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Western Asset Diversified Income Fund is a newly-organized, diversified, closed-end management investment company. The fund's primary investment objective is to seek high current income.

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The number of IPOs launched in the second half of 2021 fell due to a lower number of SPAC IPOs. Traditional IPOs rebounded and saw eight listings that raised $1 billion or more.

Top 10 IPOs In Q2 2021: AppLovin And UiPath Lead Way, While Offering Numbers Drop

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SPDR S&P Global Dividend

Donald Trump supported decentralized finance protocol <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">World Liberty Financial</a>&#8216;s token sale will go live on Tuesday morning, the former President said on Saturday.
What Happened: &#8220;This is YOUR chance to help shape the future of finance,&#8221; Trump wrote on social media platform X, formerly Twitter, about the upcoming token sale. The President also urged interested candidates to take part in the X Spaces event to be held on Monday regarding the token sale. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/worldlibertyfi?ref_src=twsrc%5Etfw">@WorldLibertyFi</a> Token Sale goes live on Tuesday morning, October 15th! This is YOUR chance to help shape the future of finance. Be there on Monday, October 14th at 8 AM EST for an Exclusive Spaces to learn more. Join the whitelist today and be ready for Tuesday:…
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1845179557852377508?ref_src=twsrc%5Etfw">October 12, 2024</a></blockquote>
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The World Liberty Financial&#8217;s website now shows a ticking timer until the start of the sale.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f985;&#x1f1fa;&#x1f1f8; Big news! <a href="https://twitter.com/worldlibertyfi?ref_src=twsrc%5Etfw">@WorldLibertyFi</a> public sale starts Oct. 15th, open to everyone who qualifies through the whitelist. Join us for a Twitter Spaces on Oct. 14th at 8 AM EST to learn more. Stay tuned for updates!
&mdash; WLFI (@worldlibertyfi) <a href="https://twitter.com/worldlibertyfi/status/1844790596214444215?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Why It Matters: According to The Block&#8217;s <a href="https://www.theblock.co/post/320430/trump-world-financial-liberty-raise?modal=newsletter">report</a> from last week, the project aims to raise $300 million from the initial sale.&nbsp;It will sell 20% of the token supply at a $1.5 billion fully diluted valuation, the report said, citing the roadmap shared with prospective investors. 
The token called WLFI will serve as the platform&#8217;s governance token and will allow users to vote on its future development. However, the token will be <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41101210/donald-trumps-world-liberty-financial-opens-kyc-verification-for-participation-in-historic">non-transferable and non-yielding</a>, differing from most crypto assets that can be traded or generate passive income.
Price Action: The broader crypto market responded positively to the news. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) saw a 0.34% increase over the last 24 hours, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose by 0.86%, and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) gained 1.15%, according to data from <a href="http://pro.benzinga.com">Benzinga Pro.</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$ETH

Donald Trump Says His Crypto Project World Liberty Financial Will Start Selling Tokens On Tuesday

Hilton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) hotel workers running into the hundreds at Seattle airport hotels walked off the job on Saturday, calling for higher wages and reversal of COVID-era cuts, the Unite Here union said in a statement on Saturday. 
What Happened: &#8220;The weeklong strikes by 374 workers at the DoubleTree by Hilton Hotel Seattle Airport and Hilton Seattle Airport &amp; Conference Center will last until the early hours of October 19, while strikes in Boston, Honolulu, and San Francisco will continue until workers have won their contracts,&#8221; the union said. 
According to the union, 4,375 hotel workers are currently on strike at Hilton, Hyatt (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>), and Marriott hotels (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) in Borton, Honolulu, San Francisco, and Seattle.
"Hotel workers are tired of working long hours while barely getting by. Hotel workers keep walking out on strike because hotel corporations like Hilton can afford to raise wages," said&nbsp;the International President of the union Gwen Mills. The striking hotel workers include housekeepers, front desk agents, cooks, dishwashers, servers, bartenders, and bellhops. 
Hilton did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga</a>&#8216;s request for comment. 
Why It Matters: Over 10,000 workers went on strike across the U.S. on Labor Day weekend after <a href="https://www.benzinga.com/top-stories/24/07/39934387/whats-going-on-with-hilton-marriott-and-hyatt-hotel-stocks-today">months of contract negotiations</a> yielded no positive outcomes in their favor. Most of the strikes ended after 2-3 days but more strikes followed. 
&#8220;Hotel workers in Greenwich and New Haven, Conn., Providence, R.I., and San Diego, Calif., have recently ratified new union contracts that include wage increases and affordable health care, but the union cautions that strike issues are unresolved in most cities,&#8221; it said. 
The Union also urged travelers not to avail themselves of facilities provided by hotels where workers are on strike while noting that services were disrupted in several of them owing to the strike.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan's Angular Design Inspired By Art Deco Trains, ‘Unusually Low' Ground Clearance Enabled By Automatic Load-Leveling Suspension</a></li>
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Photo via Shutterstock

Restaurants

Hundreds Of Hilton Hotel Workers Strike At Seattle Airport, Demand Higher Wages And Reversal Of COVID-Era Cuts

American financier and Kremlin critic Bill Browder on Saturday warned of the potential global ramifications of a second term for former President Donald Trump, citing the possibility of a weakened NATO and increased Russian aggression.
What Happened: Browder, during an interview on <a href="https://www.msnbc.com/ali-velshi/watch/bill-browder-this-is-a-very-scary-moment-221595717768">MSNBC</a>, expressed concerns about the potential consequences of a Trump re-election. He highlighted the possibility of Trump cutting off military aid to Ukraine, which could potentially hand Russia a military victory.
&#8220;This is a terrifying moment for the whole world really in the sense that if Donald Trump becomes the next president, he will cut off military aid for Ukraine,&#8221; Browder said. 
&#8220;Ukraine is totally dependent on U.S. military aid and that will basically be handing some type of military victory to Russia and to Putin.&#8221;
Browder also pointed to Trump&#8217;s previous discussions with Russian President Vladimir Putin during significant global events, such as the COVID-19 pandemic and Russia&#8217;s invasion of Ukraine. He suggested that Putin&#8217;s aggression could escalate under a second Trump presidency.
&#8220;Putin has designs on other parts of Europe. He's looking at Estonia, Latvia and Lithuania who are NATO members,&#8221; Browder said. &#8220;If he gets involved with those countries in a military way then we have a treaty to defend those countries.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Advises On Howard Stern Show: Don&#8217;t Get Stoned Before Visiting The Sphere In Las Vegas</a>
&#8220;And then the question is would Donald Trump honor that treaty obligation. And he's made all sorts of noises in his previous presidency about not liking to be a part of NATO,&#8221; Browder added.
&#8220;This is a scary moment because we could be in a sort of World War II situation if Putin can run roughshod over Europe because he no longer has to worry about American aid for Ukraine,&#8221; Browder said.
Why It Matters: Browder&#8217;s concerns about Trump&#8217;s relationship with Putin are not unfounded. An upcoming book by journalist Bob Woodward alleges that Trump and Putin have <a href="https://www.benzinga.com/general/politics/24/10/41235596/trump-secretly-stayed-in-contact-with-putin-after-leaving-office-upcoming-bob-woodward-book-alle">maintained secret communication</a> since 2021, with as many as seven conversations. This suggests a continued rapport between the two leaders, despite Trump&#8217;s departure from office.
Former White House Russia expert Fiona Hill has also suggested earlier that Putin views Trump as an asset and has been <a href="https://www.benzinga.com/news/23/12/36374438/trump-putin-friendship-fiona-hill-reveals-putin-has-trumps-number-and-still-views-him-as-an-asset">strategically manipulating</a> him for some time. This perception of Trump&#8217;s potential return to power as a valuable card in international affairs could further embolden Putin&#8217;s actions, as Browder has warned.
Moreover, Trump has previously received praise from Putin for his <a href="https://www.benzinga.com/news/23/09/34676567/trump-praises-russian-president-backing-his-ukraine-peace-plan-that-means-what-im-saying-is-right">Ukraine peace plan</a>, which could further complicate the situation in Eastern Europe if Trump were to return to the White House.
Read Next: <a href="https://www.benzinga.com/general/entertainment/24/10/41269219/michael-jordan-buys-a-new-private-jet-that-is-also-owned-by-tech-billionaires-elon-musk-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Jordan Buys A New Private Jet That Is Also Owned By Tech Billionaires Elon Musk And Jeff Bezos</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Wikimedia Commons

Politics

Kremlin Critic Warns Russia Could Grow Stronger If Trump Wins White House: 'Will Basically Be Handing Some Type Of Military Victory'

Elon Musk‘s&nbsp;SpaceX&nbsp;said on Saturday that its&nbsp;Starship‘s&nbsp;<a href="https://www.benzinga.com/news/24/09/40967983/spacex-pushes-ahead-with-fifth-starship-test-flight-preparation-despite-no-faa-launch-approvals-in-s" target="_blank" rel="noreferrer noopener">fifth test flight</a>&nbsp;is expected to launch as early as 7 a.m. CT on Sunday, after a long battle of words with regulator Federal Aviation Administration (FAA). 
What Happened: SpaceX was planning on launching Starship on Sunday from earlier this week if necessary regulatory approvals are received. The FAA cleared Starship for launch on Saturday.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Targeting Sunday, October 13 for Starship's fifth flight test. A 30-minute launch window opens at 7:00 a.m. CT → <a href="https://t.co/hibmw2lVv1">https://t.co/hibmw2lVv1</a> <a href="https://t.co/3mZeH09eyl">pic.twitter.com/3mZeH09eyl</a>
&mdash; SpaceX (@SpaceX) <a href="https://twitter.com/SpaceX/status/1845146075574972633?ref_src=twsrc%5Etfw">October 12, 2024</a></blockquote>
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However, SpaceX also warned that the schedule is likely to change, citing the dynamic schedules associated with all developmental testing activities.
For the upcoming flight, the company&#8217;s goal is to&nbsp;catch the two-stage launch vehicle's&nbsp;<a href="https://www.benzinga.com/news/24/06/39543299/spacex-preparing-to-catch-starship-booster-at-starbase-during-next-test-flight-instead-of-splashing" target="_blank" rel="noreferrer noopener">booster back at Starbase</a>&nbsp;using the launch tower&#8217;s mechanical arms on its return from space, marking a significant demonstration of Starship's reusability. The Starship spacecraft, meanwhile, will splash down in the Indian Ocean.
SpaceX is looking to ensure full reusability for its Starship rocket. The company believes reusing rockets is integral to bringing down spaceflight costs as the most cost is taken up in building the launch vehicle.
Past Flight Tests:&nbsp;SpaceX has conducted four flight tests with the Starship thus far.
SpaceX&nbsp;<a href="https://www.benzinga.com/news/24/06/39226248/elon-musk-outlines-future-starship-goals-after-successful-fourth-flight-test" target="_blank" rel="noreferrer noopener">last launched Starship</a>&nbsp;in the first half of June. During the test, the two stages of the vehicle – the Starship spacecraft and the Super Heavy booster – separated, and the booster subsequently had a soft splashdown in the Gulf of Mexico. The spacecraft ignited its engines and went into space, made a controlled re-entry to Earth, and had a soft splashdown in the Indian Ocean.
The entire flight lasted one hour and six minutes from launch. The key object of the flight was to re-enter Earth and the mission achieved it while withstanding damage to the vehicle.
The flights before accomplished less. While the spacecraft failed to reach space in the first flight, it reached space and exploded in the second test flight. During the third flight test, the spacecraft broke apart when re-entering Earth's atmosphere from space.
War Of Words With FAA:&nbsp;In September, SpaceX said that Starship has been&nbsp;<a href="https://www.benzinga.com/news/24/08/40305893/starship-fifth-flight-delayed-spacex-ceo-elon-musk-gives-fresh-august-end-timeline" target="_blank" rel="noreferrer noopener">ready for its fifth flight test</a>&nbsp;since the first week of August but has been put off owing to "frivolous" and "patently absurd" licensing issues.
"Unfortunately, we continue to be stuck in a reality where it takes longer to do the government paperwork to license a rocket launch than it does to design and build the actual hardware," SpaceX said.
The company then said that it received a launch license date estimate of late November for the fifth flight from the FAA, marking a two-month delay from the previously communicated date of mid-September. 
Why It Matters: Starship is key to NASA's dreams of taking humans back to the surface of the Moon.
NASA's Artemis 3 mission slated to launch no earlier than September 2026 is expected to enable humans to land back on the surface of the moon with the help of a lunar lander variant of the Starship spacecraft. The last time humans set foot on the Moon was in 1972&nbsp;<a href="https://www.benzinga.com/news/24/01/36692749/just-a-worse-version-of-apollo-elon-musk-baffled-by-nasa-veterans-push-to-ditch-spacex-blue-origin-a" target="_blank" rel="noreferrer noopener">with Apollo 17</a>. Since then, no crew has traveled beyond low-Earth orbit.
Musk, meanwhile, is eyeing<a href="https://www.benzinga.com/news/24/09/40770222/elon-musk-sets-2026-for-starships-first-uncrewed-mars-mission-targeting-successful-landing" target="_blank" rel="noreferrer noopener">&nbsp;taking humans to Earth's neighboring planet Mars</a>&nbsp;aboard the Starship. Last month, he said that the first Starship launch to Mars is expected in 2026 and that it will not have a crew on board.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo via Shutterstock

SPACE

Starship To Fly Again On Sunday After SpaceX's Long War Of Words With Regulator Over 'Frivolous' Licensing Delays

The upcoming 2024 election is poised to be a close contest between former President Donald Trump <a href="https://www.benzinga.com/news/24/09/41082772/harris-vs-trump-new-polls-show-tight-race-in-battleground-states">and Vice President Kamala Harris</a>.
What Happened: As per the latest poll conducted by the Wall Street Journal, a near-even split among voters in seven key swing states over who should be the next leader of the nation.
The <a href="https://www.wsj.com/politics/elections/trump-harris-swing-state-poll-october-2024-c3ca9414">poll</a> suggests that voters in Arizona, Michigan, Wisconsin, and Georgia slightly favor Harris, while Trump is leading in Nevada, North Carolina, and Pennsylvania. Notably, none of these leads exceed 2 percentage points, except for Trump&#8217;s 5-point lead in Nevada.
Out of the 4,200 swing-state voters surveyed, Trump and Harris received 46% and 45% support respectively. 
The poll suggests that the race is too close to call and that the bitter campaign rhetoric, a change in the Democratic ticket&#8217;s leadership, and two assassination attempts on Trump have further polarized the American electorate.
Independent voters are also divided, with 40% supporting Harris and 39% backing Trump. &#8220;This thing is a dead heat and is going to come down to the wire. These last three weeks matter,&#8221; David Lee, a Republican pollster who collaborated on the survey with Democrat Michael Bocian, told the outlet. 
Also Read: <a href="https://www.benzinga.com/news/24/10/41196906/polls-suggest-this-candidate-holds-slim-lead-in-presidential-race-with-one-month-to-go">Polls Suggest This Candidate Holds Slim Lead In Presidential Race With One Month To Go</a>
The poll also indicates that Harris could potentially secure victory through the competitive Sunbelt states. Meanwhile, Trump&#8217;s share in the seven states has remained relatively unchanged since March. More voters believe that Trump would handle the economy and border security better than Harris, the survey reveals.
Why It Matters: This poll is significant as it highlights the tight race between Trump and Harris, reflecting the deep political divide in the country. 
The results underscore the importance of the swing states in determining the outcome of the 2024 election. The poll also suggests that the candidates&#8217; positions on key issues like the economy and border security could play a crucial role in swaying voters. 
As the election draws closer, the strategies adopted by both candidates in these final weeks could be decisive.
Read Next
<a href="https://www.benzinga.com/news/24/09/41080153/trump-vs-harris-this-candidate-skyrockets-in-election-forecast-poised-to-secure-victory-in-four-swin" target="_blank" rel="noreferrer noopener">Trump Vs Harris: This Candidate Skyrockets in Election Forecast, Poised To Secure Victory In Four Swing States</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Harris And Trump In Nail-Biter Three Weeks Out

&#8220;The Apprentice,&#8221; a controversial biographical film about former President Donald Trump, is set to hit theaters despite facing initial funding controversies and <a href="http://the%20contentious%20donald%20trump%20biopic%20'the%20apprentice'%20is%20scheduled%20for%20release%20in%20the%20us%20just%20ahead%20of%20the%20election.%20the%20hollywood%20reporter%20reports%20that%20the%20film,%20which%20debuted%20at%20the%20cannes%20film%20festival,%20will%20hit%20theaters%20in%20the%20us%20on%20october%2011,%20just%20weeks%20before%20the%20election.%20in%20june,%20it%20was%20announced%20that%20the%2080s-set%20drama%20was%20acquired%20by%20briarcliff%20entertainment,%20a%20relatively%20small%20company%20known%20for%20films%20like%20the%20liam%20neeson%20thrillers%20memory%20and%20the%20marksman%20and%20michael%20moore's%202018%20sequel%20fahrenheit%2011/9,%20reported%20The%20Guardian.%20%20The%20distributor%20is%20now%20reportedly%20planning%20a%20limited%20festival%20run%20prior%20to%20the%20release,%20as%20well%20as%20an%20awards%20campaign.%20Also%20Read:%20Trump%20Movie%20Director%20Claps%20Back%20At%20Criticism,%20Lawsuit%20Threats:%20'No%20Nice%20Metaphorical%20Way%20To%20Deal%20With%20Fascism'%20The%20film%20features%20Sebastian%20Stan%20portraying%20Trump%20under%20the%20mentorship%20of%20Roy%20Cohn,%20played%20by%20Succession's%20Jeremy%20Strong,%20set%20in%201980s%20New%20York%20City.%20%20Directed%20by%20Iranian%20filmmaker%20Ali%20Abbasi,%20known%20for%20his%20controversial%20thriller%20Holy%20Spider%20that%20led%20to%20death%20threats%20against%20lead%20actor%20Zar%20Amir%20Ebrahimi,%20the%20film%20promises%20a%20provocative%20take%20on%20its%20subject.%20The%20film%20received%20a%20mixed%20reception%20following%20its%20premiere%20in%20May.%20%20Peter%20Bradshaw%20of%20The%20Guardian%20labeled%20it%20as%20%22obtuse%20and%20irrelevant,%22%20while%20Owen%20Gleiberman%20from%20Variety%20commended%20it%20as%20%22sharp%20and%20scathing.%22%20%20It%20also%20attracted%20significant%20attention%20for%20a%20controversial%20scene%20depicting%20Trump%20assaulting%20his%20then-wife%20Ivana,%20played%20by%20Maria%20Bakalova.%20Trump's%20legal%20team%20issued%20a%20cease-and-desist%20letter%20to%20the%20filmmakers,%20labeling%20the%20movie%20as%20%22malicious%20defamation.%22%20%20During%20their%201990%20divorce%20proceedings,%20Ivana%20Trump%20had%20initially%20accused%20him%20of%20sexual%20assault,%20though%20she%20later%20retracted%20the%20claim.%20Since%20the%201970s,%20at%20least%2026%20women%20have%20accused%20Trump%20of%20sexual%20assault%20or%20harassment,%20all%20of%20which%20he%20has%20denied,%20The%20Guardian%20added.%20Read%20Next:%20Trump%20Campaign%20Threatens%20Legal%20Action%20Over%20Controversial%20New%20Biopic%20About%20Ex-President%20That%20Received%208-Minute%20Ovation%20At%20Cannes:%20'Pure%20Malicious%20Defamation'">objections from Trump himself</a>.
What Happened: The film, penned and produced by Vanity Fair journalist Gabriel Sherman, delves into Trump&#8217;s rise in New York City during the 1970s and &#8217;80s.
The movie encountered significant hurdles before its release. Initially funded by billionaire Trump supporter Dan Snyder, the film&#8217;s production was nearly halted due to Snyder&#8217;s disapproval of the final cut. 
Despite this, Sherman managed to showcase the movie at the Cannes film festival, igniting further controversy, <a href="https://www.businessinsider.com/the-apprentice-trump-movie-gabriel-sherman-dan-snyder-interview-2024-10">reports </a>Business Insider.
Trump, played by Sebastian Stan in the film, sent Sherman a cease-and-desist letter, with a spokesperson labeling the film as &#8220;garbage&#8221; and &#8220;pure fiction which sensationalizes lies that have been long debunked.&#8221;
Despite this, Sherman stands by his work, stating that the film humanizes Trump while not shying away from his flaws.
Also Read:<a href="https://www.benzinga.com/general/entertainment/24/05/38946127/trump-movie-director-claps-back-at-criticism-lawsuit-threats-no-nice-metaphorical-way-to-de" target="_blank" rel="noreferrer noopener">&nbsp;Trump Movie Director Claps Back At Criticism, Lawsuit Threats: ‘No Nice Metaphorical Way To Deal With Fascism'</a>
Major Hollywood studios initially refused to finance the film&#8217;s production, leading Sherman to partner with Kinematics, a production company run by Mark Rapaport, who is married to Dan Snyder&#8217;s daughter. Snyder indirectly funded the movie through a loan to Rapaport&#8217;s company.
Despite the controversy and legal battles, Sherman confirmed that audiences will be able to see the film. He expressed his surprise at the lack of support from major studios and distributors, attributing it to fears of potential repercussions from a future Trump administration.
Why It Matters: The release of &#8220;The Apprentice&#8221; marks a significant moment in the film industry, demonstrating the power of independent production companies in the face of opposition from major studios. 
The film&#8217;s journey to the big screen, despite the controversy and legal battles, is a testament to the determination and resilience of its creators. 
It also highlights the ongoing influence of Trump, even as a private citizen, and the potential repercussions that his supporters and detractors can have on creative endeavors.
Read Next
<a href="https://www.benzinga.com/markets/equities/24/08/40667249/trump-biopic-the-apprentice-to-hit-theaters-soon-amid-legal-threats-and-polarized-reviews">Trump Biopic &#8216;The Apprentice&#8217; To Hit Theaters Soon Amid Legal Threats and Polarized Reviews</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Entertainment

The Trump Film Trump Doesn't Want You To See

On Friday former President Donald Trump called for the revocation of the broadcasting license of CBS, alleging widespread corruption and disinformation <a href="https://www.benzinga.com/news/24/09/40867372/mary-trump-says-donald-trump-remains-thin-skinned-bully-and-thats-what-makes-him-dangerous">among media outlets</a>.
What Happened: Trump declined to partake in a customary pre-election interview on CBS&#8217; 60 Minutes due to the network&#8217;s commitment to fact-checking his statements.
He has since called for CBS to be stripped of its broadcasting license and proposed that all other broadcast licenses should be auctioned to the highest bidder. The former president&#8217;s ire was ignited by the airing of two different versions of a response given by Vice President Kamala Harris on a question about Israel.
Trump accused 60 Minutes and CBS of perpetrating fraud by editing the interview for clarity, which he branded as &#8220;the Single Biggest scandal in Broadcast History.&#8221;
During an event in Detroit, Trump informed the audience that all networks are &#8220;crooked as hell&#8221; and should be deprived of their licenses, a comment that was greeted with applause.
Talking about Trump&#8217;s stance on the media outlet, his niece Mary Trump said in a Substack <a href="https://www.marytrump.org/p/donald-is-the-enemy-of-the-fourth">post</a> that &#8220;because Donald is a world-class hypocrite, it turns out his interviews have been edited in order to make him look better.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/09/41080239/mary-trump-says-there-are-much-much-worse-things-about-donald-trump-than-his-shameless-hucksterism">Mary Trump Says There Are Much, Much Worse Things About Donald Trump &#8216;Than His Shameless Hucksterism&#8217;</a>
&#8220;For years, Donald has railed against the press, calling them the "the enemy of the people." He singles out individual reporters, especially women, by name and calls them stupid when they ask probing questions, or don't flatter him enough,&#8221; she said in the post. 
&#8220;There is plenty of evidence, from misleading New York Times headlines that whitewash his authoritarianism, racism, and criminality, to the abysmal performances by moderators at both the CNN and CBS debates, that Donald's working the refs has succeeded,&#8221; Mary Trump continued.  
She also said that &#8220;too many reporters and news organizations fear Donald and have decided that the best way to protect themselves is to appease him.&#8221; 
&#8220;Unfortunately, doing so makes it impossible for them to do their jobs—which, at this critical time in American history, is to educate the American people about, and alert them to, the unique danger a second Trump administration poses,&#8221; Mary Trump said. 
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/08/40429962/mary-trump-donalds-narcissistic-injury-is-so-great-that-he-has-essentially-stopped-campaigning" target="_blank" rel="noreferrer noopener">Mary Trump: ‘Donald&#8217;s Narcissistic Injury Is So Great That He Has Essentially Stopped Campaigning&#8217;</a>
Why It Matters: This is not the first time that Trump has been at odds with the media. Throughout his presidency, he has been known for his contentious relationship with the press, often accusing them of spreading &#8220;fake news&#8221;. 
His recent call for CBS and other networks to lose their broadcasting licenses signifies an escalation in this ongoing conflict. 
The implications of such a move could be far-reaching, potentially affecting the freedom of the press and the public&#8217;s access to information.
Read Next:
<a href="https://www.benzinga.com/news/24/07/39761289/trumps-niece-accuses-him-of-lying-about-involvement-in-controversial-project-2025-my-uncle-likes-to" target="_blank" rel="noreferrer noopener">Trump's Niece Accuses Him Of Lying About Involvement In Controversial Project 2025: ‘My Uncle Likes To Call America a ‘Stupid Country.' But We're Not Nearly As Stupid As He Hopes We Are …</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Mary Trump: 'Because Donald Is A World-Class Hypocrite, It Turns Out His Interviews Have Been Edited'

Former Tesla aficionado Michael Cusick has shifted his loyalty to Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) following the survival of his Rivian R1T <a href="https://www.benzinga.com/news/24/09/41082452/hurricane-helene-exposes-vulnerability-of-floridas-home-insurance-market">electric truck in Hurricane Helene</a>.
What Happened: Cusick, a resident of Asheville, North Carolina, was a staunch supporter of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) having owned and extensively driven a Model 3. However, his experience with the Rivian R1T during Hurricane Helene, which wreaked havoc in the southeast, including Asheville, has led him to switch his allegiance to Rivian.
According to the report <a href="https://www.businessinsider.com/tesla-vs-rivian-r1t-owner-hurricane-helene-survived-convert-2024-10">by</a> Business Insider, after weighing several options including the Tesla Cybertruck and the Chevy Silverado EV, Cusick purchased a Rivian R1T in June 2024.
He was attracted to the Rivian R1T due to its midsize truck capabilities, its ability to traverse narrower trails, and its air suspension that provides about 2 feet of ground clearance.
During the onslaught of Hurricane Helene, Cusick&#8217;s Rivian was swallowed by floodwaters. However, once the waters subsided, he discovered his vehicle was unscathed and fully functional. 
Also Read: <a href="https://www.benzinga.com/news/24/09/40971831/putin-ally-who-unveiled-tesla-cybertruck-with-machine-gun-last-month-now-says-elon-musk-remotely-dis">Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Last Month Now Says Elon Musk &#8216;Remotely Disabled&#8217; The Militarized EV</a>
In the hurricane&#8217;s aftermath, Cusick&#8217;s Rivian R1T even functioned as a generator, powering a food truck and a chainsaw for clearing roads.
Subsequent to the incident, Rivian contacted Cusick and provided him with a loaner vehicle while his truck is inspected and potentially repaired. This experience has cemented Cusick&#8217;s commitment to Rivian. &#8220;I&#8217;m all-in on Rivian now, without a doubt,&#8221; Cusick told the outlet. 
Why It Matters: This incident underscores the durability and resilience of Rivian&#8217;s electric vehicles, which could potentially boost consumer confidence in the brand. 
The company&#8217;s swift response in providing a loaner vehicle also highlights their commitment to customer service. This could further enhance Rivian&#8217;s reputation and market position in the competitive electric vehicle industry.
Read Next
<a href="https://www.benzinga.com/news/24/09/40969847/mark-zuckerberg-flaunts-watches-valued-at-a-cybertrucks-price">Mark Zuckerberg Flaunts Watches Valued at a Cybertruck&#8217;s Price</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

RIVN

TSLA

Former Tesla Enthusiast Embraces Rivian After R1T Survives Hurricane

Most electric-vehicle stocks declined in the week ended Oct. 11 as challenging economic data and negative reaction to market leader Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">&#8220;We, Robot,&#8221; event</a> weighed down on the space.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla&#8217;s Tall Promises Fail To Impress Investors: The &#8220;We, Robot&#8221; event proved to be a flop for Tesla as the stock tumbled nearly 9% following the event. The Elon Musk-led company&#8217;s product announcements wowed analysts and its fans, with specifically the Cybercab&#8217;s design coming in for special praise. The Cybervan announcement came in as a surprise for most. Investors, however, were worried about the production timeline hinted by Musk.
The billionaire said the Cybercab, the company&#8217;s sub-$30K purpose-built autonomous vehicle, lacking a steering wheel or pedals, would go into production by 2026 or even 2027. 
In another development, Tesla announced a major production milestone for its Giga Shanghai. The factory, which is located in China and makes nearly half of the company&#8217;s EVs, produced its 3 millionth vehicle. Tesla Asia&#8217;s X handle posted the feat on the social-media platform.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Giga Shanghai achieves 3 million production milestone &#x1f389; <a href="https://t.co/Eauqqs3bJC">pic.twitter.com/Eauqqs3bJC</a>
&mdash; Tesla Asia (@Tesla_Asia) <a href="https://twitter.com/Tesla_Asia/status/1844709411983655249?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Lucid Q3 Deliveries: Luxury EV maker Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) reported third-quarter deliveries of 2,781 vehicles, exceeding estimates of most analysts. This marked a quarter-over-quarter increase of over 16% and year-over-year growth of 91%. The strong number came on the back of strong discounting. Production fell sequentially, declining from 2,110 in the second quarter to 1,805 in the third quarter. The company&#8217;s full-year production guidance of 9,000 units leaves it with the onus of producing 3,358 units if it were to meet the target.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
GM Ditches Ultium Concept: Legacy automaker General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), which once vouched by the concept of a unified battery system across all of its EVs, has decided to move away from the approach. At an investor event held this week, GM&#8217;s Vice President of Batteries Kurt Kelty said, &#8220;It now makes business sense to transition from one-size-fits-all to new program-specific batteries.&#8221; The company plans to move away from nickel cobalt manganese chemistry to lithium iron phosphate battery tech, which has the potential to reduce EV costs by $6,000.
The company also announced it will start building a battery cell development center at its Global Technical Center in Warren, with the team exploring cylindrical and prismatic cells in addition to the pouch format.
GM CEO Mary Barra said the company&#8217;s EV losses peaked this year and profitability will improve significantly next year, and that it is on track to manufacture its 200,000th EV in North America this year.
XPeng Launches P7+ EV Sedan: Chinese EV startup XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) unveiled the p7+ all-electric sedan, with the company calling it its first artificial intelligence-defined vehicle. &#8220;Plus stands for more &#8211; more technology, more space, more for your family,&#8221; it said. Presales of the the model will begin at the 2024 Paris auto show on Oct. 14, with deliveries starting in China in early November. The company has been quick with its product launches even as it navigates through a challenging demand environment in China.
<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">We're excited to unveil our first AI-defined vehicle, the <a href="https://twitter.com/hashtag/XPENGP7Plus?src=hash&amp;ref_src=twsrc%5Etfw">#XPENGP7Plus</a>. &quot;Plus&quot; stands for more &#8211; more technology, more space, more for your family! Stay tuned for more details!<a href="https://twitter.com/hashtag/XPENGDriveChange?src=hash&amp;ref_src=twsrc%5Etfw">#XPENGDriveChange</a><a href="https://twitter.com/hashtag/WhereNext?src=hash&amp;ref_src=twsrc%5Etfw">#WhereNext</a> <a href="https://t.co/V1PhwytWxk">pic.twitter.com/V1PhwytWxk</a>
&mdash; XPENG (@XPengMotors) <a href="https://twitter.com/XPengMotors/status/1844396283764596876?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
China-EU Standoff Continues: As the stalemate over <a href="https://www.benzinga.com/markets/equities/24/10/41182675/tesla-byd-and-other-ev-stocks-to-watch-as-eu-votes-to-approve-tariffs-on-chinese-ev-imports">European Union tariffs on China EV import</a> continues, a Reuters report, citing sources, said Brussels rejected a proposal by the Chinese government for imported made-in-China EVs to be sold at a minimum price of 30,000 euros ($32,946). A separate Reuters report published Saturday said China urged the European Union not to conduct separate negotiations over the price of made-in-China EVs sold in the EU, warning that this would &#8220;shake the foundations&#8221; of bilateral tariff negotiations.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) slipped 0.19 on Friday before ending at $22.88, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF fell 3.74
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/24/10/41286875/tesla-analysts-rave-over-cybercabs-design-cost-advantage-but-production-timeline-sp">Tesla Analysts Rave Over Cybercab&#8217;s Design, Cost Advantage, But Production Timeline Sparks Worry: &#8216;Too Far Out For Skeptical Investors To Get On Board&#8217;</a></li>
</ul>
Here&#8217;s how the EV stocks fared this week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-12.91%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-7.83%</td>
</tr>
<tr>
<td>XPeng</td>
<td>+0.70%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-7.62%</td>
</tr>
<tr>
<td>Workhorse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>+2.49%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-10.71%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-2.47%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>+0.58%</td>
</tr>
<tr>
<td>Lucid</td>
<td>+1.80%</td>
</tr>
<tr>
<td>Faraday Future </td>
<td>-7.04%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-14.51%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-2.10%</td>
</tr>
</tbody>
</table>
</figure>

Equities

Media

GOEV

HYZN

KARS

LCID

NKLA

WKHS

XPEV

Tesla Stock Dives After 'We, Robot' Event, Lucid's Q3 Deliveries Beat, GM Reworks Battery Strategy And More: Biggest EV Stories Of The Week

According to South Korean and Ukrainian officials, North Korean soldiers are assisting Russia in its war in Ukraine and will be deployed to the battlefront within months.
What Happened: According to a Washington Post <a href="https://www.washingtonpost.com/world/2024/10/11/north-korea-russia-ukraine-military-cooperation/">report</a>, infantry soldiers from the DPRK are currently undergoing training in Russia and are expected to be deployed in Ukraine by the end of the year.
North Korean officers are already stationed in Russian-occupied areas of Ukraine, where they are observing Russian forces and studying the battlefield.
According to the report, a Ukrainian military intelligence source, who requested anonymity due to the delicate nature of the situation, reported that thousands of North Korean infantry troops are presently undergoing training in Russia.
This news comes after the mutual defense pact signed earlier this summer between the North Korean leader Kim Jong Un and Russian President Vladimir Putin. 
Also Read: <a href="https://www.benzinga.com/news/24/10/41198689/north-korea-threatens-nuclear-war-but-souths-president-calls-it-a-bid-for-us-attention">North Korea Threatens Nuclear War, But South&#8217;s President Calls It A Bid For US Attention</a>
This pact signifies a strengthening alliance between the two heavily sanctioned nations against the Western-led global order.
Despite Kremlin spokesman <a href="https://www.washingtonpost.com/world/2024/10/11/north-korea-russia-ukraine-military-cooperation/">Dmitry Peskov</a> dismissing the allegations as a &#8220;hoax,&#8221; South Korean Defense Minister Kim Yong-hyun asserted that it is &#8220;highly likely&#8221; that North Korea would send additional troops to back Russia&#8217;s war efforts.
Ukraine claims that North Korean military personnel have been dispatched to oversee the use of North Korean ammunition and ballistic missiles, with some reportedly killed in action. 
The Ukrainian military intelligence official also suggested that the North Korean combat units training in Russia could be stationed in Russian border regions, thereby freeing up Russian troops for combat in Ukraine.
Why It Matters: The alleged involvement of North Korean soldiers in the Russia-Ukraine conflict could escalate tensions and complicate diplomatic relations. The mutual defense pact between North Korea and Russia, signed earlier this summer, has already raised eyebrows in the international community. 
The potential deployment of North Korean troops in Ukraine could further strain relations between these nations and the Western world, and potentially destabilize the region.
Read Next
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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.

Global

North Korean Forces Aiding Russia In Ukraine War Effort

Kansas City Chiefs kicker Harrison Butker has publicly shown his support for former President Donald Trump, referring to him as &#8220;the most pro-life president.&#8221;
What Happened: Butker made his endorsement on Fox News&#8217; The Ingraham Angle. The football player, known for his strong Christian beliefs, stressed that abortion is &#8220;the most crucial topic&#8221; for him.
Butker has previously voiced his disagreement with Trump on women&#8217;s reproductive rights. However, he has been more outspoken about his opposition to President Joe Biden&#8216;s stance on abortion, which he referred to as &#8220;delusional.&#8221;
&#8220;I'm supporting the president that's going to be the most pro-life president, and I think Donald Trump is the most pro-life president,&#8221; Butker <a href="https://www.foxnews.com/sports/harrison-butker-endorses-donald-trump-the-most-pro-life-president">told</a> Fox News. &#8220;That&#8217;s a topic that is the most crucial topic for me. I want us to be fighting for the most vulnerable, fighting for the unborn, and that's what we should prioritize.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/09/40869733/trump-stumbles-again-over-health-care-issues-involving-abortion-and-obamacare">Trump Stumbles Again Over Health Care Issues Involving Abortion And Obamacare</a>
During the Chiefs&#8217; visit to the White House last year following their Super Bowl victory, Butker wore a tie inscribed with the Latin phrase &#8220;Vulnerari Praesidio,&#8221; translating to &#8220;Protect the most vulnerable.&#8221; He also wore a gold pin symbolizing the size of the feet of a human fetus at 10 weeks.
After his public endorsement of Trump, there has been a substantial increase in the sales of Butker&#8217;s jersey, making it one of the most sought-after in the market.
Why It Matters: This endorsement comes amid a time of heightened political polarization in the country. 
Butker&#8217;s public support for Trump, particularly on the issue of abortion, highlights the influence of personal beliefs on public figures&#8217; political affiliations. 
His endorsement also underscores the intersection of sports and politics, and the potential impact of athletes&#8217; political stances on their fan base, as evidenced by the surge in his jersey sales.
Read Next
<a href="https://www.benzinga.com/news/24/08/40667209/trump-vs-harris-new-polls-reveal-this-candidate-is-outperforming-in-swing-states" target="_blank" rel="noreferrer noopener">Trump Vs Harris: New Polls Reveal This Candidate Is Outperforming In Swing States</a>
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.
Photo: Wikimedia Commons

Sports

NFL Star Shocks Fans With Trump Endorsement

&#8220;Commercial success is a mark of failure for a graffiti artist. We're not supposed to be embraced in that way.&#8221; Banksy
A UK cannabis dealer who laundered his illegal earnings through artworks by the elusive British street artist Banksy has been sentenced to three years in prison.
Christopher Scrivens, 37, led a weed trafficking operation and used his profits to acquire luxury items, including Banksy paintings. During a raid on Scrivens&#8217; home in South Wales, police confiscated several artworks, including Monkey Queen, The Watchtower Swing and a sculpture titled Grappling Hook. Scrivens later surrendered another piece, The Cross, completing his Banksy collection, valued at nearly $250,000.
<h3 class="wp-block-heading">Banksy: Anonymous But Famous</h3>
Banksy, one of the world&#8217;s most famous artists though his identity remains unknown, officially at least. His artwork has is risen in price over the last 20 years, with original paintings varying between hundreds of thousands to millions of dollars. Banksy's murals have been seen on walls in cities and towns around the world including London, Los Angeles, New York, Bethlehem and the West Bank since 2000. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41298029/rachel-sennott-arrested-in-cayman-islands-i-wanted-to-be-arrested-for-something-awesome-not-cbd">Rachel Sennott Arrested In Cayman Islands: I Wanted &#8216;To Be Arrested For Something Awesome&#8217; Not CBD</a>
Meanwhile, local police revealed that their organized crime team had spent three years investigating Scrivens, who had openly boasted about his plan to &#8220;flood the Valleys&#8221; with California cannabis.
Prosecutor Roger Griffiths explained that Scrivens' cannabis profits were laundered to purchase these high-value art pieces. Scrivens, from the Welsh town of Ebbw Vale, admitted to importing marijuana worth nearly $140,000 and conspiring to buy and sell cannabis.
&#8220;Money was laundered for Scrivens to acquire the Banksy&#8217;s sculpture The Grappling Hook. The defendant&#8217;s ill-gotten gains were used to pay for the object,&#8221; Griffiths said <a href="https://www.bbc.com/news/articles/c1wn2ev41d9o">according</a> to the BBC.
The court also heard how Scrivens used family, friends and neighbors to receive packages of marijuana shipped from the U.S. Detective Chief Inspector Mike Preston described the case as complex, noting that the defendants tried to conceal theie proceeds in extravagant purchases.
&#8220;This is a particularly complex case, where the defendants have attempted to hide the proceeds of their crimes in extravagant items of clothing, vehicles, and artwork," Preston said. "Taking away the assets that criminals have purchased through crime sends the message that crime does not pay.&#8221;
The Banksy artwork will soon be subject to the Proceeds of Crime Act process. 
&#8220;You invested in expensive art in an effort to distance yourself from your crimes,&#8221; said Judge Vanessa Francis who handed down Scrivens' sentence.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/23/05/32086402/13-latino-weed-inspired-illustrators-who-will-blow-your-mind">13 Latino Weed-Inspired Illustrators Who Will Blow Your Mind</a></li>
</ul>
Photo of Banksy mural in Bethlehem courtesy of Maureen Meehan

Cannabis

Regulations

Legal

Cannabis Trafficker Who Planned to 'Flood the Valleys' With Weed Used Banksy Art To Launder Money, Court Reveals

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock fell by 10% after a less-than-stellar robotaxi reveal event on Friday that failed to wow Wall Street.
What Happened: Tesla CEO Elon Musk unveiled the company&#8217;s future vision on Friday, which includes two-seater Cybercabs operating without human intervention. Notably, these vehicles are designed without a steering wheel or foot pedals.
According to the report <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-drops-after-robotaxi-event-disappoints-wall-street-2024-10?_gl=1&#x2A;n9udpg&#x2A;_ga&#x2A;MTg0NzY4ODM4Mi4xNjg2OTgyMzcy&#x2A;_ga_E21CV80ZCZ&#x2A;MTcyODcxOTY4MC42MDMuMS4xNzI4NzE5OTQ2LjM4LjAuMA..">by</a> Business Insider, Wall Street was not impressed, especially considering the already operational robotaxi service by Waymo. Analysts drew parallels between the Cybercab demos and a slow, short amusement park ride, criticizing them for their controlled environment.
The report states that Tesla Inc. shares closed at $238.77 on Thursday. On Friday, the stock opened at $220.13, dropped to a low of $214.38 during early trading, and finished the day at $217.80.
Analysts also highlighted the absence of details on Tesla&#8217;s execution strategy. Toni Sacconaghi, a Bernstein analyst, pointed out the need for Tesla to provide more proof to investors, commenting on the lack of detail.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">Tesla Robotaxi Day Event &#8216;More Fanfare Than Substance&#8217;: 8 Analysts On Cybercab, Optimus, Autonomous Vehicle Vision</a>
Despite Musk&#8217;s projected timeline of launching a robotaxi network by 2026 or 2027, Sacconaghi expressed doubts about the potential for significant profits due to technical and regulatory hurdles.
Simultaneously, Uber&#8217;s stock witnessed a 9% increase, as investors are of the opinion that Tesla&#8217;s proposed robotaxi network is unlikely to disrupt Uber&#8217;s main business.
Why It Matters: The lackluster response to Tesla&#8217;s robotaxi reveal event underscores the challenges the company faces in convincing investors of its future vision. 
The skepticism expressed by analysts and the subsequent drop in Tesla&#8217;s stock value highlight the importance of providing detailed plans and demonstrating the feasibility of such ambitious projects. 
Furthermore, the rise in Uber&#8217;s stock suggests that investors still see value in traditional ride-hailing services, despite the advancements in autonomous vehicle technology.
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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.

Tesla Stock Tumbles After Underwhelming Robotaxi Presentation

A new campaign ad supporting Florida&#8217;s Amendment 3, which aims to legalize recreational marijuana, features Republican Sen. Joe Gruters addressing critics of the measure.&nbsp;
Titled "Blowing Smoke," the ad counters claims from Governor <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis</a>, who opposes the amendment and has sparked further controversy by refusing to extend the Oct. 7 voter registration deadline during Hurricane Milton evacuations.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
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<h3 class="wp-block-heading">Gruters Reassures Voters On Public Marijuana Use</h3>
Gruters, who led efforts to ban smoking on public beaches, emphasizes that Amendment 3 won't allow for uncontrolled public marijuana use. "Florida will do marijuana legalization the right way," he assures, explaining that public cannabis use will be regulated much like<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39469809/cannabis-vs-coca-cola-and-marlboro-marijuana-market-growth-outpaces-alcohol-tobacco"> tobacco</a>.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blowing Smoke &#x7C; Vote Yes on Amendment 3!" width="500" height="281" src="https://www.youtube.com/embed/qcn7U-0XEw0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
<figcaption class="wp-element-caption">Blowing Smoke &#x7C; Vote Yes on Amendment 3 &#8211; Via Smart And Safe Campaign. </figcaption></figure>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41279305/desantis-rejects-voter-registration-extension-during-hurricane-milton-evacuations-cannabis-compa">DeSantis Rejects Voter Registration Extension During Hurricane Milton Evacuations; Cannabis Companies Close Operations</a>
<h3 class="wp-block-heading">DeSantis Criticized For Hurricane And Voter Registration Response</h3>
Governor DeSantis argues that the amendment could lead to unchecked marijuana use in public spaces. At the same time, his <a href="https://www.benzinga.com/markets/cannabis/24/10/41279305/desantis-rejects-voter-registration-extension-during-hurricane-milton-evacuations-cannabis-compa">refusal to extend the voter registration deadline</a> amid hurricane evacuations has drawn criticism from civil rights groups.&nbsp;
Amy Keith, executive director of Common Cause Florida, pointed out that evacuation orders hindered voter registration efforts. Brad Ashwell from All Voting is Local echoed the concerns, highlighting that many Floridians faced back-to-back hurricanes.
<h3 class="wp-block-heading">Cannabis Operators Prepare For Hurricane Milton</h3>
In addition to the political debate, cannabis companies like Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) and Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) have been affected by the storm.&nbsp;
Trulieve shut down 80 stores, while Cresco closed nine dispensaries and a cultivation facility to protect staff and operations ahead of Hurricane Milton.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41132320/slipping-weed-sales-in-floridas-market-is-this-100m-bet-really-worth-the-hype"> Slipping Weed Sales In Florida&#8217;s Market: Is This $100M Bet Really Worth The Hype?</a>

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TCNNF

Fact-Check DeSantis: Why Florida's Weed Legalization Does Not Mean Smoking In Schools

Elon Musk&#8216;s artificial intelligence venture xAI is under fire for alleged covert interactions with government officials in Memphis, Tennessee, regarding the <a href="https://www.benzinga.com/news/24/03/37766544/elon-musk-is-feuding-with-sam-altman-in-a-major-lawsuit-over-openai-and-one-appears-to-already-have">construction of a supercomputer</a>.
What Happened: According to a report, xAI conducted a secret meeting with local and national law enforcement agencies six months ago, prior to the public or city councilors being informed about the construction of &#8220;the world&#8217;s largest supercomputer&#8221; in the area.
The meeting entailed signing non-disclosure agreements (NDAs) with CTC Property, a shell company overseen by Musk&#8217;s personal banker, Jared Birchall, <a href="https://www.forbes.com/sites/sarahemerson/2024/10/11/how-elon-musk-muzzled-government-employees-from-talking-about-xais-new-supercomputer/">reports</a> Forbes.
Forbes was the first to reveal that government officials had signed NDAs with xAI, forbidding them from discussing the &#8220;Colossus&#8221; project. The agreement and other internal documents were procured through a series of public records requests.
Scott Banbury, conservation director of the Sierra Club Tennessee Chapter, denounced the move as &#8220;unethical,&#8221; contending that government agencies should primarily be accountable to the citizens of Memphis.
Also Read: <a href="https://www.benzinga.com/news/24/09/40764724/elon-musks-xai-eyes-share-of-future-tesla-revenue-in-potential-deal">Elon Musk&#8217;s xAI Eyes Share of Future Tesla Revenue in Potential Deal</a>
&#8220;Colossus&#8221; was assembled in just four months in a vacant factory along the Mississippi River. It was officially online a month after the Chamber publicly announced in June that xAI would be establishing its &#8220;new home&#8221; in Memphis.
However, xAI&#8217;s expansion into Memphis has been accompanied by aggressive demands on local resources. 
The data center has requested enough power to run 100,000 households and will draw more than 1 million gallons of water daily from the Memphis Aquifer for cooling its servers.
Despite the secrecy surrounding the project, xAI has reportedly declined to engage with the Memphis community. The company&#8217;s reluctance to share information about the project has sparked concerns among residents and environmental justice groups.
Why It Matters: This incident underscores the ongoing debate about the ethical implications of tech companies&#8217; dealings with government entities. 
The secrecy surrounding xAI&#8217;s project and the company&#8217;s refusal to engage with the local community has raised questions about transparency and accountability in the tech sector. 
Furthermore, the project&#8217;s significant demand on local resources highlights the environmental impact of such large-scale tech projects. 
This incident serves as a reminder of the need for tech companies to balance innovation with social responsibility.
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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.

Did Musk Try To Stop Government Workers From Discussing AI Supercomputer?

Microsoft Corporation CEO Satya Nadella has a unique task on his to-do list each day: making two phone calls to different CEOs.
What Happened: Nadella&#8217;s staff schedules two calls each day with executives from various companies as part of his networking strategy. These conversations range from major AI players like Perplexity&#8217;s CEO Aravind Srinivas to non-tech leaders like Pete Carroll, former head coach of the Seattle Seahawks.
According to a <a href="https://affiliate.insider.com/?h=a0e31c65ffe2dc4af9befbff892f2dd8da3f8e73703d656b1766156f7e16b53f&amp;platform=browser&amp;postID=6706e0890c43543ec7b24dc3&amp;postSlug=microsoft-satya-nadella-ceo-phone-calls-daily-report-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fnadellas-network-how-microsofts-ceo-avoids-getting-disrupted">report</a>, Nadella&#8217;s networking approach focuses on broadening his connections and staying updated about emerging companies.
He often asks two questions: &#8220;What new startups are you excited about, and what new people have you met that would be good to know?&#8221;
This networking strategy has reportedly been fruitful, resulting in key partnerships, including with Mustafa Suleyman, co-founder of DeepMind and Inflection AI. Microsoft has also invested in several startups, such as Figure AI and UAE-based AI company G42.
Also Read: <a href="https://www.benzinga.com/general/gaming/24/07/40057917/microsoft-ceo-satya-nadella-says-tech-giant-has-500m-monthly-users-across-gaming-platforms-devices">Satya Nadella Says Tech Giant Has 500M Monthly Users Across Gaming Platforms, Devices: &#8216;Our Content Pipeline Has Never Been Stronger&#8217;</a>
Leadership coach Rebecca Arnold, founder of Root Coaching &amp;amp; Consulting, shared <a href="https://www.businessinsider.com/microsoft-satya-nadella-ceo-phone-calls-daily-report-2024-10">with</a> Business Insider that many leaders feel they lack a group to bounce ideas off. She recommended leaders to seek third-party guidance but warned about potential biases and echo chambers.
Why It Matters: Nadella&#8217;s unique networking strategy provides a glimpse into how he keeps Microsoft at the forefront of technological innovation. 
By engaging with leaders from various industries, he ensures that he is always informed about the latest trends and startups. 
This approach also allows him to identify potential partnerships and investment opportunities, contributing to Microsoft&#8217;s growth and success.
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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.

MSFT

Microsoft's Nadella Makes A Point Of Calling Fellow CEOs Each Day

Bill Gates and Bernie Sanders are an unlikely duo, but they share one common belief – the rich should be taxed more. Gates even says he'd be okay with losing much of his wealth. However, Bernie, as always, takes it one step further.
On The Late Show with Stephen Colbert, <a href="https://www.youtube.com/watch?v=DD4F5it7a5M">Gates</a> discussed his new Netflix docuseries, &#8220;What&#8217;s Next? The Future with Bill Gates.&#8221; Colbert mentioned the conversation that Gates had with prominent billionaire critic Bernie Sanders throughout the show. Sanders doesn&#8217;t hold back when expressing his belief that billionaires shouldn&#8217;t exist. Gates seemed unbothered by Sanders&#8217; opinions and emphasized that he's also in favor of making the <a href="https://www.benzinga.com/personal-finance/24/09/41006562/bill-gates-says-hed-be-tens-of-billions-poorer-under-his-ideal-tax-system-but-he-still-supports-">tax system more progressive</a>.
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&#8220;I told Bernie I&#8217;d make the tax system more progressive,&#8221; Gates said, joking that while Bernie would like to take away 99% of his wealth, he'd be fine with giving up half. &#8220;I would have paid, you know, twice as much in taxes,&#8221; Gates said, &#8220;But I would still be a billionaire.&#8221; Colbert responded with humor, pointing out that even after losing 99% of his fortune, Gates would still have $1.3 billion left – plenty to get by.
See Also: How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.
Gates shared more details about this meeting on his website. When he emailed Sanders asking if he'd be interested in sitting down for the series, Gates didn't expect a quick response. But, to his surprise, Sanders replied almost instantly: &#8220;Bill – This sounds fun. Let's do it.&#8221;
Although they had previously met, this was their first extended discussion about inequality, and despite their differences, Gates thought Sanders was affable. Their meeting ended with both laughing when a passerby did a double take, recognizing the unexpected pairing of Bernie Sanders and Bill Gates together.
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Gates' new docuseries, which launched on Netflix on Sept. 18, explores some of the most pressing topics of our time, including climate change, artificial intelligence, income inequality and more.&nbsp;
Sanders was just one of several high-profile guests, including <a href="https://www.benzinga.com/general/entertainment/24/09/40738801/lady-gaga-mark-cuban-bernie-sanders-fauci-and-more-join-bill-gates-netflix-special-i-have-a">Anthony Fauci, Lady Gaga and Mitt Romney</a>. Gates used the series to learn from experts on these topics, something he's always loved doing.
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In the episode with Sanders, they also talked about Gates' proposal for taxing robots – a topic Sanders also touches on in his new book, &#8220;It&#8217;s OK To Be Angry About Capitalism.&#8221; Gates first suggested the idea back in 2017, arguing that if robots are replacing human jobs, they should be taxed similarly to human workers to offset the loss of payroll taxes. Sanders backed this idea, pointing out that it's time to adapt tax and regulatory policies to ensure automation doesn't simply become a &#8220;race to the bottom&#8221; for corporate profit.
According to Bloomberg, Gates, who has a net worth of $161 billion, believes the wealthy can afford to give back more. He even admitted that <a href="https://www.benzinga.com/personal-finance/24/10/41145078/billionaire-bill-gates-has-a-bold-plan-to-shrink-the-wealth-of-the-rich-heres-how-he-intends-to-">under the tax system he envisions</a>, he'd be &#8220;tens of billions of dollars poorer.&#8221; He also thinks estate taxes should play a bigger role in addressing wealth inequality.
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Startups

'I'd Still Have $1.3 Billion' – Bill Gates Says Bernie Sanders Would Take 99% Of His Fortune. He Claims He'd Be Fine Losing Just Half Of It

Kevin O'Leary, aka &#8220;Mr. Wonderful&#8221; from Shark Tank, is making a bold case for automation – arguing it streamlines operations, boosts wages and creates jobs. In a recent Instagram post and a Fox Business interview, O'Leary <a href="https://www.benzinga.com/markets/24/10/41215066/kevin-oleary-says-port-automation-wont-hurt-wages">doubled down on his belief </a>that automation, especially at ports, leads to higher productivity and better pay for workers.&nbsp;
O'Leary points to the current inefficiencies plaguing East Coast ports, particularly compared to their international counterparts in places like Singapore. He highlights how ports in Asia are light years ahead in terms of modernization and automation, which gives them a serious productivity edge. And it&#8217;s not just a minor difference, according to O&#8217;Leary – it's a productivity gap leaving the U.S. behind.
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"There's no evidence that automation hurts wages," O'Leary said on Instagram, explaining that when ports integrate advanced systems, it leads to better overall productivity. The result? Jobs that not only stay but also pay more. Employees trained to operate these robotic systems are in demand and can earn more as they gain new skills.
O'Leary's comments are particularly relevant as the International Longshoremen's Association (ILA) just temporarily called off a major dockworkers' strike that had shut Down East and Gulf Coast ports, halting billions in trade. The strike is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41187855/port-strike-ends-after-3-days-retaliers-politicians-breathe-a-sigh-of-relief">on pause until mid-January,</a> as negotiations continue. But O'Leary points to this situation as evidence of how outdated U.S. port infrastructure is compared to other countries.
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"If you look at ports on the East Coast and compare them to Singapore, we're losing out big time," O&#8217;Leary said on Varney &amp; Co. He argues that these inefficiencies make U.S. ports less competitive globally, hurting everyone from businesses to consumers in the long run.
One of the biggest concerns during the strike was how automation could affect dockworkers. O&#8217;Leary doesn&#8217;t see this as a problem. He claims that studies on port automation have consistently shown no adverse impact on wages in the U.S., both on the East and West Coasts. He says the opposite is true: automation can increase wages for workers who learn to operate these new, sophisticated systems. He's optimistic that automation will create a wave of new jobs requiring higher skill levels, which means better pay for those workers who adapt.
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The reality of automation isn't as straightforward as Kevin O'Leary suggests. While it might reduce errors and cut costs, the overall impact on productivity is more complicated. A 2018 McKinsey report found that automated ports perform worse than traditional ones. McKinsey says automated ports "are generally less productive than their conventional counterparts." The report highlights that the massive investments in automation don't always yield the returns companies expect, especially without careful planning and management.
So, while automation has some upsides, it's not a magic fix for boosting efficiency or profits. It requires time, strategy and capital investment.
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The dockworkers&#8217; strike<a href="https://www.benzinga.com/news/24/10/41177060/port-strike-ends-workers-return-to-work-friday"> ended last week</a> after the U.S. Maritime Alliance (USMX) offered a massive 62% pay increase. While the strike is paused, the issue of automation in ports remains a hot topic. O&#8217;Leary believes that workers who embrace automation will come out on top as ports modernize.
His stance might seem controversial, especially to those who fear job losses from automation, but O'Leary is convinced that this is the way forward for productivity and growth. "We need to let automation take its course," O&#8217;Leary said, emphasizing that it's a tool for driving the economy forward, not a threat to workers.
For O&#8217;Leary, the future is clear: automation isn't going away and those who can adapt will find themselves in high demand, with bigger paychecks to match.
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Here's Why Kevin O'Leary Says Automation Leads To More Productivity, Higher Wages And More Jobs

In December 2023, billionaire entrepreneur Mark Cuban sold a majority stake in the Dallas Mavericks, a National Basketball Association team he acquired in 2000 after making several <a href="https://www.benzinga.com/general/education/24/10/41234173/how-mark-cuban-turned-broadcast-com-into-5-7b-sale-we-were-the-youtube-of-our-day">successful business sales.</a>
In a recent podcast appearance, Cuban discussed the team's success and why it was time to move on.
Dallas Mavericks Purchase, Song Memory: Cuban, who has had an entrepreneurial spirit <a href="https://www.benzinga.com/general/education/24/10/41222013/it-wasnt-anything-horrific-how-12-year-old-mark-cuban-developed-tough-skin-to-reach-billionaire">from a young age, </a>recalled deciding to approach the Mavericks&#8217; owner about buying the team after noticing that the season&#8217;s home opener wasn't a sellout.
"We're undefeated. We should have a good team. And I'm like, I can do better than this," Cuban <a href="https://link.chtbl.com/X2XxhkGp?sid=benzinga">recalled </a>on the "Life in Seven Songs" podcast.
Cuban said he had a deal done in less than a month and was the owner a couple of months later.
The billionaire paid $285 million for the team back in 2000.
Asked to pick a song to sum up his time with the Mavericks for the podcast, which sees celebrities pick songs for moments in their life, Cuban selected "Eminence Front," a song from The Who.
"Back in 2001, we moved to a new arena and the head of marketing was a guy named Matt Fitzgerald, who was a good friend of mine, basketball buddy, who unfortunately died of ALS a couple of years ago. And he came up with this song."
Cuban said the idea of using "Eminence Front" was similar to what the Chicago Bulls did during the Michael Jordan era, using the same music and making it instantly recognizable to fans.
Fitzgerald suggested The Who song, and Cuban said he promised the former Mavericks employee when he was dying that as long as he was involved, it "would always be the opening song for the match."
Cuban said Mavericks fans immediately think of games when they hear the song.
"While the beginning of this song is playing, there's a hype video that's going on on the Jumbotron that everybody gets to see. And so it's highlights of the last game. It's introductions to our starting lineup."
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Moving Past the Mavericks: Cuban recently<a href="https://www.benzinga.com/general/sports/23/12/36402593/mark-cubans-slam-dunk-deal-mavericks-majority-stake-sale-clears-the-net-whats-the-next-play"> sold a majority stake</a> in the Mavericks to casino magnate Miriam Adelson, with the team valued at $3.5 billion.
Cuban remains involved with the team as an alternate governor and maintains control of basketball operations for the Mavericks while holding a 27% ownership stake. The billionaire remains hopeful that bringing Adelson in can help with a potential casino and real estate projects if the team builds a new arena in the future.
Cuban acknowledges his children, who are 15, 18, and 21, as a key reason to step back in his commitment to the Mavericks.
"There's a lot of pressure for them. And running a professional sports team isn't always good," Cuban said.
The billionaire said when the team is winning, it's great, and everybody loves him.
"But when you're having a bad season, just, you know, your kids are on social media. I just don't want them to put up with all that abuse and everything. And, you know, that was the primary reason."
During the interview, Cuban admitted to life being much different for his kids than his childhood was.
"You don't have that unique privacy. You know, the ability to just be unnoticed that I had, and that's hard."
Cuban said he doesn't feel sorry for his kids in this regard, but knows that it hasn't always been easy for them.
"I give them a ton of credit. They're good kids. They've got big hearts. They're smart. They're respectful."
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Image created using artificial intelligence via Midjourney.

Education

Success Stories

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Nvidia's stock value has ballooned by an incredible $400 billion in just five days, causing quite the stir in tech and investment circles.
Now at a staggering $3.26 trillion, as per Business Insider Africa, Nvidia has soared past many competitors, though it remains behind Apple and Microsoft in terms of global market capitalization. That $400 billion increase alone surpasses the entire market value of Costco, which is roughly $250 billion, even though the retail giant posted an impressive $254 billion in revenue last year.
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The massive surge is largely thanks to Nvidia's AI-focused chips. The newly launched Blackwell chip, designed specifically for artificial intelligence, has been dubbed a game-changer. Nvidia CEO <a href="https://www.benzinga.com/startups/24/09/40692021/nvidia-ceo-jensen-huang-will-push-employees-to-their-limits-but-is-reluctant-to-let-them-go-ill-tort">Jensen Huang</a> called it &#8220;the engine to power this new industrial revolution.&#8221; Major tech players like Microsoft, Oracle and Google seem to be on the same page, pouring their support into Nvidia's technology and betting on its future impact.
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In 2024 alone, Nvidia's stock jumped by 170% and since early 2023, its growth has been nothing short of explosive – up 800%, as per Reuters. The financial numbers are jaw-dropping. While Costco generated $7.4 billion in net income last year, Nvidia boasted a whopping $30 billion in profit from $61 billion in revenue. This speaks volumes about how profitable the tech space has become, especially compared to traditional powerhouses like <a href="https://www.benzinga.com/startups/24/09/40689987/costco-members-spill-shocking-tales-of-wild-product-returns-opened-food-and-years-old-furniture-here">Costco</a>.
Jensen Huang, now worth $106 billion, is at the heart of Nvidia's extraordinary run. With his focus on AI chip development, Nvidia has cemented itself as a key player in the ongoing AI revolution.
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Beth Kindig from I/O Fund speculated that Nvidia could hit a valuation of $10 trillion by 2030 thanks to its then-anticipated Blackwell GPU chip, supported by its CUDA software platform.&nbsp;
The ripple effects of Nvidia's success are hard to miss. The &#8220;Magnificent Seven&#8221; tech giants – Meta, Alphabet, Apple, among others – are all riding the AI wave, with Nvidia's technology fueling their stock's demand by 1%. AI integration is becoming a major part of daily life and Nvidia's chips are a crucial piece of that puzzle, pushing the tech market to even greater heights.
But not everyone is cheering. Some experts have voiced concerns about the growing reliance on Nvidia in the chip industry. The worry is that if Nvidia becomes too dominant, it could lead to supply bottlenecks and increased prices, ultimately hurting competition.
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