Waldencast Stock (NASDAQ:WALDW), Trade Ideas

Waldencast PLC is a beauty and wellness operating platform by developing, acquiring, accelerating, and scaling the next generation of conscious, purpose-driven brands. It is organized into two reportable segments namely Obagi Skincare and Milk Makeup.

Waldencast PLC

Guidance
The Company reiterates its Total Revenue and Core EPS guidance for FY 2024 at CER, based on the average foreign exchange rates through 2023.
<ul>
<li>Total Revenue is expected to increase by a low double-digit to low teens percentage</li>
<li>Core EPS is expected to increase by a low double-digit to low teens percentage</li>
<li>Collaboration Revenue is expected to increase substantially, driven by success-based milestones and certain anticipated transactions</li>
<li>Other operating income is expected to decrease substantially (FY 2023 included a $241m gain on the disposal of&nbsp;Pulmicort Flexhaler&nbsp;US rights, and a $712m one-time gain relating to updates to contractual arrangements for&nbsp;Beyfortus)</li>
<li>The Core Tax rate is expected to be between 18-22%</li>
</ul>

Earnings

News

Guidance

AstraZeneca Reiterates Its 2024 Guidance: Expects Total Revenue And Core EPS To Increase By A Low Double-Digit To Low Teens Percentage At CER

AstraZeneca (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) reported quarterly earnings of $1.03 per share which missed the analyst consensus estimate of $1.22 by 15.57 percent. This is a 7.29 percent increase over earnings of $0.96 per share from the same period last year. The company reported quarterly sales of $12.679 billion which beat the analyst consensus estimate of $11.833 billion by 7.15 percent. This is a 16.55 percent increase over sales of $10.879 billion the same period last year.

Earnings Beats

Earnings Misses

AstraZeneca Q1 2024 Adj EPADS $1.03 Misses $1.22 Estimate, Sales $12.679B Beat $11.833B Estimate

Macro Economic Events

Econ #s

Economics

Germany GfK Consumer Climate For May -24.2 Vs. -25.9 Est.; -27.3 (Revised) Prior

The U.S. Department of Agriculture&#8217;s Food Safety and Inspection Service (FSIS) issued a public health alert for ground beef products that may be contaminated with E. coli (Escherichia coli.)
The products, which were produced in March, were distributed to food service institutions and retailers across the country.
These products, which carry a packaging date of &#8220;032824&#8221; and a Use/Freeze by date of Apr. 22, were shipped to various food service institutions and retailers nationwide. The products also bear the establishment number &#8220;EST. 960A,&#8221; which can be found inside the USDA mark of inspection.
While the potential risk of illness is present, there have been no reports thus far. Consumers who have previously bought these products are advised not to consume or serve them.
However, the FSIS has advised anyone concerned about illness to contact their healthcare provider.
But what exactly is E. coli and how can you stay protected? Here's everything you need to know.
<h2 class="wp-block-heading">What Is E. coli?</h2>
E. coli are bacteria that are commonly found in the environment, foods, and the intestines of people and animals, as per the <a href="https://www.cdc.gov/ecoli/ecoli-prevention.html">Centers for Disease Control and Prevention</a>.
While most strains of E. coli are harmless, some can cause illnesses such as diarrhea, urinary tract infections, respiratory illnesses, and pneumonia.
This is caused by some strains of E. coli that make Shiga toxin. These bacteria are called "Shiga toxin-producing&nbsp;E. coli," or STEC for short.
<h2 class="wp-block-heading">5 Ways To Stay Protected From E. coli Infections</h2>
The types of E. coli that can cause illness are transmitted through contaminated water or food or contact with animals or people. The CDC notes that some E. coli infections can be severe or life-threatening.
Here are five ways you can stay protected from E. coli infections:
<h3 class="wp-block-heading">1. &nbsp;Check Your Risk Level</h3>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-1024x576.jpg" alt="" class="wp-image-306285" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Check your risk level for illness &#x7C; Image generated using Dall-E</figcaption></figure>
Check what is your personal risk level.
Individuals at increased risk of foodborne illness include pregnant women, newborns, children, elderly individuals, and individuals with compromised immune systems, such as those with cancer, diabetes, or HIV/AIDS.
<h3 class="wp-block-heading">2. Follow Four Steps To Food Safety</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/2024/04/24072459/E.coli-1-1024x576.jpg" alt="" class="wp-image-306275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Ensure your food is safe &#x7C; Image generated using Dall-E</figcaption></figure>
Follow the four steps to food safety, every time – clean, separate, cook, and chill.
<ul>
<li>Make sure your hands, utensils, surfaces, and food items are clean before you cook them.</li>
<li>Keep different types of food and their utensils separate.</li>
<li>Make sure you cook food to the right temperature. Use a food thermometer to ensure food has reached the right internal temperature.</li>
<li>Make sure you refrigerate perishable food items within two hours.</li>
</ul>
<h3 class="wp-block-heading">3. Proper Hygiene Is A Must</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/2024/04/24072911/E.coli-3-1024x576.jpg" alt="" class="wp-image-306289" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Follow proper hygiene &#x7C; Image generated using Dall-E</figcaption></figure>
Always wash hands thoroughly with soap and water after using the restroom, changing diapers, handling animals, preparing or eating food, and before touching infants or toddlers, their mouths, or their pacifiers.
<h3 class="wp-block-heading">4. Cook Meats Thoroughly</h3>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-1024x576.jpg" alt="" class="wp-image-306290" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Cook meats thoroughly &#x7C; Image generated using Dall-E</figcaption></figure>
Ensure the safety of cooked meats by following recommended temperature guidelines.
Cook beef steaks and roasts to at least 145°F and let them rest for 3 minutes after cooking. Ground beef and pork should reach an internal temperature of 160°F.
Always use a food thermometer to confirm these temperatures as visual appearance alone cannot determine if meat is safely cooked.
<h3 class="wp-block-heading">5. Avoid These 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/2024/04/24072955/E.coli-5-1024x576.jpg" alt="" class="wp-image-306291" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Avoid raw milk and swallowing water while swimming &#x7C; Image generated using Dall-E</figcaption></figure>
Avoid consuming raw milk, unpasteurized dairy products, and juices. Also, make sure you don't swallow water while swimming or playing in lakes, ponds, beaches, and streams.
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

Health Care

Restaurants

US Warns Of E. Coli Risk With Eating Ground Beef: How To Keep Yourself Amid USDA Warning

Business EPS guidance reiterated
Sanofi expects 2024 business EPS(1) to remain roughly stable excluding the impact of an expected effective tax rate increase to 21% and decrease low single-digit(2) at CER including the higher expected tax rate, barring unforeseen major adverse events. Applying average April 2024 exchange rates, the currency impact on 2024 business EPS is estimated between -5.5% to -6.5%.

Sanofi Reiterates 2024 Business EPS Guidance, Expects It To Remain Roughly Stable; Applying Average April 2024 Exchange Rates, The Currency Impact Is Estimated To Be Between -5.5% And -6.5%

Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) reported quarterly earnings of $0.97 per share which beat the analyst consensus estimate of $0.94 by 2.77 percent. This is a 16.72 percent decrease over earnings of $1.16 per share from the same period last year. The company reported quarterly sales of $11.364 billion which beat the analyst consensus estimate of $11.044 billion by 2.90 percent. This is a 3.58 percent increase over sales of $10.971 billion the same period last year.

Sanofi Q1 2024 Adj EPS $0.97 Beats $0.94 Estimate, Sales $11.364B Beat $11.044B Estimate

<ul>
<li>We will now drive the Company based on a revised plan for FY24 revenues in the range of&nbsp;$14 billion&nbsp;to&nbsp;$15 billion. Within this plan, we expect a gross margin in the low 40&#39;s.&quot;</li>
<li>&quot;We plan to maintain our Net Capex1&nbsp;plan for FY24 at about&nbsp;$2.5 billion&nbsp;focusing on our strategic manufacturing initiatives.&quot;</li>
</ul>

STMicroelectronics Lowers Its 2024 Outlook: Now Expects Net Revenues Of $14B-$15B (Prior $15.9B-$16.9B) Vs. Consensus Of $16.12B; Sees Gross Margin In The Low 40's range

In a recent interview, billionaire investor Howard Marks cautioned against overconfidence in Artificial Intelligence (AI) stocks, stressing that the technology&#8217;s transformative potential does not make it immune to market crashes.
What Happened: Marks, the co-founder of Oaktree Capital Management, shared his thoughts on AI stocks with CNBC on Tuesday. He acknowledged the technology&#8217;s potential to revolutionize the world but warned that this alone does not guarantee the success of its underlying assets, <a href="https://www.businessinsider.in/investment/news/billionaire-investor-howard-marks-says-ais-impact-doesnt-make-it-immune-to-a-crash/articleshow/109570828.cms">reported</a> Business Insider.
&#8220;Every bubble starts from widespread conviction,&#8221; Marks said. &#8220;Everybody believes A, they bid the beneficiaries of A up to the moon. It turns out, it&#8217;s overdone.&#8221;
Marks drew parallels between the current AI investment trend and the dot-com bubble of the late &#8217;90s, where the internet&#8217;s emergence led to a surge in stock prices. However, many of these stocks ended up being worthless.
See Also: <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?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta Platforms Q1 Earnings Highlights: Facebook Owner Beats Estimates, But Guidance, Higher Costs Ding Stock</a>
Despite recognizing AI&#8217;s potential, Marks emphasized the difficulty in determining the appropriate reflection of AI in investment portfolios. He also expressed skepticism towards macro predictions, warning against over-reliance on Wall Street forecasts.
Why It Matters: Marks&#8217; cautionary stance on AI stocks is in line with his previous skepticism towards market trends. Earlier this year, he <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36694229/forget-bitcoin-and-gold-says-investment-guru-howard-marks-high-yield-bonds-offer-be">expressed skepticism</a> about the intrinsic value of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and gold, suggesting high-yield bonds as a safer investment option.
Other market veterans have also sounded the alarm on the current market climate. In February, investing veteran Bill Smead warned that the AI stocks mania <a href="https://www.benzinga.com/markets/equities/24/02/37356846/ai-stocks-mania-appears-to-be-headed-to-a-bad-ending-says-investing-veteran-fear-stock-market-fa">could be headed to a bad ending</a>, cautioning against the allure of popular stocks and the AI boom.
These warnings come in the wake of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38346847/nvidia-in-correction-territory-did-ai-led-tech-stock-bubble-just-burst-this-data-po">AI-led tech stock bubble</a> that has seen a significant sell-off since Apr. 12, raising concerns about the sustainability of the current market trend.
Read Next: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
Image Via Shutterstock 
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Equities

Global

Markets

Tech

$BTC

Billionaire Investor Howard Marks Warns Against Overconfidence In AI Stocks: 'Every Bubble Starts From Widespread Conviction'

Business&nbsp;Outlook
ST&#39;s&nbsp;guidance, at the mid-point, for the 2024&nbsp;second quarter&nbsp;is:
<ul>
<li>Net revenues are expected to be&nbsp;$3.2 billion, a decrease of&nbsp;7.6%&nbsp;sequentially, plus or minus 350 basis points.</li>
<li>Gross margin of&nbsp;40%, plus or minus 200 basis points.</li>
<li>This&nbsp;outlook&nbsp;is based on an assumed effective currency exchange rate of approximately&nbsp;$1.08&nbsp;= &euro;1.00 for the 2024&nbsp;second quarter&nbsp;and includes the impact of existing hedging contracts.</li>
<li>The&nbsp;second quarter&nbsp;will close on June 29, 2024.</li>
</ul>

STMicroelectronics Expects Q2 Net Revenues To Be $3.2B (Vs. Consensus Of $3.8B); Sees Gross Margin Of 40%, Plus Or Minus 200 Bps

In this second tranche of the share buy-back programme for 2024, shares for up to USD 528 million will be purchased in the market, implying a total second tranche of up to USD 1.6 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 22 July 2024.

Buybacks

EQNR

Equinor To Commence Second Tranche Of Up To $1.6B In Its 2024 Share Buy-Back Programme

OpenAI CEO Sam Altman has invested $20 million in Exowatt, an energy startup aiming to address the soaring electricity demands of artificial intelligence (AI) data centers.
What Happened: Altman, along with venture capital firm Andreessen Horowitz, has backed Exowatt, a company focusing on sustainable energy solutions for large data centers, <a href="https://www.wsj.com/tech/ai/sam-altman-investment-exowatt-energy-startup-ai-data-centers-eeeca766">reported</a> The Wall Street Journal on Monday. 
Exowatt is developing a novel approach to solar power and energy storage to meet the energy needs of AI data centers.
Altman&#8217;s investment in Exowatt underscores the growing concern over the energy consumption of AI data centers. The surge in demand for electricity is not only a threat to the industry&#8217;s growth but also hinders the transition to clean energy.
Exowatt&#8217;s solution involves the use of solar lenses to convert sunlight into heat, which is then stored in basic materials. This stored energy can be used to generate electricity, providing a cost-effective and sustainable power source for data centers.
Exowatt&#8217;s CEO, Hannan Parvizian, emphasized that the company&#8217;s approach is unique due to its combination of solar and low-cost heat batteries in a single unit. The company plans to deploy its first units for data-center customers later this year.
"You don't have to go back to fossil fuels to solve the data-center energy problem…That's counterproductive," Exowatt's CEO, said in an interview.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38345502/elon-musk-reacts-after-nvidia-stock-plunges-10-and-erases-212b-market-cap-rookie-numbers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Nvidia Stock Plunges 10% And Erases $212B Market Cap: &#8216;Rookie Numbers&#8217;</a>
Why It Matters: Altman&#8217;s investment in Exowatt comes on the heels of his advocacy for a global coalition to support the <a href="https://www.benzinga.com/news/24/04/38195200/sam-altman-pitches-allied-nations-to-join-forces-on-boosting-global-infrastructure-and-supply-chains">development of AI infrastructure</a>, including energy and data center capacity. Altman has been actively engaging with investors and government officials to address concerns about the supply of essential infrastructure for AI.
Altman has also been warning about the increasing energy demands of AI development, stressing the need for an <a href="https://www.benzinga.com/general/24/04/38093728/sam-altman-warns-ai-development-needs-an-energy-breakthrough-as-financial-pundit-says-ai-data-center">energy breakthrough</a> to sustain future advances in AI. The data centers currently account for 1-1.5% of global electricity use, according to the International Energy Agency.
Altman&#8217;s investment in Exowatt also reflects his broader interest in energy solutions. Despite being a prominent figure in the AI sector, much of Altman&#8217;s estimated wealth <a href="https://www.benzinga.com/news/24/03/37440684/openais-sam-altman-has-an-estimated-2-billion-net-worth-and-much-of-it-doesnt-come-from-ai">isn&#8217;t rooted in OpenAI</a>. His wealth primarily stems from his investments in venture capital funds and startups.
Read Next: <a href="https://www.benzinga.com/government/24/04/38350596/former-gop-hopeful-nikki-haley-joins-calls-for-tiktok-ban-to-stop-infiltration-of-chinese-communist?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former GOP Hopeful Nikki Haley Joins Calls For TikTok Ban To &#8216;Stop Infiltration Of Chinese Communist Party Into Lives Of Americans&#8217;</a>
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 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
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 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
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Startups

OpenAI's Sam Altman Invests $20M In Startup Using Solar Power To Address AI's Massive Energy Appetite

STMicroelectronics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) reported quarterly earnings of $0.54 per share which missed the analyst consensus estimate of $0.65 by 16.92 percent. This is a 50.91 percent decrease over earnings of $1.10 per share from the same period last year. The company reported quarterly sales of $3.465 billion which missed the analyst consensus estimate of $3.615 billion by 4.14 percent. This is a 18.41 percent decrease over sales of $4.247 billion the same period last year.

STMicroelectronics Q1 2024 GAAP EPS $0.54 Misses $0.65 Estimate, Sales $3.465B Miss $3.615B Estimate

Equinor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) reported quarterly earnings of $0.96 per share which beat the analyst consensus estimate of $0.80 by 20 percent. This is a 22.58 percent decrease over earnings of $1.24 per share from the same period last year. The company reported quarterly sales of $24.789 billion which beat the analyst consensus estimate of $22.240 billion by 11.46 percent. This is a 13.08 percent decrease over sales of $28.520 billion the same period last year.

Equinor Q1 2024 Adj EPS $0.96 Beats $0.80 Estimate, Sales $24.789B Beat $22.240B Estimate

The U.S. Department of Justice is conducting a criminal investigation into the consulting firm McKinsey &amp; Company for its role in advising major opioid manufacturers on increasing sales. The investigation also focuses on potential obstruction of justice related to McKinsey&#8217;s consulting records for opioid producers.
What Happened: The investigation, which has been ongoing for several years, has led to the formation of a grand jury in Virginia. The U.S. attorney&#8217;s offices in the Western District of Virginia and the District of Massachusetts are jointly conducting the probe, <a href="https://www.wsj.com/articles/mckinsey-faces-criminal-probe-over-opioid-related-consulting-a3f816d4">reported</a> The Wall Street Journal citing people familiar with the investigation.
The criminal investigation revolves around McKinsey&#8217;s advice to pharmaceutical clients, including Purdue, Endo International, and Mallinckrodt, which previously triggered a wave of civil litigation against the firm. McKinsey reached a $642 million settlement with all 50 states and other entities in 2021, without admitting wrongdoing.
The firm&#8217;s former clients, Purdue, Endo, and Mallinckrodt, filed for bankruptcy while facing mass lawsuits alleging they sold drugs through misleading marketing practices, exacerbating addiction. McKinsey helped Purdue develop an initiative to boost OxyContin sales, including advising the company to focus on high-volume prescribers.
See Also: <a href="https://www.benzinga.com/general/biotech/24/04/38388306/moderna-faces-pfizer-biontech-in-london-patent-battle-over-covid-19-vaccines-in-legal-showdown?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Moderna Faces Pfizer, BioNTech in London Patent Battle over Covid-19 Vaccines In Legal Showdown</a>
McKinsey has previously stated that it ceased work on opioid-specific businesses in 2019 and that its work for Purdue was intended to support the legal use of opioids and patients with legitimate medical needs.
McKinsey did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The criminal investigation into McKinsey&#8217;s opioid-related consulting is a significant development in the ongoing legal battle surrounding the opioid epidemic. This investigation follows a series of similar actions against other entities involved in the crisis.
Earlier this year, in a landmark move, Publicis Groupe (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PUBGY#OTC">PUBGY</a>) agreed to a <a href="https://www.benzinga.com/government/24/02/36906250/publicis-to-pay-350m-in-first-ever-opioid-marketing-settlement">$350 million settlement</a> over its alleged role in the opioid crisis. This marked the first time an advertising firm was held accountable for its part in the epidemic.
Moreover, the Supreme Court <a href="https://www.benzinga.com/government/23/08/33748967/sackler-familys-6b-commitment-in-spotlight-supreme-court-suspends-purdue-pharmas-settlement-over-opi">temporarily suspended</a> a multi-billion-dollar bankruptcy agreement involving Purdue Pharma, the producer of the opioid OxyContin. This arrangement would have shielded the company&#8217;s Sackler family owners from civil lawsuits linked to the opioid epidemic.
Read Next: <a href="https://www.benzinga.com/general/biotech/24/04/38363518/eli-lilly-aims-to-close-supply-demand-gap-for-zepboundmounjaro-as-it-acquires-manufacturing-facil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Eli Lilly Aims To Close Supply-Demand Gap For Zepbound/Mounjaro As It Acquires Manufacturing Facility From Nexus Pharma</a>
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McKinsey Faces Criminal Probe By DOJ For Opioid Consulting: Report

Entrepreneur and &#8220;Shark Tank&#8221; investor Mark Cuban recently praised a business idea proposed by a 10-year-old.
What Happened: On Wednesday, Cuban took to X, formerly Twitter, to express his admiration for a business plan detailed by a young entrepreneur&#8217;s father. The plan involved a service where, for $100 per year, the kid would take care of customers&#8217; trash twice a week. 
Cuban&#8217;s said, &#8220;&#x1f525;&#x1f525;&#x1f525; what a great idea&#8221;, showed his approval of the innovative concept.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f525;&#x1f525;&#x1f525; what a great idea <a href="https://t.co/4KtIBt3jEt">https://t.co/4KtIBt3jEt</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1782902135044338067?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
Startup founder Bill Smith explained his 10-year-old&#8217;s idea in detail in the post, which garnered Cuban&#8217;s reaction. 
In the post, he shared a personal anecdote about guiding his son through a sales endeavor. Smith&#8217;s son initially feels disheartened after knocking on 40 doors and only securing one customer, falling short of his goal of three. 
However, Smith encourages his son not to give up and asks when he plans to follow up. Despite his confusion about the concept, he diligently follows up with everyone, even those who initially expressed uncertainty. 
His persistence pays off, as he gains five more customers, bringing his total to 13, with many coming from referrals. 
Smith said, &#8220;Most people only ask once. They give up too early. Don't forget how powerful just following up is.&#8221;
This isn&#8217;t the first time Cuban has shown his support for young entrepreneurs. Known for his early entrepreneurial ventures, including selling <a href="https://www.benzinga.com/news/23/06/32858841/mark-cuban-sold-trash-bags-door-to-door-at-12-years-old-in-our-household-if-you-wanted-something-you">garbage bags door-to-door</a> at age 12, Cuban often shares business advice and encourages entrepreneurial spirit.
Why It Matters: Cuban&#8217;s endorsement of the business plan is significant given his successful track record in business and investment.
Cuban&#8217;s business advice is highly valued. His belief in the <a href="https://www.benzinga.com/news/24/01/36856225/mark-cuban-on-success-business-sales-cures-all-entrepreneurship-keep-grinding-life-be-curious-and-le">importance of sales and perseverance</a> in entrepreneurship is well-documented. His recent tweet further emphasizes his belief in the power of innovative ideas and the potential of young entrepreneurs.
Cuban shared his strategy for success, stating that with just a <a href="https://www.benzinga.com/startups/23/11/35701214/mark-cuban-could-succeed-in-business-with-500-and-a-phone">phone and $500</a>, he could rebuild his fortune. This latest endorsement of a young entrepreneur&#8217;s business plan aligns with his belief in the potential of simple, yet innovative ideas.
Photo by Joe Seer on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38374423/elon-musk-reacts-as-ark-invest-analyst-says-its-going-to-be-very-hard-for-tesla-rivals-to-catch-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts As ARK Invest Analyst Says &#8216;It&#8217;s Going To Be Very Hard&#8217; For Tesla Rivals &#8216;To Catch Up To Them&#8217; In Pricing: &#8216;Accurate&#8217;</a>
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Mark Cuban Applauds 10-Year-Old Entrepreneur's Innovative Business Plan: 'What A Great Idea'

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) executives, including CEO Mark Zuckerberg and CFO Susan Li, were cautious in their response to a question about <a href="https://www.benzinga.com/news/24/04/38394855/biden-set-to-sign-tiktok-ban-into-law-after-senate-passes-bill-supported-by-gop-democrats">the potential impact</a> of the TikTok ban or sale on the U.S. social media landscape.
What Happened: During the company&#8217;s <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">first-quarter earnings call</a> on Wednesday, Li responded to a question about the TikTok ban, stating that it was too early to assess its impact on Meta&#8217;s business.
Youssef Squali from Truist Securities directed his question to Zuckerberg saying, &#8220;Mark with the upcoming ban or sale of TikTok ending to a lot earlier today, how do you think that will impact the U.S. social media landscape?&#8221;
Squali also asked, &#8220;What do you say to people who believe that this is potentially a slippery slope in terms of the government picking up winners and losers?&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38345502/elon-musk-reacts-after-nvidia-stock-plunges-10-and-erases-212b-market-cap-rookie-numbers?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>
Zuckerberg decided to not address the question, after which Li responded, &#8220;We&#8217;ve obviously been following the events related to TikTok closely, but at this stage, it is just too early I think to assess its impact or what it would mean for our business.&#8221;
Why It Matters: The TikTok ban has been a topic of significant interest in the tech industry. After the U.S. House of Representatives and Senate passed a bill that could lead to the ban or sale of TikTok, President Joe Biden <a href="https://www.benzinga.com/markets/asia/24/04/38418913/tiktok-fights-back-we-arent-going-anywhere-whats-next-for-users">signed it into law on Wednesday</a>. 
TikTok CEO Shou Zi Chew has said that they will fight back. &#8220;Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice,&#8221; he said in a two-minute <a href="https://www.tiktok.com/@tiktok/video/7361448925972155679" target="_blank" rel="noreferrer noopener">video</a> posted to TikTok's main corporate account.
Former President Donald Trump has <a href="https://www.benzinga.com/news/24/04/38368049/trump-reverses-tiktok-ban-stance-accuses-biden-of-favoring-zuckerbergs-meta-doing-it-to-help-faceboo">repeatedly voiced opposition</a> to a potential ban on TikTok, accusing President Biden of aiding Facebook, led by Zuckerberg, in amassing more influence on social media platforms and potentially interfering in elections, to the detriment of Republicans.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Meanwhile, Wedbush analysts believe that while Microsoft Corp. and Oracle Corp. could be the &#8220;likely buyers&#8221; of TikTok, but added Meta and Google <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38358239/microsoft-and-oracle-could-be-tiktoks-likely-buyers-but-real-winners-would-be-mark-">could emerge as winners</a>. &#8220;We would expect Meta to be the primary recipient of redistributed TikTok revenue should the company exit the U.S., with Google the likely number two beneficiary.&#8221;
Wedbush's Dan Ives has previously spoken about the potential <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37689925/tiktok-ban-benefits-meta-and-others-but-us-is-playing-a-little-with-fire-says-wedbu">repercussions of a TikTok ban</a> for large technology firms, calling the situation a &#8220;slippery slope&#8221; and a &#8220;watershed moment.&#8221; 
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/government/24/04/38350596/former-gop-hopeful-nikki-haley-joins-calls-for-tiktok-ban-to-stop-infiltration-of-chinese-communist?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta CEO Mark Zuckerberg: &#8216;More Than 50% Of The Content People See On Instagram Is Now AI Recommended&#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.

Social Media

GOOGL

MSFT

ORCL

Meta Execs Mark Zuckerberg And Susan Li Tread Lightly On Impact Of TikTok Ban Or Sale: 'It Is Just Too Early'

Renowned economist and cryptocurrency skeptic, Peter Schiff, warned Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holders of a potential drop if the coin fails to hold the $60K support level.
What Happened: On Wednesday, Schiff took to Twitter to express his concerns about Bitcoin&#8217;s future. &#8220;It&#8217;s not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it&#8217;s a long way down,&#8221; he tweeted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It&#39;s not looking good <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw">#HODLers</a>. You guys need to hope <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> can hold $60K. Otherwise it&#39;s a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. <a href="https://t.co/Dw6mJXXi3r">pic.twitter.com/Dw6mJXXi3r</a>
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1783271696138481828?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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See Also: <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>
Bitcoin has gained over 7% so far in the last seven days and since the year began the apex cryptocurrency has shot up over 47%.
His tweet comes in the wake of Bitcoin&#8217;s recent consolidation, which has left investors questioning its next move. Schiff, known for his critical views on Bitcoin, has previously slammed the cryptocurrency for its volatility and questioned its status as a safe haven asset.
Why It Matters: According to a <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38358590/bitcoins-next-move-after-the-halving-technical-analysis-foresees-these-2-scenarios">recent technical analysis</a>, the $60,000 support level is crucial for Bitcoin&#8217;s bullish outlook. If the price drops below $60,000, there might be a chance to buy, especially if it&#8217;s just a temporary or deceptive decline known as a &#8220;fakeout.&#8221;
In the past, Schiff has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38331688/peter-schiff-slams-bitcoin-for-not-being-the-safe-haven-asset-its-promoted-to-be-af">criticized Bitcoin</a> for not being the &#8216;safe haven asset it&#8217;s promoted to be&#8217; after it tanked 6% following jobless claims data, while gold rose 1.5%. 
He also <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38345128/peter-schiff-mocks-bitcoiners-after-halving-event-asks-if-theyre-throwing-parties-h">mocked Bitcoin holders</a> after the recent halving event, suggesting that they will soon experience a halving of their net worth.
Price Action: At the time of writing, Bitcoin traded 3.7% lower at $64,177.19, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro.</a>
Photo Courtesy: Wikimedia Commons
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">&#8216;Dogecoin Killer&#8217; Shiba Inu Burn Rate Skyrockets 2,212%, As Robinhood Wallet Moves 3 Trillion SHIB In A Single Transaction</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Peter Schiff Warns Bitcoin Hodlers: 'It's A Long Way Down' If King Crypto Can't Hold $60K

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg&#8217;s announcement related to &#8220;scaling capex and energy expenses for AI&#8221; during the <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">company&#8217;s first-quarter financial results</a>, allegedly led to a 17% stock plunge. Gene Munster believes the market&#8217;s reaction is an overreaction.
What Happened: During his opening statement on Wednesday, Zuckerberg revealed the company&#8217;s plans to ramp up AI investment by scaling capital expenditure and energy expenses. 
He said, &#8220;We&#8217;re scaling CapEx and energy expenses for AI, we&#8217;ll continue focusing on operating the rest of our company efficiently. But realistically, even with shifting many of our existing resources to focus on AI, we&#8217;ll still grow our investment envelope meaningfully before we make much revenue from some of these new products.&#8221;
This announcement caused the stock to drop an additional 5%, bringing the total decline to 17%, according to Munster, the co-founder and managing partner of&nbsp;Deepwater Asset Management. 
&#8220;He wants to get investors&nbsp;on the same page, they&#8217;re&nbsp;entering a multi-year investment cycle,&#8221; Munster said, adding, &#8220;My take,&nbsp;the stock action is an&nbsp;overreaction,&#8221; 
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38350014/elon-musk-reacts-to-teslas-pricing-debate-only-a-fool-thinks?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>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> dropped an additional 5% (now down 17%) on Zuckerberg&#39;s opening comments that will be growing Capex and energy meaningfully before seeing the greater benefit of AI. He wants to get investors on the same page, they&#39;re entering a multi year investment cycle. My take, the…
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1783244161400836328?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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Why It Matters: Meta&#8217;s first-quarter financial results were strong. The company reported a revenue of $36.45 billion, a 27% increase year-over-year,&nbsp;according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp; This figure surpassed the Street&#8217;s consensus estimate of $36.16 billion.
Last quarter, Meta surprised investors with <a href="https://www.benzinga.com/news/earnings/24/02/36899267/meta-platforms-q4-earnings-highlights-revenue-beat-eps-beat-companys-first-dividend-and-more">better-than-expected results</a>, introducing a quarterly dividend, and unveiling a $50 billion expansion to its buyback initiative.
On Wednesday, the tech giant said that last year it prioritized increasing operational discipline, achieving robust execution, and improving advertising performance. Looking ahead to 2024, the company intends to further strengthen its efforts in these domains while also advancing its long-term ambitions in AI and Reality Labs.
META Price Action: Meta shares declined 15.1% after hours to $418.85 after closing 0.52% lower at $493.5 in the regular session, according to data from Benzinga Pro.
Photo courtesy: Shutterstock
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/analyst-ratings/analyst-color/24/04/38376705/doge-shiba-and-other-memecoins-fueling-mass-adoption-of-bases-l2-network-coinbase-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta CEO Mark Zuckerberg: &#8216;More Than 50% Of The Content People See On Instagram Is Now AI Recommended&#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.

Meta's Stock Plunge After Q1 Numbers An 'Overreaction' To Zuckerberg's CapEx Move, Says Gene Munster: 'He Wants to Get Investors on the Same Page

IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) CEO Arvind Krishna has forecasted a significant shift in the use of AI by enterprises, noting that the technology will drive tangible business results. This comes as the company&#8217;s AI bookings surpass the $1 billion mark.
What Happened: Krishna, during the Q1 2024 Earnings Call, highlighted the increasing importance of technology in the global economy, particularly in driving productivity and enhancing customer experience.
The CEO also emphasized the growing traction of enterprise AI, with more clients expected to transition from experimenting to deploying AI at scale for productivity gains. IBM&#8217;s AI offerings have seen consistent growth, with a book of business exceeding $1 billion, primarily driven by consulting services.
Krishna emphasized key partnerships driving AI and hybrid cloud growth, including collaborations with NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and ServiceNow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) to enhance AI capabilities and digital transformation. The Adobe partnership expanded to include OpenShift and watsonx in the Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) Experience platform.
&#8220;This quarter, we&#8217;ve progressed strategic partnerships with a number of industry leaders, consulting joint forces with NVIDIA to accelerate clients&#8217; AI journeys,&#8221; Krishna said. 
IBM&#8217;s comprehensive AI strategy, centered around the watsonx platform, is designed to help clients scale AI. The platform enables clients to build their AI solutions, incorporating both IBM and third-party models. The company&#8217;s infrastructure segment is also playing a crucial role as clients utilize their hardware investments in their AI strategies.
See Also: <a href="https://www.benzinga.com/news/24/04/38339431/general-motors-and-ford-are-facing-the-same-challenge-as-they-run-back-to-gas-powered-trucks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">General Motors And Ford Are Facing The Same Challenge As They Run Back To Gas-Powered Trucks</a>
IBM&#8217;s full-stack approach, from on-chip AI processing to AI accelerator cards, is designed to facilitate model building and training on any platform, with easy deployment on IBM Z. The Telum chip, a unique feature, enables real-time AI inferencing.
IBM is also committed to an open innovation ecosystem around AI, with recent collaborations with the Spanish government and other industry leaders. The company continues to invest in emerging technologies, such as quantum computing, and is focused on portfolio optimization.
Why It Matters: IBM&#8217;s Q1 2024 earnings call comes on the heels of a <a href="https://www.benzinga.com/news/earnings/24/04/38416255/ibm-q1-earnings-revenue-miss-eps-beat-hashicorp-acquisition-ai-strategy-strength-and-more">revenue miss</a> but an EPS beat, as the company reported a 1% YoY increase in revenue to $14.46 billion. The company&#8217;s AI strategy and strength are seen as crucial factors amid this financial performance.
IBM&#8217;s focus on AI is not new. The company has been actively involved in the AI space, from advocating for open AI models to <a href="https://www.benzinga.com/news/23/12/36085130/meta-ibm-and-over-50-ai-companies-join-forces-in-open-ai-advocacy-initiative">joining forces</a> with over 50 AI companies and research institutions in an open AI advocacy initiative. This commitment to AI is now reflected in the company&#8217;s Q1 performance and its future outlook.
IBM Price Action: <a href="https://www.benzinga.com/quote/IBM" target="_blank" rel="noreferrer noopener">IBM shares</a> were down 8.47% after hours at $168.51 at the time of publication, according to <a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Read Next: <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?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta Platforms Q1 Earnings Highlights: Facebook Owner Beats Estimates, But Guidance, Higher Costs Ding Stock</a>
Image Courtesy: World Economic Forum/Manuel Lopez
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.<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

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IBM CEO Arvind Krishna Teams Up With Nvidia 'To Accelerate Clients' AI Journeys' Amid $1B In Bookings

Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) CEO and Twitter co-founder Jack Dorsey has announced a new feature that enables Square merchants to automatically convert a percentage of their daily sales into Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened: On Wednesday, Dorsey took to X, formerly Twitter, to announce the new feature, stating, &#8220;Square sellers: auto-convert a percent of your daily sales to bitcoin.&#8221; 
This feature, which is rolling out in the U.S. starting today, will transfer 1-10% of Square sellers' daily sales to their personal Cash App account. At the end of the day, this amount will be converted into Bitcoin. Merchants will receive a confirmation of the conversion when the transaction is complete, according to a TechCrunch <a href="https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/?guccounter=1">article</a> shared by Dorsey.
<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">square sellers: auto-convert a percent of your daily sales to bitcoin: <a href="https://t.co/sMiTIZV916">https://t.co/sMiTIZV916</a> <a href="https://t.co/Glnt8gc2eC">pic.twitter.com/Glnt8gc2eC</a>
&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1783167463645155690?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to TechCrunch, Block has stated that the Bitcoin conversion feature will be available to all sole proprietors or single-member LLCs in the coming months. The company will take a 1% cut from every conversion made by the seller. Merchants can send Bitcoin to other wallets or sell them at any time from their Cash App account.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38348301/bitcoin-halving-elon-musks-dogecoin-tweet-solanas-rise-and-more-this-week-in-cryptocurrenc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Halving, Elon Musk&#8217;s Dogecoin Tweet, Solana&#8217;s Rise And More: This Week In Cryptocurrency</a>
Why It Matters: This move comes as part of Block&#8217;s ongoing efforts to expand its cryptocurrency offerings. In December 2023, the company launched its <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36140925/move-your-bitcoin-off-the-exchanges-jack-dorseys-block-launches-self-custody-btc-wallet">self-custody Bitcoin wallet</a>, Bitkey, which is now accessible in over 95 countries. The wallet, available as a mobile app or hardware storage, highlights a two-of-three multi-signature wallet consisting of a mobile key, a hardware key, and a server key.
However, this announcement also comes on the heels of significant layoffs at Block. In January 2024, the company <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36859861/jack-dorseys-block-implements-major-layoffs-reduces-10-of-workforce-amid-broader-tech-indu">reduced its workforce</a> by 10%, affecting employees across various sectors of the company, including the Cash App, Foundational, and Square sectors. The layoffs were reportedly conducted in a single day to boost efficiency at the financial firm.
Price Action: Block shares closed 1.58% lower at $74.03 in the regular session and declined nearly 1% in the after-hours trading. At the time of writing, Bitcoin traded 3.5% lower at $64,274.16, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro.</a>
Photo by Frederic Legrand &#8211; COMEO on Shutterstock
Read Next: <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>
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Jack Dorsey Says Block Will Allow Square Sellers To Auto Convert A Percent Of Daily Sales To Bitcoin

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