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Pudgy Penguins is one of the most well-known NFT collections worldwide, and the floor price recently surpassed the $100,000 level as optimism builds for the launch of the $PENGU token. The takeover of the company and collection by Luca Netz in 2022 will go down as one of the biggest <a href="https://www.benzinga.com/markets/cryptocurrency/22/04/26449887/pudgy-penguins-founders-sell-control-how-new-leadership-is-boosting-the-floor-price">NFT storylines of all time.</a>
Here's a look back at the mint of Pudgy Penguins and how much you could have made investing $1,000 in the collection, and a look at what the future holds.
Pudgy Penguins History: Pudgy Penguins is a collection of 8,888 NFTs offering "good vibes" and "positivity for everyone." The <a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29895821/exclusive-why-luca-netz-fell-in-love-with-pudgy-penguins-whats-next-for-nfts" target="_blank" rel="noopener">collection w</a><a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29895821/exclusive-why-luca-netz-fell-in-love-with-pudgy-penguins-whats-next-for-nfts">as minted on </a>July 22, 2021, at a price of 0.03 Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) each.  
The collection sold out quickly and saw the floor price rise and draw attention from the New York Times and other outlets as one of the faces of the rapid rise of NFT popularity in 2021.
Two subsequent collections also launched with free claims for holders.
Pudgy Rods, originally <a href="https://media.pudgypenguins.com/post/rogs">misspelled </a>as Pudgy Rogs, were unveiled as what was hiding inside Pudgy Eggs, which were a free-to-claim NFT. The unveiling of the fishing rods and the misspelling upset the community and, for many, marked a turning point in the history of Pudgy Penguins.
Lil Pudgys is a collection of 22,222 NFTs, initially offered as a free claim for Pudgy Penguins holders, with the remaining NFTs made available for purchase through a mint. The collection debuted in December 2021.
The discontent within the community caused a decline in the Pudgy Penguins floor price. Frustrated by the project&#8217;s lackluster direction, the community voted to remove the founders from control.
In April 2022, entrepreneur Luca Netz bought Pudgy Penguins assets, the brand, company and more for 750 Ethereum, or around $2.5 million at the time.
The floor price jumped from a range of 0.7 ETH to 1.4 ETH to 2.5 ETH and beyond after Netz made the purchase. Optimism quickly spread, and the project appeared resurrected and brought back to life.
Since taking over, Netz has pushed Pudgy Penguins further and evolved the brand into Igloo Inc, which includes several other projects. He has also pushed the company into consumer products, a strategy that has benefitted holders who can collect licensing royalties.
Pudgy Penguins products have been found in stores like Walmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), Five Below (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>), Walgreens (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) and online through Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>). With distribution in over 10,000 stores, the brand has sold millions of items.
The company has generated over 50 billion views on social media and has over 34 billion GIF views.
Netz was a speaker at Benzinga's Future of Digital Assets events in 2022 and 2023, <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35787692/exclusive-pudgy-penguins-the-next-chapter-in-the-ultimate-web3-comeback-story" target="_blank" rel="noopener">where he shared</a> more about the future of the company.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Introducing <a href="https://twitter.com/search?q=%24PENGU&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENGU</a>, the official coin of Pudgy Penguins. Launching in 2024. Learn more below. <a href="https://t.co/J715bODcM6">pic.twitter.com/J715bODcM6</a>
&mdash; Pudgy Penguins (@pudgypenguins) <a href="https://twitter.com/pudgypenguins/status/1864851993094664602?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Pudgy Penguins recently announced the launch of the $PENGU token, which has led to a spike in the floor price, as holders will receive a portion of the new token.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34922268/pudgy-penguins-walmart-debut-marks-huge-step-forward-for-web3-nfts">Pudgy Penguins Walmart Debut Marks &#8216;Huge Step Forward&#8217; For Web3, NFTs</a>
Investing $1,000 in Pudgy Penguins: The rapid rise of NFTs in mid-2021 saw many who had experience in the cryptocurrency sector or who had built up familiarity with NFTs and the blockchain through NBA Top Shot, buy up new NFTs from collections, including Bored Ape Yacht Club.
Pudgy Penguins, launching on July 22, 2021, came right during the increased attention for the NFT sector and also when fees to mint NFTs were high.
Ethereum traded between $1,954.30 and $2,044.12 on July 22, 2021. This means the 0.03 ETH price was around $58 to $61. When factoring in gas fees, minting a Pudgy Penguin is estimated at around $90.
A $1,000 investment at the time could have purchased around 11 Pudgy Penguins. Since the mint, that would have also turned into 11 Lil Pudgys and 11 Pudgy Rods.
Here are the current floor prices of the three assets:
<ul>
<li>Pudgy Penguins: 27.4 <a href="https://opensea.io/collection/pudgypenguins">ETH</a>, $106,783.83</li>
<li>Lil Pudgy: 3.477 <a href="https://opensea.io/collection/lilpudgys">ETH</a>, $13,614.09</li>
<li>Pudgy Rods: 1.7949 <a href="https://opensea.io/collection/pudgyrods">ETH</a>, $6,995.12</li>
</ul>
Here is a look at what the $1,000 investment and owning 11 Pudgy Penguins would be worth at the time of writing:
<ul>
<li>11 Pudgy Penguins: $1,174,622.13</li>
<li>11 Lil Pudgys: $149,754.99</li>
<li>11 Pudgy Rods: $76,946.32</li>
<li>Total: $1,401,323.44</li>
</ul>
That's right, a $1,000 investment in cute Penguin NFTs would now be worth more than $1.4 million three and a half years later.
Compare that to a $1,000 investment in Ethereum at the time, which would be worth $1,908.06 today, based on a price of $3,900.87 at the time of writing and the high price back on July 22, 2021.
The same $1,000 invested in the SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500 stock index, would be worth $1,389.68 today.
What's Next: The launch of the $PENGU token will be a major catalyst for Pudgy Penguins and Igloo Inc that the cryptocurrency and NFT communities will be closely following.
Igloo Inc <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39936042/peter-thiel-founders-fund-lead-11m-investment-in-pudgy-penguins-parent-company-excited-to-">raised $11 million in July</a>, led by Peter Thiel's Founders Fund. The investment was said to help accelerate the development of Abstract, a blockchain designed to power consumer apps and drive mass adoption of cryptocurrency.
Pudgy Penguins is also building out Pudgy World and continues to lead the way in consumer products from NFT brands. At a previous Benzinga event, Netz shared that Pudgy Penguins had plans for books and could launch a movie or TV show in the future.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29895821/exclusive-why-luca-netz-fell-in-love-with-pudgy-penguins-whats-next-for-nfts">EXCLUSIVE: Why Luca Netz Fell In Love With Pudgy Penguins</a></li>
</ul>
Photo: IHERPHOTO2/Shutterstock.com

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If You Invested $1,000 In Pudgy Penguins NFTs At Mint, Here's How Much You'd Have Today

<h2 class="wp-block-heading">New On The Block</h2>
Intevac, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IVAC#NASDAQ">IVAC</a>), which manufactures technologies for applications like solar cells and hard disk drives, has undergone a makeover. With its old restructuring woes in the rearview mirror, the company&#8217;s forecasted EBITDA is looking a lot healthier — basically, it&#8217;s flexing its financial muscles. Now, investment bank Houlihan Lokey is putting out feelers to see what kind of strategic alternatives are out there, which basically means they're chatting with anyone who might want <a href="https://www.benzinga.com/topic/mergers-and-acquisitions">to ink a deal</a>.
<h2 class="wp-block-heading">Updates From The Block</h2>
Hershey Trust Co., holding a hefty 80% of the voting power at The Hershey Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>), recently told Mondelez International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>) to try again after <a href="https://www.benzinga.com/news/24/12/42398159/whats-going-on-with-hershey-stock-monday">rejecting their preliminary bid</a>, calling it &#8220;too low,&#8221; according to <a href="https://www.bloomberg.com/news/articles/2024-12-11/hershey-s-main-owner-said-to-reject-mondelez-s-offer-as-too-low?sref=TBDibEcD&amp;embedded-checkout=true">Bloomberg</a>. Meanwhile, Mondelez is wrestling with skyrocketing cocoa and coffee prices, possibly using that stress as fuel for their merger plans. Cocoa prices have gone through the roof—up over three times in the past year, and there was a 20% leap between October and November alone. Blame it on bad weather in cocoa-growing regions, shrinking global inventories, and the usual supply chain drama. Even BofA Securities analyst Peter T. Galbo jumped in, noting that Hershey looks like a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42483141/hershey-merger-talks-fail">pretty tasty merger target</a> amid all the cocoa chaos​.
Nippon Life Insurance wants to acquire all the shares it doesn&#8217;t already own in Resolution Life Group Holdings. The all-cash deal of $8.2 billion is the largest overseas acquisition ever by a Japanese insurer. It&#8217;s also only the second major deal Nippon Life has announced this year. It's clear that Japanese insurers, like Nippon Life, are on the lookout for opportunities abroad.
See Also: <a href="https://www.benzinga.com/general/space/24/12/42376708/nasa-mission-to-land-humans-on-moon-delayed-artemis-3-now-slated-for-mid-2027">NASA Mission To Land Humans On Moon Delayed &#8211; Artemis 3 Now Slated For&#8230;</a>
<h2 class="wp-block-heading">Off The Block</h2>
Dow agreed to sell a 40% stake in its U.S. Gulf Coast infrastructure assets to a fund managed by Macquarie Asset Management for $2.4 billion. The new partnership, cheekily named Diamond Infrastructure Solutions, will act as a go-to provider of top-tier infrastructure services for Dow and other industrial clients in Texas and Louisiana.
Novolex, the packaging giant backed by Apollo Global Management, has sealed the deal to acquire Pactiv Evergreen. The price hovers around <a href="https://www.benzinga.com/24/12/42395976/pactiv-evergreen-realreal-kodiak-sciences-and-other-big-stocks-moving-higher-on-monday">$3.22 billion</a>. The Wall Street Journal <a href="https://www.wsj.com/articles/apollo-backed-novolex-to-buy-pactiv-evergreen-for-3-22-billion-0e4815cf">reported</a> that the price tag equates to about $18 per share in cash, which is a sweet 23% premium over the stock's closing price of $14.66 on Dec. 6. It's also about 32% above where Pactiv's stock was trading on Dec. 2, right before rumors started flying about Apollo sniffing around for a takeover. 
<h2 class="wp-block-heading">Bankruptcy Block</h2>
The Onion's owners are upset with a bankruptcy judge for nixing their winning bid to buy Alex Jones&#8216; Infowars company. A federal bankruptcy judge declared <a href="https://www.benzinga.com/media/24/11/41982446/jokes-on-jones-onion-backed-by-families-of-sandy-hook-victims-buys-info-wars">last month's auction</a> and The Onion's offer "flawed," citing issues like a lack of transparency and an uneven playing field, as well as the failure to maximize value for Jones' creditors. This decision came after Elon Musk <a href="https://www.benzinga.com/24/11/42229130/elon-musks-x-objects-to-sale-of-conspiracy-theorist-alex-joness-infowars-accounts-to-the-onion-claims-ownership-over-joness-social-media">stirred the pot</a>. Jones vowed that even if Infowars gets shut down, he'll simply move his operations to his backup studios and keep broadcasting via satellites, stations, and of course, Musk&#8217;s X platform. Despite all the drama, the ruling was a rare victory for Jones, who's been battling legal claims from the families of victims from the Sandy Hook tragedy, which he defamed by calling it a hoax.
<h2 class="wp-block-heading">Notes From The Block</h2>
Fitch Ratings <a href="https://www.fitchratings.com/research/corporate-finance/us-corporate-m-a-could-accelerate-in-2025-credit-implications-mixed-02-12-2024">identified</a> several sectors with ample dry powder and legroom for acquisitions. They include construction, aerospace, gaming and leisure, healthcare, banking, and tech. Benzinga narrowed down which companies, based on growth potential and brand recognition, will likely attract suitors in 2025. These are primarily mid-size firms with market caps between $5 and $12 billion.
<ul>
<li>Dutch Bros Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BROS#NYSE">BROS</a>): This takeover target boasts expanding profits, minimal debt load, strong brand recognition, and potentially untapped markets in the coffee-crazed northeastern U.S.</li>
<li>Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>): On Dec. 10, news broke that Sycamore Partners was <a href="https://www.benzinga.com/24/12/42421855/walgreens-stock-jumps-on-report-of-potential-private-equity-sale-what-you-need-to-know">exploring an acquisition</a> of Walgreens, who intend to take the company private and potentially split up its divisions.</li>
<li>Roku Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>): ROKU's market cap is just under $12 billion, which is couch cushion cash for companies like Disney, Netflix, or Apple that could benefit from adding a hardware supplier</li>
<li>Zoom Video Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>): With a $26 billion market cap, Zoom needs a buyer with deep pockets like Google, Microsoft, or Apple, but the company has plenty of positive free cash flow and a sturdy balance sheet.</li>
</ul>
For <a href="https://www.benzinga.com/trading-ideas/24/12/42473024/5-merger-and-acquisition-targets-to-buy-before-trump-takes-over">more coverage, click here</a>.
For last week&#8217;s Deal Dispatch, <a href="https://www.benzinga.com/markets/24/12/42378209/deal-dispatch-ubisoft-in-buyout-talks-dental-supplier-explores-sale-beloved-drive-through-goes-bankrupt">click here</a>.
Now Read:
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<li><a href="https://www.benzinga.com/24/12/42391429/canopy-growth-closes-acreage-deal-expanding-us-cannabis-portfolio-heres-what-investors-need-to-know">Canopy Growth Wraps Up Acreage Acquisition Expanding US Cannabis Portfolio, What Investors Need To Know</a></li>
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Deal Dispatch: Hershey Wants More From Mondelez, Houlihan Shops Intevac, Onion And Infowars Saga Continues

With Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) hiking the starting price of its <a href="https://www.benzinga.com/tech/24/12/42495127/tesla-hikes-model-s-price-by-whopping-5000-in-us">Model S sedan by $5,000 on Friday</a>, all of its premium vehicle offerings now start at the same price point of $79,990.
What Happened: Tesla has three premium EV offerings: Model S, Model X, and Cybertruck. While the Model S is a sedan, the Model X is an SUV, and the Cybertruck is a battery-electric pickup truck. 
All three vehicles now have a starting price of $79,990 for their lower-priced variants. The more premium variant of the Cybertruck, called Cyberbeast, however, is priced higher than the higher-priced variants of Model S and Model X.
While the plaid variant of the sedan and SUV starts at $94,990, the premium variant of the Cybertruck called Cyberbeast starts at $99,990.
Which To Buy?
Given all three vehicles now start at the same price, which should you buy?
For drivers looking for the most range, the Model S offers the most ease of mind among its counterparts with 402 miles of range. 
The Cybertruck has the least range among Tesla&#8217;s premium offerings, but the company intends to offer a range extender for an estimated price of $16,000 for drivers looking to add more range. According to Tesla, customers can increase the range to over 445 miles with a range extender on the all-wheel drive variant.
However, <a href="https://www.benzinga.com/news/24/07/40009883/senior-tesla-executive-reveals-cybertruck-range-extender-will-not-be-removable-to-avoid-safety-risks">production of the alternate battery pack</a>, which will fit into the truck bed, is expected to begin in mid-2025 only.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Range </td>
<td>Starting Price</td>
</tr>
<tr>
<td>Model S All-Wheel Drive</td>
<td>402 miles</td>
<td>$79,990</td>
</tr>
<tr>
<td>Model S Plaid</td>
<td>348 miles</td>
<td>$94,990</td>
</tr>
<tr>
<td>Model X All-Wheel Drive</td>
<td>329 miles</td>
<td>$79,990</td>
</tr>
<tr>
<td>Model X Plaid</td>
<td>314 miles</td>
<td>$94,990</td>
</tr>
<tr>
<td>Cybertruck All-Wheel Drive</td>
<td>325 miles (Without range extender)</td>
<td>$79,990</td>
</tr>
<tr>
<td>Cyberbeast</td>
<td>301 miles (Without range extender)</td>
<td>$99,990</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: Tesla</figcaption></figure>
But the best option for a customer also depends on what they expect out of their vehicle. For customers looking for speed, the Model S plaid would be the best pick given the vehicle has a top speed of 200 mph and can accelerate to 60 mph from rest in just 1.99 seconds. 
For those looking to tow up to 5,000 lbs, the Model X is a good choice. However, for those looking to tow more, up to 11,000 lbs, the Cybertruck is a better pick.
Also, if you want your vehicle to <a href="https://www.benzinga.com/general/entertainment/24/02/37412516/they-clearly-have-great-taste-tesla-ceo-elon-musk-thrilled-by-growing-list-of-celebs-buying">stand out on the road</a>, the Cybertruck will be the best pick with its stainless steel and angular body. 
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 Next:
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<li><a href="https://www.benzinga.com/24/12/42481346/spacex-eyes-turning-its-starbase-site-into-a-city" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s SpaceX Wants To Turn Its Starbase Site Into A City</a></li>
</ul>
Photo courtesy: Tesla

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Tesla's Model S, Model X And Cybertruck Now Have The Same Starting Price: Which To Buy?

President-elect Donald Trump&#8217;s <a href="https://www.benzinga.com/24/12/42300549/paul-atkins-reportedly-tapped-for-sec-chair-under-trump-administration">nominee for the</a> Securities and Exchange Commission, Paul Atkins, is under ethical scrutiny following revelations of $3 million in consulting fees received by his firm, Patomak Global Partners. These payments came from entities that Atkins may soon oversee.
What Happened: Atkins, who established Patomak Global in 2009, has garnered support from trade groups within the crypto and investment sectors.
Some of these groups, which were clients of Patomak, have collectively paid the firm over $3 million over the past decade, <a href="https://www.barrons.com/amp/articles/trump-sec-pick-paul-atkins-patomak-e52c3585">reported</a> Barron&#8217;s, citing an analysis of public records.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42449593/tesla-stock-is-analysts-top-2025-sector-pick-elon-musks-political-involvement-will-accelerate-teslas-journey-beyond-autos?itm_source=parsely-api">Tesla Is Analyst&#8217;s Top 2025 Stock Pick: Elon Musk Political Involvement May &#8216;Accelerate&#8217; EV Maker Beyond Autos</a>
Patomak&#8217;s clientele includes banks, fintech firms, and cryptocurrency exchanges. Notably, the Investment Company Institute (ICI) compensated Patomak with over $1.5 million between 2014 and 2021.
The ICI has endorsed Atkins, citing his comprehension of the role of registered fund companies in the U.S. economy.
Atkins&#8217; potential role as SEC Chair could significantly influence ongoing and future enforcement actions against cryptocurrency firms.
His nomination is subject to Senate confirmation, where his previous work and compensation will likely be examined.
Why It Matters: Known for his pragmatic approach to regulation and a wealth of experience, Atkins is viewed as a potential disruptor in the financial services landscape, especially within the crypto industry.
His previous tenure as an SEC commissioner from 2002 to 2008, under President George W. Bush, along with his later work at Patomak, has solidified his reputation within conservative financial circles.
However, the Atkins is said to be <a href="https://www.benzinga.com/24/12/42300549/paul-atkins-reportedly-tapped-for-sec-chair-under-trump-administration">uncertain about taking</a> on the SEC role.
According to a source familiar with the situation, Atkins&#8217; hesitation is linked to the considerable work needed to overhaul what he perceives as a cumbersome and poorly managed agency during Gary Gensler&#8217;s leadership.
During Gensler&#8217;s leadership, the agency was criticized for its aggressive enforcement stance on cryptocurrency regulation, contributing to instability in a fast-changing market.
Previously, former CFTC Chairman Chris Giancarlo, known as &#8220;Crypto Dad,&#8221; advocated for <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42221726/crypto-dad-chris-giancarlo-advocates-for-passing-crypto-regulation-from-the-sec-to-another-commission-heres-why">transferring crypto regulation</a> from the SEC to the Commodity Futures Trading Commission.
Giancarlo argues that the CFTC&#8217;s lighter regulatory approach could foster innovation while maintaining market integrity.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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Trump's SEC Pick Paul Atkins Faces Ethical Scrutiny Over $3 Million In Consulting Fees From Entities He Could Soon Regulate: Report

Asset manager VanEck&nbsp;has projected a significant upswing in the cryptocurrency market, anticipating record&nbsp;highs by the end of&nbsp;2025. This prediction outlines expectations for&nbsp;Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)&nbsp;to reach approximately $180,000 and&nbsp;Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)&nbsp;to exceed $6,000.
What Happened: According to&nbsp;Matthew Sigel,&nbsp;head of digital asset research&nbsp;at VanEck, the firm <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vanecks-10-crypto-predictions-for-2025/">foresees</a> a 30% retracement in Bitcoin prices before these highs, with altcoins potentially experiencing&nbsp;sharper declines of up to&nbsp;60% during market consolidation in the summer.
VanEck also predicts the U.S.&nbsp;will adopt a Bitcoin strategic&nbsp;reserve in 2025, with regulators approving&nbsp;more crypto exchange-traded funds (ETFs),&nbsp;boosting institutional adoption.
This includes new SEC leadership approving multiple spot crypto ETPs, with Ethereum ETPs featuring staking and&nbsp;both Ethereum and Bitcoin ETPs&nbsp;allowing in-kind transactions and redemptions.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42440369/bitcoins-next-move-105000-or-85000-poll-finds-over-60-say?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Next Move: $105,000 Or $85,000? Poll Finds Over 60% Say…</a>
Why It Matters: The cryptocurrency market has been a focal point for analysts and investors alike, with predictions of significant growth by 2025. A&nbsp;<a href="https://www.benzinga.com/24/12/42495703/bitcoins-2025-price-target-set-at-175k-minimum-analyst-predicts">recent analysis</a>&nbsp;highlighted Bitcoin&#8217;s potential to reach a minimum of $175,000, despite market fluctuations. This aligns with&nbsp;VanEck&#8217;s&nbsp;optimistic outlook.
However, the path to these highs may not be smooth. Analyst&nbsp;Michaël van de Poppe&nbsp;warned of potential&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">flash crashes</a>, suggesting strategic entry points for investors during these dips. This sentiment was echoed in another report indicating that Bitcoin and Ethereum are <a href="https://www.benzinga.com/24/11/42022585/michael-van-de-poppe-says-bitcoin-ethereum-and-altcoins-close-to-the-point-where-investors-can-buy-the-dip">nearing critical buying levels</a>.
Additionally, Bitcoin&#8217;s role in global economic strategies is evolving. At a recent conference, Anthony Pompliano emphasized Bitcoin&#8217;s potential as a <a href="https://www.benzinga.com/news/events/24/12/42484380/bitcoin-isnt-just-a-financial-tool-pompliano-calls-it-a-sovereignty-strategy">sovereignty strategy</a>, highlighting its use as a hedge against sanctions and its growing influence on national financial resilience.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42495680/crypto-analyst-foresees-altcoin-rally-and-sets-crucial-bitcoin-support-level">Crypto Analyst Foresees Altcoin Rally And Sets Crucial Bitcoin Support Level</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Analyst Color

Markets

$BTC

Crypto Market Predicted To Surge To All-Time Highs By Late 2025, But A 30% Drop In Bitcoin Prices Could Come First

The Trump transition team reportedly wants the incoming administration to abolish the requirement to report car crashes. This move could potentially favor Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) led by <a href="https://www.benzinga.com/news/management/24/12/42444955/elon-musk-first-person-worth-400-billion-as-tesla-stock-hits-new-all-time-highs-how-2024-election-helped-could-lead-to-future-gains">Trump&#8217;s ally</a> Elon Musk.
What Happened: The recommendation could potentially impede the government&#8217;s capacity to regulate and investigate the safety of vehicles equipped with automated driving systems, Reuters reported, citing a document. The rule requires automakers to report crashes if advanced driver assistance or autonomous driving technologies are engaged within 30 seconds of impact. 
Tesla, under the leadership of the world&#8217;s wealthiest individual, Elon Musk, has been a strong critic of this requirement. The electric vehicle manufacturer has reported over 1,500 crashes&nbsp;to federal safety regulators under&nbsp;this program, the report noted. Alliance for Automotive Innovation,&nbsp;a trade group representing&nbsp;major automakers, has also previously criticized the requirement.
The proposal to eliminate the rule was put forth by a transition team responsible for devising&nbsp;a 100-day strategy for automotive&nbsp;policy. The team deemed the requirement as a mandate for &#8220;excessive&#8221; data collection, the report said.
Why It Matters: The National Highway Traffic Safety Administration (NHTSA) in a statement to Reuters emphasized the importance of such data for assessing the safety of emerging automated-driving technologies.
The agency said that it has received and analyzed data of over 2700 crashes since it established the rule in 2021 and the data influenced ten investigations into six companies and nine safety recalls involving four different companies.
The transition team also called upon the incoming administration to &#8220;liberalize&#8221; autonomous vehicle regulation and to enact &#8220;basic regulations to enable development&#8221; of the industry, Reuters reported. 
Musk&#8217;s Tesla is developing a set of advanced driver assistance features called full self-driving with which it intends to enable <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42038624/tesla-stock-is-trading-higher-monday-whats-going-on">vehicle autonomy in due time.</a> 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/24/12/42481346/spacex-eyes-turning-its-starbase-site-into-a-city" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s SpaceX Wants To Turn Its Starbase Site Into A City</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla

Trump Transition Team Advocates For Abolishing Car-Crash Reporting Rule, Tesla Stands To Gain: Report

xAI founder Elon Musk has received support from Mark Zuckerberg's Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) in his fight against Sam Altman-led OpenAI's for-profit transition.
What Happened: In a letter to California Attorney General Rob Bonta, Meta argues that OpenAI should not convert assets developed under its non-profit status for private gain, as reported <a href="https://www.wsj.com/tech/ai/elon-musk-open-ai-lawsuit-response-c1f415f8">by</a> The Wall Street Journal.
The letter suggests that Musk&nbsp;is well-suited to represent Californian interests in this matter. This move is significant given Musk&#8217;s recent public disagreements with&nbsp;Mark Zuckerberg&nbsp;over AI advancements.
OpenAI, originally a non-profit, gained commercial success with ChatGPT, generating substantial revenue. CEO&nbsp;Sam Altman&nbsp;has stated that transitioning to a for-profit model is essential for attracting investors and sustaining growth.
However, Meta contends that this shift could have major implications for Silicon Valley, potentially encouraging other startups to exploit non-profit status for initial funding.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/12/42410722/micron-technology-stock-jumps-in-pre-market-after-securing-6-1b-investment-for-us-chip-manufacturing?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Micron Technology Stock Jumps In Pre-Market After Securing $6.1B Investment For US Chip Manufacturing</a>
Meta&#8217;s concerns also stem from its competitive interests, as Zuckerberg aims for Meta AI to become a leading assistant globally. The company is committed to transparency in AI development and insists on OpenAI adhering to its original charitable mission.
Why It Matters: The conflict over OpenAI&#8217;s transition has been brewing for some time. Musk&nbsp;has been vocal about his opposition, even <a href="https://www.benzinga.com/tech/24/12/42257564/musk-goes-to-court-to-block-openais-for-profit-transition">filing for a court injunction</a> to block the transition.
Musk&#8217;s legal team has requested an injunction from Judge Yvonne Gonzalez Rogers to prevent OpenAI from becoming a for-profit entity.
Further complicating the situation, OpenAI has accused Musk of undermining the company after failing to gain control during earlier negotiations. OpenAI revealed that Musk <a href="https://www.benzinga.com/news/legal/24/12/42493076/openai-challenges-musks-lawsuit-reveals-2017-profit-talks">initially supported</a> restructuring the organization into a for-profit entity in 2017 but abandoned the idea when his proposal to hold majority control was rejected.
This legal and public battle highlights the broader concerns about the commercialization of AI technology and the ethical implications of transitioning from non-profit to for-profit models. The outcome of this dispute could set a precedent for other AI companies considering similar transitions.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/12/42479401/nancy-pelosis-stock-pick-broadcom-shoots-15-in-friday-pre-market-as-broadcom-ceo-sees-opportunity-over-the-next-3-years-in-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nancy Pelosi&#8217;s Stock Pick Broadcom Shoots 15% In Friday Pre-Market As Broadcom CEO Sees &#8216;Opportunity Over The Next 3 Years In AI'</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock

Elon Musk Finds An Unlikely Ally In Mark Zuckerberg's Meta In His Fight Against Sam Altman's OpenAI

On Friday, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook reportedly met with President-elect Donald Trump at Mar-a-Lago. 
What Happened: This meeting marks Cook&#8217;s first interaction with Trump since his re-election last month. Cook and Trump dined together on the patio, <a href="https://www.nytimes.com/2024/12/13/technology/trump-tim-cook-mar-a-lago.html">reported</a> The New York Times, citing two people with knowledge of the meeting.
The meeting is part of a series of <a href="https://www.benzinga.com/markets/24/11/42227958/mark-zuckerberg-and-trump-reportedly-met-at-mar-a-lago">visits by tech leaders to Florida</a>, including Meta Platforms, Inc.'s Mark Zuckerberg and Alphabet Inc. CEO Sundar Pichai.
The discussions provide Cook an opportunity to seek Trump&#8217;s support on issues affecting Apple, such as European regulatory pressures on the App Store and <a href="https://www.benzinga.com/news/large-cap/24/11/41774549/trumps-big-tech-policies-what-gop-victory-means-for-apple-google-microsoft">potential tariffs that</a> could impact iPhone sales.
See Also: <a href="https://www.benzinga.com/24/12/42431109/did-elon-musk-just-give-his-nod-to-apple-tv-show-slow-horses-his-reaction-to-tim-cooks-post-about-meeting-jack-lowden-sparks-interest?itm_source=parsely-api">Is Elon Musk Apple TV&#8217;s &#8216;Slow Horses&#8217; Fan? His Reply To Tim Cook Has Everyone Guessing</a>
Meanwhile, other tech giants are working to <a href="https://www.benzinga.com/media/24/12/42407739/trump-announces-plans-to-have-dinner-with-amazon-founder-jeff-bezos-as-billionaire-rivals-turn-unexpected-allies-after-years-of-clashes">mend their ties with Trump</a>, with Amazon.com Inc. founder Jeff Bezos scheduled to meet Trump next week.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Cook's relationship with Trump has been notably warmer compared to other tech executives, which has helped <a href="https://www.benzinga.com/24/11/42158580/how-tim-cooks-strategy-to-win-over-trump-gave-apple-a-competitive-edge-and-why-sundar-pichai-mark-zuckerberg-and-others-might-be-following-his-playbook">Apple avoid tariffs during</a> Trump&#8217;s first term.
With Trump&#8217;s re-election, his proposed tariffs could significantly impact companies like Apple, which relies heavily on Chinese manufacturing.
Previously, it was reported that Apple and Nvidia Corp. suppliers are <a href="https://www.benzinga.com/24/11/42001994/nvidia-and-apple-suppliers-brace-for-trumps-return-foxconn-pegatron-quanta-ready-for-rapid-us-investment-surge-amid-trade-policy-shifts">preparing for potential shifts</a> in trade policies, with companies like Foxconn ready to expand U.S. operations if necessary.
Trump has previously shown a willingness to support Cook&#8217;s concerns. In a conversation with Patrick Bet-David earlier this year, <a href="https://www.benzinga.com/news/24/10/41395202/tim-cook-called-to-complain-about-billions-in-eu-fines-imposed-on-apple-says-trump-im-not-going-to-l">Trump recalled a conversation</a> with Cook regarding European fines against Apple.
"He [Cook] called me two, three hours ago," the President-elect stated at the time, quoting the Apple CEO saying, "The EU has just fined us $15 billion … Then on top of that, they got fined by the EU another $2 billion."
Price Action: Apple&#8217;s stock saw a modest gain of 0.069% on Friday, closing at $248.13. Year-to-date, Apple shares have climbed 33.66%, narrowly outperforming the Nasdaq 100 index, which has risen 31.65% during the same timeframe.
Latest ratings from Morgan Stanley, Needham, and Wedbush set an average target of $277.67, implying an upside potential of 11.96%, as per <a href="http://pro.benzinga.com/">Benzinga Pro data</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/AAPL/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/14024523/Screenshot-2024-12-14-at-1.15.18%E2%80%AFPM-1024x378.png" alt="" class="wp-image-692419" /></a></figure>
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/12/42458637/nvidia-refutes-claims-of-reducing-supplies-to-china-amid-antitrust-investigation?itm_source=parsely-api">Nvidia Refutes Claims Of Reducing Supplies To China Amid Antitrust Investigation</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Politics

AAPL

GOOGL

Tim Cook Dines With Donald Trump At Mar-a-Lago To Strengthen Apple's Position As Zuckerberg And Pichai Repair Ties, While Jeff Bezos Prepares For His Turn: Report

Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price trajectory continues to capture attention as analysts forecast significant gains by 2025. Despite recent market fluctuations, experts maintain a bullish outlook, projecting substantial growth in the coming years.
What Happened: Bitcoin has consistently closed above $95,000 since Nov. 27, indicating robust investor interest. Despite market volatility, an&nbsp;Ernst and Young&nbsp;consultant remains optimistic about Bitcoin&#8217;s 2025 price potential.
Danny Marques, a researcher in the Bitcoin mining sector, shared insights from a study examining Bitcoin&#8217;s past bull cycles. The study analyzed Bitcoin&#8217;s post-halving performance and projected targets using Fibonacci extensions.
Marques noted that Bitcoin historically peaks around certain Fibonacci levels, with the minimum target for each cycle being the 1.618 level.
"During the last 3 cycles, Bitcoin has hit the 1.618 fib EVERY single time, just a fact. So with that in mind, we can deduce that the 1.618 fib for this cycle is a base case target at $173k. This represents a +78% move from current price," he said.
See Also: <a href="https://www.benzinga.com/24/12/42495680/crypto-analyst-foresees-altcoin-rally-and-sets-crucial-bitcoin-support-level">Crypto Analyst Foresees Altcoin Rally And Sets Crucial Bitcoin Support Level</a>
Assuming stable macroeconomic conditions, Marques anticipates Bitcoin&#8217;s price could range between $173,646 and $461,135 in 2025. This prediction is based on previous cycle patterns and Fibonacci analysis.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Many are curious at what price will <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> top this cycle. Let&#39;s evaluate prior cycle tops to assess &#x1f447; I will start out with my <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> target for 2025, at a minimum: $173,646 Using fibonacci levels to &quot;back-test&quot; the last 3 cycles we can deduce that Bitcoin has topped near the… <a href="https://t.co/WYxTN80bPy">pic.twitter.com/WYxTN80bPy</a>
&mdash; Danny Marques &#x7C; Investing Informant &#x1f4ca;&#x1f4c8; (@Invst_Informant) <a href="https://twitter.com/Invst_Informant/status/1867332649070514333?ref_src=twsrc%5Etfw">December 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Meanwhile,&nbsp;On-Chain College, an anonymous Bitcoin analyst, observed that Bitcoin miners are holding onto their BTC more than ever.
The analyst highlighted a significant decrease in miners&#8217; net position change, dropping from 41,000 BTC in January 2021&nbsp;to 3,700 BTC in December. This shift indicates a trend of miners retaining their Bitcoin rather than selling for immediate profit.
<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">Bitcoin Miner Net Position Change TL;DR Miners are diamond handing their BTC. During the big bull run in 2021, we saw miners change their net position by as high as 41K BTC over a month change period. Since the BTC price was 3 to 4 times lower in 2021, we could rationally say… <a href="https://t.co/K3amevqHJR">pic.twitter.com/K3amevqHJR</a>
&mdash; On-Chain College (@OnChainCollege) <a href="https://twitter.com/OnChainCollege/status/1867219866635104578?ref_src=twsrc%5Etfw">December 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The bullish predictions come amid a backdrop of recent market corrections.
Leading cryptocurrency analyst&nbsp;Michaël van de Poppe&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">warned of potential</a> &#8220;4-6 flash crashes&#8221; as Bitcoin approached $100,000. Despite these anticipated drops, van de Poppe suggested these could offer strategic entry points for investors.
Furthermore, Bitcoin&#8217;s role as a financial tool is evolving. At the&nbsp;<a href="https://www.benzinga.com/news/events/24/12/42484380/bitcoin-isnt-just-a-financial-tool-pompliano-calls-it-a-sovereignty-strategy">Benzinga Future of Digital Assets conference</a>,&nbsp;Anthony Pompliano&nbsp;emphasized Bitcoin&#8217;s potential as a sovereignty strategy.
He highlighted its growing influence in global economic strategies and as a hedge against sanctions, particularly in light of geopolitical events like the Russia-Ukraine conflict.
Price Action: Bitcoin is currently trading at $101,789, up 1.58% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
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<li><a href="https://www.benzinga.com/24/12/42477447/dogecoins-fate-tied-to-bitcoin-not-worth-overly-focusing-on-analyst-says-as-apex-memecoin-mirrors-btcs-pullback?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin&#8217;s Fate Tied To Bitcoin, Says Crypto Analyst: &#8216;Sit Back And Wait&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image generated using Dall-E

Bitcoin's 2025 Price Target Set At $175K Minimum, Analyst Predicts

Well-known crypto analyst Michaël van de Poppe has predicted a potential surge in the altcoin market, following a period of stagnation. The analyst has also identified a critical support level for&nbsp;Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)&nbsp;to maintain its upward trajectory.
What Happened: Van de Poppe suggests the altcoin market is poised for an upswing after hitting a low.
The analyst shared with his 751,700 followers on X that the OTHERS chart, which monitors the market cap of all cryptocurrencies except the top 10 coins and stablecoins, is showing&nbsp;a bullish pattern on the&nbsp;weekly timeframe.
"The altcoin market capitalization (OTHERS) has bottomed out. There is a bullish divergence and a strong move upwards, which suggests that we're likely just making a higher low here. Onwards and upwards," he said.
<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">The <a href="https://twitter.com/hashtag/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoin</a> market capitalization (OTHERS) has bottomed out. There is a bullish divergence and a strong move upwards, which suggests that we&#39;re likely just making a higher low here. Onwards and upwards. <a href="https://t.co/bxu5Mk4XnY">pic.twitter.com/bxu5Mk4XnY</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1867309197840527860?ref_src=twsrc%5Etfw">December 12, 2024</a></blockquote>
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</figure>
Van de Poppe also forecasts a significant rise for&nbsp;Aptos (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">APT</a>), predicting it will climb over 41% from its current price. He expects APT to reach targets of $17 and $20, with APT currently trading at $14.18, marking a 3% increase in the past day.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42482064/shiba-inu-burns-13-million-coins-in-24-hours-shib-chart-looks-primed-for-launch-very-soon-says-trader?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Burns 13 Million Coins In 24 Hours: &#8216;SHIB Chart Looks Primed For Launch Very Soon,&#8217; Says Trader</a>
Regarding&nbsp;Bitcoin, the analyst emphasizes the importance of maintaining a support level above $98,000 to sustain its upward momentum. BTC is currently valued at $101,170, rebounding from a brief dip into the $99,000 range.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> looks ready to continue moving upwards. It needs to hold above $98K and then we&#39;re good to go. <a href="https://t.co/UOvCJYMWSJ">pic.twitter.com/UOvCJYMWSJ</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1867487121575227468?ref_src=twsrc%5Etfw">December 13, 2024</a></blockquote>
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</figure>
Why It Matters: In the weeks leading up to this prediction,&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">van de Poppe</a>&nbsp;had warned of potential <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">&#8220;4-6 flash crashes&#8221;</a> for Bitcoin as it approached the $100,000 mark.
These corrections were expected to cause Bitcoin to drop by 5-10% in a single day, while altcoins could see even larger declines of 20-30%.
Despite these potential setbacks, van de Poppe suggested that these dips could <a href="https://www.benzinga.com/24/11/42022585/michael-van-de-poppe-says-bitcoin-ethereum-and-altcoins-close-to-the-point-where-investors-can-buy-the-dip">serve as strategic entry points</a> for investors, as Bitcoin&#8217;s consolidation might trigger an altcoin rally.
This aligns with the <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42389596/xrp-price-surges-328-in-a-month-outpaces-bitcoin-ethereum-how-high-can-xrp-go">recent surge</a> in XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), which has outperformed Bitcoin and Ethereum, driven by favorable legal developments.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42446237/xrp-price-explodes-20-to-2-43-after-ripple-receives-rlusd-stablecoin-approval?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">XRP Price Explodes 20% To $2.43 After Ripple Receives RLUSD Stablecoin Approval</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

$APT

$XRP

Crypto Analyst Foresees Altcoin Rally And Sets Crucial Bitcoin Support Level

Peter Thiel has voiced his support for the Elon Musk-led <a href="https://www.benzinga.com/topic/department-of-government-efficiency">Department of Government Efficiency</a> initiative, suggesting it could be a key strategy to prevent significant tax increases.
What Happened: During an interview on Thursday with Piers Morgan, Thiel noted that while many in Washington doubt the success of DOGE, he cautions against underestimating Musk&#8217;s potential.
The PayPal co-founder pointed out the unsustainable nature of the U.S. government&#8217;s 6% GDP deficit, indicating that the nation faces a choice between cutting spending and waste or imposing substantial tax hikes.
He pointed out that the recent U.S. election reflects a preference against European-style socialist tax increases, making initiatives like DOGE essential.
See Also: <a href="https://www.benzinga.com/general/social-media/24/12/42406434/meta-and-youtube-remove-accounts-of-luigi-mangione-but-x-reinstates-profile-elon-musk-says-happened-without-my-knowledge?itm_source=parsely-api">Meta And YouTube Remove Accounts Of Luigi Mangione, But X Reinstates Profile: Elon Musk Says, &#8216;Happened Without My Knowledge&#8217;</a>
In response to Thiel&#8217;s comments, Musk concurred, stating, &#8220;Peter is right on all counts.&#8221;&nbsp;
<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">Peter is right on all counts <a href="https://t.co/YIUCVJ6mXy">https://t.co/YIUCVJ6mXy</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1867479072114348219?ref_src=twsrc%5Etfw">December 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The DOGE initiative, led by Musk and Vivek Ramaswamy, aims to streamline federal spending and reduce the <a href="https://www.benzinga.com/24/11/42253427/elon-musks-doge-dream-team-from-marc-andreessen-to-ubers-travis-kalanick-silicon-valley-titans-join-forces-to-overhaul-federal-spending">budget by up to $2 trillion</a>.
The initiative has attracted Silicon Valley&#8217;s top minds to identify cost-cutting opportunities.
Ramaswamy has previously stated that most government projects should have a clear end date, with <a href="https://www.benzinga.com/startups/24/12/42391076/vivek-ramaswamy-says-most-government-projects-should-come-with-a-clear-expiry-date-heres-when-he-says-doge-will-end">DOGE set to conclude on July 4, 2026</a>, aligning with America&#8217;s 250th Independence Day.
Last month, Mario Georgiou, CFA, and executive director, Head of Investments at InCred Global Wealth U.K., stated that the DOGE has the potential to achieve <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">annual savings of $50–100 billion</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Wikimedia

Peter Thiel Believes Elon Musk's DOGE Initiative Is The Answer To Avoiding Massive Tax Hikes: Tesla CEO Says He Is 'Right On All Counts'

The much-awaited reconstitution of the Nasdaq 100 index has taken place, resulting in the addition of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) proxy MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>), and Axon Enterprise Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>).
This change will take effect before the market opens on Dec. 23, 2024.
What Happened:&nbsp;Nasdaq&nbsp;announced on Saturday the results of its&nbsp;annual reconstitution of the Nasdaq-100&nbsp;Index.
The Nasdaq-100 Index, a benchmark for non-financial companies on the Nasdaq, was launched in January 1985. It serves as a basis for financial products like&nbsp;options, futures, and funds.
The&nbsp;annual reconstitution aligns&nbsp;with the quadruple witch expiration&nbsp;Friday of the quarter, a strategic timing for the index.
See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42477447/dogecoins-fate-tied-to-bitcoin-not-worth-overly-focusing-on-analyst-says-as-apex-memecoin-mirrors-btcs-pullback?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin&#8217;s Fate Tied To Bitcoin, Says Crypto Analyst: &#8216;Sit Back And Wait&#8217;</a>
As a result of this reconstitution,&nbsp;three companies will be removed&nbsp;from the index:&nbsp;Illumina, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>),&nbsp;Super Micro Computer, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), and&nbsp;Moderna, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>).
The Nasdaq-100 Index is integral to the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which seeks to mirror the index&#8217;s performance. Options, futures, and structured products based on the Nasdaq-100 Index and the Invesco QQQ Trust are traded on various exchanges.
Why It Matters: The inclusion of&nbsp;MicroStrategy&nbsp;in the Nasdaq-100 could significantly boost its visibility and attract fresh inflows from major ETFs like QQQ.
Analysts at Bernstein have suggested that this move, combined with MicroStrategy&#8217;s aggressive&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42433049/microstrategy-nasdaq-100-inclusion-on-the-horizon-could-spell-59-upside-says-bernstein">Bitcoin acquisition strategy</a>, could lead to a 59% upside for the company, with a target price of $600.
Meanwhile,&nbsp;Palantir&nbsp;is positioned to become &#8220;the next Oracle&#8221; in 2025, according to Wedbush Securities' Dan Ives. The company&#8217;s AI platform is seen as a transformative force in enterprise operations, with significant results already demonstrated through its Warp Speed manufacturing operating system.
This development could further enhance Palantir&#8217;s standing in both government and commercial sectors, as highlighted in Ives&#8217;&nbsp;<a href="https://www.benzinga.com/24/12/42453057/palantir-positioned-to-become-the-next-oracle-in-2025-says-dan-ives-messi-of-ai-set-for-breakout-year">annual sector outlook</a>.
On the other hand,&nbsp;Super Micro Computer&nbsp;finds itself removed from the index, despite benefiting from the surging demand for AI infrastructure. The company faced challenges due to a <a href="https://www.benzinga.com/24/12/42445956/smci-teeters-on-edge-of-nasdaq-100-is-friday-d-day-for-super-micro">recent auditing scandal</a>, which significantly impacted its market capitalization.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Equities

AXON

ILMN

MRNA

MSTR

PLTR

SMCI

MicroStrategy, Palantir, Axon Added To Nasdaq 100: Super Micro Computer, Moderna, Illumina Exit The Index

U.S. lawmakers have issued a directive to Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and 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>) Google to prepare for the removal of ByteDance-owned TikTok from their app stores by Jan. 19.
What Happened: This move follows a federal appeals court ruling that requires <a href="https://www.benzinga.com/topic/tiktok">ByteDance to divest TikTok</a> in the U.S. or face a ban.
Representatives John Moolenaar and Raja Krishnamoorthi have urged TikTok CEO Shou Zi Chew to sell the app, which is used by 170 million Americans, reported Reuters.
&#8220;Congress has acted decisively to defend the national security of the United States and protect TikTok's American users from the Chinese Communist Party. We urge TikTok to immediately execute a qualified divestiture,&#8221; the lawmakers wrote.
See Also: <a href="https://www.benzinga.com/24/12/42428505/google-asks-ftc-to-kill-microsofts-monopoly-over-hosting-openai-technology-on-its-cloud-servers-report?itm_source=parsely-api">Google Wants FTC To Dismantle Microsoft&#8217;s Exclusive Cloud Hosting Deal With OpenAI: Report</a>
Why It Matters: The push for TikTok&#8217;s removal comes after a series of legal and political challenges. Earlier this month, <a href="https://www.benzinga.com/24/12/42369266/meta-reddit-stocks-climb-record-highs-as-tiktoks-battle-against-us-ban-continues-after-court-ruling">TikTok lost a court appeal</a> against a U.S. ban.
The ruling upheld legislation requiring TikTok to sell to a non-Chinese owner or face removal from U.S. app stores by Jan. 19, 2025.
On Monday, ByteDance and TikTok sought an emergency block on the law pending a U.S. Supreme Court review.
The Department of Justice stated that while the ban wouldn&#8217;t immediately stop current users from accessing TikTok, it would eventually make the app unusable due to lack of support.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
In response on Thursday, TikTok warned that without a court order, the app would vanish from stores on Jan. 19, affecting half of the U.S. population.
Meanwhile, President-elect Donald Trump has <a href="https://www.benzinga.com/news/24/07/39827954/trump-for-tiktok-competition-to-mark-zuckerberg-if-you-dont-have-tiktok-you-have-facebook-and-instag">pledged to prevent the ban</a>, and Senator Josh Hawley expressed hope for a sale, citing concerns over Chinese oversight.
Previously in October, leaked documents revealed that TikTok was aware of the potential harm its <a href="https://www.benzinga.com/news/24/10/41305213/leaked-documents-tiktok-knew-algorithm-had-harmful-effects-on-children">algorithm could inflict on children</a>. This revelation was part of a multi-state investigation into the platform&#8217;s allegedly addictive nature.
There have been speculations about potential buyers for TikTok. In September, it was reported reported that <a href="https://www.benzinga.com/news/24/09/40866761/is-amazon-eyeing-tiktok-for-a-possible-acquisition">TikTok was strengthening ties</a> with Amazon.com Inc., sparking rumors of a possible acquisition.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Social Media

GOOG

Apple, Google Directed To Remove TikTok From Respective App Stores By Jan 19: Here's What You Need To Know

Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) and Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) are reportedly planning to contribute to President-elect Donald Trump&#8216;s inaugural committees. 
What Happened: Both the U.S.&#8217;s second-largest lender and the investment bank are yet to decide on the amount they intend to contribute, Reuters reported on Friday, citing spokespeople for both banks. 
Bank of America contributed $1 million to Trump&#8217;s 2017 inauguration. JPMorgan Chase &amp; Co. then donated $500,000. The latter did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga</a>&#8216;s request for comment on whether it intends to contribute this year. 
BofA also contributed a million dollars to President Joe Biden&#8217;s <a href="https://www.benzinga.com/news/21/04/20727582/corporate-america-helped-pour-61m-into-biden-inaugural-committee-here-are-the-companies-that-donated">inaugural fund in 2021</a>.
Why It Matters: An inaugural committee is appointed by the President-elect to be in charge of the presidential inaugural ceremony and activities connected with the ceremony.
It needs to disclose the donations it received to the Federal Election Commission no later than 11:59 p.m. Eastern Time on the 90th day following the date of the <a href="https://www.benzinga.com/general/education/17/01/8899048/does-the-stock-market-respond-to-presidential-inaugurations">presidential inaugural ceremony. </a>
The inaugural committee will plan and finance events excluding the swearing-in ceremony such as opening ceremonies and parades. 
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</ul>
Photo courtesy: Flickr

BofA, Goldman Sachs To Contribute To Trump's Inaugural Committees: Report

SpaceX investor Steve Jurvetson said on Friday that its <a href="https://www.benzinga.com/topic/starlink">Starlink manufacturing line</a> makes 4.7 million terminals every year.
What Happened: &#8220;The Starlink manufacturing line is the closest thing to a fully automated alien dreadnought that I have ever seen. It makes 4.7 million terminals per year, and growing. One subsection is the largest printed circuit board factory in America,&#8221; Jurvetson said in a post on social media platform X, formerly Twitter.
Jurvetson is a venture capitalist <a href="https://www.benzinga.com/24/12/42284383/spacex-in-talks-for-tender-offer-valuing-company-at-about-350b-report">who invested early</a> in Elon Musk&#8217;s SpaceX. He is also on the company&#8217;s Board of Directors.
The manufacturing line Jurvetson referred to is at the company&#8217;s Starlink terminal manufacturing facility in Bastrop, Texas.
SpaceX said in a post on social media platform X in September that it is providing connectivity to over 4 million people around the globe while adding that the customers are spread across over 100 countries, territories, and other markets. Starlink announced that it is connecting over 3 million customers merely a few months back on May 20, implying that the segment added a million customers in just 4 months.
Why It Matters: SpaceX COO&nbsp;Gwynne Shotwell&nbsp;said at a conference hosted by Baron Capital last month that the company will make &#8220;some money&#8221; on Starlink this year. Starlink is the satellite internet segment of SpaceX. It achieved a&nbsp;<a href="https://www.benzinga.com/news/23/11/35583773/spacex-ceo-elon-musk-says-starlink-business-has-achieved-breakeven-cash-flow-is-an-ipo-on-the-cards" target="_blank" rel="noreferrer noopener">breakeven cash flow</a>&nbsp;in November 2023.
&#8220;We are going to make some money on Starlink this year. But ultimately I think Starship (the company's new rocket under development) will be the thing that takes us over the top as one of the most valuable companies,&#8221; she said. However, Shotwell refused to divulge more of the private company&#8217;s financials.
Investors can leverage Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>) and Cathie Wood‘s Ark Venture Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKVX#NASDAQ">ARKVX</a>) to participate in SpaceX's growth.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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</ul>
Photo courtesy: Wikimedia

SPACE

ARKVX

DXYZ

SpaceX's Starlink Manufacturing Line Makes 4.7 Million Terminals Per Year, Says Investor

&#8220;I love everything about Costco,&#8221; the late veteran investor Charlie Munger said during the Daily Journal&#8217;s annual shareholder meeting back in February 2023.
Zoom in the future, the company has reported fiscal 2025&#8217;s <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/12/42483334/from-4-2-million-thanksgiving-pies-to-record-pizza-sales-costco-hits-4-major-milestones-in-q1-beating-earnings-estimates">first-quarter revenue and earnings per share</a> beating analyst estimates.
What Happened: Munger, who passed away last year, had a seat on Costco Wholesale Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) board till his death. This seat was first offered to Warren Buffett in 1997, which he declined, saying that retailing was a difficult business.
On the other hand, Munger admired Costco&#8217;s business model and recognized its unique approach to retailing, including its efficient operations, low prices, and membership model.
&#8220;I&#8217;m a total addict, and I&#8217;m never going to sell a share,&#8221; said Munger during the aforementioned shareholder meeting.
&#8220;I wish everything else in America was working as well as Costco does,&#8221; he said in early 2022. &#8220;Think what a blessing that would be for us all.&#8221;
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>, the shares of the company have risen 4,536% since 1997.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-1024x576.png" alt="" class="wp-image-691331" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13075835/Costco-since-1997-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Why It Matters: Costco&#8217;s management highlighted four new milestones achieved by the company during the first quarter.
According to the president and CEO of the company Ron Vachris, &#8220;Costco Logistics completed nearly 1 million deliveries in Q1 and over 196,000 deliveries last week alone.&#8221; He said that Costco continued to gain market share within the e-commerce space, during the analyst earnings call held on Thursday.
Secondly, Costco&#8217;s U.S. bakery division, &#8220;Reached new records of 4.2 million pies being sold the three days prior to Thanksgiving,&#8221; said Vachris.
Talking about the pharmacy business Vachris added, &#8220;Our U.S. pharmacy business has prescription growth exceeding 19% for the first quarter, setting new volume records for that business.&#8221; And lastly, on Halloween Day, Costco, in its food courts, &#8220;set a new record of 274,000 whole pizzas being sold.&#8221;
&#8220;All of these milestones reflect the continued strength of our business across the membership offering,&#8221; said Vachris.
See Also: <a href="https://www.benzinga.com/news/earnings/24/12/42473288/costco-q1-earnings-revenue-beat-eps-beat-comps-up-52-membership-fee-growth-and-more">Costco Q1 Earnings: Revenue Beat, EPS Beat, Comps Up 5.2%, Membership Fee Growth And More</a>
What Are Analysts Saying: According to <a href="https://www.benzinga.com">Benzinga</a>, Costco has a consensus price target of $954.38 based on the ratings of 26 analysts. The highest price target out of all the <a href="https://www.benzinga.com/quote/COST/analyst-ratings">analysts tracked by Benzinga</a> is $1145 issued by Jefferies as of Dec. 5, 2024. The lowest target price is $700 issued by Barclays on March 11, 2024.
The average price target of $1073.33 between Telsey Advisory Group, Oppenheimer, and Jefferies implies a 10.10% side for Costco.
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/quote/COST/analyst-ratings"><img loading="lazy" decoding="async" width="943" height="351" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final.png" alt="" class="wp-image-691238" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final.png 943w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final-300x112.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/13072922/ANR-Costco-Final-768x286.png 768w" sizes="(max-width: 943px) 100vw, 943px" /></a></figure>
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<li><a href="https://www.benzinga.com/markets/equities/24/12/42378342/intel-stock-is-where-it-was-27-years-ago-how-the-worlds-leading-chipmaker-lost-the-plot-thrice">Intel Stock Is Where It Was 27 Years Ago: How The World&#8217;s Leading Chipmaker Lost The Plot, Thrice</a></li>
</ul>
Photo courtesy: Shutterstock

General

COST

Charlie Munger Identified This Stock 30 Years Ago After Warren Buffett Passed On It: Here's How It Is Doing Now

A former OpenAI employee, Suchir Balaji, was discovered deceased in his San Francisco apartment. The 26-year-old had previously raised concerns about AI copyright issues.
What Happened: The San Francisco Office of the Chief Medical Examiner identified Balaji and determined the cause of death as suicide, <a href="https://techcrunch.com/2024/12/13/openai-whistleblower-found-dead-in-san-francisco-apartment/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&amp;guce_referrer_sig=AQAAAD_uBwDYVYnR2c7KWaVm_nY-">reported</a> TechCrunch.
Balaji, who had worked at OpenAI for nearly four years, left the company after expressing concerns about the potential societal harm of its technology
His primary concern was OpenAI&#8217;s alleged misuse of copyright data, which he believed was detrimental to the internet.
See Also: <a href="https://www.benzinga.com/news/24/12/42410722/micron-technology-stock-jumps-in-pre-market-after-securing-6-1b-investment-for-us-chip-manufacturing?itm_source=parsely-api">Micron Technology Stock Jumps In Pre-Market After Securing $6.1B Investment For US Chip Manufacturing</a>
The whistleblower was found dead on Nov. 26 in his Buchanan Street apartment, according to the San Francisco Police Department.
Officers conducted a wellness check and found no evidence of foul play, the report noted.
In a statement to the report, OpenAI expressed their condolences, stating, &#8220;We are devastated to learn of this incredibly sad news today and our hearts go out to Suchir's loved ones during this difficult time.&#8221;
OpenAI co-founder and rival AI startup xAI&#8217;s founder Elon Musk also reacted to the news.
<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">Hmm <a href="https://t.co/HsElym3uLV">https://t.co/HsElym3uLV</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1867721215672299764?ref_src=twsrc%5Etfw">December 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The tragic death of Balaji comes amid ongoing tensions between OpenAI and Musk, a co-founder of the organization.
OpenAI has been embroiled in a legal battle with Musk, who has accused the company of straying from its original nonprofit mission.
The Tesla CEO&#8217;s lawsuit challenges OpenAI&#8217;s transition to a for-profit model, a move he claims undermines its founding principles.
In response, OpenAI accused <a href="https://www.benzinga.com/news/legal/24/12/42493076/openai-challenges-musks-lawsuit-reveals-2017-profit-talks">Musk of attempting to gain control</a> over the company during earlier negotiations, which he abandoned when his proposal was rejected. 
Previously, it was also reported that OpenAI&#8217;s board was <a href="https://www.benzinga.com/24/12/42382569/elon-musk-asks-was-it-ever-not-a-lie-as-he-accuses-openai-of-selling-out-to-microsoft-and-betraying-its-founding-mission">considering removing a clause</a> that limits Microsoft Corp. from accessing its most advanced AI models, a decision that has drawn criticism from Musk.
This clause was initially intended to prevent the misuse of artificial general intelligence for commercial purposes.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
OpenAI CEO Sam Altman has acknowledged the <a href="https://www.benzinga.com/24/12/42334927/sam-altman-brushes-off-elon-musks-trump-ties-but-admits-xai-is-a-serious-threat-to-openai-i-may-turn-out-to-be-wrong-but">competitive threat posed</a> by Musk&#8217;s new venture, xAI while expressing confidence that Musk will not misuse political influence against rivals.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

OpenAI Whistleblower Found Dead After Raising AI Copyright Concerns

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and CEO Elon Musk can now reportedly <a href="https://www.benzinga.com/24/12/42287471/delaware-judge-rejects-musks-56b-pay-package-again-heres-whats-coming-next">begin legal appeals</a> to try and reinstate the CEO&#8217;s $56 billion pay package.
What Happened: Chancellor Kathaleen McCormick of the Court of Chancery has issued an order opening a 30-day window for Tesla and Musk to appeal to the Delaware Supreme Court, Reuters reported on Friday. 
The Delaware Chancery Court Judge&nbsp;ruled in January that the $56 billion pay package would be voided given that Tesla's board was influenced by Musk when they adopted the plan in 2018.&nbsp;Tesla shareholders subsequently voted again<a href="https://www.benzinga.com/news/24/06/39323339/tesla-shareholders-approve-elon-musk-56b-pay-package-other-company-proposals"> to reinstate the package</a> in June.
However, McCormick again ruled against the package earlier this month. 
Why It Matters: Tesla said earlier this month in a post on X that the company deems the ruling to be wrong and intends to appeal to the Delaware Supreme Court while adding that the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42279851/elon-musk-56b-pay-package-rejected-by-judge-again-tesla-analyst-says-a-soap-opera-playing-out-in-delaware">judge overruled a supermajority of shareholders</a>. However, the Delaware Supreme Court can take around a year to issue a ruling.
Reuters on Friday also noted that Tesla would be able to appeal McCormick&#8217;s order directing the company to pay $345 million to the attorneys who represented the minor shareholder who sued to rescind the pay package.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Legal

Elon Musk Can Now Appeal To Restore His $56 Billion Tesla Pay Package: Report

President-elect Donald Trump on Friday announced plans to eliminate Daylight Saving Time, describing it as &#8220;inconvenient&#8221; and &#8220;costly.&#8221;
What Happened: Trump spoke about the Republican Party&#8217;s dedication to ending the time change, which he said is supported by a small but vocal group.
Trump argued that the practice is a burden and financially draining for the country.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn't! Daylight Saving Time is inconvenient, and very costly to our Nation.
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1867686000711155989?ref_src=twsrc%5Etfw">December 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/12/42454227/months-after-trump-threatened-to-put-mark-zuckerberg-in-prison-meta-ceo-donates-1m-to-president-elects-inaugural-event?itm_source=parsely-api">Months After Trump Threatened To Put Mark Zuckerberg In Prison, Meta CEO Donates $1M To President-Elect&#8217;s Inaugural Event</a>
Previously, Elon Musk and Vivek Ramaswamy, who will co-lead the new Department of Government Efficiency, also voiced their support for ending the biannual clock adjustments. 
<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">Looks like the people want to abolish the annoying time changes! <a href="https://t.co/5ePhgzYLsF">https://t.co/5ePhgzYLsF</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1861801650383659230?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This change would require congressional approval.
Why It Matters: The debate over Daylight Saving Time has been ongoing for years, with arguments both for and against its continuation.&nbsp;
Trump has previously expressed support for ending the practice of clock changes, stating in a 2019 tweet, &#8220;Making Daylight Saving Time permanent is O.K. with me!&#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">Making Daylight Saving Time permanent is O.K. with me!
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1105110383227035654?ref_src=twsrc%5Etfw">March 11, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Most U.S. states adjust their clocks in March and November to optimize daylight, resulting in earlier sunrises and sunsets for parts of the country during those five months, providing more morning light but reducing it in the evening.&nbsp;
Supporters, including medical experts, argue that this better aligns with the body's natural circadian rhythm, <a href="https://edition.cnn.com/2024/12/13/politics/daylight-saving-time-trump/index.html">reported</a> CNN.
Proponents of permanent Daylight Saving Time favor later sunrises and sunsets, offering more evening light but less in the morning.
This option is popular among retailers, businesses, and restaurants, who see economic benefits from increased evening activity, as well as advocates who believe extended daylight in the evening could help reduce crime.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Trump Backs Plan To Scrap 'Very Costly' And 'Inconvenient' Daylight Saving Time

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on Friday increased the starting price of its Model S premium sedan in the U.S. by a whopping $5000 to $79,990, the same starting price as the Model X SUV. 
What Happened: The company hiked the starting price of both the All-Wheel drive variant and the Plaid version of the Model S by $5000 on its website, bringing price parity between it and the <a href="https://www.benzinga.com/news/24/07/39854420/tesla-hikes-prices-by-2-000-on-model-s-x-variants-in-the-us-here-are-the-new-prices">respective variants of the Model X </a>premium SUV.
The Model X also starts at $79,990 for the All-Wheel Drive variant and at $94,990 for the Plaid variant. 
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td></td>
<td>New Price</td>
<td>Old Price</td>
</tr>
<tr>
<td>Model S All-Wheel Drive</td>
<td>79,990</td>
<td>74,990</td>
</tr>
<tr>
<td>Model S Plaid</td>
<td>94,990</td>
<td>89,990</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">(All amounts in $)</figcaption></figure>
The last time Tesla hiked the price of Model S variants was in July. 
Why It Matters: Until the start of Cybertruck deliveries in late November last year, the Model S and Model X were Tesla&#8217;s only premium offerings. 
According to data from automotive research company Kelley Blue Book, &nbsp;<a href="https://www.benzinga.com/news/24/10/41325252/tesla-cybertruck-leads-the-pack-as-most-popular-ev-truck-in-us-in-q3-outselling-rivals-from-ford-gm" target="_blank" rel="noreferrer noopener">Tesla sold 16,692 Cybertrucks</a>&nbsp;in the third quarter in the U.S., trumping EV trucks from rivals including the Ford F-150 Lightning and the Rivian R1T, to become the third-best-selling EV behind Model Y and Model 3.
However, the surge in sales of the Cybertruck negatively impacted the Model S and X. According to KBB estimates, Model S sales in the U.S. fell by about 47% year-on-year in the U.S. in the last quarter while Model X sales slipped by 29%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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