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SPT Energy Group Inc is an investment holding company engaged in the provision of integrated oilfield services and the manufacturing and sale of oilfield services-related products. Its operating segments are Drilling, Well Completion, Reservoir and others. Majority of revenue is generated from Reservoir segment. The company's geographical segments are China, Kazakhstan, Turkmenistan, Canada, Indonesia, the Middle East, and Others, of which China accounts for the majority of its revenue.

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Many former athletes go broke when they retire, but some, like Patrick Dovigi, become successful business owners and make a fortune in real estate as a side hustle. The former 90s <a href="https://www.benzinga.com/topic/national-hockey-league">NHL</a> goalkeeper just pocketed a cool $6 million in six months with a speedy house flip in Colorado. It&#8217;s the latest in a string of such ventures for the Toronto-based billionaire.
Dovigi, founder of the environmental services and waste-management company Green For Life Environmental, purchased an 8,000-square-foot mansion in Aspen in April in an off-market deal for $48.75 million. According to the Wall Street Journal, the sellers were longtime Aspen residents Ken Sack and Sheri Alden Sack, who renovated the home. Dovigi added a bedroom to make a total of eight, left the rest of the house the same, and promptly listed and sold it for $55 million.
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<li>This Jeff Bezos-backed startup will allow you to <a href="https://www.benzinga.com/money/bezos-landlord-100-dollars">become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.</a></li>
</ul>
<h2 class="wp-block-heading">Multimillion Dollar Flips</h2>
Dovigi, who once prevented forwards from scoring, has made a habit of scoring great Aspen flips. The numbers are huge. Just this Spring, he sold a <a href="https://www.benzinga.com/real-estate/24/04/38321202/casino-kingpin-steve-wynn-and-billionaire-neighbor-bet-big-on-108-million-aspen-mansion">$108 million mansion</a> to former casino mogul Steve Wynn and financier Thomas Peterffy. Dovigi had originally purchased the property for $72.5 million.
He sold a $55 million home the previous year after paying $44.5 million. His most recent acquisition was a $59.75 million home previously owned by actor Jack Nicholson. There is no word on what he plans to sell it for.
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The eye-popping purchase and sales prices are small change for billionaire Dovigi, who was drafted by the NHL&#8217;s Edmonton Oilers in 1997 and played for several years in the country&#8217;s top professional hockey league. He founded his waste management company 10 years after he was drafted, having attended business school at Toronto Metropolitan University and worked at a real estate investment firm.
<h2 class="wp-block-heading">A One-Stop Shop For Waste Management</h2>
According to Canadian Business, Dovigi made his fortune in waste management by buying up and consolidating the numerous mom-and-pop businesses in the category. He founded Green For Life in the summer of 2007 with $10 million in seed capital from investors David Kassie and Barry Goldberg at Canaccord Genuity Group. Dovigi had previously played hockey with Barry Goldberg&#8217;s son. Green For Life&#8217;s goal was to be all things to all people regarding waste management: collecting municipal, industrial, and commercial waste, cleaning stormwater from underground parking garages, and collecting used motor oil from car dealerships and lube shops.
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<h2 class="wp-block-heading">Rapid Expansion</h2>
The advent of the 2008 financial downturn allowed the company to expand rapidly out of Toronto. In 2017, it entered the U.S. market, where it grew exponentially. Today, 65 percent of the company&#8217;s business is in the U.S.
&#8220;My initial goal was to build a business of $40 to $50 million in revenue, and here we are, $7 billion in revenue later,&#8221; he told Canadian Business.
With a personal fortune of over a billion dollars, Dovigi can afford to buy and sell luxury Aspen homes for fun, cleaning up massive profits in a city that has seen multiple $30 million-plus deals so far this year. The median single-family home price in Aspen was $16.5 million in Q1 and Q2, and house prices <a href="https://www.benzinga.com/content/41951396/exploring-the-financial-prospects-of-the-aspen-luxury-market">soared 24%</a> from the same period last year. The former athlete feels his years on the ice stood him in good stead for his future entrepreneurial ambitions.
&#8220;Putting in the hard work and facing adversity are things you learn when you play sports that teach you how to be a better executive,&#8221; he said.
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Former Hockey Player Patrick Dovigi Makes A Quick $6 Million In 6 Months With Speedy Aspen Flip

Daksh Gupta, the 22-year-old founder and CEO of AI startup Greptile, has sparked widespread discussion with his transparent stance on workplace culture. In contrast to many businesses prioritizing work-life balance, Gupta has made it apparent that his organization favors long hours and hard labor and is up-front with <a href="https://careers.benzinga.com/">job seekers</a> about this.
In a now-viral <a href="https://x.com/dakshgup/status/1855150225402552676">post</a> on X, Gupta explained: &#8220;Recently, I started telling candidates right in the first interview that Greptile offers <a href="https://www.benzinga.com/startups/24/10/41231722/kevin-oleary-says-theres-no-worklife-balance-for-new-entrepreneurs-as-guys-in-mumbai-or-shanghai-wor">no work-life balance</a>, typical workdays start at 9 a.m. and end at 11 p.m., often later and we work Saturdays, sometimes also Sundays. I emphasize the environment is high stress and there is no tolerance for poor work.&#8221;
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The post received considerable attention. Gupta described the reaction as &#8220;20% death threats and 80% job applications.&#8221; The conversation also gained traction on Reddit, with responses ranging from criticism of the work culture to praise for his honesty.
<h2 class="wp-block-heading">Some People Want This</h2>
In follow-up posts, Gupta clarified that his approach is not for everyone but is designed to attract those who thrive in high-intensity environments. "It might be hard to believe, but there exist people that want this, while a minority. The transparency exists to identify them," he noted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">now that this is on the front page of reddit and my inbox is 20% death threats and 80% job applications, here's a follow up &#8211; to everyone who is overworked and underpaid at their software jobs esp outside the US, i feel for you, and i'm sorry this struck a nerve. the people… <a href="https://t.co/RzAM75DiG2">pic.twitter.com/RzAM75DiG2</a>
&mdash; Daksh Gupta (@dakshgup) <a href="https://twitter.com/dakshgup/status/1855670370659111242?ref_src=twsrc%5Etfw">November 10, 2024</a></blockquote>
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Gupta emphasized that the current workload is temporary. He compared the <a href="https://www.benzinga.com/money/stages-of-venture-capital-financing-all-you-need-to-know">early stage of a startup</a> to &#8220;reaching escape velocity,&#8221; requiring significant <a href="https://www.benzinga.com/money/how-to-invest-in-startups">effort to establish the business</a>.&nbsp;
"This kind of hard work isn't meant to last forever because it's not something people can keep up," Gupta said. He explained that in the first year or two of starting a company, you must work hard to get things going. But as the company grows, they plan to bring in more experienced workers who might need more balanced hours and they'll adjust things to make that happen.
<h2 class="wp-block-heading">Addressing Criticism</h2>
Some critics questioned why anyone would choose such a demanding work environment. The young founder made the case that high-intensity companies are frequently the most successful, citing the possibility of financial gains through equity. "Less than 10% of new startups grow big enough for their equity to be worth much. If you want to get rich through equity, you'd probably need to work at the top 10% of startups, which are usually the ones where people work the hardest," he explained to X users.
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Some people thought work hours should be more flexible. One person suggested letting employees pick their schedules. Gupta said he understood this idea but explained that teamwork is key for a small team. "This might work well for some talented engineers, but working together in real-time requires everyone to share the same hours," he said.&nbsp;
<h2 class="wp-block-heading">&#8220;I&#8217;m San Franciscan&#8221;</h2>
Gupta also addressed stereotypes after receiving criticism linking his work ethic to his Indian heritage. &#8220;Lot of Indian hate coming from this post, so I want to clarify that I am like this not because I'm Indian but because I'm San Franciscan," he wrote, emphasizing the influence of Silicon Valley's fast-paced culture on his approach.
Despite the mixed reactions, Gupta has supposedly seen an unexpected benefit – increased interest from potential hires. "More people reached out asking to join than I expected, most that are bored at large companies and looking for some excitement, which we have an overwhelming abundance of," he shared.
Gupta views his approach as deeply tied to his philosophy. "I care in the way an athlete cares about their sport or an instrumentalist cares about their instrument," he told Fortune.
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Startups

'I'm San Franciscan' – 22-Year-Old CEO Doubles Down On Demanding 80+ Hour Workweeks After Getting 20% Death Threats And 80% Job Applications

Real estate mogul Grant Cardone recently sparked a heated debate when he tweeted that China should not be allowed to purchase U.S. real estate unless they partner with a U.S. entity. "You want to invest here, partner here," he stated.&nbsp;
Cardone's statement reignited concerns about foreign ownership of American land, <a href="https://www.benzinga.com/real-estate/24/03/37879730/the-silent-invasion-is-chinas-tightening-grip-on-u-s-farmland-a-threat-to-our-food-security">particularly by China</a>, which has been under increased scrutiny recently.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">China &#x1f1e8;&#x1f1f3; should not be allowed to buy real estate in USA without having a US partner. You want to invest here partner here. 你想在这里投资合作伙伴
&mdash; Grant Cardone (@GrantCardone) <a href="https://twitter.com/GrantCardone/status/1865127436490363267?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote>
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While Cardone's tweet zeroed in on China, foreign ownership of U.S. land is nothing new. According to the 2021 USDA <a href="https://www.fsa.usda.gov/sites/default/files/documents/2021_afida_annual_report_through_12_31_2021.pdf">report</a>, foreign entities own about 40 million acres of U.S. agricultural land or roughly 3% of privately held farmland.&nbsp;
Among these, Canada leads with 12.8 million acres, far outpacing other countries. China, on the other hand, ranks 18th, owning approximately 384,000 acres. While this is more land than the 248,000 acres that <a href="https://www.benzinga.com/real-estate/24/07/39797332/bill-gates-owns-275-000-acres-of-u-s-farmland-his-answer-to-why-hes-buying-so-much-of-it-might-surpr">billionaire Bill Gates owns</a>, it's not much compared to Dutch or Canadian holdings.
The top 10 countries for 2021 look like this:
<ol>
<li>Canada (12,845,000 acres)</li>
<li>Netherlands (4,875,000)</li>
<li>Italy (2,703,000)</li>
<li>United Kingdom (2,538,000)</li>
<li>Germany (2,269,000)</li>
<li>Portugal (1,483,000)</li>
<li>France (1,316,000)</li>
<li>Denmark (856,000)</li>
<li>Luxembourg (802,000)</li>
<li>Ireland (760,000)</li>
</ol>
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<h2 class="wp-block-heading">Why the Controversy?</h2>
Many view China's investments in U.S. farmland and real estate as a potential national security risk. According to Forbes, in 2021, a Chinese company wanted to build a corn mill near an Air Force base in North Dakota, but lawmakers stopped it because they were worried about spying. This and other tensions like trade issues and concerns about Chinese surveillance balloons have made people more nervous about why China is buying U.S. land.
<h2 class="wp-block-heading">What Does China Own?</h2>
Of the Chinese-owned U.S. farmland:
<ul>
<li>According to NPR, over a third is controlled by Smithfield Foods, the U.S.'s largest pork producer, which was acquired by China's WH Group in 2013.</li>
<li>Around 40% is held by Sun Guangxin, who purchased over 100,000 acres in Texas for a wind farm project that was ultimately halted due to security concerns.</li>
<li>Smaller portions are managed by Walton International Group, which represents multiple global investors.</li>
</ul>
Critics argue that while China's share of U.S. farmland is small, the concentration of these holdings near sensitive locations poses significant risks. "What's missing here is a lot more information about where these specific locations or farmland purchases are located in close <a href="https://www.benzinga.com/real-estate/24/02/37264029/foreign-buyers-with-ties-to-american-strategic-rivals-are-gobbling-up-american-farmland-and-real-est">proximity to the military base</a>," said Craig Singleton from the Foundation for Defense of Democracies.
Trending: During market downturns, investors are learning that unlike equities, these<a href="https://www.benzinga.com/money/connect-invest-real-estate-notes-y2"> high-yield real estate notes that pay 7.5% &#8211; 9% are protected by resilient assets, buffering against losses.</a>
<h2 class="wp-block-heading">A Legislative Push</h2>
Lawmakers across party lines call for stricter rules to limit or monitor foreign ownership of U.S. land. They've introduced bills like the <a href="https://www.congress.gov/bill/118th-congress/house-bill/513?s=1&amp;r=2&amp;q=%7B%22search%22%3A%5B%22%22%5D%7D">FARM Act</a> to make ownership more transparent and to limit buying land close to vital infrastructure like military bases. The Biden administration also considers changing the rules for buying land close to these sensitive areas.
However, the system for tracking foreign land ownership is flawed. The USDA relies on self-reported data, which is often outdated and incomplete. Due to funding delays, recent efforts to modernize reporting through an electronic filing system remain stalled.
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'You Want To Invest Here, Partner Here,' Says Grant Cardone, Demanding Chinese Investors Partner With U.S. Firms To Buy Real Estate

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December 9, 2024 – TheNewswire – Vancouver, British Columbia, Canada – Golden Star Capital Ventures Inc. ("Golden Star" or the "Company") is pleased to announce that, further to its news release of October 22, 2024, the TSX Venture Exchange ("TSXV") has granted an extension to the Company to complete its private placement of up to 20,000,000 common shares at $0.10 per share for gross proceeds of up to $2,000,000 (the "Offering"). Golden Star intends on completing one or more closings up to and including January 8, 2025. For further details regarding the terms of the Offering, please see the Company's news release of October 22, 2024.


The Company is a "Capital Pool Company", as defined under the policies of the TSXV ("CPC Policy"). The Company does not have any agreement, agreement in principal or any other arrangement with any party in connection with a potential Qualifying Transaction. Proceeds from the Offering will be used for audit, legal, and, general working capital, due diligence costs related to identifying and evaluating assets or businesses for a potential Qualifying Transaction, financing or partially financing the acquisition of significant assets in connection with a Qualifying Transaction or for working capital after completion of a Qualifying Transaction. In the event that a proposed Qualifying Transaction is identified, a portion of the private placement proceeds may be used as an advance to the target company for the purposes of preserving its assets prior to closing of the transaction. 


All common shares issued pursuant to this placement will be subject to a four month hold period from the date of issuance. The Offering is subject to the approval of the TSXV. 


For further information, please see Golden Star's profile on SEDAR+ at: https://www.sedarplus.ca/


About Golden Star


<a href='' target='_blank'></a>Golden Star is a CPC created to identify and evaluate potential acquisitions of commercially viable businesses and assets that have the potential to generate profits and add shareholder value. Except as specifically contemplated in the CPC Policy of the TSXV, until the completion of the qualifying transaction, Golden Star will not carry on business, other than the identification and evaluation of companies, businesses or assets with a view to completing a proposed qualifying transaction.


For further information, please contact:


David Redekop


Chief Executive Officer and Chief Financial Officer


Phone: 250-863-8914


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


This news release contains forward-looking statements and forward-looking information within the meaning of ‎applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", ‎‎"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to ‎identify forward-looking information or statements. In particular, this news release contains forward-looking ‎information relating to the Offering and the use of the proceeds therefrom. The forward-looking statements ‎and information are based on certain key expectations and assumptions made by the Company, including ‎expectations and assumptions concerning the completion of the Offering and the use of proceeds of the ‎Offering. Although the Company believes that the expectations and assumptions on which such forward-‎looking statements and information are based are reasonable, undue reliance should not be placed on the ‎forward looking statements and information because the Company can give no assurance that they will prove ‎to be correct.‎

Copyright (c) 2024 TheNewswire - All rights reserved.

Golden Star Capital Ventures Inc. Announces Extension to Complete Non Brokered Private Placement

TikTok will be banned in the United States on Jan. 19, 2025, after a federal appeals court rejected its <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">bid to overturn the ban</a> that President Biden signed in April. The law states that if TikTok's parent company, ByteDance, doesn't divest its ownership to non-Chinese companies, the app will be banned in the U.S.&nbsp;
With the ban date quickly approaching, it has the potential to ripple through the U.S. economy, particularly among the seven million small and medium-sized businesses (SMBs) that use the platform to generate revenue and grow their brands.&nbsp;
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Oxford Economics released a report in March 2024 that reveals TikTok&#8217;s impacts on U.S. businesses. In 2023, the platform supported $24.2 billion in the U.S. GDP, including $15 billion in revenue generated by <a href="https://www.benzinga.com/startups/24/12/42369492/how-a-teen-coder-built-a-payments-empire-local-businesses-took-a-chance-on-me-now-we-processed-4-billion-in-2023">small businesses</a> through organic reach and TikTok's paid advertising. According to the report, TikTok has also facilitated 224,000 American jobs and contributed $5.3 billion in taxes.
In an article from TikTok Newsroom, Blake Chandlee, TikTok's President of Global Business Solutions, expressed the importance of the platform. &#8220;Businesses across America depend on TikTok's unique ability to help them reach otherwise unreachable customers, generate new revenue streams and drive awareness of their brands, products and services."
According to Oxford Economics, the food and beverage, health and wellness and business service sectors particularly relied on TikTok, collectively contributing billions to the GDP.&nbsp;
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Small business owners in diverse industries express that TikTok has transformed their businesses. Felicia Jackson, owner of CPR Wrap, stated that TikTok has driven over $300,000 in sales in just two days, saving her company. "It's amazing," she told TikTok Newsroom. "And best yet, two lives have been saved using our product because they saw it and bought it off TikTok."
Similarly, Desiree Hill, a mobile mechanic, attributed her rapid business expansion – including leasing a 9,000-square-foot shop and hiring five employees – to her success on TikTok.
The ban poses existential challenges for creators like Shira, a 27-year-old who relies on TikTok partnerships for her livelihood. Shira told BBC that she has spent many years growing and developing a dedicated audience and that TikTok brings in the most money of all the platforms she uses.&nbsp;
Trending: Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a>
&#8220;I&#8217;m not sure what all these people are going to do if the ban goes through,&#8221; says Shira. &#8220;There is no unemployment for creators or fallbacks.&#8221;
Kristen Schiele, a clinical marketing professor at USC, told BBC that businesses targeting Gen Z – a demographic particularly active on TikTok – may struggle to reach similar audiences elsewhere. She also noted that international brands may find it more difficult to reach U.S. audiences.&nbsp;
&#8220;There&#8217;s a lot of cosmetic brands and skin care brands coming from Korea, especially and China," Schiele said. "That&#8217;s a big thing [on TikTok] right now … those different beauty regimens and the great skin care products that they have.&#8221;
TikTok CEO Shou Zi Chew has described the ban as a violation of free expression. In an April video, he stated, "This is a ban, a ban on TikTok and a ban on your voice."&nbsp;
Trending: Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a>
The impact of the TikTok Ban could be <a href="https://www.benzinga.com/news/24/03/37688964/tiktok-ban-could-take-out-billions-of-dollars-out-of-creators-pockets-and-put-over-300k-american-job">catastrophic for millions of users and businesses</a>. According to TikTok Newsroom, small businesses using TikTok as a marketing tool stand to lose over $1 billion in revenue in just one month if the ban goes into effect. In comparison, creators could see nearly $300 million in earnings disappear. These numbers represent the livelihoods and communities TikTok creators have built.
On Dec. 9, <a href="https://newsroom.tiktok.com/en-us/tiktok-files-emergency-motion-for-injunction">TikTok announced that it had taken legal action, filing an emergency motion for an injunction</a> to delay the ban while the U.S. Supreme Court reviews the case. TikTok has reiterated its commitment to safeguarding its 170 million U.S.-based users and preserving the opportunities it creates for businesses, creators and the economy at large.
Read Next:
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<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!</a></li>
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TikTok Ban Signed Into Law: What It Means For America's $15 Billion Small Business Economy

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:
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<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>
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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

Tech

TSLA

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.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/12/42447434/democratic-congressman-bought-djt-stock-after-2024-election-months-after-saying-donald-trump-unfit-to-serve?itm_source=parsely-api">Democratic Congressman Bought DJT Stock After 2024 Election, Months After Saying Donald Trump &#8216;Unfit To Serve&#8217;</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

Government

Media

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:
<ul>
<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

$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>.
Read Next:
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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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</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.
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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"> 
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<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.
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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

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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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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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Photo courtesy: Wikimedia

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

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