standard-for-even-better-retur">in recent years.</a>
What Happened: REX Shares and Tuttle Capital Management launched two new ETFs Wednesday to give investors more ways to get exposure <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40878741/canaccord-lowers-microstrategy-price-target-to-173-cites-ongoing-bitcoin-accumulation">to MicroStrategy stock </a>with leveraged and inverse ETFs.
The two companies launched the T-REX 2X Long MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTU#BATS">MSTU</a>) and the T-REX 2X Inverse MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTZ#BATS">MSTZ</a>).
"These are the first ETFs to provide investors with 200% leveraged exposure and -200% inverse exposure to the daily price movement of MicroStrategy (MSTR), allowing traders to capitalize on MSTR's exposure to the Bitcoin market," the companies said.
The launch comes after <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40399008/mstx-becomes-first-single-stock-leveraged-etf-for-microstrategy-stock-offers-175-exposure">Defiance launched</a> a 1.75X long MicroStrategy ETF and 1.5X Short MicroStrategy ETF in August with the Defiance Daily Target 1.75X Long MSTR ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTX#NASDAQ">MSTX</a>) and Defiance Daily Target 1.5X Short MSTR ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMST#NASDAQ">SMST</a>) respectively.
With the new 2X ETFs, REX and Tuttle have pushed the envelope further.
"The 2X Leveraged and 2X Inverse MSTR ETFs offer traders unparalleled access to MicroStrategy's Bitcoin exposure, whether they're looking to amplify potential gains or hedge against market volatility. We're a product of our ability to redefine what's possible in the ETF industry," Tuttle Capital Management CEO Matthew Tuttle said.
REX Shares CEO Greg King said the new ETFs help provide tools to traders "to engage with a company that's pushing the boundaries in digital assets."
"MicroStrategy's forward-thinking approach presents a compelling opportunity for traders seeking additional ways to trade the stock," King added.
The launches follow several other leveraged and inverse ETFs from REX and Tuttle Capital. The two companies launched the T-REX 2X Long Bitcoin Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BTCL#BATS">BTCL</a>) and T-REX 2X Inverse Bitcoin Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BTCZ#BATS">BTCZ</a>) in July.
Read Also: <a href="https://www.benzinga.com/etfs/specialty-etfs/24/09/40802938/fund-manager-who-bet-against-jim-cramer-and-cathie-wood-has-new-anti-woke-etf-puts-profits-ah">Fund Manager Who Bet Against Jim Cramer And Cathie Wood Has New Anti-Woke ETF: &#8216;Puts Profits Ahead Of Politics, DEI &amp; ESG&#8217;</a>
Why It's Important: MicroStrategy has been a top-performing stock, gaining 94% year-to-date in 2024 and gaining 790% over the last five years.
The company has also seen shares highly volatile as related to the price of Bitcoin because the company is a large holder of the leading cryptocurrency.
MicroStrategy <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857237/microstrategy-stock-climbs-after-bitcoin-purchase-heres-how-much-btc-michael-saylors-compa">recently announced it bought</a> $1.1 billion worth of Bitcoin bringing its total up to 244,800 Bitcoin. The company <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40919378/microstrategy-raises-875m-in-convertible-notes-plans-further-bitcoin-purchases">recently raised</a> over $800 million to redeem $500 million in senior secured notes and to buy additional Bitcoin.
MicroStrategy began buying Bitcoin in August 2020 and will continue to add more Bitcoin, as co-founder and Executive Chairman Michael Saylor <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27865236/exclusive-michael-saylors-microstrategy-is-married-to-bitcoin-everything-else-in-the-world">previously told Benzinga.</a>
"We have a simple strategy and our strategy is we just acquire Bitcoin, and we hold the Bitcoin," Saylor told Benzinga.
Saylor said he believes Bitcoin is the best asset in the world.
"Everything else in the world is inferior to Bitcoin. So, if you gave me $1 million and said what do you want to buy, I don't want to buy a sports team, I don't want to buy a building, I don't want to buy a company … all I want to buy is Bitcoin," Saylor previously told Benzinga.
Saylor also previously said that if people hate Bitcoin, they can short MicroStrategy and if they love Bitcoin they could buy the stock.
While investors have more ways to get Bitcoin exposure thanks to cryptocurrency exchanges and Bitcoin ETFs, MicroStrategy remains a popular option to get exposure.
With the new leveraged and inverse ETFs, investors have more ways to predict what will happen to MicroStrategy in terms of the stock going up or down.
Tuttle <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36500461/exclusive-the-man-who-shorts-cathie-wood-and-jim-cramer-filed-for-new-bitcoin-etfs-why-lev">previously told Benzinga</a> that leveraged and inverse ETFs aren't for all investors, but have an important place in the market.
"They are a tool, just like stocks, bonds, ETFs, mutual funds, options, etc.," Tuttle told Benzinga. "Just like any tool some people will use them correctly and others won't."
Tuttle said that leveraged ETFs can be used by investors as an &#8220;alternative to options.&#8221;
&#8220;Unlike options, they can be traded after hours. They are very conducive to short-term trading strategies.&#8221;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/top-stories/24/09/40855829/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">Benzinga&#8217;s &#8216;Stock Whisper&#8217; Index: 5 Stocks Investors Secretly Monitor But Don&#8217;t Talk About Yet</a></li>
</ul>
Photo: Master Tux from Pixabay

Specialty ETFs

New ETFs

BTCL

BTCZ

MSTR

ETF Opportunities Trust T-Rex 2X Long MSTR Daily Target ETF

MSTU

MSTX

ETF Opportunities Trust T-Rex 2X Inverse MSTR Daily Target ETF

MSTZ

SMST

MicroStrategy 2X Leveraged, Inverse ETFs Are Here, Offer 'Unparalleled Access To MicroStrategy's Bitcoin Exposure'

A well-known Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) analyst and iPhone sales forecaster is predicting weak demand of the iPhone 16 with a new hint that expectations <a href="https://www.benzinga.com/news/24/09/40882969/iphone-16-pro-demand-lags-longer-wait-times-globally-china-shows-smaller-gap-analyst">may not be met.</a>
What Happened: Apple <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">unveiled the iPhone 16</a> last week and highlighted several new features including its Apple Intelligence generative AI that will be rolled out to consumers.
Early pre-order data shows demand for the iPhone 16 may be lower than expected due to a lack of reasons for existing iPhone owners to upgrade to the latest model.
Apple analyst Ming-Chi Kuo recently said pre-order sales for the iPhone 16 have reached 37 million units.
On Wednesday, Kuo shared another sign that demand could be low.
"Apple employees can already purchase the iPhone 16 with their employee discount. Typically, employees have had to wait several weeks after the release of new iPhone models before being able to buy. This could be another sign that the early demand for the iPhone 16 is below expectations," Kuo <a href="https://x.com/mingchikuo/status/1836445270902808958">tweeted</a>.
Kuo's recent 37 million estimate comes from pre-order data from Apple and supply chain surveys. Average delivery times and shipment volumes could indicate weaker demand for the more expensive iPhone Pro models, Kuo also said.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091824">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
 Why It's Important: Smartphone competition in global markets such as China could be hurting demand for the iPhone 16 along with weak reception to the Glowtime event and the new features.
With many consumers expecting more integrated AI features, the lack of AI features and slow rollout of Apple Intelligence could be a disappointment.
While it remains to be determined what the official sales figures for the iPhone 16 in 2024 and beyond are, initial iPhone 16 leaks aren't suggesting strong results.
Analysts could lower price targets and financial expectations as more data becomes available.
Pre-orders for the iPhone 16 began on Sept. 13 with initial deliveries on Sept. 20.
 AAPL Price Action: Apple stock closed Wednesday up 1.80% at $220.69 versus a 52-week trading range of $164.08 to $237.23. Apple stock is up 18.9% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40799397/apple-analysts-mixed-after-glowtime-event-iphone-16-could-drive-upgrades-but-next-y">Apple Analysts Mixed After Glowtime Event: iPhone 16 Could &#8216;Drive Upgrades,&#8217; But &#8216;Next Year Will Be Better&#8217;</a></li>
</ul>
Photo: Courtesy Apple

Trading Ideas

AAPL

Apple iPhone 16 Pre-Orders Show Possible Low Demand, One Sign Could Point To Company Break With This Employee Rule

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is set to end its work-from-home regime and mandate a return to full-time office work starting in January.&nbsp; CEO Andy Jassy shared the news to employees in a Monday memo, also announcing changes to<a href="https://www.benzinga.com/top-stories/24/09/40887347/amazon-to-cut-management-layers-end-work-from-home"> the managerial structure.</a>
The end of a flexible work-from-home mandate has a more meaningful impact for the average employee. This decision has drawn considerable attention, particularly from former employees such as John McBride, a former Amazon Web Services (AWS) software engineer, who shared his opinions in an<a href="https://x.com/johncodezzz/status/1836259845118231000"> X</a> post.
McBride, who worked at AWS for a year before resigning due to Amazon&#8217;s insistence on relocating from Denver to Seattle, believes the move to reinstate full office presence is primarily driven by economic factors — as headcount reduction helps the company boost its margin.
Amazon hired heavily in the COVID-19 aftershock, adding over 400,000 employees through 2020. McBride believes the company has overhired and since then, has gone through several phases, starting with mass layoffs and gradually implementing stricter office requirements to push employees into resigning if they refuse to relocate.
His former colleague, former AWS senior developer Justin Garrison, documented such a practice as "<a href="https://justingarrison.com/blog/2023-12-30-amazons-silent-sacking/">The Silent Sacking</a>."
Garrison explained that instead of openly laying off employees, Amazon quietly encourages them to leave by making their roles undesirable. Employees are excluded from meetings, given unfulfilling work and generally made to feel unwelcome, pushing them to quit voluntarily.
This method helps Amazon cut costs without formally announcing mass layoffs or offering severance packages. His experiences show a company that quietly subverts its employees, avoiding the public scrutiny of large-scale firings.
While the means offer a reasonably clear explanation, the ends are mixed.
McBride's claim about AWS's thin operating margins is unsubstantiated. That segment has been the most profitable, with margins reaching almost 40%.
Still, his remark on tax breaks and the office presents a more reasonable angle. In 2022, Amazon received<a href="https://qz.com/amazon-s-5-billion-discount-see-all-its-tax-cuts-and-1849821611"> at least $5 billion</a> in U.S.-based tax breaks and other subsidies from 38 states, with $824 million coming from Virginia, where the corporation has a second domestic headquarters.
The company specifically located the second headquarters there, Crystal City, which is part of Arlington, Virginia, after asking for subsidy proposals from state and local governments.
Furthermore, office-based work can positively impact local economies by supporting restaurants, transportation and other services around corporate hubs. This creates a ripple effect that benefits not just Amazon, but the broader business ecosystem in cities like Arlington.
Also Read: • <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down">Powell Defends 0.5% Interest Rate Drop As &#8216;Right Thing For The Economy,&#8217; Doubles Down On Fed&#8217;s Cautious, Data-Driven Approach</a>
Photo: Shutterstock

Large Cap

Rumors

Management

AMZN

Amazon Ends Remote Work, Former Employee Asks If This Is The Company's Version Of 'Silent Sacking'

Billionaire investor, entrepreneur and NBA team owner Mark Cuban announced that the 16th season of "Shark Tank" <a href="https://www.benzinga.com/news/23/11/35971715/billionaire-entrepreneur-mark-cuban-set-to-leave-shark-tank-after-season-16-its-time">will be his last.</a>
With a new shark set to join the cast alongside Cuban in the 16th season, could the show be testing his replacement?
What Happened: Cuban has been a staple on "Shark Tank" since the third season and has <a href="https://www.benzinga.com/news/23/11/35988212/mark-cuban-to-exit-shark-tank-reflects-on-his-worst-deal-and-surprise-success-shared-with-benzinga">invested over $20 million</a> in companies over the numerous seasons of the award-winning investing show.
With Cuban's decision to leave, questions remain on how the show that airs on Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) unit ABC will handle future seasons.
On Wednesday, the company announced that Kind Snacks founder Daniel Lubetzky will be joining the show as the first new regular investor in more than a decade, as reported by <a href="https://variety.com/2024/tv/news/shark-tank-kind-snacks-daniel-lubetzky-1236148219/">Variety</a>.
Lubetzky has previously been a guest shark on the show with appearances in Seasons 11 through 15. The billionaire has <a href="https://www.benzinga.com/startups/24/02/37102187/shark-tank-helped-retired-couple-bring-in-over-100-000-in-less-than-24-hours-after-appearing-on-the">invested in companies </a>such as Yellow Leaf Hammocks, FitFighter, Toast-It and HummViewer while on the show.
With Lubetzky as part of the regular list of panelists, it adds a billionaire who Forbes estimates his wealth at $2.3 billion. Cuban has a net worth of $5.7 billion according to Forbes.
Lubetzky <a href="https://www.benzinga.com/m-a/20/11/18428174/a-look-at-mars-latest-acquisition-kind-bars">sold Kind Snacks </a>to Mars in 2020. He now runs the investment company Camino Partners.
"It's an honor to be part of a production that continues to educate, entertain and unite Americans behind the spirit of building together," Lubetzky said.
Lubetzky said he is looking forward to "partnering with entrepreneurs from all walks of life" who are pursuing the American dream.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091824">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
What's Next: Lubetzky is set to join the Season 16 panel, which will include the regular rotation of sharks Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John and Kevin O'Leary. The season will be Cuban's last.
The show, which is produced by Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)-owned MGM Television in association with Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) unit Sony Pictures Television doesn't show plans of slowing down despite Cuban leaving.
According <a href="https://www.nytimes.com/2024/09/18/business/daniel-lubetzky-shark-tank-mark-cuban.html">to </a>the New York Times, Lubetzky signed a multi-season deal, which likely indicates the producers' confidence in the billionaire having a big part in the show in a post-Cuban world.
"Shark Tank" executive director Clay Newbill said Lubetzky is not a direct replacement for Cuban though.
"Personally, I don't think that you can replace Mark Cuban. He's a force on the show," Newbill said.
Four new guest sharks are also being added for Season 16, including venture capitalist Rashaun Williams and Raising Cane's CEO Todd Graves.
Season 16 is set to premiere on ABC on Oct. 18.
Photo: Shutterstock

Entertainment

Media

Sony Group Corporation American Depositary Shares

SONY

Slide Over Mark Cuban, There's A New Shark In The Pool: Could This Billionaire Be His Replacement On 'Shark Tank'?

Thailand has introduced a new cannabis bill to regulate the country&#8217;s booming marijuana industry, marking the latest step in its ongoing efforts to steer cannabis use toward medical and<a href="https://www.benzinga.com/topic/medical-cannabis"> health-related purposes. </a>
This move comes after a series of policy shifts and follows the 2022 decriminalization of the plant, which made Thailand the first country in Asia to take such action.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40492719/thailands-cannabis-prices-drop-amid-oversupply-and-legal-uncertainties-pakistan-senate-reviews-m">Thailand&#8217;s Cannabis Prices Drop Amid Oversupply And Legal Uncertainties</a>
The new draft bill, published earlier this week by the Ministry of Public Health, is seen as a more measured approach than previous proposals, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-18/thailand-unveils-new-bill-to-regulate-cannabis-while-keeping-it-legal">reported.</a>
It arrives just days after Prime Minister Paetongtarn Shinawatra's administration took office. The legislation allows cannabis and its extracts to be used for medical treatment and research by state agencies, while also approving its use in herbal remedies, food products, and cosmetics.
<h3 class="wp-block-heading">Softer Stance On Recreational Use</h3>
One key aspect of the bill is its omission of a clause that explicitly outlaws recreational cannabis use, which was part of an earlier draft under former Prime Minister Srettha Thavisin. 
The new version also abandons previous efforts to reclassify cannabis as a "narcotic," a significant shift from the original stance taken by the ruling Pheu Thai Party during last year&#8217;s national elections. 
While Pheu Thai initially vowed to restrict cannabis use to medical purposes over addiction concerns, opposition from the Bhumjaithai Party, a key coalition partner, has resulted in the plant remaining legal.
Despite this more lenient approach, penalties for those who use cannabis outside the bill's defined uses remain steep. 
Under the current draft, individuals caught using cannabis for purposes not specified in the legislation will face fines of up to 60,000 baht (approximately $1,803). Sellers of cannabis products not adhering to the law face even harsher penalties, including a possible one-year jail term, fines of up to 100,000 baht, or both.
<h3 class="wp-block-heading">Impacts On Thailand's Cannabis Boom</h3>
Thailand&#8217;s decriminalization of cannabis in 2022 led to the rapid rise of more than 9,400 cannabis dispensaries across the country, especially in popular tourist destinations and business hubs such as Bangkok. 
With this new bill, the government seeks to bring tighter control over this growing industry, requiring all cannabis growers, sellers and related businesses to apply for licenses or permits. Failure to comply could result in hefty fines or jail terms.
The draft legislation also calls for stricter regulations on the planting, sale, export and import of cannabis. Businesses that produce cannabis-infused goods, such as candies and baked goods, will be required to adhere to the current law, which mandates that these products contain no more than 0.2% THC, the psychoactive compound responsible for cannabis' "high" effect.
The public and industry stakeholders have until September 30 to submit their feedback on the draft legislation. The Ministry of Public Health will review the input and may make changes before presenting the bill to the cabinet. From there, it will head to parliament for approval, where it could still face further debate and revisions.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/09/40832311/inside-the-thai-retreat-with-cannabis-infused-wellness-treatments-that-target-insomnia-and-more">Inside The Thai Retreat With Cannabis-Infused Wellness Treatments That Target Insomnia And More</a></li>
</ul>
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