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Pierre Ferragu, an analyst at New Street Research, shared a video where&nbsp;Richard Bowles, the regional sales&nbsp;director for Southeast Asia at&nbsp;Arianespace, had dismissed&nbsp;SpaceX&nbsp;as a mere dream seller in the space industry.
What Happened: The 2013 video shared by Ferragu features Bowles downplaying SpaceX&#8217;s ambitions, stating that the company was primarily selling a dream. 
He expressed skepticism about SpaceX&#8217;s&nbsp;vision of building reusable rockets&nbsp;and launching 100 times a year — goals that seemed unattainable at the time.
While sharing the video, Ferragu drew parallels between the dismissal of SpaceX and the underestimation of innovators like Nokia and BlackBerry, warning companies not to underestimate underdog innovators.
&#8220;The arrogance of the disrupted incumbent. Reminds me [of] discussions with the management of Nokia, of BlackBerry, of Ericsson, and many others. Not so long ago with an Inmarsat executive, about Starlink…,&#8221; he stated.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The arrogance of the disrupted incumbent. Reminds me discussions with the management of Nokia, of BlackBerry, of Ericsson, and many others. Not so long ago with an Inmarsat executive, about Starlink… <a href="https://t.co/VvdqGeFBkp">https://t.co/VvdqGeFBkp</a>
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1845538068943827295?ref_src=twsrc%5Etfw">October 13, 2024</a></blockquote>
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See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41301420/end-of-an-era-apples-16-year-old-accessory-is-out-of-stock-worldwide?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">End Of An Era? Apple&#8217;s 16-year-Old Accessory Is Out Of Stock Worldwide</a>
Why It Matters: Founded in 2002, SpaceX&#8217;s first launch in 2006 failed, but by late 2008, after two more attempts, it <a href="https://www.benzinga.com/news/23/06/32911843/i-didnt-start-out-wanting-to-do-rockets-says-elon-musk-on-spacex-origin">achieved success</a>.
Last year, SpaceX completed 96 launches, a 57% year-over-year increase, excluding two Starship test flights. Launches grew from 26 in 2020 to 31 in 2021, and 61 in 2022.
By mid-2024, SpaceX had <a href="https://www.benzinga.com/news/24/07/39612042/elon-musks-spacex-launches-67-missions-in-first-half-of-2024-trailing-own-targets">already completed 67 missions</a> and is on track for 144 launches by year-end, <a href="https://www.benzinga.com/news/24/08/40428050/elon-musks-spacex-hits-new-milestone-375th-mission-completed-since-first-successful-launch-16-years">averaging twelve per month</a>.
Last year, <a href="https://www.benzinga.com/news/23/10/35368814/elon-musks-spacex-breaks-ground-in-europe-wins-key-satellite-launch-deal">SpaceX brokered an agreement</a> with the European Space Agency after it faced delays in its Ariane rocket programs. Musk&#8217;s company acquired several European missions that were originally assigned to Arianespace, a key competitor in the space industry.
Meanwhile, Nokia and BlackBerry had a different trajectory.
Nokia dominated the mobile phone market, holding a significant percentage of the global market share by 2007.
However, its decline started when it failed to anticipate the smartphone and app-driven ecosystem shift introduced by Apple's iPhone the same year.
Similarly, BlackBerry, formerly Research In Motion, was initially successful due to its secure email services and physical keyboard design, appealing primarily to business users.
However, after the iPhone&#8217;s release, BlackBerry&#8217;s leadership failed to recognize the potential of touchscreens and app ecosystems.
Photo Courtesy: Shutterstock
Check out more of Benzinga'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:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41301870/elon-musks-x-reaches-agreement-with-unilever-drops-it-from-ad-boycott-lawsuit-first-part-of-the-ecos?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s X Reaches Agreement With Unilever, Drops It From Ad Boycott Lawsuit: &#8216;First Part Of The Ecosystem-Wide Solution&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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Elon Musk's SpaceX Was Once Called A Dream Seller By This Potent Rival, Now Pierre Ferragu Warns Companies Never To Underestimate Underdog Innovators Like Nokia And BlackBerry Did

Coinbase CEO Brian Armstrong marveled at Elon Musk&#8217;s vision and scientific prowess after SpaceX&#8217;s historic ‘Chopsticks' catch of the Starship booster.
What Happened: Armstrong took to X to express his thoughts on Musk&#8217;s efficiency, saying &#8220;Someone should do a rigorous (Jim Collins, Good To Great, level) study on how Elon Musk gets so much done.&#8221;
The cryptocurrency mogul stated that many theories have circulated on what he considered an &#8220;important question for civilizational progress,&#8221; although they may be incomplete or inaccurate.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41299293/michael-saylor-reveals-microstrategys-endgame-is-to-be-the-leading-bitcoin-bank-with-100b-">Michael Saylor Reveals MicroStrategy&#8217;s Endgame Is To Be The &#8216;Leading Bitcoin Bank&#8217; With $100B-$150B In BTC Holdings</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Someone should do a rigorous (Jim Collins, Good To Great, level) study on how <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> gets so much done. Lots of theories on this, I suspect most of them incomplete or totally inaccurate. Important question for civilizational progress.
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1845604837074907539?ref_src=twsrc%5Etfw">October 13, 2024</a></blockquote>
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Why It Matters: Armstrong&#8217;s call for a study came after the space transportation giant successfully completed its fifth major test flight of the Starship rocket, which included a <a href="https://www.benzinga.com/news/24/10/41305295/spacex-notches-another-milestone-with-first-booster-catch">first-of-its-kind "catch" of the booster back at the launch tower</a>. 
The historic accomplishment was also lauded by former President Donald Trump who said, &#8220;I never saw anything like it.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Donald Trump on today&#39;s Starship Launch: <a href="https://t.co/4ecaVHLQU3">pic.twitter.com/4ecaVHLQU3</a>
&mdash; DogeDesigner (@cb_doge) <a href="https://twitter.com/cb_doge/status/1845585427614286130?ref_src=twsrc%5Etfw">October 13, 2024</a></blockquote>
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The milestone came just three days after one of Musk&#8217;s tech companies, Tesla, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41285163/tesla-themed-coins-spike-after-ev-giant-unveils-cybercab-robotaxi-why-you-should-be-carefu" target="_blank" rel="noreferrer noopener">unveiled its dedicated two-seater robotaxi product</a>, Cybercab. 
Image via Flickr/ TechCrunch
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41306653/anthony-scaramucci-praises-trump-for-shifting-the-crypto-debate-hes-now-forced-the-democra">Anthony Scaramucci Praises Trump For Shifting The Crypto Debate: &#8216;He&#8217;s Now Forced The Democrats To Come Back Into The Middle&#8217;</a></li>
</ul>
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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

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

Cryptocurrency

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Coinbase CEO Brian Armstrong Wants To Know How Elon Musk Gets So Much Done — Wants An In-Depth Study Done After SpaceX Starship Booster Success, 'CyberCab' Unveil

Cryptocurrencies referencing Elon Musk's SpaceX and its Starship rocket surged after the space transportation giant's historic engineering feat Sunday.
What happened: Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based coin, SpaceX, popped 216% in the last 24 hours, <a href="https://coinmarketcap.com/dexscan/solana/Bt19dk2nh8j6CyAFd7AfLyb69kMRWwxf48ceNhbaBDoi/">according </a>to CoinMarketCap. The coin, which traded on the decentralized exchange (DEX) Raydium, saw its market valuation soar to $330,860.
Another coin of the same name on BNB Chain (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>)-based DEX PancakeSwap (CRYPTP: CAKE) <a href="https://coinmarketcap.com/dexscan/bsc/0xb49e7931a25e5995a80ad375951af0ac0d016d94/">exploded </a>by a whopping 5824%.&nbsp;
Note that the aforementioned coins are not affiliated with the company or approved by Musk; rather, they attempt to capitalize on the hype around the brand.
Additionally, most of these cryptocurrencies have very low liquidity and are not traded on major centralized cryptocurrency exchanges like Binance.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41306653/anthony-scaramucci-praises-trump-for-shifting-the-crypto-debate-hes-now-forced-the-democra">Anthony Scaramucci Praises Trump For Shifting The Crypto Debate: &#8216;He&#8217;s Now Forced The Democrats To Come Back Into The Middle&#8217;</a>
Why It Matters: The rally followed a landmark achievement by the company after its Starship rocket successfully completed its fifth major test flight, <a href="https://www.benzinga.com/news/24/10/41305295/spacex-notches-another-milestone-with-first-booster-catch">including a first-of-its-kind "catch" of the booster</a> back at the launch tower.
The recovery of Starship&#8217;s booster after launch is a pivotal step for SpaceX as it gears up the rocket for commercial operations. The vehicle plays a key role in CEO Musk‘s ambitious plans of sending humans to the moon and Mars.
The engineering milestone came just three days after one of Musk's tech companies, Tesla, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41285163/tesla-themed-coins-spike-after-ev-giant-unveils-cybercab-robotaxi-why-you-should-be-carefu">unveiled its dedicated two-seater robotaxi product</a>, Cybercab.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41299293/michael-saylor-reveals-microstrategys-endgame-is-to-be-the-leading-bitcoin-bank-with-100b-">Michael Saylor Reveals MicroStrategy&#8217;s Endgame Is To Be The &#8216;Leading Bitcoin Bank&#8217; With $100B-$150B In BTC Holdings</a></li>
</ul>

$BNB

$SOL

CAKE

Elon Musk-Led SpaceX Executes Successful 'Chopsticks' Catch of Starship Booster, Copycat Crypto Tokens Skyrocket

The U.S. Department of Justice has urged a federal appeals court to maintain the nationwide ban on cannabis, defending Congress's broad authority to regulate the substance despite its legalization in many states. 
In a brief filed last Thursday with the U.S. Court of Appeals for the First Circuit, government lawyers argued that the Controlled Substances Act (CSA) should be upheld, citing Supreme Court precedent that grants Congress the power to regulate marijuana under the Commerce Clause, <a href="https://www.greenmarketreport.com/feds-stand-firm-on-nationwide-cannabis-prohibition-in-appeals-court/">reported</a> Green Market Report.
The case, spearheaded by Massachusetts-based retailer Canna Provisions Inc. and supported by companies like Verano Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), aims to overturn the federal marijuana ban. 
The plaintiffs are aiming to <a href="https://www.benzinga.com/markets/cannabis/24/09/40823104/cannabis-companies-fight-federal-court-dismissal-on-prohibition-lawsuit-heading-to-next-legal-st">revive a lawsuit </a>that was dismissed in July. U.S. District Judge Mark Mastroianni ruled that lower courts must follow the Supreme Court's 2005 decision in Gonzales v. Raich, which upheld federal prohibition unless the Court itself overturned the ruling.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/04/38281470/the-court-case-that-could-change-the-cannabis-industry-forever-and-how-it-affects-rescheduling">The Court Case That Could Change The Cannabis Industry Forever And How It Affects Rescheduling</a>
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Famous Attorney Leads The Case</h3>
The plaintiffs, represented by attorney David Boies, argue that federal prohibition is no longer justified due to widespread state-level legalization and evolving federal enforcement policies. <a href="https://www.benzinga.com/markets/cannabis/24/04/38281470/the-court-case-that-could-change-the-cannabis-industry-forever-and-how-it-affects-rescheduling">Boies</a> is an expert in constitutional law and is renowned for his role in groundbreaking legal battles, like legal same-sex marriage and the antitrust case against Microsoft.
Boies is contending that the shifts in <a href="https://www.benzinga.com/topic/legal-cannabis">cannabis regulation</a> and the nation's history of cannabis use, necessitate a reexamination of the federal ban. If he were to win the case, this would immediately impact the status of cannabis at a federal level.
This legal battle coincides with the Biden administration&#8217;s ongoing review of cannabis rescheduling, another one of the three <a href="https://www.benzinga.com/markets/cannabis/24/04/38416745/three-pathways-to-federal-cannabis-legalization-that-investors-are-watching-closely">paths forward</a> for cannabis legalization.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/04/38416745/three-pathways-to-federal-cannabis-legalization-that-investors-are-watching-closely">Three Pathways To Federal Cannabis Legalization That Investors Are Watching Closely</a></li>
</ul>
Cover: AI-generated image

Cannabis

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VRNOF

Justice Dept. Urges Court To Uphold Federal Cannabis Ban In High-Profile Case

Gary Black, managing partner at&nbsp;Future Fund LLC, has expressed doubts about the potential of&nbsp;Tesla Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) proposed <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41298220/uber-analysts-unfazed-by-teslas-cybercab-reveal-eye-stronger-av-position">autonomous &#8220;Cybercab&#8221; service</a> to outperform Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>).
What Happened: On Sunday, a social media user on X, formerly Twitter, argued that Tesla&#8217;s Cybercab could significantly undercut Uber&#8217;s cost per mile by eliminating the need for a driver.
&#8220;Uber has a bigger network in the beginning but no moat is big enough to defend the $1/mile diff in pricing,&#8221; the user said.
However, Black disagreed with this view, stating that Tesla&#8217;s autonomous vehicles are not yet capable of performing with near-perfect reliability.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Stock Falls Nearly 3% In Overnight Trading On Robinhood After Self-Driving Cybercab Unveil</a>
He estimated&nbsp;that Tesla's autonomous driving systems&nbsp;are currently at 97% efficacy, implying that human intervention is still required&nbsp;for the remaining 3% of&nbsp;driving situations.
&#8220;Many $UBER bears seem to forget that $TSLA Cybercab can't drive at 99.99% efficacy (more like 97%), so can't eliminate the driver cost. Maybe by 2027,&#8221; he stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Many <a href="https://twitter.com/search?q=%24UBER&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$UBER</a> bears seem to forget that <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> Cybercab can't drive at 99.99% efficacy (more like 97%), so can't eliminate the driver cost. Maybe by 2027? <a href="https://t.co/5wBQTIaCNw">https://t.co/5wBQTIaCNw</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1845643682906575110?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
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Why It Matters: Tesla&#8217;s Cybercab, unveiled at the "We, Robot" event last week, was touted as a cost-competitive alternative to existing ride-hailing services.
The autonomous vehicle, <a href="https://www.benzinga.com/markets/equities/24/10/41289653/tesla-stock-poised-to-pullback-to-1-month-low-whats-going-on">priced under $30,000</a>, left event participants awestruck with its butterfly wings that opened upwards.
Despite the impressive design and cost advantage, analysts expressed <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41286875/tesla-analysts-rave-over-cybercabs-design-cost-advantage-but-production-timeline-sp">concerns about the production timeline</a>, hinting at a start date of sometime in 2026 or 2027 at the least.
Meanwhile, Uber has been making strides in its transition to electric vehicles. The company has pledged $800 million to aid its drivers in transitioning to EVs by 2040 and is launching an AI assistant to<a href="https://www.benzinga.com/news/24/10/41224956/uber-launches-openais-chatgpt-based-driver-assistant-to-support-transition-to-evs"> help with EV-related queries</a>.
Uber&#8217;s CEO Dara Khosrowshahi has also announced measures to <a href="https://www.benzinga.com/news/24/10/41265000/uber-announces-measures-to-ramp-up-electrification-of-its-fleet-ahead-of-teslas-robotaxi-unveil">ramp up the electrification</a> of its fleet.
In September 2024, Uber and Waymo by Google parent Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) also <a href="https://www.benzinga.com/markets/equities/24/09/40855784/uber-stock-spikes-as-ceo-praises-waymos-fully-autonomous-trips">announced a partnership</a> to bring autonomous ride-hailing to Austin and Atlanta.
Waymo is an autonomous driving technology firm that at the time had already provided more than two million rider-only trips across 13+ states in the U.S.
Following the CyberCab&nbsp;and&nbsp;RoboVan reveal, the consensus among Uber analysts is that while Tesla&#8217;s ambitions in the autonomous vehicle space are certainly bold, they pose little immediate competitive threat.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41289653/tesla-stock-poised-to-pullback-to-1-month-low-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Stock Poised To Pullback To 1-Month Low: What&#8217;s Going On?</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

GOOG

GOOGL

TSLA

UBER

Tesla Cybercab Vs Uber: Can Elon Musk's Robotaxi Fleet Really Make A Dent, Gary Black Says Not So Fast

Anthony Scaramucci,&nbsp;&nbsp;CEO of&nbsp;SkyBridge Capital, applauded former President Donald Trump for shifting the discourse around cryptocurrency. 
What Happened: In an interview with cryptocurrency influencer Scott Melker on The Wolf Of All Streets podcast, Scaramucci acknowledged Trump&#8217;s political instincts and his ability to force Democrats to reconsider their stance on cryptocurrencies.
&#8220;Don&#8217;t want [Trump] to be president again but he&#8217;s got very good political instincts, and by moving the discourse he&#8217;s now forced the Democrats to come back into the middle,&#8221; the Democratic-leaning pro-cryptocurrency advocate said. &#8220;I think that will bode well for the industry.&#8221;
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41306513/bitcoin-ethereum-dogecoin-fall-amid-uncertainty-over-potential-sell-off-by-us-government-a">Bitcoin, Ethereum, Dogecoin Fall Amid Uncertainty Over Potential Sell-Off By US Government: Analyst Anticipates Upside To $63.5K-$65K For King Crypto After Initial Shakeout</a>
Scaramucci referred to the Stand With Crypto Alliance&#8217;s Purple Bus tour in swing states to generate support from single-issue voters and argued that such a campaign would favor Trump.
&#8220;I think it&#8217;s a mistake that the Democrats haven&#8217;t moved and haven&#8217;t outwardly moved but I think they will,&#8221; the former White House Communications Director hoped.
Why It Matters: Scaramucci&#8217;s comments come in the context of a broader discussion on the political landscape of cryptocurrency and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
The ongoing election season has witnessed a considerable increase in emphasis on cryptocurrencies and blockchains, owing largely to Trump's&nbsp;promise&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done" target="_blank" rel="noreferrer noopener">to implement various cryptocurrency-friendly policies&nbsp;</a>if elected.
Although late to the party, Harris also <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41037763/kamala-harris-strengthens-crypto-stance-the-us-will-remain-dominant-in-ai-and-quantum-comp">began to pander to the cryptocurrency demographic</a>, vowing active support for emerging technologies like blockchain
As of this writing, the odds of Trump <a href="https://polymarket.com/">winning </a>the election were 54% on the cryptocurrency-based prediction market Polymarket. 
What&#8217;s Next: Anthony Scaramucci and other industry experts like Caitlin Long and Jan van Eck will discuss the impact of the incoming administration on digital asset policy at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.
Photo by World Economic Forum on Flickr
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41303639/donald-trump-says-his-crypto-project-world-liberty-financial-will-start-selling-tokens-on-">Donald Trump Says His Crypto Project World Liberty Financial Will Start Selling Tokens On Tuesday</a></li>
</ul>

$BTC

Anthony Scaramucci Praises Trump For Shifting The Crypto Debate: 'He's Now Forced The Democrats To Come Back Into The Middle'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly ramping up its efforts to compete with Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). The iPhone maker's discounted version of the <a href="https://www.benzinga.com/news/23/11/35996684/apples-rumored-low-cost-vision-pro-variant-to-slash-production-costs-by-half-report">first-generation mixed-reality</a> headset, Vision Pro, could be ready by next year.
What Happened: Over the weekend, in his latest &#8220;Power On&#8221; newsletter Bloomberg columnist Mark Gurman reported that Apple&#8217;s Vision Pro team is working on at least four new devices that <a href="https://www.benzinga.com/news/23/06/32736149/is-apples-vision-pro-headset-worth-it-top-tech-reviewer-gives-honest-review">address current criticisms</a>.
Apple's headset faces issues such as heavy weight, expensive price tag, and sometimes too hot to touch.
According to Gurman, Cupertino's new devices include a low-cost headset expected to launch next year and a second-generation Vision Pro set to release in 2026.
Priced at around $2,000, the low-cost variant of Vision Pro is anticipated to double the unit sales of the product.
See Also: <a href="https://www.benzinga.com/news/24/10/41196932/legendary-apple-co-founder-steve-jobs-once-said-being-the-richest-man-in-the-cemetery-doesnt-matter?itm_source=parsely-api">Legendary Apple Co-Founder Steve Jobs Once Said, &#8216;Being The Richest Man In The Cemetery Doesn&#8217;t Matter To Me:&#8217; Maybe That&#8217;s Why His Impact Transcends Financial Success For iPhone-Maker And Beyond</a>
Moreover, Apple is also considering launching smart glasses to compete with Meta&#8217;s Ray-Bans and AirPods equipped with cameras by 2027, the analyst stated.
&#8220;The bigger problem for Apple right now is that it's not getting new technology out the door quickly enough,&#8221; Gurman noted, adding, &#8220;It's [Apple] no longer the leader in several critical new technologies, and that's scary.&#8221;
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: While Apple is struggling, Mark Zuckerberg&#8217;s Meta has seen success with its affordable and lightweight Ray-Ban smart glasses.
Last month, Meta also <a href="https://www.benzinga.com/news/24/09/41032461/meta-unveils-new-ai-features-quest-3s-llama-3-2-holographic-orion-glasses-at-connect-2024-we-are-get">unveiled new AI features and holographic</a> Orion glasses, which Zuckerberg described as the first-ever full holographic augmented reality glasses.
Earlier it was also reported that Oculus founder Palmer Luckey and Meta <a href="https://www.benzinga.com/news/24/10/41269578/mark-zuckerbergs-meta-and-oculus-founder-palmer-luckey-mend-fences-the-people-responsible-arent-even">might be mending fences</a>, which could lead to innovations. Both Zuckerberg and Luckey have suggested their openness to work again.
Meanwhile, Apple previously also <a href="https://www.benzinga.com/news/24/06/39470144/apple-reportedly-said-no-to-metas-offer-for-iphone-ai-integration-due-to-privacy-policy-concerns">rejected a proposal</a> from Meta to integrate its AI chatbot, Llama, into the iPhone, citing privacy concerns.
Image via IIIARKED on Shutterstock
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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Apple's Low-Cost Vision Pro Could Hit The Shelves Next Year — Everything You Need To Know About iPhone Maker's Plan To Challenge Meta

Leading cryptocurrencies slipped Sunday as worries over high inflation and the U.S. government's potential Bitcoin liquidation weighed on the market.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:45 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-1.09%</td>
<td>$62,567.27</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.13%</td>
<td>$2,454.49</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.18%</td>
<td>$0.1106</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin fell below $63,000, reaching a low of $62,045 in the early hours before recovering in the evening.&nbsp;&nbsp;
Ethereum wobbled in the $2,400 region as the bulls faced stern resistance in their attempt to breach $2,500.
Ethereum's year-to-date gains have narrowed to 7.77%, thanks to a multi-month downtrend since hitting nearly $3,900 in late May.
Concerns have mounted after the Supreme Court declined to hear a case challenging the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41243108/peter-schiff-encourages-microstrategy-founder-micheal-saylor-to-borrow-another-4-3b-to-buy">government's ownership of the Bitcoin seized from the dark web marketplace Silk Road</a>, clearing the door for liquidations of up to 69,370 BTC.
Total cryptocurrency liquidations exceeded $100 million in the last 24 hours, while Bitcoin's Open Interest dropped 0.38%.
Bitcoin's Long/Short Ratio declined further as traders placing bearish bets on the leading cryptocurrency surged vis-à-vis those gunning for price increases.&nbsp;
The market sentiment remained in the "Neutral" zone, according to the Cryptocurrency Fear &amp; Greed index.&nbsp;
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:45 p.m. EDT)</td>
</tr>
<tr>
<td>Brett (Based) (BRETT)</td>
<td>+11.85%</td>
<td>$0.1103</td>
</tr>
<tr>
<td>Celestia (TIA)</td>
<td>+11.57%</td>
<td>$6.16</td>
</tr>
<tr>
<td>Ethene (ENA)</td>
<td>+7.82%</td>
<td>$0.3578</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency stood at $2.19 trillion, following a contraction of 0.89% in the last 24 hours.
Stock futures traded just below the flatline Sunday overnight. The Dow Jones Industrial Average Futures was down 11 points, or 0.03%, as of 8:45 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dipped 0.08%, while Nasdaq 100 Futures lost 0.16%.
Major indices like the Dow and the S&amp;P 500 recovered Friday after Thursday's decline <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41270761/september-inflation-hotter-than-expected-jobless-claims-spike-the-most-in-over-a-">precipitated by hotter-than-expected inflation data</a>.
That said, the likelihood of a further 0.25% interest rate slash by the Federal Reserve next month was close to 90% as of this writing, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency analyst Michaël van de Poppe anticipated another 1-2 days of Bitcoin consolidation, adding that a test of $64,000 would result in the big breakout everyone has been waiting for.
"The build-up is massive," he remarked.
<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">Probably we'll have 1-2 days of consolidation on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>, however we've already tested $62,000. A test of $64,000 will likely bring the big breakout we're looking for. The build-up is massive.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1845520566507233722?ref_src=twsrc%5Etfw">October 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another widely-followed technical analyst, CrypNuevo drew attention to an "important" liquidation cluster on the upside between $63,500 and $65,000.
"It&#8217;s possible to see a shakeout first, especially at the start of the week, but price should eventually head towards that area," the analyst projected.
"This can increase the risk of big price swings, so it's important to be cautious," Martinez predicted.
<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">Due to this weekend range, there is an important liquidation cluster to the upside between $63.5k and $65k. In that area we have wicks and LPs too. It&#39;s possible to see a shakeout first, especially at the start of the week, but price should eventually head towards that area. <a href="https://t.co/CvLnmv7AFK">pic.twitter.com/CvLnmv7AFK</a>
&mdash; CrypNuevo &#x1f528; (@CrypNuevo) <a href="https://twitter.com/CrypNuevo/status/1845543283336053068?ref_src=twsrc%5Etfw">October 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by SvetlanaParnikova on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41303639/donald-trump-says-his-crypto-project-world-liberty-financial-will-start-selling-tokens-on-">Donald Trump Says His Crypto Project World Liberty Financial Will Start Selling Tokens On Tuesday</a></li>
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Movers

Trading Ideas

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Fall Amid Uncertainty Over Potential Sell-Off By US Government: Analyst Anticipates Upside To $63.5K-$65K For King Crypto After Initial Shakeout

The 2024 presidential race between Donald Trump and Kamala Harris is shaping up as a stark contrast in voter perceptions about the state of the nation, according to a poll by CBS News.
What Happened: The survey, conducted between Oct. 8 and 11, reveals Harris leading Trump by 3 points, with 51 percent of registered voters backing her compared to Trump&#8217;s 48 percent.
The CBS News/YouGov poll also revealed that most Americans hold a pessimistic outlook on the state of the country. Of those surveyed, 36% believe things are going &#8220;very badly,&#8221; 30% say they are going &#8220;somewhat badly,&#8221; 27% feel things are going &#8220;somewhat well,&#8221; and only 6% think they are going &#8220;very well.&#8221;
Supporters of Trump and Harris hold differing views on the U.S. economy, border crossings, gender equality, and the election system. However, they share a common mistrust of social media and suspect foreign governments are trying to influence the election, according to a CBS News report.
Trump&#8217;s voters are more skeptical about the election system, with nearly half anticipating widespread fraud. In contrast, Harris&#8217; voters have more trust in the system. If Harris wins, half of Trump&#8217;s voters want him to challenge the results, while most of Harris&#8217; supporters want her to accept the outcome regardless of the winner.
When it comes to trusted sources of information, Trump&#8217;s voters rely on Trump himself as much as their own family and friends. Harris&#8217; voters, on the other hand, trust Harris even more than Trump&#8217;s voters trust him, and are generally more trusting of other sources, including medical scientists and government reports.
Neither candidate has an advantage in handling a federal response to natural disasters, according to voters. On healthcare, voters believe Harris is more likely to improve access to affordable care, while they think Trump would worsen it. On taxes, voters are more likely to believe Harris will raise their taxes, while they are divided on what Trump would do.
See Also: <a href="https://www.benzinga.com/news/24/10/41301812/mark-cuban-says-kamala-harris-likely-doesnt-believe-in-publicly-dunking-on-her-current-boss-biden-bu?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Kamala Harris Likely Doesn&#8217;t Believe In Publicly Dunking On Her Current Boss Biden, But Her Stance On Tax Rates And Fracking Is &#8216;Definitely Different&#8217;</a>
Why It Matters: The contrasting voter perceptions come at a time when Harris&#8217; popularity among Hispanic voters has <a href="https://www.benzinga.com/news/24/10/41305465/poll-hispanic-voters-reconsidering-support-for-harris">shown a decline</a>, while Trump&#8217;s appeal within this crucial demographic remains strong.
Furthermore, a recent poll suggests Trump <a href="https://www.benzinga.com/news/24/10/41270224/trump-vs-harris-new-poll-shows-pennsylvania-may-flip-as-vice-presidents-support-among-this-key-group">now leads</a> in the key swing state of Pennsylvania, a trend that could potentially flip the state in his favor.
The Democratic Party's voter registration advantage has <a href="https://www.benzinga.com/news/24/10/41306291/trouble-for-kamala-harris-ahead-pennsylvania-north-carolina-nevada-democrats-lose-voter-registration">seen a dip</a> in three key battleground states, namely Pennsylvania, North Carolina, and Nevada. This shift could potentially pose a challenge for Harris in the upcoming elections.
Image via Shutterstock
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Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Kamala Harris Leads Trump, But Most Americans Are Pessimistic About The Nation's Direction, Poll Shows

Billionaire Bill Ackman detailed 33 reasons for endorsing Donald Trump over Kamala Harris, citing policy failures and concerns with the Biden/Harris administration.
What Happened: Ackman, the founder and CEO of Pershing Square Capital Management, in a lengthy X post, detailed his reasons for backing Trump over Democratic candidate Kamala Harris. He cited 33 actions and policies of the Biden/Harris administration and the Democratic Party that led to his loss of confidence in them. 
These actions included opening borders without proper screening, implementing economic policies that worsened inflation, the chaotic withdrawal from Afghanistan, introducing excessive regulations, modifying the bail system, promoting DEI ideologies, and failing to address antisemitism. He also criticized vaccine mandates, free speech restrictions, the handling of U.S. energy independence, and various foreign policy decisions. Ackman expressed concern about leadership, health, and transparency issues within the Democratic Party.
Ackman also dismissed suggestions that his support for Trump was motivated by personal financial gain or aspirations for a position in his administration.
<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">A number of my good friends and family have been surprised about my decision to support <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> for president. They have been surprised because my political giving history has been mostly to Democrats, my voting registration has typically been Democrat (in NY, you must…
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1844802469680873747?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Maybe Musk Missed The Memo: Trump&#8217;s Plan To Ban Autonomous Vehicles Could Sour Friendship</a>
Why It Matters: Ackman&#8217;s endorsement of Trump marks a significant shift in his <a href="https://www.benzinga.com/news/24/04/38423358/bill-ackman-says-not-voting-for-biden-slams-president-for-inaction-on-american-hostage-issue-too-foc">political stance</a>. His support for Trump, despite his past criticism of the former president, indicates a deep dissatisfaction with the current administration and the Democratic Party. His detailed critique of the Democrats&#8217; actions and policies provides a window into his thinking and the factors that influenced his decision.
Previously, Ackman had expressed his dissatisfaction with the Democratic Party, suggesting that a massive loss in the election would be the <a href="https://www.benzinga.com/general/politics/24/08/40238970/bill-ackman-says-democrats-losing-2024-election-would-be-best-thing-for-party-despite-growing-su">best outcome</a> for the party&#8217;s long-term reform. 
Image Via Shuttestock
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</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Bill Ackman Lists 33 'Actions' Of Democrats That Swung Him Toward Supporting Trump Even Though He Is An 'Imperfect Man'

The Democratic Party&#8217;s voter registration advantage has seen a dip in three key battleground states, namely Pennsylvania, North Carolina, and Nevada. This shift could potentially pose a challenge for Vice President Kamala Harris in the upcoming elections.
What Happened: The shift is attributed to a lack of enthusiasm for the Biden administration and the Democratic Party in general. In contrast, Republicans have significantly increased their voter registration advantage in Arizona, another key battleground state, <a href="https://thehill.com/homenews/campaign/4929781-voter-registration-democrats-pennsylvania-nc-nevada/">reported</a> The Hill.
Analysts attribute the drop in Democratic voter registration in certain areas of Pennsylvania to growing dissatisfaction with the current administration in Washington. However, Democratic strategists in both Pennsylvania and North Carolina remain confident that a significant portion of the new voters identifying as independent will ultimately favor Harris over Trump.
See Also: <a href="https://www.benzinga.com/general/politics/24/10/41304838/nba-legend-shaq-admitted-that-he-never-voted-in-presidential-election-until-2020-as-he-urged-oth?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NBA Legend Shaq Admitted That He &#8216;Never Voted&#8217; In Presidential Election Until 2020 As He Urged Others To Register: &#8216;One Thing I Never Like To Do Is Be A Hypocrite&#8217;</a>
Why It Matters: The fall in Democratic voter registration comes amidst a<a href="https://www.benzinga.com/news/24/10/41305465/poll-hispanic-voters-reconsidering-support-for-harris"> decline</a> in Vice President Harris&#8217; popularity among Hispanic voters. This demographic has traditionally been crucial in swing states.
Furthermore, recent polls conducted by the <a href="https://www.benzinga.com/24/10/41303336/harris-and-trump-in-nail-biter-three-weeks-out">Wall Street Journal</a> and <a href="https://www.benzinga.com/general/politics/24/10/41283673/trump-vs-harris-2024-election-swing-state-poll-too-close-to-call-but-this-candidate-leads">Emerson College</a> suggest a close race between Harris and former President Trump in key swing states. While Harris posted a lead in most 2024 election polls of national voters, swing state polls have been much closer, with Trump having the edge in some states.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trouble For Kamala Harris Ahead? Pennsylvania, North Carolina, Nevada: Democrats Lose Voter Registration Edge

A man was arrested with loaded firearms near a rally site for former President Donald Trump in California. The man, hailing from Las Vegas, was apprehended at a checkpoint close to the rally on Saturday.
What Happened: As per a report by <a href="https://thehill.com/homenews/campaign/4931450-las-vegas-man-arrested-trump-coachella-rally/">The Hill</a>, the Riverside County Sheriff's Department confirmed that the former President was not in any immediate danger. The man, identified as 49-year-old Vem Miller, was intercepted while driving a black SUV at the Coachella rally. Upon inspection, Miller was found to be in illegal possession of a shotgun, a handgun, and a magazine. He was arrested without any incident and was charged with possession of a loaded firearm and a high-capacity magazine, <a href="https://thehill.com/homenews/campaign/4931450-las-vegas-man-arrested-trump-coachella-rally/">reported</a> The Hill.
Riverside County Sheriff Chad Bianco indicated that Miller&#8217;s arrest might have prevented another potential assassination attempt. The Justice Department confirmed its awareness of the arrest and assured that Trump was not in danger.
Miller, as per Bianco, belongs to a right-leaning antigovernment group. However, Miller professed to be a Trump supporter and claimed to have been invited to the rally. He also mentioned that he had informed deputies about the firearms in his vehicle, which were purchased legally.
See Also: <a href="https://www.benzinga.com/news/24/10/41304701/anthony-scaramucci-foresees-harris-win-stay-calm-lets-keep-working?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Foresees Harris Win: &#8216;Stay Calm, Let&#8217;s Keep Working&#8217;</a>
Why It Matters: This incident is the latest in a series of threats to the former President&#8217;s safety. In September 2024, <a href="https://www.benzinga.com/news/24/09/40870455/trump-vows-to-never-surrender-after-surviving-second-assassination-attempt">Trump survived an assassination attempt</a> near his Florida property. Following the incident, Trump vowed never to surrender. In October, <a href="https://www.benzinga.com/news/24/10/41198252/trump-returns-to-site-of-assassination-attempt-urges-voters-to-vote-our-movement-to-make-america-gre">he returned to the site of the assassination attempt</a> in Butler, Pa., to rally with supporters and pay tribute to a victim of the incident.
Photo via Shutterstock
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Man Held With Loaded Weapon Near Trump's California Rally; Sheriff Says Arrest May Have Prevented Third Assassination Attempt

With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings. <a href="https://pro.benzinga.com/?utm_source=insights">According to Benzinga Pro</a>, these enticing companies are scheduled to trade publicly this week.
<ul>
<li>FBS Global Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBGL#NASDAQ">FBGL</a>) will be trading publicly starting on Oct. 14. The company&#39;s price band is set between $4.50 and $5.00 with an insider lock-up period of 180 days. FBS Global Limited will be offering 2,250,000&nbsp;shares at a per-share value of $4.75.</li>
</ul>
<h3>Understanding IPOs</h3>
Initial public offerings, or IPOs, are the transitional processes of private companies deciding to go public and offer shares to investors on exchanges. IPOs typically offer companies the ability to build capital by distributing shares across the market. A company interested in becoming publicly tradeable must first meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.
Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

IPOs

FBGL

A Look At Upcoming IPOs For The Week

Stevie Wonder is the star of a new ad for <a href="https://www.benzinga.com/topic/kamala-harris">Kamala Harris</a>' presidential campaign in which he says his longtime friend "will be the next president."
"I was excited about Kamala years before people knew who she was. I'm very happy for the future. I'm very happy because I know and believe that she will be the next President of these United States," Stevie Wonder says in the 90-second video. "Truthfully — not to make you guys feel bad — but it takes a woman. But not just any woman, a wonderful woman. She has done the work consistently. She has had humility and compassion consistently." 
He went on to say in the video, "We need to really fix what's going on here," while gesturing to his heart.
<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">Stevie Wonder is a longtime friend of mine. I thank him for being a part of our fight for the future. Join us at <a href="https://t.co/MKvOQGgN2t">https://t.co/MKvOQGgN2t</a>. <a href="https://t.co/caCuvbTXro">pic.twitter.com/caCuvbTXro</a>
&mdash; Kamala Harris (@KamalaHarris) <a href="https://twitter.com/KamalaHarris/status/1844741674574008545?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">Trump Blasts Hollywood Endorsements</h2>
Celebrity endorsements is a long-running tradition in presidential politics &#8211; one that Democrats generally win. This year in particular the Dems are getting some screeching attacks on the subject from her opponent <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump</a>. 
"Patriot, Comrade Kamala is putting together a RADICAL LEFT DREAM TEAM. She's got HOLLYWOOD HACKS like Oprah Winfrey and Jamie Lee Curtis raising MILLIONS for her campaign," Trump wrote in a fundraising email after Harris did an <a href="https://www.benzinga.com/news/24/09/40950764/kamala-harris-tells-oprah-winfrey-she-felt-a-sense-of-responsibility-after-bidens-sudden-exit-it-cam">interview with Oprah Winfrey</a> in mid-September.
Read Also: <a href="https://www.benzinga.com/news/24/10/41304701/anthony-scaramucci-foresees-harris-win-stay-calm-lets-keep-working">Anthony Scaramucci Foresees Harris Win: &#8216;Stay Calm, Let&#8217;s Keep Working&#8217;</a>
<h2 class="wp-block-heading">Celebs: Who's Supporting Whom?</h2>
With the 2024 election barely three weeks away, every endorsement counts. Some of the biggest names in Hollywood and the music and sports world have already thrown their support behind Harris, including Taylor Swift, Kerry Washington, Robert DeNiro, Barbara Streisand, Bruce Springsteen, Jennifer Lawrence, Billie Eilish, Mel Brooks, George Clooney, Oprah Winfrey, JJ Abrams and Spike Lee, "Black-ish" star Tracee Ellis Ross, Meryl Streep, Steph Curry, Matt Damon, Lin Manuel Miranda and billionaire Mark Cuban just to name a few. 
Trump's celeb supporters include Elon Musk, Hulk Hogan, Jon Voight, Roseann Barr, Billy Ray Cyrus, Kid Rock, Amber Rose, James Woods, Kanye West, Randy Quaid and Rob Schneider&nbsp;who says Hollywood "blacklisted" him over his Trump support.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41301812/mark-cuban-says-kamala-harris-likely-doesnt-believe-in-publicly-dunking-on-her-current-boss-biden-bu">Mark Cuban Says Kamala Harris Likely Doesn&#8217;t Believe In Publicly Dunking On Her Current Boss Biden, But Her Stance On Tax Rates And Fracking Is &#8216;Definitely Different&#8217;</a></li>
</ul>
Photo: Shutterstock

Entertainment

VIDEO: Stevie Wonder Says Kamala Harris 'Will Be The Next President,' Trump Blasts Endorsements From 'Hollywood Hacks'

Donald Trump has recently launched a series of personal attacks against Kamala Harris.
What Happened: Last week Trump commenced his verbal onslaught on Harris, labeling her as a &#8220;dummy&#8221; following her appearance on ABC&#8217;s The View.
The former president&#8217;s derogatory remarks continued throughout the week, with him comparing Harris&#8217;s interviews to the sound of a vacuum and dubbing her &#8220;grossly incompetent.&#8221;
Speaking at the Detroit Economic Club, Trump said that Harris was "dumber than hell."
Trump&#8217;s strategy, according to GOP strategist Ford O&#8217;Connell, seems to be to depict Harris as unfit for the presidency. However, this approach has caused unease among some Republicans who suggest that Trump should concentrate on Harris&#8217;s political record instead.
According to a report <a href="https://thehill.com/homenews/campaign/4929331-trump-insults-harris/">by</a> The Hill, Democrats, on the other hand, argue that Trump&#8217;s continuous insults could potentially alienate moderate and independent voters.
Also Read: <a href="https://www.benzinga.com/news/24/10/41198252/trump-returns-to-site-of-assassination-attempt-urges-voters-to-vote-our-movement-to-make-america-gre">Trump Returns To Site Of Assassination Attempt, Urges Voters To Vote: &#8216;Our Movement To Make America Great Again Stands Stronger&#8217;</a>
Jesse Lee, a former official in the Obama and Biden White House, said, &#8220;When you see these insults that have a kind of petty feeling to them, it really reinforces what people like least about Trump.&#8221;
Why It Matters: Trump&#8217;s aggressive campaign, which also includes attacks on Haitian migrants and the city of Detroit, comes at a time when recent polls suggest a close race between him and Harris for the upcoming election. 
Harris, for her part, has dismissed Trump&#8217;s personal attacks, urging Americans not to let adversaries &#8220;turn your strength into a weakness.&#8221;
While Trump&#8217;s strategy may appeal to a certain demographic, the potential risk of alienating a significant voter base could be a cause for concern. 
As the election draws closer, it remains to be seen how this approach will impact the former president&#8217;s campaign and the voters&#8217; perception of him.
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.

Trump Slamming Harris With Increasingly Sharp And Personal Attacks

Vice President Kamala Harris&#8216; popularity among Hispanic voters has shown a concerning decline, while former President Donald Trump&#8216;s appeal within this crucial <a href="https://www.benzinga.com/news/24/10/41196906/polls-suggest-this-candidate-holds-slim-lead-in-presidential-race-with-one-month-to-go">demographic remains strong.</a>
What Happened: The New York Times/Siena College poll, conducted from Sept. 29 to Oct. 6, reveals a significant dip in support for Harris among Hispanic voters compared to the last three Democratic presidential candidates. 
The <a href="https://www.nytimes.com/interactive/2024/10/13/us/elections/times-siena-poll-hispanic-likely-electorate.html">poll</a> points to her perceived weaknesses on key issues such as the economy, immigration, and crime.
Contrarily, Trump has not only retained but also fortified his appeal among Hispanic voters, despite his pronounced anti-immigrant stance. 
The poll indicates that Trump&#8217;s rhetoric has not driven Hispanic voters towards Harris, with two-thirds of the respondents feeling that Trump&#8217;s comments on immigrants do not pertain to them.
The poll, which surveyed 902 likely Hispanic voters, also uncovered an unexpected level of support for Trump&#8217;s strict immigration policies. 
Over one-third of the respondents, primarily U.S-born Latinos, expressed support for constructing a border wall and deporting undocumented immigrants.
<a href="https://www.benzinga.com/24/10/41303336/harris-and-trump-in-nail-biter-three-weeks-out">Also Read: Harris And Trump In Nail-Biter Three Weeks Out</a>
Interestingly, the poll also revealed potential for a shift, with approximately one-fourth of the respondents identifying as undecided or persuadable. These undecided voters appear to tilt towards Harris.
The results of this poll emphasize the pivotal role that Hispanic voters play in shaping the outcome of the presidential race, with both parties making concerted efforts to woo this demographic.
Why It Matters: Hispanic voters represent a significant and growing portion of the U.S. electorate. Their shifting political leanings could have a profound impact on future elections. 
The results of this poll underscore the need for both parties to understand and address the concerns of this important demographic, particularly on key issues such as the economy, immigration, and crime.
Read Next
<a href="https://www.benzinga.com/news/24/09/41080153/trump-vs-harris-this-candidate-skyrockets-in-election-forecast-poised-to-secure-victory-in-four-swin" target="_blank" rel="noreferrer noopener">Trump Vs Harris: This Candidate Skyrockets in Election Forecast, Poised To Secure Victory In Four Swing States</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.

Poll: Hispanic Voters Reconsidering Support For Harris

Former NATO Chief Admiral James Stavridis says the growing conflict between Israel and Iran may lead to a disruption in the oil supply from the Middle East.
What Happened: Stavridis, on Sunday, participated in the Cats Roundtable radio show, where he talked about the possible repercussions of the escalating conflict in the region.
As <a href="https://thehill.com/policy/international/4930550-ex-nato-chief-warns-iran-israel-conflict-could-shut-down-oil-coming-out-of-middle-east/">per</a> The Hill, he warned that the situation might result in a &#8220;shutdown of oil coming out of the Middle East.&#8221;
Stavridis drew comparisons between the present geopolitical scenario and the time leading up to World War II.
He highlighted the increasing strategic tension with China in the Pacific, the ongoing ground war in Europe due to Russia&#8217;s invasion of Ukraine, and the escalating conflict between Israel and Iran.
"What makes this moment dangerous, just like the days before World War II, is the rise of strategic tension with China in the Pacific," Stavridis said on the show.
"You've got a pretty significant ground war going in Europe, of course, because of the invasion of Ukraine by Vladimir Putin. And you've got this enormous disturbance parked on the Middle East between Israel and Iran, which could, in the worst case scenario, shut down oil coming out of the Middle East," he added.  
Also Read: <a href="https://www.benzinga.com/government/24/10/41298349/us-hits-iran-oil-exports-with-new-sanctions-after-israel-attack-crude-oil-holds-steady-at-75">US Hits Iran Oil Exports With New Sanctions After Israel Attack, Crude Oil Holds Steady At $75</a>
Despite the grim outlook, Stavridis remains hopeful that the upcoming U.S. leadership could play a significant role in preventing further conflict and fostering peace in the Middle East. 
His comments follow recent leadership changes at NATO, with Mark Rutte succeeding Secretary-General Jens Stoltenberg.
Stavridis also touched upon the potential consequences of the U.S. exiting NATO, a move previously proposed by former President Trump. He expressed optimism that the nation&#8217;s values would help navigate such a divisive decision.
"A strategically dangerous China, war in Ukraine, a Middle East that looks like it's on fire, cyber security, artificial intelligence – all of these are challenges," he added. 
"But there is no challenge that we cannot overcome as Americans if we can put our hands together supporting whoever the president of the United States is. That's my prayer," the former NATO chief said.
Why It Matters: The potential disruption of oil supply from the Middle East could have significant global implications, affecting economies worldwide. 
The ongoing geopolitical tensions and conflicts pose a serious threat to global oil supply chains, potentially leading to price hikes and supply shortages. 
The role of the U.S. leadership in this scenario is crucial, given its significant influence in the region and its potential to mediate and prevent further escalation of the conflict.
Read Next
<a href="https://www.benzinga.com/etfs/sector-etfs/24/10/41282123/oil-rises-over-3-hits-76-as-middle-east-tensions-mount-israel-strikes-un-peacekeeper-bases-in-le">Oil Rises Over 3%, Hits $76 As Middle East Tensions Mount: Israel Strikes UN Peacekeeper Bases In Lebanon, Threats Against Gulf Oil Facilities Emerge</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

Former NATO Chief Predicts 'Shutdown Of Oil' Amid Israel-Iran Conflict

The phrase "the one percent" gets tossed around a lot in conversations about wealth and inequality, whether in politics, protests, or everyday chats. But what does it mean to be in the top 1%? Let's break it down by income and net worth to get a clearer picture of <a href="https://www.benzinga.com/personal-finance/24/09/40711869/how-rich-are-you-heres-the-net-worth-that-defines-upper-middle-and-lower-class">who's part of this exclusive group.</a>
Don't Miss:
<ul>
<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
<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" target="_blank" rel="noreferrer noopener">here&#8217;s a breakdown on how on what&#8217;s behind this formula.</a></li>
<li>This billion-dollar fund has invested in the next big real estate boom, <a href="https://www.benzinga.com/money/fundrise-flagship-fund" target="_blank" rel="noreferrer noopener">here's how you can join for $10.</a></li>
</ul>
What Income Puts You in the Top 1%?
To be in the <a href="https://www.benzinga.com/personal-finance/24/07/39652328/your-income-might-be-upper-class-and-you-dont-know-it-heres-the-salary-needed-to-reach-elite-sta">top 1% of earners</a> in the U.S., a household typically needs to bring in around $650,000 to $700,000 per year. This figure can vary slightly depending on the source and year of the data, but it generally falls within this range. According to the IRS, for a single individual, the cutoff is around $500,000. 
Remember, these numbers are averages and can vary depending on where you live. For example, earning that much in New York City might not stretch as far as it does in other parts of the country. The high cost of living, driven by expensive housing, taxes, and everyday expenses, means that a six-figure salary might only cover basic needs in the city. In contrast, in regions with a lower cost of living, such as the Midwest or South, the same income can offer a more comfortable lifestyle with more discretionary spending power.
See Also: <a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved" target="_blank" rel="noreferrer noopener">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a>
The Top 1% by Net Worth
When it comes to net worth, the threshold is even higher. To be part of the top 1% in the U.S., a household's net worth needs to be at least $13.6 million. This measure includes everything you own – homes, investments, savings – minus debts.
Wealth tends to be a lot more unevenly distributed than income. Many households have little to no net worth, while the top tier sits on massive wealth. That's why net worth often gives a clearer picture of someone's financial status than income alone.
Trending: Beating the market through ethical real estate investing' — <a href="https://www.benzinga.com/money/invest-with-roots">this platform aims to give tenants equity in the homes they live in while scoring 17.17% average annual returns for investors – here&#8217;s how to join with just $100</a>
Income vs. Net Worth: Which Tells the Real Story?
So, which is more important, income or net worth? It depends on what you're trying to measure. Income is great for understanding how much someone earns in a year, but net worth is the better gauge for long-term financial stability and overall wealth. Someone with a high income might not have a high net worth if they spend a lot or have significant debt, while someone with a lower income but solid investments could be much wealthier.
How Many People Are in the 1%?
As of the latest numbers, there are around 1.3 million households and about 1.8 million individual workers who fall into the top 1% in the U.S. That's a small slice of the population but represents a significant share of the country's wealth and income.
Trending: Studies show 50% of consumers think Financial Advisors cost much more than they do — <a href="https://www.benzinga.com/money/money-pickle" target="_blank" rel="noreferrer noopener">to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a>
State-by-State Variations
to the Economic Policy Institute (EPI), the income required to be in the top 1% varies significantly across states.For example:
<ul>
<li>Connecticut has the highest threshold at $952,902</li>
<li>New York follows at $880,000</li>
<li>California comes in third at $805,000</li>
<li>On the lower end, West Virginia at $347,712</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/irs-finalizes-10-year-rule-adv">IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things &#8216;Even More Insanely Complicated&#8217;</a>
Understanding <a href="https://www.benzinga.com/personal-finance/24/08/40378006/exactly-how-much-money-do-you-need-to-be-rich-heres-a-look-at-the-numbers">who makes up this elite group</a> isn't just about how much you earn right now but also what you've built over time.&nbsp;
Maybe you're not in the top 1%, or maybe you are – everyone's situation is different. Either way, <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">talking with a financial advisor</a> can be really helpful. They can guide you on where you stand and how to make the best decisions for your financial future, whether you're growing your wealth or looking to manage what you've got.
This story has been updated to reflect more current income threshold numbers.
Read Next:
<ul>
<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" target="_blank" rel="noreferrer noopener">here&#8217;s a breakdown on how on what&#8217;s behind this formula.</a></li>
<li>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></li>
</ul>

Personal Finance

Are You Rich Enough To Be In The Top 1%? Here's Both The Income And Net Worth You Need to Rank Among The Wealthiest

Three of the leading U.S. banks have reported significant data breaches, compromising the personal and account information of hundreds of their customers.
What Happened: The banks that have fallen prey to these security breaches include Citizens Bank, Truist Bank, and First National Bank. The banks have informed their customers and the relevant authorities about these incidents.
In a <a href="https://ago.vermont.gov/sites/ago/files/documents/2024-09-26%20Citizens%20Bank%20Data%20Breach%20Notice%20to%20Consumers.pdf">disclosure</a> to the Office of the Vermont Attorney General, Citizens Bank revealed that it was hit by a data breach in the first half of 2024, impacting around 100 customers. The compromised data includes names, account numbers, social security numbers, and other personal details.
Truist Bank <a href="https://oag.ca.gov/system/files/TruistBank.NoticeLetter.pdf">reported</a> a security incident to the Office of the Attorney General of California, involving a third-party debt collection agency.
The bank stated that the nature of the compromised data varied by customer, potentially including names, addresses, account numbers, dates of birth, and social security numbers.
Meanwhile, First National Bank <a href="https://www.maine.gov/agviewer/content/ag/985235c7-cb95-4be2-8792-a1252b4f8318/90f12ac4-f655-4029-9dd8-a5dc15f23231.html">disclosed</a> that 107 customers had their account information exposed due to physical card skimming devices installed on two of its ATMs.
Also Read: <a href="https://www.benzinga.com/news/earnings/24/10/41293190/us-banks-top-q3-earnings-estimates-jpmorgan-delivers-robust-beat-financial-sector-stocks-hit-record">US Banks Top Q3 Earnings Estimates: JPMorgan Delivers &#8216;Robust Beat,&#8217; Financial Sector Stocks Hit Record Highs</a>
The stolen data included names, card numbers, card expiration dates, PINs, and card verification value (CVV) numbers. The bank confirmed that some customers have already experienced fraudulent withdrawals, which are being reimbursed.
Why It Matters: The recent data breaches at these major banks underscore the growing threat of cybercrime in the banking sector. The compromised data can potentially be used for identity theft, fraudulent transactions, and other cybercrimes, putting the financial security of the affected customers at risk.
These incidents also highlight the need for stronger cybersecurity measures and protocols within the banking industry to protect customer data and maintain trust in the banking system.
Read Next
<a href="https://www.benzinga.com/news/23/11/35740187/us-banks-are-struggling-with-650-billion-in-unrealized-losses-on-bond-holdings-heres-how-they-can-ge">US Banks Are Struggling With $650 Billion In Unrealized Losses On Bond Holdings — Here&#8217;s How They Can Get Out</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.

Major Banks Suffer Data Breaches: How Safe Is Your Information?

Massachusetts cannabis regulators have fined two prominent companies, Ascend Wellness Holdings (CSE:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#CSE">AAWH</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>) and Curaleaf Holdings (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CURA#TSX">CURA</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), for violations related to consumer safety practices. The fines, totaling $165,000, were issued after both companies self-reported the incidents, <a href="https://www.bostonglobe.com/2024/10/10/business/curaleaf-ascend-cannabis-fines-massachusetts/?event=event12">according to</a> The Boston Globe.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Ascend Wellness Faces Track-and-Trace Compliance Issues</h3>
Ascend Wellness, which operates three dispensaries in the state, was fined $85,000 for failing to properly comply with <a href="https://www.benzinga.com/topic/massachusetts-cannabis">Massachusetts&#8217;</a> track-and-trace system. Regulators were unable to verify the delivery of nearly 900<a href="https://www.benzinga.com/cannabis"> cannabis products </a>due to discrepancies in Ascend&#8217;s tracking processes. 
The state's Cannabis Control Commission (CCC) deemed the violations significant, but Ascend's president and co-founder, Frank Perullo, reassured that the company has implemented corrective measures. &#8220;Ascend is fully committed to adhering to the regulations set forth by the CCC and places great importance on compliance,&#8221; Perullo said in a statement. &#8220;We have already implemented most of the necessary actions and remain dedicated to restoring trust.&#8221;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41282624/major-cannabis-merger-approved-in-new-york-can-weed-stock-investors-take-advantage">Major Cannabis Merger Approved In New York: Can Weed Stock Investors Take Advantage?</a>
<h3 class="wp-block-heading">Curaleaf Placed On Probation After Contamination Issues</h3>
Curaleaf, another major player in the Massachusetts <a href="https://www.benzinga.com/cannabis">cannabis industry</a>, was fined $80,000 for not adhering to best practices in preventing contamination at its cultivation sites in Amesbury and Webster. Violations, dating back to 2021, included facility maintenance issues such as unsecured doors and gaps in ducts. 
The CCC placed Curaleaf on a six-month probation, during which the company must report any pesticide detection and could be subject to third-party testing to ensure compliance. 
In response, Curaleaf expressed its dedication to customer safety. &#8220;The health and safety of our patients and customers remains our number one priority,&#8221; the company said, adding that they have made necessary changes to prevent future issues.
Both companies have committed to improving their operations and working closely with regulators to ensure compliance moving forward.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/10/41255544/buy-a-t-shirt-get-busted-loophole-in-minnesota-cannabis-market-could-cost-retail-operators-a-5-y"> Buy A T-shirt, Get Busted: Loophole In Minnesota Cannabis Market Could Cost Retail Operators A 5-Year Ban</a>

AAWH

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CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

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Massachusetts Slaps Big Cannabis With $165K Fines For Safety Failures

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