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Pacific Green Technologies Inc is engaged in developing emission control systems technology. The company design, manufactures, and implements flue gas emission control systems throughout the world. It offers a product such as ENVI-Marine for the marine industry, ENVI-Pure for the waste-to-energy and biomass industries, and ENVI-Clean is designed for coal-fired power electricity generation and industrial plants involved in steel generation. Geographically, it has a presence in North America, Asia, and Europe of which it derives a majority of its revenue from the Europe region.

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NBA legend Shaquille O'Neal opened up about one of the most personal and painful parts of his life: his divorce. The comments from the 2022 interview show accountability and how to move on from tough moments in life from the former NBA star <a href="https://www.benzinga.com/general/entertainment/24/07/39733479/nba-fans-rejoice-new-76b-deal-from-espn-amazon-nbc-will-bring-games-seven-days-a-week">and sports commentator.</a>
What Happened: In a candid interview on the Pivot Podcast, Shaq discussed his marriage and divorce and how he got past the big moments of his life.
While discussing the topic, O&#8217;Neal was transparent about his own responsibility in the breakup of his marriage, <a href="https://www.youtube.com/watch?v=HeojkELPHzo">admitting</a>, &#8220;It was all me, because she was like, she did exactly what she was supposed to do. Gave me beautiful kids, take care of the house, take care of corporate stuff. It was just all me.&#8221;
Reflecting on his ex-wife, Shaq had nothing but praise, calling her &#8220;awesome&#8221; and emphasizing that the downfall of the relationship was not her fault.
O&#8217;Neal described the toll that divorce took on him, particularly in his role as a father.
&#8220;The best feeling for me was coming home and hearing five, six different voices,&#8221; he said, revealing how much he cherished being around his kids.
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Why It&#8217;s Important: Losing that daily interaction had a profound impact on O&#8217;Neal, and he shared the loneliness that followed: &#8220;I was lost. 76,000 square foot house by yourself. Lost. No kids. Go to the gym, nobody playing in the gym. You go to their room, nobody's there. You start to feel it.&#8221;
Despite the pain, O&#8217;Neal remains committed to his role as a father.
&#8220;May not be a husband, but I&#8217;m always be a father and a father job to protect, provide and love," O'Neal added.
His dedication to his children is what drives him, as he continues to provide for them and work hard for their future.
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This article was partially written using artificial intelligence and was reviewed by Benzinga editors.
Photo: Shutterstock

Sports

Shaquille O'Neal Reflects On Divorce, Fatherhood And Personal Accountability: 'I Was Lost. 76,000 Square Foot House By Yourself'

Portugal's Algarve is no longer just a European secret. The scenic southern coast is experiencing a <a href="https://www.benzinga.com/real-estate/24/07/39727958/a-massive-bubble-in-the-housing-market-has-developed-and-it-is-about-to-pop-real-estate-executive-sa">housing market</a> boom that's turning heads, with Americans playing a significant role. According to Savills, a global real estate agency, the region's real estate market has skyrocketed, with prices for prime properties jumping over 30% in the past year.
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Real estate agents point to tourism as the main driver, with U.S. tourists flooding the country like never before. Official figures from Portugal's national statistics agency show over one million Americans visited the country in the first half 2024.&nbsp;
That's nearly twice as many as in 2022. Most of them flock to the Algarve, known for its golden beaches, picturesque fishing towns, and mild year-round weather.
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"The top of the property market in the Algarve has historically been predominantly British buyers, but it's changing," said Kerstin Buechner, co-owner of Quinta Properties, a local Savills affiliate.&nbsp;
She explained that Americans, who made up less than 1% of high-end homebuyers in the Algarve before the pandemic, now form a "substantial percentage" of the market. According to the Portuguese Property Association, cited by Bloomberg, 10% of all foreign homebuyers in Portugal are now Americans.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
"If you walk around Loulé, every second person is American now," Buechner added. "It's unbelievable."
This influx of U.S. buyers has had a noticeable impact on prices. In 2022, the first sale over €20 million set a record for the region, and since then, several more properties at that price point have been sold. The high demand and limited supply, particularly in hot spots like Quinta do Lago and Vale do Lobo, have intensified the frenzy.
"There's less on the market than ever before, and the demand is light years ahead of what we used to have," Buechner noted, adding that the average price of prime properties at her agency rose to nearly €3.5 million in 2023, up from under €3 million the previous year.
Trending: This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.
Ricardo Costa, CEO of Luximos, the Christie's International Real Estate affiliate in Portugal, has also seen a rise in foreign demand. He points to the country's digital nomad program as one of the key reasons. Non-EU residents with a monthly income of at least €3,280 and savings of €9,840 can live and work remotely from Portugal.
"People like the mild weather, the surf conditions, the stable politics, and that they can do remote work from here, only five hours away from the East Coast of the U.S.," Costa said. "At the southwestern tip of Europe, we like to say the Americans are our neighbors."
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It doesn't hurt that a million euros stretches much further in Portugal than in other popular spots like the French Riviera or the Greek islands.&nbsp;
The trend of foreign buyers began in 2012 when Portugal introduced "golden visas," offering residency permits in exchange for investment in the country, including<a href="https://www.benzinga.com/real-estate/24/09/40730794/this-u-s-town-is-offering-20-000-to-relocate-heres-how-to-secure-10-000-in-cash-and-10-000-for-renov"> real estate</a>. The government ended this option for real estate purchases last year, but it hasn't slowed American interest. Foreigners can still qualify for the visa by investing at least €500,000 in other sectors, such as research or culture.
"The golden visa program did cause a frenzy in sales," Buechner admitted, but she doesn't believe the appeal is fading anytime soon. "Americans are coming into Portugal because they're fed up with the United States and want a different lifestyle. The Algarve offers that."&nbsp;
With direct flights from the U.S., such as United Airlines launching from Newark to Faro in 2025, it seems even more Americans will be making the move. And the Algarve is ready.
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Wealthy Americans Are Triggering a Housing Frenzy in Portugal's Algarve – Find Out Why the Market Is Booming So Rapidly

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.
Stocks climbed on Friday, with the S&amp;P 500 and Nasdaq Composite marking their best weekly gains of 2024 ahead of the Federal Reserve meeting. 
The S&amp;P 500 rose 4% and the Nasdaq Composite surged 5.9% for the week, while the Dow gained 2.6%. 
Strong economic data, including low inflation, stable jobless claims, and positive consumer sentiment, fueled investor optimism. Market expectations are now split between a 25-basis-point or 50-basis-point rate cut, with growing momentum for the latter, according to <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40861742/nasdaq-100-posts-biggest-weekly-rally-in-almost-a-year-as-fed-rate-cut-hopes-grow-top-">the CME FedWatch tool</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/analyst-ratings/analyst-color/24/09/40787302/nvidia-shares-riding-on-huge-ai-tailwind-says-portfolio-strategist-why-expert-says-">Nvidia Shares Riding On Huge AI Tailwind, Says Portfolio Strategist: Why Expert Says Stock Will Stay On An Upward Path For Next 2-3 Years</a>,&#8221; by <a href="https://www.benzinga.com/author/shanthi-rexaline">Shanthi Rexaline</a>, explains how Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is expected to maintain growth due to AI, with Mai Capital Management highlighting its reasonable valuation and resilience over the next two to three years.
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40780511/dogecoin-surges-8-as-elon-musk-jokes-doge-will-be-the-official-mascot-of-department-of-gov">Dogecoin Surges 8% As Elon Musk Jokes DOGE Will Be The &#8216;Official Mascot&#8217; Of &#8216;Department Of Government Efficiency,&#8217;</a>&#8221; by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, details how Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) surged after Elon Musk humorously suggested that the meme coin would be the official mascot of the &#8220;Department of Government Efficiency.&#8221;
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40771760/apples-iphone-16-launch-jpmorgan-says-staggered-pricing-approach-could-offset-risin">Apple&#8217;s iPhone 16 Launch: JPMorgan Says &#8216;Staggered Pricing Approach&#8217; Could Offset Rising Chip, Memory Costs</a>,&#8221; by <a href="https://www.benzinga.com/author/surbhi-jain">Surbhi Jain</a>, highlights a JPMorgan analyst&#8217;s view that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will adopt a staggered pricing strategy for the iPhone 16 lineup to manage rising chip and memory costs, with premium pricing likely for the higher-end Pro models.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40773576/us-yield-curve-no-longer-inverted-why-this-time-the-recession-scenario-might-be-d">US Yield Curve No Longer Inverted: Why This Time The Recession Scenario Might Be Different For Investors</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40766713/palantirs-s-p-500-inclusion-another-validation-moment-as-it-embarks-on-new-era-of-e">Palantir&#8217;s S&amp;P 500 Inclusion &#8216;Another Validation Moment&#8217; As It Embarks On New Era Of Enterprise Growth And Profitability, Says Bullish Analyst</a>
<a href="https://www.benzinga.com/general/entertainment/24/09/40820131/netflix-vs-disney-internet-traffic-crowns-one-streaming-giant-while-both-leave-competitors-">Netflix Vs. Disney: Internet Traffic Crowns One Streaming Giant, While Both Leave Competitors In The Dust</a>
The Bears
&#8220;<a href="https://www.benzinga.com/news/24/09/40848374/google-co-founder-sergey-brin-admits-company-was-too-timid-to-rollout-chatgpt-like-llms-despite-basi">Google Co-Founder Sergey Brin Admits Company Was &#8216;Too Timid&#8217; To Rollout ChatGPT-Like LLMs Despite Basically Inventing Them</a>,&#8221; by <a href="https://www.benzinga.com/author/ananya-gairola">Ananya Gairola</a>, highlights how 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>) co-founder Sergey Brin acknowledged that the company hesitated to release its language models despite pioneering the technology due to concerns over mistakes and embarrassment.
&#8220;<a href="https://www.benzinga.com/markets/equities/24/09/40767067/another-retailer-takes-chapter-11-route-big-lots-files-for-bankruptcy-and-agrees-to-sell-assets-">Another Retailer Takes Chapter 11 Route: Big Lots Files For Bankruptcy And Agrees To Sell Assets To Nexus Capital As Economic Pressures Mount</a>,&#8221; by <a href="https://www.benzinga.com/author/shanthi-rexaline">Shanthi Rexaline</a>, reports that Big Lots, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIG#NYSE">BIG</a>) has filed for Chapter 11 bankruptcy and agreed to sell its assets to Nexus Capital Management due to mounting macroeconomic challenges, including high inflation and interest rates.
&#8220;<a href="https://www.benzinga.com/trading-ideas/24/09/40817541/lucid-not-ready-to-take-on-tesla-cybertruck-ceo-says-tough-to-make-an-electric-pickup-truck-work-to">Lucid Not Ready To Take On Tesla Cybertruck: CEO Says &#8216;Tough To Make An Electric Pickup Truck Work Today&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>,&nbsp;reports that Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) CEO Peter Rawlinson ruled out a near-term electric pickup to rival Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Cybertruck, citing challenges in producing a cost-effective truck with sufficient range and towing capacity.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40816734/gamestop-analyst-says-retailer-could-close-all-stores-operate-as-bank-to-manage-los">GameStop Analyst Says Retailer Could Close All Stores, Operate As Bank To Manage Losses</a>
<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40807385/peter-schiff-dismisses-michael-saylors-bitcoin-is-scarce-argument-when-the-supply-of-new-b">Peter Schiff Dismisses Michael Saylor&#8217;s Bitcoin Is Scarce Argument: &#8216;When The Supply Of New Buyers Runs Low…&#8217;</a>
<a href="https://www.benzinga.com/news/24/09/40823119/china-is-eating-apples-lunch-where-smartphone-maker-ranks-vs-asian-competitors">China Is Eating Apple&#8217;s Lunch: Where Smartphone Maker Ranks Vs Asian Competitors</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>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence via Midjourney.

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Benzinga Bulls And Bears: Nvidia, Apple, Lucid And — Dogecoin Surges On Elon Musk's Joke

In a recent episode of <a href="https://www.benzinga.com/personal-finance/24/09/40669326/31-year-old-inherits-10m-from-parent-he-never-knew-ramsey-show-hosts-offer-critical-advice-on-wh">The Ramsey Show</a>, Dave Ramsey and his daughter, <a href="https://www.benzinga.com/personal-finance/24/09/40764202/1m-net-worth-shattered-ramsey-hosts-tell-wife-to-act-fast-as-husband-steals-286-000-and-lies-on-">Rachel Cruze</a>, nostalgically looked back at a nearly 30-year-old clip of Ramsey sharing financial advice from 1995. The lighthearted reaction was filled with laughter, but Ramsey's message was clear: the core principles he taught back then remain unchanged today and continue to resonate with millions of listeners.
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<h2 class="wp-block-heading">1995 Advice: Timeless or Outdated?</h2>
In the vintage clip, the host asked Ramsey about the number one question he received from listeners. His response was straightforward: &#8220;How do I get out of debt?&#8221; He added that the second most common issue was communication between spouses about money. Ramsey's advice, then, was to save money, live on <a href="https://www.benzinga.com/personal-finance/24/08/40489379/charlie-munger-called-this-a-no-brainer-spend-less-than-you-make-always-be-saving-something-put-">less than you make</a> and avoid debt. He famously quoted, &#8220;The borrower is servant to the lender,&#8221; a phrase still central to his teachings today.
Reflecting on this decades-old advice, Ramsey noted that while much has changed in the world of personal finance, including the rise of digital platforms and new financial products, the basic tenets of money management have not. He remarked, "Live on less than you make, a concept Congress can't grasp." This message of financial discipline and debt avoidance has stood the test.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
<h2 class="wp-block-heading">Consistency Amidst Change</h2>
Cruze playfully pointed out that not only does Ramsey still use the same jokes, but the fundamental principles remain the same. Ramsey highlighted how, even back in 1995, he advocated for giving every dollar a name and budgeting. Today, technology has advanced those same principles with tools like the EveryDollar app, but his message remains: plan every dollar before the month begins.
Despite the advancements in financial tools, Ramsey emphasized that it's still about behavior, not just math. &#8220;People don't get rich on credit cards and car payments,&#8221; Cruze reiterated Ramsey's sentiment from his interview in 1995.
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<h2 class="wp-block-heading">Has Anything Changed?</h2>
Ramsey's advice from 1995 – avoid debt, budget, live within your means – has remained unwavering. He argued that this consistency has kept his platform growing, with more listeners today than ever before. As the financial world has shifted toward digital transactions, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40837412/65-of-u-s-consumers-think-crypto-could-replace-cash-in-the-future-deutsche-bank-report-fin">cryptocurrency</a> and AI, Ramsey's principles have stayed grounded in what he calls "truths" that do not change with trends or technology.
"We've been able to have the integrity to say the same thing over and over again for 35 years," Ramsey said. His approach has not wavered, even as newer financial trends like cryptocurrency, NFTs and credit card rewards promise easy wealth.
Trending: 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>
<h2 class="wp-block-heading">Simple but Not Easy</h2>
Cruze added a word of caution for younger listeners who may be tuning in via YouTube or podcasts: &#8220;Just because something feels simple and kind of boring … those are the ones to lean into.&#8221; She emphasized that the basics of personal finance – spending less than you earn and staying out of debt – are often the most effective, though they may lack the allure of more complicated financial strategies.
Ramsey summed it perfectly: "Some of the most profound things you'll learn in your life are easy to understand and hard to implement." Whether 1995 or 2024, his message remains: stick to the basics and you'll find <a href="https://www.benzinga.com/personal-finance/24/07/39914065/financial-freedom-or-bust-why-suze-orman-says-your-wallet-matters-more-than-your-flag">financial freedom</a>.&nbsp;
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Personal Finance

Dave Ramsey Reacts to His 1995 Financial Tips – Does He Still Stand By The Same Principles He Taught Back Then?

The Italian parliament&#8217;s lower house voted Thursday to ban the sale and distribution of low-THC hemp flowers and products, often referred to as <a href="https://www.benzinga.com/markets/cannabis/22/07/28041762/2f4b-types-of-cannabis-the-different-kinds-of-weed">&#8220;cannabis light.&#8221;</a> The decision came after a 157 to 109 vote in favor of amending the Security Bill to ban these substances, which have been legal and available in Italy since 2017.
<h3 class="wp-block-heading">Prohibition Extends To Hemp Derivatives</h3>
The new law stipulates a comprehensive prohibition on the import, transfer, processing and distribution of hemp inflorescences, including any semi-processed, dried, or shredded forms, <a href="https://www.efanews.eu/item/43780-cannabis-italian-parliament-approves-ban-on-inflorescences.html">according</a> to EFA News. This extends to products derived from these inflorescences, such as extracts, resins and oils. Contrary to claims by major agricultural federations, the regulation does not entirely outlaw hemp processing but specifically targets its use in any form that could be construed as recreational.
<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<a href="https://newsletteremail.benzinga.com/subscribe"> here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
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<h3 class="wp-block-heading">Opposition Criticizes Italy's Hemp Ban, Comparing It To Prohibiting Nutmeg</h3>
The measure has sparked significant controversy, with opposition parties criticizing the ban as excessive and likening it to prohibiting substances as innocuous as nutmeg. &#8220;When it has a low THC content, cannabis has the same psychoactive effect as basil,&#8221; argued Rachele Scarpa, a lawmaker from the centre-left Democratic Party (PD), <a href="https://ansabrasil.com.br/english/news/general_news/2024/09/12/lower-house-approves-crackdown-on-cannabis-light_585adc67-fc78-430c-8a5d-68215ae465d4.html">reported</a> ANSA. Opposition figures, including Gianmauro Dell'Olio of the 5-Star Movement and Angelo Bonelli of the Green-Left Alliance, have expressed concerns about the economic implications of the ban, suggesting that it benefits illicit markets more than the public.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40814281/italian-regional-court-suspends-ban-on-cbd-future-of-hemp-sectors-15k-workers-still-uncertain-de">Italian Regional Court Suspends Ban On CBD, Future Of Hemp Sector&#8217;s 15k Workers Still Uncertain Despite Protests</a>
<h3 class="wp-block-heading">Hemp Ban Threatens 11,000 Jobs But Still Legal For Industrial Use</h3>
However, despite these objections, the law maintains legality for the use of hemp in certain industrial applications, such as textiles and construction and for pharmaceutical purposes under <a href="http://benzinga.com/topic/medical-cannabis">medical</a> prescription. This legislative change marks a significant shift in Italy&#8217;s approach to <a href="https://www.benzinga.com/markets/cannabis/24/02/36916329/is-marijuana-a-controlled-substance-wait-what-is-a-controlled-substance">controlled substances</a>, eliminating the previous distinction between &#8220;soft&#8221; and &#8220;hard&#8221; drugs under the guise of public safety.
In addition to the social and legal implications, experts have warned that <a href="https://www.benzinga.com/markets/cannabis/24/08/40224057/grotesque-crackdown-on-hemp-in-italy-puts-11k-jobs-at-risk-experts-cite-eu-law-violations">the ban could jeopardize approximately 11,000 jobs</a> in Italy&#8217;s hemp sector. <a href="http://benzinga.com/cannabis">Cannabis</a> trade groups, including Federcanapa, argue that the law may violate European Union regulations on free competition and the movement of goods. Moreover, cannabis attorney Giacomo Bulleri emphasized that the ban would disrupt the entire supply chain, affecting not only &#8220;cannabis light&#8221; but also industrial hemp, further intensifying the industry&#8217;s concerns.
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</ul>
Image generated with AI tools.

Cannabis

Government

Regulations

Eurozone

Italian Lower House Bans Hemp Products – AKA 'Cannabis Light' – Sparking Controversy And Industry Outrage

Content-sharing platform OnlyFans has come out on top against big tech companies like Apple Inc., Alphabet Inc.'s Google, Netflix Inc., and others in terms of revenue generation per employee.
What Happened: OnlyFans reported revenue of $1.3 billion for the financial year 2023.
While its revenue is a fraction of that of big tech companies like Apple, Google, and Microsoft, its revenue per employee is magnitudes higher than these tech giants, as pointed out <a href="https://x.com/TrungTPhan/status/1833881502041641099">by</a> Trung Phan.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>Revenue</td>
<td>No. Of Employees</td>
<td>Revenue Per Employee</td>
</tr>
<tr>
<td>OnlyFans</td>
<td>$1.3 billion</td>
<td>42</td>
<td>$30.95 million</td>
</tr>
<tr>
<td>Craigslist&#x2A;</td>
<td>$0.694 billion</td>
<td>50</td>
<td>$13.88 million</td>
</tr>
<tr>
<td>Netflix</td>
<td>$33.7 billion</td>
<td>13,000</td>
<td>$2.59 million</td>
</tr>
<tr>
<td>Apple</td>
<td>$383 billion</td>
<td>161,000</td>
<td>$2.38 million</td>
</tr>
<tr>
<td>Meta Platforms</td>
<td>$134 billion</td>
<td>&nbsp;67,317</td>
<td>$1.99 million</td>
</tr>
<tr>
<td>Google</td>
<td>$305 billion</td>
<td>&nbsp;182,502</td>
<td>$1.67 million</td>
</tr>
<tr>
<td>Microsoft</td>
<td>$245 billion</td>
<td>&nbsp;221,000</td>
<td>$1.1 million</td>
</tr>
</tbody>
</table>
</figure>
Source: Company reports &#x7C; &#x2A;Craigslist's revenue is from 2022, as data for 2023 was not immediately available
On average, each OnlyFans employee contributed to nearly $31 million to the company's top line, while Microsoft's average revenue per employee was the lowest in this last at just $1.1 million – almost 28 times lower than that of OnlyFans.
For context, Apple, Microsoft, Alphabet, and Meta are four of the five most valuable companies in the world in terms of market capitalization.
See Also: <a href="https://www.benzinga.com/news/24/09/40864744/openais-150b-valuation-hinges-on-whether-sam-altman-led-ai-startup-can-remove-profit-cap-for-investo">Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak</a>
Craigslist, a privately held classifieds platform, continued to remain among the top companies in terms of revenue per employee. Although its revenue has shrunk from its peak of $1 billion in the late 2010s, its revenue per employee remains among the highest in the list due to its relatively small team.
The story is completely different, however, for tech giants who have thousands of employees on their payrolls.
While their revenue is also several magnitudes higher than OnlyFans and Craigslist, the significantly higher number of employees brings down the average revenue to single digits.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40864744/openais-150b-valuation-hinges-on-whether-sam-altman-led-ai-startup-can-remove-profit-cap-for-investo">OpenAI&#8217;s $150B Valuation Hinges On Whether Sam Altman-Led AI Startup Can Remove Profit Cap For Investors: Report</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

General

OnlyFans Beats Apple, Google, Netflix, And Other Big Tech Companies In Revenue Per Employee: Here's The Down Low

Former President Donald Trump has issued a warning that he might withhold federal aid for <a href="https://www.benzinga.com/markets/equities/24/08/40266751/the-park-fire-rages-on-which-companies-could-be-affected-by-californias-fourth-largest-wildfire-">California&#8217;s wildfires</a> if he is re-elected and the state&#8217;s water policy remains the same.
What Happened: On Friday, Trump made this threat during a press conference at his Los Angeles golf club.
He criticized California Governor&nbsp;Gavin Newsom&nbsp;for a policy that restricts the&nbsp;amount of water that can&nbsp;be pumped from the Sacramento-San&nbsp;Joaquin Delta to protect the endangered smelt fish, <a href="https://thehill.com/homenews/campaign/4879150-trump-threatens-wildfire-aid-newsom-smelt/">reported</a> The Hill. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40811055/polling-veteran-nate-silver-says-kamala-harris-got-the-debate-she-wanted-as-fatigued-trump-couldnt-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Polling Veteran Nate Silver Says Kamala Harris Got The Debate She Wanted As Fatigued Trump Couldn&#8217;t Bring His &#8216;A-Game&#8217; After The Initial Momentum</a>
Trump stated that if reelected, he would provide California with &#8220;more water than almost anybody has,&#8221; enabling farmers to fully use their land.
He referred to the water entering the state as &#8220;dead&#8221; and urged Newsom, whom he derogatorily called &#8220;News&#x2A;&#x2A;&#x2A;,&#8221; to make changes.
&#8220;And Gavin News&#x2A;&#x2A;&#x2A; is gonna sign those papers, and if he doesn't sign those papers, we won't give him money to put all his fires,&#8221; Trump said.
He further warned that without federal aid to combat wildfires, Newsom would face &#8220;problems.&#8221;
Why It Matters: This threat comes amidst a tense political climate.
Governor Newsom has been vocal in his <a href="https://www.benzinga.com/news/24/07/39875041/gavin-newsom-backs-kamala-harris-calls-vp-tough-fearless-and-tenacious-the-ideal-candidate-to-counte">support for Trump&#8217;s opponent</a> and Vice President Kamala Harris, endorsing her as the ideal candidate to counter the former President&#8217;s vision.
Newsom has also previously warned about the potential dangers of <a href="https://www.benzinga.com/news/24/06/39518400/gavin-newsom-warns-trumps-big-economic-plan-could-cost-working-families-up-to-8-300-in-higher-taxes">Trump&#8217;s economic policies</a>. He has accused Trump of driving up costs in America by implementing policies that would add a 10% tariff on everyday goods and raise labor and production expenses for businesses.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40845900/trump-says-he-will-end-taxes-on-overtime-pay-but-economist-peter-schiff-says-there-is-a-fly-in-his-o?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says He Will End Taxes On Overtime Pay, But Economist Peter Schiff Says There Is A Fly In His Ointment</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Wikimedia

Politics

Media

Trump Threatens To Deny California Wildfire Aid If He Wins, Says Gavin Newsom Is 'Gonna Sign Those Papers, And If He Doesn't…'

Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has reportedly secured a $3.5 billion contract to manufacture semiconductors for the U.S. military.
What Happened: Chip maker Intel has been granted up to $3.5 billion in federal funds to produce advanced chips for military and intelligence use, <a href="https://www.bloomberg.com/news/articles/2024-09-13/intel-solidifies-3-5-billion-deal-to-make-chips-for-us-military?srnd=homepage-americas">reported</a> Bloomberg, citing people familiar with the matter.
The deal is part of the Secure Enclave program, including the Arizona manufacturing facility.
Despite opposition from rival chipmakers and concerns from Washington about the prudence of depending on a single company, Intel emerged as the preferred choice for this contract.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40593141/intel-board-member-lip-bu-tan-reportedly-left-after-disputes-with-ceo-and-other-directors-over-c">Intel Board Member Lip-Bu Tan Reportedly Left After Disputes With CEO And Other Directors Over Company&#8217;s Direction</a>
The funding announcement could be announced as early as next week, the report noted, citing the sources.
This contract adds a potential $8.5 billion in grants and $11 billion in loans that Intel received in March under the Chips and Science Act.
Intel is still in talks regarding the terms of this broader incentive package, which is intended to support facilities in Arizona, Ohio, New Mexico, and Oregon.&nbsp;
Why It Matters: Intel&#8217;s reported deal with the Pentagon comes after the tech giant secured over 7.4 billion Polish złoty ($1.91 billion) in state grants to support the construction of a new <a href="https://www.benzinga.com/government/24/09/40859896/intel-secures-about-2b-in-state-aid-for-poland-chip-plant">chip plant in Poland</a>.
According to reports, the European Commission will distribute the grant between 2024 and 2026.
Intel also intends to achieve cumulative software <a href="https://www.benzinga.com/news/24/07/39746962/chip-maker-intel-aims-for-1b-in-software-revenue-by-2027">revenue of $1 billion</a> by the end of 2027, according to the company's CTO Greg Lavender. Last year, the company&#8217;s overall revenue was $54 billion.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40673694/intel-ceo-pat-gelsinger-to-present-board-with-major-asset-sale-and-cost-cutting-plan-including-h">Intel CEO Pat Gelsinger To Present Board With Major Asset Sale And Cost-Cutting Plan, Including Halting $32B German Project: Report</a></li>
</ul>
Photo courtesy: Shutterstock

INTC

Intel Bags $3.5B Contract To Produce Chips For Pentagon: Report

AI startup OpenAI&#8217;s new funding round could <a href="https://www.benzinga.com/news/24/09/40825072/openais-valuation-could-skyrocket-to-150b-in-new-fundraising-positioning-it-among-the-worlds-most-va">value the AI startup at $150 billion</a>, contingent on significant corporate changes.
What Happened: OpenAI&#8217;s upcoming financing round is expected to involve convertible notes. The valuation of $150 billion will depend on whether OpenAI can alter its corporate structure and eliminate a profit cap for investors, reported Reuters, citing sources familiar with the matter.
The $6.5 billion funding details, not previously disclosed, highlight OpenAI&#8217;s shift from a research-based non-profit to a more investment-attractive entity. This change aims to support its pursuit of artificial general intelligence (AGI), AI surpassing human intelligence.
Investor interest is high, and the funding round could conclude within two weeks, driven by OpenAI&#8217;s rapid revenue growth. Existing investors like Thrive Capital, Khosla Ventures, and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) are expected to participate, with new investors including Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) also planning to invest.
If the restructuring fails, OpenAI would need to renegotiate its valuation with investors, likely at a lower figure.
See Also: <a href="https://www.benzinga.com/24/09/40864550/brazils-supreme-court-lifts-freeze-on-starlink-and-xs-finances-after-elon-musks-companies-cough-up-3">Brazil&#8217;s Supreme Court Lifts Freeze On Starlink And X&#8217;s Finances After Elon Musk&#8217;s Companies Cough Up $3.3 Million In Fines</a>
OpenAI stated it remains focused on building AI for everyone&#8217;s benefit while working with its non-profit board. The removal of the profit cap requires approval from the non-profit board, which includes CEO Sam Altman and entrepreneur Bret Taylor.
OpenAI has also discussed with lawyers the possibility of transitioning to a for-profit benefit corporation, similar to rivals like Anthropic and xAI. The removal of the profit cap would significantly benefit early investors but could raise questions about OpenAI&#8217;s governance and mission.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The potential $150 billion valuation is a significant leap from previous estimates and underscores the growing importance of AI in the tech industry.
However, the transition from a non-profit to a for-profit model has <a href="https://www.benzinga.com/news/24/08/40647123/elon-musk-questions-legality-of-openai-going-from-non-profit-to-for-profit-amid-apple-nvidia-investm">not been without controversy</a>. Elon Musk, who co-founded OpenAI in 2015, has questioned the legality of this shift, especially given the involvement of major tech companies like Apple and Nvidia.
Adding to the complexity, OpenAI is also <a href="https://www.benzinga.com/news/24/09/40764804/whats-the-secret-openai-is-battling-to-keep-co-founders-files-confidential-heres-why">embroiled</a> in a high-profile copyright lawsuit, making efforts to keep the files of its former co-founder, Ilya Sutskever, confidential.
Despite these challenges, OpenAI <a href="https://www.benzinga.com/top-stories/24/09/40842891/openai-unveils-o1-model-a-step-closer-to-human-like-ai-but-not-without-flaws">continues to push forward</a> with its technological advancements. Recently, the company unveiled its new &#8216;o1&#8217; model, a significant step towards achieving human-like AI, although it comes with its own set of flaws.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40826639/mark-zuckerberg-live-event-sold-out-stadium-meta-ceo-attracted-thousands-eager-to-hear-him-speak-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

MSFT

OpenAI's $150B Valuation Hinges On Whether Sam Altman-Led AI Startup Can Remove Profit Cap For Investors: Report

Cryptocurrency markets are trading higher on hopes of the Federal Reserve cutting a <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857676/what-changed-federal-reserve-may-take-a-bigger-50-basis-points-rate-cut-bite-next-week-mar">higher-than-initially-expected</a> 50 basis points next Wednesday.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>$59,922.57</td>
<td>+2.8%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>$2,423.40&nbsp;</td>
<td>+2.8%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>$138.08&nbsp;</td>
<td>+1.9%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.1067</td>
<td>+4.2%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.00001394</td>
<td>+4.4%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows a 14.2% decrease in large transaction volume and 16.7% growth in daily active addresses. &nbsp;Exchanges netflows narrowed by 124.5%.</li>
<li>Coinglass data shows 32,341 traders liquidated in the past 24 hours for $113.09 million.</li>
<li>Crypto chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1834596646539174324">stated</a> that 112,000 ETH, worth around $257.6 million, were sent to crypto exchanges in the past 24 hours.</li>
<li>MicroStrategy announced it <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857237/microstrategy-stock-climbs-after-bitcoin-purchase-heres-how-much-btc-michael-saylors-compa">acquired 18,300 Bitcoin</a> between Aug. 6 and Sept. 12 for around $1.11 billion in cash at an average price of $60,408 per Bitcoin.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40859716/tether-hires-paypal-veteran-jesse-spiro-as-regulatory-scrutiny-continues">Tether Hires PayPal Veteran Jesse Spiro As Regulatory Scrutiny Continues</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40847331/gary-gensler-led-sec-directs-crypto-firm-to-halt-trading-for-all-coins-but-bitcoin-ethereu">Gary Gensler-Led SEC Directs Crypto Firm To Halt Trading For All Coins But Bitcoin, Ethereum, And Bitcoin Cash — What Does It Mean?</a></li>
<li><a href="https://www.benzinga.com/24/09/40851527/bitcoin-spot-etfs-see-39m-inflows-bullish-correction-may-be-in-play-expert-tells-benzinga">Bitcoin Spot ETFs See $39M Inflows, &#8216;Bullish Correction&#8217; May Be In Play, Expert Tells Benzinga</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40860002/heres-how-much-donald-trumps-crypto-portfolio-is-down-from-the-top-spoiler-its-millions-an">Here&#8217;s How Much Donald Trump&#8217;s Crypto Portfolio Is Down From The Top (Spoiler: It&#8217;s Millions And Millions Of Dollars)</a></li>
</ul>
Top Gainers:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Nervos Network (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ckb/usd">CKB</a>)</td>
<td>$0.01334</td>
<td>+45.3%</td>
</tr>
<tr>
<td>Popcat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POPCAT</a>)</td>
<td>$0.7455</td>
<td>+11.9%</td>
</tr>
<tr>
<td>POL (CRYPTO: POL)</td>
<td>$0.4228</td>
<td>+12.1%</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Entrepreneur and Bitcoin Investor Lark Davis noted that in the past three weeks Bitcoin is ranging in the mid-$50,000 range amid ETF outflows. He <a href="https://x.com/TheCryptoLark/status/1834645753383252096">predicts</a> that the next few weeks &#8220;could be the last chance to grab BTC at cheap prices&#8221; against the background of rate cuts, FTXs $16 billion cash repayment, the election and rising global liquidity.
With a 12% rally in the past seven days, CryptoCon stated that Bitcoin recently retested the Golden Curve as support just like in September 2020 before &#8220;exploding to the upside.&#8221;
The trader added that this trend allows for $186,000 for the cycle top in late 2025. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The problem with most <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Rainbow models is they climb too quickly and the targets end up too optimistic. With this new Diminishing Golden Curves Model, it purposely loses a band every cycle, similar to the Golden Ratio Multiplier. It allows for 186k for the cycle top in… <a href="https://t.co/b77UJQ1WQ8">pic.twitter.com/b77UJQ1WQ8</a>
&mdash; CryptoCon (@CryptoCon_) <a href="https://twitter.com/CryptoCon_/status/1834653223875231807?ref_src=twsrc%5Etfw">September 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">More Crypto Online <a href="https://x.com/Morecryptoonl/status/1834655454594515184">predicts</a> that if prices continue to go up and hold above $60,500 it could lead to an ABC rally which will allow for a more direct move up. However, he added that this requires extra caution as,</figcaption></figure>
&#8220;It&#8217;s like a chess game where your opponent makes an unexpected move, forcing you to rethink your strategy, requiring patience and adaptability.&#8221;
What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40775357/bitcoin-hasnt-peak-yet-but-theres-a-key-difference-to-the-2023-fall-uptrend-veteran-analys">Bitcoin Hasn&#8217;t Peaked Yet, But There&#8217;s A Key Difference To The 2023 Fall Uptrend, Veteran Analyst Says</a></li>
</ul>
Image: Shutterstock

$BTC

$CKB

$ETH

$POL

$POPCAT

$SHIB

$SOL

Bitcoin Taps $60K, Ethereum, Dogecoin End The Week On A High: 'Next Few Weeks Could Be Last Chance To Grab BTC At Cheap Prices'

Democratic presidential nominee Kamala Harris has pledged to remove college degree prerequisites for certain federal jobs if she emerges victorious in the forthcoming <a href="https://www.benzinga.com/topic/2024-presidential-election">presidential election</a>.
What Happened: On Friday, Harris made this commitment during a speech in Wilkes-Barre, Pennsylvania, reported Reuters.
The proposal is part of her economic strategy to win over voters in the closely contested race against former President Donald Trump.
&#8220;As president, I will get rid of the unnecessary degree requirements for federal jobs to increase jobs for folks without a four-year degree,&#8221; said Vice President Harris.
This statement comes in response to U.S. Census Bureau data showing that over 62% of Americans aged 25 or older do not possess a bachelor&#8217;s degree.
See Also: <a href="https://www.benzinga.com/news/24/09/40815343/not-a-slam-dunk-for-harris-but-the-chances-of-a-trump-victory-have-slipped-investors-markets-adjust?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Not A Slam Dunk For Harris, But The Chances Of A Trump Victory Have Slipped:&#8217; Investors, Markets Adjust Positions After Presidential Debate</a>
Harris also underscored the need to acknowledge alternative routes to success, such as apprenticeships and technical programs. She urged the private sector to follow suit, and said a degree &#8220;does not necessarily indicate a person&#8217;s skills.&#8221;
Despite being briefly interrupted by&nbsp;protesters opposing U.S. <a href="https://www.benzinga.com/government/24/09/40862471/turkeys-spy-chief-meets-with-hamas-to-discuss-cease-fire-in-gaza-reports">support for&nbsp;Israel&#8217;s war</a> in Gaza,&nbsp;Harris reiterated her support for&nbsp;a ceasefire and a hostage rescue deal.
Why It Matters: Harris&#8217; pledge comes in the wake of former President Trump&#8217;s&nbsp;promise&nbsp;to overhaul the federal workforce, which could impact 150,000 jobs.
"I will immediately reissue my 2020 Executive Order restoring the president&#8217;s authority to remove rogue bureaucrats," Trump said in the video posted on his campaign&#8217;s website. "And I will wield that power very aggressively."
Previously, Tesla CEO Elon Musk, who has publicly supported Trump,&nbsp;answered a question regarding&nbsp;the feasibility of <a href="https://www.benzinga.com/government/24/09/40793264/elon-musk-on-questions-about-his-and-trumps-plan-on-department-of-government-efficiency-are-you-tryi">reducing the size</a> of the government.
He voiced his belief that removing &#8220;nonsense regulations&#8221; and shifting workers from the public to the private sector could lead the country to tremendous prosperity, possibly ushering in a &#8220;golden age.&#8221;
Government jobs have been on the rise, with&nbsp;<a href="https://www.benzinga.com/government/24/07/39650109/government-jobs-rose-by-70-000-in-june-but-are-still-near-60-year-lows">70,000 added in June</a>, despite being near 60-year lows. Meanwhile, NASA has been&nbsp;named&nbsp;the <a href="https://www.benzinga.com/news/24/05/38957563/nasa-crowned-best-place-to-work-in-federal-government-for-12th-straight-year-what-makes-it-so-appeal">Best Place to Work</a> in the Federal Government for the 12th consecutive year, highlighting the appeal of federal jobs.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40807096/melania-trump-says-the-attempt-to-end-her-husbands-life-was-a-horrible-distressing-experience-we-nee?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Melania Trump Says The Attempt To End Her Husband&#8217;s Life Was A &#8216;Horrible, Distressing Experience&#8217;: We Need To Uncover The Truth</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Wikimedia

Kamala Harris Vows To Scrap 'Unnecessary' Degree Requirements For Some Federal Jobs If She Wins: 'As President, I Will…'

Brazil&#8217;s Supreme Court Justice Alexandre de Moraes has lifted <a href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we">the freezes on</a> Starlink and X bank accounts after ordering the transfer of 18.35 million reais ($3.3 million) to the national treasury.
What Happened: The court stated that the amount transferred equaled what X owed in fines, imposed due to a conflict between billionaire owner Elon Musk and Moraes, reported Reuters.
The judge had previously blocked access to the X platform in Brazil, its sixth-largest market, after the company failed to comply with orders to block accounts accused of spreading &#8220;fake news&#8221; and hate messages.
Musk has contested these orders, labeling them as &#8220;censorship.&#8221; Additionally, X did not appoint a local legal representative as mandated by Brazilian law, leading Moraes to freeze Starlink&#8217;s accounts to cover potential fines owed by X.
See Also: <a href="https://www.benzinga.com/news/24/09/40864530/mark-zuckerberg-says-he-is-done-apologizing-reveals-one-of-the-biggest-mistakes-of-his-career">Mark Zuckerberg Says He Is Done Apologizing, Reveals One Of The Biggest Mistakes Of His Career</a>
Despite lifting the freezes, Moraes has not revoked the decision to block access to X in Brazil, citing unresolved issues around legal representation and content removal.
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Why It Matters: The conflict between Musk and Brazil&#8217;s judiciary has been escalating for weeks.
On Aug. 29, the Supreme Court of Brazil <a href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we">imposed a financial freeze</a> on Starlink, a subsidiary of SpaceX, due to X&#8217;s lack of legal representatives in Brazil and unpaid fines related to failing to provide certain documents.
On Sept. 3, Starlink <a href="https://www.benzinga.com/news/24/09/40680467/after-x-ban-elon-musks-starlink-defies-brazilian-court-order-to-block-social-media-platform">initially defied a court order</a> to block access to X in Brazil, citing the freezing of its local accounts as a reason. However, later that day, Starlink <a href="https://www.benzinga.com/news/24/09/40699448/elon-musks-starlink-bows-to-brazils-top-court-blocks-access-to-x-in-the-country-we-continue-to-pursu">complied</a> with the court order, despite calling the asset freeze "illegal."
Adding to the complexity, FCC Commissioner Brendan Carr <a href="https://www.benzinga.com/news/24/09/40748476/fcc-chief-defends-elon-musks-x-and-starlink-amid-brazils-punitive-actions-warns-business-leaders-are">wrote to Brazil&#8217;s telecom regulator</a>, Anatel, criticizing the punitive actions against X and Starlink and warning that such measures could make Brazil an "uninvestable market."
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.
Photos courtesy: Shutterstock and Wikimedia

Brazil's Supreme Court Lifts Freeze On Starlink And X's Finances After Elon Musk's Companies Cough Up $3.3 Million In Fines

Meta Platforms Inc. CEO Mark Zuckerberg says he has grown tired of taking on too much ownership of problems beyond his or his company's control. <a href="http://benzinga.com/topic/mark-zuckerberg">The billionaire</a> said his days of apologizing are over.
What Happened: Zuckerberg said this during a conversation at the Chase Center in San Francisco, <a href="https://techcrunch.com/2024/09/11/mark-zuckerberg-says-hes-done-apologizing/">reported</a> TechCrunch.
The event, hosted by the Acquired podcast's David Rosenthal and Ben Gilbert, saw Zuckerberg joking about scheduling his next appearance to apologize for his comments. He quickly clarified that his days of apologizing were over.
Reflecting on his career, Zuckerberg mentioned his biggest mistake was a "political miscalculation" spanning 20 years. He admitted to taking too much responsibility for issues beyond Facebook&#8216;s control, particularly those related to the 2016 U.S. election.
"Some of the things they were asserting that we were doing or were responsible for, I don't actually think we were," said Zuckerberg.
"When it's a political problem… there are people operating in good faith who are identifying a problem and want something to be fixed, and there are people who are just looking for someone to blame," he added, without naming anyone specifically.
See Also: <a href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think?itm_source=parsely-api">Mark Cuban Praises Elon Musk&#8217;s AI Chatbot Grok For Answering Kamala Harris&#8217; POV On Immigration</a>
In August, Zuckerberg sent a letter to House Republicans apologizing for censoring COVID-19 misinformation in 2020 under government pressure. He vowed to resist similar pressures in the future.
Recently, Meta lifted restrictions on former President Donald Trump&#8216;s social media accounts, which were imposed after the Jan. 6 insurrection.
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.
Meta's latest social media platform, Threads, has adopted a different approach than its rival X, formerly Twitter. The platform&#8217;s head, Adam Mosseri, stated that <a href="https://www.benzinga.com/news/23/07/33154364/politics-arent-encouraged-on-threads-instagram-head-says-not-worth-the-scrutiny-negativity">politics are not encouraged</a> on Threads to avoid scrutiny and negativity.
Why It Matters: Zuckerberg&#8217;s declaration comes amid a series of significant events and decisions at Meta.
In August, he revealed that the <a href="https://www.benzinga.com/general/biotech/24/08/40575260/mark-zuckerberg-reveals-biden-administration-pressured-meta-platforms-to-censor-certain-covid-19-">Biden administration pressured Meta</a> to censor certain COVID-19 content during the pandemic.
In a letter to the House Judiciary Committee, Zuckerberg expressed regret for not opposing the pressure sooner and vowed to resist similar pressures in the future.
Zuckerberg has also been in the news for his personal life, such as <a href="https://www.benzinga.com/general/entertainment/24/08/40411578/meta-ceo-mark-zuckerberg-commissions-statue-of-wife-priscilla-chan-sparks-online-buzz-bring">commissioning a seven-foot statue of his wife</a>, Priscilla Chan, which sparked online buzz.
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 AI tools and was reviewed and published by Benzinga editors.

Social Media

Mark Zuckerberg Says He Is Done Apologizing, Reveals One Of The Biggest Mistakes Of His Career

Tesla and SpaceX CEO Elon Musk, the world&#8217;s wealthiest individual with a net worth of $251 billion has been assigned the codename &#8220;Voyager&#8221; by his security team.
What Happened: Musk&#8217;s security detail functions similarly to a small-scale Secret Service. The tech billionaire is protected more like a state leader than a corporate executive, with up to 20 security professionals accompanying him at times, <a href="https://www.nytimes.com/2024/09/13/technology/elon-musk-security.html">reported</a> the New York Times on Friday.
They frequently carry firearms and have a medical professional on hand for the tech mogul&#8217;s assistance.
As Musk&#8217;s wealth and popularity have increased, so have the <a href="https://www.benzinga.com/general/entertainment/24/02/36974802/taylor-swift-right-to-be-concerned-elon-musk-calls-celebrity-jet-tracker-awful-human-being">threats against him</a>. His security team has had to evolve to handle stalkers and death threats, a significant departure from the harmless fan messages he used to receive.
The report indicates that Musk&#8217;s security expenses amount to millions of dollars each year, paid to various security firms including Gavin de Becker &amp; Associates and his own private security company, Foundation Security.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40826639/mark-zuckerberg-live-event-sold-out-stadium-meta-ceo-attracted-thousands-eager-to-hear-him-speak-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak On &#8216;The Next Decade Of Social, Technology, And AI</a>
The report also detailed an incident where a man was apprehended near Tesla&#8217;s Austin factory, accused of planning a &#8220;mass casualty event.&#8221; Musk&#8217;s security was fully mobilized for the event, with over&nbsp;three dozen Tesla security officials stationed throughout the room.
The report suggests that the&nbsp;threats to his safety have&nbsp;led&nbsp;Musk to become more fearful&nbsp;and his lifestyle more isolated.&nbsp;He is rarely without bodyguards, even when he is at his social media company, X, formerly Twitter.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Musk&#8217;s security concerns have been escalating over time. In December 2022, he expressed agreement with a post on Twitter that he had become "<a href="https://www.benzinga.com/news/22/12/30104225/elon-musk-worried-about-security-as-fan-says-he-just-became-public-enemy-number-one-to-some-very-ver">public enemy number one</a> to some very very bad people."
Previously, Musk has also revealed that his son X&#8217;s vehicle was followed <a href="https://www.benzinga.com/news/22/12/30085590/elon-musk-says-taking-legal-action-against-jet-tracker-after-son-xs-car-intercepted-by-crazy-stalker">by a "crazy stalker" who</a> jumped on the car's hood, thinking Musk was inside.
In January 2023, Musk posted a seemingly sarcastic tweet about his <a href="https://www.benzinga.com/news/22/05/27066954/heres-why-elon-musk-is-joking-about-why-he-may-die-under-mysterious-circumstances-after-sharing-rosc-2">possible death under mysterious</a> circumstances after sharing an alleged note by Russian space agency chief Dmitry Rogozin that mentioned him and the Pentagon.
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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Elon Musk Has Secret Service-Like Security Team That Calls Him 'Voyager:' Growing Threats After Tesla Austin Factory Scare Have Led To The Richest Man In The World Leading An Increasingly Isolated Lifestyle

President&nbsp;Joe Biden&nbsp;has publicly denounced former President&nbsp;Donald Trump&nbsp;for his <a href="https://www.benzinga.com/news/24/09/40807202/trump-says-immigrants-are-eating-the-dogs-in-ohio-during-debate-with-kamala-harris-gets-called-out">derogatory comments about Haitian</a> immigrants, labeling the Republican nominee&#8217;s remarks as &#8220;simply wrong.&#8221;
What Happened: During a Black Excellence brunch&nbsp;hosted at the White House&nbsp;Friday, Biden refuted Trump&#8217;s baseless assertion, made during <a href="https://www.benzinga.com/news/24/09/40806876/final-showdown-trump-and-harris-face-off-in-intense-debate-just-eight-weeks-before-election-day">the presidential debate</a>, that Haitian immigrants are stealing and consuming pets.
This falsehood has also been <a href="https://www.benzinga.com/news/24/09/40784671/jd-vance-reportedly-falsely-accused-haitians-of-abducting-and-eating-pets-elon-musk-says-vote-for-ka">propagated by other</a> top-tier&nbsp;Republicans, including vice presidential candidate&nbsp;Sen. JD Vance (R-Ohio), <a href="https://edition.cnn.com/politics/live-news/trump-harris-election-09-13-24#h_e5c323722f005706f05f507df43fbec0">reported</a> CNN.
&#8220;I want to take a moment to say something. Like so many Americans — like [press secretary] Karine [Jean-Pierre], as you point out, a proud Haitian American, a community that's under attack in our country right now,&#8221; he said.
Adding, &#8220;This has to stop — what he's doing — has to stop.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40811055/polling-veteran-nate-silver-says-kamala-harris-got-the-debate-she-wanted-as-fatigued-trump-couldnt-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Polling Veteran Nate Silver Says Kamala Harris Got The Debate She Wanted As Fatigued Trump Couldn&#8217;t Bring His &#8216;A-Game&#8217; After The Initial Momentum</a>
At&nbsp;the conclusion of Congressional Black&nbsp;Caucus Week, Biden expressed appreciation for the support he has received from the Black community throughout his political career.
He also recognized the significant role Black Americans have played in the nation&#8217;s history and development.
Vice President Kamala Harris was unable to attend the brunch due to scheduling conflicts, as per her office. Biden mentioned that she had intended to be present, the report noted.
Why It Matters: This incident follows a series of controversial statements made by Trump during a televised debate with Vice President Harris.
Trump alleged that immigrants in Springfield, Ohio, were <a href="https://www.benzinga.com/news/24/09/40807202/trump-says-immigrants-are-eating-the-dogs-in-ohio-during-debate-with-kamala-harris-gets-called-out">abducting and consuming pets</a>. Harris responded by labeling Trump &#8220;extreme&#8221; and laughed at his comments.
The debate, held at the National Constitution Center in Philadelphia, was the first and potentially only face-off between Trump and Harris.
During the debate, Trump focused on immigration issues, <a href="https://www.benzinga.com/markets/cannabis/24/09/40820699/trump-stuck-in-southern-border-and-immigration-loop-during-harris-debate-theyre-destroying-our-c">blaming the Biden administration</a> for a perceived increase in crime and drug problems due to their immigration policies.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock

Biden Slams Trump's Offensive Remarks About Haitian Immigrants: 'This Has To Stop — What He's Doing — Has To Stop'

&nbsp;Pope Francis&nbsp;has expressed his concerns over the stances of <a href="https://www.benzinga.com/general/entertainment/24/09/40840076/trump-vs-harris-presidential-debate-viewership-tops-trump-biden-total-but-falls-short-of-re">U.S. presidential candidates</a> on abortion and migration. He urged American Catholics to vote for the &#8220;lesser evil&#8221; in the upcoming elections.
What Happened: During an airborne news conference on Friday, the Pope did not directly name either Republican candidate Donald Trump or Democratic candidate Kamala Harris. However, his comments were aimed at their positions on two key issues in the US election — abortion and migration, <a href="https://apnews.com/article/vatican-pope-trump-harris-election-0e0faef49ff587098f75b265e386bf22">reported</a> the Associated Press.
Migration, a priority issue for Francis, was described as a right outlined in Scripture. He stated that anyone not adhering to&nbsp;the Biblical call to welcome&nbsp;the stranger is committing a&nbsp;&#8220;grave sin.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40807096/melania-trump-says-the-attempt-to-end-her-husbands-life-was-a-horrible-distressing-experience-we-nee?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Melania Trump Says The Attempt To End Her Husband&#8217;s Life Was A &#8216;Horrible, Distressing Experience&#8217;: We Need To Uncover The Truth</a>
On the topic of abortion, the Pope was equally forthright. &#8220;To&nbsp;have an abortion is to&nbsp;kill a human being. You&nbsp;may like the word or&nbsp;not, but it's killing,&#8221; he said. He urged voters to fulfill their civic duty to vote and choose the &#8220;lesser evil.&#8221;
President Joe Biden, a practicing Catholic, shares <a href="https://www.benzinga.com/news/24/09/40807480/trump-says-biden-has-a-secret-animosity-toward-kamala-harris-because-he-was-forced-to-drop-out-he-ha">Harris&#8217; strong support</a> for abortion rights. This stance has led some Catholic bishops and&nbsp;conservatives to call for him&nbsp;to be denied access to&nbsp;Communion.
However, Pope Francis has previously stated that&nbsp;bishops should be pastors, not&nbsp;politicians.
Francis has previously also commented on U.S. elections. In the lead-up to the 2016 election, he criticized Trump&#8217;s&nbsp;plan to build a wall&nbsp;at the U.S.-Mexico border, stating&nbsp;that anyone who builds a&nbsp;wall to keep out migrants&nbsp;&#8220;is not Christian.&#8221;
Why It Matters: The Pope&#8217;s comments come at a crucial time in the U.S. election cycle.
The initial survey results that came in following the presidential debate between Harris and Trump have shown a&nbsp;<a href="https://www.benzinga.com/news/24/09/40852078/trump-vs-harris-latest-poll-hands-vice-president-5-point-lead-but-heres-why-vetran-pollster-nate-sil">five-point lead</a>&nbsp;for the Vice President. 
The debate between the two candidates, which marked the end of an&nbsp;<a href="https://www.benzinga.com/news/24/09/40807308/trump-and-kamala-harris-break-8-year-no-handshake-era-ex-president-offers-vp-a-maga-hat-5-noteworthy">eight-year no-handshake era</a>, has stirred up the investment landscape, leading to a shift in betting markets towards Harris.
This shift has triggered a downturn in&nbsp;Trump Media &amp; Technology Group&nbsp;shares and a <a href="https://www.benzinga.com/news/24/09/40815343/not-a-slam-dunk-for-harris-but-the-chances-of-a-trump-victory-have-slipped-investors-markets-adjust">surge in solar stocks</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: Flickr

Pope Francis Criticizes Both Trump And Kamala Harris For Supporting Abortion, Urges Catholics To Vote For 'Lesser Evil'

ISPC

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

KSCP

Thursday,&nbsp;Moderna&nbsp;Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>)&nbsp;unveiled key updates at its annual R&amp;D Day by reducing annual R&amp;D spending by $1.1 billion by 2027, enabling a focus on <a target="_blank" href="https://www.benzinga.com/general/biotech/24/09/40834547/moderna-outlines-post-covid-roadmap-cuts-research-budget-forecasts-2025-sales-below-expectations" rel="noreferrer noopener">ten prioritized products</a>.
The company expects R&amp;D expenses to fall from $4.8 billion in 2024E to $3.6 billion—$3.8 billion in 2027.
The strategy, expanding its portfolio into oncology and rare diseases, positions Moderna to deliver ten product approvals within the next three years.
Oppenheimer downgraded Moderna stock from Outperform to Perform and <a target="_blank" href="https://www.benzinga.com/quote/MRNA/analyst-ratings" rel="noreferrer noopener">removed the price target</a>.
Oppenheimer analyst writes that with a restructured R&amp;D budget, Moderna&#8217;s non-respiratory assets will play a larger role in shaping the pipeline and face increased pressure to reach commercialization.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/09/40754517/modernas-investigational-mpox-vaccine-more-effective-than-current-approved-shot-animal-study-show" rel="noreferrer noopener">Moderna&#8217;s Investigational Mpox Vaccine More Effective Than Current Approved Shot, Animal Study Shows</a>.
RBC Capital Market decreased the price target from $90 to $75 while maintaining the Sector rating.
The analyst notes the COVID-19 vaccine maker pushed its breaking-even event by two years to 2028.
The analyst remains confident in Moderna&#8217;s cancer vaccine and the potential of its broader platform over the long term. However, near-term challenges continue to be seen, such as declining COVID-19 vaccination rates and the gradual uptake of the respiratory syncytial virus (RSV) vaccine.
Needham&#8217;s analyst highlights substantial commercial and competitive challenges in the respiratory vaccine market across all indications. Investors appear to view cytomegalovirus (CMV) as a less significant commercial opportunity, while the rare disease programs, including MMA and PA, are expected to have only modest peak sales potential, estimated at around $500 million.
The analyst says the INT Oncology program, developed in partnership with Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), offers the <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39138772/moderna-merck-reveal-three-year-data-for-individualized-cancer-therapy-in-high-risk-melanoma-pati" rel="noreferrer noopener">most upside potential</a>. However, progress has been slow, and revenue from this program is unlikely to materialize before 2027 or later. Needham maintains the Hold rating.
William Blair notes that Moderna&#8217;s pattern of issuing high financial expectations, followed by lowered guidance, has negatively impacted the company&#8217;s stock.
Since cutting its 2024 revenue forecast during its second-quarter earnings 2024 call, the stock has <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40139012/moderna-stock-trading-lower-on-dismal-guidance-analysts-cuts-price-targets-noting-c" rel="noreferrer noopener">dropped approximately 40%</a>.
The analyst highlights that although Moderna has now pushed back its goal of breaking even to 2028, it will still need to double its revenue from the projected $3.0 billion-$3.5 billion in 2024 to $6.0 billion by 2028 to achieve breakeven along with reduced operating costs and streamlined COGS.
Piper Sandler reiterates the Overweight rating on Moderna but lowers the price target to $115 from $157.
Price Action: MRNA stock closed lower by 2.01% to $68.28 on Friday.
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Photo via <a href="https://commons.wikimedia.org/wiki/File:Moderna_COVID-19_vaccine_%282021%29_F.jpg">Wikimedia Commons</a>

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MRNA

Moderna Faces Analyst Downgrades Amid Revised R&D Restructured Strategy and Delayed Profitability Target

The road to cannabis legalization has been long, and the journey isn't over yet. Currently, 46 states have legalized or decriminalized marijuana to some degree, but it remains illegal at the federal level.
However, Americans are getting closer to the prize thanks to a proposal to reclassify marijuana from a Schedule I to a Schedule III drug. What does this mean for the pre-roll industry? They've already proven to be a successful addition to the industry, with <a href="https://www.greenmarketreport.com/pre-roll-price-check-how-the-evolving-market-affects-prices-and-sales/">pre-rolls now accounting for 15% of the market</a> as supply increases and prices decline. Here's what you need to know about potential benefits and how to strategize accordingly.
<h2 class="wp-block-heading">What Does Reclassification Mean for Marijuana?</h2>
Since the Controlled Substances Act (CSA) was enacted in 1970, cannabis has been<a href="https://www.justice.gov/opa/pr/justice-department-submits-proposed-regulation-reschedule-marijuana"> classified as a Schedule I drug</a>. This puts it in the <a href="https://www.dea.gov/drug-information/drug-scheduling">same category as illicit drugs</a> like heroin, LSD and ecstasy and defines it as a drug with high potential for abuse and "no currently accepted medical use."&nbsp;
The Justice Department, recognizing the views of the Department of Health and Human Services (HHS) that marijuana does have <a href="https://www.dea.gov/sites/default/files/2024-05/Scheduling%20NPRM%20508.pdf">accepted medical uses</a>, announced in May that the attorney general submitted a proposal to <a href="https://www.justice.gov/opa/pr/justice-department-submits-proposed-regulation-reschedule-marijuana">reclassify marijuana</a> as a Schedule III drug.
If approved, this proposal would place marijuana in a category alongside prescription<a href="https://www.dea.gov/drug-information/drug-scheduling"> drugs like Tylenol with codeine</a>, testosterone and anabolic steroids.&nbsp;
Schedule III drugs not only have accepted medical uses but also have a lower potential for abuse than Schedule I and II drugs, along with moderate to low potential for dependence (physical and psychological).
How long will it take for rescheduling to occur? There's no set timeline, but the Justice Department started the process by submitting the proposal and <a href="https://www.justice.gov/opa/pr/justice-department-submits-proposed-regulation-reschedule-marijuana">notifying the public</a>.
From there, the public can submit commentary to the Drug Enforcement Agency (DEA), which the agency will consider before making and publishing a final ruling concerning scheduling. The <a href="https://www.forbes.com/sites/dariosabaghi/2024/05/22/dea-publishes-proposed-rules-to-reschedule-marijuana/">62-day window for public commentary</a> ended July 22, 2024, but there is no timeline for review.
<h2 class="wp-block-heading">New Financial Landscape</h2>
The major benefit of reclassification is that cannabis will no longer be subject to Internal Revenue Service (IRS) Code Section 280E. This <a href="https://www.irs.gov/newsroom/irs-marijuana-remains-a-schedule-i-controlled-substance-internal-revenue-code-section-280e-still-applies">section of the tax code</a> essentially states that businesses selling Schedule I or II substances cannot take deductions or credits for any part of their business, including ordinary and necessary expenses.
<h3 class="wp-block-heading">Financial Benefits Related to Section 280E</h3>
Even if your pre-roll business operates legally within your state, this rule means you pay more taxes than the average business.&nbsp;
In 2022, this increased tax burden equated to over <a href="https://www.prnewswire.com/news-releases/economic-analysis-indicates-cannabis-industry-paid-1-8-billion-in-excess-taxes-in-2022--301817848.html">$1.8 billion in excess taxation</a> across the cannabis industry, with tax rates commonly exceeding 70%. As a result, less than 25% of cannabis companies reported profitability.
If marijuana becomes a Schedule III substance, Section 280E will no longer apply, which will have a major impact on how you file taxes. You can claim deductions and credits that significantly reduce your tax burden, allowing you to retain much more income.
In addition, you could file amended tax returns to reclaim deductions for any returns within the statute of limitations. The scope will depend on the effective date and whether it's retroactive.
<h3 class="wp-block-heading">Is Increased Access to Banking Services Possible?</h3>
Currently, banking organizations deem cannabis businesses as high risk for impacting FDIC insurance status. Will that change under the Schedule III classification, which applies to legal prescription substances?
The answer is maybe. It's important to understand that doctor recommendations for cannabis that are legal at the state level are not the same as federally legal prescriptions, and this presents some barriers.
Research and development could lead to the formulation of prescription cannabis drugs that go through the vetting process to be approved by the FDA. This approval would mean they could be sold in pharmacies instead of dispensaries.&nbsp;
In that case, there is some potential for legal validation that might sway banking institutions. However, that's a lot of ifs, so the value of this possible benefit remains to be seen.
<h3 class="wp-block-heading">Immediate and Long-Term Benefits for Businesses</h3>
With a reduced tax burden, cannabis businesses will immediately retain more income. This extra cash could be funneled into product development, equipment upgrades, higher-quality inventory and expansion.
It may also draw investors and encourage new business launches, increasing competition that drives access, innovation and consumer choice.&nbsp;
Finally, opportunities to develop FDA-approved prescription drugs could help legitimize the industry, potentially attracting new customers, increasing access to banking services and bringing cannabis one step closer to federal legalization.
<h3 class="wp-block-heading">Financial Benefits for Consumers</h3>
Businesses won't be alone in enjoying financial benefits if marijuana is reclassified. When the tax burden on sellers is reduced, savings could be passed along to consumers.
Consider that a typical <a href="https://worldpopulationreview.com/state-rankings/cigarette-prices-by-state">pack of 20 cigarettes</a> costs about $8 in the U.S., or about $0.40 per cigarette. Since a pre-roll joint costs anywhere from $5-$20 or more, a 20-pack could set consumers back $200.
<h2 class="wp-block-heading">A New Market for Products and Consumers</h2>
Cannabis has been widely recognized (including by <a href="https://www.dea.gov/sites/default/files/2024-05/Scheduling%20NPRM%20508.pdf">HHS and the Justice Department</a>) as having greater medical value and less potential for abuse and dependence than suggested by its current CSA classification. Reclassification to Schedule III would open the door to a range of benefits for cannabis businesses and consumers.
<h3 class="wp-block-heading">New Products</h3>
One of the greatest potential detriments of marijuana being classified as a Schedule I substance is that opportunities for research and development have been severely restricted. The <a href="https://pharmanewsintel.com/features/barriers-to-medical-research-constructed-by-federally-controlled-substance-scheduling-and-classification">hurdles required to gain approval</a> for research are cumbersome.
Researchers must register with the DEA and gain approval from an institutional review board. This alone can take years, but the added difficulty of obtaining grant funding is scarce.
Even if researchers overcome these challenges, most lab facilities don't meet DEA standards for security and must undergo significant and expensive modification. Then, there are the difficulties of legally requesting and obtaining Schedule I substances for research purposes.
In other words, researching everything from the makeup of different strains to the effects of different cannabinoids on the human body is exceedingly difficult.&nbsp;
Reclassification would loosen restrictions and open the door to new research and development, potentially resulting in greater understanding, new products and increased quality.
<h3 class="wp-block-heading">New Customers</h3>
Reclassification of marijuana stands to benefit not only businesses but consumers as well. Existing customers could enjoy greater product diversity, efficacy, and cost reduction.
It might also attract new customers who may currently hesitate to try medical or recreational marijuana. This, in turn, could increase demand industrywide, and there's some potential for increased interstate commerce.&nbsp;
Businesses intent on expansion will want to grow their loyal customer base before new competition floods the market.
<h2 class="wp-block-heading">Innovation and Consistency</h2>
Because cannabis legislation varies from state to state, regulations are somewhat spotty. However, with greater research and development potential, likely leading to new product innovation and increased competition, quality, consistency, and compliance will become more important.
How can your pre-roll business remain competitive? You can start by implementing rigorous quality controls, seeking certification, offering transparency and choosing like-minded vendors like HARA Supply.
<h2 class="wp-block-heading">Reclassification Is Good for Businesses and Consumers</h2>
Although it's unclear when the reclassification of marijuana from a Schedule I to a Schedule III drug could be approved, those in the pre-roll industry must prepare for the changes it could bring about.&nbsp;
With opportunities to benefit from a reduced tax burden, increased product development and new customers, you stand to gain a lot, but only if you prepare for the probable increase in competition.
Capitalizing on marijuana reclassification means launching strategic initiatives to position your business for future success. HARA Supply is the reliable, established pre-roll supplier you need. Contact us now to learn more.

Schedule III Classification Offers New Opportunities For The Pre-Roll Industry

Pacific Green Technologies appoints James Robertson as CFO

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Press Releases

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Financing

Pacific Green Reaches Financial Close for £120 Million (US$146 Million) of Funding for Its 249 MW / 373.5 MWh Sheaf Energy Park Battery Development

Pacific Green Enters Into Transaction to Sell Its 249MW / 373.5MWh Sheaf Energy Park Battery Development for an Enterprise Value of £210 Million (US$258 Million)

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Pacific Green Techs

When insiders purchase or sell shares, it indicates their confidence or concern around the company&#39;s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

Below is a look at a few recent notable insider transactions for penny stocks. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.

<h2>Pacific Green Technologies </h2>

The Trade: Pacific Green Technologies Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PGTK#OTC">PGTK</a>) 10% owner Fresh Air Investments Canada Ltd <a href="https://www.benzinga.com/sec/insider-trades/"> acquired a total of 340000 shares </a> at an average price of $4.30. The insider spent $1,462,000.00 to acquire those shares.

What&rsquo;s Happening: The company&rsquo;s shares have jumped over 30% since the start of the year.

What Pacific Green Technologies Does: Pacific Green Technologies Inc is engaged in developing emission control systems technology. The company design, manufacture, and implement flue gas emission control systems throughout the world.

<h2>ADMA Biologics </h2>

The Trade: ADMA Biologics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADMA#NASDAQ">ADMA</a>) President and CEO Adam S Grossman <a href="https://www.benzinga.com/sec/insider-trades/"> acquired a total of 350000 shares </a> shares at an average price of $1.00. The insider spent $350,000.00 to buy those shares.

What&rsquo;s Happening: ADMA Biologics, last week, priced 50 million shares at $1 per share.

What ADMA Biologics Does: ADMA Biologics Inc is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases.

<h2>Paramount Gold Nevada </h2>

The Trade: Paramount Gold Nevada Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PZG#NYSE">PZG</a>) Director Christopher Reynolds <a href="https://www.benzinga.com/sec/insider-trades/"> acquired a total of 4600 shares </a> at an average price of $0.84. To acquire these shares, it cost $3,872.28.

What&rsquo;s Happening: Paramount Gold Nevada recently completed a promising ground geophysical survey of its recently acquired Bald Peak Project located in Mineral County, Nevada.

What Paramount Gold Nevada Does: Paramount Gold Nevada Corp is an exploration-stage mining company. Together with its subsidiaries, it is engaged in the business of acquiring, exploring, and developing precious metal projects in the United States. Also, it explores for gold and silver.

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Wednesday, October 27, 2021