GMO Internet group (OTC:GMYOY) Stock, Quote.Headers.trade-ideas

GMO Internet group Inc operates through four main segments, Internet infrastructure, Online advertising and media, Internet securities, and Cryptocurrency. Internet infrastructure, the largest segment, provides basic Internet services, such as domain hosting and e-commerce payments. Online advertising and media segment provides marketing services for online businesses. The Internet securities division provides consumer financial services, and the Cryptocurrency segment operates business pertaining to mining and exchange of cryptocurrency. The company generates the vast majority of revenue in Japan.

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GMO Internet group Inc

Rupert Grint, famed for his portrayal of Ron Weasley in the &#8220;Harry Potter&#8221; film series, has been slapped with a $2.3 million tax bill following a legal dispute with British tax authorities.
What Happened: The UK tax agency, H.M. Revenue and Customs, scrutinized Grint&#8217;s&nbsp;tax return from seven years&nbsp;ago and discovered irregularities. 
The actor had allegedly misclassified £4.5 million in residuals from the eight films as a capital asset, which attracts a lower tax rate than income.
Despite attempts by Grint&#8217;s legal team to appeal, a tribunal judge ruled in favor of the tax agency&nbsp;this week, <a href="https://apnews.com/article/rupert-grint-tax-lawsuit-bill-million-bebabb2e0d391a46a6c11fdc7ac81c41">reports </a>Associated Press. 
Judge Harriet Morgan declared that the money &#8220;derived substantially the whole of its value from the activities of Mr. Grint&#8221; and should therefore be &#8220;taxable as income.&#8221;
Also Read: <a href="https://www.benzinga.com/government/24/02/37283700/irs-says-wealthy-americans-are-evading-over-150b-in-taxes-a-year-plenty-of-work-to-be-done">IRS Says Wealthy Americans Are Evading Over $150B In Taxes A Year: &#8216;Plenty Of Work To Be Done&#8217;</a>
Why It Matters: This is not the first time Grint has faced tax-related issues. In 2019, he lost a separate court case over a £1 million tax refund.
The actor, now 36, featured in all eight &#8220;Harry Potter&#8221; films and is estimated to have made approximately £24 million from the role.
While the tax bill is a significant amount, it is unlikely to cause financial distress for the actor, given his substantial earnings from the &#8220;Harry Potter&#8221; franchise. 
However, it does highlight the importance of accurate tax classification and the potential financial implications of misclassification.
Read Next
<a href="https://www.benzinga.com/news/legal/24/11/41842671/mineral-resources-confirms-founders-departure-amid-tax-evasion-allegations-moodys-cuts-outlook">Mineral Resources Confirms Founder&#8217;s Departure Amid Tax Evasion Allegations, Moody&#8217;s Cuts Outlook</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Entertainment

News

Harry Potter's Ron Weasley Cursed With $2.3M Tax Bill After Losing Lawsuit

Elon Musk has filed for a court injunction to halt OpenAI from transitioning into a for-profit organization, as per a recent court filing.
What Happened: According to a court filing, Musk&#8217;s legal team has requested Judge Yvonne Gonzalez Rogers of the U.S. District Court for the Northern District of California to issue an injunction against OpenAI. 
The injunction is aimed at stopping OpenAI&#8217;s transition from a non-profit to a for-profit company.
The <a href="https://s3.documentcloud.org/documents/25421711/musk-vs-altman-petition-for-injunction-against-openais-transition-to-for-profit-entity.pdf">filing </a>also alleges OpenAI of indulging in anti-competitive behavior by discouraging investors from partnering with its competitors, including Musk&#8217;s company xAI. It also accuses OpenAI of gaining an unfair advantage from &#8220;wrongfully obtained competitively sensitive information&#8221; through its ties with Microsoft.
Musk&#8217;s lawyers argue that Reid Hoffman, the co-founder of LinkedIn, who previously served on the boards of OpenAI and Microsoft simultaneously, resulted in wrongful information sharing and monopolistic market practices, violating antitrust law.
If the injunction is granted, it would stall OpenAI&#8217;s for-profit transition and force the company to halt its partnerships with Microsoft.
Also Read: <a href="https://www.benzinga.com/news/24/03/37766544/elon-musk-is-feuding-with-sam-altman-in-a-major-lawsuit-over-openai-and-one-appears-to-already-have">Elon Musk Is Feuding With Sam Altman In A Major Lawsuit Over OpenAI — And One Appears To Already Have The Upper Hand</a>
Musk and OpenAI CEO Sam Altman were among a group of Silicon Valley figures who co-founded or helped fund OpenAI in 2015 as a non-profit. Musk invested between $45 and $50 million in the company and served on its board of directors until his departure in 2018.
OpenAI, now valued at over $150 billion, announced its plans to restructure as a for-profit entity in September,&nbsp;nearly a decade after its&nbsp;launch.
The legal battle between Musk and Altman has escalated this year, with Musk filing a suit against Altman and other OpenAI executives in March, withdrawing it in June, and re-filing a new version in August.
Why It Matters: The legal dispute between Musk and OpenAI marks a significant turn in the AI industry. 
The outcome of this case could set a precedent for future disputes involving non-profit organizations transitioning to for-profit entities and the sharing of competitively sensitive information between companies.
Read Next
<a href="https://www.benzinga.com/news/24/09/40764724/elon-musks-xai-eyes-share-of-future-tesla-revenue-in-potential-deal">Elon Musk&#8217;s xAI Eyes Share of Future Tesla Revenue in Potential Deal</a>
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.

Tech

MSFT

Musk Goes To Court To Block OpenAI's For-Profit Transition

<h6 class="wp-block-heading"></h6>
Donald Trump&#8216;s second term as president is expected to bring about a significant shift in the global and domestic order, with Trump&#8217;s selections for key posts set to <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42027218/could-trumps-housing-plans-reshape-the-real-estate-market">aid in this transformation</a>.
What Happened: The incoming second Trump administration is preparing for a major revamp of the government and domestic order, <a href="https://time.com/7177760/trump-administration-changing-world-order/">writes</a> Ray Dalio at Time.com. The focus is on an &#8220;America first&#8221; foreign policy and gearing up for a potential external conflict with China, seen as America&#8217;s biggest threat.
Key appointments include Elon Musk and Vivek Ramaswamy, who are set to lead the newly proposed Department of Government Efficiency (DOGE).
Robert F. Kennedy Jr. could oversee a radical overhaul of the healthcare system as Secretary of Health and Human Services. Sen. Marco Rubio (R-Fla.), Tulsi Gabbard, and Pete Hegseth will be Trump&#8217;s nominees for Secretary of State, Director of National Intelligence, and Secretary of Defense, respectively.
Dalio argues that these individuals and others are integral to Trump&#8217;s mission to dismantle the so-called &#8220;deep state&#8221; and replace it with a new domestic order focused on bolstering economic strength and countering foreign adversaries.
&#8220;They are all win-at-all-cost loyalists to the leader and to the mission of bringing down the&nbsp;so-called "deep state"&nbsp;and replacing it with a new domestic order that they hope will create maximum economic strength and fight foreign enemies,&#8221; writes Dalio. 
Dalio likens the Trump team&#8217;s strategy to a corporate raider initiating a hostile takeover of an inefficient company, making substantial reforms by altering personnel, reducing costs, and integrating new technologies. This approach is expected to have a profound impact on the domestic and global orders.
Also Read: <a href="https://www.benzinga.com/news/24/11/42154761/majority-of-americans-approve-of-trumps-second-term-agenda">Majority of Americans Approve of Trump&#8217;s Second-Term Agenda</a>
&#8220;It is now clear that Donald Trump and those he is choosing will reform government and the country like a corporate raider engaging in a hostile takeover of an inefficient company, making huge reforms to it by changing the people, slashing costs, and infusing it with new technologies,&#8221; he added. 
The partnership between Trump and Musk is expected to be the primary catalyst for the implementation&nbsp;of this new domestic order.&nbsp;The administration&#8217;s policies are projected to favor Wall Street, tech companies, and businesses hampered by regulations and tax concerns.
Dalio says the U.S. position in economic and geopolitical conflicts, especially with China, is also set to shape domestic security and policies.
He wrote, &#8220;We are now coming to the end of an era led by the United States, in which countries tried to work out together how to be with each other through multinational organizations with guiding principles and rules, and into a more self-interested, law-of-the-jungle-type order with the United States being one of the two biggest players and China the other— and the fight being largely the classic one of capitalism versus communism.&#8221;
Read Next
<a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures" target="_blank" rel="noreferrer noopener">What A Second Trump Presidency Would Mean For Elon Musk And His Many Ventures</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Politics

Here's How Ray Dalio Thinks Trump's Second Term Could Reshape the US and the World

President-elect Donald Trump has issued a stern warning to the BRICS nations, threatening to impose 100% tariffs if they attempt to shift away from the U.S. dollar.
What Happened: Trump voiced his disapproval over the potential move by the BRICS group to distance themselves from the U.S. dollar. 
The BRICS group &#8212; which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates &#8212; has been considering ways to utilize its economic power in a world where the U.S. dollar is dominant.
Trump&#8217;s comments were in response to Russia&#8217;s call for the BRICS nations to diminish&nbsp;the international dominance of the&nbsp;U.S. dollar. 
Using his Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/113573130299319701">platform</a>, Trump demanded that these countries neither establish a new BRICS currency nor support any other currency to replace the U.S. dollar. Failure to comply with these demands would result in 100% tariffs, according to Trump. He posted the same on X.
Also Read: <a href="https://www.benzinga.com/news/24/12/42256740/trump-taps-loyalist-patel-for-fbi-director-signaling-major-overhaul">Trump Taps Loyalist Patel for FBI Director, Signaling Major Overhaul</a>
<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 idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they…
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1863009545858998512?ref_src=twsrc%5Etfw">November 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This threat comes on the heels of Trump&#8217;s recent warning of 25% tariffs on imports from major U.S. trading partners such as Canada, China and Mexico.
These latest remarks from the president-elect have further escalated the growing tensions surrounding international trade and currency dominance.
Why It Matters: The BRICS nations, known for their significant influence on regional economies and substantial contribution to world GDP, have been exploring alternatives to the U.S. dollar to reduce their dependency. 
This move is seen as a strategic attempt to leverage their collective economic strength. However, Trump&#8217;s recent threats of hefty tariffs underline the U.S.&#8217;s intent to maintain its currency&#8217;s dominance. 
This development could potentially lead to heightened trade tensions and increased volatility in the global financial markets.
Read Next
<a href="https://www.benzinga.com/news/24/11/42024583/world-bank-worries-over-budget-cuts-after-24b-mishap-trump-win">World Bank Worries Over Budget Cuts After $24B Mishap, Trump Win</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Global

Trump Threatens BRICS Nations With 100% Tariffs

Renowned economist Nouriel Roubini recently expressed his apprehensions about President-elect Donald Trump&#8216;s second term.
What Happened: Roubini, who gained the moniker &#8220;Dr. Doom&#8221; after correctly predicting the 2008 global financial crisis, shared his economic predictions for Trump&#8217;s second term in a recent interview.
While acknowledging that some of Trump&#8217;s economic strategies could stimulate growth, he warned that others might result in increased inflation and reduced economic expansion.
During <a href="https://www.bloomberg.com/news/videos/2024-11-27/roubini-warns-of-stagflation-shocks-during-trump-admin-video">the</a> interview with Bloomberg, he specifically mentioned Trump&#8217;s proposed tariffs on Mexico, Canada and China, and suggested that similar measures could be applied to significant European trading partners.
Besides tariffs, Roubini also pointed to other Trump policies that could drive up prices, such as&nbsp;making certain tax cuts permanent,&nbsp;potentially devaluing the dollar, and meddling with the Federal Reserve&#8217;s independence.
"Unfortunately many of the other policies are going to have an implication of higher inflation and lower economic growth. The first thing he has already announced is&nbsp;going to be tariffs against Mexico, Canada&nbsp;and China and that's only the beginning," he said. 
Also Read: <a href="https://www.benzinga.com/markets/24/11/41869001/heres-how-trumps-policies-might-shape-the-markets-future">Here&#8217;s How Trump&#8217;s Policies Might Shape The Market&#8217;s Future</a>
Roubini also cautioned about the possibility of higher bond yields and rising inflation rates, which could pose challenges for consumers already struggling with elevated housing costs and grocery prices.
&nbsp;"Getting out of the Paris Accords is going to make climate change much worse [and] increase food prices and things of that sort. So if you look at this list of policies all of them have the impact that over time inflation will be higher, growth is going to be lower," he added. 
His warnings about stagflation, a state of stagnant economic growth coupled with high inflation, mirror those of JPMorgan CEO Jamie Dimon, who also views it as a possible consequence of the current fiscal and monetary stimulus.
Why It Matters: Roubini&#8217;s predictions, if accurate, could have significant implications for the global economy. His previous forecasts, particularly his accurate prediction of the 2008 financial crisis, have earned him a reputation for economic foresight. 
Therefore, his current warnings about potential economic stagnation and inflation during Trump&#8217;s second term should not be taken lightly.
Furthermore, the potential for stagflation could have serious consequences for consumers, particularly those already struggling with high living costs. If inflation continues to rise while economic growth remains stagnant, consumers could face even greater financial strain.
Finally, the potential impact of Trump&#8217;s proposed tariffs and other economic policies on international trade relations should not be overlooked. 
If these policies lead to trade disputes or economic instability, they could further exacerbate the economic challenges forecasted by Roubini.
Read Next
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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.

Markets

'Dr. Doom' Roubini on Trump's Second Term: 'Inflation Will Be Higher, Growth Is Going To Be Lower'

Vision Marine Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMAR#NASDAQ">VMAR</a>), a pioneer in electric marine propulsion, has entered into a milestone partnership with Massimo Marine, the marine division of Massimo Group (MAMO). This collaboration will produce a fully integrated 30-foot electric pontoon platform designed for commercial and recreational markets. As part of Vision Marine's strategic shift to offer complete electric boats directly to consumers, this partnership represents a key step in rapidly delivering high-quality electric marine products to market.
&nbsp;

MAMO

VMAR

Vision Marine Technologies, Massimo Marine Earlier Announced Production Partnership For First Commercial Electric Pontoon Platform

<a href="https://www.globenewswire.com/Tracker?data=0jqx6oiQK6OAEHWWr0opEkjg0sad2-iIQznMZgyFDuY8X608nFoptscWDTobgewhmWZMR423_Z0oola8H2nm4A==">Merus N.V.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRUS#NASDAQ">MRUS</a>) (Merus, the Company, we, or our), a clinical-stage oncology company developing innovative, full-length multispecific antibodies (Biclonics&#xAE; and Triclonics&#xAE;), today announced the publication of an abstract regarding petosemtamab, a Biclonics&#xAE; targeting EGFR and LGR5, in previously treated (2L+) patients (pts) with recurrent/metastatic head and neck squamous cell carcinoma (r/m HNSCC) on the European Society for Medical Oncology (ESMO&#xAE;) Asia Congress website. The abstract presents updated clinical data on petosemtamab from the initial expansion cohort (1500 mg) and a new dose-comparison cohort (1100 mg vs. 1500 mg) in 2L+ HNSCC for presentation at the ESMO&#xAE; Asia Congress 2024 taking place in Singapore, Dec. 6-8, 2024.

Events

MRUS

Merus Earlier Announced Publication On Abstract On Petosemtamab As 2L+ Treatment Of R/M HNSCC At ESMO Asia Congress 2024;  Said Petosemtamab 1500 Mg Monotherapy Phase 2 Interim Data Continues To Demonstrate Clinically Meaningful Activity In 2L+ HNSCC

Stellantis N.V. ("Stellantis" or "the Company") announces that the Company's Board of Directors, under the Chairmanship of John Elkann, accepted Carlos Tavares' resignation today from his role as Chief Executive Officer with immediate effect. &nbsp;The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025. Until then, a new Interim Executive Committee, chaired by John Elkann, will be established. &nbsp;
The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025. Until then, a new Interim Executive Committee, chaired by John Elkann, will be established. &nbsp;
Stellantis confirms the guidance it presented to the financial community on October 31, 2024, in respect of its full year 2024 results. &nbsp;

Guidance

Management

STLA

Stellantis Board Accepts Carlos Tavares' Resignation as CEO; Stellantis Confirms FY 2024 Guidance Presented On October 31, 2024

Billionaire entrepreneur and investor Mark Cuban, who owns the Dallas Mavericks, has transformed the lives of many of his employees by making them millionaires.
What Happened: After acquiring majority ownership of the Mavericks in 2000, Cuban, known for his innovative approach and genuine concern for his employees, aimed to make a significant impact on the franchise.
He held a strong belief in acknowledging the efforts of&nbsp;those who contributed to his&nbsp;success, a principle he adopted during his initial business endeavors.
Upon selling the Mavs in 2023, Cuban ensured that long-serving team employees received $35 million in bonuses that significantly altered their lives. His influence, however, was not limited to his employees. His investment in the team, facilities, fan experience, and talent attraction resulted in the Mavericks making their first playoff appearance in over a decade during the 2000-01 season.
&#8220;I&#8217;m not there without them; I did it with my first two companies, and I wanted to do the same with the Mavs. They were there for me the whole time; it was enough money that for those who were there 20 years or more, it was life-changing money,&#8221; Cuban <a href="https://www.youtube.com/watch?v=-CbpEr5dXXw&amp;t=10s">said</a> in an interview.
Also Read: <a href="https://www.benzinga.com/news/24/11/42154924/mark-cubans-for-negotiation-success-silence-is-money">Mark Cuban&#8217;s For Negotiation Success: &#8216;Silence Is Money&#8217;</a>
"I did it with MicroSolutions, you know, we had 80 employees, they all got paid. I did it with Broadcast.com — out of 330 employees, 300 became millionaires. And I wanted to do the same thing with the Mavs. You know, they were there for me the whole time … for those who were there 20 years or more it was life-changing money," he added. 
Why It Matters: Cuban&#8217;s leadership and investment in the Mavericks not only led to the team&#8217;s first championship in franchise history in 2011 but also set a high standard for team ownership in the sports industry. 
His approach to rewarding employees has been seen as a benchmark for other franchises.
Read Next
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Sports

Success Stories

Mark Cuban Hands Out $35M In Bonuses To Mavericks Employees: 'It Was Life-Changing Money'

Hong Kong-based gaming firm Boyaa Interactive has traded its Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) holdings for nearly $50 million in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). This strategic move comes as Bitcoin is on the brink of reaching a significant $100,000 price milestone.
What Happened: As per a company statement released on Friday, Boyaa Interactive has converted its Ethereum holdings into Bitcoin. The gaming giant exchanged 14,200 Ethereum (ETH) for approximately&nbsp;515 Bitcoin between November 19-28,&nbsp;thereby increasing their Bitcoin holdings to 3,183 BTC, valued at $310 million at the time of the announcement.
According to&nbsp;the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1129/2024112900231.pdf">statement</a>, the value of Boyaa&#8217;s Bitcoin stash is nearly triple that&nbsp;of Japanese investment firm Metaplanet's&nbsp;Bitcoin holdings, which are around $111 million. Boyaa had initially acquired its Ethereum tokens&nbsp;for $39.45 million, at an&nbsp;average price of $2,777 per&nbsp;token.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42155055/crypto-analyst-bitcoin-poised-to-skyrocket-to-180k-and-eventually-top-1m">Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and &#8216;Eventually&#8217; Top $1M</a>
This considerable Bitcoin acquisition is in line with Boyaa&#8217;s wider strategy to invest in digital assets. In the previous year, the company had committed to investing&nbsp;up to $100 million in&nbsp;cryptocurrencies, including Bitcoin, Ethereum, and&nbsp;stablecoins.
Why It Matters: Boyaa Interactive is not the only company to bolster its Bitcoin reserves. Other major firms like Metaplanet and&nbsp;MicroStrategy Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) have also been increasing their Bitcoin holdings. 
MicroStrategy recently announced the purchase of an additional 55,500 BTC, worth $5.4 billion, taking its total Bitcoin holdings to over $37 billion.
This trend indicates a growing interest and confidence in Bitcoin among major companies, despite the cryptocurrency&#8217;s notorious volatility. 
By diversifying their investments into digital assets, these firms are not only hedging against traditional market risks but also positioning themselves to benefit from potential future gains in the cryptocurrency market.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42256959/dogecoin-trading-volume-skyrockets-76-indicating-potential-major-price-upswing">Dogecoin Trading Volume Skyrockets 76%, Indicating Potential Major Price Upswing</a>

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

Cryptocurrency

$BTC

$ETH

MSTR

Gaming Company Bets Big On Bitcoin, Selling Ethereum For $50M Boost

If someone told you that earning $435,000 a year would make you one of the top 1% of earners in a U.S. state, you might scoff and guess somewhere obscure. But the real answer? It's West Virginia, where earning nearly half what's required in places like Connecticut or California can secure a spot <a href="https://www.benzinga.com/personal-finance/24/05/39069576/are-you-rich-heres-the-net-worth-you-need-to-be-poor-middle-class-and-wealthy">among the financial elite</a>.
Don't Miss:
<ul>
<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> 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>
In West Virginia, an annual income of $435,302 gets you into the exclusive top 1% club. Compare that to Connecticut, where you'd need a whopping $1,192,947 or California at $1,072,248. The disparity is striking, but it highlights a deeper conversation about regional living costs, economic opportunities and what it means to feel "rich" in America.
How Does West Virginia Compare to Other States?
While West Virginia tops the charts for the lowest income threshold to join the top 1%, a few other states also have relatively "affordable" entries into the elite bracket:
<ul>
<li>Mississippi: $456,309</li>
<li>New Mexico: $493,013</li>
</ul>
These figures pale in comparison to states like New York, Massachusetts or even Texas, where top earners require closer to – or over – <a href="https://www.benzinga.com/personal-finance/financial-advisors/24/01/36665585/how-much-money-do-you-need-to-make-to-be-among-the-top-1-5-or-10-based-on-inc">a million dollars annually</a>.
See Also: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a>
What's the Average Salary in West Virginia?
As of 2024, the average salary in West Virginia is roughly $55,560 per year, significantly lower than the national average of around $74,000. This gap speaks volumes about the state's economic makeup. Many industries in West Virginia, like mining, manufacturing and health care, don't offer the kind of high salaries seen in tech or finance-driven states.
This contrast between average and elite incomes shows that while $435,000 might make you a top dog, most West Virginians live in a much more modest income range.
Trending: Groundbreaking trading app with a ‘Buy-Now-Pay-Later' feature for stocks tackles the $644 billion margin lending market –<a href="https://www.benzinga.com/money/wolfpack"> here&#8217;s how to get equity in it with just $100</a>
Why Does It Take Less to Be Wealthy Here?
The reasons for West Virginia's lower threshold are pretty straightforward:
Cost of Living: West Virginia's cost of living is among the lowest in the nation. Essentials like housing, groceries and utilities cost significantly less than in coastal states.
Housing Market: Zillow reports the <a href="https://www.benzinga.com/real-estate/24/10/41541572/purely-supply-demand-imbalance-5-u-s-cities-with-homes-still-under-300k">average home value</a> in West Virginia is just $168,172, compared to the national median of $412,000. That's an enormous gap – and a huge factor in what a top salary can get you here.&nbsp;
Economic Landscape: The state lacks industries with high-paying jobs, like tech or investment banking. Fewer massive salaries mean the bar for the 1% stays lower.
Trending: 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>.
Does This Mean a Better Quality of Life?
Maybe. With a lower cost of living, $435,000 goes much further in West Virginia than in Connecticut or California. That money can buy a beautiful home, cover all your expenses and leave plenty for savings and vacations. For many, that's the dream.
But it's not all roses. The state's economic challenges mean fewer opportunities for upward mobility and fewer options for high-paying careers. The trade-off for affordability can be fewer chances to earn more.
See Also: These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a>
Would You Feel Rich Here?
Wealth is relative. A $435,000 salary in West Virginia is undeniably "rich." Still, it might not come with the same perks as being wealthy in a bigger city – fewer Michelin-starred restaurants, no bustling nightlife and fewer big-name career opportunities.
Would you trade the hustle of a high-cost state for the affordability and natural beauty of West Virginia? It all comes down to your priorities. If you're looking for a place where your <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">money stretches further</a>, West Virginia makes a strong case – especially for high-paid remote workers who aren't limited by the state's average income levels. It might just be the perfect blend of opportunity and simplicity.
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<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>
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Personal Finance

Can You Guess Which State Requires The Lowest Income To Join The Top 1%? You May Be Surprised At How Little It Takes To Be Rich Here

Chinese e-commerce platforms&nbsp;Temu&nbsp;and&nbsp;Shein&nbsp;are outperforming Western retailers, using social media and a wide range of affordable goods to lure consumers.
What Happened: Temu and Shein have transformed the online shopping landscape with their innovative business models and robust digital advertising. 
Owned by Chinese e-commerce firm PDD Holdings, Temu, along with its main rival Shein, have amplified consumerism with their limitless selection of low-cost products, most of which are shipped directly from Chinese vendors in response to real-time demand.
Software firm Salesforce estimates that roughly one in five online purchases in the U.S., U.K., Australia, and Canada will be made through four Asian-based or founded online marketplaces: Shein, Temu, TikTok Shop, and AliExpress, <a href="https://apnews.com/article/shein-temu-holiday-shopping-discounts-2d551895e123dedd49fa35ec58d07634">reports</a> The Associated Press.
These platforms are projected to generate around&nbsp;$160 billion in global sales&nbsp;outside of China, with Temu and Shein capturing the lion&#8217;s share.
Shein, now headquartered in Singapore,&nbsp;primarily targets young women through&nbsp;collaborations with social media influencers, using web design features like pop-up coupons and ads to keep shoppers engaged. 
Also Read: <a href="https://www.benzinga.com/news/24/11/42254975/shoppers-spent-11-3m-per-minute-online-on-black-friday">Shoppers Spent $11.3M Per Minute Online on Black Friday</a>
Conversely, Temu caters to a wider demographic, offering a diverse range of products from practical items to novelty goods.
However, their success has not been without controversy. Both platforms have come under fire and could face potential regulatory challenges. 
Last year, a group&nbsp;of unnamed brands and organizations&nbsp;initiated a campaign against Shein, while U.S. lawmakers expressed concerns about Temu potentially&nbsp;allowing goods made with forced&nbsp;labor into the country.
Despite these challenges, both&nbsp;Shein and Temu have set&nbsp;up warehouses in the U.S.&nbsp;to speed up delivery times&nbsp;and compete with Amazon. As they continue to grow, they are also striving to diversify their customer base beyond bargain-hungry shoppers.
Why It Matters: The rise of Temu and Shein underscores the growing influence of Chinese e-commerce platforms in global markets. 
Their success is a testament to the power of digital advertising and social media in driving consumer behavior. However, their rapid expansion also raises important questions about regulatory oversight and labor practices in the e-commerce industry. 
As these platforms continue to evolve, they will likely face increased scrutiny from lawmakers and competitors alike.
Read Next
<a href="https://www.benzinga.com/news/retail-sales/24/12/42256821/us-consumers-plan-to-spend-1000-or-more-on-holiday-gifts-this-year">US Consumers Plan To Spend $1,000 or More on Holiday Gifts This Year</a>
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.
Image: Shutterstock

Retail Sales

Temu and Shein Are Shaking Up Western Retailers This Holiday Season

Edward Snowden has found allies in the incoming second Donald Trump administration, hinting at a possible change in his legal standing.
What Happened: Snowden, who has been residing in Russia since 2013 following his leak of classified documents from the National Security Agency, has won over influential supporters within Trump&#8217;s proposed Cabinet.
Trump&#8217;s choice for the director of national intelligence, Tulsi Gabbard, co-sponsored a resolution in 2020 calling for the U.S. to dismiss all charges against Snowden. A source close to Gabbard suggested that she would likely push for clemency for Snowden&#8217;s during Trump&#8217;s second term, reports <a href="https://nypost.com/2024/11/30/us-news/edward-snowden-has-powerful-allies-in-trump-white-house/">the</a> New York Post.
Robert F. Kennedy Jr., Trump&#8217;s pick to head Health and Human Services, is another Snowden supporter who had previously voiced his intention to &#8220;pardon Edward Snowden.&#8221;
While Vice President-elect JD Vance has not made any public statements about Snowden, insiders believe he would empathize with the whistleblower&#8217;s predicament, reports the outlet.
Also Read: <a href="https://www.benzinga.com/news/24/11/42254953/scaramucci-on-trump-deportation-plan-were-going-to-have-a-stock-market-crash">Scaramucci on Trump Deportation Plan: &#8216;We&#8217;re Going To Have a Stock Market Crash&#8217;</a>
Trump had contemplated pardoning Snowden in late 2020, but was met with resistance from his top officials. However, the dynamics could shift with the incoming administration.
Ben Wizner, Snowden&#8217;s lawyer, argued that Snowden&#8217;s case is &#8220;exactly the kind of case that the pardon power was created for.&#8221;
"This is exactly the kind of case that the pardon power was created for. He broke the law in the public interest, for love of country, and he's paid a price. He does not belong in exile," Wizner told the outlet. 
Tucker Carlson, a close ally of Trump, said, "Ed Snowden is a whistleblower who exposed the crimes of others, yet he's the one who's been punished while the criminals remain in power. It's hard to think of a more grotesque injustice. Anyone who argues against his pardon is your enemy." 
Why It Matters: The support Snowden has garnered within the next Trump administration could signal a significant shift in his legal status. This change could have far-reaching implications for whistleblowers and the handling of classified information.
The potential pardon of Snowden would also represent a notable departure from the stance of previous administrations. 
This development is worth monitoring as it could influence future policy decisions and the treatment of whistleblowers.
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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.
Image: Wikimedia Commons

Snowden Finds Unexpected Allies In Trump's New Team

If you have scrolled through UK property listings recently, you might have been surprised to see stunning brand-new condos in prime London locations for as low as £100,000 ($126,000). With a 10% down payment, the home could be yours for as little as $12,600 out of pocket (not including closing costs). It almost seems too good to be true.
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A closer look at the fine print will alert you to the term &#8220;shared ownership.&#8221; What exactly does that mean? That you&#8217;ll be living with roommates who own a piece of your home? Thankfully, no. The other owner in question is the local city authority and the shared ownership concept allows new buyers to get a foothold on the UK property ladder without a high down payment. So why has the US yet to adopt this scheme and what are the downsides, if any?&nbsp;
<h2 class="wp-block-heading">&#8216;Rent to Own&#8217; On Steroids</h2>
The concept works similarly to a &#8216;rent to own&#8217; model that many real estate investors use privately in the US to allow their tenants to buy their homes one day. However, it is less widespread than the government-backed scheme in the UK. In London, a £125,000 purchase price displayed on listing sites is not the full cost of the home but rather a percentage of ownership, usually 25%. So, the full cost of the home would be £500,000, of which the buyer owns £125,000. But what about the other £375,000? The local housing authority owns that percentage and the owner pays them rent aside from the mortgage payment they make on the percentage they own.
See Also: During market downturns, investors are learning that unlike equities, these<a href="https://www.benzinga.com/money/connect-invest-real-estate-notes"> high-yield real estate notes that pay 7.5% &#8211; 9% are protected by resilient assets, buffering against losses.</a>
<h2 class="wp-block-heading">A Staircase To Full Ownership</h2>
A homeowner can buy increasing percentages of the home from their landlord in as little as 1% increments, a process called &#8220;staircasing.&#8221; According to the UK government website, there are two ways to &#8220;staircase&#8221;:
<ul>
<li>Gradual staircasing: buying shares of 1% each year</li>
<li>Standard staircasing: buying shares of 5% or more</li>
</ul>
Beyond these two amounts, there are no in-between percentages for staircases and strict guidelines govern how your home is evaluated when you wish to buy a greater ownership stake.
Trending: Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a>
<h2 class="wp-block-heading">The Downside: Increased Costs&nbsp;</h2>
Although &#8220;shared ownership&#8221; has been celebrated as a low-cost means of home ownership, recently, owners have complained about soaring service charges (management/maintenance, comparable with <a href="https://www.benzinga.com/personal-finance/24/10/41310400/exorbitant-hoa-fees-are-driving-florida-retirees-to-relocate-heres-why-costs-are-spiraling-so-hi">condo/HOA charges</a> in the US), which have increased by as much as 40%, according to an investigation by the UK&#8217;s Observer. These charges have become more expensive than the rental portion of the owner&#8217;s monthly bills.&nbsp;
&#8220;There is absolutely no clarity on what people are being charged for,&#8221; Labour MP Clive Betts, chair of the Levelling Up, Housing and Communities committee, told the Guardian. &#8220;These are not affordable homes and there is a lack of proper advice about shared ownership.&#8221;
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<h2 class="wp-block-heading">Would A Shared Ownership Scheme Work In The US?</h2>
Certain programs run by non-profits in the US are very similar to the UK shared ownership program. These shared equity homeownership programs have income caps and are limited to first-time owner-occupants — the same as in the UK. Also, <a href="https://www.benzinga.com/money/what-is-fractional-real-estate-ownership">fractional ownership</a> is popular, again on an individual basis — not through the government — in vacation homes, resorts and commercial buildings.&nbsp;
Generally, the model for personal residences is not as widespread as in the UK, as states differ markedly in their approach to housing. Sharing equity in property has not caught on nationwide in the US as a means to home ownership. However, as the <a href="https://www.benzinga.com/real-estate/24/11/41841883/housing-crisis-forces-airbnb-and-vrbo-into-the-hot-seat-as-cities-grapple-with-soaring-rents-and-mounting-public-backlash">affordability crisis</a> deepens in the US, creative concepts such as shared ownership could become more widespread.
Currently, America has various affordable housing initiatives, such as government-backed financing through<a href="https://www.benzinga.com/money/best-fha-lenders"> FHA mortgages</a> (allowing homeowners to put as little as 3.5% as a down payment even with a low credit score). No-interest second mortgages are available to cover down payment and closing costs ranging from $2,000 to $6,000 and special loans for essential workers are also common in many expensive cities. Additionally, in the US, homeowners can deduct mortgage interest on personal residences from their taxes, which is not the case in the UK.
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<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>

Real Estate

Could The UK's Concept Of Government-Backed Shared Ownership Be The Answer To Solving America's Affordability Crisis?

Black Friday in the U.S. saw unprecedented online sales this year, with generative AI chatbots being a key driver in boosting retail website traffic.
What Happened:&nbsp;The online expenditure during the shopping festival hit $10.8 billion, a 10.2% jump from 2023. 
According to a report <a href="https://www.barrons.com/amp/articles/black-friday-shopping-cyber-monday-d31144da">by</a> Barron&#8217;s, AI chatbots, engineered to simulate human interactions to aid shoppers, played a crucial role in this year&#8217;s online shopping surge, leading to an 1,800% explosion in retail website traffic compared to the previous year.
Caila Schwartz, the&nbsp;director of consumer insights at&nbsp;Salesforce, told the outlet, &#8220;Digital&nbsp;retailers who are using generative&nbsp;AI and agents in their&nbsp;customer service experiences saw a&nbsp;nine percent higher conversion rate&nbsp;compared to those who are&nbsp;not."
Moreover, Salesforce&#8217;s data revealed a 31% annual growth in the utilization of AI-powered online chat services on Black Friday. The firm&#8217;s data also&nbsp;showed U.S. Black Friday online&nbsp;sales at $17.5 billion, a 7% year-over-year increase.
Also Read: <a href="https://www.benzinga.com/news/24/11/42254975/shoppers-spent-11-3m-per-minute-online-on-black-friday">Shoppers Spent $11.3M Per Minute Online on Black Friday</a>
In contrast, traditional Black Friday shopping continued its downward trend, with in-store traffic falling 3.2% nationwide compared to 2023. Mobile sales made up&nbsp;55% of all online sales,&nbsp;amounting to $5.9 billion, a 12.1% year-over-year increase, reports Barron&#8217;s. 
With Cyber Monday around the corner, both Adobe and Salesforce anticipate sustained online shopping growth, with Adobe predicting a 7% rise in online spending during Cyber Week compared to last year.
Why It Matters: The record-breaking online sales on Black Friday 2024 underscore the transformative impact of AI technology on the retail industry. 
The significant role of AI chatbots in driving online traffic and conversion rates highlights the growing importance of digital customer service experiences in boosting sales. The continued decline in physical store shopping and the rise in mobile sales further emphasize the shifting consumer shopping habits towards online platforms. 
As the retail industry adapts to these changes, the use of AI and other digital tools will likely become increasingly critical in enhancing customer experiences and driving sales growth.
Read Next
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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.

AI Revolutionizes Black Friday Shopping As Online Sales Reach New Heights

Many people feel like they&#8217;re <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">working nonstop</a> but never getting ahead, but Dave Ramsey says there&#8217;s a big reason for this – and it&#8217;s not an accident. According to him, the system is set up so that everyone else can get rich using your money and many people willingly play along without realizing it.
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</ul>
<h2 class="wp-block-heading">Debt Keeps You Stuck</h2>
Ramsey points out that most of us are &#8220;wandering along,&#8221; stuck in a cycle of debt that keeps us from building real wealth. Who&#8217;s benefiting from this? Companies like credit card issuers, banks and retail stores. They&#8217;re intentional about making money off regular people while they just go along with their plan – and their plan is to keep people in debt. Ramsey&#8217;s message is simple: you&#8217;ll stay broke as long as you keep making payments.
<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">This is not an accident: Everyone else is getting rich with your money, and you're helping them. THEY are being intentional, and WE are wandering along wondering why we're broke. We don't have any money because we're following THEIR plan for THEM, and it's called staying in… <a href="https://t.co/nyUSx8coOH">pic.twitter.com/nyUSx8coOH</a>
&mdash; Dave Ramsey (@DaveRamsey) <a href="https://twitter.com/DaveRamsey/status/1828823008728748190?ref_src=twsrc%5Etfw">August 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!</a>
Think about it: every payment you make to someone else means less money for your future. &#8220;Your number one wealth-building tool is your income,&#8221; says Ramsey. If you&#8217;re always making payments on credit cards, car loans or student loans, you&#8217;re letting that income slip away. Instead of saving and investing your money, you&#8217;re making everyone else wealthy, from big corporations to lenders.
<h2 class="wp-block-heading">The Rat Race of Payments</h2>
Ramsey paints a striking picture of what it&#8217;s like to be trapped in debt. You work hard, but it feels like you&#8217;re running in place, like a rat on a wheel. All that energy goes into making payments – for things like that <a href="https://www.benzinga.com/startups/24/11/42014500/shopping-spree-sales-of-ultra-large-xxl-tvs-have-skyrocketed-877-as-prices-drop-by-53-in-the-past-year">big TV at Best Buy</a> or those student loans hanging around for years. He even jokes about people proudly counting their <a href="https://www.benzinga.com/money/best-airline-credit-cards">credit card points or airline miles</a> while the real cost is their financial freedom.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a>
Most Americans are stuck in this cycle. According to Ramsey, 70% of <a href="https://www.benzinga.com/money/how-to-stop-living-paycheck-to-paycheck">people live paycheck to paycheck</a>, even though we live in one of the wealthiest countries in the world. Why? Because we&#8217;re buying into the idea that debt is normal and even smart. We&#8217;re told that student loans are an &#8220;investment&#8221; and that financing a new gadget is no big deal. But Ramsey says it&#8217;s just plain stupid – it&#8217;s &#8220;stupid on steroids,&#8221; as he puts it.
Ramsey is straightforward: <a href="https://www.benzinga.com/news/24/04/38289131/living-paycheck-to-paycheck-heres-your-4-step-guide-from-financial-guru-dave-ramsey-on-how-to-make-a">you&#8217;ve got to stop giving your income away</a>. That means avoiding debt, cutting credit cards and getting serious about <a href="https://www.benzinga.com/money/high-yield-savings-vs-investing">saving and investing</a>. The only way to get ahead is to use your income to your advantage. The millionaires Ramsey interviewed didn't get there by staying in debt or giving their money to retailers. They saved, they invested and they stayed out of debt. That&#8217;s the kind of intentionality that gets results.
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<li>Many are using this retirement income calculator to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
</ul>

'Everyone Else Is Getting Rich With Your Money,' Says Dave Ramsey–'This Is Not An Accident'

Tom Lee, a well-known financial analyst, has predicted that Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price could soar to $250,000 within the next year, driven by potential legitimization in the U.S. and increased adoption.
What Happened: Fundstat&#8217;s Lee expressed his optimistic Bitcoin price prediction during a discussion with Anthony Scaramucci. Lee says Bitcoin could potentially hit a high of $250,000 by the end of 2025.
During the <a href="https://www.youtube.com/watch?v=RVqm779p5U8">interaction</a>, Lee underscored his belief if the U.S. government were to legitimize Bitcoin as a strategic reserve asset, it would substantially boost the cryptocurrency&#8217;s long-term price prospects.
"Over the next 12 months, I believe something in the range of $250,000 is possible — perhaps even highly probable, based on the current price cycle," he said.
He also pointed out the potential influence of the government purchasing a million Bitcoins, which would position it&nbsp;as the largest Bitcoin holder&nbsp;globally, thereby reinforcing Bitcoin&#8217;s standing in the worldwide economy.
Lee also spotlighted the contribution of&nbsp;MicroStrategy&nbsp;in advancing Bitcoin adoption.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42255036/kiyosaki-on-bitcoin-100000-almost-impossible-for-the-poor-and-middle-class-to-catch-up">Kiyosaki on Bitcoin $100,000: &#8216;Almost Impossible for the Poor and Middle Class to Catch Up&#8217;</a>
"Additionally, it's almost like taking a page from MicroStrategy's playbook. MicroStrategy has demonstrated that using Bitcoin as a balance sheet asset can create tremendous value for its shareholders," Lee added.
Lee, who had earlier predicted a surge to $150,000 this year, continues to uphold a bullish view on Bitcoin&#8217;s price path.
Why It Matters: Lee&#8217;s prediction comes at a time when Bitcoin is gaining traction as a potential hedge against inflation and a viable alternative to traditional financial systems. 
The potential legitimization of Bitcoin by the U.S. government&nbsp;as a strategic reserve asset&nbsp;could be a game-changer for the cryptocurrency, significantly enhancing its value and adoption. 
Furthermore, the role of companies like MicroStrategy in promoting Bitcoin adoption underscores the increasing acceptance of cryptocurrencies in the corporate world. 
These factors combined could potentially drive Bitcoin&#8217;s price to the predicted $250,000 mark within the next year.
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Financial Analyst Says Bitcoin Could Soar To $250,000

<a href="https://thewaltdisneycompany.com/moana-2-box-office/" title="https://thewaltdisneycompany.com/moana-2-box-office/">https://thewaltdisneycompany.com/moana-2-box-office/</a>

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Disney's Moana 2 Earns $221M In 5 Days, Breaking Thanksgiving Weekend,  Five-Day Opening Domestic Box Office Records

Being rich and famous comes with perks such as private jets, luxury homes and expensive vacations. But there&#8217;s another side to being in the spotlight that many people don't think about – the need for constant security. And when you're one of the world's most well-known billionaires, that protection can come at an eye-popping cost.
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</ul>
Regarding keeping billionaires safe, one name stands above the rest: Mark Zuckerberg. Fortune reported that in 2023, Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) spent $23.4 million to keep its CEO and founder safe. To put that in perspective, that's almost 10 times more than what Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) paid to <a href="https://www.benzinga.com/news/24/09/40864500/elon-musk-has-secret-service-like-security-team-that-calls-him-voyager-growing-threats-after-tesla-a">protect Elon Musk</a> during the same year. If you thought Musk&#8217;s high-profile lifestyle came with a big security bill, Zuckerberg's costs are on a whole different level.
Of the $23.4 million, $9.4 million was spent directly on security services for Zuckerberg and another $14 million was paid as an annual allowance to cover other security-related costs for him and his family. The company pays for everything from round-the-clock bodyguards to advanced home monitoring systems. Meta claims that since the CEO is so closely associated with the company, keeping him secure is crucial because if anything were to happen to Zuckerberg, it would directly impact Meta's reputation and business.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Elon Musk spoke with the media in San Francisco. <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> <a href="https://t.co/kWpWMhoOO2">pic.twitter.com/kWpWMhoOO2</a>
&mdash; DogeDesigner (@cb_doge) <a href="https://twitter.com/cb_doge/status/1618114400514375680?ref_src=twsrc%5Etfw">January 25, 2023</a></blockquote>
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In comparison, Elon Musk's security expenses seem modest. Tesla reportedly spent around $2.4 million in 2023 to keep Musk safe, plus an additional $500,000 for early 2024. That's still a lot of money, but nowhere near Zuckerberg's level. Musk's controversial opinions and habit of being in the public eye certainly <a href="https://www.benzinga.com/startups/24/07/39602346/im-on-the-list-says-elon-musk-and-reveals-two-homicidal-maniacs-tried-killing-him-and-a-bunch-of-oth">put a target on his back</a>, but even he doesn't require the kind of protective detail that Zuckerberg does.
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But Zuckerberg and Musk aren't the only tech giants who need protection. In 2023, Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Google&#8217;s parent company, spent $6.8 million on security for its CEO, Sundar Pichai. Even Jensen Huang of Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), the CEO whose chips power some of the world's most advanced tech, had a $2.2 million security tab. For Apple&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook, security costs for the year were around $820,000.
Even though these figures appear quite high, they accurately depict the realities of being a well-known CEO in the modern tech industry. These leaders are in actual danger of being kidnapped, extorted or having their lives threatened. Being at the top comes at a high cost, yet for these companies, protecting their leaders is crucial no matter what.
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It Costs 10 Times More To Protect This Billionaire Than It Costs To Protect Elon Musk

Warren Buffett isn't one for sugarcoating, but when it comes to <a href="https://www.benzinga.com/personal-finance/24/11/42191171/warren-buffett-claims-he-killed-the-dow-investing-peanuts-and-explains-its-a-huge-structural-advantage-to-not-have-a-lot-of-money">America's future</a>, he's got a message that'll make you sit up: things are looking good – really good. In a 2018 piece for Time Magazine, the Oracle of Omaha clearly shows why optimism about the next generation isn't just wishful thinking – it's math.
"I have good news," Buffett began. "First, most American children will live far better than their parents did. Second, <a href="https://www.benzinga.com/personal-finance/24/03/37792386/warren-buffett-says-even-the-bottom-2-of-earners-all-live-better-than-john-d-rockefeller-and-he-">large gains in the living standards</a> of Americans will continue for many generations to come."
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That's classic Buffett: bold, direct, and deeply rooted in facts. He acknowledged that Americans are increasingly skeptical about their kids' futures, blaming slow GDP growth and widening inequality. But Buffett's response? Perspective – and a little arithmetic.
Buffett broke it down:
Population Growth: The U.S. population grows about 0.8% a year, a mix of births, deaths, and immigration.
GDP Growth: Even if GDP grows by just 2% annually, that translates to 1.2% growth in per capita GDP.
While that number might seem underwhelming, Buffett flipped the script. "In 25 years – a single generation – 1.2% annual growth boosts our current $59,000 of GDP per capita to $79,000," he wrote. "This $20,000 increase guarantees a far better life for our children."
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So, how's it tracking so far? Buffett's 2018 projection anticipated a per capita GDP of roughly $64,000 by 2024. Currently, the U.S. is on course to meet – and even surpass – that target, with the GDP per capita expected to hit $66,451 by year's end. This upward trajectory suggests Buffett's math was not only sound but possibly conservative.
The Power of Innovation
Why is Buffett so confident? Two words: innovation and productivity. He pointed to the progress he's seen since his birth in 1930:
"Today my <a href="https://www.benzinga.com/personal-finance/24/11/42098465/whats-the-average-upper-class-retirement-nest-egg-heres-a-look-at-what-the-wealthiest-20-have-stashed-away">upper-middle-class neighbors</a> enjoy options in travel, entertainment, medicine, and education that were simply not available to Rockefeller and his family," Buffett wrote. Even the richest man in the world back then couldn't buy the everyday comforts we take for granted now.
How did we get here? Innovation, productivity, and machines that replaced labor-intensive jobs freed workers to create entirely new industries. Tractors and cotton gins turned a nation of farmers into a nation of dreamers and doers.
"This game of economic miracles is in its early innings," he insisted.
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The Catch: Inequality
But Buffett didn't sugarcoat everything. He flagged one big challenge: inequality. While productivity created unimaginable wealth, it didn't distribute it equally.
"Between 1982 and today, the wealth of the Forbes 400 increased 29-fold," Buffett observed. Meanwhile, many hardworking Americans stayed stuck. "The tsunami of wealth didn't trickle down. It surged upward."
For Buffett, the challenge ahead isn't just <a href="https://www.benzinga.com/personal-finance/24/05/39069576/are-you-rich-heres-the-net-worth-you-need-to-be-poor-middle-class-and-wealthy">creating more wealth – </a>it's making sure it benefits everyone. "A rich family takes care of all its children, not just those with talents valued by the marketplace," he wrote.
Despite the hurdles, Buffett's bottom line is not to bet against America. "I have no doubt that America can deliver riches to many and a decent life to all. We must not settle for less."
In classic Buffett style, he <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">balanced optimism with realism</a>, laying out a future where growth isn't just possible – it's inevitable. And while the path forward might be uneven, one thing is clear: most American kids will live much better than their parents.
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