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Trump Media & Technology Group Q1 EPS $(3.61); Revenue $770.5K Vs $1.12M YoY

TMTG Earlier Reported Revenue Of $770,500 In Q1, Says Revenue Was 'largely from the Company's nascent advertising initiative'

The trading volume of a stock reflects the number of shares bought and sold within a given time. This is called liquidity. The term is used because it likens the ease of converting assets to cash to the fluidity of water. Why is this <a href="https://www.benzinga.com/cannabis">important for cannabis stocks</a>?
Liquidity determines how easily a stock can be bought or sold without significantly affecting its price. High liquidity is associated with lower transaction costs and greater flexibility, making it essential for both short-term traders and long-term investors.
<h2>High-Liquidity Cannabis Stocks</h2>
Several cannabis stocks are known for high trading volumes, indicating strong <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38206489/cannabis-markets-trading-volume-surges-up-292-viridian-capital-highlights-mixed-liq">liquidity</a>. Examples in <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> include SNDL, Tilray Brands, Cronos Group and Aurora Cannabis.
<ul>
<li>SNDL: (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sndl#NASDAQ">SNDL</a>) Trading volume of 4,652,464, priced at $2.40 with a decline of 2.439%.</li>
<li>Tilray Brands (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlry#NASDAQ">TLRY</a>): Trading volume of 26,783,844, priced at $1.95 with a decline of 2.0202%.</li>
<li>Cronos Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cron#NASDAQ">CRON</a>): Trading volume of 2,192,492, priced at $2.80 with a decline of 4.1379%.</li>
<li>Aurora Cannabis (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acb#NASDAQ">ACB</a>): Trading volume of 2,178,950, priced at $7.40 with a gain of 0.542%.</li>
</ul>
<h3>Pros And Opportunities</h3>
<ul>
<li>Reduced Transaction Costs: High liquidity results in narrower bid-ask spreads, lowering the cost of buying and selling.&nbsp;The bid-ask spread is the difference between the highest price a buyer is willing to pay for a stock and the lowest price a seller is willing to accept.&nbsp;</li>
<li>Flexibility: Investors can easily adjust positions without significant price impacts.</li>
<li>Market Confidence: High <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38490666/how-big-caps-rewrite-valuation-rules-in-cannabis-cash-puzzle-for-companies-above-an">trading volumes</a> suggest strong market interest and confidence.</li>
</ul>
<h3>Cons And Risks&nbsp;</h3>
<ul>
<li>Volatility: High trading volumes can still be accompanied by price volatility, requiring careful timing for trades.</li>
</ul>
<h2>Low-Liquidity Cannabis Stocks</h2>
Some cannabis stocks have <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38343689/whats-the-net-worth-of-these-420-underdogs-mid-tier-cannabis-retailers-cultivators-">lower trading volumes</a>, indicating less liquidity. Examples include Medical Marijuana (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mjna#OTC">MJNA</a>), Trees (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cann#OTC">CANN</a>),<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38828563/largest-cannabis-co-curaleafs-1-5b-projected-revenue-for-2025-analyst-raises-rating"> Curaleaf Holdings </a>(OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>)&nbsp;and Green Thumb Industries (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>).
<ul>
<li>Medical Marijuana: Trading volume of 16,116,070, priced at $0.002 with a decline of 4.7619%.</li>
<li>Trees: Trading volume of 42,127, priced at $0.10 with a gain of 11.1111%.</li>
<li>Curaleaf Holdings: Trading volume of 616,467, priced at $5.33 with a decline of 5.9965%.</li>
<li>Green Thumb Industries: Trading volume of 466,633, priced at $12.35 with a decline of 5.8689%.</li>
</ul>
<h3>Pros And Opportunities</h3>
<ul>
<li>Potential High Returns: Lower liquidity stocks can offer high returns due to their smaller market caps and higher volatility.</li>
<li>Market Entry: Opportunity to invest early in potentially <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38772876/cannabis-reports-highlight-339m-and-297-6m-revenue-insights-in-curaleaf-and-truliev">high-growth companies</a>.</li>
</ul>
<h3>Cons And Risks:</h3>
<ul>
<li>Higher Transaction Costs: Wider bid-ask spreads can increase the cost of trading.</li>
<li>Price Impact: Significant trades can lead to large price swings, making it harder to execute orders at desired prices.</li>
<li>Market Confidence: Lower trading volumes may indicate less market interest and confidence.</li>
</ul>
High-liquidity stocks offer reduced transaction costs and flexibility but can still be volatile. Low-liquidity stocks may offer high returns but come with higher transaction costs and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38805354/analysts-may-need-to-revise-cannabis-stock-projections-for-2024-10-companies-surpas">potential price impacts</a>.
By understanding these factors, investors can make more informed decisions and optimize their strategies in the dynamic cannabis sector.
To learn more about the cannabis business and how to invest in the sector,&nbsp;don&#39;t miss the opportunity to join us at the&nbsp;<a href="https://www.benzinga.com/events/cannabis-conference/?UTM_source=article" target="_blank">19th Benzinga Cannabis Capital Conference</a>&nbsp;in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry&#39;s future. Secure your tickets now before prices increase by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank">this link</a>.
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If your idea of a romantic weekend involves a bowl of caramel popcorn, pizza, red wine, and the comfort of your home instead of hotel check-ins and airport queues, then you are at the right place. Netflix has a treasure trove of romantic comedies which will fill your weekend with love and laughter, without ever stepping outside. 
So, grab your popcorn and snuggle up on the couch, because binge-watching one of these five romcoms will be the perfect way to spend your time with a loved one:
Thank You, Next: The Journey That Starts With A Heartbreak&nbsp;
This TV show is about a young lawyer, who goes through a gut-wrenching breakup. She then restarts her dating life with the help of her friends but the complexities of modern romance make it somewhat difficult.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17012637/Screenshot-2024-05-17-at-10.56.12%E2%80%AFAM-1024x832.png" alt="" class="wp-image-342679" /><figcaption class="wp-element-caption">Thank You, Next &#x7C; Source: Netflix</figcaption></figure>
Love: Because The Road To True Romance Isn't Straight
Led by the amazing actors Gillian Jacobs and Paul Rust, Love is a heartfelt, loud yet captivating series. It revolves around a couple, both of whom are equally untrustworthy and chaotic. The series is about them trying to build a relationship despite having almost no common traits.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17014232/Screenshot-2024-05-17-at-11.12.11%E2%80%AFAM-1024x832.png" alt="" class="wp-image-342690" /><figcaption class="wp-element-caption">Love &#x7C; Source: Netflix</figcaption></figure>
Easy: Finding True Love In Today's Era Is Not For The Faint Of Heart&nbsp;
Set in Chicago, this anthology series features several modern relationships, each with its problems and intricacies. The series gives an authentic portrayal of love and its interpretation in the modern world.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17015033/MV5BNDI5MjY0NTkwM15BMl5BanBnXkFtZTgwODM5MjAyNDM%40._V1_-1024x576.jpg" alt="" class="wp-image-342699" /><figcaption class="wp-element-caption">Easy &#x7C; Source: IMDb</figcaption></figure>
Sex Education: Navigating The Treacherous Waters Of Love And Adolescence
The series delves into the lives of teenagers, some of whom are on the path of self-discovery while others suffer from peer pressure. It also shows some tender yet awkward moments when these teenagers fall in love for the first time and express the same.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17015629/MV5BMjE5ODYzOTY0Nl5BMl5BanBnXkFtZTgwNDE5MTgwNzM%40._V1_-1024x683.jpg" alt="" class="wp-image-342703" /><figcaption class="wp-element-caption">Sex Education &#x7C; Source: IMDb</figcaption></figure>
Never Have I Ever: The Tale Of A Teenager's Love And Self-Discovery
The show follows the journey of Devi, a supremely talented and nerdy girl, who is dealing with her share of trauma, friendships, a strained relationship with her mother, and a burgeoning romance. The series makes it clear that this 15-year-old-teenager is far from perfect, and can be self-centered at times, and shows her evolution beautifully.
<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17020526/Screenshot-2024-05-17-at-11.34.58%E2%80%AFAM-1024x832.png" alt="" class="wp-image-342716" style="width:921px;height:auto" /><figcaption class="wp-element-caption">Never Have I Ever&#x7C; Source: Netflix</figcaption></figure>
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Entertainment

General

5 Romcoms On Netflix To Fill Your Weekend With Love And Laughter

Movie theater company AMC Entertainment Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) saw shares rally on Monday, which comes in the wake of meme stocks being <a href="https://www.benzinga.com/news/24/05/38789552/are-meme-stocks-back-heres-whats-going-on-with-shares-of-gamestop-amc-entertainment-koss-corp-and-mo">highly volatile last week.</a>
Did musician Billie Eilish help AMC stock Monday?
What Happened: Last week, AMC hosted an exclusive "Listening Event" for Eilish's newly released album "Hit Me Hard and Soft." The partnership was announced during AMC's recent <a href="https://www.benzinga.com/news/earnings/24/05/38714863/amc-entertainment-q1-earnings-highlights-revenue-beat-eps-beat-billie-eilish-theater-experience-lau">first-quarter financial results.</a>
"Our Billie Eilish Listening Event was a great success. We filled seats at almost TEN TIMES the normal rate for a Thursday afternoon. Thank you Billie for sharing your great talent with your fans at AMC Theatres," AMC CEO Adam Aron <a href="https://x.com/CEOAdam/status/1792225475634307207">tweeted</a>.
The Eilish Listening Event comes as AMC has warned that the second quarter box office will be impacted by the Hollywood strikes of 2023.
"While the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we continue to be ebullient about the upcoming film lineup in the second half of 2024 and throughout 2025," Aron said.
First quarter domestic box office of $1.61 billion was down 6.6% year-over-year for the movie theater industry, according to <a href="https://www.boxofficemojo.com/quarter/q1/2024/?ref_=bo_ql_table_1">BoxOfficeMojo</a>.
The second quarter, which <a href="https://www.boxofficemojo.com/quarter/q2/?grossesOption=calendarGrosses">includes </a>April, May and June currently sits at $766.5 million around halfway through the time period, compared to $2.68 billion last year. Last year's second quarter saw "Super Mario Bros." and "Guardians of the Galaxy Vol. 3" lead the way with $573.3 million and $353.6 million domestically in the quarter. There were a total of six films that hit $100 million or more in the second quarter domestically in 2023.
So far in 2024, the second quarter's top film is "Godzilla x Kong: The New Empire" at $114.4 million.
Upcoming releases in the quarter include "Furiosa: A Mad Max Saga," "Bad Boys: Ride or Die," "The Watchers" and "Inside Out 2."
Related Link: <a href="https://www.benzinga.com/general/education/24/05/38793704/who-is-roaring-kitty-why-does-his-return-to-social-media-matter-for-gamestop-stock">Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?</a>
Why It's Important: Given the likelihood that the second quarter domestic box office will be lower than last year, activities such as the listening event and growth in food and beverage sales could soften the impact or boost AMC&#8217;s results.
Eilish <a href="https://x.com/billieeilish/status/1787882467598446813">tweeted </a>that tickets for the event were $5, which is lower than concert films from Beyonce and Taylor Swift. However, it gets people into the theaters where AMC could upsell the patrons with food, including in some locations new items<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38741474/amc-stock-trades-at-pre-meme-historical-multiple-can-donut-holes-salads-and-billie-"> like salads and mini donuts.</a>
Aron said that the company was in talks with some of the "world's greatest musical artists," which could mean more listening events are coming.
"We expect that AMC will continue to break new ground and blaze new trails with the world's most talented and beloved musicians."
Earlier this year, AMC <a href="https://deadline.com/2024/04/amc-taylor-swift-beyonce-concerts-stephanie-terifay-1235893759/">added </a>Stephanie Terifay in the newly created role of vice president of Distribution. Terifay comes to AMC with years of experience at Fandango where she helped with partnerships and consumer awareness campaigns for movies and events.
The hiring of Terifay and the promotion of Kevin Arnold to the VP Programming Promotions &amp; Partnership role, will likely lead to more non-movie events at AMC theaters. The move could help AMC diversify away from blockbusters and see less volatility when a quarter is facing tough comps from the prior year.
AMC Price Action: AMC shares finished 9.7% higher at $4.83 on Monday versus a 52-week trading range of $2.38 to $54.97.
Read Next: <a href="https://www.benzinga.com/general/entertainment/23/12/36317408/global-box-office-2024-to-decline-5-in-2023-bad-news-for-amc-cinemark">Global Box Office 2024 To Decline 5% In 2023: Bad News For AMC, Cinemark?</a>
Photo: Shutterstock

Movers

AMC Stock Rallies Monday: Can 'Great Success' Of Billie Eilish Concert Film Offset Q2 Box Office Weakness?

The prices of cryptocurrencies surged on Monday evening as new details emerged about the Securities and Exchange Commission advancing the process for the first U.S. <a href="https://www.benzinga.com/topic/ethereum-etf">exchange-traded funds</a> holding Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
What Happened: On Monday, the SEC&#8217;s Trading and Markets Division instructed asset managers to revise their 19b-4 filings, which are typically used to request the SEC&#8217;s permission to amend their rulebooks for the listing of a new type of ETF, <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-20-2024/card/crypto-prices-jump-on-ether-etf-approve-hopes-0bGFUEbtjiRzilJ2QPgh?mod=lctimeline_finance">according</a> to The Wall Street Journal.
This move was seen as a positive development by many investors, leading to a surge in crypto prices. The updated filings are anticipated to be live in the near future, WSJ reports.
Despite the lack of communication between the SEC staff and potential ETF issuers, the SEC&#8217;s decision to instruct asset managers to amend their filings has raised hopes for an Ether ETF approval this week, according to the Journal. This has led to an 18% surge in the price of Ether and a more than 5% increase in the price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
Why It Matters: The potential approval of an Ether ETF is a significant development for the cryptocurrency market. Ether is the second-largest cryptocurrency after Bitcoin, and an ETF would make it easier for investors to gain exposure to this digital asset.
What&#8217;s Next: The updated 19b-4 filings are expected to go live in the coming days, WSJ reports. Some analysts have raised their estimates for an ether ETF approval to 75% following this development.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38898114/coinbase-says-ethereum-etf-approval-more-likely-than-you-think-heres-why?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Coinbase Says Ethereum ETF Approval More Likely Than You Think— Here&#8217;s Why</a>
Why It Matters: The SEC&#8217;s recent actions have sparked hope for the approval of Ether ETFs, with analysts Eric Balchunas and James Seyffart raising the odds from 25% to 75% on Monday. However, they later clarified that the odds were related to the 19b-4 approvals, not the final ETF authorization.
The SEC is expected to make a decision on the VanEck spot Ether ETF on Thursday. The SEC has been investigating whether Ether, the primary native asset to the Ethereum blockchain, is a security. If deemed a security, this could be grounds for the regulator to reject the spot Ether ETF applications.
What&#8217;s Next: The potential approval of Ether ETFs has already had a significant impact on the market. Following the news, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38926646/bitcoin-smashes-70k-ethereum-pumps-12-on-etf-approval-bombshell-odds-of-approval-75-tweets">Bitcoin surged past $70,000 and Ethereum&#8217;s price rose by 14%</a>.
Ethereum&#8217;s co-founder, Vitalik Buterin, recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38911118/vitalik-buterin-says-proud-ethereum-doesnt-censor-critical-views-social-media-users-compla">praised the platform&#8217;s culture of welcoming criticism</a>, a sentiment that was met with mixed reactions on social media.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38890935/top-crypto-trader-dumps-entire-bitcoin-portfolio-to-buy-altcoins-but-should-you-be-taking-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Top Crypto Trader Dumps Entire Bitcoin Portfolio To Buy Altcoins, But Should You Be Taking This &#8216;Huge&#8217; Risk</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock.

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Crypto Market Rallies As SEC Reportedly Moves Forward With Ether ETF Process

Guidance&nbsp;for the full fiscal year 2025; includes:
<ul>
<li>North American volumes to be in the range of 2,950 million to 3,150 million standard feet vs FY24 3,054 million standard feet</li>
<li>North American EBIT margin to be in the range of&nbsp;29%&nbsp;to&nbsp;31%</li>
<li>Adjusted Interest, net: $25 million to $29 million vs FY24 $24.3 million</li>
<li>Adjusted Effective Tax Rate:&nbsp;23.5%&nbsp;to&nbsp;24.5%&nbsp;vs FY24&nbsp;23.0%</li>
<li>Adjusted Net Income to be in the range of $630 million to $700 million</li>
</ul>

Guidance

James Hardie Industries Expects Q1 North American Volumes Of 745M-775M Standard Feet, Adjusted Net Income Of $155M - $175M

James Hardie Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHX#NYSE">JHX</a>) reported quarterly earnings of $0.40 per share which missed the analyst consensus estimate of $0.42 by 4.76 percent. The company reported quarterly sales of $1.005 billion which missed the analyst consensus estimate of $1.009 billion by 0.40 percent. This is a 9.50 percent increase over sales of $917.800 million the same period last year.

Earnings Misses

James Hardie Industries Q4 2024 Adj EPS $0.40 Misses $0.42 Estimate, Sales $1.005B Miss $1.009B Estimate

Workhorse Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>) reported quarterly losses of $(0.10) per share which missed the analyst consensus estimate of $(0.09) by 11.11 percent. The company reported quarterly sales of $1.339 million which missed the analyst consensus estimate of $4.134 million by 67.61 percent. This is a 20.91 percent decrease over sales of $1.693 million the same period last year.

WKHS

Workhorse Gr Q1 2024 GAAP EPS $(0.10) Misses $(0.09) Estimate, Sales $1.339M Miss $4.134M Estimate

Trip.com Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>) reported quarterly Adj earnings of $0.83 per share which beat the analyst consensus estimate of $0.57 by 45.61 percent. This is a 84.44 percent increase over earnings of $0.45 per share from the same period last year. The company reported quarterly sales of $1.65 billion which beat the analyst consensus estimate of $1.61 billion by 2.55 percent. This is a 23.12 percent increase over sales of $1.34 billion the same period last year.

TCOM

Trip.com Group Q1 Adj EPS $0.83 Beats $0.57 Estimate, Sales $1.65B Beat $1.61B Estimate

The U.S. has taken a firm stance against a proposed global wealth tax on billionaires, as announced Monday <a href="https://www.benzinga.com/topic/janet-yellen">by Treasury Secretary Janet Yellen.</a>
This idea, championed by Brazil, France and other nations, aims to reduce economic inequality by <a href="https://www.benzinga.com/topic/billionaires">targeting the global billionaires. </a>
Yellen emphasized that while the U.S. supports progressive taxation, it cannot back a worldwide initiative of this nature, as reported by the <a href="https://www.wsj.com/politics/policy/a-global-tax-on-billionaires-janet-yellen-says-no-cdb22e2f?mod=hp_lead_pos2">Wall Street Journal</a>.
&#8220;We're not supportive of a process to try to achieve that. That's something we can't sign on to," she said.
As the leader of the Group of 20 major economies, Brazil has urged the group to develop a unified approach to taxing extremely wealthy individuals who often relocate their funds to low-tax jurisdictions.
The goal is to create a system similar to the global minimum tax on corporations, agreed upon by roughly 140 countries in 2021, though the rollout has faced significant obstacles, particularly in the U.S.
Although the Biden administration has proposed significant tax increases for high-income Americans, it has avoided advocating for a wealth tax, which involves collecting a portion of an individual&#8217;s net worth annually. Instead, President Joe Biden has proposed a plan that would require Americans with a net worth exceeding $100 million to pay a 25% tax on their total earnings each year, including unrealized capital gains.
Yellen made it clear the U.S. would not endorse discussions on a global wealth tax. She is set to meet with finance ministers from the Group of Seven advanced democracies later this week, where this topic is expected to be on the agenda.
<h3 class="wp-block-heading">G20 Discussions On Billionaire Tax</h3>
As reported by the <a href="https://www.ft.com/content/1f1160e0-3267-4f5f-94eb-6778c65e65a4">Financial Times</a> on Sunday, French economist Gabriel Zucman presented a proposal for a global billionaire's tax to G20 finance ministers in February, at the request of Brazil. 
Officials from Brazil, France, Spain, Germany and South Africa have discussed a plan requiring billionaires to pay taxes equivalent to at least 2% of their overall wealth annually.
Supporters of the global wealth tax argue that a coordinated effort would prevent the wealthy from moving their assets to tax-friendly countries. This would enable governments to raise more tax revenue to support other priorities and address the growing income inequality.
&#8220;The super-rich will fight it tooth and nail, but yes — we will have, one day, a coordinated minimum tax on the super-rich. And perhaps sooner than you think!&#8221; Zucman commented on social media X.
<h3 class="wp-block-heading">Dominance Of American Billionaires </h3>
According to the Forbes 2024 Billionaires List, the United States dominates with 26 billionaires in the top 50, including nine out of the top 10. 
Elon Musk, CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), is the richest U.S. citizen and ranks second globally with a net worth of $195 billion, just behind Bernard Arnault. 
Jeff Bezos, founder of Amazon.com and Bill Gates, co-founder of Microsoft, follow closely with fortunes of $194 billion and $134 billion, respectively.
Other prominent U.S. billionaires include Mark Zuckerberg, CEO of Meta Platforms Inc.; Warren Buffett, CEO of Berkshire Hathaway Inc.; and Larry Ellison, CTO of Oracle Corp.,highlighting the significant presence and influence of American entrepreneurs and business leaders on the global stage.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Rank</th>
<th>Name</th>
<th>Net Worth (Billion USD)</th>
<th>Age</th>
<th>Country</th>
<th>Industry</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Bernard Arnault &amp; family</td>
<td>233</td>
<td>74</td>
<td>France</td>
<td>Fashion &amp; Retail</td>
</tr>
<tr>
<td>2</td>
<td>Elon Musk</td>
<td>195</td>
<td>52</td>
<td>United States</td>
<td>Automotive</td>
</tr>
<tr>
<td>3</td>
<td>Jeff Bezos</td>
<td>194</td>
<td>60</td>
<td>United States</td>
<td>Technology</td>
</tr>
<tr>
<td>4</td>
<td>Bill Gates</td>
<td>134</td>
<td>68</td>
<td>United States</td>
<td>Technology</td>
</tr>
<tr>
<td>5</td>
<td>Mark Zuckerberg</td>
<td>122</td>
<td>39</td>
<td>United States</td>
<td>Technology</td>
</tr>
<tr>
<td>6</td>
<td>Warren Buffett</td>
<td>121</td>
<td>93</td>
<td>United States</td>
<td>Finance &amp; Investments</td>
</tr>
<tr>
<td>7</td>
<td>Larry Ellison</td>
<td>120</td>
<td>79</td>
<td>United States</td>
<td>Technology</td>
</tr>
<tr>
<td>8</td>
<td>Steve Ballmer</td>
<td>101</td>
<td>68</td>
<td>United States</td>
<td>Technology</td>
</tr>
<tr>
<td>9</td>
<td>Larry Page</td>
<td>100</td>
<td>50</td>
<td>United States</td>
<td>Technology</td>
</tr>
<tr>
<td>10</td>
<td>Sergey Brin</td>
<td>98</td>
<td>50</td>
<td>United States</td>
<td>Technology</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data: Forbes Billionaires List (as of May 20, 2024)</figcaption></figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38923061/dow-to-reach-60-000-s-p-500-to-hit-8-000-by-2030-in-wall-street-veterans-roaring-20">Dow To Reach 60,000, S&amp;P 500 To Hit 8,000 By 2030 In Wall Street Veteran&#8217;s &#8216;Roaring 2020s Scenario&#8217;</a>
Treasury Secretary Janet Yellen. Benzinga file photo by Dustin Blitchok.

Global

Econ #s

Tech

TSLA

Treasury Secretary Yellen Rejects Global Billionaire Tax: Big Relief For Elon Musk, Jeff Bezos, Bill Gates And Mark Zuckerberg

Tesla Inc. CEO Elon Musk is the world's third richest person, with a net worth of $190 billion, according to Bloomberg Billionaires Index. But it's not like Musk's life has been spot-free – the billionaire has made several major money mistakes, and one of them is worth nearly a fourth of his current net worth.
Here are five of Musk&#8217;s biggest money mistakes:
<h3 class="wp-block-heading">1. Musk's $44B Acquisition Of Twitter</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="553" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30125143/musk-twitter-x-shutter-1024x553.jpg" alt="Elon Musk Twitter" class="wp-image-153279" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30125143/musk-twitter-x-shutter-1024x553.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30125143/musk-twitter-x-shutter-300x162.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30125143/musk-twitter-x-shutter-768x415.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30125143/musk-twitter-x-shutter-1536x829.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30125143/musk-twitter-x-shutter.jpg 1850w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Musk&#8217;s biggest money mistake by far &#x7C; Photo courtesy: Shutterstock</figcaption></figure>
Perhaps the biggest money mistake Musk has made so far is his $44 billion acquisition of Twitter, now X. The social media platform's recent valuation by Fidelity shows the value has <a href="https://www.benzinga.com/news/24/02/36895228/fidelity-raises-x-valuation-heres-how-much-its-fallen-from-elon-musks-twitter-purchase-price">fallen to just $14.1 billion now</a>, down from the $44 billion that Musk paid to acquire it.
<h3 class="wp-block-heading">2. ‘Funding Secured'</h3>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17051222/Tesla-CEO-ELon-Musk-1024x683.jpg" alt="Tesla CEO Elon Musk" class="wp-image-342959" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17051222/Tesla-CEO-ELon-Musk-1024x683.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17051222/Tesla-CEO-ELon-Musk-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17051222/Tesla-CEO-ELon-Musk-768x512.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17051222/Tesla-CEO-ELon-Musk-1536x1024.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17051222/Tesla-CEO-ELon-Musk.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Musk&#8217;s ill-fated social media post on taking Tesla private cost millions in fines &#x7C; Image made via photos on Shutterstock</figcaption></figure>
Another one of Musk's biggest money mistakes is his "Funding secured" post on X about Tesla which led to an investigation by the Securities and Exchange Commission (SEC,) <a href="https://www.benzinga.com/news/24/02/36895228/fidelity-raises-x-valuation-heres-how-much-its-fallen-from-elon-musks-twitter-purchase-price">resulting in a $20 million fine</a>.
<h3 class="wp-block-heading">3. Musk's Multiple Divorces</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/22020655/shutterstock_2425470833-1024x683.jpg" alt="Tesla CEO Elon Musk" class="wp-image-224855" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/22020655/shutterstock_2425470833-1024x683.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/22020655/shutterstock_2425470833-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/22020655/shutterstock_2425470833-768x512.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/22020655/shutterstock_2425470833-1536x1024.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/22020655/shutterstock_2425470833.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Musk&#8217;s multiple divorces have proven costly &#x7C; Photo via Shutterstock</figcaption></figure>
Musk's multiple divorces have cost the Tesla CEO and SpaceX founder a pretty penny. He <a href="https://www.businessinsider.com/correcting-the-record-about-my-divorce-2010-7?IR=T">revealed</a> that he pays an average of $20,000 to his first wife, Justine Musk, apart from having footed an average of $170,000 in monthly legal bills.
He then married and divorced actress Talulah Riley twice, which ended up costing $20 million in alimony.
<h3 class="wp-block-heading">4. Roadster Failure</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="674" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/19042530/shutterstock_1747839884-1024x674.jpg" alt="Tesla Roadster" class="wp-image-256796" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/19042530/shutterstock_1747839884-1024x674.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/19042530/shutterstock_1747839884-300x197.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/19042530/shutterstock_1747839884-768x505.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/19042530/shutterstock_1747839884-1536x1011.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/19042530/shutterstock_1747839884.jpg 1641w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Tesla Roadster &#x7C; Photo via Shutterstock</figcaption></figure>
Tesla's first car, the Roadster, proved to be a disaster for both the company and Musk. Tesla unveiled the Roadster prototype in 2006 and launched it commercially in 2008. The company spent $25 million on the car, and BBC's Jeremy Clarkson <a href="https://www.tesla.com/blog/tesla-vs-top-gear">panned it</a> for range and quality control issues. Tesla even sued the BBC over this but eventually lost its case.
<h3 class="wp-block-heading">5. Crashing McLaren F1</h3>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="941" height="514" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/07/15014854/McLaren-F1-Photo-by-dimcars-on-Shutterstock.jpg" alt="McLaren F1 Photo by dimcars on Shutterstock" class="wp-image-68536" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/07/15014854/McLaren-F1-Photo-by-dimcars-on-Shutterstock.jpg 941w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/07/15014854/McLaren-F1-Photo-by-dimcars-on-Shutterstock-300x164.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/07/15014854/McLaren-F1-Photo-by-dimcars-on-Shutterstock-768x420.jpg 768w" sizes="(max-width: 941px) 100vw, 941px" /><figcaption class="wp-element-caption">McLaren F1 &#x7C; Photo courtesy: Shutterstock </figcaption></figure>
Fresh off his successful sale of Zip2 for $300 million, Musk purchased the McLaren F1 for $1 million as his daily drive. Then, in order to impress PayPal Inc. co-founder Peter Thiel, Musk went ahead to show off the sports car's power.
He ended up <a href="https://www.benzinga.com/general/24/02/37016578/elon-musk-spent-1-million-on-a-super-rare-mclaren-f1-but-then-crashed-it-trying-to-impress-peter-thi">crashing the $1 million car</a> after hovering about 3 feet in the air.
Photo courtesy: Shutterstock

Personal Finance

5 Money Mistakes Billionaire Elon Musk Made

BYFC

Broadway Financial Reveals Notification From Nasdaq Regarding Late Filing Of Form 10-Q And Form 10-K

SAB Biotherapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SABS#NASDAQ">SABS</a>) reported quarterly losses of $(0.43) per share which beat the analyst consensus estimate of $(0.96) by 55.21 percent. This is a 186.67 percent decrease over losses of $(0.15) per share from the same period last year.
SAB reaffirms it has sufficient cash, assuming the receipt of funds upon the exercise of all outstanding Tranche B warrants, that is expected to be sufficient to fund its operations into 2026.

Earnings Beats

SABS

SAB Biotherapeutics Q1 2024 GAAP EPS $(0.43) Beats $(0.96) Estimate

Top Stories for May 20, 2024:
1. Nippon Steel is intensifying efforts to secure its $14.1 billion acquisition of United States Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) despite opposition from union leaders and the Biden administration. 
<ol></ol>
Vice Chairman Takahiro Mori will visit Pittsburgh to meet with local staff and officials, while technical teams will assess U.S. Steel mills.&nbsp;
Although Nippon Steel aims to finalize the deal before the election, opposition from the United Steelworkers and President Joe Biden has created uncertainty. 
Union President David McCall opposes the deal due to national defense concerns, which Nippon Steel denies.
2. Hecla Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) released its 2023 Sustainability Report, detailing its environmental, social and governance (ESG) performance. 
<ol start="2"></ol>
Despite operational disruptions from wildfires and weather events, the company focused on workforce safety, environmental stewardship and community well-being while increasing silver production.&nbsp;
Key highlights include an $855 million economic impact on local communities, over 40,000 hours of safety training and a 16% lower injury rate than the U.S. average
Hecla also reported a 5% increase in women in professional roles, a 36% reduction in GHG emissions from the 2019 baseline and achieving net zero carbon emissions for the third consecutive year with carbon offset credits.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38901984/silver-rockets-to-11-year-highs-copper-hits-record-peak-gold-approaches-historic-">Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks&#8217; Wild Ride</a>
3. BHP&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) $43 billion bid for Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>) faces challenges, with a looming May 22 deadline and no sign of reciprocation from Anglo. 
<ol start="3"></ol>
Anglo is currently restructuring and divesting platinum, diamonds and coal assets, while accelerating its focus on copper.&nbsp;
Anglo's largest shareholders, BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and South Africa&#8217;s Public Investment Corporation could complicate the potential takeover.
The takeover by BHP also endangers the $9 billion Woodsmith fertilizer mine in England, raising local job concerns.
4. Jefferies initiated coverage on Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) with a Hold Rating and announced a price target of $150.
<ol start="4"></ol>
The firm also initiated coverage on Nucor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) with a Hold Rating and announced a price target of $190.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/markets/asia/24/05/38901601/zijin-mining-sets-ambitious-50-growth-target-for-copper-production-by-2028">Zijin Mining Sets Ambitious 50% Growth Target For Copper Production By 2028</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Photo: Shutterstock

Commodities

AAUKF

STLD

Nippon Steel Acquisition Push; Hecla's 2023 Sustainability Highlights; BHP's Bid For Anglo American Faces Challenges And More: Monday's Top Mining Stories

Semiconductor giant NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will report first-quarter financial results after <a href="https://www.benzinga.com/earnings">market close Wednesday.</a>
Here are the earnings estimates, what analysts are saying and key items to watch.
Earnings Estimates: Analysts expect Nvidia to report first-quarter revenue of $24.60 billion, according to <a href="https://pro.benzinga.com/feature/newsfeed/?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348">data from Benzinga Pro.</a>
The company reported first-quarter revenue of $7.19 billion in the previous fiscal year. Nvidia has beaten analysts' revenue estimates in six straight quarters and nine of the last 10 quarters.
Analysts expect Nvidia to report earnings per share of $5.58 in the first quarter, compared to earnings per share of $1.09 in last year's first quarter. The company has beaten analysts' earnings per share estimates in five straight quarters and eight of the last 10 quarters.
<a href="https://www.benzinga.com/news/earnings/24/02/37247922/nvidia-q4-earnings-highlights-revenue-beat-eps-beat-q1-guidance-and-more">Guidance from Nvidia </a>calls for first quarter revenue to be $24.0 billion, plus or minus 2%.
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37266215/nvidia-is-still-stepping-on-the-ai-accelerator-7-analysts-size-up-q4-results-supply">Nvidia Is Still &#8216;Stepping On The AI Accelerator&#8217;: 7 Analysts Size Up Q4 Results, Supply And Demand Dynamics</a>
What Analysts Are Saying: While Nvidia is likely to report strong year-over-year growth, analysts see potential volatility ahead of the Blackwell transition.
Bank of America analyst Vivek Arya, who has a Buy rating and $1,100 price target, expects a beat and raise from Nvidia despite the volatility.
The analyst said expectations for Nvidia are $26 billion based on speaking with investors ahead of the quarterly report.
"Even if NVDA were to potentially deliver on these bullish expectations, the stock could still react unfavorably," Arya said.
The analyst said slowing demand, lower quarter-over-quarter growth and pricing pressure could be factors that bears are watching.
"On the other hand a favorable scenario could be perhaps NVDA reporting only modest FQ1 beat, but then guiding FQ2 up 10%+, while retaining favorable 76-77% GM (gross margins) as Blackwell ramp comes later in the year while Hopper cost structure remains favorable."
Stifel analyst Ruben Roy is expecting another strong quarter and outlook from Nvidia.
The analyst, who has a Buy rating, raised the price target from $910 to $1,085.
"Once again, a beat/raise is widely anticipated with investor focus likely to remain on medium-term sustainability of accelerating AI infrastructure investment," Roy said.
The analyst said supply chain checks indicate robust demand for existing Nvidia products ahead of the Blackwell launch.
"NVDA remains our top pick relative to the AI infrastructure investment theme."
The analyst said strength in the Data Center segment will drive "significant year-over-year growth" in coming quarters, leading to estimate increases.
"The scaling of recent large-scale models coupled with NVDA's Blackwell ramp in 2025 suggests to us that we are likely to see meaningful growth well into next year."
The analyst estimates Nvidia&#8217;s total addressable market to reach $100 billion by 2025, potentially growing to $1 trillion in the future.
A beat and raise from Nvidia is also anticipated by Rosenblatt analyst Hans Mosesmann.
The analyst, who has a Buy rating and $1,400 price target, said the beat and raise might be lower than the previous quarter due to supply shortages.
"We do not subscribe to the air-pocket theory in the Hopper to Blackwell transition for the July quarter guide as the transition to B100 is scheduled for later in 2024," Mosesmann said.
The analyst said Nvidia could maintain or increase its market share due to its platform and software stack.
"We also anticipate that Blackwell will be completely sold out, at least for a year."
Mosesmann said shares of Nvidia could be volatile ahead of and after the first-quarter earnings report.
"We expect volatility into this week's print but are nonetheless positively biased on a story that is increasingly resonating with the best secular idea in all of technology."
Here are <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">other analyst ratings</a> and price targets for Nvidia in the month of May.
<ul>
<li>Barclays: Overweight rating, raised price target from $850 to $1,100</li>
<li>Susquehanna: Positive rating, raised price target from $910 to $1,085</li>
<li>Baird: Outperform rating, raised price target from $1,050 to $1,200</li>
<li>Oppenheimer: Outperform rating, $1,100 price target</li>
<li>Wedbush: Outperform rating, $1,000 price target</li>
<li>Wells Fargo: Overweight rating, raised price target from $970 to $1,150</li>
<li>Jefferies: Buy rating, raised price target from $780 to $1,200</li>
<li>HSBC: Buy rating, raised price target from $1,050 to $1,350</li>
<li>Goldman Sachs: Buy rating, raised price target from $1,000 to $1,100</li>
</ul>
NVDA Price Action: Nvidia shares trade at $947.80 versus a 52-week trading range of $298.06 to $974.00. Nvidia stock is up 91% year-to-date in 2024 and up over 210% in the last year.
Read Next: <a href="https://www.benzinga.com/general/social-media/24/03/37879478/humble-beginnings-like-nvidia-reddit-was-founded-inside-a-restaurant">Humble Beginnings: Like NVIDIA, Reddit Was Founded Inside A Restaurant</a>
Photo: Shutterstock

Analyst Color

Price Target

Previews

Reiteration

Analyst Ratings

NVDA

NVIDIA Q1 Earnings Preview: Analysts Anticipate Strong Results, Top AI Stock — 'Best Secular Idea In All Of Technology'

With the stabilizing macroeconomic environment and normalizing downstream inventory levels, the industry is currently on a positive trajectory, the company said.

TUYA

Tuya Says Confident In Its Business Prospects

Xcel Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XELB#NASDAQ">XELB</a>) reported quarterly losses of $(0.09) per share which beat the analyst consensus estimate of $(0.18) by 50 percent. The company reported quarterly sales of $2.184 million which missed the analyst consensus estimate of $2.200 million by 0.70 percent.&nbsp;

XELB

Xcel Brands Q1 2024 Adj EPS $(0.09) Beats $(0.18) Estimate, Sales $2.184M Miss $2.200M Estimate

Tuya (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TUYA#NYSE">TUYA</a>) reported quarterly earnings of $0.02 per share which beat the analyst consensus estimate of $0.01 by 100 percent. The company reported quarterly sales of $61.662 million which beat the analyst consensus estimate of $54.158 million by 13.85 percent. This is a 29.86 percent increase over sales of $47.485 million the same period last year.

Tuya Q1 2024 Adj EPS $0.02 Beats $0.01 Estimate, Sales $61.662M Beat $54.158M Estimate

AIRJ

Montana Technologies Says Ended Q1 With $37Mn Of Cash On Balance Sheet

Adapting To Economic Paradigm Shifts

Global Growth Is Back As Fiscal Reckoning Looms In 2025

Equity Factor Report - Q1 2024: Momentum Strategies Shine

Asset Allocation Committee Outlook Q2 2024: Breadth And Balance

Was April's Correction Noise Or Signal For Global Markets?

Global PMI Hits 10-Month High Amid Broad Sector Economic Upturn In April 2024

Global Trade Revives Amid Renewal Of Worldwide Goods Exports

May 2024 Active Management Insights: Beyond The Magnificent 7

Global Economic Outlook: May 2024

HSBC recommends where to invest globally with stocks set to rise under two scenarios

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Latest News for SPDR Portfolio MSCI Global Stock Market ETF (ARCA:SPGM)

Monday, September 23, 2019