Day Hagan/Ned Davis Research Smart Sector ETF (ARCA: SSUS)

Day Hagan/Ned Davis Research Smart Sector ETF (ARCA:SSUS), Trade Ideas

Day Hagan/Ned Davis Research Smart Sector ETF

HomeServices of America, the real estate firm owned by Warren Buffett, has agreed to pay $250 million to settle a nationwide antitrust lawsuit. The settlement could potentially transform <a href="https://www.benzinga.com/news/24/02/37193641/warren-buffetts-empire-nears-trillion-dollar-club-as-class-a-shares-hit-above-600-000">the way real estate agents are compensated.</a>
What Happened: According to&nbsp;a <a href="http://nypost.com/2024/04/26/business/warren-buffetts-real-estate-firm-paying-250m-to-settle-antitrust-suit-over-commissions/">report </a>by the New York Post, HomeServices of America, a subsidiary of Berkshire Hathaway (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>), was the last defendant in a case against the National Association of Realtors (NAR) and four brokerages.
After a jury verdict in Kansas City, Missouri, in October, the settlement aims to preempt a potentially larger payout. The verdict sided with home sellers who alleged that the industry had artificially inflated real estate commissions.
The jury awarded damages of $1.78 billion. HomeServices&#39;s settlement, which still requires court approval, follows the NAR&#39;s $418 million settlement last month.
Analysts suggest that the agreed-upon changes could reduce commissions by at least 25%.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/08/33936436/here-are-the-eyebrow-raising-moves-warren-buffett-michael-burry-and-bill-ackman-made-recently" target="_blank">Here Are The Eyebrow-Raising Moves Warren Buffett, Michael Burry And Bill Ackman Made Recently</a>
With this latest settlement, the NAR and the brokerages, including HomeServices and Re/Max, will pay over $943 million to resolve antitrust claims.
HomeServices&#39; settlement will result in a $140 million after-tax accounting charge, according to spokesperson Chris Kelly, who emphasized that the settlement is &quot;a sole obligation of HomeServices, with no participation by any parent entity.&quot;
Why It Matters: This settlement comes after&nbsp;<a href="https://www.benzinga.com/news/24/01/36815518/this-is-how-much-warren-buffetts-company-missed-out-on-by-dumping-costco-stock-in-2020">Berkshire Hathaway</a>&nbsp;missed several opportunities, including the sale of its shares in Costco Wholesale Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>) during 2020, which resulted in a potential loss of approximately $1.5 billion in gains.
Berkshire Hathaway, led by <a href="https://www.benzinga.com/news/23/03/31512478/warren-buffetts-success-mantra-the-amount-you-are-loved-is-the-ultimate-measure-of-success-in-life">Warren Buffett</a>, has been known for its savvy investments and strategic moves, such as the $3 billion investment in Dow Chemical during the 2008 financial crisis, which ultimately&nbsp;<a href="https://www.benzinga.com/news/23/09/34661392/how-warren-buffett-poured-3b-into-this-company-during-2008-financial-crisis-and-doubled-his-money">doubled the firm&#39;s&nbsp;money</a>.
The latest settlement, however,&nbsp;could potentially alter the landscape of real estate commissions, impacting real estate agents&#39; earnings and home sellers&#39; costs. It also underscores the legal challenges large corporations face in their business operations.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/09/34193584/warren-buffett-and-elon-musk-both-share-this-same-business-acumen-that-has-led-to-their-success">Warren Buffett And Elon Musk Both Share This Same Business Acumen That Has Led To Their Success</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

News

General

Real Estate

BRK-A

COST

Warren Buffett's Real Estate Firm Coughs Up $250M To Avoid Bigger Payout Over Commissions

In a bizarre incident&nbsp;this month, a Utah couple inadvertently shipped their pet cat in <a href="https://www.benzinga.com/news/23/10/35254697/amazon-listed-a-strange-job-opening-leading-to-speculations-about-the-companys-real-intentions">an Amazon return package</a>.
The feline, named Galena, was discovered safe in California six days&nbsp;later, having survived without food or water, according to&nbsp;Utah&#39;s <a href="https://ksltv.com/639614/utahns-reunited-with-pet-cat-they-accidentally-shipped-with-amazon-return/">KSL-TV</a>.&nbsp;
Galena&#39;s owner, Carrie Clark, realized her pet was missing on April 10. She&nbsp;and her family reportedly spent nearly a week searching their home and local area, even posting missing posters throughout the town.
On April 17, Clark received a notification that Galena&#39;s microchip had been scanned, leading to a call from a California-based veterinarian.&nbsp;The vet revealed that Galena was discovered in an Amazon return package containing five pairs of steel-toed work boots.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/12/36167127/heres-how-much-amazons-ads-business-is-willing-to-pay-for-top-talent">Here&#39;s How Much Amazon&#39;s Ads Business Is Willing To Pay For Top Talent</a>
An Amazon employee had apparently&nbsp;found Galena in a warehouse after she had been without food or water for six days. The employee then promptly took her to a vet.
&quot;I ran to tell my husband that Galena was found, and we broke down upon realizing that she must have jumped into an oversized box that we shipped out the previous Wednesday,&quot; Clark told KSL-TV.
Clark and her husband then flew to California for an emotional reunion with their pet.
Clark said she hopes this story will encourage more pet owners to microchip their animals, as it greatly enhances the likelihood of lost pets being found and returned to their owners.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/23/04/31755746/amazons-pre-layoff-payroll-peek-a-boo-the-massive-salaries-of-engineers-data-scientists-managers-and" target="_blank">Amazon&#39;s Pre-Layoff Payroll Peek-a-Boo: The Massive Salaries Of Engineers, Data Scientists, Managers And Others</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock
&nbsp;

A Utah Couple Frantically Searched For Their Missing Cat — Only To Find Out They Had Accidentally Shipped Her In An Amazon Package

In a digital showdown echoing past corporate scandals, Facebook co-founder Dustin Moskovitz set off a firestorm on Thursday, leveling <a href="https://www.benzinga.com/news/24/04/38474626/tesla-is-now-enron-folks-facebook-co-founder-claims-musks-ev-giant-is-cooking-up-some-fsd-data">allegations of fraudulent practices </a>against Elon Musk&#8217;s Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). Comparing Tesla&#8217;s actions to the notorious downfall of Enron, Moskovitz&#8217;s remarks have reignited concerns about corporate integrity and accountability.
What Happened: Moskovitz, now CEO of software company Asana, took to Threads to voice his apprehensions, stating, "I know I sound crazy to most people who don't follow $TSLA closely but at this point it really needs to be said. This is Enron now, folks." <a href="https://www.benzinga.com/news/24/04/38474588/elon-musk-claps-back-at-facebook-co-founders-consumer-fraud-accusations-against-tesla-should-go-to-j">Musk&#8217;s response</a>? A barrage of ridicule on X (formerly Twitter), with Musk quipping, "Yeah, Dustin is the one who should go to jail for impersonating a smart person."
Amid Moskovitz&#8217; comparison of Tesla to Enron, here&#8217;s what you should know about the commodities firm, which was repeatedly hailed as America's "most innovative" and became an enduring symbol of corporate fraud later.
See Also: <a href="https://www.benzinga.com/news/24/04/38475796/youll-be-amazed-elon-musk-urges-tesla-drivers-to-try-supervised-full-self-driving-software">&#8216;You&#8217;ll Be Amazed:&#8217; Elon Musk Urges Tesla Drivers To Try Supervised Full Self-Driving Software</a>
The Enron Saga
The <a href="https://www.benzinga.com/general/education/21/12/24405944/this-day-in-market-history-enron-declares-bankruptcy">Enron scandal back in 2001</a> was like something out of a cautionary tale, showing just how bad corporate greed and deception can get. When the U.S. energy giant went belly-up, it didn&#8217;t just go down by itself — it took down Arthur Andersen LLP, a big auditing and accounting firm, with it. With the firm&#8217;s assets totaling over $60 billion, the collapse of Enron sparked huge debates and led to changes in the law to make sure accounting standards were stronger and more honest.
The Enron Era
Enron&#8217;s story began in 1985 when it was created by the merger of Houston Natural Gas Corporation and InterNorth, Inc. Led by Kenneth Lay and Jeffrey Skilling, Enron quickly became a major player in energy derivatives trading. Skilling&#8217;s bold trading tactics, combined with the chief financial officer Andrew Fastow&#8216;s financial savvy, helped Enron become a leader in the natural gas contracts market. Expanding into different commodities and launching Enron Online during the dot-com boom boosted the company&#8217;s value sky-high.
The Downfall Of Eron
Enron&#8217;s luck turned sour when the bull market started to fade and people started looking closer. Shareholders started pushing harder, so executives turned to shady accounting tricks like &#8220;mark-to-market accounting&#8221; and used special purpose entities (SPEs) to hide losses. Enron would value its future contracts at their estimated market value, booking anticipated profits immediately, even though those profits hadn&#8217;t been realized yet.
Despite warnings and internal voices speaking up, Enron couldn&#8217;t sustain its facade. In 2001, Securities and Exchange Commission (SEC) investigations revealed widespread fraud, sending stock prices crashing down. Efforts to save the company with buyouts failed, and Enron had to file for Chapter 11 bankruptcy protection, bringing a shameful end to its reign.
See Also: <a href="https://www.benzinga.com/news/24/04/38474900/tesla-to-cut-693-jobs-in-nevada-amid-global-workforce-reduction-government-notice">Tesla To Cut 693 Jobs In Nevada Amid Global Workforce Reduction: Government Notice</a>
Enron's stock price peaked at over $90 per share in mid-2000. When the market closed on Nov. 30, 2001, Enron's stock price was just 26 cents.
Aftermath: Accountability And Reforms
The fallout from the Enron scandal reverberated across the corporate landscape. Top executives, including Skilling and Lay, faced indictments and convictions for conspiracy and fraud. Arthur Andersen, complicit in the cover-up, met a similar fate, losing its license and reputation. Shareholders and employees bore the brunt of financial losses, sparking a wave of civil suits. In response, regulatory reforms such as the Sarbanes-Oxley Act were enacted to bolster transparency and governance in corporate firms.
Eron Saga Now A Blur Past 
While the Enron saga is now in the past, it has taught stakeholders many lessons: to remain vigilant and to demand transparency and accountability from corporate leaders.
For Moskovitz&#8217; criticism of Tesla, the company has yet to respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment. 
The EV giant, led by Musk, saw its stock closing 1.11% lower at $168.28 per share on Friday, according to data from <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro.</a> The stock is down 32.26% year-to-date.
For<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube"> the first quarter</a>, Tesla reported revenue of $21.3 billion, down from the $23.33 billion reported a year earlier. This is the first time the&nbsp;company's quarterly revenue has fallen&nbsp;since the pandemic in 2020.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/04/38373389/tesla-ceo-elon-musk-takes-swipe-at-waymo-says-cybertruck-might-be-needed-for-robotaxis-in-san-franci?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Takes Swipe At Waymo, Says Cybertruck Might Be Needed For Robotaxis In San Francisco</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Markets

Tech

TSLA

Facebook Co-Founder Brings Back Old Memories As He Alleges Elon Musk's Tesla Will Be The Next 'Enron' — Here's What You Should Know About The Company That Is Etched In History Books For Corporate Fraud

With former President Donald Trump&#8216;s criminal trial underway, only 13% believe he is receiving fair treatment. In comparison, 34% each feel he is being <a href="https://www.benzinga.com/news/24/04/38449644/trumps-request-for-new-trial-in-rape-defamation-trial-rejected-judge-says-ex-presidents-attacks-on-e" target="_blank" rel="noreferrer noopener">treated more harshly or more leniently than other defendants</a>. 
Only 44% express confidence in a fair verdict following jury selection, with 56% skeptical that a fair outcome would take place, a recent CNN poll conducted by SSRS <a href="https://edition.cnn.com/2024/04/25/politics/cnn-poll-trump-trial/index.html" target="_blank" rel="noreferrer noopener">revealed</a>. Furthermore, opinions on Trump&#8217;s behavior during the trial varied, with 42% finding it inappropriate, 25% appropriate, and a third undecided due to lack of information.
Interestingly, more Americans (45% compared to 39% last summer) believe the charges in the ongoing trial concerning Donald Trump&#8217;s alleged falsification of business records to conceal payments to Stormy Daniels are irrelevant to his presidential fitness, despite the accusations.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38427342/trumps-social-media-company-auditor-misspells-own-name-14-times-in-regulatory-filings-report" rel="noreferrer noopener">Trump&#8217;s Social Media Company Auditor Misspells Own Name 14 Times In Regulatory Filings: Report</a>
Roughly 75% of voters supporting Trump in the 2024 election against President Joe Biden assert they&#8217;ll remain loyal even if he&#8217;s convicted of a crime, with 24% indicating that a conviction could potentially prompt them to reassess their support for him.
Trump is confronting charges in four separate cases, and the survey question asked about being convicted of a crime without detailing the charge, according to CNN. About 12% of all registered voters surveyed are open to reconsidering their stance, potentially crucial in a close race if he&#8217;s convicted in any of the four trials before Election Day.
The potential political ramifications of a conviction are uncertain, but an analysis of the characteristics of Trump supporters open to reconsideration provides some insights. 
They skew younger (64% under 50 compared to 37% who wouldn&#8217;t reconsider), are more racially diverse (49% people of color vs. 17%), and were more likely to have voted for Biden in 2020 (20% vs. 6%). They also more likely to acknowledge Biden&#8217;s legitimate victory in 2020 (63% vs. 22%), tend to be independents (49% vs. 31%), and are ideologically moderate (50% vs. 38%).
Views regarding the significance of the cases to Trump&#8217;s fitness for office&nbsp;seem to be&nbsp;evolving.&nbsp;
While more people view the hush money charges as irrelevant to his suitability for the presidency, there&#8217;s also a slight increase in those deeming charges related to election interference and classified documents as irrelevant to his presidential fitness if proven true (37% now, up from 33% last summer).
Regarding the ongoing trial, the majority of Americans believe Trump has acted unethically. Still, fewer believe his actions were criminal: Approximately one-third (33%) view Trump&#8217;s actions related to his business records and hush money payments as illegal. In comparison, another third (33%) consider them unethical but not illegal. Only 12% believe he did nothing wrong in the case, with about 21% expressing uncertainty.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/04/38449644/trumps-request-for-new-trial-in-rape-defamation-trial-rejected-judge-says-ex-presidents-attacks-on-e" target="_blank" rel="noreferrer noopener">Trump&#8217;s Request For New Trial In Rape Defamation Trial Rejected, Judge Says Ex-President&#8217;s Attacks On E. Jean Carroll &#8216;Malicious And Unceasing&#8217;</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Equities

Politics

Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll — What That Means For Former President's Election Chances

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) led a recovery in electric vehicle stocks in the week that ended on April 26, as <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube">the company delivered what its investors wanted to hear</a> in its earnings release and on its earnings call. Firmer broader market sentiment also helped to some extent.
Here are the key events that happened in the EV space during the week:
Tesla Affirms Product Plans And More: After a string of price cuts across its markets, Tesla chose to make peace with investors by reaffirming that it would roll out a low-end model. Analysts have emphasized the importance of an affordable EV in boosting Tesla&#8217;s sales from their current slump. The company announced an accelerated start of production for the new model, moving it up from the previously stated &#8220;second-half of 2025.&#8221; It will incorporate elements of both the next-generation platform and its current platforms, and will be manufactured using existing production lines.
Skeptics, however, suggested that the company&#8217;s announcement implied the absence of a sub-$30K car in the pipeline, instead indicating a plan to reduce features in its current lineup.
Tesla reported a double-miss, underperforming relative to both first-quarter earnings and revenue expectations, with its free-cash-flow sinking into negative territory. This prompted even bullish analysts to take down their estimates for the company.
Tesla confirmed on its earnings call that the Tesla Semi, which is now being sold exclusively to PepsiCo., will be manufactured from a new factory in Reno and first deliveries to external customers will begin in early 2026.
Tesla bull Ron Baron said in a CNBC interview this week that, while the stock could have bottomed now, &#8220;it&#8217;s going to go up huge.&#8221;
Another key Tesla executive confirmed this week that he would leaving. Tesla&#8217;s Investor Relations Head Martin Viecha said at the end of the earnings call that he communicated the decision to CEO Elon Musk and CFO Vaibhav Taneja a month ago. 
&#8220;I'll be hanging around for another couple of months or so. So, feel free to reach out at any time. But after the seven-year sprint, I'm going to be taking a break and spending some good quality time with my family,&#8221; he said.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Fisker In Talks For Potential Sale: Beleaguered EV maker Fisker, Inc.&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FSRN#OTC">FSRN</a>) CEO Henrik Fisker told employees in an all-hands meeting that the company was in talks with four automakers for a potential sale, Business Insider <a href="https://www.businessinsider.in/thelife/news/fisker-tells-employees-that-4-automakers-are-in-talks-to-buy-the-struggling-startup/articleshow/109602666.cms">reported</a>.
&#8220;We still have some time to get other offers on Fisker. We do have four car companies that have signed NDAs. However, they obviously need time to get to some diligence,&#8221; he reportedly said. 
The report comes close on the heels of the company filing its 10-K report in which it said it &#8220;believes that its available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months from the date of the filing of this Annual Report on Form 10-K. Accordingly, the Company has concluded there is substantial doubt about its ability to continue as a going concern.&#8221;
BYD&#8217;s Pickup Named &#8220;Shark&#8221;: Chinese EV startup and Warren Buffett-backed BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) announced on its Weibo account that its first energy pickup truck will officially be called the BYD Shark and will be built on the DMO super hybrid off-road platform, <a href="https://cnevpost.com/2024/04/22/byd-names-pickup-shark/">reported</a> CnEVPost.
The vehicle will be sold globally, the company said. The report also stated that the pickup will be positioned as a mid-size model, surpassing the Toyota Hilux in size.
VinFast Founder&#8217;s Financing Commitment: Vietnamese EV maker VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>), which entered the U.S. market in 2022, may receive support from its founder as it contends with fierce competition and a slowing industry. Bloomberg reported that Vietnamese billionaire Pham Nhat Vuong <a href="https://www.benzinga.com/markets/equities/24/04/38422694/emerging-tesla-challenger-to-receive-another-1b-from-vietnamese-billionaire-i-will-not-give-up-o">pledged to invest at least another $1 billion of his personal wealth into VinFast</a> at the company&#8217;s shareholders meeting.
Rivian Doing A Tesla? After Tesla announced flat $2,000 price reductions for its Model S,X and Y EVs as part of its Earth Day celebration, Rivian said it would offer <a href="https://www.benzinga.com/markets/equities/24/04/38380242/rivians-earth-day-offer-trade-in-your-gas-powered-car-and-get-up-to-5k-off-on-r1-ev">a discount of up to $5,000 on qualifying new R1 models </a>when customers trade in select gas-powered vehicles. Additionally, buyers would become eligible for a year of charging on the Rivian Adventure Network at no additional cost.
The discount, ranging from $1,000 to $5,000, is available to customers in the U.S. and Canada for deliveries taken between April 22 and June 30.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 2.30% at $21.32, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF gained 1.33%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38453144/teslas-robotaxi-plan-hasnt-excited-investors-but-fund-manager-gary-black-says-this-">Tesla&#8217;s Robotaxi Plan Hasn&#8217;t Excited Investors, But Fund Manager Gary Black Says This Is What Matters More: &#8216;No Other Way To Interpret This&#8230;&#8217;</a>
EV Stock Performances For Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Performances (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+14.44%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>+18.16%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+13.13%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-5.08%</td>
</tr>
<tr>
<td>Fisker</td>
<td>+23.04%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-2.67%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-3.52%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-2.81%</td>
</tr>
<tr>
<td>Rivian </td>
<td>+4.75%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>+0.41%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>)</td>
<td>-19.93%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-0.08%</td>
</tr>
<tr>
<td>VinFast </td>
<td>+3.18%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

Media

BYDDF

BYDDY

FFIE

FSRN

GOEV

HYZN

KARS

LCID

NKLA

WKHS

XPEV

Tesla Calms Investors After Dismal Q1, Fisker Buyout Buzz, BYD Enters Pickup Game And More: Biggest EV Stories Of The Week

The criminal trial of former President Donald Trump, which&nbsp;focuses&nbsp;on the hush money payments&nbsp;made during his 2016 presidential campaign,&nbsp;has brought to light his alleged efforts to conceal potentially <a href="https://www.benzinga.com/news/24/04/38346954/trump-in-hot-seat-in-hush-money-case-prosecutors-seek-deep-dive-into-ex-presidents-alleged-misconduc">damaging information about his personal life.</a>
What Happened: According to a report <a href="https://www.washingtonpost.com/politics/2024/04/26/trump-trial-david-pecker-testimony-hush-money/">by </a>the Washington Post,&nbsp;the trial shed light on&nbsp;Trump&#39;s dependence on David Pecker, a well-connected tabloid editor and former executive of the National Enquirer who&nbsp;testified over four days about how Trump&#39;s team utilized the tabloid to boost his campaign and suppress scandalous stories.
Prosecutors attempted to prove that Trump was fully cognizant of these actions and those made by his&nbsp;former attorney, Michael Cohen.&nbsp;
The trial&#39;s primary focus is a $130,000 hush money payment made to adult film actress Stormy Daniels that was allegedly made to keep her quiet about a past sexual encounter with Trump. According to prosecutors, the payment was&nbsp;classified as a legal fee instead of a campaign expense to avoid public disclosure.
The former president, currently facing 34 counts of falsifying business records, has pleaded not guilty.&nbsp;His&nbsp;team has contended&nbsp;that, if any crime was committed, it was Cohen and not him.&nbsp;
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/02/37193915/judge-calls-out-ivanka-trump-in-new-york-civil-fraud-case-says-her-memory-recall-was-suspect" target="_blank">Judge Calls Out Ivanka Trump In New York Civil Fraud Case, Says Her Memory Recall Was &#39;Suspect&#39;</a>
Why It Matters: This trial follows a series of legal challenges for Trump. In March, the former president&#39;s legal team appealed directly to federal authorities, seeking access to Cohen&#39;s personal emails and text messages to discredit him in the ongoing trial.
The following month, Manhattan prosecutors expressed their intent to delve into two instances of alleged deceit involving Trump and his team.
Legal experts previously&nbsp;suggested that the presence of Trump&#39;s wife, Melania Trump, and daughter, Ivanka Trump, in the courtroom could positively influence the jury&#39;s perception of him.&nbsp;
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38348768/courtroom-appearances-by-these-two-members-of-donald-trumps-family-could-help-him-in-hush-money-tria">Courtroom Appearances By These Two Members Of Donald Trump&#39;s Family Could Help Him In Hush-Money Trial, Say Experts</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" rel="noopener noreferrer" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

In Week 1 Of Donald Trump's Hush Money Trial, A Former Tabloid Exec Revealed How Ex-President Tried To Suppress Damaging Stories

<a href="https://www.benzinga.com/news/23/11/35557096/billionaire-investor-ron-baron-says-elon-musks-spacex-can-be-even-bigger-than-tesla-by-next-decade">SpaceX</a> CEO Elon Musk on Friday questioned the European Space Agency&#8217;s reusability attempts with its Ariane 6 launch vehicle. 
What Happened: &#8220;Reusability plans?&#8221; Musk wrote in response to the picture of the second booster of Ariane 6 shared by the agency on X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Reusability plans?
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1783892306590081283?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
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The booster in the picture will help power the rocket&#8217;s first flight to space in summer, ESA said. 
Ariane 6 was initially expected to fly in 2020 but faced several delays. With Ariane 6&#8217;s predecessor Ariane 5 having its last flight in July and the Vega-C rocket being taken out of service in December 2022 following a failure, the European Space Agency is now left with no autonomous access to space. 
The Ariane 6, therefore, is a major focus point for the European space industry. The launch vehicle is manufactured by ArianeGroup, a joint venture between Airbus and Safran. 
Reusability In The Space Industry: Ariane 6 is not reusable but expendable, meaning it can only be launched once. Musk&#8217;s SpaceX, meanwhile, is attempting to make its rockets reusable to bring down the cost of spaceflight.
In July 2023, Musk warned that rocket manufacturers will <a href="https://www.benzinga.com/news/23/07/33383081/elon-musk-tells-rocket-makers-go-all-in-on-reusability-or-be-utterly-uncompetitive">need to go all-in on reusability</a> or risk being uncompetitive. 
&#8220;Rockets are no different from other transport technologies, just harder to make reusable. No one would buy a single-use airplane, car or even bicycle! You&#8217;d need to tow another car just for the return trip,&#8221; Musk then said. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/04/38475303/elon-musk-says-spacex-to-solve-in-space-refueling-for-starship-by-next-year-necessary-to-make-life-m">Elon Musk Says SpaceX To Solve In-Space Refueling For Starship By Next Year: &#8216;Necessary To Make Life Multiplanetary&#8217;</a>
Image Via Shutterstock

SPACE

Elon Musk CEO Questions European Space Agency's Lack Of Reusability For Its Ariane 6 Launch Vehicle

As the weekend approaches, it&#8217;s the perfect time to dive into some fresh and exciting content streaming on Hulu and Disney+.
Whether you&#8217;re in the mood for heartwarming family dramas, thrilling adventures, or mind-bending mysteries, these platforms have got something new for everyone.
Here&#8217;s a roundup of the top five new releases to add to your watchlist this weekend.
<h3 class="wp-block-heading">Vanderpump Villa</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102345/Vanderpump-Villa-1024x576.jpg" alt="" class="wp-image-310980" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102345/Vanderpump-Villa-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102345/Vanderpump-Villa-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102345/Vanderpump-Villa-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102345/Vanderpump-Villa-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102345/Vanderpump-Villa.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Vanderpump Villa &#x7C; Image credit: Hulu</figcaption></figure>
If you enjoyed shows like Below Deck or Vanderpump Rules, then Hulu&#8217;s new series, Vanderpump Villa, is for you. This show takes viewers inside the opulent Chateau Rosabelle, Lisa Vanderpump&#8217;s French estate, and follows the lives of her hand-picked staff.
Get ready for high stakes as they cater to the extravagant desires of their wealthy guests.
Where To Watch: Hulu
<h3 class="wp-block-heading">Renegade Nell</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102817/Renegade-Nell-1024x576.jpg" alt="" class="wp-image-310993" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102817/Renegade-Nell-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102817/Renegade-Nell-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102817/Renegade-Nell-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102817/Renegade-Nell-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102817/Renegade-Nell.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Renegade Nell &#x7C; Image credit: Disney+</figcaption></figure>
Wrongly accused of murder, Nell Jackson (played by Louisa Harland from Derry Girls) is forced to become a daring highwaywoman! But Nell&#8217;s not alone. A mischievous sprite (voiced by Nick Mohammed from Ted Lasso) grants her incredible powers to face down the most dangerous enemies in this thrilling adventure, Renegade Nell.
Where To Watch: Disney+
<h3 class="wp-block-heading">Anatomy Of A Fall</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102840/Anatomy-Of-A-Fall-Neon-1024x576.jpg" alt="" class="wp-image-310994" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102840/Anatomy-Of-A-Fall-Neon-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102840/Anatomy-Of-A-Fall-Neon-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102840/Anatomy-Of-A-Fall-Neon-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102840/Anatomy-Of-A-Fall-Neon.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Anatomy Of A Fall &#x7C; Image credit: Neon</figcaption></figure>
Oscar-nominated Anatomy of a Fall (dir. Justine Triet) chills with a murder. Expat Sandra (Sandra Hüller) lives quietly in the French Alps with her husband (Samuel Theis) until his mysterious death makes her a suspect. The film explores their troubled marriage, leaving you to decide: murder or tragedy?
Where To Watch: Hulu
<h3 class="wp-block-heading">Poor Things</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102927/Poor-Things-Searchlight-Pictures-1024x576.jpeg" alt="" class="wp-image-310996" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102927/Poor-Things-Searchlight-Pictures-1024x576.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102927/Poor-Things-Searchlight-Pictures-300x169.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102927/Poor-Things-Searchlight-Pictures-768x432.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102927/Poor-Things-Searchlight-Pictures-1536x864.jpeg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102927/Poor-Things-Searchlight-Pictures.jpeg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Poor Things &#x7C; Image credit: Searchlight Pictures</figcaption></figure>
Poor Things is a dark twist on Frankenstein. Revived by Dr. Baxter (Willem Dafoe), Bella (Emma Stone) embraces a wild life with lawyer Wedderburn (Mark Ruffalo). She rejects societal constraints and fights for equality in this darkly comedic adventure.
Where To Watch: Hulu
<h3 class="wp-block-heading">Indiana Jones And The Dial Of Destiny</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102952/Indiana-Jones-And-The-Dial-Of-Destiny-1024x512.jpg" alt="" class="wp-image-310997" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102952/Indiana-Jones-And-The-Dial-Of-Destiny-1024x512.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102952/Indiana-Jones-And-The-Dial-Of-Destiny-300x150.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102952/Indiana-Jones-And-The-Dial-Of-Destiny-768x384.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26102952/Indiana-Jones-And-The-Dial-Of-Destiny.jpg 1400w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Indiana Jones And The Dial Of Destiny &#x7C; Image credit: Lucasfilm</figcaption></figure>
Indy&#8217;s Last Ride? Harrison Ford returns as Indiana Jones in Dial of Destiny.  Facing retirement, Indy battles an old foe for a powerful artifact. Teaming up with Helena Shaw (Phoebe Waller-Bridge), he hunts for glory in a world that&#8217;s moved on.
Where To Watch: Disney+
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

Entertainment

Thinking What To Watch This Weekend? Here Are Our Fresh Picks Streaming On Hulu And Disney+

In a surprising turn of events,&nbsp;Joe Biden&nbsp;has expressed his <a href="https://www.benzinga.com/general/politics/24/03/37550422/trump-ready-to-debate-biden-anytime-anywhere-anyplace-how-media-companies-shareholders-could-be-">willingness to engage in a debate</a> with&nbsp;Donald Trump&nbsp;ahead of the <a href="https://www.benzinga.com/topic/2024-election">2024 general election</a>, a stark contrast to his previous reservations.
What Happened: In an interview with radio host&nbsp;Howard Stern on Friday, President Biden stated his readiness to debate Trump. This marks a shift from his earlier stance, where he said his participation depends on Trump&#8217;s &#8220;behavior,&#8221; <a href="https://www.bloomberg.com/news/articles/2024-04-26/biden-says-he-would-debate-trump-after-having-expressed-doubts?srnd=politics-vp">reported</a> Bloomberg.
&#8220;I am, somewhere. I don't know when. I'm happy to debate him,&#8221; Biden said. 
Trump, the <a href="https://www.benzinga.com/news/24/03/37505302/nikki-haley-to-withdraw-from-2024-presidential-race-paves-way-for-trumps-gop-victory-report">presumptive GOP nominee</a>,&nbsp;had previously expressed his <a href="https://www.benzinga.com/general/politics/24/03/37550422/trump-ready-to-debate-biden-anytime-anywhere-anyplace-how-media-companies-shareholders-could-be-">willingness to debate Biden</a> under any circumstances. &#8220;I am calling for Debates, ANYTIME, ANYWHERE, ANYPLACE! The Debates can be run by the Corrupt DNC, or their subsidiary, the Commission on Presidential Debates (CPD),&#8221; he said last month. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/04/38405064/anthony-scaramucci-says-nikki-haley-is-still-polling-nicely-in-pa-despite-ending-bid-against-trump-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Nikki Haley Is Still Polling &#8216;Nicely&#8217; In PA, Despite Ending Bid Against Trump: &#8216;And If You Are With Him: CRY&#8217;</a>
However, the Republican National Committee had announced that their nominee would not&nbsp;participate in debates hosted by&nbsp;the nonpartisan Commission on Presidential&nbsp;Debates, citing bias.
During the interview, Biden also criticized Trump&#8217;s support for the individuals&nbsp;who stormed the <a href="https://www.benzinga.com/news/24/04/38327539/trumps-bid-to-pause-jan-6-capitol-riot-case-denied-by-judge">U.S. Capitol&nbsp;on Jan. 6, 2021</a>, and his&nbsp;<a href="https://www.benzinga.com/government/23/03/31177649/if-trump-were-president-putin-would-have-invaded-poland-too-scaramucci">reported comments mocking</a> fallen U.S.&nbsp;soldiers. He expressed his readiness to confront Trump on these issues on a debate stage.
&#8220;Trump makes fun of me,&#8221; Biden said, describing Trump as the kind of individual &#8220;you wish you could have got in the neighborhood and meet head-to-head.&#8221;
Why It Matters: The 2024 presidential election is shaping up to be a highly competitive race, with both Biden and Trump emerging as frontrunners, as indicated by the&nbsp;<a href="https://www.benzinga.com/general/sports-betting/24/04/38417836/trump-and-biden-get-ready-2024-election-betting-odds-point-to-major-showdown">betting odds</a>. The election is expected to be a close contest, with swing states showing a tight race between the two candidates.
Meanwhile, Trump&#8217;s financial situation has been under scrutiny, with the former president facing a hefty fine for fraud charges. His ability to repay the fine has been questioned, with some speculating whether his <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38461151/donald-trumps-crypto-investments-could-help-pay-back-his-450m-in-damages">crypto investments</a> could help him settle the debt.
<a href="https://www.realclearpolitics.com/" target="_blank" rel="noreferrer noopener">According</a> to Real Clear Politics, at the national level, Trump held 44.8% support among voters, While Biden trailed with 44.5% support.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/04/38395938/kim-jong-uns-sister-pledges-to-build-north-koreas-overwhelming-military-power-amid-rising-regional-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s Sister Pledges To Build North Korea&#8217;s &#8216;Overwhelming&#8217; Military Power Amid Rising Regional Tensions</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photos via Shutterstock.

Joe Biden Reverses Stance, Agrees To Debate Ex-President Ahead Of 2024 Rematch: 'Trump Makes Fun Of Me'

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Friday urged his X followers and fellow Tesla drivers to drive the supervised version of the company&#8217;s Full Self-driving software. 
What Happened: &#8220;Try out Tesla supervised full self-driving and you&#8217;ll be amazed!,&#8221; Musk wrote on X, formerly Twitter. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Try out Tesla supervised full self-driving and you'll be amazed! <a href="https://t.co/ZQ3mYV27DN">https://t.co/ZQ3mYV27DN</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1783971365349171640?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
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Full Self-driving or FSD refers to Tesla&#8217;s driver assistance software which the company says will enable autonomous driving in due time. It currently requires active driver supervision but is expected to &#8220;be&nbsp;<a href="https://www.benzinga.com/news/24/03/37812316/tesla-fsd-should-be-really-shining-bright-by-late-april-or-early-may-says-ceo-elon-musk" target="_blank" rel="noreferrer noopener">really shining bright</a>&#8221; by late April or May, Musk stated in March.
During Tesla&#8217;s first-quarter earnings call earlier this week, the CEO <a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta">reiterated his optimism </a>and said, "Even if I got kidnapped by aliens tomorrow, Tesla&nbsp;will&nbsp;solve autonomy, maybe a little slower, but it would solve autonomy for vehicles at least." 
"If somebody doesn't believe Tesla is going to solve autonomy, I think they should not be an investor in the company," he added.
Earlier this month, Tesla announced that its cars have driven one billion miles with FSD software, a significant increase from the end of 2023 when FSD-driven miles were below 800 million.
"Won&#8217;t be long before Tesla exceeds 10B miles of FSD," Musk&nbsp;<a href="https://www.benzinga.com/news/24/04/38120491/elon-musk-reacts-as-tesla-celebrates-1b-miles-driven-with-fsd-software-wont-be-long-before-10b-miles" target="_blank" rel="noreferrer noopener">had then remarked</a>.
Why It Matters: Tesla is currently actively trying to increase the take rate for its software. In late March, Tesla started rolling out a 30-day free trial of its FSD to all customers in the U.S. who did not purchase it. Musk also reportedly instructed staff to provide new vehicle buyers with a short ride&nbsp;<a href="https://www.benzinga.com/news/24/04/38019042/teslas-chief-designer-gives-demo-drives-of-full-self-driving-features-to-customers-after-elon-musks" target="_blank" rel="noreferrer noopener">demonstrating the capabilities&nbsp;</a>of Tesla's driver-assist features in real-time.
Furthermore, Tesla cut the price of its full self-driving (FSD) driver assistance software to $8,000 from $12,000,<a href="https://www.benzinga.com/news/24/04/38351810/tesla-fsd-is-now-nearly-50-cheaper-than-when-elon-musk-called-it-very-low-just-under-a-year-ago"> marking a price cut of about 33%</a>, over the last weekend. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by <a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38373389/tesla-ceo-elon-musk-takes-swipe-at-waymo-says-cybertruck-might-be-needed-for-robotaxis-in-san-franci?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Takes Swipe At Waymo, Says Cybertruck Might Be Needed For Robotaxis In San Francisco</a>
Photo via Shutterstock

'You'll Be Amazed:' Elon Musk Urges Tesla Drivers To Try Supervised Full Self-Driving Software

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is currently in a <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38471459/bitcoin-ethereum-dogecoin-on-shaky-ground-crypto-veteran-sees-bitcoin-still-stuck-in-range">precarious position</a>, with a potential downside looming, according to a prominent crypto analyst.
What Happened: The analyst, known by the pseudonym RektCapital, has cautioned that Bitcoin may be heading for another downturn within the next two weeks.
Rekt Capital, who has a following of over 74,000 subscribers on YouTube, has compared the current Bitcoin correction to its 2016 halving price action. He pointed out that in 2016, Bitcoin experienced two corrective waves, one before the halving and another after it.
"If we think about the pre-halving danger zone [now], we need to also potentially factor in or at least consider a potential danger zone after the halving – so, a second danger zone."
The analyst believes that Bitcoin could potentially witness another pullback in the coming weeks, based on this historical precedent.
Rekt Capital suggested that Bitcoin could remain within the post-halving danger zone until next month, based on historical price action.
He also highlighted the significance of Bitcoin&#8217;s current support zone, around the $60,000 price, and its potential to endure over the next couple of weeks.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38460505/are-dogecoin-and-shiba-inu-primed-for-the-next-leg-up?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Are Dogecoin And Shiba Inu Primed For The Next Leg Up?</a>
Why It Matters: The warning from Rekt Capital comes at a time when the cryptocurrency market is experiencing a period of uncertainty.
Bitcoin, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) were trading in the red on Friday, with <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38471459/bitcoin-ethereum-dogecoin-on-shaky-ground-crypto-veteran-sees-bitcoin-still-stuck-in-range">global concerns</a> adding to the market&#8217;s instability.
However, some analysts see this period of consolidation as the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38463604/bitcoins-consolidation-is-the-calm-before-the-storm-veteran-trader-lark-davis-writes">&#8220;calm before the storm.&#8221;</a> Veteran cryptocurrency influencer Lark Davis, for instance, believes that despite the consolidation, there are several bullish factors for Bitcoin&#8217;s price.
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Price Action: At the time of writing, Bitcoin is trading at $62,963, marking a decrease of 2.2% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38402854/dogecoin-killer-shiba-inu-burn-rate-skyrockets-2-212-as-robinhood-wallet-moves-3-trillion-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">‘Dogecoin Killer' Shiba Inu Burn Rate Skyrockets 2,212%, As Robinhood Wallet Moves 3 Trillion SHIB In A Single Transaction</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
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Bitcoin Faces 'Second Danger Zone' As Analyst Warns Of Potential Downside: Here's What To Expect

Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) CEO Doug McMillon was paid 976 times a median associate in the <a href="https://www.benzinga.com/news/24/04/38313218/amazon-aims-to-outdo-walmarts-retail-game-boosts-cashierless-tech-in-stores">world&#8217;s largest retail company</a> over the last fiscal year.
What Happened: McMillon was paid $26.97 million last fiscal year as compared to the annual total compensation of a median associate which was $27,642, the company said in a filing on Thursday.
As of December 31, 2023, Walmart employed about 2.15 associates worldwide, with over 2 million employed just in the U.S. The company has over 5000 stores in the U.S. and accumulated consolidated revenue of $648.1 billion and consolidated operating income of $27 billion over the past fiscal year. 
McMillon had a base salary of over $1.5 million, received stock awards of $19.61 million and other compensation of about $5.85 million, taking his cumulative salary for the fiscal year ended Jan. 31 to $26.97 million or 6.6% higher than the fiscal year before. 
Why It Matters: The pay disparity between CEOs and their employees has been a contentious issue for some time. The significant difference in McMillon&#8217;s compensation compared to the median Walmart employee&#8217;s earnings highlights this ongoing debate. This disparity is even more pronounced when compared to other retail giants like Target and Costco, where the CEO-to-worker pay ratios are significantly lower.
Earlier, this month planemaker Boeing said that the company paid its outgoing CEO David Calhoun $32.8 million as <a href="https://www.benzinga.com/news/24/04/38130210/elon-musk-reacts-as-boeing-ceo-david-calhoun-receives-33m-compensation-in-2023-despite-airplane-make">total compensation in 2023.</a> While Calhoun's salary only accounts for $1.4 million of his total compensation, he received $30.2 million in stock awards and $1.2 million as all other compensation last year, Boeing said in a regulatory filing.
Price Action: <a href="https://www.benzinga.com/real-estate/24/04/38429785/this-walmart-landlord-has-generated-a-14-net-irr-for-its-investors-since-2015-here-are-its-latest-in">Walmart</a> stock fell 0.08% to $60.16 per share on Friday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. As of the stock&#8217;s previous close, the company has a market cap of $485.28 billion, significantly higher than Target Corp&#8216;s $75.92 billion or Costco Wholesale Corporation&#8216;s $320.15 billion.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/04/38474900/tesla-to-cut-693-jobs-in-nevada-amid-global-workforce-reduction-government-notice">Tesla To Cut 693 Jobs In Nevada Amid Global Workforce Reduction: Government Notice</a>
Image from Shutterstock

Retail Sales

Walmart CEO Doug McMillon Earns 976 Times More Than Median Employee Last Fiscal Year

Bill Gates, the co-founder of Microsoft Corporation and his ex-wife Melinda French&nbsp;Gates celebrated their daughter Jennifer Gates&#8216; 28th birthday with heartfelt messages on social media.
What Happened: On Friday, the former Microsoft CEO, 68, took to Instagram to wish his daughter a happy birthday. He praised her for her accomplishments, including becoming a mother, pursuing medical school, and maintaining her passion for show-jumping.
&#8220;Happy birthday, @jenngatesnassar! From becoming an incredible mother to tackling medical school and maintaining your passion for show jumping—I&#8217;m in awe of how you dive headfirst into everything you set your mind to,&#8221; Gates wrote in the caption of a photo of the father-daughter duo scuba diving.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/27030808/Screenshot-2024-04-27-at-12.37.52%E2%80%AFPM-1024x574.png" alt="" class="wp-image-311842" /></figure>
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/04/38431687/jim-simons-a-math-professor-became-one-of-the-most-successful-investors-of-all-time-now-he-shares-hi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Simons, A Math Professor, Became One Of The Most Successful Investors Of All Time — Now He Shares His Formula For Making Billions</a>
Melinda, 59, also shared a photo&nbsp;of her and her oldest&nbsp;child&nbsp;when Jennifer was just a&nbsp;baby. &#8220;Happy&nbsp;28th birthday to the one&nbsp;who made me a mom [smiling face with heart emoji]. I love you, Jenn!&#8221;&nbsp;she captioned the sweet photo&nbsp;of the pair smiling.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/27030943/Screenshot-2024-04-27-at-12.39.29%E2%80%AFPM-1024x462.png" alt="" class="wp-image-311843" /></figure>
Phoebe Gates,&nbsp;the youngest of the Gates&nbsp;children,&nbsp;also joined in by wishing&nbsp;her oldest sibling a very&nbsp;special day. &#8220;Happy birthday to my [globe showing America emoji],&#8221; she&nbsp;wrote as her Instagram caption.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/27031132/Screenshot-2024-04-27-at-12.41.12%E2%80%AFPM-1024x661.png" alt="" class="wp-image-311844" /></figure>
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Why It Matters: Jennifer, the oldest daughter of Bill and Melinda, has been making headlines for her achievements. Earlier this year, <a href="https://www.benzinga.com/general/entertainment/24/02/37191952/bill-gates-daughter-grateful-her-parents-let-kids-carve-their-own-path-thats-how-i-came-int">she shared insights into her life</a>, expressing gratitude toward her parents. 
&#8220;I think they really focused on us carving our own path in the world and not feeling like we either had to follow in their footsteps or that that was even really an option for us,&#8221; she said at the time. 
Bill and Melinda are also grandparents, with Jennifer giving birth to her first child with equestrian Nayel Nassar in March 2023. The couple&nbsp;<a href="https://www.benzinga.com/general/entertainment/23/04/31718374/bill-gates-shares-first-photo-with-newborn-granddaughter-i-cant-wait-to-watch-you-discover-">shared pictures</a>&nbsp;with their granddaughter on Instagram, expressing their excitement for the new addition to the family.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38402854/dogecoin-killer-shiba-inu-burn-rate-skyrockets-2-212-as-robinhood-wallet-moves-3-trillion-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">‘Mark Zuckerberg Gives Shoutout To Taylor Swift&#8217;s Debut On Threads, Says &#8216;That One Was A Big Deal In My House&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo by Frederic Legrand &#8211; COMEO on Shutterstock

Bill Gates Shares Heartwarming Scuba Diving Photo With Daughter On Her 28th Birthday: 'I'm In Awe Of How You Dive Headfirst Into Everything.'

Former President Donald Trump's Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) stock has had a <a href="https://www.benzinga.com/markets/equities/24/04/38337541/trump-media-technology-group-alleges-naked-short-selling-seeks-nasdaqs-intervention">turbulent first month</a> on the markets, described as &#8220;abnormally volatile&#8221; by a financial expert.
What Happened: The stock of Trump Media, the company behind the social media platform Truth Social of former President Trump, has been highly unstable since its debut on the Nasdaq on March 26.
The stock, under the ticker DJT, experienced significant fluctuations in its first month, with its price reaching as high as $79.38 on the first trading day.
However, the stock took a nosedive a week later following the revelation of <a href="https://www.benzinga.com/markets/equities/24/04/38162576/heres-how-much-trump-lost-after-his-newly-listed-djt-stock-erased-all-gains-since-public-debut">substantial operational losses</a> in 2023, the planned resale of most of its outstanding securities, and the announcement of its live TV streaming platform.
"It's been abnormally volatile — as volatile as any stock I can ever recall being," said Morningstar's vice president of research, John Rekenthaler, <a href="https://qz.com/trump-media-stock-djt-nasdaq-volatile-morningstar-1851435908">reported</a> Quartz.
This rollercoaster ride can be attributed to the significant influence of retail investors, who often trade based on sentiment rather than business performance.
See Also: <a href="https://www.benzinga.com/news/24/04/38474838/us-china-set-to-hold-first-high-level-talks-on-ai-says-blinken">US, China Set To Hold First High-Level Talks On AI, Blinken Confirms: TikTok &#8216;Did Not Come Up&#8217; In Discussion</a>
Trump Media CEO Devin Nunes has alleged that the company&#8217;s stock is being illegally traded through a practice known as &#8220;naked&#8221; short-selling. Despite the company&#8217;s plans to launch a live TV streaming platform linked to Truth Social, the stock continued to plummet.
Why It Matters: Short-sellers have <a href="https://www.benzinga.com/markets/equities/24/04/38410320/stock-manipulation-in-trump-media-technology-group-stock-ceo-devin-nunes-urges-house-gop-leaders">reportedly made</a> millions of dollars from the newly public stock, with Nunes urging House GOP leaders to investigate potential stock manipulation and anomalous trading.
The accounting firm contracted by Trump Media was <a href="https://www.benzinga.com/markets/equities/24/04/38427342/trumps-social-media-company-auditor-misspells-own-name-14-times-in-regulatory-filings-report">found to have used 14 different versions</a> of the auditor&#8217;s name in regulatory filings, raising concerns about the company&#8217;s financial oversight.
Price Action: Trump Media stock rose 7.92% to close at $41.54 on Friday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/short-sellers/24/04/38468155/trumps-stock-loss-means-millions-for-short-sellers-a-lot-of-his-businesses-go-belly-up-quickly">Trump&#8217;s Stock Loss Means Millions For Short Sellers: &#8216;A Lot Of His Businesses Go Belly Up, Quickly&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo via Shutterstock.

Trump Media Stock Experiences 'Abnormally Volatile' First Month, Says Expert: 'Any Stock I Can Ever Recall Being'

The U.S. Secretary of State Antony Blinken has said that the <a href="https://www.benzinga.com/markets/asia/24/04/38369354/nvidias-high-end-chips-ended-up-in-chinese-hands-despite-us-ban-heres-how-beijing-scored-them">U.S. export controls</a> are not designed to hinder China&#8217;s economic or technological advancement.
What Happened: During an interview with National&nbsp;Public Radio on Friday, Blinken said that the U.S. does not aim to impede China&#8217;s growth with the export controls on advanced computing chips,&nbsp;Reuters&nbsp;reported.
&#8220;I saw that Huawei just put out a new laptop that it boasted was AI capable, that uses an Intel chip,&#8221; he told NPR host Steve Inskeep while visiting Beijing. &#8220;I think it demonstrates that what we&#8217;re focused on is only the most sensitive technology that could pose a threat to our security. We&#8217;re not focused on cutting off trade, or for that matter containing or holding back China.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/04/38430009/xi-jinping-calls-for-chinese-army-to-focus-on-the-battlefield-during-visit-to-military-medical-unive?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Xi Jinping Calls For Chinese Army To &#8216;Focus On The Battlefield&#8217; During Visit To Military Medical University</a>
Since 2022, the U.S. has imposed <a href="https://www.benzinga.com/government/24/04/38267102/intel-and-nvidia-reveal-new-products-for-china-adapt-ai-chip-strategies-in-response-to-us-sanctions">stringent controls on the export</a> of computing chips to China, affecting sales from companies such as&nbsp;Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>). These&nbsp;controls followed earlier bans on&nbsp;chip shipments to&nbsp;Huawei Technologies.
Despite these restrictions, the <a href="https://www.benzinga.com/markets/asia/24/04/38024971/china-criticizes-us-chip-export-rules-impacting-nvidia-and-amd">U.S. has granted export licenses</a> to&nbsp;&nbsp;Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)&nbsp;and&nbsp;Qualcomm (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>)&nbsp;to continue supplying chips to Huawei. This move has been criticized by some Republican lawmakers, but Blinken pointed to it as evidence that the U.S. is not trying to hinder China&#8217;s progress.
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These export licenses were granted during the Donald Trump administration and have been maintained under President&nbsp;Joe Biden. However, direct competitors of these companies, such as&nbsp;AMD&nbsp;and&nbsp;MediaTek,&nbsp;have not received similar exemptions,&nbsp;and the reasons for this have not been explained by either administration.
Why It Matters: The U.S. and China have been engaged in a series of&nbsp;tensions&nbsp;over semiconductor export regulations, with China criticizing the U.S.&#8217;s restrictions, which have impacted exports and affected companies like Nvidia and AMD. 
While the tensions are high, <a href="https://www.benzinga.com/markets/asia/24/04/38369354/nvidias-high-end-chips-ended-up-in-chinese-hands-despite-us-ban-heres-how-beijing-scored-them">China remains a critical market for U.S</a>. semiconductor firms. Companies like Intel, Broadcom, Qualcomm, and Marvell Technology have reported <a href="https://www.benzinga.com/news/24/04/38219726/despite-us-china-tensions-beijing-remains-crucial-market-for-nvidia-intel-and-other-american-chipmak">greater revenues from China</a> than from the U.S. despite the export controls.
Moreover, Huawei&nbsp;has managed to incorporate the latest version of its <a href="https://www.benzinga.com/government/24/04/38140039/us-embargo-on-nvidia-stings-hard-chinas-ai-development-lags-peers-alibabas-joe-tsai-reveals">made-in-China processor</a> in its new Pura 70 series smartphones. This move has been seen as a sign that the U.S. restrictions are not significantly impacting China&#8217;s technological development.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/04/38395938/kim-jong-uns-sister-pledges-to-build-north-koreas-overwhelming-military-power-amid-rising-regional-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s Sister Pledges To Build North Korea&#8217;s &#8216;Overwhelming&#8217; Military Power Amid Rising Regional Tensions</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo by Tatiana Popova and rawf8 via Shuttterstock

Global

INTC

NVDA

QCOM

Antony Blinken Says US Chip Ban Doesn't Mean 'Cutting Off Trade' Or 'Holding Back China'

Content Warning: This article discusses a news story involving suicidal thoughts. Please be mindful as you proceed.
In a candid interview with radio host Howard Stern, President Joe Biden revealed his thoughts of suicide following the tragic death of his first wife and daughter. The interview, which was not on <a href="https://www.benzinga.com/general/sports-betting/24/04/38417836/trump-and-biden-get-ready-2024-election-betting-odds-point-to-major-showdown">Biden&#8217;s public schedule</a>, also touched on lighter topics like his time in law school and his personal life.
What Happened: In the interview, Biden opened up about his struggles after the death of his wife, Neilia, and 13-month-old daughter, Naomi. He admitted to having thoughts of suicide, even considering jumping from the Delaware Memorial Bridge.
&#8220;I used to sit there and just think, &#8216;I&#8217;m going to take out a bottle of scotch,&#8217; I&#8217;m going to just drink it and get drunk,'&#8221; Biden said.
&#8220;I just thought about it; you don&#8217;t need to be crazy to commit suicide. If you&#8217;ve been to the top of the mountain, you think it&#8217;s never going to be there again. I thought, &#8216;Let me just go to the Delaware Memorial [Bridge] and jump.'&#8221;
Biden also encouraged those who are struggling to seek therapy. The interview, which lasted for about an hour, covered various aspects of Biden&#8217;s life, including his time in law school and his personal life.
See Also: <a href="https://www.benzinga.com/short-sellers/24/04/38468155/trumps-stock-loss-means-millions-for-short-sellers-a-lot-of-his-businesses-go-belly-up-quickly?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Stock Loss Means Millions For Short Sellers: &#8216;A Lot Of His Businesses Go Belly Up, Quickly&#8217;</a>
Why It Matters: The interview provides a rare glimpse into the personal struggles of the President, shedding light on the impact of personal tragedy.
This comes at a time when Biden is facing a challenging political landscape, with a close race expected between him and former President Donald Trump in the <a href="https://www.benzinga.com/general/politics/24/04/38419834/trump-vs-biden-former-president-dominates-swing-states-but-loses-one-for-first-time-in-new-2024-">2024 election</a>.
Despite the personal challenges, Biden has been actively engaging with the public, using nontraditional avenues like the Stern interview to connect with voters.
This approach aligns with his administration&#8217;s strategy to reach voters where they are <a href="https://www.benzinga.com/news/24/04/38404597/joe-biden-takes-a-dig-at-trump-on-anniversary-of-infamous-bleach-remark-dont-vote-for-the-guy-who-to">as he takes on Trump</a>, as highlighted by former Democratic Senate aide Paul Tencher in a post on the social platform X.
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<iframe loading="lazy" title="President Joe Biden on Roe v. Wade, January 6, and if He'll Debate Trump" width="500" height="281" src="https://www.youtube.com/embed/hMsYVYVi9M4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Read Next: <a href="https://www.benzinga.com/news/24/04/38423358/bill-ackman-says-not-voting-for-biden-slams-president-for-inaction-on-american-hostage-issue-too-foc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Ackman Says &#8216;Not Voting For Biden,&#8217; Slams President For Inaction On American Hostage Issue</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Biden Reveals Personal Struggles After First Wife's Death: 'Let Me Just Go To The Delaware Memorial And Jump'

Republic First Bancorp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FRBK#OTC">FRBK</a>) has been seized by U.S. regulators and sold to Fulton Bank, a unit of Fulton Financial Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FULT#NASDAQ">FULT</a>). This comes a year after the collapse of three of its peers amid a <a href="https://www.benzinga.com/topic/banking-crisis">regional bank crisis</a>.
What Happened: The Philadelphia-based Republic First, which had previously halted funding negotiations with a group of investors, was taken over by the Pennsylvania Department of Banking and Securities, <a href="https://www.fdic.gov/news/press-releases/fulton-bank-na-lancaster-pennsylvania-assumes-substantially-all-deposits">reported</a> the Federal Deposit Insurance Corp. (FDIC) on Friday.
Fulton Bank will acquire almost all of Republic Bank&#8217;s assets and deposits to safeguard the depositors.
Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits as of Jan. 31, 2024. The FDIC estimates the cost of the failure to its fund to be $667 million.
Apart from deposits, Republic First also had borrowings and other liabilities of about $1.3 billion, as per a statement by Fulton.
See Also: <a href="https://www.benzinga.com/news/24/04/38449517/white-house-declines-mike-johnsons-request-for-national-guard-deployment-amid-college-protests-over?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">White House Declines Mike Johnson&#8217;s Request For National Guard Deployment Amid College Protests</a>
The acquisition will nearly double Fulton&#8217;s presence in the Philadelphia market, with combined company deposits of approximately $8.6 billion. Republic Bank&#8217;s 32 branches in New Jersey, Pennsylvania, and New York will reopen as branches of Fulton Bank on Saturday or Monday during business hours.
Why It Matters: This development is the latest in the crisis brewing in the regional banking sector, which has been facing challenges since the collapse of three lenders &#8211; <a href="https://www.benzinga.com/government/23/03/31323955/the-big-picture-why-silicon-valley-bank-collapsed-a-simple-explainer">Silicon Valley Bank</a> and <a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31422402/signature-banks-crypto-related-4b-deposits-will-be-returned-to-customers-what-else-is-plan">Signature Bank</a> in March 2023 and <a href="https://www.benzinga.com/markets/equities/23/05/32109816/first-republic-folds-as-banking-crisis-claims-third-victim-jpmorgan-to-buy-deposits-assets">First Republic</a><a href="https://www.benzinga.com/markets/equities/23/05/32109816/first-republic-folds-as-banking-crisis-claims-third-victim-jpmorgan-to-buy-deposits-assets"> in May</a>.
Republic Bank&#8217;s struggles began when it abandoned funding talks with a group of investors and were further exacerbated by the collapse of a deal with an investor group that included veteran businessman George Norcross and high-profile attorney Philip Norcross in February.
The bank&#8217;s stock price has plummeted from over $2 at the start of the year to about 1 cent on Friday, leading to its delisting from the Nasdaq in August.
Read Next: <a href="https://www.benzinga.com/news/24/04/38422645/trumps-niece-says-ex-president-could-see-potential-imprisonment-as-opportunity-donald-is-facing-real?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President Could See Potential Imprisonment As Opportunity</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image created using Midjourney

FRBK

FULT

US Regulators Seize Republic First Bancorp, Fulton Bank Steps In As Buyer Amid Regional Banking Woes

SpaceX CEO Elon Musk on Friday said that the company is working on solving the refueling of its two-stage launch vehicle Starship in space by the end of next year and advancing technologies that would eventually allow for people on Mars. 
What Happened: &#8220;Full &amp; rapid reusability of booster &amp; ship and orbital refilling of ship are the 2 fundamental technologies we aim to solve by the end of next year,&#8221; Musk wrote on X, formerly Twitter while adding that these technologies are essential to enabling life on another planet besides Earth. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Full &amp; rapid reusability of booster &amp; ship and orbital refilling of ship are the 2 fundamental technologies we aim to solve by the end of next year. Those are the critical pieces necessary to make life multiplanetary.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1783880139887239390?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
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Musk has often talked about making life multi-planetary by building a self-sustaining city on Mars and taking humans there via Starship. The reusability of the vehicle is key to bringing down the costs of this dream. 
Orbital refilling, meanwhile, is a process aimed at refueling the ship in space with tanker versions of the starship from Earth. While the process is not easy, it is still a better alternative to docking with the Space Station, Musk said. 
&#8220;It's just docking with ourselves,&#8221; Musk wrote. &#8220;Not trivial, but certainly easier than docking with the Space Station, which is far more complex.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's just docking with ourselves. Not trivial, but certainly easier than docking with the Space Station, which is far more complex.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1783898560406393197?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
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The Starship is composed of two stages- the super heavy booster and the Starship spacecraft. A booster catch attempt is highly likely this year, Musk said in another post. Earlier this month, <a href="https://www.benzinga.com/news/24/04/38138790/we-need-the-horse-first-spacex-ceo-elon-musk-tells-how-important-starship-is-to-build-self-sustainin">in a talk at Starbase</a>, Musk said that the company will attempt to land the booster on a virtual tower during the upcoming flight test. Once that is achieved, the company will attempt to land it on a physical launch tower in a subsequent flight. The CEO pegged the chances of catching the booster with the mechanical arms on the launch tower at 80-90% this year.
As for the starship spacecraft, the company does not intend to bring it back to the launch site until it can land a specific design twice at a particular point in the ocean, Musk said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A booster catch attempt is highly likely this year. For the ship, we need to be sure that it will survive reentry and retain aero control authority, so that means at least 2 successes landing at a precise point in the ocean.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1783929534955589885?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
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Why It Matters: Starship is touted as the world's most powerful launch vehicle with its 121-meter tall frame weighing approximately 5000 tonnes. 
During Starship&#8217;s&nbsp;latest and third flight test&nbsp;on March 14, the spacecraft lost contact and broke down while re-entering the planet's atmosphere instead of splashing down as planned in the Indian Ocean. The entirety of the last flight lasted about an hour.
SpaceX launched the Starship twice last year — the first time in April and then in November. The next test flight of Starship<a href="https://www.benzinga.com/news/24/04/38130308/starship-to-launch-again-in-may-with-goals-of-a-successful-re-entry-into-earths-atmosphere"> is expected in May </a>and the company aims to have the ship re-enter Earth&#8217;s atmosphere with all its systems functioning despite the extreme heat. 
NASA is currently relying on the success of Starship to&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/12/36296253/51-years-since-apollo-17-elon-musk-urges-humanity-to-surpass-moon-visit-as-civilizational-high-water" rel="noreferrer noopener">land humans back on the moon</a>. The agency expects to land&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/01/36692749/just-a-worse-version-of-apollo-elon-musk-baffled-by-nasa-veterans-push-to-ditch-spacex-blue-origin-a" rel="noreferrer noopener">two astronauts on the Moon</a>&nbsp;no earlier than September 2026 in the Artemis III mission with a lunar lander variant of the Starship.
The last crewed lunar mission occurred in 1972 with Apollo 17. Since then, no crew has traveled beyond low-Earth orbit.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38474737/tesla-increases-price-of-model-3-performance-by-1k-in-us-days-after-launch">Tesla Increases Price Of Model 3 Performance By $1K In US Days After Launch</a>
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Elon Musk Says SpaceX To Solve In-Space Refueling For Starship By Next Year: 'Necessary To Make Life Multiplanetary'

Billionaire investor&nbsp;Bill Gross&nbsp;has advised investors to steer clear of tech stocks despite Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</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>) &#8220;spectacular quarters.&#8221; 
What Happened: Gross, known as the &#8220;bond king,&#8221; has cautioned investors to be wary of the tech sector. Earlier this week, he took to X, formerly Twitter, and said, &#8220;Stick to value stocks, avoid tech for now,&#8221; disclosing that he holds stock in&nbsp;Western Midstream Partners&nbsp;and energy infrastructure firm&nbsp;MPLX.
He went on to suggest that if investors must venture into tech,&nbsp;Microsoft is the only viable option, stating,&nbsp;&#8220;MSFT best in tech if&nbsp;you must.&#8221; 
He also expressed doubts about holding bonds, especially with the 10-year yield surpassing 4.7% on <a href="https://www.benzinga.com/news/earnings/24/04/38432253/dow-dips-over-500-points-us-gdp-growth-misses-expectations">Thursday following the GDP report</a>. &#8220;10-year Treasury moving to 4.75%. Why own bonds? T bills yield 5.25%.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"The day the music died." Stick to value stocks, avoid tech for now. MLP pipelines still have momentum but don't overweight too much. I own WES (9.9% tax deferred dividend) and MPLX (8.4%). MSFT best in tech if you must. 10 year Treasury moving to 4.75%. Why own bonds? T…
&mdash; Bill Gross (@real_bill_gross) <a href="https://twitter.com/real_bill_gross/status/1783509854709285285?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
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See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38395178/dogecoin-could-outperform-bitcoin-thanks-to-consolidation-in-the-golden-pocket-says-trader?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Could Outperform Bitcoin Thanks To Consolidation In The Golden Pocket, Says Trader: &#8216;This Is A Very Good Sign&#8217;</a>
Why It Matters: Gross&#8217;s advice comes at a time when the tech industry is experiencing significant shifts. On Friday, CNBC &#8220;Mad Money&#8221; host Jim Cramer said that despite&nbsp;Alphabet and Microsoft&#8217;s &#8220;spectacular quarters&#8221; they <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38456821/jim-cramer-scoffs-at-disproportionate-coverage-of-apple-while-google-and-microsoft-">have barely received coverage</a>. 
The parent company of Google announced that its <a href="https://www.benzinga.com/news/earnings/24/04/38445001/alphabet-q1-earnings-revenue-beat-eps-beat-70b-buyback-first-ever-dividend-ai-leadership-and-more">revenue for the first quarter</a> rose by 15% year-over-year to $80.539 billion, surpassing the consensus estimate of $78.594 billion. The company also reported quarterly earnings of $1.89 per share, exceeding analyst expectations of $1.51 per share, according to earnings data from <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>. 
Microsoft&#8217;s revenue for the <a href="https://www.benzinga.com/news/earnings/24/04/38444199/microsoft-q3-earnings-revenue-beat-eps-beat-new-era-of-ai-transformation-and-more">third quarter surged by 17%</a> year-over-year to $61.9 billion, outperforming the consensus estimate of $60.804 billion. The tech giant also posted quarterly earnings of $2.94 per share, surpassing analyst projections of $2.82 per share.
However, despite these positive results, the tech sector has been struggling. Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported <a href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp">disappointing results</a>, but its stock rose on the announcement of a new, more affordable vehicle model. On the other hand, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) disappointed investors with <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">weak guidance in its earnings report</a>, leading to a sharp stock decline and further <a href="https://www.benzinga.com/news/earnings/24/04/38461410/meta-actually-has-major-profit-margins-unlike-tesla-redditor-reacts-to-stock-drop-following-q1-earn">dragging down the tech sector</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38368953/jim-cramer-sees-nvidia-as-going-from-star-of-the-show-to-being-the-goat-of-the-game?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Sees Nvidia As Going &#8216;From Star Of The Show To Being The Goat Of The Game&#8217;</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
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Market Summary

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Despite Microsoft, Google's 'Spectacular Quarters,' Billionaire 'Bond King' Bill Gross Warns Against Tech, Advocates For Value Stocks

In January earlier this year, it was reported that Apple Inc.&#8217;s iPhone survived a massive <a href="https://www.benzinga.com/news/24/01/36528194/apples-iphone-survives-a-16-000-feet-drop-and-lives-to-tell-the-tale">16,000-feet drop from an aircraft</a>. Since then, one question has remained etched in people&#8217;s minds: How did the phone survive? A recent experiment may have the answer.
What Happened: The experiment involved dropping an iPhone 14 Pro Max and a Samsung Galaxy S23 from various heights. The phones were dropped from 3, 30, and 300 feet onto grass and asphalt. The results were surprising, <a href="https://www.wsj.com/tech/personal-tech/why-an-iphone-can-survive-a-drop-from-a-plane-but-not-from-your-kitchen-counter-57453ca9?mod=tech_trendingnow_article_pos1">reported</a> The Wall Street Journal. 
Both the iPhone and the Galaxy survived the 3-foot and 30-foot drops onto the grass. In fact, even when they suffered a 300-foot drop, which was expected to cause significant damage, it only resulted in grass stains and dirt in the charging ports. This 300-foot drop was orchestrated with the help of drones.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/04/38424089/elon-musk-laughs-as-x-user-quip-on-nvidia-ceo-jensen-huangs-picture-with-sam-altman-and-greg-brockma?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Laughs As X User Quip On Nvidia CEO Jensen Huang&#8217;s Picture With Sam Altman And Greg Brockman: &#8216;Is Ilya In The Box?&#8217;</a>
The experiment delved into the physics behind the phones&#8217; survival. The concept of terminal velocity, explained by former NASA engineer turned YouTuber Mark Rober, suggests that the height of the drop doesn&#8217;t significantly affect the impact.
&#8220;It doesn't matter if you drop the phone from 300 feet up or from space," said Mark Rober. &#8220;It's going to be the same result because of something called terminal velocity.&#8221;
When the experiment was repeated on asphalt, both the bare iPhone and Galaxy S23 endured two 3-foot descents, experiencing only minor scratches and dents.
When they took the 30-foot plunge, the iPhone collided forcefully with the asphalt, resulting in shattered back glass but remained intact, with the device even continuing to record video. As for the Samsung, the OLED screen suffered fractures at the top left and bottom right, leading to screen flickering.
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Joanna Stern, the reporter who conducted the experiment, only employed OtterBox Defender cases for the 300-foot fall because of their success with a 30-foot plunge. While the iPhone&#8217;s rear glass entirely shattered, it remained functional and likely repairable, the Galaxy S23&#8217;s screen remained intact but the phone itself became bent and ceased to power on.
Why It Matters: A <a href="https://www.benzinga.com/news/23/09/34820742/so-is-the-iphone-15-pros-titanium-build-stronger-what-an-early-drop-test-reveals">drop test</a> in 2023 revealed that the titanium design of the iPhone 15 Pro was less durable than its predecessor. However, a recent experiment suggests that the durability of a smartphone is not solely determined by its build but also by the conditions of the fall.
Rhett Allain, an associate professor of physics at Southeastern Louisiana University said, &#8220;If you hit your phone on the corner of the phone, it's going to have a very small contact area and more likely to break.&#8221; Adding, &#8220;If you hit it on the flat surface, the contact area would be larger.&#8221;
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/04/38397316/elon-musk-says-morgan-freeman-is-awesome-after-american-actor-says-hes-a-huge-fan-of-tesla-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Morgan Freeman Is &#8216;Awesome&#8217; After American Actor Says He&#8217;s A Huge Fan Of Tesla CEO: &#8216;What He&#8217;s Done, Nobody Else Has Ever Done&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
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