Latest news for Singapore Land Gr (OTC:UILCF) Stock

Singapore Land Group Ltd is an investment holdings company based in Singapore. It consists of the development of properties for investment and trading, investment holding, property management, investment in hotels and retail centres, trading in computers and related products, and provision of information technology services. Its portfolio includes commercial and retail landmarks such as Singapore Land Tower, Clifford Centre, SGX Centre, Tampines Plaza, West Mall as well as Marina Square. Its segment comprises Property investment; Property trading; Hotel operations; Technology operations; and Others.

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ABACUS HEALTH PRODUCTS by Abacus Health Products Inc

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ARCH BIOPARTNERS INC ORD by Arch Biopartners Inc.

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SINGAPORE LD GROUP LTD by SINGAPORE LD GROUP LTD

Singapore Land Group Ltd

T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) ("T-Mobile") announced today that T-Mobile USA, Inc., its direct wholly-owned subsidiary ("T-Mobile USA" or the "Issuer"), has agreed to sell $700,000,000 aggregate principal amount of its 4.200% Senior Notes due 2029 (the "2029 Notes"), $900,000,000 aggregate principal amount of its 4.700% Senior Notes due 2035 (the "2035 Notes") and $900,000,000 aggregate principal amount of its 5.250% Senior Notes due 2055 (the "2055 Notes," and collectively with the 2029 Notes and the 2035 Notes, the "notes") in a registered public offering.
The offering of the notes is scheduled to close on September 26, 2024, subject to satisfaction of customary closing conditions. T-Mobile USA intends to use the net proceeds from the offering for general corporate purposes, which may include among other things, share repurchases, any dividends declared by T-Mobile's Board of Directors and refinancing of existing indebtedness on an ongoing basis.

Offerings

TMUS

Reported Earlier, T-Mobile To Raise $2.5B Via Senior Notes Offering

New Mountain Finance Corporation (the "Company," "we," "us" or "our") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NMFC#NASDAQ">NMFC</a>) today announced that it has priced an underwritten public offering of $300 million in aggregate principal amount of 6.200% unsecured notes due 2027 (the "Notes").
The Notes will mature on October 15, 2027, and may be redeemed in whole or in part at the Company's option at any time prior to October 15, 2027, at par plus a "make-whole" premium plus accrued interest. The Notes will bear interest at a rate of 6.200% per year payable semi-annually on April 15 and October 15 of each year, beginning April 15, 2025.
The offering is expected to close on September 26, 2024, subject to the satisfaction of customary closing conditions.

NMFC

Reported Earlier, New Mountain Finance Raised $300M Via Secondary Offering Of Unsecured Notes Due 2027

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.lnw.com%2F&amp;esheet=54126322&amp;newsitemid=20240923020206&amp;lan=en-US&amp;anchor=Light+%26amp%3B+Wonder%2C+Inc.&amp;index=1&amp;md5=b86e6598104a68d63d8555273b511202">Light &amp; Wonder, Inc.</a> (NASDAQ and ASX: LNW) (together with its subsidiaries "Light &amp; Wonder," "L&amp;W" or the "Company") today received an order from the U.S. District Court for the District of Nevada granting Aristocrat a preliminary injunction relating to L&amp;W's Dragon Train game. We respectfully disagree with the judge's decision and will promptly file an appeal. We will continue to vigorously defend against Aristocrat's claims, including presenting our defenses to a jury at a trial.
Light &amp; Wonder reaffirms its 2025 $1.4 billion Targeted Consolidated AEBITDA(1). We expect continued strong growth across all our businesses. The Company is moving forward on a number of key initiatives to mitigate the immediate impact and any continuing business disruption from today's order. Our pre-ruling estimate of 2025 Consolidated AEBITDA(1) for Dragon Train was less than 5%(2) of the $1.4 billion.
We have a diversified portfolio of successful game franchises that are driving our strong performance and growth, of which Dragon Train is only one. Increased investment in our R&amp;D engine has and continues to deliver innovative, engaging content that gives us a continuing competitive advantage not tied to any one game or franchise.
Light &amp; Wonder has the #1 share(3) and #1 performance position overall for top new sold games and has the top performing game in all 5 for sale categories in North America(4). Additionally, Light &amp; Wonder has 8 of the top 25 premium leased and wide-area progressive parent theme games(4). Our chart-topping game performance continues to be underpinned by our franchises such as ULTIMATE FIRE LINK&#x2122;, INVADERS, our hit Asian-themed games 88 FORTUNES&#xAE; and DANCING DRUMS&#xAE;, stepper favorites QUICK HIT&#x2122; and TRIPLE BLAZING 7s&#x2122;, and Huff N' Puff&#xAE;, where we recently launched a new game extension Huff N' Puff Money Mansion&#xAE; as a leased game. Our market-leading game franchises will continue to drive our Company's strong growth over the long term. We are also already working on new iterations of the Dragon Train franchise consistent with the terms of the Court's ruling.
"We have the best game design talent in the industry, and they are creating great games across all our channels," said Matt Wilson, President and CEO of Light &amp; Wonder. "We are excited about the new games we will be featuring at the Global Gaming Expo in October. We expect our strong growth trajectory to continue, notwithstanding this decision. We have built an amazing business and a solid financial foundation over the last several years with great teams driving our success and are highly confident in our future of continuing innovation and ability to achieve our stated 2025 $1.4 billion Targeted Consolidated AEBITDA(1)."
Our robust capital management strategy remains unchanged. We continue to allocate capital where we can achieve the best shareholder returns, including share repurchases pursuant to our recently approved $1 billion program along with value accretive organic and inorganic investments.

Guidance

Legal

Reported Earlier, Light & Wonder Confirms $1.4B 2025 Consolidated AEBITDA After Court Ruling On Dragon Train Game

BioVie Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIVI#NASDAQ">BIVI</a>), ("BioVie" or the "Company"), a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions including liver disease and neurological and neuro-degenerative disorders, today announced the pricing of a best efforts public offering of 1,960,800 shares of its common stock (or pre-funded warrants ("Pre-funded Warrants") in lieu thereof) and warrants to purchase up to 1,960,800 shares of common stock at a combined offering price of $1.53 per share (or Pre-funded Warrant) and associated warrant. The warrants will have an exercise price of $1.53 per share and will be immediately exercisable upon issuance for a period of five years following the date of issuance. The gross proceeds to the Company from the offering are expected to be approximately $3,000,000, before deducting placement agent fees and offering expenses. The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes. All of the shares of common stock (or Pre-funded Warrants) and associated warrants are being offered by the Company. The offering is expected to close on September 25, 2024, subject to satisfaction of customary closing conditions. &nbsp;

BIVI

Reported Earlier, BioVie Raised $3M VIa Secondary Stock Offering Of 1.96M Shares At $1.53/Share

InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVT#NYSE">IVT</a>) today announced it has priced an underwritten registered public offering of 8,000,000 shares of its common stock at a price to the public of $28.00 per share for total gross proceeds of $224.0 million. As part of the offering, the Company also granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of the Company's common stock at the public offering price, less the underwriting discount. The offering is expected to close on September 25, 2024 subject to customary closing conditions.
J.P. Morgan, BofA Securities, and Wells Fargo Securities are acting as joint-book-running managers for the public offering. Jefferies and KeyBanc Capital Markets are acting as additional bookrunners for the public offering. BTIG and Fifth Third Securities are acting as co-managers for the public offering.
The Company intends to use the net proceeds for general corporate purposes, including, but not limited to, funding the acquisition of additional properties, repayment of short-term and long-term indebtedness (including mortgage loans, including a $72.5 million loan with Bank of America, N.A, and amounts outstanding from time to time under the Company's revolving credit facility) and providing for working capital.

Reported Earlier, InvenTrust Properties Raised $224M Via Upsized Secondary Stock Offering Of 8M Shares (Prior $6.5M Shares) At $28/Share

Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) ("HEI" or the "Company") today announced that it has priced its previously announced public offering of 54,054,054 shares of its common stock at a price of $9.25 per share. The offering is expected to close on September 25, 2024, subject to customary closing conditions.
The Company has granted the underwriters of the offering an option to purchase up to an additional 8,108,108 shares of common stock at the public offering price less underwriting discounts and commissions.
HEI intends to use the net proceeds from the offering to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes.

Hawaiian Electric Industries Raised $500M Via Secondary Stock Offering Of 54M Shares At $9.25/Share

<a href="https://www.globenewswire.com/Tracker?data=QOxRsnrI4lIcPvAJOHMkqpD2ZCcXLqncOnt8jZtYl5Orntqk98Ug6cXUt26iWYSQ">UCB</a> (Euronext Brussels: UCB) and <a href="https://www.globenewswire.com/Tracker?data=dQmAuZ_6afdr57GCMIz_bBuykaXWwgeC4T9F0-q_hAYdmPT_oUGMDy50CId7wM1j4bYykSMNSRmZ3zuqKQjiUA==">Biogen Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) today announced positive topline results from the Phase 3 PHOENYCS GO study evaluating dapirolizumab pegol, a novel Fc-free anti-CD40L drug candidate, in people living with moderate-to-severe systemic lupus erythematosus (SLE). Dapirolizumab pegol, in addition to standard-of-care (SOC) treatment, met the primary endpoint to demonstrate greater improvement of moderate-to-severe disease activity as assessed by achievement of British Isles Lupus Assessment Group (BILAG)-based Composite Lupus Assessment (BICLA) after 48 weeks versus placebo in addition to SOC. Clinical improvements were observed among key secondary endpoints measuring disease activity and flares.
The safety profile of dapirolizumab pegol was generally consistent with previous studies and with that expected in study participants with systemic lupus erythematosus receiving an immunomodulator.
"These positive results with dapirolizumab pegol represent encouraging progress in the development of medicines that can improve the lives of those living with lupus, an area that remains one of high unmet medical need and where women are disproportionately affected," said Fiona du Monceau, Head of Patient Evidence at UCB. "We have confidence in the unique mode of action of dapirolizumab pegol which targets multiple inflammatory pathways involved in the pathogenesis of SLE. As we pursue the next steps in the clinical development of this potentially differentiated treatment, we extend our appreciation to the patients, study investigators and the clinical community for their ongoing support and participation in this important research."
Based on the successful outcome of the PHOENYCS GO study, UCB and Biogen are initiating a second Phase 3 trial of dapirolizumab pegol in 2024, PHOENYCS FLY. Participants from the PHOENYCS GO study will continue to be followed in a long-term open-label study.
"Our hypothesis is that impacting the CD40L pathway, a central mechanism in immune response, would translate to significant impact on SLE disease burden. These results demonstrate that dapirolizumab pegol has the promise to provide meaningful benefit in this serious, chronic, and often devastating disease," said Diana Gallagher, MD, Head of AD, MS and Immunology Development Units at Biogen. "We are committed to delivering new treatment options for this autoimmune disease and believe the overall efficacy and safety seen in PHOENYCS GO support further development of dapirolizumab pegol in SLE."
PHOENYCS GO (n= 321) is a multicenter, randomized, double-blind, placebo-controlled, parallel-group study of dapirolizumab pegol as an add on therapy to standard of care compared to placebo with standard of care. The primary outcome measure was improvement of moderate-to-severe disease activity at Week 48 using BICLA, an established, composite primary efficacy endpoint for measurement of clinical disease activity based on patient medical history, clinical examination and laboratory tests.
Detailed results from the PHOENYCS GO study will be presented at an upcoming medical congress.

BIIB

UCB And Biogen Report Results In Phase 3 Lupus Drug Trial

CRH plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRH#NYSE">CRH</a>), the leading provider of building materials solutions, announces that Albert Manifold has decided to retire as Chief Executive Officer at the end of 2024 and that he is to be succeeded by Jim Mintern.
&nbsp;
Mr. Mintern is currently CRH's Chief Financial Officer and has been a director of its board since June 2021. He has over 30 years of experience in the building materials industry and 22 years with CRH, serving in various senior leadership roles. Mr. Mintern has deep industry knowledge, has led a variety of operational businesses, and is an accomplished developer of teams and people. He also has extensive portfolio management, financial and capital markets expertise. Most recently, Mr. Mintern led the strategic transition of CRH's primary listing to the New York Stock Exchange.
Mr. Manifold has held varied responsibilities with CRH since he joined in 1998. He was appointed Chief Executive Officer in January 2014. Mr. Manifold will step down from the board and relinquish his executive responsibilities on December 31, 2024. He will continue as an advisor to CRH for a further 12 months.
&nbsp;

Management

CRH Names CFO Jim Mintern As CEO, Effective 2024 End, Succeeding Albert Manifold

As Tesla Stock Sneaks Into Positive Territory For Year Fund Manager Says Not 10/10 Robotaxi Event But This Would Strengthen Fledgling Recovery (alt HL)
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/09/40992274/what-happened-with-tesla-stock-today">shares climbed nearly 5% Monday</a> and settled at a psychological resistance of $250, with optimism concerning third-quarter deliveries outperformance fueling much of the upside. Amid the stock surge, a fund manager weighed in on the potential impact of the upcoming Oct. 10 Robotaxi launch event on the stock.
10/10 Stock Mover? Future Fund LLC Managing Partner Gary Black is not convinced that Oct. 10 would be a catalyst for the stock, although he didn&#8217;t rule the possibility out. He said his apprehension stemmed from the fact that Tesla&#8217;s full self-driving technology is not yet close to the 99.99% efficacy needed for unsupervised autonomy.
Most analysts have discounted supervised FSD in their models, assuming a 15-20% take rate for the existing fleet and current deliveries. Also, analysts have assumed that supervised FSD with 97% efficacy will sell more Teslas, he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Many <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> bulls keep talking about the robotaxi event on 10/10 as a catalyst for TSLA stock. It may be. TSLA FSD is not yet close to the 99.99% efficacy needed for unsupervised autonomy. Supervised FSD is already in most analysts' models at a 15-20% take rate x the existing… <a href="https://t.co/PFVs6IWZtz">pic.twitter.com/PFVs6IWZtz</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1838261891912572954?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">How To Buy Tesla (TSLA) Stock</a>
Upbeat On Low-End Model: Black reiterated his optimism regarding the $25,000-$30,000 compact car from Tesla&#8217;s stable. The optimism is premised on what happened in 2019-2020 to the fundamentals and the stock after the Model Y launch, he said.
The Model Y was launched in 2019 amid shorts&#8217; high skepticism but the vehicle &#8220;ushered in a whole new TAM by vaulting TSLA into the fast-growing CUV category,&#8221; he added.
The fund manager said that the launch of a sub-$30K car on Oct. 10 is not very certain, but if it does, that&#8217;s more of a reason to buy the stock. He said that an affordable electric vehicle will allow Tesla to leverage its brand, higher range, superior tech, and better performance in the large compact category, where Toyota Motor Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) Corolla is the leader.
&#8220;Similar to 2019-2020, $TSLAQ shorts don't understand the incremental TAM math where most TSLA Compact volume will be incremental, and not cannibalized from Model 3, which competes in an entirely different category (affordable sedans),&#8221; Black said.
Although <a href="https://www.benzinga.com/quote/TSLA/short-interest">Tesla&#8217;s short interest is far lower </a>currently compared to 2019-2020, the likely change in the current trajectory of earnings estimates from very negative to positive will change the Tesla investment narrative, the Tesla bull said. He sees Tesla&#8217;s volumes rising again, driving earnings estimates higher, which in turn will propel the stock price higher.
Tesla ended Monday&#8217;s session up 4.93% to $250, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> With the recent rally, the stock has turned to black for the year and is up 0.61%.
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:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40932786/tesla-bull-explains-why-elon-musks-xai-is-critical-to-ev-makers-autonomous-ambition">Tesla Bull Explains Why Elon Musk&#8217;s xAI Is Critical To EV Maker&#8217;s Autonomous Ambitions</a></li>
</ul>
Image via Shutterstock

Analyst Color

Equities

Long Ideas

TSLA

Tesla Bull Dampens Enthusiasm Regarding 10/10 Robotaxi Event But Here's What Would Take To Strengthen Fledgling Stock Recovery

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) senior executive Ashok Elluswamy on Monday hinted that the company is rushing to deploy its full self-driving (FSD) driver assistance technology on Cybertrucks, with a GIF from the 1980 movie &#8220;Airplane!&#8221;
What Happened: Tesla said earlier this month that FSD will be deployed on the <a href="https://www.benzinga.com/news/24/09/40724069/tesla-fsd-rollout-in-china-europe-planned-for-q1-2025">Cybertruck this month with other improvements</a> in the software. 
&#8220;Waiting,&#8221; Tesla wrote on its official account dedicated to Cybertruck updates on Monday. 
Elluwamy responded with a gif from &#8216;Airplane!&#8217; showing Robert Hays, who acted as the protagonist of the film, sweating through as he struggles to land a plane and implying that the team is hard at work to deploy the technology on the stainless steel truck.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> <a href="https://t.co/MFYDKKLUPk">pic.twitter.com/MFYDKKLUPk</a>
&mdash; Ashok Elluswamy (@aelluswamy) <a href="https://twitter.com/aelluswamy/status/1838338402997223861?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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Tesla CEO Elon Musk and Cybertruck lead engineer Wes Morrill also responded humorously to Elluswamy. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1838351437694173364?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">driving lastest build tonight <a href="https://t.co/iZr8WNl3Pu">pic.twitter.com/iZr8WNl3Pu</a>
&mdash; Wes (@wmorrill3) <a href="https://twitter.com/wmorrill3/status/1838387591521116303?ref_src=twsrc%5Etfw">September 24, 2024</a></blockquote>
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Why It Matters: Tesla deployed <a href="https://www.benzinga.com/news/24/09/40791286/tesla-ceo-elon-musk-considers-making-steering-yoke-stationary-while-cybertruck-parks-itself">parking assistance features</a> on the Cybertruck and actually smart summon feature on other Tesla vehicles this month as part of its plans to enhance the capability of the FSD software to eventually drive autonomously without driver supervision.
However, FSD is yet to be deployed on the Cybertruck as of date.
Tesla is known for delaying its provided timelines. Musk has been saying for years that Tesla vehicles will be able to drive autonomously but FSD software still requires active driver supervision. 
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:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40979752/elon-musk-says-buses-wont-be-needed-once-tesla-robotaxis-start-operating-will-take-people-point-" target="_blank" rel="noreferrer noopener">Elon Musk Says Buses Won&#8217;t Be Needed Once Tesla Robotaxis Start Operating: &#8216;Will Take People Point To Point For A Similar Cost&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

Tesla Team Working Hard At Deploying FSD On Cybertruck, Senior Exec Implies

The U.S. Commerce Department has proposed banning key Chinese software and hardware in connected vehicles on American roads, citing national security concerns.
What Happened: The proposed regulation would effectively bar nearly all Chinese cars from entering the U.S. market. The Biden administration has expressed worries about data collection by Chinese companies on U.S. drivers and infrastructure through connected vehicles, Reuters reported on Monday.
The White House has ordered an investigation into potential dangers, including foreign manipulation of internet-connected and navigation systems in vehicles. The prohibitions would also prevent Chinese automakers from testing self-driving cars on U.S. roads.
Commerce Secretary Gina Raimondo highlighted the risks, stating, &#8220;When foreign adversaries build software to make a vehicle that means it can be used for surveillance, can be remotely controlled, which threatens the privacy and safety of Americans on the road.&#8221;
White House National Security Adviser Jake Sullivan added that the proposal would effectively ban all existing Chinese light-duty cars and trucks from the U.S. market, though Chinese automakers could seek specific authorizations for exemptions.
The proposal calls for software prohibitions to be effective in the 2027 model year, while the hardware ban would take effect in the 2030 model year or January 2029. The Commerce Department is allowing 30 days for public comment and aims to finalize the rules by Jan. 20.
See Also: <a href="https://www.benzinga.com/news/24/09/40935722/spacex-ceo-elon-musk-says-anyone-can-go-to-mars-with-spacex-but-journey-would-be-like-a-long-sea-voy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SpaceX CEO Elon Musk Says Anyone Can Go To Mars With SpaceX But Journey Would Be Like A &#8216;Long Sea Voyage In Centuries Past&#8217;</a>
Why It Matters: The proposed ban on Chinese vehicles comes amid escalating trade tensions between the U.S. and China. Just last week, the Biden administration<a href="https://www.benzinga.com/markets/asia/24/09/40886450/50-of-new-car-sales-in-china-are-electric-but-in-the-us-its-only-10-are-protectionist-policies-widen"> imposed steep tariffs</a> on Chinese goods, including a 100% tax on electric vehicles made in China. The tariffs also cover Chinese solar panels, EV batteries, steel, aluminum, and other crucial minerals. This move aims to boost U.S. manufacturing and jobs, particularly in battleground states like Michigan, which is central to the American auto industry.
Additionally, former President Donald Trump has<a href="https://www.benzinga.com/news/24/09/40913456/trump-vows-200-tariffs-on-chinese-made-cars-in-mexico-warns-of-us-auto-industry-collapse-if-kamala-h"> vowed to impose 200% tariffs</a> on Chinese-made cars produced in Mexico, further intensifying the trade war rhetoric. Trump warned that if Kamala Harris wins the 2024 election, the U.S. auto industry could collapse within two to three years due to EV production moving to China.
On the other side, China has advised its automakers to keep <a href="https://www.benzinga.com/news/24/09/40825946/china-wants-automakers-to-safeguard-their-ev-technology-and-keep-it-within-the-country-as-companies">advanced EV technology </a>within the country, even as they expand factories abroad to avoid heavy tariffs. This strategy includes exporting knock-down kits for assembly at foreign plants, ensuring key components are still produced in China.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40968288/marjorie-taylor-greene-slams-lack-of-results-from-biden-administrations-42b-broadband-program-in-geo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Slams Lack Of Results From Biden Administration&#8217;s $42B Broadband Program In Georgia: Elon Musk Calls It &#8216;Staggeringly Bad Waste Of Money&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

US Proposes Ban On Vehicles Equipped With Chinese Software As Team Biden Cracks Down On 'Foreign Adversaries' Threatening 'Privacy And Safety Of Americans On The Road'

Bernard Arnault, the CEO of LVMH Moët Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), has seen his net worth drop by $54 billion, moving him from the world&#8217;s richest person to nearly fifth place.
What Happened: Arnault&#8217;s fortune peaked at $231 billion in March, placing him ahead of Elon Musk and Jeff Bezos on the Bloomberg Billionaires Index. However, his net worth has since fallen to $177 billion as of Wednesday&#8217;s close.
This significant drop makes Arnault the biggest wealth loser among the top 500 individuals on Bloomberg&#8217;s list, with a $30 billion decrease this year alone. He is now only $1 billion ahead of Larry Ellison, co-founder of Oracle.
Forbes&#8217; rankings also reflect this decline, showing Arnault&#8217;s net worth at $175 billion, placing him behind Musk, Bezos, Ellison, and Mark Zuckerberg.
The decline in Arnault&#8217;s wealth is largely due to a 16% drop in LVMH&#8217;s stock price, which has hit its lowest level in two years. The company has faced challenges, including a mere 2% increase in underlying revenues and an 8% drop in income from recurring operations in the first half of the year.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40989179/meta-connect-2024-preview-cheaper-vr-expected-analysts-see-augmented-reality-and-ai">Meta Connect 2024 Preview: Cheaper VR Expected, Analysts See Augmented Reality And AI As Major Focus</a>
Why It Matters: The dramatic decline in Arnault&#8217;s net worth underscores the volatility in the luxury goods market. This comes after a series of strategic moves by Arnault and LVMH to navigate market challenges. In August, Arnault invested <a href="https://www.benzinga.com/news/24/08/40480056/king-of-luxury-bernard-arnault-goes-ai-shopping-channelling-over-300m-in-ai-startups-as-lvmh-navigat">over $300 million in artificial intelligence startups</a> through his family office, Aglaé Ventures.
Earlier this year, Arnault&#8217;s son set his sights on <a href="https://www.benzinga.com/markets/equities/24/02/36927006/bernard-arnaults-son-sets-sights-on-30b-watch-market-with-high-end-reinvented-pieces-after-lvmh-">the $30 billion luxury watch market</a>, launching a new division within LVMH to capture a larger share of this lucrative sector. The company&#8217;s jewelry and watch division recorded sales of $11.8 billion in 2023, representing a 7% organic growth, according to IMARC Group.
Additionally, Arnault has been involved in high-profile discussions with industry leaders like Musk. In July, Arnault revealed that he and Musk once discussed a potential collaboration between SpaceX and Louis Vuitton, highlighting the <a href="https://www.benzinga.com/news/24/07/39997764/elon-musk-bernard-arnault-once-discussed-potential-spacex-louis-vuitton-collab-im-afraid-he-will-ask">innovative approaches that he considers</a>.
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</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Eurozone

Global

LVMHF

LVMUY

Musk, Bezos, Ellison, And Zuckerberg Skip Ahead Of Bernard Arnault In Billionaire Rankings After LVMH CEO's Wealth Takes A $54B Dip: What Happened?

The former executive of the collapsed cryptocurrency exchange FTX, Caroline Ellison, is set to be sentenced on Tuesday for her role in the sensational fraud case.
What Happened: Prosecutors have requested a lighter sentence for Ellison, highlighting her &#8220;extraordinary cooperation&#8221; in the investigation, according to a <a href="https://apnews.com/article/caroline-ellison-ftx-sentencing-18ebfcdee1af8527511e30c9b45de045">report </a>by AP News on Monday. Her legal team has also sought leniency, citing her testimony and the emotional distress caused by her on-and-off romantic relationship with disgraced founder Sam Bankman-Fried (SBF). However, they stressed that Ellison is not avoiding accountability for her actions.
Ellison, who confessed her guilt nearly two years ago, <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35168021/caroline-ellison-points-finger-at-ftxs-sam-bankman-fried-in-crypto-fraud-trial">provided crucial testimony </a>against SBF in a trial last November. Her evidence played a significant role in SBF&#8217;s conviction for fraud, resulting in his <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37988324/sam-bankman-fried-sentenced-to-25-years-judge-points-to-ambition-political-manipulation">25-year prison sentence</a>.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40971599/well-its-crypto-its-ai-its-some-of-the-other-things-says-donald-trump-unsure-of-what-his-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Well, It&#8217;s Crypto, It&#8217;s AI, It&#8217;s Some Of The Other Things,&#8217; Says Donald Trump, Unsure Of What His New Crypto Project Even Is</a>
Ellison held the CEO position at Alameda Research, a cryptocurrency hedge fund controlled by Bankman-Fried that processed some customer funds from FTX. Her professional relationship with Bankman-Fried was further complicated by a romantic involvement, which her lawyers characterized as &#8220;erratic and manipulative.&#8221;
Why It Matters: FTX, once a leading player in the cryptocurrency exchange market, collapsed in 2022 following accusations of <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35445270/the-true-cost-of-the-ftx-collapse-how-much-did-sam-bankman-fried-really-make">misappropriation of customer accounts</a>, illegal political donations, and luxury Caribbean real estate purchases by SBF and his accomplices.
The collapse precipitated the cryptocurrency winter, causing Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the market&#8217;s leading cryptocurrency, to plunge to lows of $16,000.
Ellison&#8217;s testimony against Bankman-Fried implicated him in directing fraudulent activities.
According to a popular prediction market, Polymarket, bettors leaned toward the possibility of Ellison <a href="https://polymarket.com/event/caroline-ellison-prison-time?tid=1727154078940">avoiding prison time</a>, with 47% odds in favor of such an outcome. On the other hand, bets in favor of a 1–11 month sentencing reached 23% as of this writing.
Apart from SBF&#8217;s 25-year prison sentence, Ryan Salame, another prominent figure involved in the operations of the now-defunct platform, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39044786/former-ftx-executive-ryan-salame-sentenced-to-over-7-years-in-prison">was awarded 90 months</a> in prison.
Photo by Sergei Elagin on Shutterstock
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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.

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

Cryptocurrency

$BTC

Caroline Ellison's Day Of Reckoning: Will Sam Bankman-Fried's Former Colleague Face Prison Time For FTX Fraud?

Noted economist Peter Schiff criticized investors for disregarding gold&#8217;s record highs due to the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) frenzy.
What Happened: Schiff took to X to point out that gold had reached another record high but the significance of this rise was being overlooked due to the overwhelming focus on Bitcoin. 
&#8220;Gold just hit another record high, but few investors notice or care. With so much attention focused on Bitcoin, investors are not only missing out on gold&#8217;s gains, but the significance of the rise,&#8221; the staunch Bitcoin critic argued.
He further warned that gold&#8217;s rise indicates that money policy is too loose and inflation is set to increase.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Gold?src=hash&amp;ref_src=twsrc%5Etfw">#Gold</a> just hit another record high, but few investors notice or care. With so much attention focused on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>, investors are not only missing out on gold&#39;s gains, but the significance of the rise. Gold is warning that money policy is too loose and <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a> is headed higher.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1838054295863791807?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40994028/elon-musk-dons-his-maga-hat-to-meet-pro-bitcoin-president-javier-milei-duo-discuss-argenti">Elon Musk Dons His MAGA Hat To Meet Pro-Bitcoin President Javier Milei: Duo Discuss Argentina&#8217;s Journey To Normalcy</a>
Many X users countered Schiff&#8217;s attempt at exaggerating gold&#8217;s minor increase and downplaying Bitcoin&#8217;s gains. A particular user Tom reminded Schiff how gold was up just 0.2% as compared to a 2% uptick in Bitcoin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin is up 2%. Gold is up .2%.
&mdash; Tom (@RunningLow) <a href="https://twitter.com/RunningLow/status/1838055375972495612?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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As of this writing, Spot gold traded at $2,632 per ounce, reflecting an increase of just 0.13% in the last 24 hours. 
Why It Matters: This was not Schiff&#8217;s first attempt to trivialize Bitcoin in relation to gold. He has previously argued that Bitcoin lacks intrinsic value and <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40818582/gold-bull-peter-schiff-claims-bitcoin-lacks-intrinsic-value-and-is-destined-to-fail">is destined to fail</a>. 
Interstingly, Schiff&#8217;s argument of Bitcoin possessing no real-world utility came at a time when former President Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40932192/trump-pays-up-for-smash-burgers-and-diet-cokes-with-bitcoin-during-new-york-campaign-halt-">paid for Smash burgers and Diet Coke</a> using Bitcoin at a cryptocurrency-themed bar. 
Earlier, Schiff <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40744158/peter-schiff-takes-a-jab-at-investors-for-choosing-bitcoin-etf-over-gold-etf-says-they-bet">questioned investors&#8217; financial wisdom</a> for choosing Bitcoin ETFs over Gold ETFs, saying that they bet on the wrong horse. 
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,045.85, down 2.22% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Photo Courtesy: Wikimedia Commons
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</ul>

Peter Schiff Isn't Pleased With Market's Bitcoin Obsession While Gold Is Touching Record Highs: 'Few Investors Notice Or Care'

Tesla and SpaceX CEO Elon Musk&#8217;s social media platform X, formerly Twitter, is witnessing a significant user exodus. Controversial posts on X and overall direction have led to a noticeable decline in active users, particularly in the U.K.
What Happened: Active daily users in the U.K. have decreased from eight million to around 5.6 million in the past year. 
Over a third of this drop occurred after Musk made controversial posts, such as &#8220;civil war is inevitable,&#8221; during the summer riots, <a href="https://www.ft.com/content/65961fec-a5ab-4c71-b1c8-265be3583a93">reported</a> Financial Times, citing Similarweb.
The&nbsp;U.S. has also seen a decrease of about a fifth in X&#8217;s active users over the same period.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40972869/jeff-bezos-backed-perplexity-ai-in-discussion-with-marriott-and-nike-as-it-prepares-to-challenge-to?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos-Backed Perplexity AI In Discussion With Marriott And Nike As It Prepares To Challenge To Google&#8217;s Dominance</a>
Disgruntled X users are migrating to alternative platforms, with Bluesky, a platform co-founded by Twitter founder&nbsp;Jack Dorsey, gaining significant traction.
Despite having fewer absolute numbers than Meta Platform&#8217;s Threads app, Bluesky has experienced rapid growth&nbsp;over the past six weeks,&nbsp;becoming a preferred choice for media professionals, policy experts, academics, and broader users.
However, the report also highlights a potential issue with Bluesky&#8217;s user base, which tends to hold similar viewpoints, creating an echo chamber effect.
Despite this, many users seem to appreciate the platform&#8217;s echo chamber nature, likening it to the &#8220;old Twitter.&#8221;
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The user migration from X to Bluesky can be traced back to Musk&#8217;s controversial remarks concerning the nationwide riots in the U.K.&nbsp;
In August, it was reported that these comments <a href="https://www.benzinga.com/news/24/08/40357647/elon-musk-might-have-triggered-a-bluesky-user-boom-with-his-controversial-uk-riot-remarks-report">led to a 60% increase</a> in Bluesky&#8217;s general activity from U.K. accounts.
Interestingly, Musk had previously expressed his gratitude for Dorsey after he called X &#8220;freedom technology.&#8221; 
This was after Dorsey stepped down from the <a href="https://www.benzinga.com/news/24/05/38669520/elon-musk-is-all-hearts-for-jack-dorsey-calling-x-freedom-technology-after-quitting-twitter-killer-b">Bluesky board amid controversy</a> at Block.
Image via Shutterstock
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>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Media

Elon Musk's X Bled Users To Bluesky In UK Since The Tech Mogul Started Posting Things Like 'Civil War Is Inevitable' — Rise Of Social Media Echo Chambers Inevitable?

Elon Musk, CEO of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), announced on X that Tesla vehicles can now autonomously navigate complex <a href="https://www.benzinga.com/markets/equities/24/09/40979752/elon-musk-says-buses-wont-be-needed-once-tesla-robotaxis-start-operating-will-take-people-point-?itm_source=parsely-api">parking lots to find their owners</a>.
What Happened: According to a post by Musk on social media platform X on Tuesday, &#8220;Your Tesla can now drive itself through complex parking lots to find you.&#8221; 
Musk&#8217;s statement was in response to a post by ΛI DRIVR, which highlighted the improved &#8220;Actually Smart Summon&#8221; feature, stating it makes navigating places like Costco easy.
The Summon and Smart Summon features allow a Tesla to move in or out of a parking space up to 12 meters (39 feet). These features are designed for use in familiar and predictable areas such as private driveways and parking lots.
Smart Summon can drive a Tesla to a selected location or directly to the owner, maneuvering around obstacles and stopping as needed. Tesla specifies that this feature is intended for private parking lots and driveways.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Your Tesla can now drive itself through complex parking lots to find you <a href="https://t.co/ATqMCnntcQ">https://t.co/ATqMCnntcQ</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1838339043337146481?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/09/40972893/trumps-mars-landing-promise-gets-slammed-by-peter-schiff-even-as-elon-musk-says-spacex-plans-5-launc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Mars Landing Promise Gets Slammed By Peter Schiff Even As Elon Musk Says SpaceX Plans 5 Launches To Red Planet In 2 Years: &#8216;Just Don&#8217;t Want The Government To Do It&#8217;</a>
Why It Matters: The announcement of this new feature is a significant milestone for Tesla&#8217;s autonomous driving technology. Earlier this month, Tesla launched the &#8220;Actually Smart Summon&#8221; feature, which allows owners to summon their vehicles <a href="https://www.benzinga.com/news/24/09/40681024/tesla-owners-can-now-summon-their-vehicles-using-their-phones">using their phones</a>. 
This feature is part of Tesla&#8217;s Full Self-Driving (FSD) <a href="https://www.benzinga.com/news/24/09/40681024/tesla-owners-can-now-summon-their-vehicles-using-their-phones">driver assistance technology</a>, which has been gradually rolling out to users. 
Earlier this year, Tesla made a notable change to its FSD package, rebranding it as &#8220;Full Self-Driving (Supervised).&#8221; This change means that the car will drive with <a href="https://www.benzinga.com/startups/24/09/40899899/tesla-switches-to-full-self-driving-supervised-for-new-cars-and-the-conspiracy-theories-are-already">minimal driver intervention</a>, but not completely autonomously. This rebranding has sparked discussions and conspiracy theories among Tesla owners and enthusiasts.
Just a day before the latest announcement, Musk stated that buses would become obsolete once Tesla&#8217;s <a href="https://www.benzinga.com/markets/equities/24/09/40979752/elon-musk-says-buses-wont-be-needed-once-tesla-robotaxis-start-operating-will-take-people-point-">robotaxis start operating</a>. He emphasized that these robotaxis would take people from point to point at a cost similar to a bus ticket, highlighting the potential for Tesla&#8217;s autonomous technology to revolutionize transportation. 
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</ul>
Image Courtesy of Tesla 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Elon Musk Says, 'Your Tesla Can Now Drive Itself Through Complex Parking Lots To Find You' — 'Actually Smart Summon' Feature Arrives

Cat-themed cryptocurrency, cat in a dogs world (MEW) defied the broader memecoin stagnation on Monday to become one of the cohort&#8217;s top gainers.
What happened: The fourth-largest memecoin on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) jumped more than 10% in the last 24 hours, while its trading volumes soared 70%.&nbsp;
The coin&#8217;s weekly gains increased to 34% following the latest uptick, helping traders recover losses from the previous month.
According to social media analytics tool <a href="https://lunarcrush.com/discover/cat-in-a-dogs-world?metric=interactions%2Csocial_dominance%2Cclose&amp;scale=&amp;interval=1d">LunarCrush</a>, socially-driven engagements, including likes, comments, and views for the coin, surged 442% in the last 24 hours, reflecting strong interest among retail traders.
The coin's northward movement stood in sharp contrast to the performance of sector heavyweights like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), which fell 0.29% and 2.18%, respectively.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40994028/elon-musk-dons-his-maga-hat-to-meet-pro-bitcoin-president-javier-milei-duo-discuss-argenti">Elon Musk Dons His MAGA Hat To Meet Pro-Bitcoin President Javier Milei: Duo Discuss Argentina&#8217;s Journey To Normalcy</a>
Why It Matters: Launched to challenge the hegemony of dog-themed memecoins, MEW has nearly tripled in value since its introduction in late March.&nbsp;
Widely-followed trader Yelo made a strong case for the token, saying it deserved to be at the top of investors' radar.
The trader highlighted MEW's listing on London-based cryptocurrency trading platform Revolut and Korean cryptocurrency exchange Upbit.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">ngl <a href="https://twitter.com/search?q=%24MEW&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MEW</a> should be at the top of most ppls radar, they just got listed on revolut &amp; upbit in the same 24 hr and its widely loved in asia, especially korea &amp; the krw/mew pair drops soon not to mention the top 5 volume on most exchanges its listed on lol perma bull for <a href="https://twitter.com/search?q=%24mew&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$mew</a> <a href="https://t.co/0PPwOE03kI">pic.twitter.com/0PPwOE03kI</a>
&mdash; Yelo (@yelotree) <a href="https://twitter.com/yelotree/status/1838388778366312792?ref_src=twsrc%5Etfw">September 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Interestingly, another cat-themed memecoin, Popcat (SOL), is currently the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40357274/cat-themed-popcat-has-popped-whopping-6813-this-year-feline-themed-coins-are-challenging-s">top performer</a> for 2024, soaring an impressive 11,203.24 this year.
Price Action: At the time of writing, MEW was exchanging hands at 0.00548, up 10.23% in the last 24 hours, according to data from CoinMarketCap.
Read Next:&nbsp;
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</ul>

$DOGE

$SHIB

$SOL

Cat In A Dogs World Logs Double-Digit Gains Defying Canine-Themed Dogecoin And Shiba Inu's Loss-Making Moves

Pennsylvania governor Josh Shapiro&nbsp;has called on regulators to accelerate the integration of the Three Mile Island nuclear reactor into the power grid. This move would allow&nbsp;Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to <a href="https://www.benzinga.com/markets/equities/24/09/40957437/microsoft-taps-constellation-for-20-year-carbon-free-power-3-400-jobs-coming-to-pennsylvania">tap into its power by 2028</a>.
What Happened: Following Microsoft&#8217;s decision&nbsp;to buy power from the&nbsp;currently dormant&nbsp;Three Mile Island nuclear plant, Shapiro wrote a letter to regulators Friday, advocating for the reactor to bypass the growing queue for grid connection.
In a letter addressed to the heads of&nbsp;PJM Interconnection, the grid operator serving&nbsp;Pennsylvania and several other states, Shapiro said that the reactor should be allowed to come online quickly, rather than being treated as a new development.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40970948/elon-musk-and-nvidia-ceo-share-vision-of-ai-powered-personal-assistants-linkedin-under-scrutiny-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk And Nvidia CEO Share Vision Of AI-Powered Personal Assistants, LinkedIn Under Scrutiny And More: This Week In AI</a>
He said PJM halted the acceptance of new energy source applications in 2021 and will not resume accepting them until February 2026.
&#8220;Even when the queue reopens, it will be several more years before the energy can actually from those projects and into our communities,&#8221; he stated in the letter.
In response, PJM said it is working on a &#8220;fast track&#8221; system to prioritize certain electricity projects, <a href="https://www.barrons.com/articles/microsoft-stock-nuclear-power-6c764e54">reported</a> Barron&#8217;s. The grid, facing significant new electricity demands due to data centers, electric vehicles, and new factories,&nbsp;could reach its limit of reliable power by 2030.
Why It Matters: The Three Mile Island reactor (Unit 1), owned by&nbsp;Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>),&nbsp;was <a href="https://www.benzinga.com/pressreleases/24/09/b40954951/constellation-to-launch-crane-clean-energy-center-restoring-jobs-and-carbon-free-power-to-the-grid">shut down in 2019</a>&nbsp;for financial reasons.
Unit 1 is located adjacent to TMI Unit 2, which has been inactive since 1979 and is currently being decommissioned by Energy Solutions. The unit suffered a partial meltdown on March 28 of that year. It was the most serious accident in the U.S. commercial nuclear operating history, according to the United States Nuclear Regulatory Commission. Unit 1 operates independently and was not impacted by the accident.
Former Pennsylvania governor Dick Thornburgh later said that about 140,000 people evacuated the area surrounding the Three Mile Island nuclear power plant within days of the accident. 
Now, with the 20-year power purchase agreement with Constellation Energy, Microsoft plans to source energy from the revived plant to align its PJM data centers' power use with carbon-free energy, supporting its sustainability goals.
Following the announcement of the deal, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40987749/constellation-energys-microsoft-deal-sparks-long-term-growth-analysts-raise-price-f">Constellation Energy&#8217;s shares saw</a> a significant increase, and several analysts raised the price target on the stock.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40897716/elon-musk-reacts-after-mark-cuban-says-he-would-buy-x-in-a-heartbeat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Mark Cuban Says He Would Buy X &#8216;In A Heartbeat&#8217;</a></li>
</ul>
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.

Politics

MSFT

Pennsylvania Governor Josh Shapiro Urges Quick Connect For Microsoft's Nuclear Power Plan Involving Three Mile Island

California filed a lawsuit against ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) on Monday, accusing the oil giant of misleading the public about the recyclability of plastics.
What Happened: The lawsuit, filed in San Francisco County Superior Court, alleges that ExxonMobil engaged in a &#8220;decades-long campaign of deception&#8221; regarding plastic recycling. California Attorney General Rob Bonta stated that ExxonMobil falsely promoted all plastics as recyclable, contributing to global plastic pollution, <a href="https://www.washingtonpost.com/climate-solutions/2024/09/23/california-sues-exxonmobil-plastics-recycling/">reported</a> The Washington Post.
"For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn't possible," Bonta said in a statement. 
The legal action seeks unspecified damages and marks the first attempt by a U.S. government official to hold an oil and gas company accountable for misleading claims about plastics. Bonta&#8217;s office launched an investigation in April 2022, issuing a subpoena to ExxonMobil as part of the probe.
The 147-page complaint alleges that ExxonMobil&#8217;s efforts to push plastic recycling violate state laws on water pollution, unfair competition, and false advertising. The lawsuit also claims that ExxonMobil&#8217;s &#8220;advanced recycling&#8221; program is misleading, with over 90% of plastic waste processed becoming fuel instead of recycled plastic.
The legal action is part of a broader effort to address plastic pollution. On Sunday, Gov. Gavin Newsom signed legislation banning plastic shopping bags in California by 2026. Environmental advocates have praised the lawsuit, calling it a significant step against the plastics industry.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40973189/teslas-chinese-rival-byd-plans-to-assemble-evs-in-pakistan-after-india-said-no-we-have-big-ambit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Chinese Rival BYD Plans To Assemble EVs In Pakistan After India Said No: &#8216;We Have Big Ambitions&#8217;</a>
Why It Matters: ExxonMobil&#8217;s recent activities highlight its efforts to pivot towards more sustainable practices. 
On Sept. 13, ExxonMobil announced a partnership with Mitsubishi Corporation for a low-carbon hydrogen project at its Baytown, Texas facility. The project aims to produce low-carbon hydrogen and ammonia by <a href="https://www.benzinga.com/markets/equities/24/09/40851190/exxon-mitsubishi-join-forces-for-low-carbon-hydrogen-project">capturing 98% of CO2 emissions</a>. 
Price Action: Exxon Mobil Corp stock closed at $117.36 on Monday, up 1.81%, for the day. In after-hours trading, the stock dipped 0.10%. Year to date, Exxon Mobil&#8217;s stock has seen a significant increase of 14.65%, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/sector-etfs/24/09/40990914/oil-falls-energy-stocks-flat-as-fears-of-demand-drop-off-eclipse-israel-hezbollah-conflict-escal">Oil Falls, Energy Stocks Flat As Fears Of Demand Drop Eclipse Israel-Hezbollah Conflict Escalation</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

ExxonMobil Gets Slammed By California Attorney General On Plastic Recycling As A Solution To Waste And Pollution: 'They Clearly Knew This Wasn't Possible'

On Monday, Cathie Wood-led Ark Invest made some significant trades. Notably, the firm bought shares of PayPal Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) and Pinterest Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), while selling its stake in ARK 21Shares Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>).
The PayPal Trade
Ark Invest&#8217;s Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) added 57,824 shares of PayPal, valued at approximately $4.5 million based on the closing price of $77.67. This move comes in the wake of <a href="https://www.benzinga.com/insights/analyst-ratings/24/09/40929087/key-takeaways-from-paypal-holdings-analyst-ratings">analysts expressing diverse opinions</a> about the company, with an average 12-month price target of $78.62.
PayPal has recently made a <a href="https://www.benzinga.com/fintech/24/09/40731875/paypal-ventures-into-in-person-payments-with-apple-pay-integration-and-cashback-rewards">strategic shift</a> to penetrate the U.S. point-of-sale (POS) payments market. The company is integrating its debit card with Apple Inc.&#8217;s mobile wallet and offering different cashback rewards.
The Pinterest Trade
Ark Invest&#8217;s Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) purchased 115,211 shares of Pinterest, amounting to approximately $3.51 million based on the closing price of $30.46. Pinterest reported solid <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40075181/pinterest-shares-plunge-despite-upbeat-q2-results-6-analysts-on-guidance-future-gro">second-quarter results</a> at the end of July, with revenue slightly surpassing expectations. However, third-quarter guidance came in below analyst projections, raising concerns about sustained growth for the rest of 2024.
The Bitcoin ETF Trade
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40946963/bitcoin-worth-63-000-pulled-in-33-pack-of-trading-cards-at-gamestop-mind-boggling-story-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Worth $63,000 Pulled In $33 Pack Of Trading Cards At GameStop: &#8216;Mind-Boggling&#8217; Story Goes Viral, Highlights Crypto Redemption Card</a>
ARKW sold 44,609 shares of ARK 21Shares Bitcoin ETF, valued at approximately $2.82 million based on the closing price of $63.25. This sale occurred on the same day that Bitcoin hit a new high of $63,500, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40976413/bitcoin-etf-surge-in-pre-market-as-king-crypto-hits-63-500">causing a significant surge</a> in pre-market activity for several Bitcoin ETFs.
On Monday, Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40994451/bitcoin-ethereum-dogecoin-pull-back-from-sundays-advances-analyst-says-eths-dips-below-2-3">steadily declined</a> below $63,000 after a spike to $64,600, following positive comments about cryptocurrency from Democratic presidential candidate Kamala Harris. Total cryptocurrency liquidations surpassed $124 million in the past 24 hours, with bearish bets at $67 million, while Bitcoin&#8217;s funding rate remained positive, reflecting bullish trader dominance.
Other Key Trades: 
<ul>
<li>ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) sold 7,747 shares of Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) in a transaction valued at $293,998, based on Monday&#8217;s closing price of $37.95 per share.</li>
<li>ARKF sold shares of Adyen NV (ADYEN). ARKG also sold shares of Vertex Pharmaceuticals Inc (VRTX) and bought shares of Pacific Biosciences of California Inc (PACB). </li>
<li>ARKK sold shares of Roku Inc (ROKU) and ARKQ bought shares of 3D Systems Corp (DDD).</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40968244/trumps-new-crypto-ventures-legal-counsel-accused-of-attempting-to-seize-control-of-rival-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s New Crypto Venture&#8217;s Legal Counsel Accused Of Attempting To Seize Control Of Rival Firm</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

ARKF

ARKK

ARKW

PINS

PLTR

PYPL

Cathie Wood's Ark Invest Buys $4.5M Of PayPal And $3.5M Of Pinterest Shares, Sells Own Bitcoin ETF Amid Crypto Surge, And Continues Offloading Palantir

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