Latest news for Gelion (OTC:GELNF) Stock

Gelion PLC is a UK-Australian energy-storage innovator. It provides commercial energy storage solutions that contribute to human wellbeing, power the world, and protect the planet. The company has also established a division focused on improving the performance of lithium-ion and lithium-sulfur batteries.

Gelion PLC

SpaceX investor Steve Jurvetson said on Friday that its <a href="https://www.benzinga.com/topic/starlink">Starlink manufacturing line</a> makes 4.7 million terminals every year.
What Happened: &#8220;The Starlink manufacturing line is the closest thing to a fully automated alien dreadnought that I have ever seen. It makes 4.7 million terminals per year, and growing. One subsection is the largest printed circuit board factory in America,&#8221; Jurvetson said in a post on social media platform X, formerly Twitter.
Jurvetson is a venture capitalist <a href="https://www.benzinga.com/24/12/42284383/spacex-in-talks-for-tender-offer-valuing-company-at-about-350b-report">who invested early</a> in Elon Musk&#8217;s SpaceX. He is also on the company&#8217;s Board of Directors.
The manufacturing line Jurvetson referred to is at the company&#8217;s Starlink terminal manufacturing facility in Bastrop, Texas.
SpaceX said in a post on social media platform X in September that it is providing connectivity to over 4 million people around the globe while adding that the customers are spread across over 100 countries, territories, and other markets. Starlink announced that it is connecting over 3 million customers merely a few months back on May 20, implying that the segment added a million customers in just 4 months.
Why It Matters: SpaceX COO&nbsp;Gwynne Shotwell&nbsp;said at a conference hosted by Baron Capital last month that the company will make &#8220;some money&#8221; on Starlink this year. Starlink is the satellite internet segment of SpaceX. It achieved a&nbsp;<a href="https://www.benzinga.com/news/23/11/35583773/spacex-ceo-elon-musk-says-starlink-business-has-achieved-breakeven-cash-flow-is-an-ipo-on-the-cards" target="_blank" rel="noreferrer noopener">breakeven cash flow</a>&nbsp;in November 2023.
&#8220;We are going to make some money on Starlink this year. But ultimately I think Starship (the company's new rocket under development) will be the thing that takes us over the top as one of the most valuable companies,&#8221; she said. However, Shotwell refused to divulge more of the private company&#8217;s financials.
Investors can leverage Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>) and Cathie Wood‘s Ark Venture Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKVX#NASDAQ">ARKVX</a>) to participate in SpaceX's growth.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42481346/spacex-eyes-turning-its-starbase-site-into-a-city" target="_blank" rel="noreferrer noopener">Elon Musk's SpaceX Wants To Turn Its Starbase Site Into A City</a></li>
</ul>
Photo courtesy: Wikimedia

News

SPACE

Tech

ARKVX

DXYZ

SpaceX's Starlink Manufacturing Line Makes 4.7 Million Terminals Per Year, Says Investor

&#8220;I love everything about Costco,&#8221; the late veteran investor Charlie Munger said during the Daily Journal&#8217;s annual shareholder meeting back in February 2023.
Zoom in the future, the company has reported fiscal 2025&#8217;s <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/12/42483334/from-4-2-million-thanksgiving-pies-to-record-pizza-sales-costco-hits-4-major-milestones-in-q1-beating-earnings-estimates">first-quarter revenue and earnings per share</a> beating analyst estimates.
What Happened: Munger, who passed away last year, had a seat on Costco Wholesale Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) board till his death. This seat was first offered to Warren Buffett in 1997, which he declined, saying that retailing was a difficult business.
On the other hand, Munger admired Costco&#8217;s business model and recognized its unique approach to retailing, including its efficient operations, low prices, and membership model.
&#8220;I&#8217;m a total addict, and I&#8217;m never going to sell a share,&#8221; said Munger during the aforementioned shareholder meeting.
&#8220;I wish everything else in America was working as well as Costco does,&#8221; he said in early 2022. &#8220;Think what a blessing that would be for us all.&#8221;
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>, the shares of the company have risen 4,536% since 1997.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-1024x576.png" alt="" class="wp-image-691331" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Why It Matters: Costco&#8217;s management highlighted four new milestones achieved by the company during the first quarter.
According to the president and CEO of the company Ron Vachris, &#8220;Costco Logistics completed nearly 1 million deliveries in Q1 and over 196,000 deliveries last week alone.&#8221; He said that Costco continued to gain market share within the e-commerce space, during the analyst earnings call held on Thursday.
Secondly, Costco&#8217;s U.S. bakery division, &#8220;Reached new records of 4.2 million pies being sold the three days prior to Thanksgiving,&#8221; said Vachris.
Talking about the pharmacy business Vachris added, &#8220;Our U.S. pharmacy business has prescription growth exceeding 19% for the first quarter, setting new volume records for that business.&#8221; And lastly, on Halloween Day, Costco, in its food courts, &#8220;set a new record of 274,000 whole pizzas being sold.&#8221;
&#8220;All of these milestones reflect the continued strength of our business across the membership offering,&#8221; said Vachris.
See Also: <a href="https://www.benzinga.com/news/earnings/24/12/42473288/costco-q1-earnings-revenue-beat-eps-beat-comps-up-52-membership-fee-growth-and-more">Costco Q1 Earnings: Revenue Beat, EPS Beat, Comps Up 5.2%, Membership Fee Growth And More</a>
What Are Analysts Saying: According to <a href="https://www.benzinga.com">Benzinga</a>, Costco has a consensus price target of $954.38 based on the ratings of 26 analysts. The highest price target out of all the <a href="https://www.benzinga.com/quote/COST/analyst-ratings">analysts tracked by Benzinga</a> is $1145 issued by Jefferies as of Dec. 5, 2024. The lowest target price is $700 issued by Barclays on March 11, 2024.
The average price target of $1073.33 between Telsey Advisory Group, Oppenheimer, and Jefferies implies a 10.10% side for Costco.
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/quote/COST/analyst-ratings"><img loading="lazy" decoding="async" width="943" height="351" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final.png" alt="" class="wp-image-691238" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final.png 943w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final-300x112.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final-768x286.png 768w" sizes="(max-width: 943px) 100vw, 943px" /></a></figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/12/42378342/intel-stock-is-where-it-was-27-years-ago-how-the-worlds-leading-chipmaker-lost-the-plot-thrice">Intel Stock Is Where It Was 27 Years Ago: How The World&#8217;s Leading Chipmaker Lost The Plot, Thrice</a></li>
</ul>
Photo courtesy: Shutterstock

General

COST

Charlie Munger Identified This Stock 30 Years Ago After Warren Buffett Passed On It: Here's How It Is Doing Now

A former OpenAI employee, Suchir Balaji, was discovered deceased in his San Francisco apartment. The 26-year-old had previously raised concerns about AI copyright issues.
What Happened: The San Francisco Office of the Chief Medical Examiner identified Balaji and determined the cause of death as suicide, <a href="https://techcrunch.com/2024/12/13/openai-whistleblower-found-dead-in-san-francisco-apartment/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&amp;guce_referrer_sig=AQAAAD_uBwDYVYnR2c7KWaVm_nY-">reported</a> TechCrunch.
Balaji, who had worked at OpenAI for nearly four years, left the company after expressing concerns about the potential societal harm of its technology
His primary concern was OpenAI&#8217;s alleged misuse of copyright data, which he believed was detrimental to the internet.
See Also: <a href="https://www.benzinga.com/news/24/12/42410722/micron-technology-stock-jumps-in-pre-market-after-securing-6-1b-investment-for-us-chip-manufacturing?itm_source=parsely-api">Micron Technology Stock Jumps In Pre-Market After Securing $6.1B Investment For US Chip Manufacturing</a>
The whistleblower was found dead on Nov. 26 in his Buchanan Street apartment, according to the San Francisco Police Department.
Officers conducted a wellness check and found no evidence of foul play, the report noted.
In a statement to the report, OpenAI expressed their condolences, stating, &#8220;We are devastated to learn of this incredibly sad news today and our hearts go out to Suchir's loved ones during this difficult time.&#8221;
OpenAI co-founder and rival AI startup xAI&#8217;s founder Elon Musk also reacted to the news.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hmm <a href="https://t.co/HsElym3uLV">https://t.co/HsElym3uLV</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1867721215672299764?ref_src=twsrc%5Etfw">December 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The tragic death of Balaji comes amid ongoing tensions between OpenAI and Musk, a co-founder of the organization.
OpenAI has been embroiled in a legal battle with Musk, who has accused the company of straying from its original nonprofit mission.
The Tesla CEO&#8217;s lawsuit challenges OpenAI&#8217;s transition to a for-profit model, a move he claims undermines its founding principles.
In response, OpenAI accused <a href="https://www.benzinga.com/news/legal/24/12/42493076/openai-challenges-musks-lawsuit-reveals-2017-profit-talks">Musk of attempting to gain control</a> over the company during earlier negotiations, which he abandoned when his proposal was rejected. 
Previously, it was also reported that OpenAI&#8217;s board was <a href="https://www.benzinga.com/24/12/42382569/elon-musk-asks-was-it-ever-not-a-lie-as-he-accuses-openai-of-selling-out-to-microsoft-and-betraying-its-founding-mission">considering removing a clause</a> that limits Microsoft Corp. from accessing its most advanced AI models, a decision that has drawn criticism from Musk.
This clause was initially intended to prevent the misuse of artificial general intelligence for commercial purposes.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
OpenAI CEO Sam Altman has acknowledged the <a href="https://www.benzinga.com/24/12/42334927/sam-altman-brushes-off-elon-musks-trump-ties-but-admits-xai-is-a-serious-threat-to-openai-i-may-turn-out-to-be-wrong-but">competitive threat posed</a> by Musk&#8217;s new venture, xAI while expressing confidence that Musk will not misuse political influence against rivals.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/24/12/42452177/sam-altmans-12-days-of-openai-christmas-magic-gets-interrupted-by-uninvited-outage-chatgpt-parent-says-identified-a-pathway-to-recovery?itm_source=parsely-api">Sam Altman&#8217;s &#8217;12 Days Of OpenAI&#8217; Christmas Magic Gets Interrupted By Uninvited Outage — ChatGPT Parent Says &#8216;Identified A Pathway To Recovery&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Media

OpenAI Whistleblower Found Dead After Raising AI Copyright Concerns

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and CEO Elon Musk can now reportedly <a href="https://www.benzinga.com/24/12/42287471/delaware-judge-rejects-musks-56b-pay-package-again-heres-whats-coming-next">begin legal appeals</a> to try and reinstate the CEO&#8217;s $56 billion pay package.
What Happened: Chancellor Kathaleen McCormick of the Court of Chancery has issued an order opening a 30-day window for Tesla and Musk to appeal to the Delaware Supreme Court, Reuters reported on Friday. 
The Delaware Chancery Court Judge&nbsp;ruled in January that the $56 billion pay package would be voided given that Tesla's board was influenced by Musk when they adopted the plan in 2018.&nbsp;Tesla shareholders subsequently voted again<a href="https://www.benzinga.com/news/24/06/39323339/tesla-shareholders-approve-elon-musk-56b-pay-package-other-company-proposals"> to reinstate the package</a> in June.
However, McCormick again ruled against the package earlier this month. 
Why It Matters: Tesla said earlier this month in a post on X that the company deems the ruling to be wrong and intends to appeal to the Delaware Supreme Court while adding that the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42279851/elon-musk-56b-pay-package-rejected-by-judge-again-tesla-analyst-says-a-soap-opera-playing-out-in-delaware">judge overruled a supermajority of shareholders</a>. However, the Delaware Supreme Court can take around a year to issue a ruling.
Reuters on Friday also noted that Tesla would be able to appeal McCormick&#8217;s order directing the company to pay $345 million to the attorneys who represented the minor shareholder who sued to rescind the pay package.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42453807/spacex-hits-350-billion-valuation-in-insider-share-sale-ceo-elon-musk-says-no-investors-wanted-to-sell-shares" target="_blank" rel="noreferrer noopener">SpaceX Hits $350 Billion Valuation In Insider Share Sale: CEO Elon Musk Says ‘No Investors Wanted To Sell Shares'</a></li>
</ul>
Photo courtesy: Shutterstock

Legal

Markets

TSLA

Elon Musk Can Now Appeal To Restore His $56 Billion Tesla Pay Package: Report

President-elect Donald Trump on Friday announced plans to eliminate Daylight Saving Time, describing it as &#8220;inconvenient&#8221; and &#8220;costly.&#8221;
What Happened: Trump spoke about the Republican Party&#8217;s dedication to ending the time change, which he said is supported by a small but vocal group.
Trump argued that the practice is a burden and financially draining for the country.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn't! Daylight Saving Time is inconvenient, and very costly to our Nation.
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1867686000711155989?ref_src=twsrc%5Etfw">December 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/12/42454227/months-after-trump-threatened-to-put-mark-zuckerberg-in-prison-meta-ceo-donates-1m-to-president-elects-inaugural-event?itm_source=parsely-api">Months After Trump Threatened To Put Mark Zuckerberg In Prison, Meta CEO Donates $1M To President-Elect&#8217;s Inaugural Event</a>
Previously, Elon Musk and Vivek Ramaswamy, who will co-lead the new Department of Government Efficiency, also voiced their support for ending the biannual clock adjustments. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Looks like the people want to abolish the annoying time changes! <a href="https://t.co/5ePhgzYLsF">https://t.co/5ePhgzYLsF</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1861801650383659230?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This change would require congressional approval.
Why It Matters: The debate over Daylight Saving Time has been ongoing for years, with arguments both for and against its continuation.&nbsp;
Trump has previously expressed support for ending the practice of clock changes, stating in a 2019 tweet, &#8220;Making Daylight Saving Time permanent is O.K. with me!&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Making Daylight Saving Time permanent is O.K. with me!
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1105110383227035654?ref_src=twsrc%5Etfw">March 11, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Most U.S. states adjust their clocks in March and November to optimize daylight, resulting in earlier sunrises and sunsets for parts of the country during those five months, providing more morning light but reducing it in the evening.&nbsp;
Supporters, including medical experts, argue that this better aligns with the body's natural circadian rhythm, <a href="https://edition.cnn.com/2024/12/13/politics/daylight-saving-time-trump/index.html">reported</a> CNN.
Proponents of permanent Daylight Saving Time favor later sunrises and sunsets, offering more evening light but less in the morning.
This option is popular among retailers, businesses, and restaurants, who see economic benefits from increased evening activity, as well as advocates who believe extended daylight in the evening could help reduce crime.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/management/24/12/42444955/elon-musk-first-person-worth-400-billion-as-tesla-stock-hits-new-all-time-highs-how-2024-election-helped-could-lead-to-future-gains?itm_source=parsely-api">Elon Musk First Person Worth $400 Billion As Tesla Stock Hits New All-Time Highs: How 2024 Election Helped, Could Lead To Future Gains</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Government

Politics

Trump Backs Plan To Scrap 'Very Costly' And 'Inconvenient' Daylight Saving Time

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on Friday increased the starting price of its Model S premium sedan in the U.S. by a whopping $5000 to $79,990, the same starting price as the Model X SUV. 
What Happened: The company hiked the starting price of both the All-Wheel drive variant and the Plaid version of the Model S by $5000 on its website, bringing price parity between it and the <a href="https://www.benzinga.com/news/24/07/39854420/tesla-hikes-prices-by-2-000-on-model-s-x-variants-in-the-us-here-are-the-new-prices">respective variants of the Model X </a>premium SUV.
The Model X also starts at $79,990 for the All-Wheel Drive variant and at $94,990 for the Plaid variant. 
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td></td>
<td>New Price</td>
<td>Old Price</td>
</tr>
<tr>
<td>Model S All-Wheel Drive</td>
<td>79,990</td>
<td>74,990</td>
</tr>
<tr>
<td>Model S Plaid</td>
<td>94,990</td>
<td>89,990</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">(All amounts in $)</figcaption></figure>
The last time Tesla hiked the price of Model S variants was in July. 
Why It Matters: Until the start of Cybertruck deliveries in late November last year, the Model S and Model X were Tesla&#8217;s only premium offerings. 
According to data from automotive research company Kelley Blue Book, &nbsp;<a href="https://www.benzinga.com/news/24/10/41325252/tesla-cybertruck-leads-the-pack-as-most-popular-ev-truck-in-us-in-q3-outselling-rivals-from-ford-gm" target="_blank" rel="noreferrer noopener">Tesla sold 16,692 Cybertrucks</a>&nbsp;in the third quarter in the U.S., trumping EV trucks from rivals including the Ford F-150 Lightning and the Rivian R1T, to become the third-best-selling EV behind Model Y and Model 3.
However, the surge in sales of the Cybertruck negatively impacted the Model S and X. According to KBB estimates, Model S sales in the U.S. fell by about 47% year-on-year in the U.S. in the last quarter while Model X sales slipped by 29%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42481346/spacex-eyes-turning-its-starbase-site-into-a-city">Elon Musk&#8217;s SpaceX Wants To Turn Its Starbase Site Into A City</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla Hikes Model S Price By Whopping $5,000 In US

Watsco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSO#NYSE">WSO</a>) has outperformed the market over the past 5 years by 9.49% on an annualized basis producing an average annual return of 23.07%. Currently, Watsco has a market capitalization of $20.54 billion. 
Buying $1000 In WSO: If an investor had bought $1000 of WSO stock 5 years ago, it would be worth $2,843.78 today based on a price of $509.72 for WSO at the time of writing.
<h3>Watsco's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734133517_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

Here's How Much $1000 Invested In Watsco 5 Years Ago Would Be Worth Today

CKPT

Trading Halt: Halt status updated at 6:40:00 PM ET: Quotation Resumption: News and Resumption Times

Bernie Sanders is <a href="https://www.benzinga.com/personal-finance/24/07/39817447/warren-buffett-says-anyone-who-works-40-hours-a-week-should-live-a-decent-life-heres-what-he-pro">challenging the wealthiest Americans</a> with his call for a 100% tax on income above $1 billion. In a May 2023 interview on HBO's Who's Talking to Chris Wallace?, Sanders explained his stance: "You may disagree with me, but I think people can make it on $999 million. I think that they can survive just fine."
According to a Fortune article, Wallace asked, "Are you basically saying that once you get to $999 million, the government should confiscate all the rest?" Sanders responded with a direct "yeah."
Don't Miss:
<ul>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
<li><a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.</li>
</ul>
This reflects his <a href="https://www.benzinga.com/startups/24/12/42320573/musks-119-billion-wealth-increase-outpaces-dell-and-zuckerberg-but-guess-whos-catching-up">belief that the ultrarich</a> should not exist in a society with such extreme economic inequality. On his official Facebook page in September 2024, Sanders doubled down, saying, "We live in a nation today that has more income and wealth inequality than has ever existed in the history of the United States." He painted a stark picture of the divide, stating that while the billionaire class is "<a href="https://www.benzinga.com/personal-finance/24/11/42217382/bernie-sanders-demands-scrap-the-cap-on-social-security-taxes-its-absurd-a-billionaire-pays-same-amount-as-middle-class-earners">doing phenomenally well</a>," 60% of Americans are "living paycheck to paycheck."
Sanders also addressed critics of his approach, saying, "What I believe is that we got to take on the greed of the billionaire class and say, yes, you know what, guys … you are going to start <a href="https://www.benzinga.com/personal-finance/24/11/42217382/bernie-sanders-demands-scrap-the-cap-on-social-security-taxes-its-absurd-a-billionaire-pays-same-amount-as-middle-class-earners">paying your fair share of taxes.</a>"&nbsp;
His plan doesn't just target billionaires' income – it includes a progressive wealth tax on households worth over $32 million, starting at 1% and climbing to 8% for billionaires. He's also proposed an exit tax of 40–60% on assets for those renouncing U.S. citizenship to avoid taxes.
See Also: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
Critics argue that Sanders' wealth tax proposal could backfire, especially when fostering innovation and entrepreneurship. The National Taxpayers Union Foundation warns, "At a time when new entrepreneurship should be fostered, a wealth tax would do the opposite." Their concern is that such taxes would disincentivize business growth and innovation, as founders could face steep tax bills simply for owning successful companies.
For example, a business owner with a company valued at $100 million would owe $1.2 million annually under Sanders' plan, forcing them to sell part of their stake just to pay the tax. Over time, this could discourage the creation of transformative companies like Tesla or Apple. Critics fear that these measures would ultimately stifle the very kind of risk-taking that drives economic growth.
A report from TaxFoundation.org also warned that wealth taxes could lead to capital flight, pointing to countries like France and Germany that abandoned similar policies after they proved ineffective.
Trending: ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest TODAY for just $0.26/share with a $1000 minimum.</a>
The results have been messy even in nations where wealth taxes still exist, like Spain and Norway. Spain, for example, has seen marginal tax rates climb above 100% in some cases, discouraging investment and hurting wealth generation across all income levels.
Despite the pushback, Sanders is standing firm. In his speech at the Democratic National Convention in August, Sanders stated, &#8220;Brothers and sisters, bottom line, we need an economy that works for all of us … not just the billionaire class."
Whether you agree with him or not, his proposal forces a crucial question: Is it time to rethink <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">how wealth is distributed in America</a>? Or will the unintended consequences of such radical ideas outweigh their potential benefits?&nbsp;
Read Next:
<ul>
<li>The number of ‘401(k)' Millionaires is up 43% from last year —<a href="https://www.benzinga.com/money/401k-millionaires"> Here are three ways to join the club.</a></li>
<li>Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a></li>
</ul>

Personal Finance

Bernie Sanders Proposes Taxing Income Over $1 Billion At 100% And Urges It's Time To Make 'Greedy Billionaires' Pay Their Fair Share

T-Mobile US (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) has outperformed the market over the past 10 years by 13.19% on an annualized basis producing an average annual return of 24.51%. Currently, T-Mobile US has a market capitalization of $269.04 billion. 
Buying $1000 In TMUS: If an investor had bought $1000 of TMUS stock 10 years ago, it would be worth $9,240.64 today based on a price of $231.83 for TMUS at the time of writing.
<h3>T-Mobile US's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734132608_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

TMUS

$1000 Invested In This Stock 10 Years Ago Would Be Worth This Much Today

Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) has outperformed the market over the past 10 years by 11.52% on an annualized basis producing an average annual return of 22.84%. Currently, Apollo Global Management has a market capitalization of $99.83 billion. 
Buying $100 In APO: If an investor had bought $100 of APO stock 10 years ago, it would be worth $801.95 today based on a price of $176.43 for APO at the time of writing.
<h3>Apollo Global Management's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734131721_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 10 Years Ago Would Be Worth This Much Today

MSCI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) has outperformed the market over the past 10 years by 18.06% on an annualized basis producing an average annual return of 29.38%. Currently, MSCI has a market capitalization of $48.99 billion. 
Buying $100 In MSCI: If an investor had bought $100 of MSCI stock 10 years ago, it would be worth $1,331.98 today based on a price of $625.10 for MSCI at the time of writing.
<h3>MSCI's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734130821_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

MSCI

Here's How Much $100 Invested In MSCI 10 Years Ago Would Be Worth Today

CubeSmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBE#NYSE">CUBE</a>) announced today that its Board of Trustees declared a quarterly dividend of $0.52 per common share for the period ending December 31, 2024. The dividend is payable on January 16, 2025 to common shareholders of record on January 2, 2025.&nbsp;&nbsp;

Dividends

CUBE

CubeSmart Increases Quarterly Common Dividend From $0.51 To $0.52 Per Share

Insight Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NSIT#NASDAQ">NSIT</a>) has outperformed the market over the past 20 years by 2.19% on an annualized basis producing an average annual return of 10.59%. Currently, Insight Enterprises has a market capitalization of $5.18 billion. 
Buying $100 In NSIT: If an investor had bought $100 of NSIT stock 20 years ago, it would be worth $753.63 today based on a price of $158.94 for NSIT at the time of writing.
<h3>Insight Enterprises's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734129012_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

NSIT

Here's How Much You Would Have Made Owning Insight Enterprises Stock In The Last 20 Years

Trading Halt: Halted at 5:26:59 p.m. ET - Trading Halt: Halt News Pending

SPX Techs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXC#NYSE">SPXC</a>) has outperformed the market over the past 5 years by 11.87% on an annualized basis producing an average annual return of 25.45%. Currently, SPX Techs has a market capitalization of $7.21 billion. 
Buying $1000 In SPXC: If an investor had bought $1000 of SPXC stock 5 years ago, it would be worth $3,074.32 today based on a price of $155.53 for SPXC at the time of writing.
<h3>SPX Techs's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734128108_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

SPXC

If You Invested $1000 In This Stock 5 Years Ago, You Would Have This Much Today

Alpha Modus Holdings, Inc. ("Alpha Modus" or the "Company"), a technology company with a core focus on artificial intelligence in retail, is pleased to announce that the business combination between Insight Acquisition Corp. and Alpha Modus Corp. has closed, and Alpha Modus's common stock and warrants will begin trading on the Nasdaq Global Market under the ticker symbols "AMOD" and "AMODW", respectively, on Monday, December 16, 2024.
In connection with the closing of the business combination, the combined company consummated and issued a secured convertible promissory note to an investor, in exchange for net proceeds of approximately $2.6 million, which will be used primarily to cover transaction costs and for working capital. The structure of the financing does not include commitment or warrant shares and is structured with the potential for an additional $5 million capital infusion for working capital purposes in the future.

AMOD

INAQ

Alpha Modus And Insight Acquisition Corp Close Business Combination And Alpha Modus Will Begin Trading Under "AMOD" Ticker, December 16, 2024

NKTX

Nkarta 13G Filing Shows Citadel Advisors Reported A 5.4% Stake In The Co As Of December 6, 2024

Offerings

WATT

Energous Corp Files For Mixed Shelf Of Up To $80M

LKQ Corp Detects Unauthorized Access To It Systems In Canada; Canada Business Unit Operations Impacted For A Few Weeks Due To Cyber Incident; Business Unit In Canada Now Operating Near Full Capacity; Believes Cyber Incident Impacts Not Material To Financial Condition For FY

Comments

Gelion

News

Latest news for Gelion (OTC:GELNF) Stock

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga