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Anthony Scaramucci, former White House communications director, on Monday drew parallels between President-elect Donald Trump&#8217;s nomination of Kash Patel for FBI director and Matt Gaetz&#8216;s unsuccessful bid <a href="https://www.benzinga.com/politics/24/12/42278429/trump-fbi-pick-kash-patels-wealth-has-grown-from-trump-media-board-position-consulting-deal-and-trump-themed-childrens-books">for attorney general.&nbsp;</a>
The Details: Scaramucci told CNN's Anderson Cooper that Trump&#8217;s initial cabinet picks aim to please his MAGA base, but he likely has backup candidates if the initial nominations fail.&nbsp;
"He‘s doing that because he looks at his base and saying these [picks] are for you," Scaramucci said.&nbsp;
Scaramucci pointed to Trump's quick selection of Pam Bondi as a replacement candidate for attorney general after Gaetz withdrew, facing resistance from Senate Republicans and ongoing investigations into alleged misconduct.&nbsp;
"I think it‘s the same thing with Kash Patel. I don‘t think the expectation is that he‘s going to get through," he added, referring to Patel&#8217;s chances of confirmation.&nbsp;
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Patel is a staunch Trump ally who has been vocal in his criticism of the &#8220;deep state&#8221; and has defended Trump through various investigations. Patel also<a href="https://www.benzinga.com/general/social-media/24/12/42262176/trump-media-djt-stock-surges-in-premarket-as-trump-taps-board-member-kash-patel-for-fbi-leadership"> serves on the board</a> of directors of Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) the parent company of Truth Social.&nbsp;
Trump Media CEO Devin Nunes recently congratulated Patel on Trump&#8217;s selection.&nbsp;
&#8220;An immensely talented lawyer and investigator with an unimpeachable devotion to our Constitution, Kash is a brilliant pick to serve as Director of the FBI,&#8221; Nunes said in a press release.
What's Next: Patel&#8217;s confirmation as FBI director could potentially occur in early 2025, following Senate Judiciary Committee confirmation hearings and a vote which would then be reported to the full Senate. The full U.S. Senate would consider the committee's nomination and hold a confirmation vote.&nbsp;
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Anthony Scaramucci Compares Trump's FBI Pick, Kash Patel, To Matt Gaetz

Among workers aged 50+, 45% fear outliving their savings, while 41% worry about declining health and long-term care needs. According to a new survey conducted by the Transamerica Center for Retirement Studies (TCRS), these two fears top the list for middle-class Americans planning their <a href="https://www.benzinga.com/personal-finance/24/11/42236322/ebri-study-reveals-58-of-retirees-retire-earlier-than-expected-heres-why">retirement</a>.&nbsp;
It's a stark reminder of the challenges many expect to face, but there's good news: tackling these fears might be easier (and cheaper) than you think.
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Suze Orman, the financial guru known for her no-nonsense money advice, has a surprising take. While her name is synonymous with <a href="https://www.benzinga.com/personal-finance/24/09/40714364/survive-anything-kevin-oleary-claims-you-need-5-million-in-savings-heres-how-you-can-reach-that-">saving smart</a> and spending less, her latest advice focuses on something even more personal: your health.
&nbsp;In a recent post, Orman highlighted how small lifestyle changes, like daily walks, can help ease retirement fears and improve well-being.
The TCRS survey revealed some surprising statistics: 61% of respondents reported exercising, 58% ate healthily regularly and 49% said they actively avoid harmful habits like smoking.&nbsp;
Orman suggests that even minor adjustments to these routines could profoundly impact physical health, mental clarity and stress levels.
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Stress, she notes, is a major factor behind retirement anxiety. With 42% of survey participants admitting they struggle to manage stress, it's clear why fears about the future can feel overwhelming. But the fix doesn't require a therapist or expensive wellness programs.&nbsp;
According to Orman, a simple walk in the park could be the perfect starting point. Nature is one of the most underrated tools for improving mental health. Yet only 38% of respondents said they spend consistent time outdoors.&nbsp;
Orman explains that's a missed opportunity because spending time in nature can significantly lower stress, calm the mind and even improve sleep quality. Pair that with the physical benefits of walking and you've got a recipe for feeling better today while building resilience for tomorrow.
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Orman's advice isn't just about stress reduction. It's about creating a ripple effect. Walking and other forms of gentle exercise clear the mental fog that stress creates, allowing people to think more clearly and tackle challenges – like retirement planning – with a sharper, more optimistic mindset.
What's great about this approach is its simplicity. No fancy gym memberships, high-tech equipment or pricey programs are required. All it takes is a pair of shoes, a little time and the willingness to start small. Even one walk a week is better than none; every step forward builds momentum toward healthier habits.
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Personal Finance

Suze Orman Warns: 'Fear Is Fueled by Stress' – Why 60% Don't Manage It and 4 in 10 Worry About Retirement Savings

Shaquille O&#8217;Neal is known for many things, but he&#8217;s also a dad who keeps it real. When it comes to his family, Shaq runs a tight ship, which means ensuring everyone pulls their weight. In his usual funny but pointed way, he's coined a rule called the &#8220;Tax Bite,&#8221; and it&#8217;s got everyone laughing while also taking note.
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In a <a href="https://www.youtube.com/watch?v=Fql9_iKavAM">clip</a> from Season 2 of &#8220;Shaq Life,&#8221; Shaq talks about the &#8220;Tax Bite&#8221; with his family. It&#8217;s his way of saying that as the head of the family, he&#8217;s got to make sure he gets his cut. Shaq's idea of a &#8220;Tax Bite&#8221; isn&#8217;t about literal taxes – it's more about ensuring everyone, especially his kids, contributes, learns responsibility and understands that nothing in life is handed to you. This quirky lesson fits the way Shaq parents his six kids: with humor, love and high expectations.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This man <a href="https://twitter.com/hashtag/Shaq?src=hash&amp;ref_src=twsrc%5Etfw">#Shaq</a> &#x1f923;&#x1f923; Y'all ever had a "tax bite" before? ••<a href="https://twitter.com/hashtag/TheJuiceNetwork?src=hash&amp;ref_src=twsrc%5Etfw">#TheJuiceNetwork</a> <a href="https://t.co/ynXNHcMjtv">pic.twitter.com/ynXNHcMjtv</a>
&mdash; The Juice Network (@TheJuiceNC) <a href="https://twitter.com/TheJuiceNC/status/1485101722590711810?ref_src=twsrc%5Etfw">January 23, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Shaq has always been up-front about raising his children to understand the value of hard work. His <a href="https://www.benzinga.com/markets/24/07/39915962/shaquille-oneal-began-building-his-estimated-500-million-portfolio-by-investing-in-this-tech-titan-w">net worth of around $500 million</a> isn't a free ride for his kids and he clarifies that. In fact, <a href="https://www.benzinga.com/personal-finance/24/08/40658562/nba-legend-shaq-tells-his-kids-in-order-to-get-my-cheese-you-have-to-present-me-with-two-degrees">he&#8217;s laid down another rule for them – &#8220;</a>In order to get my cheese, you have to present me with two degrees.&#8221; It's his way of encouraging his kids not to rely on their last names but to carve out their paths and earn their success.
Shaq's approach to parenting has been consistent, even though it may seem tough. He's all about generational wealth but wants his kids to earn it by bringing home not one but two college degrees. He's said, &#8220;I'd rather see a doctor, dentist, hedge fund guy or veterinarian.&#8221; Shaq wants his kids to aim for success in fields that will be meaningful and sustainable for their future – not just following in his footsteps to the NBA.
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One of his daughters, Taahirah, is a perfect example of this mindset. Unlike her siblings Shareef, Shaqir, Me'arah and Amirah, who follow their dad into basketball, Taahirah has <a href="https://www.benzinga.com/general/sports/24/11/42026306/nba-legend-shaqs-daughter-breaks-silence-on-dads-career-defying-family-expectations-its-a-no-go-for-me">decided to go in a completely different direction</a>. Earlier this year, she moved from Texas to Georgia, where she runs a farm and indulges her passion for nature. She's even clarified that she doesn't want to date athletes, saying, &#8220;No offense, but I was raised by and with athletes. It's a no-go for me.&#8221; Shaq's proud of her independence and he's openly expressed that her ambition and individuality make him proud.
The &#8220;Tax Bite&#8221; moment on &#8220;Shaq Life&#8221; is just another example of Shaq being Shaq – he's hilarious, but there's always a point behind the laughter. Whether pushing his son Shakir to be the best basketball player he can be or telling his kids they need to show him two degrees before they get a share of his wealth, Shaq keeps his family on their toes. He's all about teaching them that success isn't just handed to you, even if your dad is Shaquille O&#8217;Neal.
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Startups

'As The King Of The Family, You Gotta Make Sure You Get A Cut' – Shaq Shares His Hilarious And Teachable Rule: The 'Tax Bite'

Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) stock has had a rough ride in 2024 so far, falling by over 56% year-to-date.
The reason? The world's leading chipmaker has fallen behind the curve, ceding ground to rivals like Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and failing to even catch up to Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) on the smartphone side of things.
The world's leading chipmaker lost the plot across both establishing as well as emerging technologies – it is no longer as dominant as it was in the x86 space, and companies like Nvidia have utterly dominated the AI chips space.
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Intel's failure to innovate is reflected in its stock performance as well – at $20.92, its stock is roughly back to the same level it was at nearly 27 years ago.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="433" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065233/Intel-share-price-chart-1024x433.jpg" alt="" class="wp-image-681732" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065233/Intel-share-price-chart-1024x433.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065233/Intel-share-price-chart-300x127.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065233/Intel-share-price-chart-768x325.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065233/Intel-share-price-chart-1536x650.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065233/Intel-share-price-chart.jpg 1904w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
To make matters worse for Team Blue, that is Intel (its rival AMD is Team Red,) the company's market capitalization has shrunk enough that there are<a href="https://www.benzinga.com/markets/24/11/42185698/qualcomms-interest-in-taking-over-intel-wanes-due-to-complexities-involved-report"> rumors doing the rounds</a> that rivals like Qualcomm could be interested in scooping it up. Qualcomm's interest in acquiring Intel subsequently waned, reportedly due to the "complexities" involved in the transaction.
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For context, Intel's market capitalization stands at $90.22 billion, while Qualcomm's is at $177.26 billion.
Intel's closest rival, AMD, is valued more than two times at $224.91 billion.
Nvidia, on the other hand, has a relatively stratospheric market capitalization of $3.488 trillion – worth over 38 times Intel's market capitalization.
Things have gotten so bad for Intel, that the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42275410/intel-ceo-pat-gelsinger-forced-out-by-board-analysts-cheer-potential-strategy-shift-this-move-opens-the-door">chipmaker let go of</a> Pat Gelsinger, an industry and Intel veteran, in a somewhat less-than-ideal fashion.
Lack Of Innovation, Manufacturing Difficulties, And Increasing Competition
While Intel's woes have been ongoing for several years now, issues with its latest desktop chips were likely the straw that broke the proverbial camel's back.
After several reports <a href="https://www.benzinga.com/news/24/08/40298684/intel-postpones-annual-innovation-event-amid-layoffs-and-cpu-bug-controversy">revealed issues with Intel's 13th and 14th generation chips</a>, the company took notice but eventually gave up on fixing them with software updates.
The result? Gelsinger had to leave before realizing his mission to complete the 18A fabrication process – while the company says it has been set in motion, chips made using the process have not been rolled out yet.
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Gelsinger and Intel would have hoped for the success of 18A, especially to keep its <a href="https://www.benzinga.com/markets/equities/24/11/41686435/intel-says-it-wont-even-make-500m-from-gaudi-ai-chips-in-2024-despite-nvidia-minting-billions-ce">struggling foundry business</a> alive.
However, with Gelsinger now out and no suitor in sight, Intel's future seems to be hanging in the balance.
Price Action: Intel's stock closed at $20.92 on Friday, up 0.6% for the day. Year-to-date, it has fallen 56.2%.
Data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> shows that analysts have a consensus rating of "Neutral" for the Intel stock. BofA Securities, Northland Capital Markets, and Mizuho are among the three most recent analyst ratings, and their average price target stands at $24, implying a 14.7% upside.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="472" height="353" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065321/Intel-ratings.jpg" alt="" class="wp-image-681733" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065321/Intel-ratings.jpg 472w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/07065321/Intel-ratings-300x224.jpg 300w" sizes="(max-width: 472px) 100vw, 472px" /></figure>
Will Intel be able to turn around its fortunes, though? Only time will tell.
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>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

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Intel Stock Is Where It Was 27 Years Ago: How The World's Leading Chipmaker Lost The Plot, Thrice

Before <a href="https://www.benzinga.com/real-estate/24/10/41653958/elon-musk-reportedly-buying-up-huge-properties-in-austin-to-house-his-11-kids-and-their-mothers-in-s">Elon Musk </a>launched rockets, built electric cars and bought social media platforms, he was just a guy with big ideas and relentless focus. He was so focused that his mother, <a href="https://www.benzinga.com/startups/24/02/36962520/elon-musks-75-year-old-mother-says-she-sleeps-on-mattresses-or-blankets-on-the-floor-or-in-the-garag">Maye Musk</a>, used to check on him during college to make sure he was taking care of basic human needs.
In a 2012 Forbes profile titled At Home With Elon Musk: The (Soon-to-Be) Bachelor Billionaire, author Hannah Elliott offered an intimate look at Musk's life, blending anecdotes from his family with her observations.&nbsp;
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One particularly humanizing detail came from Musk's mother, Maye, who shared how she had to keep tabs on him during his college years at the University of Pennsylvania. Elliott wrote, "Maye felt the need to check on him to make sure he was at least getting something to eat and wore a fresh pair of socks every day." It was a small but telling window into the singular focus that would later define Musk's career.
Elliott visited Musk at his <a href="https://www.benzinga.com/real-estate/24/05/38942636/elon-musk-reportedly-bought-a-secret-mansion-shortly-after-selling-all-his-possessions-and-publicly">20,000-square-foot French Nouveau mansion</a> in Bel Air, a space that felt surprisingly impersonal despite its size and luxury. The author described the mansion as more of a functional base than a home. The furniture was leased, the shelves in the library were nearly bare and even his two dogs left no trace – no leashes, toys or dishes to be found. Musk himself admitted that the house wasn't a permanent place for him but a stopover, a way station while he poured his energy into his companies.
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The profile revealed Musk's relentless drive had existed long before he became a billionaire. Maye recalled how, as a child in South Africa, he would disappear into bookstores for hours, devouring knowledge with an intensity that set him apart. By age nine, he had read and retained much of the Encyclopaedia Britannica.
In the article, <a href="https://www.benzinga.com/personal-finance/24/09/41004802/elon-musks-little-sister-says-prices-skyrocket-when-people-find-out-shes-related-to-the-richest-">his sister, Tosca</a>, described him as "brutally honest" but not out of malice. "He thought he was doing [people] a favor," Tosca said, though it often alienated others.
Musk rejected the notion of living in another era. "Life sucked in the old days," he said. "People knew very little and you were likely to die at a young age of some horrible disease. You'd probably have no teeth by now. It would be particularly awful if you were a woman."
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Musk's unique blend of practicality and visionary thinking was on full display. He described modern engineering as "magic," marveling at how technologies we now take for granted – like long-distance communication, flight and the internet – would have been seen as miraculous just a few centuries ago. "Engineering is, for all intents and purposes, magic and who wouldn't want to be a magician?" he mused to Elliott.
It's been over a decade since that Forbes interview and Musk has become the richest man in the world, revolutionizing industries. From electric vehicles and reusable rockets to shaking up social media, his relentless focus hasn't wavered.&nbsp;
The same intensity that kept him glued to his college books – and had Maye checking in on his meals and socks – is still there. He might still forget the little things now and then, but it's hard to argue with the results. For Musk, a single-minded drive is not just a habit – it's his magic.
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Elon Musk Was So Focused That His Mom Checked On Him Daily To Make Sure He Was Eating And Wearing A 'Fresh Pair Of Socks'

<h2 class="wp-block-heading">New On The Block</h2>
Dental supply maker Patterson Companies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDCO#NASDAQ">PDCO</a>) announced Thursday that it is exploring strategic options, including a sale or merger, to boost shareholder value. The company disclosed the deal process as part of its <a href="https://www.benzinga.com/24/12/42342667/dental-supplies-patterson-companies-evaluates-strategic-alternatives-after-mixed-q2-earnings-amid-challenging-end-market-environment">second-quarter financial report</a>.
<h2 class="wp-block-heading">Updates From The Block</h2>
EasyHotel is close to being sold. A billionaire-backed firm called London &amp; Regional Properties is bidding against a fund managed by Tristan Capital Partners. The auction process is in its final stages, according to <a href="https://www.bloomberg.com/news/articles/2024-11-27/billionaire-brothers-private-equity-chase-deal-for-easyhotel">Bloomberg</a>.
Ubisoft Entertainment SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFF#OTC">UBSFF</a>) is in talks with Tencent Holdings ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) <a href="https://www.benzinga.com/general/gaming/24/12/42372040/ubisoft-stock-jumps-14-after-reports-of-tencent-buyout">over a potential buyout</a>. According to Reuters, the deal would allow Ubisoft&#8217;s founders, the Guillemot family, to retain control if the company goes private. This development follows a <a href="https://www.benzinga.com/general/gaming/24/09/40801168/ubisoft-is-mismanaged-shareholders-are-hostages-investor-demands-video-game-company-go-private-aft">difficult year for Ubisoft</a>, marked by staff layoffs, disappointing sales, and the closure of several studios. Ubisoft&#8217;s stock jumped 14% after news of the buyout discussions emerged, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
Lightspeed Commerce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LSPD#NYSE">LSPD</a>) is reorganizing. A majority of the restructuring charges will be incurred in the third quarter of fiscal 2025. The focus remains on &#8220;reducing the complexity of our business,&#8221; said Lightspeed founder and CEO Dax Dasilva <a href="https://investors.lightspeedhq.com/English/newsroom/news-details/2024/Lightspeed-Commerce-Announces-Strategic-Reorganization-Continues-to-Optimize-for-Profitable-Growth/default.aspx">said</a>. An analyst told <a href="https://www.paymentsdive.com/news/lightspeed-strategic-reorganization-employee-impact/734300/">Payments Dive</a> that the intent is to set Lightspeed up for a sale. JPMorgan and RBC are advising the process, according to <a href="https://www.bloomberg.com/news/articles/2024-11-07/lightspeed-looks-for-efficiencies-as-strategic-review-continues">Bloomberg</a>.
See Also: <a href="https://www.benzinga.com/general/space/24/12/42376708/nasa-mission-to-land-humans-on-moon-delayed-artemis-3-now-slated-for-mid-2027">NASA Mission To Land Humans On Moon Delayed &#8211; Artemis 3 Now Slated For&#8230;</a>
<h2 class="wp-block-heading">Off The Block</h2>
Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) agreed to sell its Bohumil, Czech Republic manufacturing facility to Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) <a href="https://www.benzinga.com/pressreleases/24/12/n42308359/novavax-announces-sale-of-czech-republic-manufacturing-site-to-novo-nordisk-for-200-million" target="_blank" rel="noreferrer noopener">for $200 million</a>. The deal includes transferring assets, including a 150,000-square-foot factory <a href="https://www.benzinga.com/24/12/42323263/wegovy-maker-novo-nordisk-to-buy-novavaxs-czech-republic-manufacturing-facility-for-200-million">and the existing workforce</a>.
Schneider National, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNDR#NYSE">SNDR</a>) disclosed that it has agreed to acquire Cowan Systems, LLC and its affiliates for approximately $390 <a href="https://www.benzinga.com/pressreleases/24/11/b42167845/schneiders-dedicated-momentum-continues-to-build-with-latest-acquisition-of-cowan-systems-llc" target="_blank" rel="noreferrer noopener">million in cash, subject to adjustments</a>. The deal also includes a separate purchase of related real estate <a href="https://www.benzinga.com/news/mid-cap/24/11/42170700/schneider-expands-its-fleet-390-million-cowan-systems-deal-supercharges-dedicated-services">assets for $31 million</a>.
Renewi, a London-listed waste management company, <a href="https://www.macquarie.com/assets/macq/about/company/macquarie-asset-management/project-earth/joint-statement-regarding-a-final-possible-cash-offer-for-renewi-by-macquarie.pdf">agreed</a> to a preliminary takeover offer from Macquarie Asset Management that values it at 700.9 million pounds ($888.8 million). Renewi had been exploring the sale of certain assets (i.e. its <a href="https://www.globenewswire.com/news-release/2024/10/10/2961009/0/en/Completion-of-divestment-of-UK-Municipal-operations.html">UK Municipal division</a>) in order to reduce debt and focus on its core recycling business in the Netherlands, Belgium, France and Portugal.
<h2 class="wp-block-heading">Bankruptcy Block</h2>
Eegee's, a beloved drive-through restaurant chain founded in Tucson in 1971, has filed for Chapter 11 bankruptcy and closed five locations—four in Tucson and one in Phoenix. Despite challenges, Eegee's continues to operate over 20 locations in Tucson and Phoenix. Local media <a href="https://www.kold.com/2024/12/06/eegees-closes-five-restaurants-files-bankruptcy/">reported</a> that the company owes significant debts, including over $1.2 million to Sysco and hundreds of thousands more to other vendors, with total liabilities ranging between $10 million and $50 million. CEO Chris Westcott cited various pressures as reasons for the restructuring, but local residents blamed 39 North Capital, Eegee's owner since 2018.
Trucking company Kal Freight filed for bankruptcy protection, saying its financial condition has been hurt by unprofitable efforts to become a vertically integrated business and a now-questionable investment in additional vehicles during the height of the Covid-19 pandemic. The closely held company also faces litigation, including foreclosure actions, according to the <a href="https://www.wsj.com/articles/trucker-kal-freight-files-for-bankruptcy-protection-06194094">Wall Street Journal</a> citing a filing Thursday in the U.S. Bankruptcy Court in Houston.
Proma Group has <a href="https://www.promagroup.com/archive/news/68">acquired</a> Germany&#8217;s Recaro Automotive GmbH, enabling the company to exit bankruptcy and resume operations across Europe starting January 2025. Recaro's aftermarket seats will return to the market in January, with OEM production shifting to Italy where Proma is based. Several employees from Recaro&#8217;s Sales and Technology departments will remain in the Stuttgart area to ensure a smooth transition and customer support. Recaro&#8217;s operations in North America and Japan remain unaffected. Proma Group CEO Luca Pino praised the partnership as a blend of German industrial and Italian manufacturing excellence.
<h2 class="wp-block-heading">Notes From The Block</h2>
Bain &amp; Company did a swell job putting M&amp;A telecom trends into perspective this week. Here&#8217;s what we learned: 
<ul>
<li>Global deal value &#8220;surged&#8221; from about $24 billion in the first three quarters of 2023 to $90 billion in the same period in 2024, the firm noted. The Americas accounted for 63% of the global total.</li>
<li>Financial investors are acquiring tower and fixed assets. This trend underscores confidence in digital infrastructure's business fundamentals despite headwinds.</li>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40727235/verizon-to-acquire-frontier-in-20b-deal-reaffirms-fy24-outlook">The $20.3 billion deal between</a> Frontier Communications Parent, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FYBR#NASDAQ">FYBR</a>) and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) is the year's largest transaction so far.</li>
<li>Scale deals accounted for nearly half of global deal value year to date; infrastructure divestments accounted for 22% of deal value through the first nine months of 2024 (36% of all deal value over the past five years); mobile and fixed divestments made up about 20% during that period. For the full report, <a href="https://www.bain.com/insights/telecom-m-and-a-here-are-the-latest-deal-trends-worldwide-interactive/">click here</a>.</li>
</ul>
For last week&#8217;s <a href="https://www.benzinga.com/news/asset-sales/24/11/42254293/deal-dispatch-stoli-bankrupt-ally-financial-to-sell-credit-card-unit">Deal Dispatch, click here</a>.
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Deal Dispatch: Ubisoft In Buyout Talks, Dental Supplier Explores Sale, Beloved Drive-Through Goes Bankrupt

JPMorgan Chase &amp; Co&nbsp;(NYSE:&nbsp;<a href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) CEO&nbsp;Jamie Dimon&nbsp;sees a future in which AI benefits nearly all aspects of people&#8217;s lives and even&nbsp;<a href="https://www.benzinga.com/news/23/10/35069588/this-not-super-common-factor-could-help-you-live-to-100-or-longer-even-if-you-drink-smoke-and-rarely">allows individuals to live longer</a>.
What To Know:&nbsp;In a CNBC interview at JPMorgan's Global High Yield &amp; Leveraged Finance&nbsp;conference in February, Dimon disputed the notion that AI excitement is just "hype."
"This is not hype. This is real. So, you know, when we had the internet bubble the first time around… that was hype. This is not hype, it's real," Dimon said.
Despite companies across the globe racing to implement AI, some observers believe it's a fad. Dimon is not in that camp. Companies are deploying AI at different speeds and the technology is only going to improve, he said.
"It's not hype. This will be for the rest of your life… you're going to find different ways to use it," Dimon said.
Check This Out: <a href="https://www.benzinga.com/24/11/42254083/jamie-dimon-is-desperate-for-ai-on-his-phone-expands-jpmorgan-ai-adoption-to-all-staff">Jamie Dimon Is &#8216;Desperate&#8217; for AI On His Phone, Expands JPMorgan AI Adoption To All Staff</a>
Dimon has long been a supporter of AI advancement. Last year, he said AI was "critical" to JPMorgan's future success. The 68-year-old CEO also suggested that the<a href="https://www.benzinga.com/news/23/10/35038968/jamie-dimon-predicts-ai-will-lead-to-3-5-day-work-week-cure-cancer-and-more">&nbsp;upside potential of AI was "limitless."</a>
Dimon told CNBC earlier this year that JPMorgan had about 200 people designated for AI research, collecting data on large language models (LLMs) and figuring out different ways LLMs can be used. As of March, the company had <a href="https://www.benzinga.com/24/03/37610586/after-saying-ai-is-not-hype-jpmorgans-jamie-dimon-reveals-how-he-personally-and-professionally-uses">expanded AI adoption to its entire staff</a> and now reportedly aims to have personal AI assistants for employees in 2025.
AI will be used across numerous fields, but one of the most exciting is in healthcare, the JPMorgan CEO said.
"It will save lives. It may invent cancer cures because it can do things that the human mind simply cannot do," Dimon said.
The JPMorgan chief explained that<a href="https://www.benzinga.com/topic/ai">&nbsp;AI</a>&nbsp;will be able to combine several data points about your personal background and medical history and then use that data to predict and determine medical conditions.
AI technology can help invent drugs that can cure those conditions and even prevent them from ever happening in the first place, he said: "So I'm a big optimist about AI."
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Benzinga file photo by Dustin Blitchok. Some elements of this story were previously reported by Benzinga and it has been updated.
Benzinga file Photo by Dustin Blitchok.

Jamie Dimon: Internet Bubble Was 'Hype,' Artificial Intelligence Is 'Real'

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
The U.S. stock market continued its upward momentum, with the S&amp;P 500 and Nasdaq marking their third consecutive week of gains, rising 0.96% and 3.34%, respectively, while the Dow edged down 0.6%.
Technology and consumer discretionary sectors drove the rally, supported by strong performances from mega-cap tech names like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>).
November&#8217;s labor market data showed a notable rebound, with nonfarm payrolls increasing by 227,000, surpassing expectations and significantly outpacing October&#8217;s revised 36,000 figure. 
Meanwhile, consumer sentiment, as measured by the University of Michigan, improved to a seven-month high, despite heightened inflation concerns influencing some consumers to expedite <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42373700/stock-markets-extends-record-highs-us-labor-market-recovers-bitcoin-hits-100000-this-week-in-the-markets">purchases of durable goods.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/24/12/42311290/trader-danny-moses-says-he-is-no-longer-shorting-tesla">‘Big Short' Trader Danny Moses Gives Up On Shorting Tesla, Says It Is &#8216;Very Difficult To Short A Name That Is Not Trading On Fundamentals&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/anan-ashraf">Anan Ashraf</a>, explains that Danny Moses, known from &#8220;The Big Short,&#8221; stopped shorting Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), citing its stock's reliance on narrative-driven promises like autonomous driving rather than financial fundamentals.
&#8220;<a href="https://www.benzinga.com/24/12/42308139/crypto-analyst-foresees-potential-212-260-upswing-in-dogecoins-value">Crypto Analyst Foresees Potential 212%-260% Upswing In Dogecoin's Value</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, highlights an analyst&#8217;s bullish projection for Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), predicting a surge to $1.30-$1.50 as a key macro target, which would reflect a 212%-260% increase, citing historical patterns and market momentum.
&#8220;<a href="https://www.benzinga.com/general/social-media/24/12/42349100/gamestop-rockets-as-roaring-kitty-returns-to-x-what-does-his-tweet-signal-ahead-of-q3-earnings">GameStop Rockets As Roaring Kitty Returns To X: What Does His Tweet Signal Ahead Of Q3 Earnings?</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a> , reports a surge in GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) stock following Roaring Kitty&#8217;s (Keith Gill) return to X (formerly Twitter), sparking investor speculation with cryptic posts tied to meme stock momentum ahead of the company's earnings.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42259408/michael-saylor-says-bitcoin-could-boost-microsofts-valuation-by-nearly-5-trillion-and-add-584-to-the-stock-by-2034">Michael Saylor Says Bitcoin Could Boost Microsoft&#8217;s Valuation By Nearly $5 Trillion And Add $584 To The Stock By 2034</a>
<a href="https://www.benzinga.com/markets/equities/24/12/42307579/andrew-lefts-citron-research-says-nvidia-backed-nebius-is-the-next-ai-wall-street-darling-stock-moves-up-14">Andrew Left&#8217;s Citron Research Says Nvidia-Backed Nebius Is The Next &#8216;AI Wall Street Darling&#8217; — Stock Moves Up 14%</a>
<a href="https://www.benzinga.com/24/12/42346110/oil-vs-gas-which-is-better-positioned-for-2025-analyst-upgrades-conocophillips-downgrades-these-3-energy-stocks">JPMorgan Bets On Natural Gas For 2025: Upgrades ConocoPhillips, Lowers 3 Energy Stocks</a>
The Bears
&#8220;<a href="https://www.benzinga.com/24/12/42291861/trumps-tariff-plan-risks-economic-pain-for-north-america-goldman-sachs-warns">Trump&#8217;s Tariff Plan Risks Economic Pain For North America, Goldman Sachs Warns</a>,&#8221; by <a href="https://www.benzinga.com/author/piero-cingari">Piero Cingari</a>, notes Goldman Sachs&#8217; warning that Donald Trump's proposed 25% tariffs on Canadian and Mexican imports could shrink Canada's GDP by 4%, Mexico's by 3.5%, and the U.S.'s by 0.4%, hitting firms like General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and spiking inflation.
&#8220;<a href="https://www.benzinga.com/government/regulations/24/12/42265847/biden-targets-china-with-new-chip-restrictions-nvidia-slides">Biden Targets China With New Chip Restrictions, Nvidia Slides</a>,&#8221; by <a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, reports on the U.S. imposing stricter export controls on 140 Chinese semiconductor firms, including memory chip tools, impacting NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), and Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), as part of a national security strategy.
&#8220;<a href="https://www.benzinga.com/24/12/42356727/peter-schiff-challenges-jim-cramers-bullish-bitcoin-take-says-such-statements-are-made-at-market-tops">Peter Schiff Challenges Jim Cramer&#8217;s Bullish Bitcoin Take, Says Such Statements Are Made At Market Tops</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, highlights Peter Schiff&#8217;s critique of Jim Cramer&#8217;s enthusiastic support for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) after it surpassed $100,000, calling such remarks indicative of a market peak, while Cramer defended Bitcoin as a portfolio hedge akin to gold.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/trading-ideas/movers/24/12/42323934/shift4-payments-stock-drops-after-ceo-jared-isaacmans-nasa-nomination-whats-going-on">Shift4 Payments Stock Drops After CEO Jared Isaacman&#8217;s NASA Nomination: What&#8217;s Going On?</a>
<a href="https://www.benzinga.com/24/12/42260398/how-a-potential-fallout-between-elon-musk-and-trump-could-impact-tesla-and-spacex-cathie-wood-weighs-in">How A Potential Fallout Between Elon Musk And Trump Could Impact Tesla And SpaceX: Cathie Wood Weighs In</a>
<a href="https://www.benzinga.com/24/12/42307375/sony-and-hondas-joint-ev-venture-faces-headwinds-ahead-of-us-launch-in-2026-amid-trump-backed-policy-shifts">Sony-Honda EV Dream Collides With Trump-Backed Policy Shift Reality Ahead Of 2026 US Launch</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
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Benzinga Bulls And Bears: Tesla, GameStop, Nvidia, Bitcoin, And Dogecoin Analyst Flags $1.30-$1.50 As Key Target

Sen. Bernie Sanders was very straightforward in a recent <a href="https://www.youtube.com/watch?v=QVlum0tUsTs">interview</a>, where he took a hard look at the Democratic Party and its <a href="https://www.benzinga.com/news/24/11/42116975/bernie-sanders-says-its-very-easy-to-lose-touch-with-ordinary-peoples-struggles-defends-owning-3-houses-and-a-2-million-net-worth">relationship with the working class</a>. Sanders has long been a vocal advocate for everyday Americans and this time, he went straight to the point: the Democratic Party has, in his words, "abandoned the working class," and they're paying the price for it.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bernie Sanders responds to Nancy Pelosi&#39;s statement that &quot;I don&#39;t respect him saying that the Democratic Party has abandoned the working class.&quot; SANDERS: &quot;We have not even brought forth legislation to raise the minimum wage to a living wage, despite the fact that some 20 million… <a href="https://t.co/4MNFJMST9q">pic.twitter.com/4MNFJMST9q</a>
&mdash; Ken Klippenstein (@kenklippenstein) <a href="https://twitter.com/kenklippenstein/status/1855743500794396920?ref_src=twsrc%5Etfw">November 10, 2024</a></blockquote>
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In the aftermath of Harris&#8217; recent campaign loss, Sanders pointed out what he sees as a major issue: people are struggling more than ever while the wealthy are thriving. "The <a href="https://www.benzinga.com/news/24/11/41793530/bernie-sanders-says-american-people-are-angry-and-want-change-and-theyre-right-democrats-have-abando">working people of this country are extremely angry</a>," Sanders said. "They have a right to be angry. In the richest country in the history of the world, today the people on top are doing phenomenally well while 60% of Americans are living paycheck to paycheck."
Sanders was direct about income inequality. He stressed that the <a href="https://www.benzinga.com/personal-finance/24/10/41193824/are-you-rich-enough-to-be-in-the-top-1-heres-both-the-income-and-net-worth-you-need-to-rank-amon">top 1% owns more wealth than the bottom 90%</a> and that the U.S. has the highest rate of childhood poverty among major countries. Additionally, one in four seniors is trying to get by on $15,000 a year or less. "Where is the Democratic Party?" Sanders asked, suggesting they're not doing enough to tackle these issues.
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A major point of criticism Sanders had for the Democrats was their failure to raise the minimum wage to what he calls a <a href="https://www.benzinga.com/personal-finance/24/08/40352204/do-you-know-what-salary-it-takes-to-live-comfortably-heres-a-hint-its-much-higher-than-the-avera">living wage</a>. He explained that even though millions of people in the country work hard, <a href="https://www.benzinga.com/personal-finance/24/07/39817447/warren-buffett-says-anyone-who-works-40-hours-a-week-should-live-a-decent-life-heres-what-he-pro">they're not earning enough</a> to make ends meet. "In the Senate in the last two years, we have not even brought forth legislation to raise the minimum wage to a living wage, although some 20 million people in this country are working for less than $15 an hour," Sanders said.
Sanders also addressed Speaker Nancy Pelosi's recent pushback against his statements. But Sanders stood firm, explaining that while he respects Pelosi, he thinks it's clear that the party has to do more. "Do you think that the Democratic Party is going to the max, taking on powerful special interests and fighting for you?" The overwhelming answer to him is no, which needs to change.
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The Vermont senator believes it's time for the Democratic Party to show that they are willing to stand up for ordinary Americans – not just in words, but through action. He pointed out that they haven't made much progress on issues like expanding union rights or strengthening <a href="https://www.benzinga.com/personal-finance/24/11/42217382/bernie-sanders-demands-scrap-the-cap-on-social-security-taxes-its-absurd-a-billionaire-pays-same-amount-as-middle-class-earners">Social Security</a> benefits for retirees. "People are in pain. People are hurting. They can&#8217;t afford to go to a doctor. They can&#8217;t afford to send their kids to child care or to college."
When asked how much he blames President Biden for the recent loss, Sanders gave a measured response. He acknowledged that Biden, when he came into office, promised to be the most progressive president since FDR. "On domestic issues, not foreign policy, Biden has kept his word and pushed through a strong agenda," Sanders said. But he said that it still isn&#8217;t enough to fix the big problems of unfairness in American society because, even though Biden has done some good things, the rest of the party needs to do more to help working families if they want to regain their trust.
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Bernie Sanders Says Democratic Party Isn't Fighting For The Average Worker, Hasn't Raised The Minimum Wage To A Living Wage For 20M People

The 2024 year is almost at its end, which means a retrospective looking back at the year's top searches, top trends and top <a href="https://www.benzinga.com/general/entertainment/24/12/42325116/2024-was-worlds-taylor-swift-era-once-again-spotify-reveals-top-artists-songs-albums-podcasts">listened to musical artists</a>.
Crowdsourced encyclopedia Wikipedia has released the lists of its most popular pages for 2024, including some sorted by category. Here's a look at the top items in 2024.
What Happened: When it comes to searching for things online and wondering the who, what, where, when and why, some people <a href="https://www.benzinga.com/topic/wikipedia">turn to Wikipedia</a>.
"When people want to learn about our world – the good, bad, weird, and wild alike – they turn to Wikipedia," site owner Wikimedia Foundation <a href="https://wikimediafoundation.org/news/2024/12/03/announcing-english-wikipedias-most-popular-articles-of-2024/">said</a>.
The report said people around the world spent 2.4 billion hours, or around 275,000 years, reading English Wikipedia in 2024.
These were the most visited Wikipedia pages in 2024:
<ol>
<li>Deaths in 2024</li>
<li>Kamala Harris</li>
<li>2024 United States presidential election</li>
<li>Lyle and Erik Menendez</li>
<li>Donald Trump</li>
<li>Indian Premier League</li>
<li>JD Vance</li>
<li>Deadpool &amp; Wolverine</li>
<li>Project 2025</li>
<li>2024 Indian general election</li>
<li>Taylor Swift</li>
<li>ChatGPT</li>
<li>2020 United States presidential election</li>
<li>2024 Summer Olympics</li>
<li>UEFA Euro 2024</li>
<li>United States</li>
<li>Elon Musk</li>
<li>Kalki 2898 AD</li>
<li>Joe Biden</li>
<li>Cristiano Ronaldo</li>
<li>Griselda Blanco</li>
<li>Sean Combs</li>
<li>Dune: Part Two</li>
<li>Robert F. Kennedy Jr.</li>
<li>Liam Payne</li>
</ol>
The most popular Wikipedia page in 2024 was deaths for the year, which covers the notable deaths of the year. The report said this list has been the most-read annually five times since lists were shared in 2015 and has never ranked lower than third place.
Read Also: <a href="https://www.benzinga.com/news/23/10/35365602/elon-musk-just-offered-a-significant-donation-to-wikipedia-with-one-head-turning-catch-i-will-give-t">Elon Musk Just Offered A Significant Donation To Wikipedia — With One Head-turning Catch: &#8216;I Will Give Them A Billion Dollars If &#8230;&#8217;</a>
List Trends: The biggest trend that stands out from the list is the interest in politics with Kamala Harris, Donald Trump and J.D. Vance all ranking in the top 10. The 2024 election and 2020 election pages also made the top 25 list with readers likely looking for details on the candidates and key events that shaped these key election years.
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk was one of the only business figures to make the list, ranking 17th. Musk likely saw a spike in interest from people thanks to his growing influence in politics with a public endorsement of Trump and his campaigning in key swing states for the 2024 election.
The electric vehicle company ran by Musk also became a key topic in 2024 with a company event showing off the company's robotaxi ambitions and a growing battle over electric vehicle regulatory credits.
Streaming giant Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) can often influence top searches in a year on Google and shows its presence on the Wikipedia list with Lyle and Erik Menendez, also known as the Menendez Brothers, ranking fourth on the list.
Netflix put out a documentary film in October on the brothers that drew strong interest nationwide and around the world. Netflix also released a series on Griselda Blanco, a figure who ranked 21st on the list.
Movie "Deadpool &amp; Wolverine" ranked eighth on the list. The movie from The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) <a href="https://www.benzinga.com/general/entertainment/24/08/40319102/disneys-deadpool-wolverine-hits-1b-d23-unveils-new-sequels-theme-park-expansions-fortnite-c">set records for R-rated films </a>and is the second highest grossing movie domestically and worldwide at $636.7 million and $1.34 billion respectively.
Global superstar Taylor Swift ranked 11th on the list. In the business world, Swift has been instrumental in the success of several sectors and provided a boost to companies like Live Nation, AMC Entertainment <a href="https://www.benzinga.com/general/entertainment/24/12/42351922/trump-predicted-taylor-swift-sales-would-drop-target-data-shows-over-800k-sold">and most recently</a> Target. Swift was the top-streamed musician on Spotify in 2024.
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Image: Shutterstock

Entertainment

NFLX

Most Visited Wikipedia Pages In 2024: Trump, Harris, Musk, Swift, Politics And Netflix Dominate List

Cryptocurrency markets had a bullish Friday, with Bitcoin's surpassing $100,000 for the second time and Ethereum crossing $4,000.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td> $99,468</td>
<td>+1.1%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td> $4,004</td>
<td>+2.9%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td> $238.43</td>
<td>+1.5%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td> $0.4478</td>
<td>+4%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td> $0.00003131  </td>
<td>+4.1%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 73.2% and daily active addresses growing by 8.5%. Transactions greater than $100,000 are up from 13,754 to 18,967 in a single day. Exchanges netflows are down by 149.9%.</li>
<li>Coinglass data reports 152,488 traders were liquidated in the past 24 hours for $838.66 million.</li>
<li>IntoTheBlock <a href="https://x.com/intotheblock/status/1865124442646421918">data</a> shows altcoins reclaiming a significant share of the overall market dominance.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/news/events/24/12/42366131/major-banks-advance-blockchain-use-with-digital-cash-stablecoins">Major Banks Advance Blockchain Use With Digital Cash, Stablecoins</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42367065/exclusive-bitcoin-briefly-tops-100000-but-where-do-benzinga-readers-predict-it-will-finish-2024">EXCLUSIVE: Bitcoin Briefly Tops $100,000, But Where Do Benzinga Readers Predict It Will Finish 2024?</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42365154/bitcoin-reserve-would-benefit-special-interest-groups-former-fed-chairman-warns">Bitcoin Reserve Would &#8216;Benefit Special Interest Groups,&#8217; Former Fed Chairman Warns</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42364596/happy-11th-birthday-dogecoin-trader-anticipates-violent-upside-move-if-3-week-accumulation-breaks">Happy 11th Birthday, Dogecoin! Trader Anticipates &#8216;Violent Upside Move&#8217; If 3-Week Accumulation Breaks</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42361200/dave-portnoy-blames-winklevoss-twins-for-confusing-him-into-selling-bitcoin-too-early">Dave Portnoy Blames Winklevoss Twins For Confusing Him Into Selling Bitcoin Too Early</a></li>
</ul>
Trader Notes: With Bitcoin prices crossing the $100,000 mark the second time, crypto trader Emperor <a href="https://x.com/EmperorBTC/status/1865095039963271375">sees</a> this breakout being much healthier, thanks to spot-driven buying.
Crypto trader Seth calls this scenario as a &#8220;Happy Bullish Friday.&#8221; He added that Bitcoin open interest just keeps on dropping and shorts are getting liquidated.
<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 href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> open interest just keep on dropping. Shorts are getting liquidated&#8230;. This is too good to be true! Happy Bullish Friday! &#x1f973; <a href="https://t.co/1uMGEOiJsP">https://t.co/1uMGEOiJsP</a> <a href="https://t.co/yQggbv7VB4">pic.twitter.com/yQggbv7VB4</a>
&mdash; Seth (@seth_fin) <a href="https://twitter.com/seth_fin/status/1865087116138467667?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
More Crypto Online <a href="https://x.com/Morecryptoonl/status/1865117148626178427">explained</a> that the crypto market is in fierce struggle with no clear winner, resembling a battle for control. 
Bulls faced heavy liquidations on Thuesday, followed by losses for short traders on Friday. He predicts that the key level to watch for Bitcoin is $97,450; falling below it could weaken bulls further. 
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Image: Shutterstock

$ETH

$SHIB

$SOL

Bitcoin Back Crossed $100,000, Ethereum Hit $4,000: Friday In Review

Those paying attention to the news know that the <a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs">U.S. dollar has surged</a> since the presidential election. But what does that mean for you, your wallet and your everyday spending? Let's break it down simply, as a stronger dollar impacts your money&#8217;s progress.
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<h2 class="wp-block-heading">The Upsides: Travel, Imports and Lower Prices</h2>
A strong dollar means that the U.S. dollar is worth more than other currencies worldwide. This is a good time if you love traveling or buying imported goods. A stronger dollar means international travel becomes cheaper so that European vacation won&#8217;t burn as big a hole in your pocket as you thought because your dollars can buy more euros now than they could a few months ago. Hotels, meals, souvenirs and all the fun stuff you want to do abroad will cost you less in terms of dollars – giving you more bang for your buck.
You'll also notice some imported goods, like luxury cars, electronics or even food items, cost a bit less. As Business Insider reports, foreign companies want to keep selling to U.S. consumers and the stronger dollar helps them price their products more affordably here.
See Also: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
<h2 class="wp-block-heading">The Downsides: Trouble for U.S. Exports and Jobs</h2>
Of course, it's not all good news. A stronger dollar also means American-made products become more expensive for people in other countries. If you work in an industry that sells goods to other countries – like manufacturing, farming or tech – this could be a problem. Higher prices overseas mean fewer buyers, which can hurt company profits and lead to cutbacks or job losses.
Sam Stovall, chief investment strategist at CFRA Research, told Business Insider that about 40% of revenues from <a href="https://www.benzinga.com/news/earnings/24/12/42308304/sp-500-hits-another-high-as-apple-tops-242-for-the-first-time-fear-index-remains-in-greed-zone">S&amp;P 500 companies</a> come from overseas operations. If you invest in companies that do a lot of business overseas, like big multinational corporations, their profits might take a hit when they convert foreign earnings back into dollars. &#8220;As a result, the higher dollar will likely result in lower profits from overseas operations, depressing the company&#8217;s overall earnings,&#8221; Stovall stated. So, if your investments are heavy in U.S. companies that sell internationally, you may want to monitor their earnings reports.
Trending: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
<h2 class="wp-block-heading">Groceries and Gas Prices</h2>
While cheaper imports can help keep prices down, products made in the U.S. could become pricier, especially if they rely on foreign demand. As mentioned, <a href="https://www.benzinga.com/money/invest-in-farmland">American farmers</a> who export a lot might see fewer buyers abroad, which could mean fewer sales and more pressure on prices at home.
Gas prices, however, could benefit from a strong dollar. Since oil is priced globally in dollars, a stronger currency could mean slightly <a href="https://www.benzinga.com/general/travel/24/12/42280136/gas-prices-fall-for-7th-straight-week-to-3-per-gallon-reaching-2021-levels">cheaper gas at the pump</a>, as long as there aren't other supply issues messing with oil prices.
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<h2 class="wp-block-heading">Is It Good or Bad? It Depends</h2>
Depending on your circumstances, a higher dollar may or may not be advantageous. This surge may benefit you if you plan a trip overseas or purchase imported products such as expensive cars. But if your income depends on U.S. exports or if your investments are tied to companies doing a lot of business overseas, you could be feeling the downside.
In the end, the value of the dollar impacts all of us differently – some will get more value for their money, while others might find they're getting less. Keeping an eye on how the dollar affects the things you buy, the places you travel and even the stocks you hold can help you make the most of your money, whether the dollar is up or down.
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More Bang For Your Buck Or Less Value for Your Money – What The U.S. Dollar Surge Means For You And Your Wallet

In a blog post this week, Microsoft co-founder Bill Gates, shared how his childhood passion for reading was instrumental in his journey to becoming a billionaire.&nbsp;
What Happened: Gates expressed doubt about whether he would have achieved his billionaire status if he had grown up in today&#8217;s digital era, dominated by smartphones and social media.
"When I felt restless or bored — or got in trouble for misbehaving — I would disappear into my room and lose myself in books or ideas, often for hours without interruption. This ability to turn idle time into deep thinking and learning became a fundamental part of who I am," he stated.
Adding, "It was also crucial to my success later on."
Throughout his career, Gates has credited his accomplishments to his reading habits and periods of intense focus, such as his &#8220;Think Week&#8221; retreats.
These sessions allowed him to concentrate on future innovations, including the development of Internet Explorer.
See Also: <a href="https://www.benzinga.com/tech/24/12/42358400/elon-musks-xai-raises-6b-for-the-2nd-time-this-year-as-it-looks-to-take-the-challenge-to-openai-google-and-jeff-bezos-backed-anthropic?itm_source=parsely-api">Elon Musk&#8217;s xAI Raises $6B For The 2nd Time This Year As It Looks To Take The Challenge To OpenAI, Google And Jeff Bezos-Backed Anthropic</a>
Gates cautioned that the technologies he helped popularize might impede the deep thinking necessary for groundbreaking innovations.
The tech mogul recommended &#8220;The Anxious Generation&#8221; by Jonathan Haidt as a must-read. The book explores how technology has affected young minds, contributing to mental health challenges.&nbsp;
He spoke about the value of a &#8220;play-based childhood&#8221; over a &#8220;phone-based&#8221; one, as highlighted in Haidt&#8217;s book.
"Today's teenagers spend an average of six to eight hours per day on screen-based leisure activities—that is, not for schoolwork or homework," he wrote, adding, "I'm especially worried about the impact on critical thinking and concentrating."
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: Gatest currently has a net worth of $166 billion, according <a href="https://www.bloomberg.com/billionaires/">to</a> the Bloomberg Billionaire Index.
Microsoft, the company he co-founded and spearheaded for years has now reached a market capitalization of $3.297 billion, making it the third most valuable company in the world.&nbsp;&nbsp;
Last month, Gates expressed his willingness to <a href="https://www.benzinga.com/news/24/11/41869269/bill-gates-ready-to-give-up-62-of-his-fortune-advocates-for-wealth-tax">relinquish 62% of his wealth</a> under a proposed tax system targeting the affluent. He has been vocal about wealth disparity and the need for the wealthy to contribute more to society.
Gates has also warned of an impending <a href="https://www.benzinga.com/personal-finance/24/11/41949050/bill-gates-warned-the-u-s-will-experience-another-2008-style-financial-crisis-he-cant-predict-when-but-says-this-is-a-certainty">financial crisis</a> akin to the 2008 recession, highlighting the importance of financial preparedness.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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<li><a href="https://www.benzinga.com/tech/24/12/42312508/tesla-ceo-elon-musk-agrees-with-apple-co-founder-steve-jobs-on-guiding-talent-you-know-who-the-best-managers-are?itm_source=parsely-api">Tesla CEO Elon Musk Agrees With Apple Co-Founder Steve Jobs On Guiding Talent: ‘You Know Who The Best Managers Are?'</a></li>
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Photo courtesy: Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Bill Gates Reveals The Childhood Habit That Was Key To His Billion-Dollar Success

<h2 class="wp-block-heading">Man Sentenced To 51 Months In Prison For Fraud, Ordered To Pay $6.1 Million&nbsp;</h2>
Mykalai Kontilai, a 55-year-old Las Vegas resident, <a href="https://www.justice.gov/opa/pr/president-and-ceo-las-vegas-based-company-sentenced-role-investment-fraud-scheme-where-he">was sentenced</a> on Thursday to 51 months in prison and ordered to pay $6.1 million in restitution for his involvement in a long-running fraud scheme. Kontilai, who previously went by Michael Contile, orchestrated an investment fraud through his company, Collector&#8217;s Coffee Inc., also known as Collector&#8217;s Café.&nbsp;
According to the U.S. Department of Justice, Kontilai was CEO of Collector&#8217;s Coffee and deceived investors from 2012 to 2018 by claiming the company was about to launch an online auction platform for collectibles, including sports and Hollywood memorabilia. 
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Kontilai successfully raised approximately $23 million from Collector's Coffee investors and then stole approximately $6.1 million for his own personal use, including for the purchase of luxury goods, apartments, and vehicles.
The SEC began investigating Kontilai around 2017, during which he obstructed justice by forging documents and lying under oath. Facing charges in Nevada and Colorado, Kontilai fled to Russia. He was later arrested in Germany on an Interpol Red Notice in 2023 and extradited to the United States in May to face the charges.&nbsp;
On Nov. 21, Kontilai pleaded guilty to one count of wire fraud. As part of the plea agreement in the case, the government moved to dismiss the Colorado case.
<h2 class="wp-block-heading">SEC Charges Kiromic BioPharma, CEO, CFO With Failure To Disclose Material Information</h2>
The Securities and Exchange Commission on Tuesday filed <a href="https://www.sec.gov/newsroom/press-releases/2024-189">settled charges</a> against biotherapeutics company Kiromic BioPharma, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KRBP#OTC">KRBP</a>), its former CEO Maurizio Chiriva-Internati, and its former CFO Tony Tontat, for failing to disclose material information about Kiromic's two cancer fighting drug candidates before, during, and after a July 2021 follow-on public offering that raised $40 million.&nbsp;
The SEC's order found that two weeks before the public offering, the Food and Drug Administration notified Kiromic BioPharma that it had placed the drug candidates on clinical hold.&nbsp;
Kiromic BioPhamra did not disclose the FDA clinical holds in its SEC filings, investor roadshow calls, or during due diligence calls leading up to the offering, despite the fact that Kiromic disclosed the hypothetical risk of a clinical hold and the potential negative consequences on Kiromic's business.&nbsp;
Kiromic BioPharma and Tontat <a href="https://www.benzinga.com/pressreleases/24/12/b42295258/kiromic-biopharma-announces-settlement-of-previously-disclosed-sec-investigation">agreed to settle</a> the SEC's charges in separate administrative proceedings and Chiriva agreed to settle the charges in federal district court. Kiromic was not ordered to pay a civil penalty in light of its self-reporting, cooperation, and remediation, and Chiriva and Tontat agreed to pay civil penalties of $125,000 and $20,000, respectively, to settle the SEC's charges.
"These resolutions strike the right balance between holding Kiromic's then-two most senior officers responsible for Kiromic's disclosure failures while also crediting Kiromic for its voluntary self-report, remediation, proactively instituting remedial measures, and providing meaningful cooperation to the staff," said Eric Werner, Director of the SEC's Fort Worth Regional Office.
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Image: Shutterstock

Biotech

KRBP

Financial Crime Weekly: CEO Sentenced To 51 Months In Prison, Kiromic BioPharma Charged With Failure To Disclose Material Information

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos shared insights into his success his approach to achieving massive success.
What Happened: Earlier this week, in an interview at the New York Times DealBook Summit, Bezos was asked about his confidence in building large-scale companies like Amazon and Blue Origin.
Bezos is currently the world&#8217;s second richest person, according to the Bloomberg Billionaires Index. His net worth currently stands at $240 billion, having increased by $63.4 billion in 2024 till date.
While responding, he explained that it is common for people to overestimate risks and underestimate opportunities.&nbsp;
Bezos advised entrepreneurs to counteract this tendency by recognizing that perceived risks might not be as significant as they seem, while opportunities could be more substantial than anticipated.
He continued saying, "You say it's confidence, but maybe I'm just accepting that human bias and trying to compensate against it."
See Also: <a href="https://www.benzinga.com/24/12/42256614/trumps-ai-czar-plans-alibabas-new-model-cathie-wood-on-tesla-ai-and-musks-combat-transformation-this-week-in-artificial-intelligence?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump's AI Czar Plans, Alibaba's New Model, Cathie Wood On Tesla AI, And Musk's Combat Transformation: This Week In Artificial Intelligence</a>
The Amazon founder also made another observation, saying, "The second thing I would point out is that thinking small is a self-fulfilling prophecy."
Simply put, he meant to say that if a person believes they can only accomplish small things, they&#8217;ll act in ways that make that belief come true.
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: During the interview, Bezos also <a href="https://www.benzinga.com/media/24/12/42331420/jeff-bezos-optimistic-about-trumps-second-term-wants-to-help-streamline-rules-we-do-have-too-many-regulations-in-this-country">expressed optimism</a> about Donald Trump&#8217;s second term, highlighting the potential for reducing regulations. &#8220;We do have too much regulation in this country,&#8221; he stated while showing willingness to assist in streamlining rules.
He also addressed America&#8217;s national debt crisis, advocating for a <a href="https://www.benzinga.com/news/24/12/42335531/jeff-bezos-counters-elon-musk-led-doge-cost-cutting-plan-says-america-needs-growth-orientation-heres-what-the-amazon-founder-said-to-tackle-national-debt">growth-oriented approach</a> to spending cuts. Bezos spoke about the need to boost GDP growth to 3-5% annually while maintaining slower debt growth.
In the interview, Bezos also revealed that he is dedicating significant time to ensure Amazon remains a leader in AI.
&#8220;My heart is in Amazon, my curiosity is in Amazon, and my fears are there and my love is there,&#8221; he stated, adding. &#8220;I&#8217;m never going to forget about Amazon. I&#8217;ll always be there to help, and right now, I&#8217;m putting a lot of time into it. I can help, and it&#8217;s super interesting, so why not?&#8221;
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Price Action: Amazon&#8217;s stock climbed 2.94% on Friday, closing at $227.03, before slipping 0.29% in after-hours trading. Year-to-date, Amazon shares have soared 51.42%, outperforming the Nasdaq 100 index's 30.7% gain during the same period, according to <a href="http://pro.benzinga.com/">data from Benzinga Pro</a>.
Amazon&#8217;s consensus price target, based on evaluations from 38 analysts, is $238.16, with JMP Securities assigning the highest target of $285 on Nov. 1. Latest ratings from Needham, BMO Capital, and MoffettNathanson average $244.67, implying a 7.8% upside.
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Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Jeff Bezos, World's Second Richest Person, Reveals The Simple Secret To Building Successful Businesses Like Amazon

Warren Buffett, CEO of Berkshire Hathaway, and the late Charlie Munger have long emphasized the critical role of integrity, intelligence, and energy in effective leadership.&nbsp;
What Happened: While <a href="https://fortune.com/videos/watch/How-does-Warren-Buffett-cultivate-new-leaders/bdb66cd1-471f-4ef7-9939-838c3175dd1e">speaking</a> with Fortune during the 2015 Berkshire Hathaway Annual Shareholder Meeting, Buffett underscored the importance of a clear vision to inspire others.
"You have to have a clear vision of where you're going, so that you can get others to follow you," he said at the time.
Buffett believes that leadership qualities can be both inherent and developed. &#8220;Some people have way more leadership qualities inherently, but I think you can learn a lot, too.&#8221;&nbsp;
In a 2014 <a href="https://fortune.com/2023/11/29/charlie-munger-warren-buffett-bad-managers/">interview</a> with Fortune&#8217;s Pattie Sellers, Buffett, and Munger spoke about the significance of sound management and hiring practices.
See Also: <a href="https://www.benzinga.com/media/24/12/42331420/jeff-bezos-optimistic-about-trumps-second-term-wants-to-help-streamline-rules-we-do-have-too-many-regulations-in-this-country?itm_source=parsely-api">Jeff Bezos Optimistic About Trump&#8217;s Second Term, Wants To Help Streamline Rules: &#8216;We Do Have Too Many Regulations In This Country&#8217;</a>
The duo revealed that they avoid acquiring companies with poor managers, preferring to collaborate with naturally competent individuals.
"Marrying somebody to change them is crazy," Buffett stated then, adding, "And I would say hiring somebody to change him is just as crazy, and becoming partners with them to change them is crazy."
"The reason that Berkshire has been successful as a big conglomerate—more successful than any other big conglomerate, so far as I know—is we try to buy things that aren't going to require much managerial talent at headquarters," Munger said at the same time.
In 1998, while <a href="https://tilsonfunds.com/BuffettUofFloridaspeech.pdf">speaking</a> to MBA students at the University of Florida, Buffett said that his hiring criteria focus on integrity, intelligence, and energy.
During a 2021 shareholder meeting, Buffett said that poor management is the most significant risk to a company, <a href="https://www.wsj.com/articles/warren-buffett-says-bad-leaders-pose-biggest-risk-to-companies-11620034201">reported</a> the Wall Street Journal.
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: Previously, Tesla CEO Elon Musk has <a href="https://www.benzinga.com/tech/24/12/42312508/tesla-ceo-elon-musk-agrees-with-apple-co-founder-steve-jobs-on-guiding-talent-you-know-who-the-best-managers-are">echoed similar sentiments</a>, aligning with Steve Jobs on the importance of hiring top talent and effective leadership.&nbsp;
Musk agrees with Jobs&#8217; philosophy that identifying the best managers is crucial for success.
In March 2024, Musk reiterated his agreement with Jobs&#8217; views on <a href="https://www.benzinga.com/news/24/03/38013068/tesla-ceo-elon-musk-reacts-to-apple-co-founder-steve-jobs-on-finding-top-talent-you-build-up-these-p">building a team of &#8216;A&#8217; players</a>, emphasizing that a small team of top performers can outperform larger teams of average talent.
This approach aligns with Buffett&#8217;s focus on integrity and intelligence in leadership.
Jobs, who co-founded Apple Inc., has also <a href="https://www.benzinga.com/top-stories/24/04/38033914/steve-jobs-had-3-management-tips-for-companies-after-previously-hiring-bozos-to-run-apple">shared management tips</a>, stressing the importance of hiring the right people to lead a company.
&#8220;You know who the best managers are. They&#8217;re the great individual contributors who never ever want to be a manager, but decide they have to be a manager because no one else is going to be able to do as good a job as that,&#8221; Jobs said.
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>.
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</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Warren Buffett Once Said Hiring Someone To Change Them Is 'Just As Crazy' As Marrying Someone To Change Them: 'The Reason That Berkshire Has Been Successful…'

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) executive chairman Michael Saylor's growing Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) bet could unravel and break down the "magic money creation machine," warned an investment expert.
What Happened: Appearing on a recent episode of the All-In Podcast, Gavin Baker, managing partner and chief investment officer of Atreides Management LP warned that Saylor's Bitcoin bets could get "too big for the size" of MicroStrategy.
Baker called out Saylor's strategy of issuing debt and buying Bitcoin. "What he is doing is he is issuing debt and buying Bitcoin with the premise that it is always going to go up."
However, Baker has a word of caution here. "No trees grow to the sky," he said, adding that the interest expenses will keep rising for the company if Saylor keeps at it.
"The underlying business that pays the interest expense on the debt only does $400 million a year.
"Unless debt investors have absolute confidence… it will get to a point where it is too big for the size of his company," said Baker.
If Saylor over-collateralizes Bitcoin, Baker warned that the "magic money creation machine" will break down.
See Also: <a href="https://www.benzinga.com/24/12/42376691/michael-saylor-says-his-bitcoin-strategy-is-simple-just-keep-buying-btc-with-your-spare-capital">Michael Saylor Says His Bitcoin Strategy Is Simple: &#8216;Just Keep Buying BTC With Your Spare Capital&#8217;</a>
Why It Matters: As of Nov. 24, 2024, MicroStrategy held 386,700 Bitcoins at a purchase cost of $21.9 billion, at an average price of $56,761.
MicroStrategy's "approach involves adding Bitcoin to the balance sheet, increasing stock volatility, and using convertible debt to enable low-cost capital raises." said Bernstein's&nbsp;Gautam Chhugani&nbsp;in a&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42160774/microstrategy-is-the-bitcoin-magnet-says-bernstein-but-not-everybodys-sold-nothing-is-free-in-finance-says-one-analyst" target="_blank" rel="noreferrer noopener">recent note</a>.
For context, MicroStrategy's convertible notes do not offer investors any interest – and yet, they are still <a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them">rushing to buy them</a> as Bitcoin's bull run continues after Donald Trump's victory.
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Price Action:&nbsp;At the time of writing, Bitcoin was trading at $99,308, up 1.7% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
MicroStrategy stock closed at $395.01 on Friday, up 2.2% for the day. Year-to-date, the stock has gained a whopping 476%.
Read Next:
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Photo courtesy: Wikimedia

MSTR

MicroStrategy's Michael Saylor Risks Breaking Down The 'Magic Money Creation Machine' With His Growing Bitcoin Bet, Says Expert

Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) co-founder Joe Lonsdale cheered President-elect Donald Trump's <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42323248/trump-nominates-paul-atkins-as-sec-chair-emphasizing-digital-assets-as-key-to-making-america-greater">pick to lead</a> the U.S. Securities and Exchange Commission (SEC), Paul Atkins, while calling out Gary Gensler's attitude towards the cryptocurrency industry.
What Happened: Lonsdale welcomed Atkin as Trump's SEC pick in a recent episode of the All-In Podcast, calling him a "smart guy."
"I love Paul. I think he's a fair guy… he's a really smart guy, cares about rules, cares about helping innovators," he said.
Lonsdale had no love lost for Gensler, though. "The thing that really pissed [me] off with Gary… I think you've probably seen like… I think both Coinbase with Brian and the Winklevoss twins [who] put something out… They won't even hire anyone who worked with Gary."
Explaining the anger of Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) co-founder and CEO Brian Armstrong and the Winklevoss twins – Cameron and Tyler – towards Gensler, Lonsdale said, "The reason they're that angry at them is they were purposely not defining the rules in certain cases and then going after people after not having defined it in order to play a gotcha game."
"It was very dishonorable, and Paul sees all that and he's not going to allow that," Lonsdale added.
See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42309277/crypto-hodler-awakens-after-11-years-moves-257m-worth-of-bitcoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dormant Bitcoin Whale Awakens After 11 Years, Moves $257M Worth Of BTC</a>
Why It Matters: The crypto industry threw its weight behind the Trump campaign, and his win is being termed as a turnaround of fortunes.
For instance, Bernstein said in a recent report that the regulatory headwinds have now <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41783773/the-future-of-crypto-regulation-under-a-trump-administration-headwinds-are-now-tailwinds">transformed into tailwinds</a> for the crypto industry.
"We expect a new regime of crypto rule-making," the report said.
Armstrong expressed optimism after Trump's victory. "Tonight, the crypto voter has spoken decisively across party lines," he said, adding that he looks forward to working with the new administration to &#8220;clear rules of the road&#8221; for digital assets.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Welcome to the new members of America&#39;s most pro-crypto Congress ever&#8230; 219+ pro-crypto candidates and counting have now been elected to the House &amp; Senate. Tonight the crypto voter has spoken decisively &#8211; across party lines and in key races across the country. Americans… <a href="https://t.co/t91wC3Wtzr">pic.twitter.com/t91wC3Wtzr</a>
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1854028856409436226?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote>
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Trump is <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42220158/donald-trump-to-establish-a-national-bitcoin-reserve-pros-vs-cons-compared">also considering</a> establishing a national Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve, which supporters of the plan <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42122348/trumps-planned-crypto-council-may-oversee-bitcoin-reserve-report">think will help</a> the U.S. pare down its national debt.
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Image created via photos on Shutterstock

Regulations

COIN

PLTR

Palantir Co-Founder Joe Lonsdale Cheers Trump's New SEC Pick, Calls Out Gary Gensler For 'Purposely' Not Defining Crypto Rules

Boeing Co&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) head of government affairs and chief lobbyist Ziad Ojakli is reportedly leaving the planemaker.
What Happened: Ojakli will be replaced by executive Bill McSherrry on an interim basis, Reuters reported on Friday, citing a mail sent by Boeing CEO Kelly Ortberg to employees. Ojakli&#8217;s departure is effective immediately, the email said. 
Ojakli became executive vice president of Government Operations at Boeing in October 2021. Prior to that, he worked with Ford and Softbank and also served as an aide to President George W. Bush.
Boeing did not immediately respond to a <a href="https://pro.benzinga.com/dashboard">Benzinga</a> request for a statement.
Why It Matters: Boeing has been under keen public and regulatory scrutiny since the start of the year when a door plug flew off an Alaska Airlines plane. 
The company&#8217;s shares have fallen by about 39% year-to-date and several key executives have left. 
In November, the company said that its head of quality for commercial airplanes Elizabeth Lund would retire from the company in December. In September, the head of the company&#8217;s space and defense unit Ted Colbert <a href="https://www.benzinga.com/news/24/09/40968235/boeings-space-segment-chief-ted-colbert-quits-amid-mounting-pressure-after-starliner-fails-to-bring">left the company</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: Shutterstock

Boeing Chief Lobbyist Ziad Ojakli Leaves Troubled Planemaker: Report

Tesla Inc. and SpaceX CEO Elon Musk voiced agreement with his rivals, Sam Altman and Jeff Bezos, regarding their views on his relationship with President-elect Donald Trump. 
What Happened: Earlier this week, Bill Gurley, a general partner at venture capital firm Benchmark took to X to say that his favorite part about the New York Times DealBook Summit was Altman and Bezos dismissing such concerns.
On separate occasions, both Altman and Bezos were asked if they feared Musk might exploit his relationship with Trump to gain a competitive edge. Both expressed confidence that Musk would not engage in such behavior.
See Also: <a href="https://www.benzinga.com/tech/24/12/42312508/tesla-ceo-elon-musk-agrees-with-apple-co-founder-steve-jobs-on-guiding-talent-you-know-who-the-best-managers-are?itm_source=parsely-api">Tesla CEO Elon Musk Agrees With Apple Co-Founder Steve Jobs On Guiding Talent: &#8216;You Know Who The Best Managers Are?&#8217;</a>
Responding to Gurley's comment on Friday, Musk said, &#8220;They are right.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">They are right <a href="https://t.co/tBtrixAO8r">https://t.co/tBtrixAO8r</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1865057817826070849?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote>
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Why It Matters: Musk was appointed by Trump to co-lead the newly formed Department of Government Efficiency alongside Vivek Ramaswamy. DOGE aims to cut federal <a href="https://www.benzinga.com/24/11/42253427/elon-musks-doge-dream-team-from-marc-andreessen-to-ubers-travis-kalanick-silicon-valley-titans-join-forces-to-overhaul-federal-spending">spending by up to $2 trillion</a>, drawing on the expertise of Silicon Valley leaders.
During the summit, Amazon.com Inc. founder <a href="https://www.benzinga.com/media/24/12/42331420/jeff-bezos-optimistic-about-trumps-second-term-wants-to-help-streamline-rules-we-do-have-too-many-regulations-in-this-country">Bezos expressed optimism</a> about the Trump administration&#8217;s potential to reduce regulations, which he believes could foster economic growth.
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.
OpenAI CEO Altman also <a href="https://www.benzinga.com/24/12/42334927/sam-altman-brushes-off-elon-musks-trump-ties-but-admits-xai-is-a-serious-threat-to-openai-i-may-turn-out-to-be-wrong-but">downplayed concerns</a> about Musk&#8217;s political connections, saying, "I believe pretty strongly that Elon will do the right thing."
Musk&#8217;s relationship with Bezos has <a href="https://www.benzinga.com/markets/equities/24/11/42105450/elon-musk-says-amazon-founder-jeff-bezos-urged-tesla-spacex-investors-to-dump-stakes-predicting-trumps-loss">soured further after he alleged</a> that the Amazon founder advised investors to sell their stakes in Tesla, predicting Trump&#8217;s electoral defeat.
Similarly, the Tesla CEO has time and again <a href="https://www.benzinga.com/tech/24/12/42257564/musk-goes-to-court-to-block-openais-for-profit-transition">hurled accusations</a> against Altman and OpenAI, the AI startup he co-founded alongside Altman.
Earlier this month, it was reported that Altman and other tech and business figures who have been targeted by Musk raised alarms about his possible influence on regulation.
Altman reportedly reached out to his contacts within Trump's inner circle, including Jared Kushner, the President-elect&#8217;s son-in-law, and Joshua Kushner, who leads Thrive Capital, an investor in OpenAI.
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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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock

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