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Welcome to Benzinga&#39;s weekly psychedelics headlines roundup. This is our pick of must-read news items from the second week of January 2024. 

Psychedelics Headlines: MDMA &amp; Coping Skills In PTSD, LSD&#39;s Perceived Risks, Knowledge Gaps, Surveys &amp; More

OPTHF

Welcome to Benzinga&#39;s weekly psychedelics news roundup. We have pulled together several must-read news items from the last week of December 2023 and the first of January 2024. 

Psychedelics Headlines: Magic Mushrooms For Sexual Wellbeing, The DEA&#39;s Stance, The Therapist&#39;s Role &amp; More

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The first of several of PharmAla Biotech’s (OTC: PMBHF) shipments of psychedelic molecules -both API and finished drug product capsules- to its Australian JV Cortexa for use under the Authorized Prescriber Scheme (

Canada To Australia: New MDMA &amp; Psilocybin Shipment On Its Way For Legal Therapeutic Market

Pharmala Biotech Holdings Inc

Scott Bessent, President-elect Donald Trump&#8216;s nominee for Treasury Secretary, has disclosed owning between $250,001 and $500,000 in the iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), according to financial documents released Saturday by the U.S. Office of Government Ethics.
What Happened: The disclosure comes as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) trades near $94,227, following a pullback from its December peak of $108,135. BTC has drawn increased attention amid expectations of crypto-friendly policies under the incoming Trump administration.
Bessent, founder of Key Square Capital Management, reported total assets worth at least $521 million, though the actual value could be substantially higher due to broad reporting ranges. His largest holdings include positions exceeding $50 million each in major ETFs like the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp; and Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>).
The hedge fund veteran maintains significant currency positions, with over $50 million each in dollar trades against the euro, Chinese yuan, and Japanese yen. He also holds more than $50 million in U.S. Treasury bills, highlighting substantial exposure to government securities.
See Also: <a href="https://www.benzinga.com/personal-finance/25/01/42932900/elon-musks-ex-wife-and-mother-to-his-5-kids-says-his-secret-to-extreme-success-is-working-harder-than-average-bear-and-saying-no-a-lot">Elon Musk&#8217;s Ex-Wife And Mother To His 5 Kids Says His Secret To Extreme Success Is Working Harder Than &#8216;Average Bear&#8217; And Saying &#8216;No&#8217; A Lot</a>
Why It Matters: To address potential conflicts of interest, Bessent pledged to resign from Key Square and divest his partnership stake if confirmed by the Senate, according to Reuters. 
The nomination comes as Trump has signaled plans for a national cryptocurrency strategy, including a potential executive order to create a strategic Bitcoin reserve. However, the Federal Reserve recently stated it lacks the authority to acquire Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42908193/exclusive-answering-key-questions-about-bitcoins-future-before-inauguration">without legislative changes</a>.
Bessent&#8217;s portfolio also includes luxury real estate, with properties in the Bahamas and Cashiers, N.C., each valued between $5 million and $25 million, as well as art and antiques worth $1 million to $5 million.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/01/42936775/bitcoin-ethereum-dogecoin-rise-as-greed-sentiment-takes-over-top-analyst-says-breaking-this-resistance-level-could-be-pivotal-for-btc">Bitcoin, Ethereum, Dogecoin Rise As &#8216;Greed&#8217; Sentiment Takes Over: Top Analyst Says Breaking This Resistance Level Could Be &#8216;Pivotal&#8217; For BTC</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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

Cryptocurrency

$BTC

IBIT

Trump's Treasury Pick Scott Bessent Reveals Up To $500,000 Bitcoin Stake, $521M In Assets

Leading cryptocurrencies gained on Sunday as investors set aside concerns that monetary easing policies will be impacted due to the blowout jobs report.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.35%</td>
<td>$95,764.13</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+1.49%</td>
<td>$3,331.29</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+1.66%</td>
<td>$0.3449</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin surged to $95,740 during the evening, capping off a choppy day for the world's leading cryptocurrency. The asset fluctuated between $94,000 and $95,000 for much of the weekend before breaking out to the upside. 
Corrective price action has been in place since Bitcoin's rally to $102,000 last week.
Ethereum followed a similar trajectory, plunging from the highs of $3,700 to $3,00 over the week.
About $149.81 million were liquidated in the last 24 hours, with upside bets accounting for $100 million.&nbsp;
A further drop to $90,000 will liquidate $417 million of long positions.
However, the market seemed hopeful about a comeback, with 61% of Binance traders betting on Bitcoin&#8217;s gain based on the Long/Short ratio.
The market sentiment advanced from "Neutral" to "Greed," according to the Crypto Fear &amp; Greed Index, indicating a surge in risk appetite.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Hyperliquid (HYPE)</td>
<td>+6.65%</td>
<td>$21.93</td>
</tr>
<tr>
<td>KuCoin Token (KCS)</td>
<td>+5.62%</td>
<td>$11.42</td>
</tr>
<tr>
<td>Raydium (RAY)</td>
<td>+4.77%</td>
<td>$4.76</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.3 trillion, falling by 0.50% in the last 24 hours.
Stock futures remained largely unchanged in overnight trading. The Dow Jones Industrial Average Futures rose 22 points, or 0.05%, as of 7:43 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dropped 0.09%, while Nasdaq 100 Futures dipped 0.03%.
The December jobs report from last week <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42918778/december-jobs-report-a-wake-up-call-for-anyone-betting-on-rate-cuts-analyst-says">exceeded expectations</a>, with the nonfarm payrolls marking the strongest growth since March. However, it raised concerns over the pace of interest rate cuts, triggering a sell-off.
This week, investors will focus on key inflation data, such as the consumer price index and the producer price index for December.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Legendary trader Peter Brandt noted a head and shoulders chart pattern for Bitcoin, suggesting that it could either complete, fail as a bear trap, or morph into a broader pattern.
A bearish pattern shows a baseline with three peaks, with the middle peak being the highest, indicating a reversal of an upward trend.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is a classic H&amp;S top pattern. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> H&amp;S patterns can do one of 3 things: -Complete and trend to target -Fail with bear trap -Morph into larger pattern What do you think? I am only allowing Verified to reply. If you cannot pay a few bucks to X you don&#39;t deserve to be heard. <a href="https://t.co/9dGquEXaUs">pic.twitter.com/9dGquEXaUs</a>
&mdash; Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1878542290483875919?ref_src=twsrc%5Etfw">January 12, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Ali Martinez, a widely followed cryptocurrency analyst and trader, drew attention to Bitcoin's key resistance levels between $97,000 and $99,500, where more than a million addresses bought 1.22 million BTC.
"Breaking through this level could be pivotal!" Martinez added.
<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">One of the key resistance zones for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> lies between $97,000 and $99,500, where 1.26 million addresses previously accumulated 1.22 million <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. Breaking through this level could be pivotal! <a href="https://t.co/WMfSkDFyiE">pic.twitter.com/WMfSkDFyiE</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1878504466283892797?ref_src=twsrc%5Etfw">January 12, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42935597/mark-cuban-advocates-bitcoin-over-gold-during-economic-turmoil-i-think-it-has-more-value-than-gold">Mark Cuban Advocates Bitcoin Over Gold During Economic Turmoil: &#8216;I Think It Has More Value Than Gold&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Rise As 'Greed' Sentiment Takes Over: Top Analyst Says Breaking This Resistance Level Could Be 'Pivotal' For BTC

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg agreed with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang&#8216;s cautious outlook on quantum computing, saying that the technology remains <a href="https://www.benzinga.com/markets/equities/25/01/42867168/nvidias-jensen-huang-said-something-that-has-all-quantum-computing-stocks-tumbling-qubt-and-rgti-down-13-ionq-down-11">years away from practical implementation</a>.
What Happened: Speaking on Joe Rogan&#8217;s <a href="https://youtu.be/7k1ehaE0bdU?feature=shared">podcast</a> Saturday, Zuckerberg acknowledged his limited expertise but supported the industry consensus of a decade-long timeline for widespread quantum computing adoption. 
&#8220;I&#8217;m not really an expert on quantum computing, but my understanding is that it&#8217;s still quite a ways off from being a truly practical paradigm,&#8221; Zuckerberg said.
His comments follow Huang&#8217;s recent statement at Nvidia&#8217;s CES 2025 that practical quantum computers could be 15 to 30 years away, which triggered significant market turbulence. 
Quantum computing stocks saw sharp declines last week after Huang&#8217;s comments, with IonQ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) falling 39%, Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) dropping 43.34%, and Rigetti Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) tumbling 45.41%.
See Also: <a href="https://www.benzinga.com/news/global/25/01/42910173/palantir-co-founder-joe-lonsdale-sets-realistic-expectations-for-elon-musks-doge-initiative-next-trillion-will-be-a-lot-harder">Palantir Co-Founder Joe Lonsdale Sets Realistic Expectations For Elon Musk&#8217;s DOGE Initiative: &#8216;Next Trillion Will Be A Lot Harder&#8217;</a>
Why It Matters: However, D-Wave Quantum Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>) CEO Alan Baratz strongly contested Huang&#8217;s timeline. &#8220;Not 30 years from now, not 20 years from now, not 15 years from now, but right now today,&#8221; Baratz said, citing existing <a href="https://www.benzinga.com/25/01/42892470/jensen-huang-is-dead-wrong-about-quantum-computing-d-wave-ceo-fires-back-at-nvidia-boss-happy-to-meet-with-jensen-any-time-any-place-to-help-fill-in-these-gaps">commercial applications with companies</a> like Mastercard Inc.
Zuckerberg&#8217;s broader technology perspective emphasized AI development, suggesting advanced artificial intelligence systems would likely precede quantum computing breakthroughs. He advocated for widespread AI deployment as a security measure, drawing parallels to software vulnerability management.
Market analyst Jim Cramer urged investors to exercise caution regarding quantum computing investments, warning about sector overvaluation. &#8220;We need you out before the froth goes away,&#8221; Cramer said, as quantum computing stocks retreated from their previous <a href="https://www.benzinga.com/markets/equities/25/01/42890014/jim-cramer-warns-on-quantum-stories-as-stocks-plunge-we-need-you-out-before-the-froth-goes-away">gains of up to 800% over the past year</a>.
Read Next:<a href="https://www.benzinga.com/markets/equities/25/01/42904892/ford-debuts-limited-edition-mustang-gtd-spirit-of-america-new-rtr-performance-model-amid-stock-pressure"> </a>
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<li><a href="https://www.benzinga.com/markets/equities/25/01/42904892/ford-debuts-limited-edition-mustang-gtd-spirit-of-america-new-rtr-performance-model-amid-stock-pressure">Ford Debuts Limited-Edition Mustang GTD Spirit Of America, New RTR Performance Model Amid Stock Pressure</a></li>
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Mark Zuckerberg Backs Nvidia CEO Jensen Huang's View On Quantum Computing: 'It's Still Quite A Ways Off'

Last year, the Hollywood reporter cited an anonymous source suggesting that U2 frontman Bono is among the investors behind a striking spec-built mansion just above Los Angeles's Sunset Boulevard.
According to Robb Report, the <a href="https://www.benzinga.com/real-estate/24/03/37541820/las-ultra-wealthy-residents-resort-to-shell-game-to-skirt-city-mansion-tax">avant-garde residence</a> features a unique triangular structure that appears to hover over the lower level. This structure is easily spotted by those heading north of Fairfax Avenue.
Although Robb Report said it could not independently verify the music legend's involvement with the architectural showpiece, public records indicate that Bono – born Paul Hewson – played a key role in acquiring a nearby property.
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The $7 million home was purchased by an LLC, for which Hewson, 64, is listed as the managing agent. This follows his recently concluded residency at the Sphere in Las Vegas.
Photos of the <a href="https://www.benzinga.com/markets/24/08/40439598/q2-2024-data-for-la-office-market-explains-why-iconic-la-skyscraper-faced-foreclosure">stylish property</a> have mostly vanished from the internet, but archived listings and property records reveal that the home, built nearly 25 years ago, has been transformed with a sleek, modern design.
Key interior highlights include a dramatic double-height entrance gallery, a striking three-story travertine-covered wall alongside a wood and glass staircase and an open-concept chef's kitchen featuring a Moroccan tile backsplash.
See Also: Unlock the hidden potential of commercial real estate —<a href="https://equitymultiple.com/benzinga?invite=benzinga&amp;utm_campaign=product-promotion-earn&amp;utm_source=yahooFinance&amp;utm_medium=affiliate&amp;utm_content=unlockboost-yahoo"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a>
In the bright living and dining area, a motorized glass wall opens onto a glass-railed balcony with panoramic views.
The top-floor primary suite has a fireplace, private balcony, chic walk-in closet and a large bathroom.
A glass-enclosed wine display is tucked beneath the stars on the lower level, adjacent to a TV lounge with a sleek linear fireplace. A vast sliding-glass wall opens at the push of a button, leading to a sunny terrace featuring an infinity-edged pool and spa that cantilever over the hillside. A remote-controlled outdoor television mounted on a hydraulic lift emerges for viewing from the spa or while lounging poolside.
Trending: CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast —<a href="https://www.benzinga.com/money/integris"> here&#8217;s how to invest in their private credit fund that targets 12% annual interest rate.</a>
Whether the property was purchased for personal use or investment purposes remains unclear. However, Bono and his longtime wife, Ali Hewson, own several impressive properties worldwide, including a sprawling estate with a tennis court and a pool overlooking Killiney Beach near Dublin and a waterfront villa in the South of France.
They also own a penthouse in New York City's iconic San Remo building on Central Park West, which they acquired in 2003 for about $14.5 million from late Apple cofounder Steve Jobs.
Beyond his music career, Bono is a dedicated social justice activist with U2 and on his own. He is especially known for his efforts to combat extreme poverty and HIV/AIDS in Africa. To advance these causes, he has participated in benefit concerts and political advocacy, lobbying influential leaders for support and relief initiatives.
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Real Estate

U2's Bono Adds $7 Million LA Gem To His Real Estate Portfolio

In a world where tech founders <a href="https://www.benzinga.com/news/management/25/01/42771258/worlds-top-10-richest-people-gained-more-wealth-in-2024-than-costco-and-nikes-combined-valuation-how-elon-musk-warren-buffett-and-others-fared">chase billion-dollar valuations</a>, Craig Newmark, the founder of Craigslist, has taken a drastically different approach. He's resisted the allure of vast fortunes and actively rejected them. Why? Because, as he puts it, "you should know when enough is enough."
Craigslist, the minimalist website connecting people for decades, is one of the most visited websites globally. With 250 million monthly users, it's not far behind giants like Amazon. And yet, Craigslist generates less than $1 billion annually. Compare that to platforms charging hefty transaction fees and Craigslist could easily rake in tens of billions. But that's never been Craig's goal.
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By design, the company doesn't make a single cent on most transactions. Instead, the site charges modest fees for job postings and apartment listings in select cities – a choice inspired by users who felt they were getting better value compared to other platforms.
<h2 class="wp-block-heading">Why Not Redesign?</h2>
If you've ever used Craigslist, you've probably noticed it hasn't changed much since the 1990s. No sleek designs or flashy updates – just a simple, functional interface. "People want it simple, fast and effective,"<a href="https://www.youtube.com/watch?v=mwS2On-IG6o"> Craig said</a>. While designers have pitched modern overhauls, Craig and his team have stuck to the basics.
This approach is intentional. Craigslist hasn't poured money into maximizing user retention or playing the UI game, unlike other tech platforms. "Fancy may not be the answer," Craig pointed out. Instead, the platform prioritizes usability, helping people find jobs, homes and items to buy or sell with minimal fuss.
See Also: <a href="https://www.benzinga.com/money/qnetic-2">This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here&#8217;s Why Early Investors Are Flocking To Invest Before Funding Closes</a>
<h2 class="wp-block-heading">Turning Down Billions</h2>
Over the years, <a href="https://www.benzinga.com/money/what-is-venture-capital">venture capitalists</a> have approached Craig with massive offers, urging him to monetize more aggressively or sell. They saw a gold mine in Craigslist's scale and suggested ads, subscriptions or transaction fees. But Craig wasn't interested.
"I don't need billions,"<a href="https://www.youtube.com/watch?v=pKfg69v-X3g"> he said</a>. "I've met a bunch of rich people and none of them are all that happy." According to Forbes, Newmark was a billionaire for years before dropping off the list in 2020. &#8220;Had I done the usual Silicon Valley thing … I'd be worth $11 billion." Instead, Craig leaned on lessons from his childhood. In Sunday school, he learned to treat people the way he'd want to be treated. To him, it's not altruistic, just basic fairness.
Craig's rejection of billions isn't as much about simplicity as impact. By keeping costs low and the platform accessible, Craigslist has helped millions of people find jobs, homes and opportunities. "In a lot of ways, [Craigslist] is helping people put food on the table," he said.
Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a>
<h2 class="wp-block-heading">The Humble Rise of Craigslist</h2>
Craig started Craigslist in 1995 as an email list to share local events. It quickly exceeded his expectations, adding categories like jobs, housing and for-sale items. By 1999, it became a company, but even then, Craig remained humble. He stepped back from management, admitting he wasn't a great boss and instead worked as a customer service rep for 15 years.
People would email him directly at <a href="mailto:Craig@craigslist.org">Craig@craigslist.org</a>. "I spent a lot of time doing that kind of thing and got a lot of stuff done." His approach to customer service reflected his broader philosophy: fairness, simplicity and community.
<h2 class="wp-block-heading">Living Modestly and Giving Back</h2>
Today, Craig is retired but busier than ever, focusing on philanthropy. He's donated millions to causes like internet freedom, unbiased journalism and veteran support. He's also been a major donor to Wikipedia, reflecting his commitment to accessible public resources. He&#8217;s even pledging $300 million to prevent cybercrimes against the U.S.
"The deal is our country is under attack now," he told Yahoo Finance. "It's not like I'm in the recruiting line after Pearl Harbor because my dad volunteered in the &#8217;40s, but I guess that's what I should be doing."
Despite his wealth, Craig lives modestly. He doesn't own a car, prefers public transportation and avoids unnecessary luxuries.
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'I Don't Need Billions. You Should Know When Enough Is Enough' – Craig From Craigslist Says He Rejected Billions To Redesign The Platform

<a href="https://www.globenewswire.com/Tracker?data=_9NbSKMoHr9QJcQl6d2ggryhVNf0W2mnCXS4iTaQMewDgW0jlmBmKRrNqxYUo6nsoY6B3yCVfYU_LPvO6-hPQh1dFEsvWR3OBzO8afu6PfI=">Molecular Partners</a> AG ((SIX: MOLN, NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOLN#NASDAQ">MOLN</a>), a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics, and Orano Med, a clinical-stage radiopharmaceutical company and a pioneer in the development of targeted alpha-particle therapies (TAT) with 212Pb (lead-212), today announced the expansion of their strategic collaboration.
The terms of the new agreement include the development of an additional six targeted alpha therapeutics candidates, now representing a total of ten potential programs between the two companies. Molecular Partners will lead development of the additional six programs, subject to a royalty arrangement, and include an option for Orano Med to move two of the six programs into a 50/50 co-development where Orano Med will hold commercialization rights.

MOLN

Molecular Partners, Orano Med Expand Partnership To Develop Targeted Alpha Radio-Therapies For Cancer

QIAGEN has decided to implement the maximum USD300 million value of the mandate given at the Annual General Meeting in June 2024, where shareholders gave virtually unanimous approval for the related resolutions. This approach is designed to return cash to shareholders in a more efficient way than through a traditional open-market repurchase program. It would also enhance earnings per share (EPS) through the reduction in outstanding shares. The synthetic share repurchase will become effective on January 28, 2025, and will be settled in line with market convention in the subsequent days

Buybacks

QGEN

Qiagen Said Sunday, It Will Return ~$300M To Shareholders Through A Synthetic Share Repurchase

<a href="https://www.bloomberg.com/news/articles/2025-01-12/johnson-johnson-exploring-bid-for-intra-cellular?embedded-checkout=true" title="https://www.bloomberg.com/news/articles/2025-01-12/johnson-johnson-exploring-bid-for-intra-cellular?embedded-checkout=true">https://www.bloomberg.com/news/articles/2025-01-12/johnson-johnson-exploring-bid-for-intra-cellular?embedded-checkout=true</a>

ITCI

Bloomberg Reported Sunday, J&J Explores Bid For Intra-Cellular Therapies

Guidance

RXST

RxSight Sees Q4 Revenue $40.2M Vs. $40.4M Est; Sees FY 2024 Revenue ~$139.9M,Up 57% YoY

ARQT

Arcutis Biotherapeutics Reported Sunday, Preliminary Unaudited Product Revenue For Q4 2024 Expected To Be ~$63M, Up ~366% Vs. Q4 2023; For FY 2024 Expected To Be ~$160M, Up ~449% Vs. 2023

Wayfair and Google Cloud today announced an expanded partnership to significantly enhance the online retailer's product catalog with Google's advanced Gemini models on Vertex AI and to improve employee collaboration by deploying Google Workspace to its thousands of employees worldwide. By using Google's AI technologies, Wayfair has already seen improvements in workforce efficiency and operational cost savings.

GOOGL

Wayfair, Google Cloud Announced Expanded Partnership Sunday To Transform Online Retail With Gemini

RARE

Ultragenyx Reported Sunday Preliminary 2024 Total Revenue Of $555M To $560M, Exceeding Top End Of Guidance; 2025 Expected Total Revenue Guidance Of $640M To $670M

Biographer Seth Abramson, who says he is writing a biography of Elon Musk, has expressed concerns over the mental health of the billionaire entrepreneur, citing his recent online behavior.
What Happened:&nbsp;In a post on X last week, Abramson, who has been tracking Musk&#8217;s online activities for the past two years, voiced his fears about Musk&#8217;s mental wellbeing. 
He stated, &#8220;I legitimately believe Elon Musk may be going mad. I&#8217;m a Musk biographer who has been tracking his online behavior for the last two years, and given that he&#8217;s admitted to all of mental illness, heavy drug use, and crippling stress, it is now reasonable to fear he is deeply unwell.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I legitimately believe Elon Musk may be going mad. I&#39;m a Musk biographer who has been tracking his online behavior for the last two years—and given that he&#39;s admitted to all of mental illness, heavy drug use, and crippling stress, it is now reasonable to fear he is deeply unwell.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1876343355665494253?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
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In another post, he wrote, &#8220;It is now reasonable to fear he is deeply unwell. Protect America from Elon Musk.&#8221;
<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">For 14 days more the administration is in a position to take urgent action to protect America from Elon Musk. That could include ending all U.S. contracts with him, filing lawsuits to block his unconstitutional DOGE initiative, and launching new federal and natsec investigations.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1876344354568393095?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
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He also referenced Musk's role as the incoming head of the Department of Government Efficiency (DOGE) under the Trump administration, emphasizing that Musk's influence could threaten national stability. 
Also Read: <a href="https://www.benzinga.com/news/24/02/36925273/elon-musk-fostered-culture-of-drug-use-among-senior-leaders-at-tesla-and-spacex-report-says">Elon Musk Fostered Culture Of Drug Use Among Senior Leaders At Tesla And SpaceX, Report Says</a>
&#8220;His control over &#8216;civilization-essential industries&#8217; and his upcoming government role mean his erratic behavior endangers us all,&#8221; Abramson stated.
<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">His private struggles would not be of general concern except they have dramatic public consequences. His holdings across many civilization-essential industries and the fact that he&#39;s the incoming POTUS mean that his madness and increasing incitement of violence endanger us all.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1876343840258617394?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
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</figure>
Abramson&#8217;s concerns stem from Musk&#8217;s own admissions&nbsp;of mental illness, heavy drug&nbsp;use, and crippling stress. The biographer&#8217;s post has since garnered over 4.1 million views, sparking widespread discussion about the mental health of high-profile individuals like Musk.
Why It Matters:&nbsp;Elon Musk, the CEO of&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and&nbsp;SpaceX, is one of the most influential figures in the tech industry. His mental health could potentially impact the operations and stock performance of his companies.
Moreover, Abramson&#8217;s tweet highlights the importance of mental health awareness, even among successful individuals. It serves as a reminder that mental health issues do not discriminate and can affect anyone, regardless of their status or achievements.
Read Next
<a href="https://www.benzinga.com/news/24/01/36526208/concerns-mount-as-elon-musks-illegal-drug-use-sparks-alarm-at-tesla-and-spacex-wsj">Concerns Mount As Elon Musk&#8217;s Illegal Drug Use Sparks Alarm At Tesla And SpaceX</a>
Image: Shutterstock

Social Media

Health Care

ARKK

iShares Dow Jones US Technology Sector Index Fund

RIVN

Is Elon Musk's Mental Health a Cause for Concern? Biographer Thinks So

DOJ Sues 6 Of The Largest Landlords For Pricing Schemes That Harmed Struggling Renters
The U.S. Department of Justice on Tuesday amended its <a href="https://www.justice.gov/opa/pr/justice-department-sues-six-large-landlords-algorithmic-pricing-scheme-harms-millions">antitrust lawsuit</a> against RealPage to include six of the nation's largest landlords for allegedly participating in algorithmic pricing schemes.&nbsp;
The lawsuit accuses Greystar Real Estate Partners LLC, Blackstone's LivCor LLC, Camden Property Trust, Cushman &amp; Wakefield Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWK#NYSE">CWK</a>) and Pinnacle Property Management Services LLC,&nbsp; Willow Bridge Property Company LLC and Cortland Management LLC of sharing data on rents and occupancy with competing firms in order to avoid lowering rents.&nbsp;
The landlords, who collectively operate more than 1.3 million units in 43 states and the District of Columbia, allegedly shared information including renewal rates and even their approach to pricing for the next quarter.
Read Next: <a href="https://www.benzinga.com/25/01/42919029/supreme-court-hears-tiktok-oral-arguments">Supreme Court Hears TikTok Arguments With App&#8217;s Ban Ahead: &#8216;Essentially, The Platform Shuts Down&#8217;&nbsp;</a>
"While Americans across the country struggled to afford housing, the landlords named in today's lawsuit shared sensitive information about rental prices and used algorithms to coordinate to keep the price of rent high," said Acting Assistant Attorney General Doha Mekki of the Justice Department's Antitrust Division.&nbsp;
"Today's action against RealPage and six major landlords seeks to end their practice of putting profits over people and make housing more affordable for millions of people across the country," Mekki added.&nbsp;
Oklahoma Man Pleads Guilty To $9.4 Million Crypto Scheme
Travis Ford, 35, of Glenpool Oklahoma, on Friday pleaded guilty to his role in a cryptocurrency investment scheme that raised $9.4 million from approximately 2,800 investors through fraudulent conduct.
Ford was the CEO, co-founder, and head trader of Wolf Capital Crypto Trading LLC, a purported cryptocurrency investment firm. From January 2023 through August 2023, Ford solicited investments through Wolf Capital's website and other social media and internet-based promotion activities and marketed himself as a sophisticated trader.&nbsp;
Ford lured victims with promises of high returns of 1% to 2% per day and later admitted that he did not believe those investment returns were possible to achieve consistently. Ford also misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of his investors. 
Read More:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/01/42900817/quantum-stocks-regetti-computing-ionq-d-wave-poised-to-open-higher-after-nvidia-ceo-comments-drove-huge-losses">Quantum Stocks Regetti Computing, IonQ, D-Wave Poised To Open Higher After Nvidia CEO Comments Drove Huge Losses</a></li>
</ul>
Image: Shutterstock&nbsp;

Financial Crime Weekly: DOJ Sues 6 Of The Nation's Largest Landlords, Man Pleads Guilty To $9.4 Million Crypto Scheme

German Chancellor Olaf Scholz, a member of the nation&#8217;s Social Democratic Party, has raised concerns over President-elect Donald Trump&#8217;s <a href="https://www.benzinga.com/25/01/42889488/pentagon-dismisses-greenland-invasion-plans-following-trumps-comments-were-concerned-with-the-real-national-secur" target="_blank" rel="noreferrer noopener">moves on border integrity</a>.
Scholz, who has been chancellor since 2021, highlighted shaky times ahead in relations with Washington and also suggested the rise of the far right in neighboring Austria at a party congress in Berlin, <a href="https://www.bloomberg.com/news/articles/2025-01-11/scholz-derides-cdu-tax-plans-as-attack-on-germany-s-workers?srnd=phx-politics" target="_blank" rel="noreferrer noopener">reports</a> Bloomberg.
Per Scholz, Trump&#8217;s current expansionist oratory against Greenland and Canada, as well as the Panama Canal, give him cause for worry.
Scholz emphasized to the audience that the principle of inviolability of borders applies to all nations, stating that no country should be treated as the backyard of another, Bloomberg adds, quoting the German leader.
He further expressed that no small country should fear its larger neighbor, describing this as the core of Western values.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/42931941/mark-zuckerberg-critiques-culturally-neutered-companies-advocates-for-masculine-energy-as-meta-cuts-dei-programs-post-joe-rogan-appearance" rel="noreferrer noopener">Mark Zuckerberg Critiques &#8216;Culturally Neutered&#8217; Companies, Advocates For &#8216;Masculine Energy&#8217; As Meta Cuts DEI Programs Post-Joe Rogan Appearance</a>
During a news conference on Tuesday, Trump stated that NATO should increase its defense spending target to 5% of GDP, up from the current 2%, AP News <a target="_blank" href="https://apnews.com/article/germany-scholz-trump-denmark-greenland-792cf697a69c0f17291dc6a18aba1355" rel="noreferrer noopener">reports</a>.
Germany, which faced criticism from Trump in his first term for not meeting the 2% target, raised its spending after Russia&#8217;s invasion of Ukraine in 2022, the report adds.
Scholz responded that NATO has a set procedure for determining the required military capabilities and emphasized the importance of unity in addressing these issues.
Meanwhile, Bloomberg reports that Scholz&#8217;s conservative challenger, Friedrich Merz of the Christian Democratic Union, stated that Trump&#8217;s sentiments won&#8217;t intimidate him.
Merz emphasized that Germany should focus on strengthening its economic and military power.
Ahead of a federal election next month in Germany, Scholz faces growing pressure to address Trump&#8217;s calls for increased defense spending while balancing domestic priorities.
Read Next:
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<li><a href="https://www.benzinga.com/25/01/42931704/tiktok-users-call-on-trump-to-deliver-immediately-on-his-promise-to-save-app-from-us-ban-we-dont-need-the-supreme-court-to" target="_blank" rel="noreferrer noopener">TikTok Users Call On Trump To ‘Deliver Immediately' On His ‘Promise' To Save App From US Ban: ‘We Don't Need The Supreme Court To…'</a></li>
</ul>
Image: Shutterstock

Politics

General

Scholz Warns of Tension with Trump as Border Integrity and NATO Spending Loom Over Germany's Election

President-elect Donald Trump&#8216;s estranged niece Mary Trump has weighed in on her uncle&#8217;s <a href="https://www.benzinga.com/news/24/12/42497190/mary-trump-slams-uncle-over-anti-birthright-citizenship-stance-a-deeply-ignorant-cruel-man">controversial comments</a> on the continuing wildfires in southern California.
What Happened: At least 16 people have died in the Eaton and Palisades fires, according to the latest update from the&nbsp;County of Los Angeles Medical Examiner. The fires have also led to the evacuation of more than 153,000 residents.
According to reports, the Pacific Palisades fire, fueled by strong winds and dry conditions, is anticipated to continue burning until it reaches the Pacific Ocean.&nbsp;Los Angeles Fire Chief Kristin&nbsp;Crowley&nbsp;cautioned, &#8220;We are absolutely not out&nbsp;of danger yet.&#8221;
Amid the devastation, Mary Trump shared her thoughts on her uncle&#8217;s response and handling of the crisis. The President-elect&#8217;s social media posts blaming Gov. Gavin Newsom (D-Calif.) for the fires have been dismissed as &#8220;pure fiction&#8221; by Newsom&#8217;s office.
"One of the best and most beautiful parts of the United States of America is burning down to the ground. It's ashes, and Gavin Newscum should resign. This is all his fault!!!" Trump wrote in one post.
Also Read: <a href="https://www.benzinga.com/news/24/12/42713956/mary-trump-reveals-the-worst-christmas-gift-she-ever-received-from-uncle-donald-trump">Mary Trump Reveals the Worst Christmas Gift She Ever Received from Uncle Donald Trump</a>
&#8220;Unfortunately for us, one of the people who has been most vocal, and least useful, during this ongoing tragedy — Donald Trump — is terrible in a crisis. By that, I don't mean he doesn't handle crises well (although this is undoubtedly true), I mean he exploits tragedies for his own ends, making things worse for the rest of us in the process,&#8221; Mary Trump wrote in a blog post.
&#8220;I do know what Donald gets out of stirring up chaos and division during those times when we need unity. Division benefits him, even if, or maybe especially if it&#8217;s at the expense of the rest of us. Division wears us down, even as it leaves him unaltered. I actually think it energizes him,&#8221; she added. 
&#8220;One of the most frustrating things about all of this is that none of it is surprising — Donald is no longer an unknown quantity. After four years of his first administration, we are all too familiar with the sort of chaos he brings to already fraught situations. He has, in fact, a long, sordid history of making things worse,&#8221; Mary Trump wrote.
&#8220;Remember, it was during Covid that Donald found the most effective way to tear us apart. Because what was true then, what has always been true, and will always be true is that if Donald Trump can in any way profit from your death, he will facilitate it, and then he will ignore the fact that you died,&#8221; she said. 
Victims of the wildfires have been encouraged to register for assistance through the FEMA website, app, or hotline. Several organizations, such as the California Fire Foundation and the American Red Cross of Greater Los Angeles, are offering support to those affected.
Read Next
<a href="https://www.benzinga.com/news/24/12/42635765/mary-trumps-warning-donald-trumps-second-term-already-is-more-dangerous-than-the-first" target="_blank" rel="noreferrer noopener">Mary Trump's Warning: Donald Trump's Second Term ‘Already Is More Dangerous Than the First'</a>

Mary Trump Blasts Uncle Over Wildfire Comments: 'If Donald Trump Can Profit From Your Death, He Will Facilitate It'

Just before his death, investing legend Charlie Munger made a contrarian bet that resulted in doubling his money, as revealed by his close friend Li Lu in an interview with Chinese social network Zhenge Island.
What Happened: Munger, who was&nbsp;Warren Buffett&#8216;s business partner and vice chairman of&nbsp;Berkshire Hathaway&nbsp;for over four decades, invested in a stock that was neither popular nor politically correct. This, however, did not deter the seasoned investor.
Li Lu, the founder of Himalaya Capital Management and a close friend of Munger, shared that&nbsp;&#8220;The week before he died,&nbsp;this stock had doubled from&nbsp;the time he started investing&nbsp;to that time.&#8221; The name of the stock was not disclosed by Li.
&#8220;There was a stock that everyone disliked, and it might not be particularly politically correct,&#8221; Li added saying that it didn&#8217;t stop Munger from studying the company and buying its shares, as reported <a href="https://www.businessinsider.com/charlie-munger-stock-investing-li-lu-buffett-musk-risk-berkshire-2025-1">by </a>Insider. 
Li also said that the stock remained &#8220;in the Munger family portfolio&#8221; and was &#8220;still performing very well.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/06/39347990/this-famous-piece-of-wisdom-from-charlie-munger-can-go-a-long-way-in-investing-and-in-life-say-inves">This Famous Piece Of Wisdom From Charlie Munger Can Go A Long Way In Investing — And In Life, Say Investment Experts</a>
Li also shared an anecdote about a lunch he had with Munger and&nbsp;Elon Musk, where Musk attempted to win over Munger&#8217;s investment. 
He highlighted the stark differences in risk appetite between the two, with Musk willing to embark on ventures&nbsp;with only a 5% chance&nbsp;of success, while Munger required an 80% chance of success.
Munger passed away in late November 2023, just&nbsp;shy of his 100th birthday.
Why It Matters: Munger&#8217;s final investment move showcases his contrarian approach to investing, which often involved betting against popular opinion. 
This strategy, while risky, has proven successful for Munger throughout his career, and this last investment was no exception. 
His approach to risk, as contrasted with Elon Musk&#8217;s, provides valuable insight into the mindset of one of the most successful investors of our time.
Read Next
<a href="https://www.benzinga.com/news/23/05/32319092/secret-to-success-get-toxic-people-out-of-your-life-fast-says-billionaire-charlie-munger">Secret To Success? Get Toxic People Out Of Your Life — Fast, Says Billionaire Charlie Munger</a>

Success Stories

Here's How Charlie Munger's Final Investment Move Doubled His Money, Reveals His Close Friend Li Lu

Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO <a href="https://www.benzinga.com/topic/mark-zuckerberg">Mark Zuckerberg</a> has much bigger fences to mend with President-elect Donald Trump than the Silicon Valley tech giants and other&nbsp;billionaires who have been <a href="https://www.benzinga.com/tech/24/12/42722137/elon-musk-peter-thiel-and-billionaires-influence-in-trumps-white-house-former-labor-secretary-robert-reichs-warning">making the trek</a> to Mar-a-Lago since the November elections. Friday&#8217;s visit, <a href="https://nypost.com/2025/01/10/us-news/mark-zuckerberg-meets-with-trump-in-fla-parks-private-jet-next-to-trump-force-one/">reported</a> by The New York Post, was Zuckerberg's <a href="https://www.benzinga.com/markets/24/11/42227958/mark-zuckerberg-and-trump-reportedly-met-at-mar-a-lago">second meeting with Trump</a> since the 2024 election.
Why It Matters: The Facebook founder&#8217;s relationship with Trump profoundly soured after Meta platforms <a href="https://www.benzinga.com/news/23/02/30848473/trumps-back-on-facebook-and-instagram-for-real">banned outgoing President Trump's Facebook and Instagram accounts</a> after the January 6, 2021 Capitol riot. Meta lifted the remaining restrictions on Trump's accounts in July. 
As recently as March 2024, <a href="https://www.benzinga.com/news/24/03/37572294/donald-trump-is-against-tiktok-ban-because-it-would-help-facebook-and-zuckerschmuck-double-their-bus">Trump labeled Facebook</a> "a true Enemy of the People" on Truth Social, accusing the platform of election interference. In July 2024 Truth Social post, Trump <a href="https://www.benzinga.com/news/24/07/39723781/trump-threatens-to-jail-metas-mark-zuckerberg-and-election-fraudsters-if-re-elected-dont-do-it-be-ca">vowed to jail Zuckerberg</a> and other "election fraudsters" if elected. The GOP had it out for Zuckerberg's $400 million "Zuckerbucks" initiative during the 2020 election cycle, a generosity he chose not to repeat in 2024.
Now, the tech billionaire seems to be recalibrating his stance.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/25/01/42913566/john-fetterman-first-democratic-lawmaker-to-accept-trump-invitation-to-mar-a-lago">John Fetterman First Democratic Lawmaker To Accept Trump Invitation To Mar-a-Lago Since 2024 Election</a>
<h2 class="wp-block-heading">All Is Forgiven</h2>
Over the summer, Zuckerberg reportedly had private phone conversations with Trump and has since made notable overtures, including a $1 million donation to Trump's inaugural fund.
One of the latest and probably most consequential moves on Zuckerberg's part was <a href="https://www.benzinga.com/25/01/42851889/meta-ditches-fact-checking-for-community-notes-zuckerberg-says-opportunity-to-restore-free-expression">his recent decision</a> to end third-party fact-checking on Facebook, ostensibly to restore &#8220;free speech&#8221; and to roll back Diversity, Equity and Inclusion (DEI) initiatives at Meta. The GOP in general and Trump in particular have expressed their how deeply they despise the concept of DEI.
In terms of fact-checking, another concept low on the incoming administration&#8217;s list, Zuckerberg <a href="https://about.fb.com/news/2025/01/meta-more-speech-fewer-mistakes/" target="_blank" rel="noreferrer noopener">said </a>in a video last week. &#8220;It&#8217;s time to get back to our roots around free expression on Facebook and Instagram.&#8221;
The NY Times <a href="https://www.nytimes.com/2025/01/10/technology/meta-mark-zuckerberg-trump.html">reported</a> that inside Meta, the reaction to the changes has been divided with some employees celebrating the moves and others shocked. Several employees wrote that they were ashamed to work for Meta.
"Even though Facebook is as powerful as it is, it still had to bend the knee to Trump," said Brian Boland, a former Facebook vice president, who left the company in 2020, <a href="https://www.cnbc.com/2025/01/11/meta-had-to-bend-the-knee-to-trump-ahead-of-inauguration.html">reported</a> CNBC on Saturday.
Zuckerberg, noted the NY Post, parked his Gulfstream G650 jet adjacent to Donald Trump's iconic Boeing 757 "Trump Force One," and was seen boarding the aircraft at Palm Beach International Airport following the meeting.
Benzinga contacted the Meta team for comment and has yet received a response.
Now Read:
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<li><a href="https://www.benzinga.com/general/social-media/25/01/42926133/metas-new-moderation-policies-do-not-extend-to-marijuana-content-cannabis-searches-still-blocked">Meta&#8217;s New Moderation Policies Do Not Extend To Marijuana Content, Cannabis Searches Still Blocked</a></li>
</ul>
Photo: Courtesy of&nbsp;<a href="https://commons.wikimedia.org/wiki/File:Mark_Zuckerberg_F8_2019_Keynote_(47774202191).jpg" target="_blank" rel="noreferrer noopener">Anthony Quintano</a>&nbsp;and&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;on flickr

Government

Mark Zuckerberg Meets Donald Trump At Mar-a-Lago: Mending Fences Ahead Of GOP White House Return

Billionaire investor&nbsp;Mark Cuban&nbsp;has publicly endorsed Bitcoin as a superior alternative to gold in times of economic crises.
What Happened: In an interview with Wired, Cuban stated that Bitcoin is a &#8220;better version of gold.&#8221; He reasoned that, like gold, Bitcoin is considered a safe haven by many investors during economic downturns.
During <a href="https://www.youtube.com/watch?v=y7TSb9oT1lg">the</a> intervew, Cuban highlighted that Bitcoin has several advantages over gold in such circumstances. He noted that gold, especially in bar form, is heavy, prone to theft, and challenging to exchange for goods and services.
&#8220;Interest in&nbsp;gold isn't based off the supply and demand of jewelry. People see it as an option in the event of the economy going down or something bad happening," Cuban said. 
On the other hand, he said Bitcoin is easy to carry and more practical for smaller transactions.
Also Read: <a href="https://www.benzinga.com/news/25/01/42865308/mark-cuban-on-selling-dallas-mavericks-stake-i-didnt-want-my-kids-feeling-the-pressure-of-walking-in">Mark Cuban on Selling Dallas Mavericks Stake: &#8216;I Didn&#8217;t Want My Kids Feeling the Pressure of Walking Into My Spot&#8217;</a>
&#8220;People look at Bitcoin as a better version of gold, and I agree with that. It&#8217;s easier to buy and&nbsp;sell. You can fractionalize it,&nbsp;you can buy things, you&nbsp;can transfer it internationally. And&nbsp;so I think it has&nbsp;more value than gold,&#8221; he added. 
While gold and Bitcoin are both viewed as hedges against economic instability, Cuban&#8217;s remarks indicate that the digital currency could be a more feasible option during a severe economic crisis.
Why It Matters: Cuban&#8217;s endorsement of Bitcoin over gold during economic crises is significant. His views reflect a growing trend among investors who are increasingly recognizing the potential of digital currencies as a hedge against economic instability. 
This shift in perspective could potentially influence the investment strategies of others, further propelling the adoption and acceptance of Bitcoin in the mainstream financial landscape.
Read Next
<a href="https://www.benzinga.com/news/24/12/42638290/mark-cubans-wealth-journey-i-want-to-live-off-this-for-a-long-time">Mark Cuban&#8217;s Wealth Journey: &#8216;I Want to Live Off This for a Long Time&#8217;</a>

Mark Cuban Advocates Bitcoin Over Gold During Economic Turmoil: 'I Think It Has More Value Than Gold'

The city of Los Angeles is currently grappling with a series of devastating wildfires, fanned by the Santa Ana winds. The largest fire, located in the Pacific Palisades, is just 11% contained and is posing a significant threat to <a href="https://www.benzinga.com/news/25/01/42933396/californias-10-trillion-property-market-faces-unprecedented-threat-from-wildfires">densely populated neighborhoods</a>.
What Happened: Wildfires have been causing havoc in Los Angeles for nearly a week, leading to unprecedented destruction.
The most significant blaze is in the affluent Pacific Palisades area, which is only 11% contained and is advancing towards the densely populated Encino neighborhood&nbsp;in the San Fernando Valley.
The California Department of Forestry and Fire Protection (Cal Fire) has reported that over 40,000 acres have been consumed by four separate fires, resulting in 16 deaths so far, <a href="https://www.businessinsider.com/los-angeles-california-wildfires-updates-pacific-palisades-eaton-fire-damage-2025-1">reports</a> Business Insider.
Gov. Gavin Newsom (D-Calif.) says these fires could become the worst natural disaster in U.S. history, with the death toll expected to rise.
&#8220;I think it will be in terms of just the costs associated with it, in terms of the scale and scope,&#8221; Newsom told said. &#8220;I&#8217;ve got search and rescue teams out. We&#8217;ve got cadaver dogs out. And there&#8217;s likely to be a lot more.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/25/01/42935340/125-million-home-of-luminar-ceo-gutted-in-la-wildfires-after-week-of-gains-for-company">$125 Million Home of Luminar CEO Gutted in LA Wildfires After Week of Gains for Company</a>
More than&nbsp;100,000 residents near the Palisades&nbsp;and Eaton fires are under evacuation orders, with an additional 87,000 instructed to be ready to evacuate at any moment. 
The National Weather Service has&nbsp;issued a high wind warning, affecting&nbsp;areas near the Hurst and&nbsp;Eaton fires,&nbsp;which will remain in effect&nbsp;until Sunday afternoon.
Why It Matters: Analysts from&nbsp;JPMorgan&nbsp;estimate that the fires could lead to approximately&nbsp;$50 billion in total economic&nbsp;losses. If these estimates are&nbsp;accurate, the damage caused by&nbsp;the current fires would far exceed&nbsp;the 2018 Camp Fires, which&nbsp;resulted in&nbsp;$10 billion in insured losses.&nbsp;
This prediction underscores the severity of the current situation and the potential for significant economic impact.
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