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Atlanticus Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATLC#NASDAQ">ATLC</a>) reported quarterly earnings of $1.09 per share which beat the analyst consensus estimate of $1.01 by 7.92 percent. This is a 0.93 percent increase over earnings of $1.08 per share from the same period last year. The company reported quarterly sales of $290.706 which missed the analyst consensus estimate of $311.361 million by 100.00 percent. This is a 100.00 percent decrease over sales of $261.041 million the same period last year.

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ATLC

Reported Late Friday, Atlanticus Holdings Q1 2024 GAAP EPS $1.09 Beats $1.01 Estimate, Sales $290.706 Miss $311.361M Estimate

IT Tech Packaging (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/ITP#AMEX">ITP</a>) reported quarterly losses of $(0.37) per share. This is a 37.04 percent decrease over losses of $(0.27) per share from the same period last year. The company reported $6.86 million in sales this quarter. This is a 65.34 percent decrease over sales of $19.79 million the same period last year.

Reported Late Friday, IT Tech Packaging Q1 EPS $(0.37) Down From $(0.27) YoY, Sales $6.86M Down From $19.79M YoY

Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) is expected to release earnings results for its first quarter, before the <a href="https://www.benzinga.com/quote/TME/earnings">opening bell on May 13</a>.
Analysts expect the Shenzhen, China-based company to report quarterly earnings at 14 cents per share, up from 12 cents per share in the year-earlier period. Tencent Music Entertainment is projected to report quarterly revenue of $916.95 million, compared to $980.64 million a year ago, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On March 19, Tencent Music Entertainment reported a fourth-quarter revenue decline of 7.2% year-over-year to $971 million (CNY6.89 billion), beating the consensus of $932 million.
Tencent Music Entertainment shares fell 0.3% to close at $13.34 on Friday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TME/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Morgan Stanley analyst Alex Poon maintained an Overweight rating and boosted the price target from $11 to $13.5 on March 20. This analyst has an accuracy rate of 71%.</li>
<li>Benchmark analyst Fawne Jiang maintained a Buy rating and increased the price target from $9 to $14 on March 20. This analyst has an accuracy rate of 67%.</li>
<li>B of A Securities analyst Lei Zhang maintained a Buy rating and boosted the price target from $10.5 to $12.3 on March 20. This analyst has an accuracy rate of 65%.</li>
<li>Redburn Atlantic analyst Agnieszka Pustula initiated coverage on the stock with a Buy rating and a price target of $12 on Feb. 5. This analyst has an accuracy rate of 72%.</li>
<li>CLSA analyst Maggie Ye initiated coverage on the stock with an Outperform rating and a price target of $10.5 on Feb. 5. This analyst has an accuracy rate of 72%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/05/38759538/how-to-earn-500-a-month-from-home-depot-stock-ahead-of-q1-earnings">How To Earn $500 A Month From Home Depot Stock Ahead Of Q1 Earnings</a>

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Trading Ideas

Tencent Music Entertainment Gears Up For Q1 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Renowned economist Mohamed El-Erian was seen at a Taylor Swift concert over the weekend. He later praised the pop singer for her inspiring performance.
What Happened: El-Erian, the chief economic advisor at Allianz, was spotted at a Taylor Swift concert over the weekend. He was wearing a bright pink T-shirt, which caught the attention of a fellow concert-goer who shared his photo on social media X, formerly Twitter.
The user, who seemed surprised to see El-Erian at the concert, commented, &#8220;Looking stylish in bright pink.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">So Mohamed el Erian is at Taylor Swift tonight. I am probably the only person to recognize him and/or care … but this made my night. Looking stylish in bright pink. cc <a href="https://twitter.com/TheStalwart?ref_src=twsrc%5Etfw">@TheStalwart</a> <a href="https://twitter.com/Colarusso42?ref_src=twsrc%5Etfw">@Colarusso42</a> bc you probably care <a href="https://t.co/EvJKaffMkp">pic.twitter.com/EvJKaffMkp</a>
&mdash; Shawna Ohm &#x1f349; (@ShawnaOhm) <a href="https://twitter.com/ShawnaOhm/status/1789336713350852812?ref_src=twsrc%5Etfw">May 11, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/05/38774256/elon-musk-slams-australian-government-for-saying-social-license-is-required-amid-tussle-with-x-doubt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Slams Australian Government For Saying &#8216;Social License&#8217; Is Required Amid Tussle With X: &#8216;Doubt&#8230;People Of Australia Agree With Suppressing Their Rights&#8217;</a>
El-Erian later shared a video from the concert, praising Swift as an &#8220;incredible artist, singer-songwriter, performer, andentertainer.&#8221; He also commended her for the genuine and effective way she engages with her audience.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">An incredible artist, singer-songwriter, performer, and entertainer. She is an inspiration in so many ways, including the genuine and effective way she engages with her audience.<a href="https://twitter.com/hashtag/erastour?src=hash&amp;ref_src=twsrc%5Etfw">#erastour</a> <a href="https://twitter.com/taylorswift13?ref_src=twsrc%5Etfw">@taylorswift13</a> <a href="https://twitter.com/hashtag/swiftiedad?src=hash&amp;ref_src=twsrc%5Etfw">#swiftiedad</a> <a href="https://t.co/cNfl61lLWb">pic.twitter.com/cNfl61lLWb</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1789417358836056437?ref_src=twsrc%5Etfw">May 11, 2024</a></blockquote>
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Why It Matters: El-Erian&#8217;s presence at the concert is a testament to the singer&#8217;s widespread appeal. Last week, it was reported that Swift&#8217;s concerts in <a href="https://www.benzinga.com/general/entertainment/24/05/38691966/taylor-swift-1-0-2024-olympics-pop-stars-paris-eras-tour-leg-eclipses-worlds-biggest-sporti">Paris have attracted more American tourists</a> than the 2024 Summer Olympics.
Moreover, Swift&#8217;s latest album, &#8220;The Tortured Poets Department,&#8221; has been a massive success, with over 300 million streams on its debut day. The album also saw a surprising <a href="https://www.benzinga.com/general/entertainment/24/04/38362990/taylor-swifts-the-tortured-poets-department-hits-1-6m-us-sales-sets-spotify-on-fire-with-ov">surge in traditional format sales</a>, including vinyl, CDs, and cassettes.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38725610/chatgpt-creator-sam-altman-feels-its-a-massive-massive-issue-that-we-dont-take-ais-threat-to-jobs-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">ChatGPT Creator Sam Altman Feels It&#8217;s A &#8216;Massive, Massive Issue&#8217; That We Don&#8217;t Take AI&#8217;s Threat To Jobs A</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Entertainment

Tech

Mohamed El-Erian  Spotted At Taylor Swift Concert, Renowned Economist Calls Her 'An Inspiration' Who Is Genuine And Effective

Reddit users are increasingly predicting an economic collapse in the U.S., with some even preparing for a scenario similar to the Soviet Union&#8217;s demise after the Cold War. The growing concern is being fueled by factors such as inflation, debt, and job market instability.
What Happened: A Reddit user, who goes by the name Daniel, has been active on the r/economiccollapse subreddit for four years, <a href="https://www.businessinsider.com/economy-stock-market-crash-inflation-debt-jobs-economic-collapse-reddit-2024-5?_gl=1&#x2A;pee93y&#x2A;_ga&#x2A;NTg5OTA1MDc2LjE3MTI4ODMyNTA.&#x2A;_ga_E21CV80ZCZ&#x2A;MTcxNTU2MDc1Ny41Ny4xLjE3MTU1">told</a> Business Insider that he is bracing for an economic implosion in the U.S. 
He has invested all his savings in defense stocks, gold, and cryptocurrency, anticipating a shift to a wartime economy.
&#8220;The one thing that our economy is going to be guaranteed is a wartime economy. Only time will tell how bad it will truly get,&#8221; Daniel said.
Interest in pessimistic views of the market and the economy is rising, as indicated by a 17% increase in Google searches for &#8220;stock market crash&#8221; and a 15% surge in searches for &#8220;economic crash&#8221; over the last quarter. Membership on the r/economiccollapse subreddit has also spiked by 80% since the end of 2021.
Despite the prevailing pessimism, the U.S. economy has managed to avoid a predicted recession over the past two years. The labor market remains robust, with the unemployment rate near historic lows in March. However, the lived experience of the economy may not align with the strength of the reported data.
Freddie Smith, a real estate agent from Florida, rejects the label of alarmist despite regularly sharing cautionary messages about the economy on his social media platforms. In a recent TikTok video, Smith suggests that the current economic conditions, marked by soaring living costs, may surpass the challenges faced during the Great Depression, a perspective that some doomers share as they argue for a more realistic appraisal of the situation, according to the report.
&#8220;They&#8217;re still kind of sucking the money, pushing people to the edge,&#8221; Smith said. 
Jonathan Rose, CEO of Genesis Gold Group, has observed a rising level of concern among his clients. According to Rose, there has been a significant increase in the number of investors purchasing physical gold as a means of preserving value, with estimates suggesting a surge of approximately 40% to 60% since the onset of the pandemic.
&#8220;I look at these 23-year-olds online talking about how they&#8217;re working 40, 50 hours a week and living with their parents,&#8221; Smith said. &#8220;The whole world has changed in the past 10 years &#8230; I guess the frustration is the lack of recognition of a broken system,&#8221; he said.
See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38759943/atlanta-fed-chief-hints-at-potential-interest-rate-cut-this-year-amid-economic-un?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Atlanta Fed Chief Hints At Potential Interest Rate Cut This Year Amid Economic Uncertainties</a>
Why It Matters: The concerns of Reddit users are not unfounded. The U.S. economy is facing a potential <a href="https://www.benzinga.com/news/24/04/38453174/us-economy-faces-worst-of-both-worlds-as-stagflation-threat-looms-large">stagflation threat</a> due to slower-than-expected growth and higher-than-anticipated inflation. This situation, as described by David Donabedian, the chief investment officer of CIBC Private Wealth U.S., is a &#8220;worst of both worlds report.&#8221;
Moreover, the traditional Wall Street adage &#8220;sell in May and go away&#8221; may not hold water this year, as analysts debunk the myth with strong evidence of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38572139/sell-in-may-and-go-away-a-fading-tradition-in-stock-market">positive stock market performance</a> during the historically weak May-October period.
Given the potential economic downturn, even &#8220;Rich Dad Poor Dad&#8221; author Robert Kiyosaki is preparing to battle it out. He advises people to own their businesses, use debt as money to <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38757169/rich-dad-poor-dad-author-robert-kiyosaki-shares-6-tips-to-survive-economic-depres">buy cash-flowing assets</a>, save real gold and silver, and invest in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). 
Meanwhile, investment strategist Ed Yardeni has warned about the potential for a <a href="https://www.benzinga.com/news/24/05/38720656/feds-rate-cut-could-trigger-stock-market-melt-up-warns-investment-strategist">stock market &#8220;melt-up</a>&#8221; driven by Federal Reserve rate cuts. This could lead to a surge in the stock market, potentially propelling the S&amp;P 500 to record highs by the year&#8217;s end.
Read Next: <a href="https://www.benzinga.com/news/24/05/38720656/feds-rate-cut-could-trigger-stock-market-melt-up-warns-investment-strategist?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Fed&#8217;s Rate Cut Could Trigger Stock Market &#8216;Melt-Up&#8217;, Warns Investment Strategist</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Social Media

Global

Economics

$BTC

Redditors Predict Economic Doom, Brace For US Collapse: 'Only Time Will Tell How Bad It Will Truly Get'

El Salvador, the first country in the world to adopt Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as legal cash, launched its own platform to make information on its treasury holdings accessible and transparent to the general public.
What Happened: According to the National Bitcoin Office, an agency tasked by the El Salvador government to oversee all things related to the cryptocurrency, informed via an X post about the launch of a mempool-like space, where details like treasury holdings and Bitcoin transactions in can be tracked 24&#215;7.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">El Salvador now has its own <a href="https://twitter.com/mempool?ref_src=twsrc%5Etfw">@mempool</a> space where anyone can check out our <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> treasury holdings. See details in the next post. <a href="https://t.co/PEpVemHoFO">pic.twitter.com/PEpVemHoFO</a>
&mdash; The Bitcoin Office (@bitcoinofficesv) <a href="https://twitter.com/bitcoinofficesv/status/1789788632070431046?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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For the curious, a mempool already exists for the broader Bitcoin blockchain, where details around blocks, pending transactions, and transaction fees are updated real-time.&nbsp;
At the time of writing, El Salvador had 5,748.76 Bitcoins in its custody, worth more than $300 million. Seven Bitcoins were added to the treasury over the last week, and 31 over the month.
Why It Matters: &nbsp;The latest move by El Salvador sets a new standard for financial transparency in government operations.&nbsp;
It also validated the much-hyped concept of an immutable public ledger, which has been vigorously supported by Bitcoin and cryptocurrency proponents over the years.&nbsp;
El Salvador has doubled down on Bitcoin ever since adopting the world's largest digital currency as a legal tender in 2021. The country has adopted a plan <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37763988/pro-bitcoin-president-nayib-bukele-says-el-salvador-will-purchase-btc-daily-until-king-cry">to buy one Bitcoin every day</a>, until it becomes affordable with fiat currencies.
The country&#8217;s seriousness with regards to its Bitcoin investments was further exemplified when it transferred more than 5,000 Bitcoin to a cold wallet, considered a safer storage option in the space.&nbsp;
Price Action: At the time of writing, Bitcoin was trading just below $61,000, trading flat in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38765697/bitcoin-to-1-3m-by-2028-questionable-says-10x-research">Bitcoin To $1.3M By 2028? Questionable, Says 10x Research</a>

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

Cryptocurrency

El Salvador Is Making It Easy For Everyone To Know How Much Bitcoin The Country Holds, Launches New Platform Aimed At Fostering Transparency

The stock of NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has been on a rollercoaster ride, with a 240% surge in 2023 and an additional 80% increase in 2024. This has led to a debate among investors on whether to buy now or wait for a potential drop in the stock price.
What Happened: The recent performance of Nvidia&#8217;s stock has sparked a debate among fund managers. Trent Masters, a portfolio manager at Alphinity Investment Management, suggests that the stock is still a good buy despite its significant rise. He points to the chipmaker&#8217;s strong market share and sustainable earnings as reasons for his bullish stance, <a href="https://www.cnbc.com/2024/05/13/time-to-buy-nvidia-nvda-stock-fund-managers-weigh-in-.html">reported</a> CNBC.
"I personally missed the initial run in Nvidia and only bought the stock when it rose to $390 last May after its results. It's probably one of the hardest things I've done in the last 10 years to buy a stock that's already up so much because it feels like you could be making a mistake. But I think investors just have to view these things objectively,"&nbsp;Masters said. 
On the other hand, Adam Coons, a portfolio manager at Winthop Investment Management, is advising caution. While he acknowledges Nvidia&#8217;s strong position in the AI chipmaker segment, he believes the current valuations are inflated. Coons is reducing his holdings and waiting for the stock&#8217;s valuation to normalize before considering further investments.
"Nvidia is a company that ran too far too fast. We've been holding Nvidia through the rally, but we've started to sell because the current valuations are inflated," Coons said.
"Long-term, it is definitely a company or a stock you want to own. I just think you need to be careful in the short term around some higher volatility and some bigger swings," Coons added.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38774344/chinese-tesla-rival-zeekr-soars-35-on-nyse-debut-valuation-hits-6-8b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chinese Tesla Rival Zeekr Soars 35% On NYSE Debut, Valuation Hits $6.8B</a>
Why It Matters: The debate over Nvidia&#8217;s stock comes at a time when the company&#8217;s <a href="https://www.benzinga.com/trading-ideas/24/05/38766245/nvidias-triumphant-rise-to-a-2-27-trillion-titan-and-goldman-sachs-bold-22-growth-prediction-as-new">market value has soared to $2.27 trillion</a>, tripling due to the market&#8217;s increased trust in AI technology, where Nvidia plays a key role. 
This has led to a surge in optimism around the company&#8217;s stock, highlighted by a major partnership with Mitre to use a $20 million supercomputer to boost AI for the U.S. government.
Despite the recent dip in stock price, Nvidia&#8217;s continued dominance in the AI sector has been evident through the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38634160/nvidias-ai-dominance-evident-as-tech-behemoths-from-microsoft-to-meta-and-google-ke">substantial investments made by tech behemoths</a> like Microsoft, Meta, and Google into Nvidia&#8217;s AI technology. This has further solidified Nvidia&#8217;s position in the AI sector and contributed significantly to its growth story.
Goldman Sachs revised its 12-month <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38670071/nvidia-is-de-facto-ai-standard-for-the-foreseeable-future-goldman-sachs-analyst-rev">price target for Nvidia</a> to $1,100, up from the previous $1,000, maintaining a ‘Buy' rating. This update follows an increase in earnings projections for 2025 through 2027. Analysts continue to praise Nvidia's sustained demand for AI servers and an improving supply chain landscape.
Read Next: <a href="https://www.benzinga.com/trading-ideas/24/05/38766245/nvidias-triumphant-rise-to-a-2-27-trillion-titan-and-goldman-sachs-bold-22-growth-prediction-as-new?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Triumphant Rise To A $2.27 Trillion Titan And Goldman Sachs&#8217; Bold 22% Growth Prediction As New Partnerships Forge Ahead</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Equities

Analyst Ratings

NVDA

Is Now The Right Time To Invest In Nvidia? Fund Managers Are Split: 'One Of The Hardest Things I've Done'

Noted economist and staunch Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) critic, Peter Schiff, ridiculed opponents&#8217; claims that he secretly owns the King Crypto.
What Happened: The gold proponent trashed the ongoing speculation from certain section of his critics, calling them "drunk on the Kool-Aid."
"I get a kick out of Bitcoin fanatics who accuse me of secretly owning Bitcoin, but refusing to publicly wear the ribbon," Schiff jabbed the pro-Bitcoin crowd.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I get a kick out of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> fanatics who accuse me of secretly owning Bitcoin, but refusing to publicly wear the ribbon. They are just so drunk on the Kool-Aid that they can&#39;t accept that I legitimately disagree with their perspective. I just don&#39;t see the emperor&#39;s new clothes.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1789370531742974317?ref_src=twsrc%5Etfw">May 11, 2024</a></blockquote>
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Schiff added that he fundamentally differed over the prospect of cryptocurrencies, and his detractors were finding it tough to come to terms with this fact.
Why It Matters: One of the strongest anti-Bitcoin voices on social media, Schiff has stayed persistent in his opposition to the asset class over the years, vehemently advocating for gold over its so-called digital counterpart.
That said, in one of the interviews in March, <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37687164/bitcoin-critic-peter-schiff-regrets-missing-out-on-btc-investment-in-early-days-i-would-ha">he wished he bought</a> the the world's largest digital asset back in 2010, given its profit potential.&nbsp;
Schiff stated that even if he had bought Bitcoin, he would have kept it to himself. &#8220;I would have bought it just betting on other people being dumb enough to buy it and pay a higher price.&#8221;
Earlier this month, the fierce critic noted that <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38590428/bitcoins-party-is-over-why-peter-schiff-sees-bitcoin-in-a-bear-market">Bitcoin was in a bear market</a> and mocked HODLers, a crypto jargon for long-term holders of the coin, saying, "The party is over."
Photo Courtesy: Wikimedia Commons
Price Action: At the time of writing, Bitcoin was trading at $60,807, following a 0.16% decline in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. It was down 18% from the all-time high set during March.
Gold was seen trading at $2,357 as of 11:40 p.m. EDT, down 0.11% in the last 24 hours. The precious metal has fallen flat since last month's record highs, losing 0.12% in the past 30 days.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38780932/mark-cuban-schools-crypto-critic-blames-sec-for-ftx-like-events-this-is-an-institutional-f">Mark Cuban Schools Crypto Critic, Blames SEC For FTX-Like Events: &#8216;This Is An Institutional Failure&#8217;</a>

Peter Schiff Says He Gets A 'Kick' Out Of Fanatics Accusing Him Of Secretly Owning Bitcoin: They Are 'Drunk On The Kool-Aid'

Elon Musk has drawn an intriguing comparison between the Federal Reserve and the rules of Hasbro&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) game Monopoly, suggesting that the Federal Reserve operates in a similar manner to the game&#8217;s bankruptcy rules.
What Happened: On Sunday, Musk took to social media platform X, to share a screenshot of Monopoly&#8217;s bankruptcy rules, captioning it &#8220;How the Federal Reserve works.&#8221; 
The rules state that if the bank runs out of money, it does not go bankrupt. Instead, players use slips of paper to keep track of transactions until the bank has enough paper money to operate again. The banker can also issue &#8220;new&#8221; money on slips of ordinary paper.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">How the Federal Reserve works <a href="https://t.co/3rRhbBfcJe">pic.twitter.com/3rRhbBfcJe</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1789394404446282213?ref_src=twsrc%5Etfw">May 11, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/05/38723100/elon-musk-says-2024-will-probably-be-last-election-actually-decided-by-us-citizens-after-dems-oppose?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says 2024 Will Probably Be &#8216;Last Election Actually Decided By US Citizens&#8217; After Dems Oppose Census Citizenship Question</a>
What&#8217;s Next: Musk&#8217;s comparison comes at a time when the Federal Reserve&#8217;s monetary policies have been under intense scrutiny. Financial analysts have criticized the Fed&#8217;s handling of the national debt, with some warning of a potential debt crisis.
Analyst Gordon Johnson has been particularly vocal, labeling Federal Reserve Chairman Jerome Powell as the &#8220;gaslighter-in-chief&#8221; for the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38155269/jerome-powell-is-the-gaslighter-in-chief-analyst-slams-fed-chief-for-reckless-money">reckless money printing</a> that has contributed to the ballooning national debt.
Meanwhile, Wharton professor Joao Gomes has warned that without <a href="https://www.benzinga.com/news/24/04/38104382/serious-debate-needed-to-avert-2025-us-debt-crisis-warns-wharton-expert">immediate action from Congress</a>, the U.S. could face a debt crisis by 2025.
Moreover, the Federal Reserve&#8217;s ongoing struggle to rein in inflation has raised concerns about <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38219988/economists-warn-feds-inflation-battle-could-trigger-recession-have-to-increase-the-">a potential recession</a>, as highlighted by a recent analysis.
With the national debt reaching unsustainable levels, Musk&#8217;s comparison has added fuel to the ongoing debate about the <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38058629/national-debt-drama-deepens-where-to-stash-your-cash-when-the-fiscal-sky-falls">Federal Reserve&#8217;s policies</a> and their potential impact on the U.S. economy.
Read Next: <a href="https://www.benzinga.com/news/24/05/38754725/elon-musk-going-for-youtube-billionaire-now-wants-you-to-post-your-movies-tv-shows-and-podcasts-on-x?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Going For YouTube? Billionaire Now Wants You To Post Your Movies, TV Shows And Podcasts On X To Monetize</a>
Image Via Flickr
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Federal Reserve

Elon Musk Compares Working Of Federal Reserve To Rules Of Board Game Monopoly: 'The Bank Never Goes Bankrupt'

Jimmy Donaldson, popularly known as&nbsp;MrBeast, has extended an unusual invitation to billionaires. The YouTube sensation is offering to use their wealth to <a href="https://www.benzinga.com/news/23/08/33957458/how-mrbeasts-epic-makeover-rescued-an-orphanage-and-inspired-a-musicians-dream">fund philanthropic projects</a> of their choice, with the entire process documented on his Beast Philanthropy channel.
What Happened: Over the weekend, MrBeast took to X, formerly Twitter, to make the proposal.
He wrote,&nbsp;&#8220;Hey billionaires! I'd love to&nbsp;take some of your unfathomable&nbsp;wealth and use it to&nbsp;complete whatever philanthropic project that&nbsp;matters to you for a video on our beast philanthropy&nbsp;channel!.&#8221;
He added that all the revenue generated from the channel goes back to fund charitable causes. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38723527/elon-musk-agrees-meta-cant-be-trusted-after-zuckerberg-led-social-media-giant-hit-with-37m-fine-over?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees &#8216;Meta Can&#8217;t Be Trusted&#8217; After Zuckerberg-Led Social Media Giant Hit With $37M Fine Over Data Sharing Practices</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hey billionaires! I'd love to take some of your unfathomable wealth and use it to complete whatever philanthropic project that matters to you for a video on our beast philanthropy channel! (100% of all the revenue on this channel goes back into the charity) &#x2764;&#xFE0F;&#x2764;&#xFE0F; <a href="https://t.co/xTZcSRqbfU">pic.twitter.com/xTZcSRqbfU</a>
&mdash; MrBeast (@MrBeast) <a href="https://twitter.com/MrBeast/status/1789789398009004103?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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At the time of writing, the Beast Philanthropy channel had more than 24.1 million subscribers on YouTube. 
Why It Matters: MrBeast&#8217;s proposal comes, at a time, when he is making significant changes in his career. Just last week, it was reported that he is <a href="https://www.benzinga.com/general/24/05/38644884/mrbeast-moves-on-from-longtime-talent-agency-report-says-why-youtube-star-could-be-changing-things-u">parting ways with his long-time talent management company</a>, Night Media, and venturing into new areas outside content creation.
Earlier in March, The YouTuber confirmed that he <a href="https://www.benzinga.com/general/entertainment/24/03/37809533/mrbeast-confirms-beast-games-on-amazon-prime-video-with-1-000-contestants-5m-prize-its-gonn">had signed a game show deal</a> with Prime Video, the streaming platform owned by Amazon.com Inc. &#8220;Amazon will give us the most creative control,&#8221; he said then. &#8220;Other platforms didn&#8217;t. There&#8217;s a reason we went with Amazon.&#8221;
Photo by Joe Seer on Shutterstock
Check out more of&nbsp;Benzinga's&nbsp;Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/06/33040166/the-incredible-journey-of-mrbeast-youtubes-reigning-king">The Incredible Journey Of MrBeast: YouTube&#8217;s Reigning King</a>
Disclaimer:&nbsp;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.

AMZN

MrBeast Invites Billionaires To Collaborate On Philanthropy Projects For His YouTube Channel: 'I'd Love To Take Some Of Your Unfathomable Wealth...'

Following a rare and powerful geomagnetic storm, the Northern Lights are expected to be visible for a third consecutive night on Sunday, according to the National Oceanic and Atmospheric Administration&#8217;s Space Weather Prediction Center.
What Happened: The SWPC has forecasted that more &#8220;very fast moving coronal mass ejections will slam into Earth&#8217;s magnetic field&#8221; through Sunday night, <a href="https://thehill.com/homenews/nexstar_media_wire/4658924-map-will-you-see-the-northern-lights-again-on-sunday/">reported</a> The Hill. This will provide Americans with another opportunity to witness the Northern Lights.
The Northern Lights, also known as aurora borealis, were visible in Florida on Saturday, a rare occurrence caused by the G5 level geomagnetic storm. Such storms were last seen in 2005, resulting in Northern Lights displays as far south as California, Texas, and Florida. The SWPC has warned of potential G4 or greater strength storms on Sunday.
According to a <a href="https://edition.cnn.com/2024/05/11/us/northern-lights-how-to-watch/index.html">report</a> by CNN, New York City, Seattle, Washington, and Chicago are among the locations where the auroras could potentially be visible on Sunday.
See Also: <a href="https://www.benzinga.com/news/24/05/38752266/nikki-haley-said-to-be-wooing-more-top-donors-but-leaves-trump-support-up-in-the-air-for-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nikki Haley Said To Be Wooing More Top Donors But Leaves Trump Support Up In The Air For Now</a>
Why It Matters: The Northern Lights are a natural phenomenon caused by the interaction of solar winds and the Earth&#8217;s magnetic field. The current surge in solar activity is attributed to Solar Cycle 25, which was projected to peak this year. This cycle, lasting approximately 11 years, leads to the sun reversing its poles, generating geomagnetic storms on Earth.
The ongoing solar storm has been causing disruptions, with even SpaceX satellites being affected. SpaceX CEO Elon Musk <a href="https://www.benzinga.com/news/24/05/38774843/elon-musk-says-spacex-satellites-impacted-by-ongoing-solar-storm-but-holding-up-so-far">acknowledged the impact</a> of the solar storm on the company&#8217;s satellites, noting that the storm is the &#8220;biggest in a long time.&#8221; Despite the pressure, the satellites have been holding up so far.
The ongoing solar activity also carries the potential to impact the power grid and other infrastructure, although preparations have been made to mitigate any serious issues.
The SWPC has indicated that the aurora activity may continue into the coming week due to the sustained high solar activity. This could provide further opportunities for skywatchers to witness the Northern Lights.
Read Next: <a href="https://www.benzinga.com/news/24/05/38776258/tesla-ceo-elon-musk-draws-parallel-between-netflixs-decision-to-focus-on-streaming-over-renting-dvds?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Draws Parallel Between Netflix&#8217;s Decision To Focus On Streaming Over Renting DVDs To EV Maker Doubling Down On Vehicle Autonomy</a>
Image Via Shutterstock 
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SPACE

Northern Lights Visible In These Parts Of The US On Sunday Night After Rare Powerful Geomagnetic Storm

Billionaire and prominent television celebrity, Mark Cuban, highlighted a host of cryptocurrency benefits in response to a supposed critic of the asset class.&nbsp;&nbsp;
What Happened: James Love, Director of an NGO Knowledge Ecology International, posed a sardonic question on the utility of cryptocurrencies to Cuban. He asked, "Other than speculation, avoiding taxes and engaging in criminal activity, what is the utility of crypto?"
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Are you asking about cash or crypto ? For crypto: lower cost of capital transfers, immediate collateralized loans, store of value , tokenization of assets, application and retention of royalties to digital assets like books, real time, low cost insurance markets , cold storage… <a href="https://t.co/McAXGsfvIG">https://t.co/McAXGsfvIG</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1789668563759902805?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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Cuban detailed various benefits of digital assets, including minimal transaction fees, easily accessible credit, and insulation against theft.
"For crypto: lower cost of capital transfers, immediate collateralized loans, store of value , tokenization of assets, application and retention of royalties to digital assets like books,&nbsp; real time, low cost insurance markets , cold storage ownership of significant assets to protect against theft," the entrepreneur argued.&nbsp;
Regarding incidents like the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38699358/ftx-to-pay-back-customers-in-full-with-interest-as-it-amasses-billions-in-cash-this-is-jus">FTX collapse</a> which questioned the market's credibility, Cuban pinned it on the SEC.&nbsp;
"This is an institutional failure of the SEC, not a crypto issue," he asserted. "If the SEC has instituted audited collateral and segregation of funds requirements, we would not have seen FTX and others fail."
Why It Matters: Mark Cuban, one of the most influential voices in the crypto space, has advocated for clarity in legal frameworks governing digital assets.&nbsp;
Like most influencers, he has criticized the SEC&#8217;s overbearing approach to the matter, and blamed SEC Chair Gary Gensler for making it impossible for cryptocurrency companies to function in the United States.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If <a href="https://twitter.com/JoeBiden?ref_src=twsrc%5Etfw">@joebiden</a> loses, there is a good chance you will be able to thank <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw">@GaryGensler</a> and the <a href="https://twitter.com/NewYork_SEC?ref_src=twsrc%5Etfw">@NewYork_SEC</a> Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD All he has done is make it nearly impossible for… <a href="https://t.co/uBKupxLhS9">https://t.co/uBKupxLhS9</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1789037772050702824?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
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With an energetic <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38767596/decoding-donald-trumps-crypto-gambit">pro-crypto campaign</a> launched by former U.S. president and current Republican candidate, Donald Trump, many of the players in the space <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38765401/donald-trumps-crypto-endorsement-lauded-by-industry-figures-who-vow-to-support-president-t">have extended their unequivocal support</a> to the firebrand leader.
Photo: Courtesy of Gage Skidmore on Flicker
Price Action: At the time of writing, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading at $61,037, following a marginal 0.25% growth in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38780639/bitcoin-ethereum-dogecoin-trade-mixed-after-turbulent-week-analyst-says-king-crypto-can-ri">Bitcoin, Ethereum, Dogecoin Trade Mixed After Turbulent Week: Analyst Says King Crypto Can Rise To $76K Level If It Reclaims This Crucial Support</a>

Mark Cuban Schools Crypto Critic, Blames SEC For FTX-Like Events: 'This Is An Institutional Failure'

Tesla and SpaceX CEO Elon Musk, who acquired Twitter in <a href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next">October 2022 and subsequently</a> rebranded it as X, is now getting complaints about the lack of female-friendliness on his social media platform.
What Happened: Over the weekend, a user on X shared a video of Johnny McEntee, Donald Trump <a href="https://www.benzinga.com/general/politics/23/12/36055300/donald-trumps-next-employees-appointees-if-he-wins-2024-election-could-be-screened-with-question">loyalist and former staffer</a>, saying that he should start posting on X. This prompted a discussion about the platform&#8217;s female user base, or lack thereof.
One user pointed out that X&nbsp;needs video integration to make&nbsp;it easier to upload TikTok videos. In response, Ashley St Clair, a right-wing commentator and an X user, noted that the platform&#8217;s demographic is primarily male. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38695318/from-beginner-to-enthusiast-top-5-free-harvard-courses-to-spark-your-ai-journey-with-machine-learnin?itm_source=parsely-api">From Beginner To Enthusiast: Top 5 Free Harvard Courses To Spark Your AI Journey With Machine Learning, Python And More</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Also his demographic is primarily female. It's 70% men here.
&mdash; Ashley St. Clair (@stclairashley) <a href="https://twitter.com/stclairashley/status/1789780698280120531?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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At this point, a user shared that his wife and her&nbsp;sisters don&#8217;t find X appealing, while TikTok and Instagram are almost like addictions for them. &#8220;Something about X probably isn&#8217;t female friendly.&#8221;
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Clair also mentioned that the platform&#8217;s graphic and controversial content, as well as the lack of sensitivity settings, deter many women. &#8220;I tried getting my mom to use X more. Feeds for new users are incredibly graphic, controversial + off-putting,&#8221; she said. 
Adding, &#8220;Lots of women also deterred by lack sensitivity settings for their own comments. Women don't want a gladiator-free speech arena under their posts. Just how it is.&#8221;
Musk appeared to acknowledge all these concerns as he responded with a simple &#8220;Noted.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Noted
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1789804135094624708?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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Why It Matters: This discussion comes on the heels of a report that X is experiencing a surge in adult content, causing discomfort among its users. The platform&#8217;s lack of female-friendly features could further exacerbate this issue, potentially impacting user <a href="https://www.benzinga.com/general/entertainment/24/03/37942470/x-is-losing-users-and-struggling-to-attract-creators-according-to-new-data">engagement and retention</a>.
Meanwhile, Musk proudly highlighted the capability of <a href="https://www.benzinga.com/news/24/05/38754725/elon-musk-going-for-youtube-billionaire-now-wants-you-to-post-your-movies-tv-shows-and-podcasts-on-x">posting multiple hours-long videos</a> on the social media platform last week. He said, &#8220;Post your movies, TV series, or podcast on this platform and monetize by turning on subscriptions!&#8221;
The tech billionaire has been working toward transforming the social media platform into an &#8220;everything app,&#8221; that comes with functionalities like audio and video calls, photos and video sharing, transferring money, searching for jobs, and more.
Photo Courtesy: Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38720217/wedbush-analyst-dan-ives-says-the-world-is-in-early-stages-of-a-fourth-industrial-revolution-and-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wedbush Analyst Dan Ives Says The World Is In &#8216;Early Stages Of A Fourth Industrial Revolution&#8217; And It Is Led By Nvidia CEO Jensen Huang As &#8216;Godfather Of AI&#8217;</a>
Disclaimer:&nbsp;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.

Elon Musk's X Isn't Female Friendly: Tech Billionaire Takes Note As Users Complain About Algorithm Needing Some 'Serious Adjustments'

Chief Economic Advisor at Allianz, Mohamed El-Erian, has highlighted inflation as a major challenge for President Joe Biden&#8216;s potential reelection. This comes amid a recent poll showing that inflation fears are affecting Biden&#8217;s economic policy approval ratings.
What Happened: El-Erian took to social media platform X to share the findings of the latest FT-Michigan Ross <a href="https://www.ft.com/content/46c6cc07-ec71-4d8b-a630-9c39f5856b7c">poll</a>. The poll revealed that 80% of voters consider high prices to be one of their most significant financial challenges. 
This concern about inflation is impacting Biden&#8217;s economic policy approval ratings, with 58% of voters disapproving of his handling of the economy. This disapproval has increased from 55% the previous month.
El-Erian&#8217;s post also highlighted other financial concerns among voters. 49% of voters are worried about income levels, up from 45% in the previous poll, and 32% are concerned about housing costs, up from 27% in April.
El-Erian wrote citing the latest FT-Michigan Ross poll, "Joe Biden's re-election prospects are being dogged by persistent fears over <a href="https://twitter.com/hashtag/inflation?src=hashtag_click">#inflation</a>, with 80 per cent of voters saying high prices are one of their biggest financial challenges." 
"Aside from anxiety about inflation, the poll also found 49 per cent of voters are concerned about income levels, up from 45 per cent, and just under a third — 32 per cent — are worried about housing costs, compared to 27 per cent in April."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Per the latest FT-Michigan Ross poll: "Joe Biden's re-election prospects are being dogged by persistent fears over <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a>, with 80 per cent of voters saying high prices are one of their biggest financial challenges." "Aside from anxiety about inflation, the poll also found… <a href="https://t.co/7S04wPdRP5">pic.twitter.com/7S04wPdRP5</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1789663557077893538?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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These findings are a reversal of the recent gains Biden had made among voters regarding his handling of the U.S. economy. The poll results, which come less than six months before the presidential election, suggest that voters are still attributing high consumer prices to Biden without acknowledging the strong jobs market and booming economy.
March inflation stood at a 3.5% annual increase, while the Federal Reserve&#8217;s benchmark policy rate remains within the 5.25%-5.50% range since July.
See Also: <a href="https://www.benzinga.com/news/earnings/24/05/38756854/us-stocks-set-to-end-week-strong-with-with-s-p-500-eyeing-break-above-late-march-peak-analyst-says-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 Futures Climb Solidly: What&#8217;s Driving Premarket Action</a>
Why It Matters: The findings of the FT-Michigan Ross poll are significant as they indicate a potential shift in public opinion regarding Biden&#8217;s economic policies. This shift could have implications for the upcoming presidential election.
El-Erian&#8217;s concerns about inflation align with the broader economic landscape. The recent surge in inflation has led to fears of a potential economic downturn. This has prompted the Federal Reserve to consider rate hikes, a move that could impact the stock market. Investment strategist Ed Yardeni has even warned of a potential <a href="https://www.benzinga.com/news/24/05/38720656/feds-rate-cut-could-trigger-stock-market-melt-up-warns-investment-strategist">stock market &#8220;melt-up&#8221;</a> driven by rate cuts.
Despite these concerns, President Biden remains optimistic about the economy, attributing the persistently high inflation to <a href="https://www.benzinga.com/government/24/05/38724294/biden-says-hes-already-turned-economy-around-blames-corporate-greed-for-persistently-high-inflation">corporate greed</a>. Meanwhile, Goldman Sachs has pointed to the recent rebound in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38678379/immigration-rebound-helps-solve-us-inflation-puzzle-goldman-sachs">U.S. immigration levels</a> as a factor that has helped stabilize wages and inflation.
El-Erian has previously warned about the potential impact of the Federal Reserve&#8217;s data-dependent approach following the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38635916/el-erian-warns-feds-data-dependence-risks-global-market-havoc-that-is-what-weve-got">April U.S. jobs report</a>. He suggested that this approach could lead to further disruptions in global markets.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38743773/trumps-china-tariff-hikes-could-smother-us-economic-growth-fitch-ratings-sounds-ala?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s China Tariff Hikes Could Smother US Economic Growth: Fitch Ratings Sounds Alarm</a>
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Mohamed El-Erian Highlights Voter Concerns Over Inflation, Income, And Housing Costs In Latest Poll, Impacting Biden's Reelection Prospects

Leading cryptocurrencies remained range-bound over the weekend, with bears continuing to provide tough resistance to the market&#8217;s drive for sustained gains.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.24%</td>
<td>$61,759</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>+0.72%</td>
<td>$2,941.17</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>-1.06%</td>
<td>$0.1424</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin, the largest cryptocurrency by market cap, meandered in the $61,000 zone, after witnessing a sharp correction from $63,000 last Friday. The apex crypto finished last week with losses of more than 4%.&nbsp;
The sideways movement was reflected in the speculative interest for the coin, as Open Interest (OI) in Bitcoin futures saw a tepid 0.32% increase in the 24-hour period.
About $56 million in positions was wiped out in the last 24 hours, with nearly equal amounts of longs and shorts liquidated.
Ethereum and king of memecoins, Dogecoin, had a more difficult time, shedding 6% and 12% over the week.
The Cryptocurrency Fear &amp; Greed Index flashed "Greed" ahead of a new trading week, suggesting that investor sentiment remained unchanged from the last week.
Top Gainers (24 Hour)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Core (CORE)</td>
<td>+10.47%</td>
<td>$1.75</td>
</tr>
<tr>
<td>Arweave (AR)</td>
<td>+4.68%</td>
<td>$42.53</td>
</tr>
<tr>
<td>THORChain (RUNE)</td>
<td>+4.60%</td>
<td>$6.14</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stands at $2.27 trillion, expanding marginally by 0.6% over the past 24 hours.
Like the crypto market, stock market futures traded sideways on Sunday. The Dow Jones Industrial Average Futures fell 12 points, or 0.03%, as of 9 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dipped 0.02%, while Nasdaq 100 Futures added 0.03%.
Investors await the key April's consumer price index data on Wednesday for cues regarding the Federal Reserve's next moves. In addition, the market will look for insights from Fed Chair Jerome Powell and Fed Vice Chair Philip Jefferson&#8217;s speeches due this week.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Noted cryptocurrency analyst and trader, Ali Martinez flagged the importance of $64,290 as a support level for Bitcoin.&nbsp;
"If Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610," Martinez forecasted. "However, if it fails to surpass $64,290, BTC might retest support at $51,970."
<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">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> might retest support at $51,970. <a href="https://t.co/s4D1fTEU7k">pic.twitter.com/s4D1fTEU7k</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1789683591288394043?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Prominent on-chain analytics firm Santiment noted that the bearish sentiment in the market was high, as negative commentary on most coins trumped positive chatter.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4c9; With <a href="https://twitter.com/hashtag/bearish?src=hash&amp;ref_src=twsrc%5Etfw">#bearish</a> sentiment high, <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> markets have continued to slip over the past week. Overall, the market has dropped -3.6%, and volume is -27% lower than the previous week. <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TON</a>, <a href="https://twitter.com/search?q=%24KAS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$KAS</a>, <a href="https://twitter.com/search?q=%24RUNE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RUNE</a>, and <a href="https://twitter.com/search?q=%24AKT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AKT</a> have kept traders hopeful. <a href="https://t.co/E6b2DtmAxI">https://t.co/E6b2DtmAxI</a> <a href="https://t.co/VoiCJk1ymh">pic.twitter.com/VoiCJk1ymh</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1789822670650954057?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Fernando Cortes on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38767596/decoding-donald-trumps-crypto-gambit">Decoding Donald Trump&#8217;s Crypto Gambit</a>

Movers

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Trade Mixed After Turbulent Week: Analyst Says King Crypto Can Rise To $76K Level If It Reclaims This Crucial Support

To bolster China&#8217;s artificial intelligence sector, <a href="https://www.benzinga.com/startups/24/02/36939487/this-little-known-chinese-ai-startup-just-raised-200-million-from-alibaba-and-others-then-shot-to-th">renowned AI pioneer and founder</a> of Beijing-based startup — 01.AI — Kai-Fu Lee is launching the company&#8217;s first consumer AI application.
What Happened: The new app, named Wanzhi, is designed to enhance productivity for users in&nbsp;the Chinese market. It can&nbsp;assist with tasks such as creating spreadsheets, documents, and slide presentations, interpreting financial reports, and providing summaries of lengthy texts,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-05-13/ai-pioneer-kai-fu-lee-aims-to-bring-china-its-chatgpt-moment?srnd=technology-vp">reported</a>&nbsp;Bloomberg.
In an interview with the publication, Lee, 62, highlighted the necessity for China to develop its version of ChatGPT, the chatbot released by OpenAI in 2022. ChatGPT is <a href="https://www.benzinga.com/government/23/02/31022341/chinas-ban-on-openais-chatgpt-likely-to-serve-as-tailwinds-for-baidu-alibaba-report">currently prohibited in China</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38695318/from-beginner-to-enthusiast-top-5-free-harvard-courses-to-spark-your-ai-journey-with-machine-learnin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">From Beginner To Enthusiast: Top 5 Free Harvard Courses To Spark Your AI Journey With Machine Learning, Python And More</a>
&#8220;For Americans, the moment happened 17 months ago,&#8221; he said, adding, &#8220;China's users didn't have a ChatGPT moment. Until now, none of the Chinese chatbots or tools have been good enough.&#8221;
Lee, who previously worked with&nbsp;Apple Inc. and&nbsp;Alphabet Inc.&#8217;s Google, took over as CEO of&nbsp;01.AI last year. The startup, which reached a $1 billion valuation within eight months, is also introducing a proprietary large language model&nbsp;called Yi-Large, aimed at enterprise&nbsp;users.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The launch of Wanzhi is a significant move in China&#8217;s AI landscape, which has seen fierce competition and regulatory challenges. The country&#8217;s AI sector has been <a href="https://www.benzinga.com/news/24/05/38699497/us-mulls-over-regulations-to-restrict-chinas-access-to-advanced-ai-software-behind-apps-like-chatgpt">striving to catch up with U.S. firms</a>, which have been leading in generative AI.
Chinese tech giants like&nbsp;Baidu Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and&nbsp;ByteDance Ltd.&nbsp;have also been investing heavily in&nbsp;developing their own AI models&nbsp;and chatbot services. Last month, it was reported that Baidu&#8217;s AI chatbot, Ernie Bot, has&nbsp;<a href="https://www.benzinga.com/news/24/04/38263639/chatgpts-china-rival-ernie-bot-by-baidu-surpasses-200m-users-amid-fierce-competition">amassed over 200 million users</a>.
However, the sector has also faced challenges in the country. This includes the U.S. considering regulations to restrict China&#8217;s access to advanced AI software, and the <a href="https://www.benzinga.com/news/23/12/36270201/openai-suspends-tiktok-parent-bytedance-after-it-used-gpt-to-train-its-own-chatgpt-of-china">suspension of ByteDance</a> by OpenAI for using GPT to train its own competing AI model.
Photo Courtesy: Shutterstock.com
Check out more of&nbsp;Benzinga&#8217;s&nbsp;Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38759440/elon-musk-gets-another-vote-of-confidence-from-twitter-co-founder-jack-dorsey-elon-made-the-right-ch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gets Another Vote Of Confidence From Twitter Co-Founder Jack Dorsey: &#8216;Elon Made…The Right Choice&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

AAPL

BIDU

GOOGL

China Has Yet To Have Its 'ChatGPT Moment,' Says Billionaire Startup Founder Kai-Fu Lee Who Is Launching Consumer-Oriented AI App Wanzhi

Sen. JD Vance (R-Ohio) has pledged to recognize the results of the 2024 presidential election, on the condition that the election is held in a &#8216;free and fair&#8217; manner.
What Happened: Vance, who is seen as a potential vice presidential candidate, has reiterated the views of several other prospective running mates for former President Donald Trump. These individuals have shown a degree of hesitation in promising to accept the election results, reflecting Trump&#8217;s own position, who has continually spread unverified allegations about voter fraud and the 2020 election result, <a href="https://www.nbcnews.com/politics/2024-election/sen-jd-vance-says-accept-2024-results-election-free-fair-rcna151895">reported</a> NBC News.
&#8220;I fully intend to accept the results of 2024,&#8221; Vance declared to CNN&#8217;s Dana Bash, expressing his belief in Trump&#8217;s potential win. &#8220;If it&#8217;s a free and fair election, Dana, I think every Republican will enthusiastically accept the results,&#8221; Vance further stated.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>
However, Vance underscored the need to address any perceived &#8220;problems&#8221; with elections. &#8220;If you think there were problems, you have to be willing to pursue those problems and try to prosecute the case,&#8221; he said.
Other potential running mates, such as Sen. Tim Scott (R-S.C.) and Rep. Elise Stefanik (R-N.Y.), have been less decisive about accepting the election results. President Joe Biden has regularly criticized Trump&#8217;s denial of election results and his VP hopefuls.
Why It Matters: As reported in a <a href="https://www.benzinga.com/news/24/05/38719612/biden-isnt-convinced-trump-will-accept-outcome-of-2024-election-says-world-leaders-rooting-for-his-v">Benzinga article</a> from May 2024, President Biden has previously expressed concerns about Trump's <a href="https://www.benzinga.com/news/24/05/38719612/biden-isnt-convinced-trump-will-accept-outcome-of-2024-election-says-world-leaders-rooting-for-his-v">potential refusal</a> to acknowledge the election results. He stated, "He may not accept the outcome of the election. I promise you he won't, which is dangerous." 
Biden also revealed that a significant number of international allies are rooting for his re-election, further highlighting the global significance of the forthcoming US election.
Read Next: <a href="https://www.benzinga.com/news/24/05/38776670/the-disparate-treatment-of-trumps-fake-electors-is-a-serious-concern-says-legal-expert-its-so-unusua?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Disparate Treatment Of Trump&#8217;s Fake Electors Is A Serious Concern, Says Legal Expert: &#8216;It&#8217;s So Unusual To Have This Situation&#8217;</a>
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 Benzinga Neuro, Edited by 
 
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Politics

General

Potential Trump VP Contender JD Vance Ready To Accept 2024 Election Results As Long As They Are 'Free And Fair'

Mark Penn, a former senior advisor to the Clintons, voiced his criticisms of President Joe Biden&#8217;s current campaign strategy, suggesting that it could potentially jeopardize his chances in the upcoming election.
What Happened: Penn, who served as an advisor to the Clintons from 1995 to 2008 and is now at the helm of the Harris Poll, expressed his concerns in an <a href="https://www.nytimes.com/2024/05/12/opinion/joe-biden-swing-voters.html?smid=nytcore-ios-share&amp;referringSource=articleShare&amp;sgrp=c-cb">op-ed</a> published in The New York Times on Sunday. He criticized Biden&#8217;s strategy of catering to the left wing of the Democratic Party and overlooking independent voters, a move he believes could prove harmful for Biden&#8217;s re-election bid, as <a href="https://thehill.com/homenews/campaign/4659263-clinton-advisor-says-biden-campaign-doing-it-all-wrong/">reported</a> by The Hill.
Penn penned, &#8220;If Mr. Biden wants to serve another four years, he has to stop being dragged to the left and chart a different course closer to the center.&#8221; He underscored the significance of bipartisan compromises, fiscal discipline, and a strong America.
He also implied that Biden is behaving like a &#8220;scared candidate,&#8221; focusing on appeasing his left-leaning base rather than attracting new voters. Penn contended that Biden&#8217;s path to victory lies in appealing to the moderate Republican base, specifically former U.N. Ambassador Nikki Haley&#8217;s supporters.
Penn further advised Biden to revamp his policy platform to align more closely with what he believes moderates want, including being tough on crime and immigration, supporting Israel, and backing off key promises related to combating climate change.
See Also: <a href="https://www.benzinga.com/news/24/05/38776670/the-disparate-treatment-of-trumps-fake-electors-is-a-serious-concern-says-legal-expert-its-so-unusua?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Disparate Treatment Of Trump&#8217;s Fake Electors Is A Serious Concern, Says Legal Expert: &#8216;It&#8217;s So Unusual To Have This Situation&#8217;</a>
Why It Matters: The 2024 elections are shaping up to be a <a href="https://www.benzinga.com/general/politics/24/05/38718471/trump-vs-biden-2024-election-poll-shows-tie-broken-which-candidate-gains-support-from-his-party-">close race</a> between Biden and Trump. Despite some key swing state voters giving Biden a <a href="https://www.benzinga.com/news/24/05/38753402/biden-vs-trump-key-swing-state-voters-give-big-lead-to-one-candidate-despite-ranking-him-down-on-cri">substantial lead</a> over Trump. 
Penn&#8217;s criticisms highlight potential weaknesses in Biden&#8217;s current strategy. Recently, former Secretary of State Hillary Clinton has warned of a more <a href="https://www.benzinga.com/news/24/04/38539846/hillary-clinton-on-another-trump-presidency-it-wouldnt-be-as-bad-as-it-was-last-time-it-would-be">severe Donald Trump presidency</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38750997/trumps-son-in-law-back-in-political-arena-jared-kushner-reportedly-making-calls-to-potential-donors?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Son-In-Law Back In Political Arena? Jared Kushner Reportedly Making Calls To Potential Donors To Attend Ex-President&#8217;s New York Fundraiser For 2024 Run</a>
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Clinton Advisor Slams Biden's Campaign Strategy Ahead Of 2024 Elections: He Is Like A 'Scared Candidate'

Former Republican congressman David Jolly has criticized independent presidential candidate Robert F. Kennedy Jr., labeling him a &#8216;MAGA crazy Republican&#8217;. Jolly&#8217;s comments suggest that Kennedy&#8217;s controversial stances could potentially draw votes away from the GOP in the upcoming November elections.
What Happened: On Sunday, Jolly, who served in the House as a Republican but later left the party, made these remarks during an interview with MSNBC host Jonathan Capehart. He suggested that Kennedy&#8217;s controversial stances, including denying science and flip-flopping on the issue of abortion, could lead to him drawing votes away from the GOP, <a href="https://thehill.com/homenews/campaign/4659397-ex-republican-congressman-calls-rfk-jr-a-maga-crazy-republican-who-will-take-votes-away-from-gop-trump/">reported</a> The Hill.
&#8220;I still think RFK Jr. could take more from Republican, and I think that's why Donald Trump's attacking him,&#8221; said Jolly, according to the report.
Kennedy, who switched from the Democratic party to run as an independent last fall, faced backlash after expressing his opposition to government limits on abortion, even if they&#8217;re full term. He later attempted to clarify his stance, stating that abortion should be legal up until a certain number of weeks, and restricted thereafter.
Jolly also referenced a recent statement by Kennedy about a past health issue, where he claimed that a parasite had eaten part of his brain. Jolly suggested that such statements could impact Kennedy&#8217;s standing in key states crucial for a Biden victory in November.
Political strategists are divided on whether Kennedy&#8217;s candidacy will be more damaging to President Joe Biden or to Trump in the upcoming polls. While some Republicans believe Kennedy will draw votes away from Biden, others, like Democratic strategist James Carville, believe he could take votes away from Trump.
See Also: <a href="https://www.benzinga.com/news/24/05/38779447/biden-vs-trump-matchup-in-this-traditionally-red-state-shows-republican-partys-lead-could-shrink-due?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup In This Traditionally Red State Shows Republican Party&#8217;s Lead Could Shrink Due To This Factor</a>
Why It Matters: This month, Kennedy <a href="https://www.benzinga.com/news/24/05/38572185/robert-f-kennedy-jr-says-hes-the-one-that-can-beat-trump-urges-biden-to-drop-out-we-only-have-one-ch">urged President Biden to step down</a> from the presidential race, claiming he was the only candidate who could defeat Trump.
Interestingly, an <a href="https://www.benzinga.com/news/24/04/38349825/trumps-voters-enamored-with-robert-kennedy-jr-not-bidens-shows-latest-poll">NBC News poll</a> in April revealed that Kennedy was drawing more support from Trump voters than Biden&#8217;s. This, coupled with Trump&#8217;s dismissal of Kennedy as a &#8216;not a serious candidate&#8217;, has added a new dynamic to the upcoming elections.
Photo courtesy: Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>\
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Robert Kennedy Jr. A 'MAGA Crazy Republican' Who Could Draw Votes Away From GOP, Says Former Congressman: 'That's Why Donald Trump Is 'Attacking' Him

Donald Trump reportedly stirred controversy at a political rally in Wildwood, New Jersey on Saturday, when he praised the fictional serial killer Hannibal Lecter as a &#8220;wonderful man.&#8221;
What Happened: The rally, which saw an estimated 80,000 supporters, was part of Trump&#8217;s ongoing challenge to President Joe Biden&#8217;s re-election bid. Trump&#8217;s admiration for Lecter, a character from the film &#8220;Silence of the Lambs&#8221;, was followed by disparaging remarks about undocumented immigrants, <a href="https://www.theguardian.com/us-news/article/2024/may/12/trump-rally-speech-hannibal-lecter">reported</a> The Guardian.
Trump also reiterated his admiration for Lecter, previously expressed after actor Mads Mikkelsen, who portrayed Lecter in a television series, described Trump as &#8220;a fresh wind for some people&#8221;.
Trump&#8217;s speech also included exaggerated claims about his legal troubles, comparing himself to notorious mob boss Alphonse Capone. The ex-president claimed to have been &#8220;indicted more than the great Alphonse Capone.&#8221; Trump, who has faced more than 80 criminal charges since spring 2023, dismissed the charges as &#8220;bullshit&#8221;, sparking chants from the crowd.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>
Despite the large turnout, a reporter for the Philadelphia Inquirer noted that the crowd began to thin as Trump continued his speech. The rally was dismissed by Democrats, with Rep. Mikie Sherrill (D-N.J.) stating that &#8220;Jersey is not going to be a welcoming place for Trump&#8221;.
Why It Matters: Trump&#8217;s controversial remarks come in the backdrop of his ongoing legal troubles. He has been facing a criminal trial for allegedly falsifying business records for a <a href="https://www.benzinga.com/general/politics/24/05/38771094/trump-lashes-out-at-fake-hush-money-criminal-trial-ahead-of-michael-cohens-monday-testimony-id-b">hush money payment</a> made to adult actress Stormy Daniels.
Trump has <a href="https://www.benzinga.com/news/24/05/38779364/donald-trump-dismisses-hush-money-case-as-sham-accuses-joe-biden-of-heading-a-gestapo-administration">dismissed his hush money case</a> as a &#8220;sham&#8221; and attributed his legal troubles to Biden. He has also criticized the <a href="https://www.benzinga.com/news/24/05/38775034/trump-slams-judges-gag-order-on-his-former-lawyer-as-a-disgrace-what-he-just-did-now-is-a-joke">gag order</a> imposed on his ex-lawyer Michael Cohen by Judge Juan Merchan in the ongoing trial, branding it a "joke" and a "disgrace."
Photo Courtesy: Shutterstock.com
Read Next: <a href="https://www.benzinga.com/news/24/05/38776647/elon-musk-berates-gavin-newsom-after-california-governor-discloses-plans-to-cut-10-000-vacant-state?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Berates Gavin Newsom After California Governor Discloses Plans To Cut 10,000 Vacant State Jobs</a>
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