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In 2019, Aseem K Thakur had a fireside-chat with Robert Kiyosaki, the renowned author of &#8216;Rich Dad Poor Dad,&#8217; and his team of advisors. Thakur later shared the top five lessons he <a href="https://www.linkedin.com/pulse/5-lessons-i-learned-hosting-robert-kiyosaki-aseem-k-thakur">learned</a> from the session, which might change your perspective toward life.
The Transformative Power Of Giving Back&nbsp;
During the session, Kiyosaki spoke about the power of giving back to society. He said although most people believe in God, they don't trust in God, which is why they never give. One of Kiyosaki's advisors, JW Wilson, also said that when people give back, it changes their perspective as they see things from a higher level.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04040944/download-36-1024x585.png" alt="" class="wp-image-322519" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04040944/download-36-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04040944/download-36-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04040944/download-36-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04040944/download-36-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04040944/download-36.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Representation image of people helping kids, elders, and others who appear hungry. Image Via Dall-E 3</figcaption></figure>
The&nbsp;Mantra&nbsp;To Find Purpose And Its Divine Alignment&nbsp;
According to Kiyosaki, people can find their true purpose by aligning with what they believe God desires and working toward it. He illustrated this point with an example from his own experience, citing his fundraising platform for social causes. Kiyosaki explained that he believed God would want to prevent kids from suffering, so he decided to contribute.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04041617/DALL%C2%B7E-2024-05-04-13.45.34-A-serene-and-inspirational-scene-that-represents-the-concept-of-finding-purpose-through-divine-alignment-inspired-by-Robert-Kiyosakis-philosophy.-Th-1024x585.webp" alt="" class="wp-image-322524" /><figcaption class="wp-element-caption">Representation image of a person sitting in a deep thought, with a majestic background. Image Via Dall-E 3</figcaption></figure>
See Also:<a href="https://www.benzinga.com/general/entertainment/24/04/38428409/i-tried-apps-like-tinder-and-bumble-but-they-did-nothing-for-me-instead-these-5-things-help" target="_blank" rel="noreferrer noopener">&nbsp;I Tried Apps Like Tinder And Bumble But They Did Nothing For Me, Instead These 5 Things Helped Me Up My Dating Game</a>
The Holistic Approach To Gain Wealth&nbsp;
The author of &#8216;Rich Dad Poor Dad&#8217; stresses internal growth over external factors when addressing the question of how to become wealthy. According to Kiyosaki, individuals should invest in building assets, seek mentorship, and read good books.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042258/download-37-1024x585.png" alt="" class="wp-image-322539" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042258/download-37-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042258/download-37-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042258/download-37-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042258/download-37-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042258/download-37.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Representation image of a person having a holistic approach to gaining wealth. Image Via Dall-E 3</figcaption></figure>
The Art Of Nurturing Teams And Lasting Relationships
Kiyosaki suggests that life and business resemble team sports, underscoring the importance of selecting teammates thoughtfully. According to him, individuals should seek out partners who share similar values and complement their strengths. Once found, the key is to focus on nurturing those relationships.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042502/DALL%C2%B7E-2024-05-04-13.54.47-A-friendly-and-professional-illustration-that-showcases-teamwork-and-building-lasting-relationships-in-a-business-environment.-The-image-should-featur-1024x585.webp" alt="" class="wp-image-322544" /><figcaption class="wp-element-caption">Representation image of a group of people having a great day at work. Image Via Dall-E 3</figcaption></figure>
The Place For Ultimate Investment
The renowned businessman and author strongly advocates for continuous learning as the ultimate investment opportunity. He also suggests not shying away from failure or discomfort when acquiring new knowledge, citing that no child ever learned to walk without enduring a few bruises.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042856/download-38-1024x585.png" alt="" class="wp-image-322545" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042856/download-38-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042856/download-38-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042856/download-38-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042856/download-38-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04042856/download-38.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Representation image of a library filled with numerous books. Image Via Dall-E 3</figcaption></figure>
Read Next: <a href="https://www.benzinga.com/general/entertainment/24/04/38208374/15-ingredients-you-can-pick-up-from-the-supermarket-shelf-to-up-your-indian-food-game" target="_blank" rel="noreferrer noopener">Want To Up Your Indian Food Game? Here Are 15 Ingredients I Recommend That Would Wow Your Family And Friends</a> Image Credit: Shutterstock

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'Rich Dad Poor Dad' Author Taught 5 Lessons To This Host In 2019 — Here's A Deep Dive Into Details Of What A Learning Fest It Was Hosting Robert Kiyosaki

The past week has been a whirlwind for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with a mixed bag of news that kept investors on their toes. From an earnings beat and a massive stock buyback to a slump in iPhone sales and a lukewarm response to Siri, there&#8217;s a lot to unpack. Here&#8217;s a quick recap of the week&#8217;s top stories.
Apple Q2 Earnings Outperform Muted Expectations On Services Apple reported Q2 results that surpassed subdued predictions. The tech giant announced a whopping $110-billion stock buyback program and a slight increase in its quarterly dividend. Despite a year-on-year revenue decline, the announcement saw the shares of the tech stock rise about 3.5%. <a href="https://www.benzinga.com/news/earnings/24/05/38599545/apple-q2-earnings-beats-muted-forecast-on-services-mac-strength-installed-base-at-fresh-record-cupe">Read the full article here.</a>
Elon Musk Comments on Siri&#8217;s Performance Tesla CEO Elon Musk responded to tech YouTuber Marques Brownlee&#8217;s question about Apple&#8217;s virtual assistant, Siri. Musk agreed with another user who expressed dissatisfaction with Siri, sparking a conversation about Apple&#8217;s AI-related moves. <a href="https://www.benzinga.com/news/24/05/38614138/have-you-used-siri-lately-elon-musk-answers-mkbhd-after-tim-cook-teases-exciting-ai-developments-fro">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38544038/amazon-says-generative-ai-is-now-a-multibillion-dollar-revenue-run-rate-business-strong-demand-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Says Generative AI Is Now A &#8216;Multibillion-Dollar&#8217; Revenue Run Rate Business: &#8216;Strong Demand Signal</a>
iPhone Sales Plunge in Q1 2024 Apple&#8217;s iPhone sales took a hit in the first quarter of 2024, with a 16% drop compared to the same period in 2023. The drop translates to a staggering 9.3 million units, marking a rough start to the year for the company. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511556/what-is-going-on-with-apple-iphone-sales-drop-by-staggering-9-3m-units-globally-in-">Read the full article here.</a>
Apple&#8217;s Record Stock Buyback Apple announced a massive buyback program, authorizing the repurchase of an additional $110 billion of its common stock. The move was so significant that it overshadowed the valuation of several big companies, delivering a pleasant surprise to investors. <a href="https://www.benzinga.com/markets/equities/24/05/38607876/steve-jobs-wasnt-a-fan-but-apples-record-stock-buyback-is-so-massive-it-dwarfs-valuations-of-boe">Read the full article here.</a>
New Leak Confirms Rumors About iPhone 16 A new leak by Sonny Dickson confirmed recent rumors about the screen sizes for the upcoming iPhone 16 lineup. The leak also revealed details about the camera bump, hinting at a significant leap for Apple. <a href="https://www.benzinga.com/news/24/04/38480983/giant-leap-for-apple-new-leak-of-iphone-16-lineup-confirms-recent-rumors-about-screen-sizes-and-came">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/news/24/05/38542692/tesla-ceo-elon-musk-is-impressed-by-the-fact-that-jeff-bezos-aws-12-month-revenue-is-higher-than-466?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Is Impressed By The Fact That Jeff Bezos&#8217; AWS 12-Month Revenue Is Higher Than 466 S&amp;P 500 Companies</a>
Photo courtesy: Shutterstock
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Apple's Q2 Earnings, iPhone Sales Slump, And A Massive $110B Stock Buyback: This Week In Appleverse

The week was a rollercoaster ride for the cryptocurrency market. The crypto world was buzzing with news, from Shiba Inu&#8217;s surging burn rate to speculation of certain altcoins becoming irrelevant. Major cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) ended April with heavy losses, but the market sentiment soared as the new week began. Let&#8217;s dive into the details.
&#8216;Dogecoin Killer&#8217; Shiba Inu Burn Rate Spikes 800%
Shiba Inu experienced a resurgence in its burn rates, with an 800% surge and millions of coins burned in recent transactions prompting positive market sentiment and an increase in prices. <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38621862/dogecoin-killer-shiba-inu-burn-rate-spikes-800-amid-new-margin-pair-listing-on-kraken">Read the full article here.</a>
Altcoins&#8217; Fate: Strong Performers or Irrelevant?
Pseudonymous crypto trader &#8220;Cold Blooded Shiller&#8221; questions whether the market is beginning to phase out certain altcoins in favor of stronger performers and Bitcoin. He notes that while Bitcoin&#8217;s strength is undeniable, there&#8217;s an interesting separation among altcoins. Meme coins like Dogwifhat, Pepe, and Floki Inu have seen significant gains, but will they maintain their momentum? <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38491753/spectacular-meme-runs-mean-these-three-altcoins-could-be-doomed-to-irrelevancy-muses-veter">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38623527/bitcoin-ethereum-dogecoin-rally-as-market-sentiment-soars-on-macro-data-above-67-000-we-fl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Rally, As Market Sentiment Soars On Macro Data: &#8216;Above $67,000 We Fly Like A</a>
Heavy Losses for Bitcoin, Ethereum, Dogecoin in April
April ended on a sour note for major cryptocurrencies. Bitcoin, Ethereum, and Dogecoin closed the month with losses of 16%, 19%, and 40%, respectively. The new Hong Kong Bitcoin ETFs, contrary to bullish expectations, may turn out to be a &#8220;complete failure,&#8221; according to finance and crypto newsletter, WhaleWire. <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38533211/bitcoin-ethereum-dogecoin-closing-april-with-heavy-losses-slide-below-60k-causes-over-380m">Read the full article here.</a>
Are Dogecoin and Shiba Inu Due for a Bounce?
Despite a turbulent month, traders remain optimistic about Dogecoin and Shiba Inu. Chart analyst Ali Martinez predicts a bullish breakout for Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), while crypto trader YG Crypto analyzes Dogecoin&#8217;s recent performance, which saw a dramatic 40% price drop. <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38564859/are-dogecoin-and-shiba-inu-due-a-bounce-this-trader-sees-bull-flag-forming-for-one-coin">Read the full article here.</a>
Crypto Market Rallies as Sentiment Soars
Despite the losses in April, the cryptocurrency market started May on a positive note. Major cryptocurrencies are trading higher, with Bitcoin bouncing well above the $60,000 mark. <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38623527/bitcoin-ethereum-dogecoin-rally-as-market-sentiment-soars-on-macro-data-above-67-000-we-fl">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38611669/dogecoin-is-primed-for-higher-but-pepe-is-on-a-moon-mission-exclaims-trader?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Is &#8216;Primed For Higher&#8217; But Pepe Is &#8216;On A Moon Mission,&#8217; Exclaims Trader</a>
Image: Eivind Pedersen from Pixabay
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'Dogecoin Killer' Shiba Inu Burn Rate Spikes 800%, Crypto Market Rallies As Sentiment Soars And More: This Week In Cryptocurrency

Cyber insurance has become a very fashionable space these days, said Ajit Jain, the vice chairman of insurance operations for Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>). Over the last few years, it has become <a href="https://www.benzinga.com/general/24/02/36987783/scott-mayor-founder-of-endurance-advises-businesses-on-managing-cyber-risk" target="_blank" rel="noreferrer noopener">at least a $10 billion market globally</a>.
Speaking at Berkshire Hathaway&#8217;s annual shareholder <a href="https://www.youtube.com/watch?v=X3wLdzddRtI" target="_blank" rel="noreferrer noopener">meeting </a>in Nebraska, Omaha, on Saturday, Jain said that the profitability of cyber insurance is also reasonably <a href="https://www.benzinga.com/news/24/05/38630719/warren-buffett-fears-the-ai-genie-thats-part-out-of-the-bottle-but-agrees-it-has-potential-to-do-goo" target="_blank" rel="noreferrer noopener">high, around 20% of the total premium</a>.
However, he said Berkshire tends to be very careful when considering cyber insurance liabilities because:
<ul>
<li>Knowing the quantum of losses subject to a single occurrence and the aggregation potential for cyber losses is tough.</li>
<li>According to Jain, if some cloud operations come to a standstill, the aggregation losses can be huge, and not being able to understand a &#8220;worst-case cap on it is what scares us.&#8221;</li>
<li>There is a difficulty in understanding the loss cost of cyber insurance — not just for a single loss, but for losses over time.</li>
</ul>
&#8220;We have been fairly well contained, out of 100 cents of the dollar of the premium losses over the last four, five years, I think, have not been beyond 40 cents of the dollar, leaving a decent profit margin,&#8221; Jain added. 
Still, he highlighted that, currently, there isn&#8217;t enough data to fully understand the true loss cost.
&#8220;I have discouraged [staff] from writing cyber insurances,&#8221; Jain said. &#8220;Each time you write a cyber insurance policy, you are losing money.&#8221;
As a result, while cyber insurance is projected to be a huge business, it could be associated with huge losses.
&#8220;Our approach is to sort of stay away from it right now until we can&nbsp;have access to&nbsp;some meaningful data,&#8221; Jain cautioned.
Since the pandemic, cyberattacks have surged twofold, according to a <a href="https://www.imf.org/en/Blogs/Articles/2024/04/09/rising-cyber-threats-pose-serious-concerns-for-financial-stability">report </a>by the International Monetary Fund. While many companies faced minor direct losses, some, like Equifax, endured significant tolls. Equifax, for example, spent over $1 billion on breach compensation and the transformation of its data security following a major 2017 data breach impacting 150 million consumers.
Major US-listed companies providing cyber insurance are:&nbsp;
<ul>
<li>Marsh &amp; McLennan Companies, Inc. Common Stock(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>)</li>
<li>Aon Plc Class A Ordinary Shares (Ireland)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>)</li>
<li>Arthur J. Gallagher &amp; Co. Common Stock(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>)</li>
<li>Brown &amp; Brown, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>)</li>
<li>Willis Towers Watson Public Limited Company &#8211; Ordinary Shares(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTW#NASDAQ">WTW</a>)</li>
</ul>
Berkshire Hathaway, on Saturday, registered a solid increase in <a href="https://www.businesswire.com/news/home/20240504932623/en/Berkshire-Hathaway-Inc.-First-Quarter-2024-Earnings-Release" target="_blank" rel="noreferrer noopener">first-quarter</a> operating earnings, driven by strength in its insurance businesses, <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">both in underwriting and investment income.</a> The company&#8217;s quarterly operating earnings of $11.22 billion rose over 39% <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">from $8.065 billion in the year-ago quarter.</a>
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Berkshire Hathaway's Ajit Jain Cautions On Cyber Insurance Amid Risks: 'Each Time You Write A Cyber Insurance Policy, You Are Losing Money'

Elon Musk raised eyebrows&nbsp;with his recent tweet affirming a&nbsp;<a href="https://www.benzinga.com/news/23/07/33088668/us-spies-sound-alarm-on-risks-of-engaging-in-business-with-china">prediction of&nbsp;a civil war in the West.</a>
What Happened: In reply to a tweet by Canadian professor Gad Saad, who suggested that &quot;war is coming&quot; and elaborated by stating, &quot;Some imbeciles are questioning the scope of this prediction so let me be clearer: Civil war is coming to the West,&quot; Musk responded by asserting, &quot;100% probability,&quot; causing a stir&nbsp;on X, formerly Twitter. The tweet was posted on Saturday.
<blockquote class="twitter-tweet">100% probability
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1786624683330380207?ref_src=twsrc%5Etfw">May 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>This is not the first time Musk&#39;s tweets have made headlines. Recently, he responded to a tweet by Greg Price, the communications director of the State Freedom Caucus Network, who quoted President Joe Biden&#39;s <a href="http://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di">remarks at the White House Correspondents dinner</a>.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38491110/this-is-insane-elon-musk-warns-of-forever-war-amid-talks-of-a-decade-long-us-ukraine-security-agreem">Elon Musk Warns Of &#39;Forever War&#39; Amid Talks Of A Decade-Long US-Ukraine Security Agreement</a>
Why It Matters: Musk&#39;s prediction comes amid political tension and unrest. His recent interactions on X,&nbsp;including his response to&nbsp;Biden&#39;s comments, have been seen by some as indicative of his political stance.
Furthermore, Musk&#39;s company, SpaceX, was contracted by the U.S. government<a href="http://www.benzinga.com/news/24/03/37768437/elon-musks-spacex-is-secretly-building-a-huge-spy-satellite-network-for-the-us-government"> to develop a network of spy satellites.</a>
This $1.8 billion project, aimed at enhancing global surveillance capabilities, underscores the growing partnership between SpaceX and national security agencies. This information adds another layer of context to Musk&#39;s ominous prediction.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/03/37574847/biden-vs-trump-elon-musk-says-he-wont-contribute-to-either-campaign-but-his-social-media-activity-su" target="_blank">Biden Vs. Trump: Elon Musk Says He Won&#39;t Contribute To Either Campaign, But His Social Media Activity Suggests Support For One Over Other</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: <a href="https://flickr.com/photos/thomashawk/" id="yui_3_16_0_1_1714859819729_30604" rel="author" title="Go to Thomas Hawk's photostream">Thomas Hawk</a>&nbsp;via flickr

Social Media

Elon Musk Causes Stir With Response To Professor's Ominous Prediction Of Civil War 'Coming To The West'

On a Sunday afternoon at a Florida racetrack, one would expect a warm reception for Donald Trump and his backers. However, at the Miami Grand Prix this Sunday, <a href="https://www.benzinga.com/general/sports-betting/24/05/38562643/formula-1-stops-trump-fundraiser-miami-grand-prix-connection-to-dolphins-owner-draws-atten" target="_blank" rel="noreferrer noopener">that expectation will be challenged. </a>
Organizers of the event sent a cease-and-desist letter to a wealthy Trump supporter planning a $250,000 per ticket fundraiser in a suite overlooking the race, <a href="https://www.bloomberg.com/opinion/articles/2024-05-04/miami-grand-prix-trump-is-ruining-republicans-relationship-with-motor-sports?srnd=all&amp;sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported</a> Bloomberg.
With dwindling viewership over the years, motor sports are aiming to expand their audience beyond traditional fans. Promoting conservatism or any politics at the track could hinder this goal, the report added.
IndyCar also refused a team&#8217;s bid to display Trump and Robert F. Kennedy Jr. promotions on its bodywork at the Indy 500. 
Similarly, a plan for Trump to give the command to start engines at a televised IndyCar race in Thermal, California, was abruptly scrapped in March, as <a href="https://racer.com/2024/04/26/indycar-denies-rfk-jr-trump-car-at-indy-500/">reported</a> by Racer, a prominent motor sports news outlet.
The shift is especially striking given that, since Richard Nixon, Republican presidents have seen motor sports as a way to connect with Southern white working-class culture, according to Bloomberg. 
NASCAR has been especially appealing,&nbsp;with its roots&nbsp;in Prohibition-era bootlegging, where drivers raced modified production model cars. For many fans, NASCAR embodies a rugged, rebellious Southern heritage often symbolized by the Confederate flag at races, Bloomberg added.
Trump embraced this heritage as president, notably serving as the grand marshal of the 2020 Daytona 500, NASCAR&#8217;s premier event. 
However, this enthusiasm wasn&#8217;t reflected in television viewership. In 2020, Daytona saw its lowest viewership since records were first kept in 1979, with 7.33 million viewers, a figure not aided by rain delays. A year later, viewership dropped further to 4.9 million.
The decline isn&#8217;t limited to Daytona. In 2023, NASCAR averaged 2.86 million viewers, down 5% from 2022, its lowest on record.&nbsp;
Formula 1 also experienced an 8% viewership drop in 2023. IndyCar, while showing improvement, still faces challenges. Since 1993, IndyCar viewership has plummeted by 72.7%,&nbsp;with average broadcasts dropping&nbsp;from 4.1 million to 1.1 million viewers.&nbsp;
Motor sports enthusiasts have various theories for the decline, but one fact remains clear: appeals to Southern heritage, conservative politics and Trump haven&#8217;t attracted new fans to the sport.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38629833/berkshire-hathaways-q1-operating-earnings-surged-39-heres-why" target="_blank" rel="noreferrer noopener">Berkshire Hathaway&#8217;s Q1 Operating Earnings Surged 39% — Here&#8217;s Why</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Politics

Once Vehicles For Republican Presidents To Connect With Southern Whites, Motor Sports Are Shifting Away From Trump

Electric vehicle shares mostly advanced this week, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38624536/federal-reserve-dismisses-rate-hike-fears-labor-market-cools-apple-lures-investors-">riding high on the broader market strength</a> as the Federal Reserve hinted at potential rate cuts. 
Here are the key events that happened in the EV space during the week:
Tesla&#8217;s China FSD Potential, More Job Cuts : A surprise visit by Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk to China was received positively by the market, with the stock jumping over 15% on Monday. The optimism stemmed from reports of the company receiving approval to roll out its full self-driving technology in China. BofA&#8217;s John Murphy&nbsp;estimates <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38542475/teslas-stock-could-rise-by-up-to-24-if-ev-giants-china-fsd-rollout-succeeds-says-fu">incremental annual revenue&nbsp;of half a billion dollars&nbsp;and earnings of $350 million</a> for Tesla if 25% of Tesla owners adopt FSD. Murphy projects even higher earnings ($2.3 billion) by 2030 based on the same adoption rate and projected auto sales growth in China.
Future Fund&#8217;s Gary Black suggests that incremental earnings per share could reach as high as 48 cents per share, and incremental valuation could increase by $24 per share if the FSD take rate is around 30%.
The week also saw the reporting of more job losses at Tesla.
Close on the heels of the large scale job cuts, The Information reported that Musk sent an email to managers regarding the eliminations of more key executives, including Senior Director of EV Charging Rebecca Tinucci and Director of Vehicle Programs Daniel Ho. The move raised eyebrows as the company secured deals with most legacy automakers and its EV peers for sharing its charging network.
In the email, Musk later clarified on X that the the company still planned to expand the Supercharger network, &#8220;just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations.&#8221;
Bloomberg reported that Tesla's Senior Director of HR Allie Arebalo also left the company.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Rivian Receives State Funding: Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) said it received an $827 million incentive package from the Illinois Department of Commerce Economic Opportunity. This, according to the company, would allow the expansion of operations at its Normal, Illinois plant, in addition to funding job training programs for employees ahead of the start of production of the R2, the company&#8217;s mid-sized SUV.
Separately, a Bloomberg report said Rivian is planning to cut 1% of its global workforce, following a 10% job cut announced earlier this year.
Fisker In Legal Trouble: Embattled EV startup Fisker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSR#NYSE">FSR</a>), which is hurtling toward bankruptcy, is now entangled in another legal mess. TechCrunch <a href="https://techcrunch.com/2024/05/03/fisker-pear-alaska-lawsuit-engineering-class-action/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAHATFAE6Q8oltZ5C10IEevgvQy_Ganrm2crYour9PG-_zBj2hXtRUpuMty0Lm07DykfBz-ikKU_XlBFS1O1jXj4NW7woXW7o7Rn9jlrjDncyIh8qQ1ppIK6hFP3niTDjML5NHuzux8WHtEtqFq8C9bimUDEV81vGPixkTqxk1Ycg">reported</a> that a U.S. subsidiary of German engineering giant Bertrandt AG filed a lawsuit, stating that the EV startup stopped paying for the work it rendered to help develop the Pear low-cost EV. The German company also accused Fisker of wrongfully holding onto IP associated with those vehicles and is seeking around $13 million in damages.
The report noted that Fisker has also been the subject of at least 30 lemon law violations. Lemon laws are meant to provide a remedy for purchasers of cars and other consumer goods in order to compensate for products that repeatedly fail to meet standards of quality and performance.
Chinese Startups Sparkle With April Sales: Despite intense rivalry and price cuts in China, domestic startups reported strong sales numbers for April. Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) delivered 15,620 EVs, up about 135% year-over-year, and rival XPeng, Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) sales climbed 33% year-over-year and 4% month-over-month to 9,393 units.
Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) delivered 25,787 vehicles, up 0.4% year over year. 
Ford&#8217;s EV Sales Recover: Powered by its Mustang Mach-E, Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) reported a 129% year-over-year increase in EV sales in April. Mach-E sales jumped over 200% to 4,893 units, while F-150 Lightning EV pickup and E-Transit sales were at 2,090 and 1,036 units, taking the total EVs sold during the month to 8,019 units.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 0.31% at $22.72, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF gained 6.57%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38606230/elon-musk-wowed-by-apples-biggest-stock-buyback-will-tesla-follow-suit-or-remain-stuck-in-catego">Elon Musk Wowed By Apple&#8217;s Biggest Stock Buyback — Will Tesla Follow Suit Or Remain Stuck In &#8216;Category 5&#8217; Storm?</a>
EV Stock Performances For Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Performances (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+7.66%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>+24.05%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+15.56%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+11.82%</td>
</tr>
<tr>
<td>Fisker</td>
<td>-5.46%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>+1.91%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+4.94%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>0%</td>
</tr>
<tr>
<td>Rivian </td>
<td>+11.39%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>+13.21%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>)</td>
<td>-12.98%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>+2.19%</td>
</tr>
<tr>
<td>VinFast </td>
<td>+11.15%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

FFIE

GOEV

HYZN

KARS

LCID

NKLA

RIVN

TSLA

WKHS

XPEV

Tesla's China FSD Goldmine, Rivian Receives Much-Needed Cash Boost, Fisker Lands In Another Legal Mess And More: Biggest EV Stories Of The Week

There was a time when 20-plus episode runs were the standard for TV shows, but not for the ones we watch today. If you also like to stay consistent with a fictional world and are itching to binge-watch something that has endured the test of time, you've come to the right place.
Here are five timeless TV shows that have been running forever and are perfect for Gen Zs and millennials alike:
The Simpsons: The Animated Gem That Crack Jokes And Predicts Future&nbsp;
This witty satire with clever social commentary has entertained audiences since its debut in 1989. The show features several relatable characters, from the adorably flawed Homer to the precocious Lisa, with slightly different views than most children her age.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="734" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023113/MV5BNDIzYjQ5ZDAtZmEyZS00NDgyLThkNzEtNDE0OTllMTMxMjc5XkEyXkFqcGdeQXVyMTM2MzkzOTg1._V1_-1024x734.jpg" alt="" class="wp-image-322479" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023113/MV5BNDIzYjQ5ZDAtZmEyZS00NDgyLThkNzEtNDE0OTllMTMxMjc5XkEyXkFqcGdeQXVyMTM2MzkzOTg1._V1_-1024x734.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023113/MV5BNDIzYjQ5ZDAtZmEyZS00NDgyLThkNzEtNDE0OTllMTMxMjc5XkEyXkFqcGdeQXVyMTM2MzkzOTg1._V1_-300x215.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023113/MV5BNDIzYjQ5ZDAtZmEyZS00NDgyLThkNzEtNDE0OTllMTMxMjc5XkEyXkFqcGdeQXVyMTM2MzkzOTg1._V1_-768x551.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023113/MV5BNDIzYjQ5ZDAtZmEyZS00NDgyLThkNzEtNDE0OTllMTMxMjc5XkEyXkFqcGdeQXVyMTM2MzkzOTg1._V1_.jpg 1506w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The Simpsons &#x7C; Source: IMDb</figcaption></figure>
Saturday Night Live: The Ultimate Hub For Hilarious Sketches And Celebrity Guests&nbsp;
This late-night comedy variety show has everything, from live comedy sketches to musical performances and celebrity guests. With almost 50 years on the air, SNL has been a launching pad for some of the biggest names like Eddie Murphy and Tina Fey.
<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/2024/05/04023256/MV5BMTE1ZTM1NTQtNTM0Ny00MDMwLWJlNjItZDc4NTBjNjI1Y2ZjXkEyXkFqcGdeQXVyMTU3MzE1ODcx._V1_-1024x576.jpg" alt="" class="wp-image-322480" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023256/MV5BMTE1ZTM1NTQtNTM0Ny00MDMwLWJlNjItZDc4NTBjNjI1Y2ZjXkEyXkFqcGdeQXVyMTU3MzE1ODcx._V1_-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023256/MV5BMTE1ZTM1NTQtNTM0Ny00MDMwLWJlNjItZDc4NTBjNjI1Y2ZjXkEyXkFqcGdeQXVyMTU3MzE1ODcx._V1_-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023256/MV5BMTE1ZTM1NTQtNTM0Ny00MDMwLWJlNjItZDc4NTBjNjI1Y2ZjXkEyXkFqcGdeQXVyMTU3MzE1ODcx._V1_-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023256/MV5BMTE1ZTM1NTQtNTM0Ny00MDMwLWJlNjItZDc4NTBjNjI1Y2ZjXkEyXkFqcGdeQXVyMTU3MzE1ODcx._V1_.jpg 1260w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Saturday Night Live &#x7C; Source: IMDb</figcaption></figure>
See Also: <a href="https://www.benzinga.com/general/entertainment/24/04/38375666/i-used-to-think-k-dramas-were-all-about-teen-romance-but-these-5-shows-changed-my-mind-mayb">I Used To Think K-Dramas Were All About Teen Romance, But These 5 Shows Changed My Mind — Maybe They Will Change Yours Too</a>
Law &amp; Order (Special Victims Unit): The Gripping World Of Crime And Justice&nbsp;&nbsp;
Over the years, this show has garnered a dedicated fan base because of its compelling and sensitive portrayals of crimes that are particularly heinous, like sexual assault. Moreover, the cast of the show and their depiction of complex characters have made it a favorite of many celebrities as well.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023440/MV5BZWM2NDZiYzktZmVjNy00MTcxLTlkYWEtNjBlODcxMTBjZmEyXkEyXkFqcGdeQXVyMTUzMTg2ODkz._V1_-1024x683.jpg" alt="" class="wp-image-322481" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023440/MV5BZWM2NDZiYzktZmVjNy00MTcxLTlkYWEtNjBlODcxMTBjZmEyXkEyXkFqcGdeQXVyMTUzMTg2ODkz._V1_-1024x683.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023440/MV5BZWM2NDZiYzktZmVjNy00MTcxLTlkYWEtNjBlODcxMTBjZmEyXkEyXkFqcGdeQXVyMTUzMTg2ODkz._V1_-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023440/MV5BZWM2NDZiYzktZmVjNy00MTcxLTlkYWEtNjBlODcxMTBjZmEyXkEyXkFqcGdeQXVyMTUzMTg2ODkz._V1_-768x512.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023440/MV5BZWM2NDZiYzktZmVjNy00MTcxLTlkYWEtNjBlODcxMTBjZmEyXkEyXkFqcGdeQXVyMTUzMTg2ODkz._V1_-1536x1024.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023440/MV5BZWM2NDZiYzktZmVjNy00MTcxLTlkYWEtNjBlODcxMTBjZmEyXkEyXkFqcGdeQXVyMTUzMTg2ODkz._V1_.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Law &amp; Order (Special Victims Unit) &#x7C; Source: IMDb</figcaption></figure>
NCIS: The Mixture Of Crime-Solving, Camaraderie, And Peak Into Naval Universe&nbsp;
This TV show has won the hearts of many people because it has the winning formula: thrilling crime-solving, diverse personalities of the team members and a healthy dose of quirks and humor. NCIS also has a strong sense of patriotism that resonates with the audience and fosters a sense of pride toward the armed forces.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04023939/MV5BYTdhYTI3ZTItNDc2NS00YzM2LWIxMjQtMTJjZjlkOTg3MTgyXkEyXkFqcGdeQXVyNjc5Mjg0NjU%40._V1_-1024x683.jpg" alt="" class="wp-image-322484" /><figcaption class="wp-element-caption">NCIS&#x7C; Source: IMDb</figcaption></figure>
Days Of Our Lives: The Melodramatic Yet Addictive World Of Salem&nbsp;
It is a daytime soap opera with an addictive blend of love triangles, shocking secrets, evil twins, and more. The show is known for introducing multiple unforgettable characters, including the ultimate antagonist Stefano DiMera and the legendary couple Bo and Hope.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/04024241/MV5BMjE1MTE5MTEyMV5BMl5BanBnXkFtZTgwOTkwNTM1MTI%40._V1_-1024x598.jpg" alt="" class="wp-image-322485" /><figcaption class="wp-element-caption">Days Of Our Lives&#x7C; Source: IMDb</figcaption></figure>
Read Next: <a href="https://www.benzinga.com/general/entertainment/24/04/38457119/5-ancient-mysteries-tha%5B%E2%80%A6%5Due-to-baffle-scientists-despite-all-the-advancements-in-tech/upcacheh">5 Ancient Mysteries That Continue To Baffle Scientists Despite All The Advancements In Tech</a>
Image Via Shutterstock

Entertainment

From Classics To Cult Favorites: 5 Longest-Running American TV Shows Every Gen-Z And Millennial Should Add To Their Watchlist

The weekend dawned with <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38630402/teslas-dogecoin-adoption-sends-crypto-market-into-frenzy-meme-coin-surges-by-over-21">frenzied activity in meme coins,</a> spearheaded by a newcomer among the pack. The gains came on the back of broad-based strength seen in the cryptocurrency space.
The Movers: Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based, dog-themed meme coin Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>), which launched in November 2023, led the gains among the meme coins. At last check:
<ul>
<li>WIF rose 17.63% over the past 24 hours to $3.47.</li>
<li>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) climbed 14.88% to $0.1613.</li>
<li>Floki (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">FLOKI</a>) surged up 14.26% to $$0.0001955.&nbsp;</li>
<li>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) rose 11.23% to $$0.000008846.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/top-meme-coins">Top 10 Meme Coins To Look Out For In 2024</a>
What&#8217;s Driving The Rally: Meme coins have been on an uptrend since late April and the strength was sustained for much of the week amid the Federal Reserve&#8217;s rate decision and Jerome Powell&#8217;s dovish comments.
The weekend acceleration came as some publications reported that Elon Musk&#8217;s electric-vehicle company Tesla would accept payment for certain products in Doge on its online shop. This, however, is not a new development.
Crypto analyst Ali Martinez predicted on Wednesday that Doge could be priming for a bull run. Sharing a long-term chart of the crypto on X, formerly Twitter, he said the meme coin was tracing a pattern, which has been a precursor for the bull runs in the past.
<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">Over the years, <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> appears to mirror its previous bull cycles! All you need is a little bit of patience. &#x231a;&#xFE0F; <a href="https://t.co/QMqvmJaLkl">pic.twitter.com/QMqvmJaLkl</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1785808747383673157?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">The move could have to do more with momentum buying. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the apex crypto also rose, advancing 2.97% to $63,695.82, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a></figcaption></figure>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38630548/exclusive-trump-themed-maga-memecoin-plans-to-rival-dogecoin-and-shiba-inu-with-four-more-">Trump-Themed MAGA Memecoin Plans To Rival Dogecoin And Shiba Inu With &#8216;Four More Years Of Catalysts&#8217;</a>
Photo: Shutterstock

Trading Ideas

$FLOKI

$PEPE

$SOL

$WIF

Dogecoin Sprints Off With Meme Cousins Over The Weekend: Here Are 4 Cryptos Trading With 10%+ Gains

While explaining why <a href="https://www.benzinga.com/markets/equities/24/05/38630421/warren-buffett-confidence-in-apple-wanes-berkshire-cuts-stake-by-18-amid-tech-giants-troubles">Berkshire Hathaway trimmed its Apple position at the annual shareholder meeting</a> on Saturday, Warren Buffett made a comment that drew huge applause from the audience.
The investment guru noted that Berkshire pays taxes at a 21% federal tax rate on the capital gains it earns on its Apple investment. The tax rate was at 35% not long ago and a steeper 52% in the past, he said.
&#8220;The federal government owns a part of the earnings of the business we make. They don&#8217;t own the assets, but they own a percentage of the earnings and they can change that percentage any year,&#8221; he said.
&#8220;I would say with the present fiscal policies, I think that something has to give,&#8221; he said.
<a href="https://www.benzinga.com/general/macro-notification/24/04/38337484/is-the-us-national-debt-unsustainable-we-cant-have-a-deficit-of-7-of-the-gdp">The U.S. government is operating with a huge fiscal deficit</a> and is burdened by a heavy debt load. 
With this in mind, Buffett said higher taxes are quite likely. 
&#8220;They may decide that someday they don&#8217;t want the fiscal deficit to be this large because that has some important consequences and they may not want to decrease spending a lot,&#8221; he said.
Buffett stated that Berkshire pays substantial federal income taxes, emphasizing that it is appropriate for a company in a country as generous to business owners as the United States to fulfill its tax obligations.
He noted that Berkshire sent over $5 billion to the U.S. federal government in taxes last year. 
&#8220;If 800 other companies had done the same thing no other person in the United States would have had to pay a dime of federal taxes, whether income taxes, no social security taxes, no estate taxes.&#8221;
Read Next:<a href="https://www.benzinga.com/news/24/05/38630385/wanna-save-real-money-buffett-has-2-pieces-of-advice-for-cash-strapped-consumers"> Wanna Save &#8216;Real Money?&#8217; Buffett Has 2 Pieces Of Advice For Cash-Strapped Consumers</a>
Photo: Shutterstock

Government

Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened

Former top aide to Donald Trump,&nbsp;Hope Hicks, testified yesterday that he instructed her during the 2016 presidential election&#8217;s final days to deny his&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38604557/trumps-hush-money-trial-lawyer-who-represented-stormy-daniels-reveals-payment-details-reads-out-fund" rel="noreferrer noopener">alleged sexual involvement with&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/05/38604557/trumps-hush-money-trial-lawyer-who-represented-stormy-daniels-reveals-payment-details-reads-out-fund" rel="noreferrer noopener">Stormy Daniels</a>.
Hicks&#8217; testimony provided jurors with insights into the campaign&#8217;s efforts to manage damage control amid numerous allegations of Trump&#8217;s inappropriate sexual behavior during the final weeks of his victorious White House bid, Reuters reported.
Check This Out:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/politics/24/05/38626165/hope-hicks-testifies-on-trumps-ex-lawyer-michael-cohens-mr-fix-it-moniker-only-because-he-broke-" rel="noreferrer noopener">Hope Hicks Testifies On Trump&#8217;s Ex-Lawyer Michael Cohen&#8217;s &#8216;Mr. Fix&nbsp;It&#8217;&nbsp;Moniker: &#8216;Only Because He Broke It First&#8217;</a>
Trump has maintained his innocence against charges of falsifying business records to conceal a $130,000 payment to Daniels, who threatened to disclose their alleged 2006 sexual encounter.
Hicks testified that she told Trump four days before the Nov. 8, 2016, election that the Wall Street Journal would publish details of Daniels&#8217; story.&nbsp;
&#8220;He wanted to make sure that there was a denial of any kind of relationship,&#8221; said Hicks, who served as campaign press secretary, according to Reuters. 
Hicks added that Trump expressed a desire to shield his wife, Melania Trump, from the story, which also implicated him in an alleged affair with former Playboy model Karen McDougal. 
Donald Trump has consistently denied engaging in sexual relations with either woman.
&#8220;He was concerned about how it would be viewed by his wife, and he wanted me to make sure the newspapers weren&#8217;t delivered to the residence that morning,&#8221; Hicks said.
Hicks&#8217; testimony might support Donald Trump&#8217;s legal defense that the payment to Daniels was intended to shield his wife, not influence voters. 
The former president purportedly told Hicks that his lawyer, Michael Cohen, made the payment out of personal goodwill to shield him from false allegations.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38629833/berkshire-hathaways-q1-operating-earnings-surged-39-heres-why" target="_blank" rel="noreferrer noopener">Berkshire Hathaway&#8217;s Q1 Operating Earnings Surged 39% — Here&#8217;s Why</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Did Donald Trump Deny Stormy Daniels Affair To Shield Wife Melania From Scandal? Former Top Aide Testifies In Hush-Money Trial.

<a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>&#8216;s vow to combat what he perceives as &#8220;anti-white sentiment&#8221; in the United States is poised to empower supporters who aim to dismantle initiatives within both government and corporate sectors aimed at addressing racism and <a href="https://www.benzinga.com/24/04/38037760/trump-allies-to-reportedly-address-anti-white-racism-through-civil-rights-law-reinterpretation-biden" target="_blank" rel="noreferrer noopener">promoting diversity in American society</a>.
Certain prominent backers of the ex-president, now the 2024 Republican presidential nominee, argue that measures designed to protect people of color in educational settings, workplaces and charitable organizations should be revisited to also safeguard the rights of white individuals, Reuters reported.
&#8220;I think there is a definite anti-white feeling in this country,&#8221; Trump told Time in an <a href="https://time.com/6972270/donald-trump-anti-white-bias-exclusive/" target="_blank" rel="noreferrer noopener">interview</a> published last week. &#8220;I don&#8217;t think it would be a very tough thing to address, frankly. But I think the laws are very unfair right now.&#8221;
During the interview, Trump did not provide specific instances of anti-white bias or propose any policy solutions.
Trump has outlined several plans, and some of his allies are offering detailed recommendations in the event that Trump regains the White House from Democrat Joe Biden in the upcoming Nov. 5 election, Reuters added.
One proposal from Trump would overturn Biden&#8217;s executive order, which mandates federal agencies to evaluate whether underserved communities — such as people of color, LGBTQ Americans, and rural Americans — have sufficient access to their programs. 
Trump has pledged at campaign rallies to defund schools that teach critical race theory, an academic concept seldom taught in public schools that posits that racial bias is ingrained in U.S. institutions.
&#8220;There&#8217;s always been an ability to foment this kind of anxiety and frustration among many whites whenever an effort to level the playing field for non-whites has been successful in any way,&#8221; said&nbsp;Tricia Rose, director of the Center for the Study of Race and Ethnicity in America at Brown University, Reuters noted.
Corporate diversity programs must ensure they are not discriminatory, with the Justice Department potentially citing Section VII of the 1964 Civil Rights Act for authority. This landmark legislation, born from the Civil Rights Movement, bars hiring or compensation decisions based on race, color, religion, sex, or national origin. 
Gene Hamilton, a former Justice Department official under Trump, argued that this act should safeguard white individuals too. 
Read Next:<a target="_blank" href="https://www.benzinga.com/news/24/03/37765159/tesla-settles-racial-discrimination-lawsuit-with-former-employee" rel="noreferrer noopener">&nbsp;Tesla Settles Racial Discrimination Lawsuit With Former Employee</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Donald Trump's Pledge To Tackle 'Anti-White Sentiment' Sparks Debate On Country's Policies Promoting Racial Diversity And Equity: 'The Laws Are Very Unfair Right Now'

Investment guru Warren Buffett conceded on Saturday that he was wrong on the influence of technological advances, especially <a href="https://www.benzinga.com/markets/equities/24/05/38610325/tim-cook-very-bullish-on-apples-generative-ai-efforts-despite-lower-capital-expenditure-than-riv">generative AI.</a>
What Happened: Speaking at Berkshire Hathaway&#8217;s annual shareholder meeting in Nebraska, Omaha, Buffett said, &#8220;I don&#8217;t know anything about AI.&#8221; He reminded shareholders about his comments about nuclear weapons at last year&#8217;s meeting.
&#8220;We let the genie out of the bottle when we developed nuclear weapons. That genie has been doing terrible things lately, and the power of the genie scares the hell out of me, and I don't know any way to get the genie back into the bottle,&#8221; he said, repeating his comments from the previous meeting.
On Saturday, he said AI is somewhat similar. 
&#8220;It's part way out of the bottle,&#8221; he said, adding that &#8220;it&#8217;s enormously important and it&#8217;s going to be done by somebody.&#8221;
&#8220;We may wish we never be seeing that genie or it might do valuable things.&#8221;
Buffett recounted one experience with AI that frightened him. He said he was recently disturbed by a fake video of himself, which he said was so convincing he would have been tempted to send money to the scammers himself.
He, however, did agree that AI has potential to do good too.
&#8220;I don&#8217;t have any advice on how the world handles it,&#8221; he admitted.
 &#8220;I do think as a person who doesn&#8217;t understand a damn thing about it, it has enormous potential for good and enormous potential for harm, and I just don&#8217;t know how that plays out.&#8221;
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best Artificial Intelligence Stocks</a>
Why It&#8217;s Important: The technology of artificial intelligence, particularly generative AI like OpenAI&#8217;s ChatGPT chatbot, is becoming increasingly essential, finding its place in the corporate world and in the lives of consumers.
The AI frenzy bears resemblance to the dot-com bubble of the mid to late 90s, with analysts predicting its longevity. The tech industry&#8217;s key players have all enthusiastically embraced the AI arena, leading the revolution forward.
Analyst also see artificial general intelligence likely increasing productivity and acting as a big boost to GDP growth. 
That said, like Buffett, others have raised concerns about the unchecked proliferation of AI and its associated risks.
Tesla&#8217;s CEO Elon Musk, one of the co-founders of OpenAI, said at a two-day U.K. AI Safety Summit late last year that regulation of AI &#8220;will be annoying,&#8221; adding that &#8220;I think we've learned over the years that having a referee is a good thing.&#8221;
Recently, Nvidia&#8217;s Jensen Huang <a href="https://www.benzinga.com/news/24/04/38510989/nvidia-ceo-jensen-huang-predicts-ai-will-make-companies-hire-more-workers-with-higher-earnings-there">allayed concerns about human jobs potentially being displaced by AI and robots. </a>
&#8220;I believe that you still want humans in the loop, because we have good judgment, because there are circumstances that the machines are not — just not going to understand,&#8221; he said.
The&nbsp;Global X Artificial Intelligence &amp; Technology ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIQ#NASDAQ">AIQ</a>) closed Friday&#8217;s&nbsp;session up 0.34% at $32.76,&nbsp;and is up over 6.3% this year, indicating continued investor interest in the AI sector, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/news/24/05/38630385/wanna-save-real-money-buffett-has-2-pieces-of-advice-for-cash-strapped-consumers">Wanna Save &#8216;Real Money?&#8217; Buffett Has 2 Pieces Of Advice For Cash-Strapped Consumers</a>
Photo: <a href="https://flickr.com/photos/fortunelivemedia/">Fortune Live Media</a> via flickr

Warren Buffett Fears The 'AI Genie' That's 'Part Out Of The Bottle' But Agrees It Has Potential To Do Good: 'Don't Know How That Plays Out'

Editor&#8217;s note: This story has been updated to include Warren Buffett&#8217;s explanation behind Berkshire&#8217;s current Apple stake. 
Warren Buffett&#8217;s Berkshire, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) trimmed its position in its key core holding, Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), a <a href="https://www.benzinga.com/markets/equities/24/05/38629833/berkshire-hathaways-q1-operating-earnings-surged-39-heres-why">10-Q report for the first quarter </a>filed with the SEC on Saturday showed.
Paring Equity Bets: Berkshire&#8217;s equity securities investment dropped from $353.84 billion in Q1 2023 to $335.86 billion in Q1 2024. Sector-wise, the firm reduced its exposure to banks, insurance and finance as well as consumer products, while upping its stakes in commercial, industrial and other stocks.
The proportion of money invested in Berkshire&#8217;s five core holdings, namely Apple, Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), Coca-Cola Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) fell from 79% in the year-ago quarter to 75%.
The comparisons vs. a year-ago are as follows:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Stake (Q1&#8217;24)</td>
<td>Stake (Q1&#8217;23)</td>
<td>Change</td>
</tr>
<tr>
<td>Apple</td>
<td>$135.4B</td>
<td>$174.3B</td>
<td>(-22.32%)</td>
</tr>
<tr>
<td>Bank of America</td>
<td>$39.2B</td>
<td>$34.8B</td>
<td>+12.64%</td>
</tr>
<tr>
<td>American Express</td>
<td>$34.5B</td>
<td>$28.4B</td>
<td>+21.48%</td>
</tr>
<tr>
<td>Coca-Cola </td>
<td>$24.5B</td>
<td>$23.6B</td>
<td>+3.81%</td>
</tr>
<tr>
<td>Chevron </td>
<td>$19.4B</td>
<td>$18.8B</td>
<td>+3.19%</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
The Apple Math: Apple shares have underperformed this year, shedding 4.63% for the year-to-date period and 10.82% for the first quarter. The decline came amid fears that the company&#8217;s fundamentals would deteriorate amid slow uptake of iPhones in its key China market and elsewhere.
Apple met modest expectations in the March quarter but reported a decline in revenue and earnings compared to the previous year. The company issued a June quarter forecast that was not as worse as feared. That said, investors are still skeptical as the company has not been very proactive with product improvements. Analysts have hinged hopes of a rebound on the launch of the AI-enabled iPhone 16 later this year and the company&#8217;s late entry into the AI arena.
Berkshire&#8217;s $135.4 billion Apple stake in the first quarter suggests the firm may have held 744.65 million shares at the end of the first quarter. The calculation is based on Apple&#8217;s average first-quarter stock price of $181.83. This is a 17.71% reduction from the 904.87 million Apple shares it held at the end of the fourth quarter.
The precise number of Apple shares Berkshire holds will be known when the firm files its 13F report for the first quarter with the SEC.
This marked the second straight quarter that the firm has cut its Apple stake. In the fourth quarter, <a href="https://www.benzinga.com/markets/equities/24/02/37151071/warren-buffetts-apple-appetite-waning-berkshire-trims-top-holding-ditches-big-homebuilder-bulks-">the firm lightened its Apple stake by 10 million shares.</a>
Buffett&#8217;s Take: When asked at the annual shareholder meeting if his view of the economics of Apple&#8217;s business or the company&#8217;s attractiveness as an investment has changed, Buffett replied that it has not.
&#8220;Charlie [Munger] and I looked at common stocks or marketable equities &#8230; as being businesses and so when we own a Dairy Queen or whatever we own it may be, we look at it as a business,&#8221; he said.
&#8220;We can buy really wonderful companies in the market, as businesses we can&#8217;t buy all of them.&#8221;
The billionaire said he does not attempt to predict market or pick stocks. He referred to the book &#8220;Intelligent Investor&#8221; by Benjamin Graham, which says that &#8220;if you look at stocks as businesses and treat the market as something that doesn&#8217;t tell you, isn&#8217;t there to instruct you, but it&#8217;s there to serve you, you will do a lot better over time.&#8221;
This is better than taking charts and listening to people talk about moving averages, he said.
Buffett mentioned that although the approach has evolved with the company&#8217;s capital, the fundamental principle remains the same.
As such, the investment guru clarified this is the reason why Berkshire still owns Apple. 
&#8220;We will own, unless something extraordinary happens, we will own Apple, American Express and Coca-Cola when Greg [Abel] takes over this place,&#8221; he said.
&#8220;We will end up unless something dramatically happens that really changes capital allocation strategy, we will have Apple as our largest investment.&#8221;
Under current conditions, Buffett stated that he wouldn&#8217;t mind building the cash position, considering the alternatives available in the equity markets.
Apple ended Friday&#8217;s session up 5.98% at $183.38, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>Berkshire&#8217;s Class A shares fell 0.56% to $603,000.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38615551/warren-buffetts-berkshire-to-rake-in-226m-passively-in-a-jiffy-thanks-to-its-core-holding-apple">Warren Buffett&#8217;s Berkshire To Rake In $226M Passively In A Jiffy, Thanks To Its Core Holding Apple</a>
Photo: Shutterstock

Is This Why Berkshire Reduced Apple Stake By 18% In Q1? Buffett Gives Convincing Reason.

Elon Musk&#39;s Tesla Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) has officially incorporated Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37766119/whopping-33-8-million-shifted-to-robinhood-and-people-suspect-this-person-could-be-behind-">payment option, albeit with a specific limitation.</a>
What Happened: Tesla&nbsp;updated its payments <a href="https://www.tesla.com/support/dogecoin">page </a>to include Dogecoin for merchandise purchases on its online platform.
The update also hints at the possibility of Dogecoin being accepted for specific products in the future.
Tesla&#39;s association with Dogecoin is not new. In January 2022, the company first accepted the meme cryptocurrency for merchandise like the Tesla Cyberwhistle and the &quot;Giga Texas&quot; belt buckle. Later, SpaceX, another Musk-led company, followed suit.
In March 2024, Musk suggested that Tesla might accept Dogecoin payments for its electric cars while visiting the Giga factory in Berlin. This led to a 10% surge in DOGE&#39;s price, although the spike was short-lived.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37573802/forget-dogecoin-and-shiba-inu-this-meme-coin-has-surged-nearly-70-in-just-24-hours" target="_blank">Forget Dogecoin And Shiba Inu &mdash; This Meme Coin Has Surged Nearly 70% In Just 24 Hours</a>
The recent announcement of Tesla&#39;s expanded use of Dogecoin has caused the meme coin&#39;s value to skyrocket by over 21% in the past 24 hours.
Why It Matters: Musk&#39;s influence on the crypto market, particularly Dogecoin, has been significant. In March 2024, <a href="http://www.benzinga.com/markets/cryptocurrency/24/03/37906584/dogecoin-soars-as-elon-musks-x-payments-gains-ground-enthusiasts-rally-with-800m-boost">Dogecoin saw a remarkable $800 million increase</a> in open interest within three days, following Musk&#39;s endeavors.
However, Musk&#39;s relationship with Dogecoin has had its share of controversies.
In June 2023, <a href="http://www.benzinga.com/markets/cryptocurrency/23/06/32904982/elon-musk-denies-owning-dogecoin-in-response-to-insider-trading-lawsuit">Musk denied owning Dogecoin</a> in response to a lawsuit accusing him of price manipulation. The following month, Musk was accused of financing an <a href="http://www.benzinga.com/markets/cryptocurrency/23/07/33239355/elon-musk-accused-of-financing-unlawful-harassment-campaign-against-dogecoin-investors">&quot;unlawful harassment campaign&quot;&nbsp;against Dogecoin investors</a>.
Despite these controversies, Tesla&#39;s recent move to accept Dogecoin for merchandise purchases signals a continued interest in the cryptocurrency and could potentially influence its future market performance.
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/38014531/dogecoin-set-to-surge-over-200-says-crypto-analyst-its-going-to-do-something-insane-this-c">Dogecoin Set to Surge Over 200%, Says Crypto Analyst: &#39;It&#39;s Going To Do Something Insane This Cycle</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Tesla's Dogecoin Adoption Sends Crypto Market Into Frenzy, Meme Coin Surges By Over 21%

The upcoming 2024 presidential race may not favor former President Donald Trump, as recent polls suggest a potential <a href="https://www.benzinga.com/news/24/03/37937751/trump-vs-biden-one-candidate-gains-ground-in-swing-states-shakes-up-election-race">defeat against current President Joe Biden.</a>
What Happened: Two polls, <a href="https://www.faupolling.com/wp-content/uploads/2024/04/Mainstreet_US_National_Apr_2024_Public.pdf">one </a>by Florida Atlantic University and Mainstreet Research and the other by Reuters/<a href="https://www.reuters.com/world/us/biden-has-marginal-1-point-lead-over-trump-reutersipsos-poll-shows-2024-03-14/">Ipsos</a>, indicate Trump lagging behind Biden.
The Florida Atlantic University poll surveyed 1,046 adults and found that 40% of voters favor Biden and 38% support Trump. When the poll was narrowed down to likely voters, Biden&#39;s lead rose to 44% against Trump&#39;s 39%.
Similarly, the Reuters/Ipsos poll, which surveyed 856 registered voters, showed a slight lead for Biden with 40% of the votes, compared to Trump&#39;s 39%. However, this lead has decreased from a four-point lead Biden had earlier in the month.
In contrast to these findings, recent polls from sources such as CNN and Bloomberg News, in collaboration with Morning Consult, indicate that Trump is ahead in six crucial swing states.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38131579/donald-trump-reportedly-hid-billionaires-bond-offer-from-court-to-save-millions" target="_blank">Donald Trump Reportedly Hid Billionaire&#39;s Bond Offer From Court To Save Millions</a>
Thomas Gift, head of the Centre on U.S. Politics at University College London, warned against reading too much into the&nbsp;polls, and <a href="https://www.newsweek.com/donald-trump-joe-biden-polling-presidential-election-latest-1896865">told </a>Newsweek that Biden and Trump are &quot;neck and neck.&quot;
The presidential election is scheduled for Nov.&nbsp;5.
Why It Matters: The fluctuating poll numbers reflect a highly competitive race. A poll&nbsp;from early April showed <a href="http://www.benzinga.com/news/24/04/38131009/trump-vs-biden-one-candidate-appears-to-have-thin-lead-over-other-in-tight-race">Trump slightly ahead of Biden</a>, indicating a deeply divided electorate.
According to another poll, <a href="http://www.benzinga.com/news/24/04/38134467/trump-vs-biden-in-surprising-trend-one-candidate-is-gaining-favor-among-younger-voters-over-other">Trump has&nbsp;also been gaining traction </a>among younger voters, a demographic historically aligned with the Democrats.
However, a poll from late April showed a <a href="http://www.benzinga.com/news/24/04/38476026/trump-vs-biden-one-candidate-hold-slim-lead-over-other-in-latest-poll">slim lead for Trump, indicating a tightening race</a>. The shifting poll numbers and the divided electorate suggest a closely contested election come November.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/03/38012721/marjorie-taylor-greene-claims-she-has-proof-that-votes-for-donald-trump-in-2020-were-lost-in-the-mai" target="_blank">Marjorie Taylor Greene Claims She Has Proof That Votes For Donald Trump In 2020 Were &#39;Lost In The Mail&#39;: &#39;I Think He&#39;ll Be Vindicated Easily&#39;</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" style="box-sizing:inherit; color:rgba(var(--sk_highlight,18,100,163),1); text-decoration:underline" target="_blank">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photos: Shutterstock

Trump Vs. Biden: Latest Polls Don't Bode Well For One Candidate In Tight Presidential Race

InterDigital, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/idcc#NASDAQ">IDCC</a>) reported strong first-quarter 2024 results, with both the bottom line and top line surpassing the respective Zacks Consensus Estimate. The company generated higher revenues year over year, driven by solid licensing momentum in consumer electronics. 
The company inked several license agreements during the quarter, including a landmark deal with Samsung Electronics (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ssnlf#OTC">SSNLF</a>).&nbsp;IDCC is also advancing its leadership position in AI applications for wireless and video technology.
<h3>Net Income</h3>
Quarterly net income was $81.7 million or $2.88 per share, down from $105.3 million or $3.58 per share in the year-earlier quarter. Despite top-line growth, higher operating expenses led to lower net income. 
Non-GAAP net income was $94.5 million or $3.58 per share, down from $123.6 million or $4.21 per share in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate by 21 cents.
<div class="chart_embed">
<h3>InterDigital, Inc. Price, Consensus and EPS Surprise <a href="https://www.zacks.com/stock/chart/IDCC/price-consensus-eps-surprise-chart?icid=chart-IDCC-price-consensus-eps-surprise-chart"> <img alt="InterDigital, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/78/1714729398.png" style="height:265px; width:584px" title="" /> </a></h3>
InterDigital, Inc. price-consensus-eps-surprise-chart | InterDigital, Inc. Quote
</div>
<h3>Revenues</h3>
Net sales in the quarter rose to $263.5 million from $202.4 million in the year-ago quarter. The 30% year-over-year improvement was induced by solid net sales growth in CE, IoT/Auto licensing programs during the quarter. The top line beat the consensus estimate of $216 million. 
In the first quarter, total recurring revenues were $96.9 million, down from $101.6 million in the year-ago quarter. Net sales marginally missed our estimate of $97.5 million. Smartphone revenues decreased 57% year over year to $80.3 million. Net sales from CE, loT/Auto increased to $182.5 million from $16.1 million in the year-ago quarter. 
Total catch-up revenues improved to $166.7 million from $100.8 million. Net sales beat our estimate of $152.6 million.
<h3>Other Details</h3>
Adjusted EBITDA decreased 16% year over year to $130.4 million. Total operating expenses rose to $159.8 million from $83.1 million in the year-ago quarter. The increase in operating costs is primarily attributed to higher licensing-related expenses. Operating income fell to $103.7 million from $119.3 million in the year-earlier quarter.
<h3>Cash Flow &amp; Liquidity</h3>
In the first quarter, InterDigital generated $50.8 million of cash from operating activities against a cash utilization of $27.9 million in the year-earlier quarter. As of Mar 31, 2024, it had $984.6 million in cash, cash equivalents and short-term investments, with $85 million of long-term debt and other long-term liabilities.
<h3>Outlook</h3>
For the second quarter of 2024, InterDigital estimates revenues to be between $93 million and $97 million. Adjusted EBITDA is expected in the band of $35-$38 million. Non-GAAP earnings are expected to be within 70-80 cents per share. 
For 2024, management anticipates revenues in the range of $620-$670 million. Adjusted EBITDA is forecasted at about $310-$345 million. Non-GAAP earnings per share are expected between $7.45 and $8.76 per share.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
InterDigital currently has a Zacks Rank #3 (Hold). 
Pinterest (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pins#NYSE">PINS</a>), carrying a Zacks Rank #2 (Buy) at present, delivered a trailing four-quarter average earnings surprise of 38.78%. In the last reported quarter, it delivered an earnings surprise of 42.86%. 
Pinterest is increasingly establishing a unique value proposition to advertisers that could provide a competitive advantage in the long haul. Through various innovations, it continues to dramatically improve the advertising platform, which appears to be one of the best ad platforms for consumer discretionary brands looking for ways to reach customers and stretch smaller ad budgets. 
Arista Networks, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anet#NYSE">ANET</a>), carrying a Zacks Rank #2 at present, is likely to benefit from strong momentum and diversification across its top verticals and product lines. The company has a software-driven, data-centric approach to help customers build their cloud architecture and enhance their cloud experience. Arista has a long-term earnings growth expectation of 17.5% and delivered an earnings surprise of 13.3%, on average, in the trailing four quarters. 
It holds a leadership position in 100-gigabit Ethernet switching share in port for the high-speed datacenter segment. Arista is increasingly gaining market traction in 200 and 400-gig high-performance switching products and remains well-positioned for healthy growth in data-driven cloud networking business with proactive platforms and predictive operations. 
Qualcomm Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qcom#NASDAQ">QCOM</a>), carrying a Zacks Rank #2 at present, delivered a trailing four-quarter average earnings surprise of 7.54%. In the last reported quarter, it delivered an earnings surprise of 6.09%. 
Qualcomm Incorporated designs, manufactures and markets digital wireless telecom products and services based on the Code Division Multiple Access technology. The products include CDMA-based integrated circuits and system software for wireless voice and data communications, as well as global positioning system products.
<a href="https://www.zacks.com/stock/news/2268021/interdigital-idcc-q1-earnings-beat-on-higher-revenues?cid=CS-BENZ-FT-analyst_blog|earnings_article-2268021">To read this article on Zacks.com click here.</a>

Earnings Beats

ANET

IDCC

PINS

QCOM

SSNLF

InterDigital Q1 Earnings Beat on Higher Revenues

Dutch financial crime investigators arrested a 26-year-old man on Monday for charges of fraud, embezzlement, and money laundering related to an alleged rug pull scheme behind the Web3 gambling network ZKasino. Investigators searched the suspect&#39;s home and seized physical and digital records, and various assets worth 11.4 million euros ($12.2 million) that include real estate and cryptocurrencies, the Fiscal Information and Investigation Service of the Netherlands (FIOD) said in a statement today.
Read the <a href="https://www.theblock.co/post/292375/dutch-authorities-arrest-zkasino?utm_source=benzinga&amp;utm_medium=rss&amp;utm_campaign=Dutch+authorities+arrest+ZKasino+team+member+amid+rug+pull+allegations">full story</a> at The Block.

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Dutch Authorities Arrest ZKasino Team Member Amid Rug Pull Allegations

Logos, a decentralized and privacy-focused technology stack, inscribed its manifesto document on what is the largest-ever Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) block mined on record. The inscription was 3.99 MB in size and precedes the launch of an Ordinals collection.
Read the <a href="https://www.theblock.co/post/292403/logos-manifesto-inscription-bitcoin?utm_source=benzinga&amp;utm_medium=rss&amp;utm_campaign=Logos+inscribes+its+manifesto+on+largest-ever+Bitcoin+block">full story</a> at The Block.

Logos Inscribes its Manifesto on Largest-Ever Bitcoin Block

AMC Networks (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amcx#NASDAQ">AMCX</a>) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company&#39;s earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on May 10, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management&#39;s discussion of business conditions on the earnings call, it&#39;s worth handicapping the probability of a positive EPS surprise.
Zacks Consensus Estimate
This owner of cable channels including AMC and IFC is expected to post quarterly earnings of $1.79 per share in its upcoming report, which represents a year-over-year change of -31.7%.
Revenues are expected to be $603.82 million, down 15.8% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has been revised 2.66% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Earnings Whisper
Estimate revisions ahead of a company&#39;s earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model&#39;s predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for AMC Networks?
For AMC Networks, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company&#39;s earnings prospects. This has resulted in an Earnings ESP of +14.29%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that AMC Networks will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
While calculating estimates for a company&#39;s future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it&#39;s worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that AMC Networks would post earnings of $0.64 per share when it actually produced earnings of $0.72, delivering a surprise of +12.50%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it&#39;s worth checking a company&#39;s Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they&#39;ve reported.
AMC Networks appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player&#39;s Expected Results
Among the stocks in the Zacks Broadcast Radio and Television industry, Warner Bros. Discovery (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wbd#NASDAQ">WBD</a>)&nbsp;is soon expected to post loss of $0.24 per share for the quarter ended March 2024. This estimate indicates a year-over-year change of -233.3%. This quarter&#39;s revenue is expected to be $10.29 billion, down 3.8% from the year-ago quarter.
The consensus EPS estimate for Warner Bros. Discovery has remained unchanged over the last 30 days. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of 21.61%.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that Warner Bros. Discovery will most likely beat the consensus EPS estimate. The company could not beat consensus EPS estimates in any of the last four quarters.
<a href="https://www.zacks.com/stock/news/2268008/amc-networks-amcx-expected-to-beat-earnings-estimates-what-to-know-ahead-of-q1-release?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_9-2268008">To read this article on Zacks.com click here.</a>