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Robert Lighthizer, a long-standing trade advisor to Donald Trump, is reportedly cautioning Wall Street investors to prepare for a rapid execution of Trump&#8217;s tariff proposals if he secures a second term in office.
What Happened: Lighthizer has been engaging with investor groups, alerting them to the possibility of an expedited introduction of Trump&#8217;s tariff plans. These could encompass a 60% tariff on Chinese goods and a 10% tariff across the board, shortly after Trump&#8217;s potential entry into the White House, CNBC <a href="https://www.cnbc.com/2024/10/12/trump-trade-tariffs-lighthizer-election-china.html">reported</a>, citing analysts at Piper Sandler.
While Trump&#8217;s campaign press secretary, Karoline Leavitt, did not refute these meetings, she underscored that no policy becomes official until Trump himself announces it, the report said. The specific investor groups that Lighthizer has been liaising with remain undisclosed.
Lighthizer, a key architect of Trump&#8217;s first-term trade policies, is currently advising Trump&#8217;s presidential campaign on economic matters, CNBC said. He also serves as the chair at the Center for American Trade at the Trump-aligned think tank America First Policy Institute.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Advises On Howard Stern Show: Don&#8217;t Get Stoned Before Visiting The Sphere In Las Vegas</a>
Why It Matters: Trump&#8217;s tariff plans have faced criticism from economists, who warn of increasing inflation. Trump, however, has insisted that tariffs would bring in "trillions of dollars" for the U.S. government. 
Trump&#8217;s focus on tariffs was evident during his visit to Detroit earlier this month where he pushed for <a href="https://www.benzinga.com/general/politics/24/10/41279272/donald-trump-pushes-tariffs-on-chinese-cars-in-detroit-visit-vows-to-revamp-industry">tariffs on Chinese cars</a> and vowed to revamp the auto industry.
The former President&#8217;s approach to tariffs has been<a href="https://www.benzinga.com/startups/24/10/41197078/hes-just-not-very-serious-says-kamala-harris-you-dont-just-throw-around-the-idea-of-tariffs-across-t"> criticized by</a> Kamala Harris, who called his plan to impose tariffs on U.S. imports reckless and poorly thought out.
Read Next: <a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Maybe Musk Missed The Memo: Trump&#8217;s Plan To Ban Autonomous Vehicles Could Sour Friendship</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Flickr

News

Politics

Trump's Former Trade Advisor Warns Wall Street: Prepare For Swift Tariff Implementation If Ex-President Wins Second Term

The political landscape was buzzing over the week with significant developments. From a surprising poll result in Pennsylvania to billionaire Mark Cuban&#8216;s critique of Vice President Kamala Harris and Elon Musk, the weekend was filled with intriguing stories. Here&#8217;s a quick roundup of the top stories from the weekend.
Trump Takes the Lead in Pennsylvania &#8211; A recent poll suggests a shift in voter sentiment in the key swing state of Pennsylvania. The survey by InsiderAdvantage showed that Republican candidate Donald Trump is now leading Vice President Kamala Harris by a two percentage point margin. However, the lead is still fragile, being within the survey's margin of error of 3.46%. <a href="https://www.benzinga.com/news/24/10/41270224/trump-vs-harris-new-poll-shows-pennsylvania-may-flip-as-vice-presidents-support-among-this-key-group">Read the full article here.</a>
Mark Cuban&#8217;s Take on Harris&#8217; Policies &#8211; Billionaire entrepreneur Mark Cuban pointed out the division in tax policies between Vice President Kamala Harris and President Joe Biden. Cuban highlighted that Harris&#8217; tax plan would result in a reduction in the effective tax rate for 98 percent of startups. He also noted that Harris&#8217;s stance on fracking is definitely different from Biden&#8217;s. <a href="https://www.benzinga.com/news/24/10/41301812/mark-cuban-says-kamala-harris-likely-doesnt-believe-in-publicly-dunking-on-her-current-boss-biden-bu">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Maybe Musk Missed The Memo: Trump&#8217;s Plan To Ban Autonomous Vehicles Could Sour Friendship</a>
DeSantis Refutes Harris&#8217; Accusations &#8211; Florida Governor Ron DeSantis dismissed Vice President Kamala Harris&#8217; accusations of &#8220;political gamesmanship&#8221; amid Hurricane Milton preparations as &#8220;delusional&#8221;. DeSantis confirmed his commitment to the people of Florida and accused Harris of trying to politicize the storm for her campaign. <a href="https://www.benzinga.com/news/24/10/41242634/ron-desantis-says-kamala-harris-is-delusional-for-trying-to-say-his-sole-focus-on-people-of-florida">Read the full article here.</a>
Cuban Criticizes Musk&#8217;s Approach to Free Speech &#8211; Mark Cuban expressed concerns over Elon Musk&#8217;s approach to free speech on X, previously known as Twitter. While acknowledging Musk&#8217;s entrepreneurial prowess, Cuban labeled Musk a &#8220;troll&#8221; who engages in trolling for its own sake. He also noted that the association with hate speech and inappropriate content poses a problem for advertisers. <a href="https://www.benzinga.com/news/24/10/41229905/mark-cuban-says-elon-musk-advertisers-dont-want-to-be-associated-with-explicit-content-on-x-in-the-n">Read the full article here.</a>
Musk&#8217;s Bold Claims &#8211; Elon Musk suggested that certain billionaires are backing Kamala Harris due to their fear of Donald Trump releasing the Epstein Client list. He implied that venture capitalist Reid Hoffman and Microsoft co-founder Bill Gates are among those feeling uneasy. Musk also expressed his interest in seeing a matchup of the top 100 puppet masters of Kamala Harris and the Epstein client list. <a href="https://www.benzinga.com/news/24/10/41220104/elon-musk-says-billionaires-supporting-kamala-harris-are-scared-epstein-list-will-be-made-public-if">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41274321/trump-considers-pro-crypto-vivek-ramaswamy-for-key-administration-role-hell-do-a-better-jo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Considers Pro-Crypto Vivek Ramaswamy For Key Administration Role: &#8216;He&#8217;ll Do A Better Job Than Anybody&#8217;</a>
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a> 
Image via Shutterstock

General

Mark Cuban's Take on Harris' Tax Policies, Trump Takes Lead In Pennsylvania Poll, DeSantis Refutes Vice President's Accusations And More: Weekend Politics Roundup

The weekend was buzzing with noteworthy stories from the world of cryptocurrency. From the sudden surge in Donald Trump&#8217;s presidential election odds on Polymarket to speculations about the real identity of Bitcoin&#8217;s creator, and cryptic posts from Shiba Inu&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) lead developer, the crypto community had a lot to talk about. Let&#8217;s dive into the top stories that kept the crypto world on its toes over the weekend.
Trump&#8217;s Election Odds Surge on Polymarket
The sudden increase in Donald Trump&#8217;s chances to win the presidential election on Polymarket has sparked discussions beyond the crypto community. Nate Silver, the founder of FiveThirtyEight, attributes this shift to the &#8220;doldrums&#8221; of the presidential campaign. He believes that market sentiment can sometimes have a mind of its own, especially during periods of relative calm between major events. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41231841/nate-silver-donald-trumps-election-odds-pump-could-be-noise-but-republicans-project-confid">Read the full article here.</a>
Is Len Sassaman Bitcoin&#8217;s Creator?
Bettors on Polymarket are considering a high probability of Len Sassaman being identified as Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) creator, Satoshi Nakamoto, in the upcoming HBO documentary titled ‘Money Electric: The Bitcoin Mystery&#8217;. Sassaman, a cypherpunk and developer of the PGP encryption and privacy technology, has often been linked to the mystery of Nakamoto&#8217;s identity. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41200679/len-sassaman-is-bitcoin-creator-satoshi-nakamoto-in-hbo-documentary-polymarket-punters-see">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41262941/if-you-invested-1-000-in-dogecoin-when-rapper-meek-mill-grabbed-some-doge-heres-how-much-y?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1,000 In Dogecoin When Rapper Meek Mill ‘Grabbed Some Doge,' Here's How Much You'd Have</a>
Shiba Inu&#8217;s Lead Developer&#8217;s Cryptic Post
Shytoshi Kusama, the mysterious lead developer and co-founder of the Shiba Inu ecosystem, shared a cryptic post that sparked intrigue and speculation in the crypto community. The suspenseful figure reposted a message from another user, Tsukiyomi Mishima, captioned, &#8220;I think this will be the last chapter to my story…&#8221; <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41243296/shiba-inu-lead-developer-shytoshi-kusama-reshares-mysterious-post-about-the-last-chapter-t">Read the full article here.</a>
Peter Schiff&#8217;s Advice to MicroStrategy&#8217;s Founder
Renowned economist Peter Schiff suggested that Michael Saylor, the boss of MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), should buy the large stash of Bitcoin that the U.S. government plans to sell. Schiff&#8217;s comments followed the U.S. government&#8217;s decision to sell 69,370 BTC it had seized from the dark web marketplace Silk Road. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41243108/peter-schiff-encourages-microstrategy-founder-micheal-saylor-to-borrow-another-4-3b-to-buy">Read the full article here.</a>
Gary Gensler&#8217;s Doubts About Cryptocurrency&#8217;s Future
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler expressed his doubts about the potential of cryptocurrencies, including Bitcoin, to become widely accepted forms of payment. Gensler believes that cryptocurrencies are likely to continue being seen primarily as a store of value rather than a widely accepted medium of exchange. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41278873/gary-gensler-doubts-cryptocurrency-future-says-leading-figures-are-either-in-jail-or-await">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41267217/cybertruck-gets-dogecoin-makeover-tesla-owner-unveils-unique-elon-musks-favorite-cryptocur?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cybertruck Gets Dogecoin Makeover: Tesla Owner Unveils Unique Elon Musk&#8217;s Favorite Cryptocurrency-Inspired Vehicle Wrap</a>
Photo courtesy: Unsplash
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

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

Cryptocurrency

Markets

$BTC

$SHIB

MSTR

Trump's Election Odds On Polymarket, Gary Gensler's Doubts About Cryptocurrency's Future, Shiba Inu Lead Developer's Cryptic Post Sparks Intrigue And More: This Week In Crypto

Though Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil">2-seater Cybercab</a> resembles the Cybertruck in its external structure and color, the vehicle does not have stainless steel exterior panels, according to an X account seemingly belonging to the company&#8217;s engineer Eric E. 
What Happened: &#8220;Exterior panels are not stainless steel. Mass and cost of SS (stainless steel) is undesirable on our high-efficiency Robotaxi,&#8221; an X profile wrote on social media platform X, formerly Twitter. 
The X profile seemingly belongs to Eric E, Principal Mechanical Design Engineer at the company. However, the profile is not verified on X or marked as affiliated with Tesla.
Tesla did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga's</a> request for comment.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Small correction. Exterior panels are not stainless steel. Mass and cost of SS is undesirable on our high efficiency Robotaxi.
&mdash; Eric (@EricETesla) <a href="https://twitter.com/EricETesla/status/1844796530869313581?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Why It Matters: Tesla <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">unveiled the Cybercab </a>dedicated to autonomous driving at an event near Los Angeles on Thursday. The 2-seater vehicle, Tesla CEO Elon Musk said, will be priced under $30,000 and start production in 2026. 
At first glance, the exterior design of the Cybercab resembles the Cybertruck's angular and steel body. The images shared by Tesla also show a metallic finish, leading to speculations that the exterior panels on the vehicle are made of stainless steel like the Cybertruck.
The Cybertruck with its stainless steel exoskeleton is, however, a higher-end EV product. The foundation series version of the Cybertruck starts at about $100,000. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan&#8217;s Angular Design Inspired By Art Deco Trains, ‘Unusually Low&#8217; Ground Clearance Enabled By Automatic Load-Leveling Suspension</a></li>
</ul>
Image via Tesla

Tech

TSLA

Elon Musk's New Cybercab Does Not Have Stainless Steel Exterior Panels Like Cybertruck Despite Other Resemblances, Says Tesla Engineer: 'Mass And Cost…Is Undesirable'

Jim Cramer expressed his concerns regarding Boeing Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) financial health after the plane maker announced plans to<a href="https://www.benzinga.com/markets/equities/24/10/41301576/boeing-announces-10-workforce-reduction-amidst-ongoing-struggles-impacting-nearly-17k-employees"> lay off 17,000 employees</a> in the wake of ongoing safety issues and worker strikes. 
What Happened: Cramer, in <a href="https://www.cnbc.com/2024/10/11/cramers-lightning-round-im-worried-about-boeing.html">CNBC</a>&#8216;s Lightning Round on Saturday, voiced his worries about Boeing&#8217;s financial situation, stating, "I'm worried…The balance sheet's not great, and they should have raised capital when they had a chance to.&#8221;
&#8220;This was a very jarring series of news tonight, and I don't have any conviction whatsoever that they are getting this right," he added.
See Also: <a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Stock Falls Nearly 3% In Overnight Trading On Robinhood After Self-Driving Cybercab Unveil</a>
Boeing&#8217;s CEO, Kelly Ortberg, disclosed the impending job cuts in an email to staff. The layoffs, which will affect a range of employees including executives and managers, represent about 10% of the company&#8217;s workforce and will be implemented over the coming months.
Why It Matters: The aerospace giant has been grappling with a series of challenges this year. In January, its 737 Max planes were grounded following a mid-flight incident. In July, Boeing <a href="https://www.benzinga.com/news/24/07/39658887/boeing-strikes-plea-deal-with-doj-for-defrauding-us-regulator-over-737-max-safety-victims-lawyer-cal">admitted guilt in crashes </a>involving the 737 Max in 2018 and 2019, which resulted in over 300 fatalities.
Further complications arose with Boeing's Starliner spacecraft, <a href="https://www.benzinga.com/news/24/09/40758526/boeing-starliner-returns-to-earth-without-sunita-williams-and-butch-wilmore-lands-in-new-mexico-afte">which returned from the International Space Station</a> in September without astronauts due to technical issues. Additionally, nearly 33,000 Boeing factory workers <a href="https://www.benzinga.com/news/24/09/40853982/boeings-stock-falls-as-33-000-aircraft-assembly-workers-strike" target="_blank" rel="noreferrer noopener">have been on strike</a> since mid-September, further complicating the company's situation. 
Ortberg stressed the need for the layoffs to align with Boeing&#8217;s financial reality and future recovery plans. The delivery of the first 777X airplane has now been postponed to 2026, as stated in Ortberg's memo.
Read Next: <a href="https://www.benzinga.com/news/24/10/41303300/mary-trump-because-donald-is-a-world-class-hypocrite-it-turns-out-his-interviews-have-been-edited?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump: &#8216;Because Donald Is A World-Class Hypocrite, It Turns Out His Interviews Have Been Edited&#8217;</a>
Image Credit: Shutterstock
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.

Equities

Jim Cramer Says 'I'm Worried' About Boeing After Plane Maker Lays Off 17,000 Employees Amid Safety And Financial Woes: 'A Very Jarring Series Of News Tonight'

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gigafactory in Shanghai has touched a new production milestone of 3 million cars, the EV giant said on Friday.
What Happened: Tesla made the announcement via social media platform X.
&#8220;Giga Shanghai achieves 3 million production milestone,&#8221; the company wrote with an adjoining image of the employees at the gigafactory in China celebrating the milestone with a red Tesla car in their midst.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Giga Shanghai achieves 3 million production milestone &#x1f389; <a href="https://t.co/Eauqqs3bJC">pic.twitter.com/Eauqqs3bJC</a>
&mdash; Tesla Asia (@Tesla_Asia) <a href="https://twitter.com/Tesla_Asia/status/1844709411983655249?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Tesla&#8217;s gigafactory in Shanghai manufactures Model 3 and Model Y for sale in China as well as export to countries including the UK.
In September 2023, Tesla announced that the factory has touched a production milestone of 2 million EVs, meaning that the company has built a million vehicles at the factory in the nearly 13 months since. 
The first vehicles rolled out of the factory in 2019. It took the company 33 months to scale production and produce its&nbsp;<a href="https://www.benzinga.com/news/23/07/33208954/teslas-shanghai-gigafactory-hits-major-milestone-one-millionth-model-y-rolls-off-production-line" target="_blank" rel="noreferrer noopener">millionth vehicle</a>.
Why It Matters: In the last quarter, Tesla<a href="https://www.benzinga.com/news/24/10/41141444/tesla-stock-plunges-3-despite-q3-deliveries-exceeding-consensus-and-growing-year-over-year"> made more vehicles globally than it delivered. </a>
The company made 469,796 in the three months through the end of September, while it delivered just 462,890 units. 
Last month, Tesla CEO Elon Musk also informed his followers on X that the company factory in Shanghai is running at maximum capacity. According to Tesla&#8217;s second-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 vehicles, implying a daily maximum capacity of about 2,603 vehicles.
Late last month, the company also said that it exported its <a href="https://www.benzinga.com/news/24/09/41085917/tesla-exports-1-millionth-vehicle-from-its-giga-shanghai-facility-4-years-after-its-first-shipment">one-millionth vehicle</a> from the factory in China. 
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan's Angular Design Inspired By Art Deco Trains, ‘Unusually Low' Ground Clearance Enabled By Automatic Load-Leveling Suspension</a></li>
</ul>
Image Via Shutterstock

Tesla's Giga Shanghai Hits 3 Million Production Milestone, Celebrates With Red Model Rollout

Silicon Valley billionaire and venture capitalist <a href="https://www.benzinga.com/news/24/09/41086806/elon-musk-mocks-vinod-khosla-after-openai-investor-mixes-up-argentinas-poverty-and-unemployment-rate">Vinod Khosla</a> has issued a bold prediction: artificial intelligence (AI) will replace most human jobs over the next 25 years.&nbsp;
In a recent blog post, Khosla wrote about the implications of AI and warned that "80% of 80% of all jobs, maybe more, can be done by AI, be it primary care doctors, psychiatrists, sales people, oncologists, farmworkers or assembly line workers, structural engineers, chip designers, you name it."
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Khosla's experience gives weight to his predictions. He cofounded Sun Microsystems and has invested heavily in tech giants like Amazon, Google and <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">OpenAI</a>. He has also spent over four decades studying disruptive technology and believes that AI will do most jobs "better, faster and cheaper" than humans, drastically changing the labor market.&nbsp;
<h2 class="wp-block-heading">A World Without Jobs</h2>
According to his blog, Khosla says that AI will create a world where human labor isn't necessary for most tasks. It can assist with and perform tasks like assembly line work, investment banking and even medical diagnosis.&nbsp;
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>
The warnings Khosla discusses surrounding AI aren't meant to spread fear but to advocate for proactive solutions as our world heads in this direction. He talks about the risk of an "economic dystopia," where wealth becomes increasingly concentrated at the top – more so than it is now – and both intellectual and physical labor lose their value.&nbsp;
Khosla states that if governments don't proactively identify this problem and devise solutions for AI taking over jobs, millions could face <a href="https://www.benzinga.com/markets/equities/24/09/40760261/biden-administration-says-unemployment-is-low-but-do-americans-see-it-that-way">unemployment</a>.&nbsp;
Trending: <a href="https://www.benzinga.com/money/irs-finalizes-10-year-rule-adv">IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things &#8216;Even More Insanely Complicated&#8217;</a>
<h2 class="wp-block-heading">The Case for Universal Basic Income (UBI)</h2>
According to Khosla, universal basic income (UBI) is one solution to the looming AI job crisis. UBI is a government program that regularly provides every adult citizen with a set amount of money to help alleviate poverty.&nbsp;
Khosla believes that UBI will become essential as AI replaces jobs. It can provide a safety net for those whose jobs become automated. "As AI reduces the need for human labor, UBI could become crucial, with governments playing a key role in regulating AI's impact and ensuring equitable wealth distribution," he wrote.
The concept of UBI isn't new, but it has gained renewed attention as automation accelerates. Khosla joins a growing list of Silicon Valley figures, including Sam Altman and Mark Zuckerberg, who advocate for UBI to cushion the economic disruption caused by AI.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
<h2 class="wp-block-heading">A Shorter Workweek and More Meaningful Life</h2>
While Khosla spoke about AI&#8217;s challenges, he also presented several upsides, one of which is a shorter workweek. He envisions a world where AI handles mundane, labor-intensive jobs, freeing people up to take on more fulfilling activities. He believes that with the right policies, AI could bring about a three-day workweek, where people can focus more on hobbies, spend time with loved ones and enjoy life more.&nbsp;
"Life won't become less meaningful once we eradicate undesirable, toil-intensive jobs," he wrote. "Quite the opposite – life will become more meaningful as the need to work 40 hours per week could disappear within a few decades for those countries that adapt to these technologies."
Trending: Beating the market through ethical real estate investing' — t<a href="https://www.benzinga.com/money/invest-with-roots">his platform aims to give tenants equity in the homes they live in while scoring 17.17% average annual returns for investors – here&#8217;s how to join with just $100</a>
<h2 class="wp-block-heading">The Debate Continues</h2>
Many other prominent tech figures have made predictions about AI that align closely with Khosla's vision. <a href="https://www.benzinga.com/personal-finance/24/10/41145078/billionaire-bill-gates-has-a-bold-plan-to-shrink-the-wealth-of-the-rich-heres-how-he-intends-to-">Bill Gates</a> has also suggested that AI will lead to a three-day workweek. Elon Musk has gone further, predicting that work could become more of a "hobby" as AI handles the heavy lifting.
Despite these predictions, history has shown that technological advancements don't always mean less work. Economist John Maynard Keynes famously predicted in 1930 that people would be working only 15 hours per week in a century, thanks to improvements in productivity. As 2030 approaches, many people still engage in 40-hour workweeks, often more.Several factors contribute to this, including evolving economic demands, consumerism, the rise of service-based industries, and societal expectations. Technological progress often drives increased productivity, but it also creates new industries and job demands, maintaining or even increasing workloads.
AI will continue to advance, and the future of work will change. An AI-driven economy may be inevitable, but how we handle this societal shift will determine whether these changes lead to widespread prosperity or deeper inequality.&nbsp;
Read Next:
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<li>If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends<a href="https://www.benzinga.com/money/arrived-private-credit-fund"> would you invest in it</a>?</li>
<li>How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.</li>
</ul>

Personal Finance

AI Will Do Most Jobs 'Better, Faster, Cheaper': Silicon Valley Billionaire Vinod Khosla Calls For Universal Basic Income

Donald Trump supported decentralized finance protocol <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">World Liberty Financial</a>&#8216;s token sale will go live on Tuesday morning, the former President said on Saturday.
What Happened: &#8220;This is YOUR chance to help shape the future of finance,&#8221; Trump wrote on social media platform X, formerly Twitter, about the upcoming token sale. The President also urged interested candidates to take part in the X Spaces event to be held on Monday regarding the token sale. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/worldlibertyfi?ref_src=twsrc%5Etfw">@WorldLibertyFi</a> Token Sale goes live on Tuesday morning, October 15th! This is YOUR chance to help shape the future of finance. Be there on Monday, October 14th at 8 AM EST for an Exclusive Spaces to learn more. Join the whitelist today and be ready for Tuesday:…
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1845179557852377508?ref_src=twsrc%5Etfw">October 12, 2024</a></blockquote>
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The World Liberty Financial&#8217;s website now shows a ticking timer until the start of the sale.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f985;&#x1f1fa;&#x1f1f8; Big news! <a href="https://twitter.com/worldlibertyfi?ref_src=twsrc%5Etfw">@WorldLibertyFi</a> public sale starts Oct. 15th, open to everyone who qualifies through the whitelist. Join us for a Twitter Spaces on Oct. 14th at 8 AM EST to learn more. Stay tuned for updates!
&mdash; WLFI (@worldlibertyfi) <a href="https://twitter.com/worldlibertyfi/status/1844790596214444215?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Why It Matters: According to The Block&#8217;s <a href="https://www.theblock.co/post/320430/trump-world-financial-liberty-raise?modal=newsletter">report</a> from last week, the project aims to raise $300 million from the initial sale.&nbsp;It will sell 20% of the token supply at a $1.5 billion fully diluted valuation, the report said, citing the roadmap shared with prospective investors. 
The token called WLFI will serve as the platform&#8217;s governance token and will allow users to vote on its future development. However, the token will be <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41101210/donald-trumps-world-liberty-financial-opens-kyc-verification-for-participation-in-historic">non-transferable and non-yielding</a>, differing from most crypto assets that can be traded or generate passive income.
Price Action: The broader crypto market responded positively to the news. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) saw a 0.34% increase over the last 24 hours, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose by 0.86%, and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) gained 1.15%, according to data from <a href="http://pro.benzinga.com">Benzinga Pro.</a>
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Image via Wikimedia Commons

$DOGE

$ETH

Donald Trump Says His Crypto Project World Liberty Financial Will Start Selling Tokens On Tuesday

Hilton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) hotel workers running into the hundreds at Seattle airport hotels walked off the job on Saturday, calling for higher wages and reversal of COVID-era cuts, the Unite Here union said in a statement on Saturday. 
What Happened: &#8220;The weeklong strikes by 374 workers at the DoubleTree by Hilton Hotel Seattle Airport and Hilton Seattle Airport &amp; Conference Center will last until the early hours of October 19, while strikes in Boston, Honolulu, and San Francisco will continue until workers have won their contracts,&#8221; the union said. 
According to the union, 4,375 hotel workers are currently on strike at Hilton, Hyatt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>), and Marriott hotels (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) in Borton, Honolulu, San Francisco, and Seattle.
"Hotel workers are tired of working long hours while barely getting by. Hotel workers keep walking out on strike because hotel corporations like Hilton can afford to raise wages," said&nbsp;the International President of the union Gwen Mills. The striking hotel workers include housekeepers, front desk agents, cooks, dishwashers, servers, bartenders, and bellhops. 
Hilton did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga</a>&#8216;s request for comment. 
Why It Matters: Over 10,000 workers went on strike across the U.S. on Labor Day weekend after <a href="https://www.benzinga.com/top-stories/24/07/39934387/whats-going-on-with-hilton-marriott-and-hyatt-hotel-stocks-today">months of contract negotiations</a> yielded no positive outcomes in their favor. Most of the strikes ended after 2-3 days but more strikes followed. 
&#8220;Hotel workers in Greenwich and New Haven, Conn., Providence, R.I., and San Diego, Calif., have recently ratified new union contracts that include wage increases and affordable health care, but the union cautions that strike issues are unresolved in most cities,&#8221; it said. 
The Union also urged travelers not to avail themselves of facilities provided by hotels where workers are on strike while noting that services were disrupted in several of them owing to the strike.
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 via Shutterstock

Restaurants

Hundreds Of Hilton Hotel Workers Strike At Seattle Airport, Demand Higher Wages And Reversal Of COVID-Era Cuts

American financier and Kremlin critic Bill Browder on Saturday warned of the potential global ramifications of a second term for former President Donald Trump, citing the possibility of a weakened NATO and increased Russian aggression.
What Happened: Browder, during an interview on <a href="https://www.msnbc.com/ali-velshi/watch/bill-browder-this-is-a-very-scary-moment-221595717768">MSNBC</a>, expressed concerns about the potential consequences of a Trump re-election. He highlighted the possibility of Trump cutting off military aid to Ukraine, which could potentially hand Russia a military victory.
&#8220;This is a terrifying moment for the whole world really in the sense that if Donald Trump becomes the next president, he will cut off military aid for Ukraine,&#8221; Browder said. 
&#8220;Ukraine is totally dependent on U.S. military aid and that will basically be handing some type of military victory to Russia and to Putin.&#8221;
Browder also pointed to Trump&#8217;s previous discussions with Russian President Vladimir Putin during significant global events, such as the COVID-19 pandemic and Russia&#8217;s invasion of Ukraine. He suggested that Putin&#8217;s aggression could escalate under a second Trump presidency.
&#8220;Putin has designs on other parts of Europe. He's looking at Estonia, Latvia and Lithuania who are NATO members,&#8221; Browder said. &#8220;If he gets involved with those countries in a military way then we have a treaty to defend those countries.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Advises On Howard Stern Show: Don&#8217;t Get Stoned Before Visiting The Sphere In Las Vegas</a>
&#8220;And then the question is would Donald Trump honor that treaty obligation. And he's made all sorts of noises in his previous presidency about not liking to be a part of NATO,&#8221; Browder added.
&#8220;This is a scary moment because we could be in a sort of World War II situation if Putin can run roughshod over Europe because he no longer has to worry about American aid for Ukraine,&#8221; Browder said.
Why It Matters: Browder&#8217;s concerns about Trump&#8217;s relationship with Putin are not unfounded. An upcoming book by journalist Bob Woodward alleges that Trump and Putin have <a href="https://www.benzinga.com/general/politics/24/10/41235596/trump-secretly-stayed-in-contact-with-putin-after-leaving-office-upcoming-bob-woodward-book-alle">maintained secret communication</a> since 2021, with as many as seven conversations. This suggests a continued rapport between the two leaders, despite Trump&#8217;s departure from office.
Former White House Russia expert Fiona Hill has also suggested earlier that Putin views Trump as an asset and has been <a href="https://www.benzinga.com/news/23/12/36374438/trump-putin-friendship-fiona-hill-reveals-putin-has-trumps-number-and-still-views-him-as-an-asset">strategically manipulating</a> him for some time. This perception of Trump&#8217;s potential return to power as a valuable card in international affairs could further embolden Putin&#8217;s actions, as Browder has warned.
Moreover, Trump has previously received praise from Putin for his <a href="https://www.benzinga.com/news/23/09/34676567/trump-praises-russian-president-backing-his-ukraine-peace-plan-that-means-what-im-saying-is-right">Ukraine peace plan</a>, which could further complicate the situation in Eastern Europe if Trump were to return to the White House.
Read Next: <a href="https://www.benzinga.com/general/entertainment/24/10/41269219/michael-jordan-buys-a-new-private-jet-that-is-also-owned-by-tech-billionaires-elon-musk-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Jordan Buys A New Private Jet That Is Also Owned By Tech Billionaires Elon Musk And Jeff Bezos</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Wikimedia Commons

Kremlin Critic Warns Russia Could Grow Stronger If Trump Wins White House: 'Will Basically Be Handing Some Type Of Military Victory'

Elon Musk‘s&nbsp;SpaceX&nbsp;said on Saturday that its&nbsp;Starship‘s&nbsp;<a href="https://www.benzinga.com/news/24/09/40967983/spacex-pushes-ahead-with-fifth-starship-test-flight-preparation-despite-no-faa-launch-approvals-in-s" target="_blank" rel="noreferrer noopener">fifth test flight</a>&nbsp;is expected to launch as early as 7 a.m. CT on Sunday, after a long battle of words with regulator Federal Aviation Administration (FAA). 
What Happened: SpaceX was planning on launching Starship on Sunday from earlier this week if necessary regulatory approvals are received. The FAA cleared Starship for launch on Saturday.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Targeting Sunday, October 13 for Starship's fifth flight test. A 30-minute launch window opens at 7:00 a.m. CT → <a href="https://t.co/hibmw2lVv1">https://t.co/hibmw2lVv1</a> <a href="https://t.co/3mZeH09eyl">pic.twitter.com/3mZeH09eyl</a>
&mdash; SpaceX (@SpaceX) <a href="https://twitter.com/SpaceX/status/1845146075574972633?ref_src=twsrc%5Etfw">October 12, 2024</a></blockquote>
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However, SpaceX also warned that the schedule is likely to change, citing the dynamic schedules associated with all developmental testing activities.
For the upcoming flight, the company&#8217;s goal is to&nbsp;catch the two-stage launch vehicle's&nbsp;<a href="https://www.benzinga.com/news/24/06/39543299/spacex-preparing-to-catch-starship-booster-at-starbase-during-next-test-flight-instead-of-splashing" target="_blank" rel="noreferrer noopener">booster back at Starbase</a>&nbsp;using the launch tower&#8217;s mechanical arms on its return from space, marking a significant demonstration of Starship's reusability. The Starship spacecraft, meanwhile, will splash down in the Indian Ocean.
SpaceX is looking to ensure full reusability for its Starship rocket. The company believes reusing rockets is integral to bringing down spaceflight costs as the most cost is taken up in building the launch vehicle.
Past Flight Tests:&nbsp;SpaceX has conducted four flight tests with the Starship thus far.
SpaceX&nbsp;<a href="https://www.benzinga.com/news/24/06/39226248/elon-musk-outlines-future-starship-goals-after-successful-fourth-flight-test" target="_blank" rel="noreferrer noopener">last launched Starship</a>&nbsp;in the first half of June. During the test, the two stages of the vehicle – the Starship spacecraft and the Super Heavy booster – separated, and the booster subsequently had a soft splashdown in the Gulf of Mexico. The spacecraft ignited its engines and went into space, made a controlled re-entry to Earth, and had a soft splashdown in the Indian Ocean.
The entire flight lasted one hour and six minutes from launch. The key object of the flight was to re-enter Earth and the mission achieved it while withstanding damage to the vehicle.
The flights before accomplished less. While the spacecraft failed to reach space in the first flight, it reached space and exploded in the second test flight. During the third flight test, the spacecraft broke apart when re-entering Earth's atmosphere from space.
War Of Words With FAA:&nbsp;In September, SpaceX said that Starship has been&nbsp;<a href="https://www.benzinga.com/news/24/08/40305893/starship-fifth-flight-delayed-spacex-ceo-elon-musk-gives-fresh-august-end-timeline" target="_blank" rel="noreferrer noopener">ready for its fifth flight test</a>&nbsp;since the first week of August but has been put off owing to "frivolous" and "patently absurd" licensing issues.
"Unfortunately, we continue to be stuck in a reality where it takes longer to do the government paperwork to license a rocket launch than it does to design and build the actual hardware," SpaceX said.
The company then said that it received a launch license date estimate of late November for the fifth flight from the FAA, marking a two-month delay from the previously communicated date of mid-September. 
Why It Matters: Starship is key to NASA's dreams of taking humans back to the surface of the Moon.
NASA's Artemis 3 mission slated to launch no earlier than September 2026 is expected to enable humans to land back on the surface of the moon with the help of a lunar lander variant of the Starship spacecraft. The last time humans set foot on the Moon was in 1972&nbsp;<a href="https://www.benzinga.com/news/24/01/36692749/just-a-worse-version-of-apollo-elon-musk-baffled-by-nasa-veterans-push-to-ditch-spacex-blue-origin-a" target="_blank" rel="noreferrer noopener">with Apollo 17</a>. Since then, no crew has traveled beyond low-Earth orbit.
Musk, meanwhile, is eyeing<a href="https://www.benzinga.com/news/24/09/40770222/elon-musk-sets-2026-for-starships-first-uncrewed-mars-mission-targeting-successful-landing" target="_blank" rel="noreferrer noopener">&nbsp;taking humans to Earth's neighboring planet Mars</a>&nbsp;aboard the Starship. Last month, he said that the first Starship launch to Mars is expected in 2026 and that it will not have a crew on board.
Check out more of Benzinga'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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</ul>
Photo via Shutterstock

SPACE

Starship To Fly Again On Sunday After SpaceX's Long War Of Words With Regulator Over 'Frivolous' Licensing Delays

The upcoming 2024 election is poised to be a close contest between former President Donald Trump <a href="https://www.benzinga.com/news/24/09/41082772/harris-vs-trump-new-polls-show-tight-race-in-battleground-states">and Vice President Kamala Harris</a>.
What Happened: As per the latest poll conducted by the Wall Street Journal, a near-even split among voters in seven key swing states over who should be the next leader of the nation.
The <a href="https://www.wsj.com/politics/elections/trump-harris-swing-state-poll-october-2024-c3ca9414">poll</a> suggests that voters in Arizona, Michigan, Wisconsin, and Georgia slightly favor Harris, while Trump is leading in Nevada, North Carolina, and Pennsylvania. Notably, none of these leads exceed 2 percentage points, except for Trump&#8217;s 5-point lead in Nevada.
Out of the 4,200 swing-state voters surveyed, Trump and Harris received 46% and 45% support respectively. 
The poll suggests that the race is too close to call and that the bitter campaign rhetoric, a change in the Democratic ticket&#8217;s leadership, and two assassination attempts on Trump have further polarized the American electorate.
Independent voters are also divided, with 40% supporting Harris and 39% backing Trump. &#8220;This thing is a dead heat and is going to come down to the wire. These last three weeks matter,&#8221; David Lee, a Republican pollster who collaborated on the survey with Democrat Michael Bocian, told the outlet. 
Also Read: <a href="https://www.benzinga.com/news/24/10/41196906/polls-suggest-this-candidate-holds-slim-lead-in-presidential-race-with-one-month-to-go">Polls Suggest This Candidate Holds Slim Lead In Presidential Race With One Month To Go</a>
The poll also indicates that Harris could potentially secure victory through the competitive Sunbelt states. Meanwhile, Trump&#8217;s share in the seven states has remained relatively unchanged since March. More voters believe that Trump would handle the economy and border security better than Harris, the survey reveals.
Why It Matters: This poll is significant as it highlights the tight race between Trump and Harris, reflecting the deep political divide in the country. 
The results underscore the importance of the swing states in determining the outcome of the 2024 election. The poll also suggests that the candidates&#8217; positions on key issues like the economy and border security could play a crucial role in swaying voters. 
As the election draws closer, the strategies adopted by both candidates in these final weeks could be decisive.
Read Next
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Harris And Trump In Nail-Biter Three Weeks Out

&#8220;The Apprentice,&#8221; a controversial biographical film about former President Donald Trump, is set to hit theaters despite facing initial funding controversies and <a href="http://the%20contentious%20donald%20trump%20biopic%20'the%20apprentice'%20is%20scheduled%20for%20release%20in%20the%20us%20just%20ahead%20of%20the%20election.%20the%20hollywood%20reporter%20reports%20that%20the%20film,%20which%20debuted%20at%20the%20cannes%20film%20festival,%20will%20hit%20theaters%20in%20the%20us%20on%20october%2011,%20just%20weeks%20before%20the%20election.%20in%20june,%20it%20was%20announced%20that%20the%2080s-set%20drama%20was%20acquired%20by%20briarcliff%20entertainment,%20a%20relatively%20small%20company%20known%20for%20films%20like%20the%20liam%20neeson%20thrillers%20memory%20and%20the%20marksman%20and%20michael%20moore's%202018%20sequel%20fahrenheit%2011/9,%20reported%20The%20Guardian.%20%20The%20distributor%20is%20now%20reportedly%20planning%20a%20limited%20festival%20run%20prior%20to%20the%20release,%20as%20well%20as%20an%20awards%20campaign.%20Also%20Read:%20Trump%20Movie%20Director%20Claps%20Back%20At%20Criticism,%20Lawsuit%20Threats:%20'No%20Nice%20Metaphorical%20Way%20To%20Deal%20With%20Fascism'%20The%20film%20features%20Sebastian%20Stan%20portraying%20Trump%20under%20the%20mentorship%20of%20Roy%20Cohn,%20played%20by%20Succession's%20Jeremy%20Strong,%20set%20in%201980s%20New%20York%20City.%20%20Directed%20by%20Iranian%20filmmaker%20Ali%20Abbasi,%20known%20for%20his%20controversial%20thriller%20Holy%20Spider%20that%20led%20to%20death%20threats%20against%20lead%20actor%20Zar%20Amir%20Ebrahimi,%20the%20film%20promises%20a%20provocative%20take%20on%20its%20subject.%20The%20film%20received%20a%20mixed%20reception%20following%20its%20premiere%20in%20May.%20%20Peter%20Bradshaw%20of%20The%20Guardian%20labeled%20it%20as%20%22obtuse%20and%20irrelevant,%22%20while%20Owen%20Gleiberman%20from%20Variety%20commended%20it%20as%20%22sharp%20and%20scathing.%22%20%20It%20also%20attracted%20significant%20attention%20for%20a%20controversial%20scene%20depicting%20Trump%20assaulting%20his%20then-wife%20Ivana,%20played%20by%20Maria%20Bakalova.%20Trump's%20legal%20team%20issued%20a%20cease-and-desist%20letter%20to%20the%20filmmakers,%20labeling%20the%20movie%20as%20%22malicious%20defamation.%22%20%20During%20their%201990%20divorce%20proceedings,%20Ivana%20Trump%20had%20initially%20accused%20him%20of%20sexual%20assault,%20though%20she%20later%20retracted%20the%20claim.%20Since%20the%201970s,%20at%20least%2026%20women%20have%20accused%20Trump%20of%20sexual%20assault%20or%20harassment,%20all%20of%20which%20he%20has%20denied,%20The%20Guardian%20added.%20Read%20Next:%20Trump%20Campaign%20Threatens%20Legal%20Action%20Over%20Controversial%20New%20Biopic%20About%20Ex-President%20That%20Received%208-Minute%20Ovation%20At%20Cannes:%20'Pure%20Malicious%20Defamation'">objections from Trump himself</a>.
What Happened: The film, penned and produced by Vanity Fair journalist Gabriel Sherman, delves into Trump&#8217;s rise in New York City during the 1970s and &#8217;80s.
The movie encountered significant hurdles before its release. Initially funded by billionaire Trump supporter Dan Snyder, the film&#8217;s production was nearly halted due to Snyder&#8217;s disapproval of the final cut. 
Despite this, Sherman managed to showcase the movie at the Cannes film festival, igniting further controversy, <a href="https://www.businessinsider.com/the-apprentice-trump-movie-gabriel-sherman-dan-snyder-interview-2024-10">reports </a>Business Insider.
Trump, played by Sebastian Stan in the film, sent Sherman a cease-and-desist letter, with a spokesperson labeling the film as &#8220;garbage&#8221; and &#8220;pure fiction which sensationalizes lies that have been long debunked.&#8221;
Despite this, Sherman stands by his work, stating that the film humanizes Trump while not shying away from his flaws.
Also Read:<a href="https://www.benzinga.com/general/entertainment/24/05/38946127/trump-movie-director-claps-back-at-criticism-lawsuit-threats-no-nice-metaphorical-way-to-de" target="_blank" rel="noreferrer noopener">&nbsp;Trump Movie Director Claps Back At Criticism, Lawsuit Threats: ‘No Nice Metaphorical Way To Deal With Fascism'</a>
Major Hollywood studios initially refused to finance the film&#8217;s production, leading Sherman to partner with Kinematics, a production company run by Mark Rapaport, who is married to Dan Snyder&#8217;s daughter. Snyder indirectly funded the movie through a loan to Rapaport&#8217;s company.
Despite the controversy and legal battles, Sherman confirmed that audiences will be able to see the film. He expressed his surprise at the lack of support from major studios and distributors, attributing it to fears of potential repercussions from a future Trump administration.
Why It Matters: The release of &#8220;The Apprentice&#8221; marks a significant moment in the film industry, demonstrating the power of independent production companies in the face of opposition from major studios. 
The film&#8217;s journey to the big screen, despite the controversy and legal battles, is a testament to the determination and resilience of its creators. 
It also highlights the ongoing influence of Trump, even as a private citizen, and the potential repercussions that his supporters and detractors can have on creative endeavors.
Read Next
<a href="https://www.benzinga.com/markets/equities/24/08/40667249/trump-biopic-the-apprentice-to-hit-theaters-soon-amid-legal-threats-and-polarized-reviews">Trump Biopic &#8216;The Apprentice&#8217; To Hit Theaters Soon Amid Legal Threats and Polarized Reviews</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Entertainment

The Trump Film Trump Doesn't Want You To See

On Friday former President Donald Trump called for the revocation of the broadcasting license of CBS, alleging widespread corruption and disinformation <a href="https://www.benzinga.com/news/24/09/40867372/mary-trump-says-donald-trump-remains-thin-skinned-bully-and-thats-what-makes-him-dangerous">among media outlets</a>.
What Happened: Trump declined to partake in a customary pre-election interview on CBS&#8217; 60 Minutes due to the network&#8217;s commitment to fact-checking his statements.
He has since called for CBS to be stripped of its broadcasting license and proposed that all other broadcast licenses should be auctioned to the highest bidder. The former president&#8217;s ire was ignited by the airing of two different versions of a response given by Vice President Kamala Harris on a question about Israel.
Trump accused 60 Minutes and CBS of perpetrating fraud by editing the interview for clarity, which he branded as &#8220;the Single Biggest scandal in Broadcast History.&#8221;
During an event in Detroit, Trump informed the audience that all networks are &#8220;crooked as hell&#8221; and should be deprived of their licenses, a comment that was greeted with applause.
Talking about Trump&#8217;s stance on the media outlet, his niece Mary Trump said in a Substack <a href="https://www.marytrump.org/p/donald-is-the-enemy-of-the-fourth">post</a> that &#8220;because Donald is a world-class hypocrite, it turns out his interviews have been edited in order to make him look better.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/09/41080239/mary-trump-says-there-are-much-much-worse-things-about-donald-trump-than-his-shameless-hucksterism">Mary Trump Says There Are Much, Much Worse Things About Donald Trump &#8216;Than His Shameless Hucksterism&#8217;</a>
&#8220;For years, Donald has railed against the press, calling them the "the enemy of the people." He singles out individual reporters, especially women, by name and calls them stupid when they ask probing questions, or don't flatter him enough,&#8221; she said in the post. 
&#8220;There is plenty of evidence, from misleading New York Times headlines that whitewash his authoritarianism, racism, and criminality, to the abysmal performances by moderators at both the CNN and CBS debates, that Donald's working the refs has succeeded,&#8221; Mary Trump continued.  
She also said that &#8220;too many reporters and news organizations fear Donald and have decided that the best way to protect themselves is to appease him.&#8221; 
&#8220;Unfortunately, doing so makes it impossible for them to do their jobs—which, at this critical time in American history, is to educate the American people about, and alert them to, the unique danger a second Trump administration poses,&#8221; Mary Trump said. 
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/08/40429962/mary-trump-donalds-narcissistic-injury-is-so-great-that-he-has-essentially-stopped-campaigning" target="_blank" rel="noreferrer noopener">Mary Trump: ‘Donald&#8217;s Narcissistic Injury Is So Great That He Has Essentially Stopped Campaigning&#8217;</a>
Why It Matters: This is not the first time that Trump has been at odds with the media. Throughout his presidency, he has been known for his contentious relationship with the press, often accusing them of spreading &#8220;fake news&#8221;. 
His recent call for CBS and other networks to lose their broadcasting licenses signifies an escalation in this ongoing conflict. 
The implications of such a move could be far-reaching, potentially affecting the freedom of the press and the public&#8217;s access to information.
Read Next:
<a href="https://www.benzinga.com/news/24/07/39761289/trumps-niece-accuses-him-of-lying-about-involvement-in-controversial-project-2025-my-uncle-likes-to" target="_blank" rel="noreferrer noopener">Trump's Niece Accuses Him Of Lying About Involvement In Controversial Project 2025: ‘My Uncle Likes To Call America a ‘Stupid Country.' But We're Not Nearly As Stupid As He Hopes We Are …</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Mary Trump: 'Because Donald Is A World-Class Hypocrite, It Turns Out His Interviews Have Been Edited'

Former Tesla aficionado Michael Cusick has shifted his loyalty to Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) following the survival of his Rivian R1T <a href="https://www.benzinga.com/news/24/09/41082452/hurricane-helene-exposes-vulnerability-of-floridas-home-insurance-market">electric truck in Hurricane Helene</a>.
What Happened: Cusick, a resident of Asheville, North Carolina, was a staunch supporter of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) having owned and extensively driven a Model 3. However, his experience with the Rivian R1T during Hurricane Helene, which wreaked havoc in the southeast, including Asheville, has led him to switch his allegiance to Rivian.
According to the report <a href="https://www.businessinsider.com/tesla-vs-rivian-r1t-owner-hurricane-helene-survived-convert-2024-10">by</a> Business Insider, after weighing several options including the Tesla Cybertruck and the Chevy Silverado EV, Cusick purchased a Rivian R1T in June 2024.
He was attracted to the Rivian R1T due to its midsize truck capabilities, its ability to traverse narrower trails, and its air suspension that provides about 2 feet of ground clearance.
During the onslaught of Hurricane Helene, Cusick&#8217;s Rivian was swallowed by floodwaters. However, once the waters subsided, he discovered his vehicle was unscathed and fully functional. 
Also Read: <a href="https://www.benzinga.com/news/24/09/40971831/putin-ally-who-unveiled-tesla-cybertruck-with-machine-gun-last-month-now-says-elon-musk-remotely-dis">Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Last Month Now Says Elon Musk &#8216;Remotely Disabled&#8217; The Militarized EV</a>
In the hurricane&#8217;s aftermath, Cusick&#8217;s Rivian R1T even functioned as a generator, powering a food truck and a chainsaw for clearing roads.
Subsequent to the incident, Rivian contacted Cusick and provided him with a loaner vehicle while his truck is inspected and potentially repaired. This experience has cemented Cusick&#8217;s commitment to Rivian. &#8220;I&#8217;m all-in on Rivian now, without a doubt,&#8221; Cusick told the outlet. 
Why It Matters: This incident underscores the durability and resilience of Rivian&#8217;s electric vehicles, which could potentially boost consumer confidence in the brand. 
The company&#8217;s swift response in providing a loaner vehicle also highlights their commitment to customer service. This could further enhance Rivian&#8217;s reputation and market position in the competitive electric vehicle industry.
Read Next
<a href="https://www.benzinga.com/news/24/09/40969847/mark-zuckerberg-flaunts-watches-valued-at-a-cybertrucks-price">Mark Zuckerberg Flaunts Watches Valued at a Cybertruck&#8217;s Price</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

RIVN

Former Tesla Enthusiast Embraces Rivian After R1T Survives Hurricane

Most electric-vehicle stocks declined in the week ended Oct. 11 as challenging economic data and negative reaction to market leader Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">&#8220;We, Robot,&#8221; event</a> weighed down on the space.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla&#8217;s Tall Promises Fail To Impress Investors: The &#8220;We, Robot&#8221; event proved to be a flop for Tesla as the stock tumbled nearly 9% following the event. The Elon Musk-led company&#8217;s product announcements wowed analysts and its fans, with specifically the Cybercab&#8217;s design coming in for special praise. The Cybervan announcement came in as a surprise for most. Investors, however, were worried about the production timeline hinted by Musk.
The billionaire said the Cybercab, the company&#8217;s sub-$30K purpose-built autonomous vehicle, lacking a steering wheel or pedals, would go into production by 2026 or even 2027. 
In another development, Tesla announced a major production milestone for its Giga Shanghai. The factory, which is located in China and makes nearly half of the company&#8217;s EVs, produced its 3 millionth vehicle. Tesla Asia&#8217;s X handle posted the feat on the social-media platform.
<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">Giga Shanghai achieves 3 million production milestone &#x1f389; <a href="https://t.co/Eauqqs3bJC">pic.twitter.com/Eauqqs3bJC</a>
&mdash; Tesla Asia (@Tesla_Asia) <a href="https://twitter.com/Tesla_Asia/status/1844709411983655249?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Lucid Q3 Deliveries: Luxury EV maker Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) reported third-quarter deliveries of 2,781 vehicles, exceeding estimates of most analysts. This marked a quarter-over-quarter increase of over 16% and year-over-year growth of 91%. The strong number came on the back of strong discounting. Production fell sequentially, declining from 2,110 in the second quarter to 1,805 in the third quarter. The company&#8217;s full-year production guidance of 9,000 units leaves it with the onus of producing 3,358 units if it were to meet the target.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
GM Ditches Ultium Concept: Legacy automaker General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), which once vouched by the concept of a unified battery system across all of its EVs, has decided to move away from the approach. At an investor event held this week, GM&#8217;s Vice President of Batteries Kurt Kelty said, &#8220;It now makes business sense to transition from one-size-fits-all to new program-specific batteries.&#8221; The company plans to move away from nickel cobalt manganese chemistry to lithium iron phosphate battery tech, which has the potential to reduce EV costs by $6,000.
The company also announced it will start building a battery cell development center at its Global Technical Center in Warren, with the team exploring cylindrical and prismatic cells in addition to the pouch format.
GM CEO Mary Barra said the company&#8217;s EV losses peaked this year and profitability will improve significantly next year, and that it is on track to manufacture its 200,000th EV in North America this year.
XPeng Launches P7+ EV Sedan: Chinese EV startup XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) unveiled the p7+ all-electric sedan, with the company calling it its first artificial intelligence-defined vehicle. &#8220;Plus stands for more &#8211; more technology, more space, more for your family,&#8221; it said. Presales of the the model will begin at the 2024 Paris auto show on Oct. 14, with deliveries starting in China in early November. The company has been quick with its product launches even as it navigates through a challenging demand environment in China.
<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">We're excited to unveil our first AI-defined vehicle, the <a href="https://twitter.com/hashtag/XPENGP7Plus?src=hash&amp;ref_src=twsrc%5Etfw">#XPENGP7Plus</a>. &quot;Plus&quot; stands for more &#8211; more technology, more space, more for your family! Stay tuned for more details!<a href="https://twitter.com/hashtag/XPENGDriveChange?src=hash&amp;ref_src=twsrc%5Etfw">#XPENGDriveChange</a><a href="https://twitter.com/hashtag/WhereNext?src=hash&amp;ref_src=twsrc%5Etfw">#WhereNext</a> <a href="https://t.co/V1PhwytWxk">pic.twitter.com/V1PhwytWxk</a>
&mdash; XPENG (@XPengMotors) <a href="https://twitter.com/XPengMotors/status/1844396283764596876?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
China-EU Standoff Continues: As the stalemate over <a href="https://www.benzinga.com/markets/equities/24/10/41182675/tesla-byd-and-other-ev-stocks-to-watch-as-eu-votes-to-approve-tariffs-on-chinese-ev-imports">European Union tariffs on China EV import</a> continues, a Reuters report, citing sources, said Brussels rejected a proposal by the Chinese government for imported made-in-China EVs to be sold at a minimum price of 30,000 euros ($32,946). A separate Reuters report published Saturday said China urged the European Union not to conduct separate negotiations over the price of made-in-China EVs sold in the EU, warning that this would &#8220;shake the foundations&#8221; of bilateral tariff negotiations.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) slipped 0.19 on Friday before ending at $22.88, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF fell 3.74
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41286875/tesla-analysts-rave-over-cybercabs-design-cost-advantage-but-production-timeline-sp">Tesla Analysts Rave Over Cybercab&#8217;s Design, Cost Advantage, But Production Timeline Sparks Worry: &#8216;Too Far Out For Skeptical Investors To Get On Board&#8217;</a></li>
</ul>
Here&#8217;s how the EV stocks fared this week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-12.91%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-7.83%</td>
</tr>
<tr>
<td>XPeng</td>
<td>+0.70%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-7.62%</td>
</tr>
<tr>
<td>Workhorse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>+2.49%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-10.71%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-2.47%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>+0.58%</td>
</tr>
<tr>
<td>Lucid</td>
<td>+1.80%</td>
</tr>
<tr>
<td>Faraday Future </td>
<td>-7.04%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-14.51%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-2.10%</td>
</tr>
</tbody>
</table>
</figure>

Media

GOEV

HYZN

KARS

LCID

NKLA

WKHS

XPEV

Tesla Stock Dives After 'We, Robot' Event, Lucid's Q3 Deliveries Beat, GM Reworks Battery Strategy And More: Biggest EV Stories Of The Week

According to South Korean and Ukrainian officials, North Korean soldiers are assisting Russia in its war in Ukraine and will be deployed to the battlefront within months.
What Happened: According to a Washington Post <a href="https://www.washingtonpost.com/world/2024/10/11/north-korea-russia-ukraine-military-cooperation/">report</a>, infantry soldiers from the DPRK are currently undergoing training in Russia and are expected to be deployed in Ukraine by the end of the year.
North Korean officers are already stationed in Russian-occupied areas of Ukraine, where they are observing Russian forces and studying the battlefield.
According to the report, a Ukrainian military intelligence source, who requested anonymity due to the delicate nature of the situation, reported that thousands of North Korean infantry troops are presently undergoing training in Russia.
This news comes after the mutual defense pact signed earlier this summer between the North Korean leader Kim Jong Un and Russian President Vladimir Putin. 
Also Read: <a href="https://www.benzinga.com/news/24/10/41198689/north-korea-threatens-nuclear-war-but-souths-president-calls-it-a-bid-for-us-attention">North Korea Threatens Nuclear War, But South&#8217;s President Calls It A Bid For US Attention</a>
This pact signifies a strengthening alliance between the two heavily sanctioned nations against the Western-led global order.
Despite Kremlin spokesman <a href="https://www.washingtonpost.com/world/2024/10/11/north-korea-russia-ukraine-military-cooperation/">Dmitry Peskov</a> dismissing the allegations as a &#8220;hoax,&#8221; South Korean Defense Minister Kim Yong-hyun asserted that it is &#8220;highly likely&#8221; that North Korea would send additional troops to back Russia&#8217;s war efforts.
Ukraine claims that North Korean military personnel have been dispatched to oversee the use of North Korean ammunition and ballistic missiles, with some reportedly killed in action. 
The Ukrainian military intelligence official also suggested that the North Korean combat units training in Russia could be stationed in Russian border regions, thereby freeing up Russian troops for combat in Ukraine.
Why It Matters: The alleged involvement of North Korean soldiers in the Russia-Ukraine conflict could escalate tensions and complicate diplomatic relations. The mutual defense pact between North Korea and Russia, signed earlier this summer, has already raised eyebrows in the international community. 
The potential deployment of North Korean troops in Ukraine could further strain relations between these nations and the Western world, and potentially destabilize the region.
Read Next
<a href="https://www.benzinga.com/news/24/10/41181104/kim-jong-un-threatens-nuclear-retaliation-against-south-korea-if-attacked" target="_blank" rel="noreferrer noopener">Kim Jong Un Threatens Nuclear Retaliation Against South Korea If Attacked</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Global

North Korean Forces Aiding Russia In Ukraine War Effort

Kansas City Chiefs kicker Harrison Butker has publicly shown his support for former President Donald Trump, referring to him as &#8220;the most pro-life president.&#8221;
What Happened: Butker made his endorsement on Fox News&#8217; The Ingraham Angle. The football player, known for his strong Christian beliefs, stressed that abortion is &#8220;the most crucial topic&#8221; for him.
Butker has previously voiced his disagreement with Trump on women&#8217;s reproductive rights. However, he has been more outspoken about his opposition to President Joe Biden&#8216;s stance on abortion, which he referred to as &#8220;delusional.&#8221;
&#8220;I'm supporting the president that's going to be the most pro-life president, and I think Donald Trump is the most pro-life president,&#8221; Butker <a href="https://www.foxnews.com/sports/harrison-butker-endorses-donald-trump-the-most-pro-life-president">told</a> Fox News. &#8220;That&#8217;s a topic that is the most crucial topic for me. I want us to be fighting for the most vulnerable, fighting for the unborn, and that's what we should prioritize.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/09/40869733/trump-stumbles-again-over-health-care-issues-involving-abortion-and-obamacare">Trump Stumbles Again Over Health Care Issues Involving Abortion And Obamacare</a>
During the Chiefs&#8217; visit to the White House last year following their Super Bowl victory, Butker wore a tie inscribed with the Latin phrase &#8220;Vulnerari Praesidio,&#8221; translating to &#8220;Protect the most vulnerable.&#8221; He also wore a gold pin symbolizing the size of the feet of a human fetus at 10 weeks.
After his public endorsement of Trump, there has been a substantial increase in the sales of Butker&#8217;s jersey, making it one of the most sought-after in the market.
Why It Matters: This endorsement comes amid a time of heightened political polarization in the country. 
Butker&#8217;s public support for Trump, particularly on the issue of abortion, highlights the influence of personal beliefs on public figures&#8217; political affiliations. 
His endorsement also underscores the intersection of sports and politics, and the potential impact of athletes&#8217; political stances on their fan base, as evidenced by the surge in his jersey sales.
Read Next
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Wikimedia Commons

Sports

NFL Star Shocks Fans With Trump Endorsement

&#8220;Commercial success is a mark of failure for a graffiti artist. We're not supposed to be embraced in that way.&#8221; Banksy
A UK cannabis dealer who laundered his illegal earnings through artworks by the elusive British street artist Banksy has been sentenced to three years in prison.
Christopher Scrivens, 37, led a weed trafficking operation and used his profits to acquire luxury items, including Banksy paintings. During a raid on Scrivens&#8217; home in South Wales, police confiscated several artworks, including Monkey Queen, The Watchtower Swing and a sculpture titled Grappling Hook. Scrivens later surrendered another piece, The Cross, completing his Banksy collection, valued at nearly $250,000.
<h3 class="wp-block-heading">Banksy: Anonymous But Famous</h3>
Banksy, one of the world&#8217;s most famous artists though his identity remains unknown, officially at least. His artwork has is risen in price over the last 20 years, with original paintings varying between hundreds of thousands to millions of dollars. Banksy's murals have been seen on walls in cities and towns around the world including London, Los Angeles, New York, Bethlehem and the West Bank since 2000. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41298029/rachel-sennott-arrested-in-cayman-islands-i-wanted-to-be-arrested-for-something-awesome-not-cbd">Rachel Sennott Arrested In Cayman Islands: I Wanted &#8216;To Be Arrested For Something Awesome&#8217; Not CBD</a>
Meanwhile, local police revealed that their organized crime team had spent three years investigating Scrivens, who had openly boasted about his plan to &#8220;flood the Valleys&#8221; with California cannabis.
Prosecutor Roger Griffiths explained that Scrivens' cannabis profits were laundered to purchase these high-value art pieces. Scrivens, from the Welsh town of Ebbw Vale, admitted to importing marijuana worth nearly $140,000 and conspiring to buy and sell cannabis.
&#8220;Money was laundered for Scrivens to acquire the Banksy&#8217;s sculpture The Grappling Hook. The defendant&#8217;s ill-gotten gains were used to pay for the object,&#8221; Griffiths said <a href="https://www.bbc.com/news/articles/c1wn2ev41d9o">according</a> to the BBC.
The court also heard how Scrivens used family, friends and neighbors to receive packages of marijuana shipped from the U.S. Detective Chief Inspector Mike Preston described the case as complex, noting that the defendants tried to conceal theie proceeds in extravagant purchases.
&#8220;This is a particularly complex case, where the defendants have attempted to hide the proceeds of their crimes in extravagant items of clothing, vehicles, and artwork," Preston said. "Taking away the assets that criminals have purchased through crime sends the message that crime does not pay.&#8221;
The Banksy artwork will soon be subject to the Proceeds of Crime Act process. 
&#8220;You invested in expensive art in an effort to distance yourself from your crimes,&#8221; said Judge Vanessa Francis who handed down Scrivens' sentence.
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Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock fell by 10% after a less-than-stellar robotaxi reveal event on Friday that failed to wow Wall Street.
What Happened: Tesla CEO Elon Musk unveiled the company&#8217;s future vision on Friday, which includes two-seater Cybercabs operating without human intervention. Notably, these vehicles are designed without a steering wheel or foot pedals.
According to the report <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-drops-after-robotaxi-event-disappoints-wall-street-2024-10?_gl=1&#x2A;n9udpg&#x2A;_ga&#x2A;MTg0NzY4ODM4Mi4xNjg2OTgyMzcy&#x2A;_ga_E21CV80ZCZ&#x2A;MTcyODcxOTY4MC42MDMuMS4xNzI4NzE5OTQ2LjM4LjAuMA..">by</a> Business Insider, Wall Street was not impressed, especially considering the already operational robotaxi service by Waymo. Analysts drew parallels between the Cybercab demos and a slow, short amusement park ride, criticizing them for their controlled environment.
The report states that Tesla Inc. shares closed at $238.77 on Thursday. On Friday, the stock opened at $220.13, dropped to a low of $214.38 during early trading, and finished the day at $217.80.
Analysts also highlighted the absence of details on Tesla&#8217;s execution strategy. Toni Sacconaghi, a Bernstein analyst, pointed out the need for Tesla to provide more proof to investors, commenting on the lack of detail.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">Tesla Robotaxi Day Event &#8216;More Fanfare Than Substance&#8217;: 8 Analysts On Cybercab, Optimus, Autonomous Vehicle Vision</a>
Despite Musk&#8217;s projected timeline of launching a robotaxi network by 2026 or 2027, Sacconaghi expressed doubts about the potential for significant profits due to technical and regulatory hurdles.
Simultaneously, Uber&#8217;s stock witnessed a 9% increase, as investors are of the opinion that Tesla&#8217;s proposed robotaxi network is unlikely to disrupt Uber&#8217;s main business.
Why It Matters: The lackluster response to Tesla&#8217;s robotaxi reveal event underscores the challenges the company faces in convincing investors of its future vision. 
The skepticism expressed by analysts and the subsequent drop in Tesla&#8217;s stock value highlight the importance of providing detailed plans and demonstrating the feasibility of such ambitious projects. 
Furthermore, the rise in Uber&#8217;s stock suggests that investors still see value in traditional ride-hailing services, despite the advancements in autonomous vehicle technology.
Read Next:
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<li><a href="https://www.benzinga.com/top-stories/24/10/41279865/elon-musk-may-unveil-teslas-robotaxi-but-consumers-respond-with-ehhh-new-study-reveals-skepticism-ne" target="_blank" rel="noreferrer noopener">Elon Musk May Unveil Tesla's Robotaxi, But Consumers Respond With ‘Ehhh,' New Study Reveals Skepticism, Need For Trust-Building</a></li>
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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