Quantafuel (OTC:QNTFF) Stock, Quote.Headers.trade-ideas

Quantafuel AS is a Norwegian technology company that develops, designs, and operates production facilities to produce synthetic fuels and chemical products based on non-recyclable waste. The company converts waste plastic into low-carbon synthetic oil products replacing virgin oil products.

Quantafuel AS

Ahead of the highly anticipated launch, Huawei Technologies&#8216; new $2,800 tri-fold smartphone, the Mate XT, has hit the market, but many eager buyers were left <a href="https://www.benzinga.com/24/09/40912367/huaweis-trifold-is-now-fetching-7-000-as-buyers-flip-apple-rivals-device-on-online-marketplaces-in-c">disappointed due to limited availability</a>.
What Happened: Huawei and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) launched their latest smartphones in China on Friday. However, many Huawei fans were disappointed as the $2,800 Mate XT was only available for pre-order customers, Reuters reported.
At Huawei&#8217;s flagship store in Shenzhen, &#8220;super fans&#8221; expressed frustration after learning that only confirmed pre-orders could purchase the new tri-foldable Mate XT. A university student surnamed Ye, who had been waiting since 10 p.m. the previous night, said, &#8220;They should have made it clear we can't buy.&#8221;
Similar scenes unfolded at Huawei&#8217;s Wangfujing store in Beijing, where access to the Mate XT was also limited to pre-order customers. Reuters reported around 30 people queuing outside the Beijing store and a similar number in Shenzhen early on Friday.
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Analysts had previously warned that supply chain constraints might leave many potential buyers empty-handed. Huawei executive director Richard Yu stated that sales were &#8220;better than expected&#8221; and the company was working to expand capacity. However, the exact number of phones produced or delivered on launch day remains undisclosed.
Pre-orders for the Mate XT have exceeded 6.5 million, nearly double the foldable smartphones shipped worldwide in the second quarter of this year, according to IDC. Despite the high demand, production constraints are causing significant delays.
See Also: <a href="https://www.benzinga.com/news/24/09/40812318/samsung-to-reportedly-slash-global-workforce-by-up-to-30-in-certain-divisions-amid-intense-competiti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Samsung To Reportedly Slash Global Workforce By Up To 30% In Certain Divisions Amid Intense Competition Competition From Apple, Huawei</a>
Why It Matters: Huawei&#8217;s latest tri-fold smartphone, the Mate XT, has been generating significant buzz even before its official release. On Tuesday, it was reported that the Mate XT was <a href="https://www.benzinga.com/24/09/40912367/huaweis-trifold-is-now-fetching-7-000-as-buyers-flip-apple-rivals-device-on-online-marketplaces-in-c">being listed for over $7,000 on online marketplaces</a>, more than double its list price, highlighting the high demand and limited availability.
The launch of the Mate XT comes amid Huawei&#8217;s ongoing efforts to challenge Apple&#8217;s dominance in the Chinese smartphone market. The Mate XT, priced at $2,800, is <a href="https://www.benzinga.com/news/24/09/40845772/huaweis-2-800-tri-fold-phone-has-the-potential-to-eat-apples-lunch-in-china-here-is-how-it-compares">significantly more expensive</a> than Apple&#8217;s iPhone 16 Pro Max, which starts at $1,199 for 256 GB storage. 
Huawei&#8217;s strategic timing for the Mate XT&#8217;s <a href="https://www.benzinga.com/news/24/09/40674140/huawei-plans-to-one-up-apples-iphone-16-with-disruptive-product-launch-says-it-has-turned-science-fi">launch also plays a crucial role</a>. Huawei scheduled its product launch event on the same day as Apple&#8217;s iPhone 16 reveal, aiming to capture consumer attention and market share.
Furthermore, Huawei&#8217;s focus on using more <a href="https://www.benzinga.com/news/24/05/38723677/us-sanctioned-huawei-brags-chinas-tech-self-sufficiency-with-latest-smartphone-built-with-more-homem">components from Chinese suppliers</a>, as seen in its Pura 70 series, reflects its commitment to tech self-sufficiency. A teardown analysis revealed that the Pura 70 series incorporated more homemade parts, showcasing Huawei&#8217;s resilience amid U.S. sanctions.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/23/05/32623067/how-to-take-the-perfect-moon-shot-using-an-iphone-14?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Take The Perfect Moon Shot Using An iPhone 15</a></li>
</ul>
Photo courtesy: Huawei
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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

News

Markets

Tech

AAPL

Huawei's $2,800 Tri-Fold Mate XT Sparks Frustration As Limited Stock Fails To Meet Demand

Bernstein analyst Danilo Gargiulo downgrades Darden Restaurants (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) from Outperform to Market Perform and lowers the price target from $190 to $180.

Downgrades

Price Target

Analyst Ratings

Bernstein Downgrades Darden Restaurants to Market Perform, Lowers Price Target to $180

TD Cowen analyst Andrew Charles maintains Darden Restaurants (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) with a Hold and raises the price target from $150 to $165.

TD Cowen Maintains Hold on Darden Restaurants, Raises Price Target to $165

Positive results from the HERCULES phase 3 study in people with non-relapsing secondary progressive multiple sclerosis (nrSPMS) demonstrated that tolebrutinib delayed the time to onset of 6-month confirmed disability progression (CDP) by 31% compared to placebo (HR 0.69; 95% CI 0.55-0.88; p=0.0026). Further analysis of secondary endpoints demonstrated that the number of participants who experienced confirmed disability improvement increased by nearly two-fold, 10% with tolebrutinib compared to 5% with placebo (HR 1.88; 95% CI 1.10 to 3.21; nominal p=0.021). These results were presented today as a late-breaking presentation at the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) 2024 conference in Copenhagen, Denmark.

Sanofi Says Tolebrutinib Demonstrated 31% Delay In Time To Onset Of Confirmed Disability Progression In Non-relapsing Secondary Progressive Multiple Sclerosis Phase 3 Study; Global Regulatory Submissions Will Begin In H2 2024

Needham analyst Mayank Tandon maintains Endava (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAVA#NYSE">DAVA</a>) with a Buy and lowers the price target from $42 to $33.

DAVA

Needham Maintains Buy on Endava, Lowers Price Target to $33

Pierre Ferragu, an analyst at&nbsp;New Street Research&nbsp;and a known advocate of&nbsp;Tesla Inc., and Grok investor has lauded the latest update on Elon Musk&#8217;s social media platform X, formerly Twitter.
What Happened: On Thursday, app researcher Nima Owji&nbsp;took to X and shared an update saying that the platform is working on a feature that allows users to&nbsp;<a href="https://www.benzinga.com/topic/community-notes">add a Community Note</a> to&nbsp;a link. This means that every post containing that link will display the note.
In response to this news, Ferragu stated, &#8220;Could be a revolution. Nobody will want to go to the web but through X, to know what the community has to say. This is Wikipedia to the power of infinity (And not taken over by left activists).&#8221;
See Also: <a href="https://www.benzinga.com/news/24/09/40893054/mark-cuban-says-he-would-buy-rupert-murdochs-fox-news-and-elon-musks-x-but-there-are-some-obstacles?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Would Buy Rupert Murdoch&#8217;s Fox News And Elon Musk&#8217;s X But There Are Some Obstacles</a>
He then added, &#8220;Ideally you want an X browser giving you access to these notes!&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Could be a revolution. Nobody will want to go to the web but through X, to know what the community has to say. This is Wikipedia to the power of &#x267e;&#xFE0F; (And not taken over by left activists). Ideally you want an X browser giving you access to these notes! &#x1f44a; <a href="https://t.co/qtZKzwQnaK">https://t.co/qtZKzwQnaK</a>
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1836950590921875502?ref_src=twsrc%5Etfw">September 20, 2024</a></blockquote>
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Why It Matters: This development comes at a time when X has been facing significant challenges. 
Earlier this month,&nbsp;<a href="https://www.benzinga.com/news/24/09/40762349/x-faces-major-advertiser-exodus-amid-string-of-elon-musk-controversies">X faced a major advertiser exodus</a>&nbsp;due to a string of controversies surrounding Musk. A report by UK-based market research firm Kantar predicted a 26% decline in marketers' ad spending on X for 2025.
Previously, Meta Platforms Inc.'s president for global affairs, Nick Clegg, <a href="https://www.benzinga.com/news/24/09/40852207/meta-exec-slams-elon-musks-x-as-tiny-platform-that-allows-anyone-say-anything">criticized X for becoming</a> a "tiny" platform for elites that permits anyone to say anything.
Meanwhile, Brazil has emerged as a big issue for Musk&#8217;s platform. X has been fined $1 million a day until they stop <a href="https://www.benzinga.com/news/24/09/40952310/elon-musks-x-fined-1m-a-day-by-brazils-supreme-court-for-defying-ban-on-platform-judge-says-part-of">users from accessing the site</a> by Brazil&#8217;s Supreme Court.
The court accused Musk of switching X&#8217;s network provider to partially restore access to bypass the ban.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40914747/jpmorgan-ceo-jamie-dimon-thinks-social-media-platforms-like-tiktok-and-facebook-are-a-total-stupid-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Thinks Social Media Platforms Like TikTok And Facebook Are &#8216;A Total Stupid Waste Of Time&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Social Media

Tesla Bull Pierre Ferragu Calls Elon Musk's X Update Revolutionary, Urges For A Custom X Browser: 'This Is Wikipedia To The Power Of Infinity'

Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Waymo is reportedly in talks with South Korean automaker Hyundai Motor for contract manufacturing its robotaxis.
What Happened: Waymo officials have met with Hyundai Motor officials over three times at the former&#8217;s headquarters in the U.S., South Korean newspaper Electronic Times <a href="https://www.etnews.com/20240912000413">reported</a>, citing sources. The robotaxi company is reportedly looking to procure Hyundai vehicles to operate as robotaxis. 
Waymo is considering using Hyundai&#8217;s Ioniq 5 instead of Geely brand Zeekr&#8217;s electric vehicles as previously planned for its <a href="https://www.benzinga.com/news/24/08/40455006/alphabets-waymo-introduces-new-hardware-with-sensors-better-armed-against-winters">6th-gen self-driving technology</a> owing to the increased tariffs on EV imports from China, the report added.
The robotaxi company currently deploys its tech on vehicles including the Jaguar i-Pace and the Chrysler Pacifica hybrid to operate them as robotaxis.
Waymo, Hyundai, and Zeekr did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.
Why It Matters: In July, Alphabet committed&nbsp;to a new multiyear&nbsp;<a href="https://www.benzinga.com/news/24/07/39924838/alphabet-commits-to-another-5b-investment-in-waymo-tesla-ceo-elon-musk-takes-jibe-at-cash-burn-in-un" target="_blank" rel="noreferrer noopener">investment of $5 billion into Waymo</a>&nbsp;to help the company &#8220;continue to build the world&#8217;s leading autonomous driving technology company.&#8221;
Waymo is delivering well over 50,000 paid trips per week to customers, Alphabet CEO&nbsp;Sundar Pichai&nbsp;then said.
Automotive research firm&nbsp;S&amp;P Global Mobility&nbsp;said earlier this week that it deems <a href="https://www.benzinga.com/news/24/09/40792410/us-autonomous-vehicle-sales-to-hit-230k-by-2034-after-progress-resumes-at-alphabets-waymo-gms-cruise">Waymo to be the frontrunner </a>in the field of autonomous vehicles in the U.S. The firm expects sales of autonomous light vehicles in the U.S. to reach about 230,000 units in 2034.
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>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/09/40952233/gms-cruise-eyes-resuming-robotaxi-operations-in-california-after-long-pause-due-to-pedestrian-accide">GM&#8217;s Cruise Eyes Resuming Robotaxi Operations In California After Long Pause Due To Pedestrian Accident In 2023</a></li>
</ul>
Photo courtesy: Shutterstock

GOOG

GOOGL

Alphabet's Waymo, Hyundai In Talks To Use Ioniq 5 SUVs As Robotaxis: Report

<a href="https://www.reuters.com/business/energy/us-award-3-billion-25-projects-battery-manufacturing-sector-2024-09-20/" title="https://www.reuters.com/business/energy/us-award-3-billion-25-projects-battery-manufacturing-sector-2024-09-20/">https://www.reuters.com/business/energy/us-award-3-billion-25-projects-battery-manufacturing-sector-2024-09-20/</a>

Contracts

EQNR

U.S. Energy Department To Award $3B To 25 Battery Manufacturing Sector Projects In 14 States

Piper Sandler analyst Arvind Ramnani maintains Accenture (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) with a Neutral and raises the price target from $320 to $329.

Piper Sandler Maintains Neutral on Accenture, Raises Price Target to $329

Former President Donald Trump has made a controversial appeal to Jewish voters.
What Happened: Trump made these remarks at a pro-Israel conference in Washington, D.C., where he criticized Jewish Democrats and Vice President Kamala Harris, The Hill <a href="https://thehill.com/homenews/4889959-donald-trump-israel-will-cease-to-exist-kamala-harris/">reported</a> on Friday. He referred to the estimated 60% of American Jews who vote for Democrats as &#8220;fools&#8221; and suggested that their choice could lead to Israel&#8217;s demise.
"Anybody who votes for a Democrat or Kamala, worst…you should have your head examined," Trump said during his remarks while addressing a pro-Israel conference with the theme of combatting antisemitism.
Trump&#8217;s comments appear at a time when recent polls are indicating <a href="https://www.benzinga.com/general/politics/24/09/40910999/trump-in-trouble-vice-president-harris-has-record-6-point-lead-in-2024-election-poll-after-debat">Harris&#8217; lead over him</a>. A new Morning Consult poll of likely voters showed Harris&#8217; growing popularity after the presidential debate.
See Also: <a href="https://www.benzinga.com/general/politics/24/09/40910999/trump-in-trouble-vice-president-harris-has-record-6-point-lead-in-2024-election-poll-after-debat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump In Trouble: Vice President Harris Has Record 6-Point Lead In 2024 Election Poll After Debate, Posts Highest Rankings In Key Demographics</a>
Trump&#8217;s speech was well-received by the audience, which included Miriam Adelson, the wife of the late Republican mega-donor Sheldon Adelson.
Trump also highlighted the significance of the U.S. election for Israel, especially in light of the upcoming first anniversary of Hamas&#8217; Oct. 7 <a href="https://www.benzinga.com/government/24/09/40862471/turkeys-spy-chief-meets-with-hamas-to-discuss-cease-fire-in-gaza-reports">attacks on Israel</a>, which resulted in the deaths of approximately 1,200 people.
Why It Matters: Trump&#8217;s recent comments are in line with his previous statements regarding the potential impact of a Democratic victory on Israel. In early September, he warned a<a href="https://www.benzinga.com/news/24/09/40761179/donald-trump-says-kamala-harris-victory-would-mean-israels-demise-criticizes-jewish-democrats"> group of Jewish Republicans</a> that a win for Harris would mean the end of Israel. 
This rhetoric aligns with his consistently pro-Israel stance, including his <a href="https://www.benzinga.com/news/24/08/40417063/trump-says-he-encouraged-netanyahu-to-end-gaza-war-while-critizing-kamala-harris-for-demanding-cease">support for Israel </a>during the Gaza war and his criticism of the Biden administration&#8217;s calls for a ceasefire.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40890590/chuck-schumer-says-if-government-shutdown-happens-it-will-because-of-republican-poison-pills-the-ame?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chuck Schumer Says If Government Shutdown Happens It Will Be Because Of &#8216;Republican Poison Pills&#8217; — &#8216;The  American People Are Going To Hold Them Responsible&#8217;</a></li>
</ul>
Image via Shutterstock
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/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Politics

General

'Anybody Who Votes For A Democrat Or Kamala, Worst…You Should Have Your Head Examined:' Trump Tells Voters In Washington As Poll Numbers Plummet

Biotech

Health Care

APLS

The Committee For Medicinal Products For Human Use Of The European Medicines Agency Has Confirmed Its June 2024 Negative Opinion On Apellis Pharmaceuticals' Intravitreal Pegcetacoplan For Geographic Atrophy Secondary To Age-related Macular Degeneration

Former White House Communications Director Anthony Scaramucci on Thursday weighed in on the <a href="https://www.benzinga.com/news/24/09/40893118/trump-vs-harris-vice-president-leads-in-this-must-win-swing-state-and-2-bellwether-counties-but-25-s">recent poll numbers that have given Vice President Kamala Harris a slight lead </a>over her rival Donald Trump and explored the reasons thereof.
Elections And Immigration: After the presidential debate held on Sept. 10, the polls were largely tied and the upper hand Harris has recently gained is due to the &#8220;cat and dog memes&#8221; that are out there in droves following claims from Trump and his team that Haitian immigrants in Springfield Ohio ate pets, <a href="https://www.youtube.com/watch?v=tCnYob_V1Q4">said </a>Scaramucci in the latest episode of Rest Is Politics US podcast.
Trump believes that he has a three-legged stool of &#8220;racism, misogyny and anti-immigration&#8221; and he thinks if he can run on that platform, he can bring enough of his base out, who will equivocate on his behalf, Scaramucci, a businessman, crypto bull and founder of SkyBridge Capital said.
&#8220;Ohio is tarnished by him; there&#8217;s no evidence to this; Haitian Americans are tarnished by him, he added.
The &#8220;orange maze&#8221; inside Trump&#8217;s brain thinks people fear foreigners and that America has always classically been a xenophobic country, Scaramucci said, adding that it has also been an immigration country but there&#8217;s a large part of the people that are xenophobic and there has always been an element of isolationism in the country.
While weighing in a recent poll result that showed a majority of people were in favor of deporting undocumented immigrants, Scaramucci said he does not attach much significance to the number, given his view that response ultimately depended on the way the question is phrased. 
See Also: <a href="https://www.benzinga.com/news/24/09/40933807/nate-silver-says-2024-race-still-tossup-despite-kamala-harris-post-debate-bump-our-elections-arent-d">Nate Silver Says 2024 Race Still Tossup Despite Kamala Harris&#8217; Post-Debate Bump: &#8216;Our Elections Aren&#8217;t Determined By&#8230;&#8217;</a>
Harris Closes Gap On Economic Stewardship: While referring to the recent FT-Michigan Roo and Morning Consult polls, which show <a href="https://www.benzinga.com/news/24/09/40876581/trump-vs-harris-vice-president-widens-lead-on-key-election-issue-that-is-democrats-achilles-heel-as">Harris has closed her gap with Trump on economic policies,</a> Scaramucci said it is due to Trump doing a poor job of explaining his economic policies 
&#8220;If you&#8217;re sitting out there saying that we&#8217;re going to do tariffs, tariffs, tariffs and the other governments around the world are going to pay those taxes and they&#8217;re going to lower the cost of goods in the country, that&#8217;s the trifecta of lies,&#8221; Scaramucci said. On the other hand, the lower and middle-class people will pay more of a percentage of their disposable income for those tariffs than the rich people, he said, adding that it&#8217;s a regressive tax and prices will go up.
He also flagged the possibility of a country circumventing the tariffs by exporting semi-finished goods to another for which tariffs do not apply. This country then exports the fully-finished product to the U.S., thus avoiding tariffs.
Scaramucci also called the widely-held belief that Republicans are better for the economy a misnomer, as he cited better stock market performance and employment under the Democratic government. That said, Harris is not putting a lot of flesh on the bones of her economic plan, he said.
Swing State That Matters: Pennsylvania, which goes by the moniker &#8220;Keystone State,&#8221; is a very eclectic mix of people and it&#8217;s a political puzzle that has to be solved, Scaramucci said. &#8220;If you want to win the presidency and Donald Trump solved it with volume in 2016, Joe Biden solved it with being a native in 2020,&#8221; he said.
The ex-White House aide noted that the Quinnipiac poll showed Harris up 6 points in the state versus Trump, with a 51%-45% tally. He noted that Green Party candidate Jill Stein has 1% of votes in the state. &#8220;That&#8217;s got to be a source of frustration for the Democrats because those votes would lean towards Harris,&#8221; he said.
The moot points are whether they can believe in her fracking and how she does in the urban areas. Scaramucci said he plans to go to Pennsylvania and be on left-leaning radio talk shows over the next couple of months. Harris needs to get blue-collar turnout, African-American turnout and support of the union and energy people to pull this off, he said.
When his co-host Katty Kay noted that Pennsylvania Michigan and Wisconsin have voted the same way in every presidential election since 1980 with the exception of 1988, Scaramucci said if Harris does emerge victorious in Pennsylvania that would seal the deal for her. &#8220;If she wins those three states, she becomes the 47th president,&#8221; he said.
&#8220;I think Trump is underestimating her in Pennsylvania and I think his campaign is underestimating her in Pennsylvania and and I think she could use that to her advantage,&#8221; he added.
Did You Know?
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image via Shutterstock

Media

Anthony Scaramucci Says Trump's 3-Legged Stool Strategy Of 'Racism, Misogyny And Anti-Immigration' Will Misfire: Here's What Would Seal The Deal For Kamala Harris

Rep. Ritchie Torres (D-N.Y.) raised concerns over the usage of the term &#8220;digital asset security&#8221; by the U.S. Securities and Exchange Commission (SEC,) questioning its legal basis and origin.
What Happened: During a recent congressional hearing, the Democratic Congressman asked Daniel Gallagher, former SEC commissioner, and currently the Chief Legal Officer at Robinhood, if he knew about the existence of such a term in any law enacted by the Congress or in any rule promulgated by the SEC. Gallagher responded in the negative. 
&#8220;If it comes from neither statute nor rule, then where does it come from,&#8221; Torres wrote in an X post. &#8220;The SEC invented the term out of thin air.&#8221;
The&nbsp;hearing, entitled "Dazed and Confused: Breaking Down the SEC's Politicized Approach to Digital Assets," featured other market participants like Teddy Fusaro, president of Bitwise Asset Management, as witnesses.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The term ‘digital asset security' does not appear anywhere in any law enacted by Congress or in any rule promulgated by the SEC or in any decision rendered by the Supreme Court. It appears nowhere in the 2 million pages of the Federal Register. If it comes from neither statute… <a href="https://t.co/ucSaCzEvOU">pic.twitter.com/ucSaCzEvOU</a>
&mdash; Rep. Ritchie Torres (@RepRitchie) <a href="https://twitter.com/RepRitchie/status/1836814099394764934?ref_src=twsrc%5Etfw">September 19, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913998/jamie-dimon-says-jpmorgan-is-likely-one-of-the-bigger-users-of-blockchain-technology-but-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jamie Dimon Says JPMorgan Is Likely &#8216;One Of The Bigger Users&#8217; Of Blockchain Technology, But Calls Cryptocurrencies A &#8216;Pet Rock&#8217;</a>
Why It Matters: This is not the first time Torres has challenged the SEC&#8217;s stance on digital assets. In a previous <a href="https://www.benzinga.com/markets/cryptocurrency/23/07/33272021/us-congressman-ritchie-torres-challenges-secs-crypto-onslaught">correspondence</a> with SEC Chair Gary Gensler, Torres urged the agency to reconsider its aggressive approach towards cryptocurrencies. 
He questioned whether the SEC intended to reevaluate its hardline stance on cryptocurrencies, following its unsuccessful lawsuit against Ripple Labs, where the court determined that XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) does not qualify as a security.
The SEC invited criticism from the cryptocurrency community <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32718798/binance-and-changpeng-zhao-sued-by-the-sec-has-the-empire-just-started-crumbling">after labeling as many as 12 tokens</a> on Binance as securities, as part of a lawsuit against the cryptocurrency exchange in June 2023.
However, in a recent filing, the regulator &#8220;regretted any confusion&#8221; caused by the usage of the term &#8220;crypto asset. securities.&#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">&quot;The SEC regrets any confusion it may have invited&quot; by falsely and repeatedly stating that tokens themselves are securities. This is the remarkable representation in Footnote 6 of <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a>&#39;s Amended Complaint against Binance. I hope <a href="https://twitter.com/s_alderoty?ref_src=twsrc%5Etfw">@s_alderoty</a> is getting some good sleep tonight.… <a href="https://t.co/PpbprvkGxh">pic.twitter.com/PpbprvkGxh</a>
&mdash; paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1834447203680825809?ref_src=twsrc%5Etfw">September 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Did You Know?&nbsp;
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Flickr

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

Cryptocurrency

$XRP

Gary Gensler-Led SEC Invented The Term 'Digital Asset Security' Out Of Thin Air, Says Democratic Congressman Ritchie Torres

<ul>
<li>Company outlines its second brand, Faraday X (FX), and its launch plan for the first batch of planned products, innovative ways in creating AIEV (Artificial Intelligence Electric Vehicle) products with &quot;twice the performance at half the price&quot; for users, and its aspiration to become the Toyota of the AIEV era.</li>
<li>The first new FX models, which we refer to as the FX 5 (expected price range of&nbsp;$20,000-$30,000) and FX 6 (expected price range of&nbsp;$30,000-$50,000), are expected to offer two types of powertrains: range-extended AIEV and battery-electric AIEV, and will target start of production by the end of 2025, subject to securing necessary funding.</li>
<li>The Company has established relationships with four Chinese OEMs, having already entered into two strategic framework agreements and two memoranda of understanding, and is working toward finalizing definitive agreements with each.</li>
<li>The Company will focus on five key initiatives: Open-Source and Open-Platform, User-Definition, Co-creation and Sharing; Creating the new category: RE-AIEV; Global Auto Industry Bridge Strategy; Leveraging FF&#39;s Legacy to Empower FX; and the Light and Swift, Premium Quality. With this approach, we&#39;re inviting our users to participate throughout the entire lifecycle of FX products.</li>
<li>The Company&#39;s recent &quot;Everyone&#39;s AIEV, You Decide&quot; survey suggests there is high demand for high-performance, intelligent, cost-effective B-AIEV and RE-AIEV products for the U.S. market, which presents a historic opportunity for the U.S. AIEV industry.</li>
</ul>

FFIE

Faraday Future Launches Second Brand, Faraday X (FX), With Plans For Affordable AIEV Models Priced Between $20K And $50K, Supported By Strategic Agreements With Four OEMs

Brazil's Supreme Court has fined Elon Musk&#8216;s social media platform nearly $1 million <a href="https://www.benzinga.com/news/24/09/40932378/elon-musks-x-manages-to-dodge-brazil-ban-with-software-update-court-wants-an-explanation">daily for allowing access to X, despite a ban</a>.
What Happened: The court accused Musk of switching X's network provider to partially restore access. This maneuver was seen as an attempt to bypass the ban imposed three weeks ago, <a href="https://www.wsj.com/world/americas/brazil-fines-musk-for-skirting-x-ban-945813ed">reported</a> The Wall Street Journal. 
In his latest ruling on Thursday, Justice Alexander de Moraes ordered X to immediately block user access to the platform in Brazil due to the network switch, or face a daily fine of approximately $921,000. The Brazilian judge described the crackdown on X as part of broader efforts to &#8220;clean up the internet.&#8221;
X stated it had no intention of evading the ban. The company claimed it was forced to switch providers after shutting down its Brazilian operations, which inadvertently restored service temporarily. However, de Moraes cited Musk's cryptic <a href="https://x.com/elonmusk/status/1836289127907758312">post</a> on X as a "confession" of deliberate circumvention.
De Moraes initially banned X on Aug. 30 for failing to block accounts spreading misinformation and hate speech. He emphasized the crackdown as part of efforts to "clean up the internet" and protect democracy, following violent attacks on Brazil's capital last year.
Brazil's telecom regulator, Anatel, accused Musk of intentionally defying the court order. They are working with Cloudflare to find a solution to enforce the ban without disrupting other services, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/09/40897703/former-tesla-exec-says-elon-musks-endorsement-of-trump-might-not-sway-upcoming-presidential-election?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Elon Musk&#8217;s Endorsement Of Trump Might Not Sway Upcoming Presidential Elections: &#8216;Last Time Around He Endorsed Andrew Yang&#8217;</a>
Why It Matters: The conflict between Musk and Brazil&#8217;s government has broader implications. On Thursday, the Brazilian Association of Internet and Telecommunications Providers reported that <a href="https://www.benzinga.com/news/24/09/40932378/elon-musks-x-manages-to-dodge-brazil-ban-with-software-update-court-wants-an-explanation">X managed to dodge the ban</a> using an automatic software update, complicating efforts to block the platform. This maneuver has raised questions about the effectiveness of Brazil&#8217;s regulatory measures.
Earlier in the month, FCC Commissioner Brendan Carr <a href="https://www.benzinga.com/news/24/09/40748476/fcc-chief-defends-elon-musks-x-and-starlink-amid-brazils-punitive-actions-warns-business-leaders-are">criticized Brazil&#8217;s actions</a>, warning that such punitive measures could make Brazil an &#8220;uninvestable market.&#8221; Carr&#8217;s comments reflect growing concerns among U.S. business leaders about the stability of Brazil&#8217;s regulatory environment.
The situation has also affected Musk&#8217;s other ventures. On Sept. 5, SpaceX <a href="https://www.benzinga.com/news/24/09/40723859/spacex-reportedly-evacuates-employees-from-brazil-halts-travel-amid-elon-musks-legal-battle-with-sup">evacuated employees from Brazil </a>and halted travel to the country amid the legal battle. This move underscores the broader impact of the dispute on Musk&#8217;s business operations.
Moreover, experts warned that the standoff could affect other Musk ventures like SpaceX and Tesla Inc. Tim Higgins noted that the ban on X could <a href="https://www.benzinga.com/news/24/09/40709109/elon-musks-brazil-standoff-for-x-could-impact-tesla-spacex-and-other-ventures-warns-expert">jeopardize Musk&#8217;s business opportunities in Brazil</a>, particularly in rural areas where his ventures have been successful.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40893054/mark-cuban-says-he-would-buy-rupert-murdochs-fox-news-and-elon-musks-x-but-there-are-some-obstacles?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Would Buy Rupert Murdoch&#8217;s Fox News And Elon Musk&#8217;s X But There Are Some Obstacles: &#8216;If I Had Enough… I&#8217;d Buy It In A Heartbeat&#8217;</a></li>
</ul>
Image Via Shutterstock 
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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Legal

Global

Elon Musk's X Fined $1M A Day By Brazil's Supreme Court For Defying Ban On Platform: Judge Says Part Of Effort To 'Clean Up The Internet'

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Thursday.
U.S. stocks settled higher on Thursday, with the Dow Jones index and S&amp;P 500 hitting fresh record highs during the session. The US Federal Reserve, on Wednesday, slashed interest rates by 50 basis points Wednesday at its September Federal Open Market Committee meeting, lowering the federal funds rate to a range of 4.75% to 5%.
On the economic data front, the U.S. reported a current account deficit of $266.8 billion in the second quarter versus a gap of $241 billion in the prior period and higher than market estimates of a $260 billion gap. U.S. initial jobless claims fell by 12,000 from the prior week to 219,000 in the week ending September 14, compared to market expectations of 230,000.
Tech stocks rallied, with shares of NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) gaining around 4% and 6%, respectively. Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) shares added 2.2% during the session. Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) also surged, closing the day with gains of 7.4%.
Most sectors on the S&amp;P 500 closed on a positive note, with consumer discretionary, communication services, and information technology stocks recording the biggest gains on Thursday. However, consumer staples and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 522 points to 42,025.19 on Thursday. The S&amp;P 500 surged 1.70% to 5,713.64, while the Nasdaq Composite climbed 2.51% at 18,013.98 during Thursday's session.
Investors are awaiting earnings results from VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 65.7, the index remained in the &#8220;Greed&#8221; zone on Thursday, versus a prior reading of 60.8.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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</ul>

Earnings

Pre-Market Outlook

Trading Ideas

NVDA

TSLA

Nvidia, Tesla Rally As Dow, S&P 500 Surge To Fresh Highs After Fed Cuts Rates: Fear Index Remains In 'Greed' Zone

General Motors' (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) autonomous driving unit Cruise said on Thursday that it is eyeing resuming operations of its robotaxis in California which was paused after the involvement of one of its driverless vehicles in a <a href="https://www.benzinga.com/markets/equities/23/12/36246017/future-of-gm-autonomous-vehicle-maker-cruise-in-peril-after-900-job-cuts">pedestrian accident</a> late last year.
What Happened: The company said that it will deploy several manual mapping vehicles in Sunnyvale and Mountain View starting Thursday. The company intends to start supervised robotaxi testing in the state later this fall with up to five autonomous vehicles, it added.
&#8220;Resuming testing in the Bay Area is an important step forward as we continue to work closely with California regulators and local stakeholders. This will allow our local employees to engage directly with our product as they refine and improve our tech through R&amp;D,&#8221; the company said in a post on social media platform X, formerly Twitter.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Starting today we will deploy several manual mapping vehicles in Sunnyvale and Mountain View with the intent to progress to supervised testing with up to 5 AVs later this fall. Resuming testing in the Bay Area is an important step forward as we continue to work closely with… <a href="https://t.co/OlDkv74r34">pic.twitter.com/OlDkv74r34</a>
&mdash; cruise (@Cruise) <a href="https://twitter.com/Cruise/status/1836812363963486286?ref_src=twsrc%5Etfw">September 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Cruise suspended all of its operations in the U.S. late last year following the involvement of one of its robotaxis in an accident in San Francisco, leading to heightened regulatory scrutiny and the <a href="https://www.benzinga.com/news/24/05/38606510/us-is-currently-sc-ed-ex-cruise-ceo-calls-for-manufacturing-makeover-to-win-over-chinese-auto-rivals" target="_blank" rel="noreferrer noopener">exit of its co-founder </a>and then CEO Kyle Vogt.
The company&nbsp;<a href="https://www.benzinga.com/news/24/04/38155753/cruise-back-on-phoenix-roads-soon-gms-self-driving-unit-reportedly-gears-up-to-resume-robotaxi-testi" target="_blank" rel="noreferrer noopener">resumed manual driving in the city of Phoenix</a>&nbsp;to gather road information earlier this year in April and in Houston and Dallas, Texas in June.
For the first half of 2024, Cruise accrued an operating loss of $1.65 billion, 28% higher than the loss of $1.29 billion recorded in the corresponding period of last year. GM also spent $583 million on restructuring Cruise in the period.
Last month, Cruise issued a <a href="https://www.benzinga.com/news/24/08/40502871/gms-autonomous-driving-unit-cruise-recalls-all-u-s-vehicles-over-concerns-of-unexpected-braking-auto">recall for the entirety of its U.S. fleet</a> over concerns that they may brake unexpectedly. The company updated software in all of its vehicles on the road to fix the issue. 
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/24/09/40934031/teamsters-opts-to-not-endorse-either-harris-or-trump-for-upcoming-presidential-elections-citing-fail" target="_blank" rel="noreferrer noopener">Teamsters Opts To Not Endorse Either Harris Or Trump For Upcoming Presidential Elections, Citing Failure To Secure Pledges Of Non-Interference In Union Campaigns</a></li>
</ul>
Photo via Shutterstock

GM's Cruise Eyes Resuming Robotaxi Operations In California After Long Pause Due To Pedestrian Accident In 2023

The United States will continue to keep a mid-range missile system in the Philippines, the decision comes despite demands from <a href="https://www.benzinga.com/news/24/07/39710570/us-has-better-global-image-than-china-survey-reveals">China for its removal</a>.
What Happened: The Typhon missile system, capable of launching missiles that can reach Chinese targets, was initially deployed for joint exercises earlier this year. However, it has remained in place, reported Reuters on Friday, citing sources familiar with the situation.
The Philippines, located near Taiwan, is a crucial part of the U.S. strategy in Asia. The missile system&#8217;s presence is seen as vital for supporting Taiwan in the event of a Chinese attack.
China and Russia have criticized the deployment, accusing the U.S. of escalating an arms race. China&#8217;s foreign ministry expressed significant concern over the decision to keep the system in place, stating it threatens regional security.
Philippine officials confirmed ongoing training with the missile system on the northern island of Luzon, near the South China Sea and Taiwan Strait, according to the report. They indicated no immediate plans to withdraw the system, even though joint exercises conclude this month.
A senior Philippine government official noted that the U.S. and the Philippines are testing the system&#8217;s feasibility for potential conflict scenarios. 
&#8220;It is up to the higher headquarters to decide on its stay, and most importantly the United States Army Pacific&nbsp;(USARPAC) because they own this, it is not our capability,&#8221; Philippines army spokesman, Colonel Louie Dema-ala said according to the report.
See Also: <a href="https://www.benzinga.com/news/24/09/40935722/spacex-ceo-elon-musk-says-anyone-can-go-to-mars-with-spacex-but-journey-would-be-like-a-long-sea-voy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SpaceX CEO Elon Musk Says Anyone Can Go To Mars With SpaceX But Journey Would Be Like A &#8216;Long Sea Voyage In Centuries Past&#8217;</a>
Why It Matters: The decision to retain the missile system in the Philippines comes amid a series of escalating tensions between the U.S. and China. 
Recently, President Joe Biden&#8216;s administration launched an investigation into a significant rise in <a href="https://www.benzinga.com/news/24/09/40896792/us-probes-surge-in-chinese-uranium-imports-amid-fears-of-russian-ban-evasion">enriched uranium imports from China</a>, suspecting it as a potential loophole for Russia to bypass a U.S. import ban. 
Additionally, key congressional panels have warned that the U.S. is lagging behind China in war preparedness. Lawmakers have <a href="https://www.benzinga.com/news/24/09/40936105/us-lagging-behind-china-in-war-preparedness-congressional-panels-warn">criticized outdated Pentagon procedures</a> and emphasized the need for faster technology transfers to allies.
Tensions in the South China Sea have also been on the rise. In June, a collision between Chinese and Philippine vessels near the Spratly Islands led to accusations of <a href="https://www.benzinga.com/news/24/06/39351335/us-ally-slams-chinas-claims-of-vessel-collision-as-deceptive-and-misleading-amid-rising-south-china">deceptive information from Beijing</a>. The Philippine military has previously condemned China&#8217;s actions as illegal within their exclusive economic zone.
Furthermore, a survey by the Pew Research Center revealed that the U.S. enjoys a significantly <a href="https://www.benzinga.com/news/24/07/39710570/us-has-better-global-image-than-china-survey-reveals">better global image</a> than China in numerous high- and middle-income countries. This perception plays a crucial role in the ongoing geopolitical rivalry between the two nations.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40931458/obama-era-economist-says-she-is-pleasantly-surprised-that-jd-vance-thinks-the-economy-is-too-strong?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Obama-Era Economist Says She Is &#8216;Pleasantly Surprised&#8217; That JD Vance Thinks The &#8216;Economy Is Too Strong For The Rate Cut&#8217;</a></li>
</ul>
Image Via Shutterstock 
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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

US Keeps Missiles Vital For Defence Of Taiwan In Philippines Despite Beijing's Demands For Removal: Report

With U.S. stock futures trading lower this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>FedEx Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) reported <a href="https://www.benzinga.com/news/earnings/24/09/40948046/fedex-q1-earnings-revenue-miss-eps-miss-lowered-guidance-challenging-quarter">weaker-than-expected results</a> for the first quarter of fiscal 2025 and lowered its full-year guidance. The company reported first-quarter revenue of $21.6 billion, missing analyst estimates of $21.955 billion, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The company reported first-quarter adjusted earnings of $3.60 per share, missing analyst estimates of $4.80 per share. FedEx shares tumbled 11% to $267.25 in the after-hours trading session.</li>
<li>Wall Street expects VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>) to report a quarterly loss at 21 cents per share on revenue of $460.09 million before the opening bell. VinFast Auto shares rose 0.2% to $3.9665 in after-hours trading.</li>
<li>Chewy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) announced a public offering by a selling stockholder and a concurrent share repurchase. Chewy shares fell 0.8% to $30.85 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>MillerKnoll, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLKN#NASDAQ">MLKN</a>) reported downbeat <a href="https://www.benzinga.com/news/earnings/24/09/40949071/millerknoll-stock-dips-after-q1-results-heres-why">first-quarter financial results</a> on Thursday. The company also said it sees second-quarter earnings of between 51 cents and 57 cents per share, versus the estimate of 61 cents, and second-quarter revenue in a range of $950 million to $990 million, versus the $948.12 million estimate. MillerKnoll shares declined 5.3% to $26.02 in the after-hours trading session.</li>
<li>Lennar Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) <a href="https://www.benzinga.com/news/earnings/24/09/40948948/homebuilder-lennar-reports-better-than-expected-q3-results-details">reported</a> better-than-expected financial results for the third quarter. The company said it sees fourth-quarter new orders in a range of 19,000 to 19,300 and deliveries between 22,500 and 23,000. The company expects the average sales price to be approximately $425,000. Lennar shares fell 2.4% to $187.75 in the after-hours trading session.</li>
</ul>
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</ul>
Photo courtesy: Shutterstock

CHWY

MLKN

FedEx, Lennar And 3 Stocks To Watch Heading Into Friday

Palantir Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) co-founder, Joe Lonsdale, has expressed his support for Tesla and SpaceX CEO Elon Musk&#8217;s <a href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next">acquisition of</a> Twitter, now rebranded as X.
What Happened: On Thursday, while appearing on CNBC&#8217;s Squawk Box, Lonsdale was asked about Musk&#8217;s sentiments toward his $44 billion purchase of Twitter. 
Lonsdale responded positively, suggesting that Musk&#8217;s acquisition was a crucial step for the preservation of the West.
&#8220;If Elon hadn&#8217;t bought Twitter, if he hadn&#8217;t done this, the entire West would be at 10x the threat,&#8221; he said and went on to underscore the significance of free speech in maintaining our civilization.
See Also: <a href="https://www.benzinga.com/news/23/05/32623067/how-to-take-the-perfect-moon-shot-using-an-iphone-14?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Take The Perfect Moon Shot Using An iPhone 15</a>
When probed about the financial implications of the acquisition, Lonsdale acknowledged a decrease in revenue due to brands pulling their support.
However, he contended that this was a result of illegal coordination and attacks, which he deemed &#8220;probably illegal.&#8221;
he stated that while brands have the right to withdraw their support, behind-the-scenes coordination to damage a company is inappropriate.
Musk also shared the clip from this discussion on X and said, &#8220;Thanks Joe.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Thanks Joe <a href="https://t.co/swbYEjVnGW">https://t.co/swbYEjVnGW</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1836806074638434556?ref_src=twsrc%5Etfw">September 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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Why It Matters: Musk&#8217;s acquisition of Twitter has been fraught with controversy. Just earlier this month, it was reported that X is expected to see a drastic <a href="https://www.benzinga.com/news/24/09/40762349/x-faces-major-advertiser-exodus-amid-string-of-elon-musk-controversies">reduction in advertising expenditure</a> in 2025, following a 26% decline in marketers' ad spending on the platform.
Last month, it was reported that since Musk&#8217;s acquisition, <a href="https://www.benzinga.com/startups/24/08/40533138/as-twitters-revenue-collapses-by-84-tesla-bulls-fear-elon-musk-will-liquidate-more-tesla-stock-bring">X&#8217;s revenue has plummeted by 84%</a>. This number also reportedly sparked fears among Tesla investors that Musk might sell more of his Tesla stock to fill the financial gap.
Previously, Meta Platforms Inc's president for global affairs, Nick Clegg, also criticized X for becoming a "tiny" platform for elites that <a href="https://www.benzinga.com/news/24/09/40852207/meta-exec-slams-elon-musks-x-as-tiny-platform-that-allows-anyone-say-anything">permits anyone to say anything</a>.
He also noted that individuals banned from Meta's platforms like Facebook and Instagram remain active on X and Telegram, and were involved in the far-right protests and riots in Britain last month.
Meanwhile, on Thursday morning, Palantir <a href="https://www.benzinga.com/news/24/09/40939510/palantir-stock-hits-52-week-highs-thursday-whats-going-on">shares made a new 52-week high</a>. This development came after the company got a new contract from the U.S. Army worth $99.8 million.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

PLTR

Palantir Co-Founder Joe Lonsdale Backs Elon Musk's Twitter Acquisition, Saying If He Had Not Bought It Then 'The Entire West Would Be At 10x The Threat'

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