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TikTok-parent ByteDance has reportedly become the largest buyer of Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chips in Asia, outpacing rivals like Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>).
What Happened: ByteDance has been aggressively hiring AI engineers from local competitors Alibaba and start-ups such as 01.ai and Zhipu.
The aim is to expand its teams to develop large language models and AI products, <a href="https://www.ft.com/content/e90f4a83-bc31-4a5c-b9ab-28d722924143">reported</a> the Financial Times, citing multiple people with knowledge of the hiring process.
The company has also invested billions in AI infrastructure, purchasing advanced Nvidia GPUs to build sophisticated AI models, according to sources familiar with the matter.
Founder Zhang Yiming is leading this initiative at a crucial time, as growth for Douyin, TikTok&#8217;s Chinese counterpart, has plateaued. A U.S. court last week also upheld a law requiring <a href="https://www.benzinga.com/24/12/42369266/meta-reddit-stocks-climb-record-highs-as-tiktoks-battle-against-us-ban-continues-after-court-ruling">ByteDance to sell TikTok by January</a> or face a ban.
See Also: <a href="https://www.benzinga.com/24/12/42356192/tim-cook-breaks-silence-on-defying-steve-jobs-design-philosophy-with-the-iphone-16s-camera-button-vision-pro-sales-airpods-disrupting-hearing-aids-and-whether-hell-lead-apple-into-the-next-era?itm_source=parsely-api">Tim Cook Explains Why Apple Defied Steve Jobs&#8217; Design Philosophy With the iPhone 16&#8217;s Camera Button, Touches On Retirement Plans: &#8216;I&#8217;ll Do It Until…&#8217;</a>
Central to ByteDance's AI growth is its strong commercial alliance with Nvidia. Due to U.S. export regulations, the company is restricted to purchasing Nvidia's H20 GPUs, a less powerful, specialized version for use in Chinese data centers.
However, ByteDance could access high-performance H100 and Blackwell chips for its operations outside China, the report noted.
Sources familiar with the situation reveal that ByteDance is currently Nvidia's largest customer in China, with one insider noting it has also emerged as the company's top buyer across Asia.
The company is also working on an AI chip, modeled after Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google&#8217;s Tensor Processing Unit, to reduce reliance on Nvidia chips.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
ByteDance and Nvidia did not immediately respond to <a href="http://pro.benzinga.com/">Benzinga&#8217;s</a> request for comments.
Why It Matters: Last month, it was reported that <a href="https://www.benzinga.com/tech/24/11/42069805/bytedance-valuation-soars-to-300b-despite-threat-of-us-tiktok-ban">ByteDance's valuation soared to $300 billion</a>, reflecting its optimistic growth outlook despite the looming threat of a U.S. TikTok ban.
Previously it was reported that ByteDance and other Chinese tech giants are expanding its <a href="https://www.benzinga.com/24/11/42053396/why-chinese-tech-giants-alibaba-bytedance-and-meituan-are-expanding-their-ai-footprints-in-silicon-valley-amid-us-efforts-to-block-progress">AI footprint in Silicon Valley</a> to attract top U.S. talent.
In response to U.S. restrictions on advanced AI chip exports, ByteDance has also been <a href="https://www.benzinga.com/news/24/09/41085643/tiktok-parent-bytedance-to-reportedly-use-huawei-chips-to-train-ai-model">exploring domestic suppliers</a> like Huawei Technologies for chip development. The company reportedly plans to use Huawei's Ascend 910B chip to train a large-language AI model.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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<li><a href="https://www.benzinga.com/24/12/42376972/metas-llama-33-70b-the-new-ai-model-that-outperforms-google-openai-and-amazon-with-unmatched-efficiency?itm_source=parsely-api">Meta Announces Llama 3.3 70B That Outperforms OpenAI&#8217;s GPT-4o, Google&#8217;s Gemini, and Amazon&#8217;s AI Models</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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TikTok-Parent ByteDance, Now Nvidia's Largest Asian Chip Customer, Races Ahead Of Alibaba And Baidu To Dominate China's Generative AI Market: Report

Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) Chief Technology Officer Shyam Sankar highlighted the critical role of artificial intelligence in national defense and outlined the <a href="https://www.benzinga.com/24/12/42377387/palantir-co-founder-joe-lonsdale-cheers-trumps-new-sec-pick-calls-out-gary-gensler-for-purposely-not-defining-crypto-rules">company&#8217;s vision for rebuilding America&#8217;s industrial base</a> during a CNBC &#8220;Closing Bell Overtime&#8221; appearance on Saturday.
What Happened: Sankar, who is <a href="https://www.benzinga.com/news/global/24/12/42331892/trump-eyes-shyam-sankar-for-pentagon-role-while-palantir-gains-from-border-crisis-contracts-analyst-says-this-is-a-win-for-the-stock">reportedly under consideration for a top Pentagon research</a> position in President-elect Donal Trump&#8216;s administration, emphasized how only 6% of defense spending historically went to defense specialists, with most funds directed to dual-purpose companies until 1990.
&#8220;We need to rally together as a country to organize around this problem,&#8221; Sankar <a href="https://www.cnbc.com/video/2024/12/06/palantir-has-been-doing-a-lot-to-rebuild-the-american-industrial-base-says-palantirs-shyam-sankar.html?__source=sharebar%7Ctwitter&amp;par=sharebar">said</a>, citing current global challenges including North Korea&#8217;s involvement in Ukraine and Iran&#8217;s nuclear developments. &#8220;AI is the determinative factor because you need a technological offset.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/12/42380628/elon-musk-echoes-ron-paul-on-foreign-aid-as-an-immoral-transfer-of-wealth">Elon Musk Echoes Ron Paul on Foreign Aid as an &#8216;Immoral Transfer of Wealth&#8217;</a>
Why It Matters: The company has seen significant transformation in its government and commercial sectors. While discussing Palantir&#8217;s partnership with Booz Allen Hamilton Holding Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) and recent collaboration with Amazon.com Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Amazon Web Services for providing Anthropic&#8216;s Claude AI models to U.S. intelligence agencies, Sankar noted the commercial market&#8217;s rapid AI adoption.
Palantir&#8217;s expanding influence comes as its market value reached $173 billion, <a href="https://www.benzinga.com/markets/equities/24/11/41891026/palantir-overtakes-lockheed-martin-in-market-cap-how-does-the-messi-of-ai-stack-up-against-the-traditional-defense-player">surpassing traditional defense contractor</a> Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>). 
Addressing speculation about a Pentagon position, Sankar expressed commitment to Palantir: &#8220;I&#8217;m very happy&#8230; I&#8217;ve been here 19 years as the 13th employee, and I think we have an opportunity to build a generational company.&#8221;
Wedbush Securities Managing Director Dan Ives has identified Palantir as a leader in enterprise AI transformation. The company&#8217;s stock has surged 93% since joining the S&amp;P 500 in September, reflecting growing investor confidence in its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42307179/salesforce-palantir-and-oracle-spearhead-an-ai-revolution-says-wedbushs-dan-ives-a-renaissance-of-growth">government contracts and AI partnerships</a>.
Price Action: Palantir stock closed at $76.34 on Friday, up 6.22% for the day. In after-hours trading, the stock gained an additional 1.52%. Year-to-date, Palantir has surged 360.43%.
According to <a href="https://www.benzinga.com/quote/PLTR/analyst-ratings">data from Benzinga Pro</a>, Palantir has a consensus price target of $30.22 from 18 analysts, with a high of $75 and a low of $7.50. The three most recent ratings, issued by BofA Securities, Wedbush, and Goldman Sachs, average a price target of $63.67, suggesting a potential downside of 17.85% from current levels.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/08214915/Screenshot-2024-12-09-at-8.15.53%E2%80%AFAM-1024x375.png" alt="" class="wp-image-682243" /></figure>
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Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Palantir's Shyam Sankar Says AI The New Frontier In Defense — Reflects On Possible Pentagon Rule Under Trump As Stock Soars

Following in the footsteps of other Wall Street giants, shareholders of online retail giant Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) urged the firm Sunday to consider a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury strategy to enhance shareholder value in the long run.
What happened: The National Center for Public Policy Research, a U.S.-based think tank advocating free markets, submitted a shareholder proposal requesting that Amazon "conduct an assessment" of keeping approximately 5% of its assets in Bitcoin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Shareholders request the the Board conduct an assessment to determine if adding ₿itcoin to the company treasury is in the best long term interest of the shareholders" This letter from <a href="https://twitter.com/NationalCenter?ref_src=twsrc%5Etfw">@NationalCenter</a> to <a href="https://twitter.com/amazon?ref_src=twsrc%5Etfw">@amazon</a> is reminiscent of the one sent to <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> All of FANG will adopt… <a href="https://t.co/eTiXVTBg4J">pic.twitter.com/eTiXVTBg4J</a>
&mdash; Man_Of_Sats (@McTilio13) <a href="https://twitter.com/McTilio13/status/1865884016932692173?ref_src=twsrc%5Etfw">December 8, 2024</a></blockquote>
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The think tank argued that Amazon wasn't providing enough value to shareholders by simply holding on to its huge $88 billion in cash and cash equivalents in the face of consistent debasement.
The letter said that the average inflation rate in the U.S. was 0.95% in the last four years, arguing that true inflation could be much higher, nearly double the Consumer Price Index.
"Therefore, during inflationary times, corporations have a fiduciary duty to maximize shareholder value not only by working to increase profits but also by working to protect these profits from debasement," the think tank stated.
The shareholders highlighted that Bitcoin grew 131% over the previous year, outpacing corporate bond growth by 126% on average.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331483/michael-saylors-bitcoin-strategy-drives-microstrategys-490-surge-hedge-fund-cio-says-its-an-extreme-example-of-volatility-monetization">Michael Saylor&#8217;s Bitcoin Strategy Drives MicroStrategy&#8217;s 490% Surge, Hedge Fund CIO Says It&#8217;s An &#8216;Extreme Example&#8217; Of Volatility Monetization</a>
The National Center for Public Policy Research also cited the example of MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a company that<a href="https://www.benzinga.com/24/12/42377436/microstrategys-michael-saylor-risks-breaking-down-the-magic-money-creation-machine-with-his-growing-bitcoin-bet-says-expert#:~:text=MicroStrategy's%20%22approach%20involves%20adding%20Bitcoin,Chhugani%20in%20a%20recent%20note."> pioneered corporate Bitcoin adoption</a> and whose stock has outperformed Amazon by 537% over the past year.
Examples of Tesla and Block were also underlined, along with Amazon's second-largest shareholder, BlackRock, which operates the iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), currently the largest Bitcoin-based investment fund.&nbsp;
The think tank pushed for adding Bitcoin even if it exhibits volatility in the short term.
"Diversifying the balance sheet by including some Bitcoin solves this problem without taking on too much volatility. At minimum, Amazon should evaluate the benefits of holding some, even just 5%, of its assets in Bitcoin."
Why It Matters: The proposal comes ahead of a Microsoft vote on an <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41536822/microsoft-shareholders-want-it-to-buy-bitcoin-say-microstrategy-shares-outperformed">assessment of investing in Bitcoin</a> in the upcoming shareholders meeting on Dec. 10.
Like in Amazon's case, the Microsoft proposal specifically mentioned MicroStrategy's stock outperformance since pivoting to a Bitcoin strategy.
In fact, none other than MicroStrategy Chairman Michael Saylor made a 3-minute presentation for Microsoft's board, projecting a $5 trillion market capitalization addition in case of a full embrace.
Price Action: As of this writing, Bitcoin was trading at $99,447.77, down 0.93% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Shares of Amazon closed 2.94% higher at $227.03 during Friday's regular session.
Image via Shutterstock
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Amazon Shareholders Propose Adding Bitcoin To Treasury For 'Best' Long-Term Interest, Cite Michael Saylor's MicroStrategy As Example

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is facing a $1.2 billion lawsuit filed on Saturday in U.S. District Court in Northern California for discontinuing its child sexual <a href="https://www.benzinga.com/news/23/09/34609402/child-sexual-abuse-is-stored-on-icloud-apple-allows-it-anti-apple-posters-emerge-in-front-of-apple-p">abuse material detection feature</a>.
What Happened: The plaintiff, a 27-year-old woman using a pseudonym, alleges that Apple broke its promise to protect victims like her, <a href="https://www.nytimes.com/2024/12/08/technology/apple-child-sexual-abuse-material-lawsuit.html">reported</a> The New York Times.
She claims that images of her abuse were stored on iCloud, and Apple&#8217;s decision allowed the material to be widely shared. The lawsuit seeks changes to Apple&#8217;s practices and compensation for up to 2,680 victims.
Unlike competitors such as Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google and Meta Platforsm, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook, Apple has historically reported far fewer instances of abusive material, citing its commitment to user privacy.
See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42378342/intel-stock-is-where-it-was-27-years-ago-how-the-worlds-leading-chipmaker-lost-the-plot-thrice?itm_source=parsely-api">Intel Stock Is Where It Was 27 Years Ago: How The World&#8217;s Leading Chipmaker Lost The Plot, Thrice</a>
However, child safety advocates have criticized the company for failing to take stronger action to curb the spread of such content.
In a related case in August, a nine-year-old victim&#8217;s attorneys sued Apple in North Carolina, alleging strangers sent her CSAM via iCloud. Apple has filed a motion to dismiss, citing Section 230 protections. However, recent court rulings may challenge Apple&#8217;s defense.
Apple spokesman Fred Sainz stated the company is committed to combating child sexual abuse material while maintaining user privacy. "We are urgently and actively innovating to combat these crimes without compromising the security and privacy of all our users."
Apple did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The lawsuit stems from Apple&#8217;s decision in 2022 to abandon a plan to scan iCloud images for CSAM.
Initially announced in 2021, the plan aimed to detect CSAM using a hashtag system on devices.
In September last year, <a href="https://www.benzinga.com/news/23/09/34166555/apple-reveals-why-it-ditched-plans-to-scan-iphones-for-child-sexual-abuse-material-slippery-slope-of">Apple explained</a> its decision to abandon CSAM detection plans, citing privacy concerns and potential unintended consequences.
Earlier this year in January, tech leaders including Mark Zuckerberg and others testified at a Senate hearing on child safety, showing a <a href="https://www.benzinga.com/government/24/01/36860096/elon-musk-mark-zuckerberg-and-tech-ceos-unite-to-support-legislation-and-preview-policies-in-senate">growing industry focus</a> on this issue. Meanwhile, Apple is facing other legal challenges, such as a lawsuit from an employee <a href="https://www.benzinga.com/news/legal/24/12/42283614/apple-faces-lawsuit-over-alleged-snooping-on-employees-iphones-and-other-devices">alleging privacy violations</a>.
In October, Apple reported fiscal <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fourth-quarter revenue</a> of $94.9 billion, surpassing analyst expectations of $94.56 billion.
Price Action: Apple&#8217;s stock dipped 0.082% on Friday, closing at $242.84, with an additional 0.22% drop in after-hours trading, bringing it to $242.30. Year-to-date, Apple shares have risen 30.81%, narrowly outpacing the Nasdaq 100 index's 30.7% gain during the same timeframe, as <a href="http://pro.benzinga.com/">per Benzinga Pro data</a>.
Apple&#8217;s consensus price target, derived from evaluations by 31 analysts, is $242.26, with the highest target of $300 set by Wedbush on Nov. 29. Recent ratings from Wedbush, Morgan Stanley, and Maxim Group average $262.67, suggesting a potential upside of 8.4%.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/AAPL/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/08205711/Screenshot-2024-12-09-at-7.27.05%E2%80%AFAM-1024x375.png" alt="" class="wp-image-682217" /></a></figure>
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Photo Courtesy: Shutterstock.com
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Legal

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Apple Faces $1.2B Lawsuit Over Child Sexual Abuse Material Detection On iCloud — Tech Giant Says, 'Urgently  And Actively Innovating'

Leading cryptocurrencies slipped in overnight trading on Sunday after Bitcoin recorded its first-ever weekly close above $100,000.
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<tbody>
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<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-0.49%</td>
<td>$99,600.82</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.15%</td>
<td>$3,959.94</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.21%</td>
<td>$0.4582</td>
</tr>
</tbody>
</table>
</figure>
What Happened: The world&#8217;s largest cryptocurrency rallied sharply during the evening, pushing above $101,000 before plunging below $100,000 overnight.&nbsp;
Ethereum also touched $4,000 before making a U-turn toward the $3,900 zone.
Bitcoin and Ethereum recorded declines in their market dominance, with the apex cryptocurrency's share dropping by as much as 4.45% in the last 24 hours. 
Cryptocurrency liquidations exceeded $222 million in the last 24 hours, with $149 million in leveraged long bets getting erased.
Bitcoin's Open Interest (OI) rose marginally by 0.26%. An increase in OI, coming alongside a fall in spot price, could indicate the addition of more short positions, typically seen as a bearish signal.
Indeed, the number of traders betting against Bitcoin surged as the Long/Short Ratio dipped from above 1 to 0.82 in the last 24 hours.
The market sentiment remained in the "Extreme Greed" region, per the Cryptocurrency Fear &amp; Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Monero (XMR)</td>
<td>+9.07%</td>
<td>$219.91</td>
</tr>
<tr>
<td>dYdX (DYDX)</td>
<td>+7.19%</td>
<td>$2.61</td>
</tr>
<tr>
<td>Pep (PEPE)</td>
<td>+6.96%</td>
<td>$0.00002618</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.69 trillion, following a marginal increase of 0.88% in the last 24 hours.
Stock futures were flat Sunday overnight. The Dow Jones Industrial Average Futures was down 2 points at 7:50 a.m.&nbsp; Futures tied to the S&amp;P 500 dipped 25 points, while the Nasdaq 100 Futures slid just 0.03%.
Major averages like the S&amp;P 500 and the Nasdaq Composite recorded winning runs last week, gaining 0.83% and 2.59%, respectively, bolstered by a <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42363278/us-economy-adds-227000-jobs-in-november-wage-growth-accelerates">stronger-than-expected rebound in employment data</a> for November.
This week, investors will stay focused on the November consumer price index data, slated for release on Wednesday.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Well-known cryptocurrency analyst Rekt Capital highlighted a "momentous" occasion for Bitcoin as it recorded its first-ever weekly close above $100,000.
Van de Poppe urged his followers to hold on to their positions and buy dips.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Momentous occasion for Bitcoin as it performs its first Daily Close above $100k ever Technically, the retest of $100k is now underway But this retest is so volatile that it is also a third consecutive retest of the major Daily resistance (red)<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/bavh2vbGJT">https://t.co/bavh2vbGJT</a> <a href="https://t.co/dItlJj49En">pic.twitter.com/dItlJj49En</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1865925532589736059?ref_src=twsrc%5Etfw">December 9, 2024</a></blockquote>
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Widely followed cryptocurrency analyst Mikybull Crypto noted Ethereum's upside breakout from a months-long range, predicting a move to $6,000 before a potential retest.
"The next phase of #ALTSEASON will follow afterward," the analyst remarked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has broken out Potential retest and then a $6k target &#x1f3af; The next phase of <a href="https://twitter.com/hashtag/ALTSEASON?src=hash&amp;ref_src=twsrc%5Etfw">#ALTSEASON</a> will follow afterward <a href="https://t.co/RmpzgDLEzu">https://t.co/RmpzgDLEzu</a> <a href="https://t.co/n8f3VrYLAo">pic.twitter.com/n8f3VrYLAo</a>
&mdash; Mikybull &#x1f402;Crypto (@MikybullCrypto) <a href="https://twitter.com/MikybullCrypto/status/1865922815813124569?ref_src=twsrc%5Etfw">December 9, 2024</a></blockquote>
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Photo by Avi Rozen on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42380905/crypto-analyst-foresees-pre-christmas-bitcoin-price-surge">Crypto Analyst Foresees Pre-Christmas Bitcoin Price Surge</a></li>
</ul>

Movers

Trading Ideas

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Reverse After Advances: BTC Records Historic Weekly Close While Analyst Paints $6K Target For ETH

President-elect Donald Trump said on Sunday, that he has no immediate plans to remove Federal Reserve Chairman Jerome Powell after getting elected in November, marking a notable shift in his stance toward the central bank leader ahead of a crucial December Fed meeting.
What Happened: In an interview on NBC&#8217;s &#8220;Meet the Press with Kristen Welker&#8221; that aired Sunday, Trump <a href="https://www.nbcnews.com/meet-the-press/video/trump-says-his-proposed-tariffs-will-cost-americans-nothing-but-he-can-t-guarantee-anything-226489925905">responded</a> &#8220;No, I don&#8217;t think so&#8221; when asked about replacing Powell, though he added cryptically that Powell &#8220;would&#8221; step down if told to do so.
The comments come as markets closely watch the Fed&#8217;s upcoming Dec. 18 meeting, where traders see a 65% chance of another interest rate cut, according to CME FedWatch data. 
The Fed has already implemented two rate cuts in 2024 &#8211; a 50-basis-point reduction in September followed by a 25-basis-point cut in November.
Powell has firmly asserted his independence, recently stating he <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41849984/powell-brushes-off-trumps-removal-threat-economists-say-2026-could-be-his-last-stand">would not resign</a> if asked and emphasizing it&#8217;s &#8220;not permitted under the law&#8221; for a president to remove the Fed chair without cause. Legal experts note Fed governors can only be dismissed for misconduct or neglect of duty, not policy disagreements.
See Also: <a href="https://www.benzinga.com/24/12/42381587/bashar-al-assad-and-his-family-granted-asylum-by-russia-kremlin-source-says-always-spoken-in-favor-of-political-settlement">Bashar Al-Assad And His Family Granted Asylum By Russia: Kremlin Source Says &#8216;Always Spoken In Favor of Political Settlement&#8217;</a>
Why It Matters: The apparent detente follows years of criticism from Trump, who previously called Powell &#8220;the enemy&#8221; in 2019 and threatened removal after rate hikes in 2018. During the pandemic in March 2020, Trump claimed Powell made &#8220;bad decisions&#8221; but <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41849984/powell-brushes-off-trumps-removal-threat-economists-say-2026-could-be-his-last-stand">later praised emergency rate cuts</a>.
The relationship has drawn increased scrutiny after some Trump allies, including Sen. Mike Lee (R-Utah), called for bringing the <a href="https://www.benzinga.com/federal-reserve/24/11/41900128/trump-vs-powell-dec-18-fed-meeting-sets-stage-for-new-tensions">Fed under presidential control</a>. Tesla Inc. CEO Elon Musk, a major Trump donor, reposted Lee&#8217;s post on X.
Powell, originally <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42325788/fed-chair-powell-bitcoin-is-like-gold-just-virtual-and-digital">nominated by Trump in 2017</a> and reappointed by President Joe Biden, has recently made headlines discussing Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) role in markets, comparing it to &#8220;digital gold&#8221; while maintaining focus on traditional banking stability. 
He also described the U.S. economy as in &#8220;remarkably good shape&#8221; with 2.5% growth and <a href="https://www.benzinga.com/24/12/42324505/jerome-powell-says-us-economy-in-remarkably-good-shape-fed-can-be-little-more-cautious-with-interest-rates">inflation down to around 2.3%</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/interview/24/12/42380844/straitsx-co-founder-liu-we-envision-a-future-where-stablecoins-play-a-pivotal-role-in-the-digital-economy">StraitsX Co-Founder Liu: We Envision a Future Where Stablecoins Play a Pivotal Role In the Digital Economy</a></li>
</ul>
Photo: Courtesy of International Monetary Fund on Flickr
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Federal Reserve

TSLA

Donald Trump Shifts Stance On Jerome Powell, Says No Immediate Plans To Replace Fed Chair: 'I Don't Think So'

Maye Musk, Elon Musk&#8217;s mom, was on FOX Business recently. She <a href="https://www.youtube.com/watch?v=0Bjhlj8YvTU">talked</a> about her son&#8217;s friendship with Donald Trump, how people see billionaires and even sitting in on Elon's meetings. During her chat with host Stuart Varney, Maye shared some interesting thoughts about Elon Musk and how the media discusses him.
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Maye quickly noted that she likes &#8220;to sit in on meetings&#8221; with her son and other prominent figures like Vivek Ramaswamy. She gave a glimpse into these sessions, mentioning that they recently discussed <a href="https://www.benzinga.com/24/11/42140065/with-musk-and-ramaswamy-preparing-to-slash-entire-government-agencies-heres-which-departments-employ-the-most-americans-and-their-salaries">getting federal employees</a> back into the office. &#8220;Vivek and others were talking and said, first of all, come to work,&#8221; Maye remarked.
Maye expressed that federal employees should be productive if they want to justify their positions, asking, &#8220;If you haven't done anything in the past week, why are you there?&#8221;
Maye also discussed Elon Musk and President-elect Donald Trump&#8217;s friendship, saying, &#8220;It is nice for both of them to have fun. I respect him a lot and am happy that there&#8217;s a future for America now.&#8221;&nbsp;
See Also: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
Another major point Maye Musk made was her dislike for the words &#8220;wealthy&#8221; and &#8220;billionaire.&#8221; She believes these labels are unjust and detract from Elon's accomplishments: &#8220;I don't like the word ‘wealthy' or ‘billionaire' because I think it is degrading. <a href="https://www.benzinga.com/personal-finance/24/11/41773588/elon-musks-mom-knew-he-was-a-genius-by-3-years-old-but-worried-hed-end-up-in-a-basement-now-hes-">I think he&#8217;s the genius</a> of the world.&#8221;
When asked about <a href="https://www.benzinga.com/startups/24/11/42235738/in-just-16-months-elon-musk-achieved-with-xai-what-took-openai-nearly-nine-years-to-accomplish">Elon's ongoing innovations</a>, she admitted she often tells him not to take on more projects. However, he usually ignores her advice–&#8221;Every time I am surprised and say don't take on something else and he doesn't listen to me.&#8221;
Maye also commented on the media&#8217;s treatment of Elon, taking particular aim at what she called the &#8220;dishonest Democrat media.&#8221; She claimed they've been trying to &#8220;break up the relationship&#8221; <a href="https://www.benzinga.com/24/12/42260398/how-a-potential-fallout-between-elon-musk-and-trump-could-impact-tesla-and-spacex-cathie-wood-weighs-in">between Elon and Trump</a> and will keep &#8220;hating everything&#8221; they do.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>
The conversation wrapped up with Maye talking about her career and personal life. She spoke about her years as a model, her adventures in the Kalahari Desert and her work as a dietitian. She even joked with Stuart Varney about how often people recognize her because of her son. &#8220;Pretty much the whole restaurant stands up,&#8221; she said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Elon&#39;s mom is on Fox buttering up her son and answering questions about whether anybody actually likes him. Cringe. <a href="https://t.co/6PkXlPCjYE">pic.twitter.com/6PkXlPCjYE</a>
&mdash; Aaron Rupar (@atrupar) <a href="https://twitter.com/atrupar/status/1861436033021145473?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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However, the interview did not come without its critics. Social media was quick to react, with many mocking the conversation. For example, Aaron Rupar tweeted: &#8220;Elon's mom is on Fox buttering up her son and answering questions about whether anybody likes him. Cringe.&#8221;
Maye&#8217;s enthusiasm for her son's accomplishments rubbed some viewers the wrong way, with many seeing her comments as over-the-top praise.
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<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>

Startups

Elon Musk's Mom Maye Says She Likes To 'Sit In On Meetings' With Her Son And Ramaswamy, Says 'Wealthy' And 'Billionaire' Are Degrading Words

Former Syrian President Bashar al-Assad and his family have been granted asylum by Russia, as revealed by a source from the Kremlin, according to Russia&#8217;s State-Owned News Agency TASS on Sunday.
What Happened: Assad and his family have now arrived in Moscow. The Kremlin source stated that the decision to offer them asylum was primarily influenced by humanitarian considerations.
See Also: <a href="https://www.benzinga.com/24/12/42377387/palantir-co-founder-joe-lonsdale-cheers-trumps-new-sec-pick-calls-out-gary-gensler-for-purposely-not-defining-crypto-rules?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Palantir Co-Founder Joe Lonsdale Cheers Trump&#8217;s New SEC Pick, Calls Out Gary Gensler For &#8216;Purposely&#8217; Not Defining Crypto Rules</a>
The source further emphasized Russia&#8217;s continual push for a political solution to the Syrian crisis. &#8220;Russia&nbsp;has always spoken in favor&nbsp;of a political settlement of&nbsp;the Syrian crisis. We insist&nbsp;that the UN-mediated talks be&nbsp;resumed,&#8221; the source said.
Moreover, the source disclosed that Russian&nbsp;officials are in touch with&nbsp;leaders of the armed Syrian opposition. These leaders have guaranteed the safety&nbsp;of Russian military bases and&nbsp;diplomatic missions in Syria.
Why It Matters: This move comes after Bashar Assad&#8217;s <a href="https://www.benzinga.com/news/global/24/12/42380085/trump-on-assads-fall-putin-was-not-interested-in-protecting-him-any-longer">fall from power</a> in Syria, ending his 24-year rule. President-elect Donald Trump had commented on Assad&#8217;s fall, stating that Putin was no longer interested in protecting him. 
&#8220;Assad is gone. He has fled his country,&#8221; Trump said in a post on his social media platform, Truth Social.
&#8220;They lost all interest in Syria because of Ukraine, where close to 600,000 Russian soldiers lay wounded or dead, in a war that should never have started, and could go on forever,&#8221; said Trump.
Wikimedia Commons 
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

Bashar Al-Assad And His Family Granted Asylum By Russia: Kremlin Source Says 'Always Spoken In Favor of Political Settlement'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Sony Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNE#NYSE">SNE</a>) are reportedly joining hands to augment the gaming capabilities <a href="https://www.benzinga.com/news/24/11/41703695/if-you-invested-1-000-in-apple-a-decade-ago-heres-how-much-youd-have-now">of the Vision Pro</a>.
Bloomberg columnist&nbsp;Mark Gurman&nbsp;in his latest weekly &#8220;Power On&#8221; newsletter has said&nbsp;the enhancement will come through the addition of support for Sony&#8217;s PSVR2 controllers.
Gurman has <a href="https://www.bloomberg.com/news/newsletters/2024-12-08/apple-sony-talk-playstation-vr-ps-vr2-hand-controller-support-for-vision-pro?srnd=undefined&amp;sref=TBDibEcD">said </a>that the partnership was initially scheduled to be announced weeks prior but &#8220;will still come at some point — unless it gets abruptly scrapped.&#8221;
The collaboration entails Apple commencing the sale of Sony&#8217;s controllers, which are currently not available for individual purchase. Gurman believes this move could be a game-changer for Vision Pro users who are looking for an elevated gaming experience.
Sony has been diligently working on this support for several months, while Apple has been engaging with third-party developers to gauge their interest in using Sony&#8217;s VR controllers.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Apple approached Sony earlier this year, and the duo agreed to work together on launching support for the PlayStation VR2's hand controllers on the Vision Pro. Inside Sony, the work has been a monthslong undertaking, I'm told. And Apple has discussed the plan with third-party…
&mdash; Mark Gurman (@markgurman) <a href="https://twitter.com/markgurman/status/1865745460964827233?ref_src=twsrc%5Etfw">December 8, 2024</a></blockquote>
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Also Read: <a href="https://www.benzinga.com/news/24/06/39447797/apple-eyes-meta-for-potentially-game-changing-ai-partnership-report">Apple Eyes Meta For Potentially Game-Changing AI Partnership: Report</a>
Gurman hints that Apple&#8217;s plans for the controllers extend beyond gaming. The controllers could be utilized to navigate visionOS and offer more accurate controls in applications such as&nbsp;Final Cut Pro and Adobe&nbsp;Photoshop.
Despite potential concerns raised by the Vision Pro&#8217;s sales figures and Apple&#8217;s past relationships with game publishers, the unique nature of VR and the evident demand from the community suggest a promising future for this collaboration.
According to him, the partnership between Apple and Sony marks a significant step in the evolution of gaming on the Vision Pro. By integrating Sony&#8217;s PSVR2 controllers, Apple is not only enhancing the gaming experience but also expanding the functionality of the controllers to navigate its operating system and applications. 
This move could potentially attract more third-party developers to the platform, further enriching the ecosystem. The collaboration also indicates a shift in Apple&#8217;s approach towards gaming, hinting at a more inclusive and immersive gaming experience for its users.
Read Next
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Apple Eyes Sony Partnership For Game-Changing Vision Pro Upgrade

Standard Chartered&#8217;s Global Head of Digital Assets Research Geoff Kendrick says that Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value could surge to $200,000 by the end of 2025.
What Happened: A research note by Kendrick released on Thursday indicates that Bitcoin&#8217;s recent rally, surpassing the $100,000 mark, is primarily driven by institutional investors.
These investors are increasingly drawn towards spot ETFs, while&nbsp;MicroStrategy, a firm with a focus on Bitcoin development, has been rapidly acquiring the asset.
Kendrick projects that institutional flows will&nbsp;continue at or above the&nbsp;current pace until 2025. He also suggests that regulatory changes&nbsp;under President-elect Donald Trump could&nbsp;potentially amplify these flows. 
"In 2025, we expect institutional flows to continue at or above the 2024 pace. Against this backdrop, we think our end-2025 Bitcoin price target around the $200,000 level is achievable," he said in the post. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42155010/bitcoins-bull-run-betting-on-a-125k-finish-to-2024">Bitcoin&#8217;s Bull Run: Betting On A $125K Finish To 2024</a>
MicroStrategy&#8217;s aggressive Bitcoin acquisition strategy, involving&nbsp;a $42 billion plan to&nbsp;purchase&nbsp;Bitcoin over the next three&nbsp;years using equity and debt,&nbsp;is progressing ahead of schedule, according to Kendrick. 
According to a report <a href="https://decrypt.co/295169/too-soon-bitcoin-200k-achievable-2025">by</a> Decrypt, the company&#8217;s Bitcoin holdings, currently valued over $40.5 billion, have increased by 150,000 Bitcoin since Election Day, marking a surge of over $15 billion.
Kendrick also predicts a rise in Bitcoin allocations by pension funds to spot Bitcoin ETFs&nbsp;in 2025. If U.S. retirement&nbsp;funds or global sovereign wealth&nbsp;funds also increase their allocations, Standard Chartered&#8217;s bullish stance on Bitcoin&#8217;s price could intensify even further.
Despite a recent dip, Bitcoin&#8217;s price&nbsp;remains above the $100,000 mark, fueling optimism among some analysts about the cryptocurrency&#8217;s short-term prospects.
Why It Matters: The predicted surge in Bitcoin&#8217;s value is significant as it indicates growing confidence in the cryptocurrency&#8217;s potential for high returns. 
The increased interest from institutional investors, coupled with regulatory changes, could potentially drive Bitcoin&#8217;s value even higher. MicroStrategy&#8217;s aggressive acquisition strategy further underscores the growing acceptance and adoption of Bitcoin as a viable investment. 
The potential increase in Bitcoin allocations by pension funds and global sovereign wealth funds could further solidify Bitcoin&#8217;s position in the investment landscape.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42049183/heres-how-a-bitcoin-whale-nets-179m-from-a-120-investment" target="_blank" rel="noreferrer noopener">Here's How A Bitcoin Whale Nets $179M From A $120 Investment</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

This Analyst Says Bitcoin Could Reach $200K By End of 2025

The recent appointment of&nbsp;David Sacks&nbsp;as the &#8220;White House A.I. and Crypto Czar&#8221; by President-elect Donald Trump has sparked a new chapter in the ongoing rivalry between&nbsp;billionaire Elon Musk&nbsp;and&nbsp;Sam Altman, head of OpenAI.
What Happened: On Friday, Musk took a swipe at Altman after the OpenAI chief congratulated Sacks on his new role.
Sacks, a venture capitalist and podcaster, has a history of collaboration with Musk, having worked with him at PayPal and invested in several of Musk&#8217;s ventures, including SpaceX, X (formerly known as Twitter), and xAI. 
His appointment is seen as a testament to Musk&#8217;s influence in the incoming administration. Altman has previously accused Musk of using his political influence to disadvantage competitors and promote his own businesses. 
Musk&#8217;s response to Altman&#8217;s congratulatory message to Sacks was a simple laughing emoji on X, further stoking their rivalry.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1864861352218497407?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote>
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</figure>
Despite launching&nbsp;his own AI chat platform,&nbsp;Glue, Sacks asserts that his new role does not present a conflict of interest. His venture capital firm, Craft Ventures, has stated that his advisory role does not necessitate his departure from Craft.
Also Read: <a href="https://www.benzinga.com/tech/24/12/42257564/musk-goes-to-court-to-block-openais-for-profit-transition">Musk Goes To Court To Block OpenAI&#8217;s For-Profit Transition</a>
Trump announced Sacks&#8217;&nbsp;appointment on his Truth Social&nbsp;account, lauding his knowledge, business acumen, intelligence, and pragmatism in the realms of AI and cryptocurrency.
Why It Matters: The appointment of Sacks, a long-time ally of Musk, to a key role in the Trump administration could potentially tilt the balance of power in the AI and crypto sectors. 
This development is likely to intensify the rivalry between Musk and Altman, as both continue to vie for influence in these rapidly evolving fields.
Read Next
<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" target="_blank" rel="noreferrer noopener">Elon Musk Is Feuding With Sam Altman In A Major Lawsuit Over OpenAI — And One Appears To Already Have The Upper Hand</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.

Musk-Altman Rivalry Intensifies With Trump's Appointment of David Sacks

It's easy to hear "net worth" and picture yachts, private jets and the Forbes list of billionaires. According to a Tearsheet report, 22% of Americans think net worth only <a href="https://www.benzinga.com/personal-finance/24/05/39069576/are-you-rich-heres-the-net-worth-you-need-to-be-poor-middle-class-and-wealthy">applies to the rich</a>. That's a big misconception. The truth is, net worth applies to everyone. It's not about how much money you flaunt; it's about knowing where you stand financially.
And here's another surprising stat: Credit Karma reports that 51% of Americans don't know how to calculate their net worth. That number jumps to 61% for women compared to 41% for men. Financial literacy gaps like this can make it harder to plan for the future, but don't worry – it's easier to understand than it sounds.
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<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.</li>
<li>Many are using this retirement income calculator to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
<li><a href="https://www.benzinga.com/money/cd-valet-growth">CD Popularity Soars: Over 50 Million Americans Embrace Safe Savings with 5–10% Annual Growth</a></li>
</ul>
So, what exactly is net worth? And how do you figure it out? Let's break it down, look at the numbers and clear up some common myths about what "average" really means.
How to Calculate Your Net Worth
Your net worth is simply the difference between what you own (assets) and what you owe (liabilities).
Here's a quick example:
<ul>
<li>Assets: This includes everything from your house, car and retirement accounts to smaller items like savings or investments. Let's say you have $800,000 in total assets.</li>
<li>Liabilities: These are your debts – things like student loans, mortgages, credit card balances or car loans. If your debts total $200,000, you'd subtract that from your assets.</li>
</ul>
Net worth = $800,000 (assets) – $200,000 (liabilities) = $600,000
That's it. No need for fancy math or high-end accounting software. A simple calculator will do.
See Also: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a>
The Difference Between Average and Median Net Worth
Now, when it comes to <a href="https://www.benzinga.com/24/11/42173927/how-rich-are-you-find-out-whether-you-rank-as-upper-middle-or-lower-class-based-on-income-and-other-factors">financial stats</a>, there's always confusion between "average" and "median." They sound similar but paint very different pictures:
Average Net Worth: This is the total net worth of a group divided by the number of people in that group. It tends to be skewed by a handful of ultra-wealthy individuals.
Median Net Worth: This represents the middle point – half of people have more and half have less. It's often a more realistic snapshot of how most people are doing.
Here's why it matters: The average net worth of U.S. households in 2022 was $1,059,470, but the median was just $192,700. That's a huge gap, highlighting how a few ultrarich people pull the average way up while most people sit closer to the median.
Trending: Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a>
Average Net Worth by Age
If you're wondering how your net worth stacks up, it helps to look at the averages and medians by age group. Here's what the Federal Reserve found in its latest Survey of Consumer Finances:
In Your 20s:
<ul>
<li>Average Net Worth: $120,896</li>
<li>Median Net Worth: $10,800</li>
</ul>
In Your 30s:
<ul>
<li>Average Net Worth: $379,681</li>
<li>Median Net Worth: $115,500</li>
</ul>
In Your 40s:
<ul>
<li>Average Net Worth: $686,320</li>
<li>Median Net Worth: $173,650</li>
</ul>
In Your 50s:
<ul>
<li>Average Net Worth: $1,287,303</li>
<li>Median Net Worth: $296,750</li>
</ul>
In Your 60s and Beyond:
<ul>
<li>Average Net Worth: $1,714,085</li>
<li>Median Net Worth: $394,300</li>
</ul>
Notice the jump in net worth as people get older? That's mostly due to years of saving and paying off debt. It's also a reminder that comparing your net worth to someone decades older can be unfair.
Trending: The number of ‘401(k)' Millionaires is up 43% from last year —<a href="https://www.benzinga.com/money/401k-millionaires"> Here are three ways to join the club.</a>
How Do You Measure Up? And Why Percentiles Matter
If you want an even clearer picture of where you stand, it helps to look at net worth percentiles. These show how your net worth compares to others in the same age group.
For example, if your net worth is in the 75th percentile, you're wealthier than 75% of people in your age group. Here's a breakdown of the 75th percentile by age:
• Under 35: $153,000
• 35-44: $415,000
• 45-54: $800,000
• 55-64: $1.122 million
• 65-74: $1.176 million
• 75 and up: $975,000
And for those overachievers aiming for the <a href="https://www.benzinga.com/personal-finance/24/07/39800314/are-you-rich-enough-to-join-the-top-5-of-households-you-may-be-wealthier-than-you-realize">top 10%</a>, here's what it takes to hit the 90th percentile:
• Under 35: $350,000
• 35-44: $850,000
• 45-54: $1.6 million
• 55-64: $2.5 million
• 65-74: $2.8 million
• 75 and up: $2 million
Trending: These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a>
Why Knowing Your Net Worth Matters
Tracking your net worth isn't just for bragging rights – it's a practical tool for managing your finances. It helps you:
<ol>
<li>Set realistic financial goals, like saving for retirement or paying off debt.</li>
<li>Spot trends over time to see if you are building wealth or losing it?</li>
<li>Make smarter decisions about spending, saving and investing.</li>
</ol>
And no, you don't need to be rich to do this. In fact, the earlier you start tracking, the better equipped you'll be to grow your wealth over time.
The Takeaway
Net worth isn't just a number – it's a snapshot of your financial health. And while the stats on averages, medians and percentiles might seem intimidating, they're tools to help you measure progress.
So, forget the myth that net worth is only for the ultrarich. It's for anyone who wants to take control of their financial future. Start with what you own, subtract what you owe and go from there. You might be surprised by what you discover.
If you're serious about staying on track to meet your financial goals, <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">consulting a financial advisor</a> could be one of the smartest moves you make. A good advisor can help you examine your net worth, identify growth opportunities and create a personalized plan to reach your short- and long-term goals.
Read Next:
<ul>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
<li>Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a></li>
</ul>

Personal Finance

22% Of People Think 'Net Worth' Only Applies To The Rich – Here's The Average Net Worth And How To Calculate Yours

Crypto analyst and pseudonymous trader Dave the Wave has predicted a potential surge in Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price before Christmas, citing a favorable technical setup.
What Happened:&nbsp;The crypto analyst shared his thoughts on the social media platform X and said that Bitcoin is in an ascending channel. He predicts a possible upward target of around $112,000 by December 25th.
Dave the Wave, who accurately predicted the 2021 market collapse, suggests that Bitcoin&nbsp;is also trading within a&nbsp;longer-term ascending channel,&nbsp;similar to the 2021 bull&nbsp;market. 
<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">A pre-Xmas day <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a> rally?&#x1f60e; <a href="https://t.co/pdG0r3GmaL">pic.twitter.com/pdG0r3GmaL</a>
&mdash; dave the wave&#x1f30a;&#x1f313; (@davthewave) <a href="https://twitter.com/davthewave/status/1865176353668276725?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
His analysis indicates that Bitcoin could reach between $180,000 and $220,000&nbsp;in the first half of&nbsp;2025.
<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"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> &#x1f62c; <a href="https://t.co/UKA6wvwsj6">pic.twitter.com/UKA6wvwsj6</a>
&mdash; dave the wave&#x1f30a;&#x1f313; (@davthewave) <a href="https://twitter.com/davthewave/status/1864924570307993907?ref_src=twsrc%5Etfw">December 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The trader also expressed optimism for&nbsp;altcoins, noting that Bitcoin dominance&nbsp;(BTC.D), a measure of Bitcoin&#8217;s share&nbsp;of the digital asset market, appears set to decline, implying a potential rise in altcoins.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42154900/crypto-expert-who-called-2022-market-crash-warns-about-bitcoin">Crypto Expert Who Called 2022 Market Crash Warns About Bitcoin</a>
Why It Matters: Dave the Wave&#8217;s analysis is based on the idea that Bitcoin operates in four-year cycles. If BTC&#8217;s past price action is mirrored, a parabolic move could be imminent. 
This prediction is significant as it could influence the investment strategies of crypto traders and investors. At the time of the report, BTC was trading at $100,102.
Given the volatility of the crypto market, these predictions should be considered with caution. However, they do provide valuable insights into possible market trends and can serve as a guide for investors navigating the crypto space.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42379899/trump-fuels-bitcoin-rally-but-where-will-it-go-next-year">Trump Fuels Bitcoin Rally, But Where Will It Go Next Year?</a>
Image: Shutterstock

Crypto Analyst Foresees Pre-Christmas Bitcoin Price Surge

Agios Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGIO#NASDAQ">AGIO</a>), a leader in cellular metabolism and pyruvate kinase (PK) activation pioneering therapies for rare diseases, today presented positive results from the Phase 3 ENERGIZE-T study investigating mitapivat, an oral, small molecule PK activator, in adults with transfusion-dependent alpha- or beta-thalassemia. These findings were shared in an oral presentation (abstract #409) at the 66th American Society of Hematology (ASH) Annual Meeting and Exposition in San Diego, California.
In the ENERGIZE-T trial, mitapivat demonstrated a statistically significant reduction in transfusion burden compared to placebo in patients with transfusion-dependent alpha- or beta-thalassemia, achieving its primary endpoint. Additionally, the ENERGIZE-T study met all the key secondary endpoints, with mitapivat demonstrating a statistically significant reduction in additional measures of transfusion reduction response compared to placebo. In June 2024, Agios also <a href="https://www.globenewswire.com/Tracker?data=yCZIHDR8PSvrAcYmrbhYVzXtz0qOrlBEmNLt7nN_xw6pl1Mj2AXdoy1h6DGsnSHtC9uUFdnfS-kmUwx8-iSnaOJkdU3hjhRmj1SJM6ZrLFO6iwRjg8fcimCj7_cSLjAcTUnWPq0clc5THhnffh8TSuew3ZJSODjBe9FO6EN8DPbro4Y_f9jLQwMPuUlNC79JIOX2IXMP3L7atf5mK8ExdWvum1h8-Fgpguku085aOMQ=">presented positive results</a> from the Phase 3 ENERGIZE study, which evaluated mitapivat in adults with non-transfusion-dependent alpha- or beta-thalassemia.

AGIO

Agios Presented At ASH, Results From Phase 3 ENERGIZE-T Study of Mitapivat; Study Achieved Primary, All Key Secondary Endpoints In Adult Patients with Transfusion-Dependent Alpha- or Beta-Thalassemia

Philip Grillo brazenly taunted a judge following his sentencing for his role in the January 6, 2021, Capitol riot, expressing his confidence that President-elect Donald Trump will pardon him.
What Happened: A tense scene unfolded on Friday when Senior Judge Royce Lamberth of the U.S. District Court for the District of Columbia sentenced Grillo on five charges, including a felony for obstruction of an official proceeding, along with several misdemeanors.
According to the report <a href="https://edition.cnn.com/2024/12/06/politics/january-6-rioter-trump-pardon/index.html">by</a> CNN, after receiving his sentence of one year in prison and one year of supervised release, Grillo taunted the judge, proclaiming, &#8220;Trump&#8217;s gonna pardon me anyways!&#8221;
Grillo&#8217;s immediate imprisonment was an unusual occurrence in such cases. As Grillo was being taken into custody, he reiterated his conviction of receiving a pardon once Trump takes office.
Also Read: <a href="https://www.benzinga.com/news/24/11/42024693/bill-clinton-recalls-trumps-actions-on-january-6">Bill Clinton Recalls Trump&#8217;s Actions On January 6</a>
Grillo&#8217;s friends, who were present in the court and identified themselves as Republican Party officials from the Bronx and Queens, supported his assertion, shouting, &#8220;Don&#8217;t worry, Phil. Donald&#8217;s gonna take care of you.&#8221;
Trump has previously expressed his intent to pardon those involved in the Capitol riot, referring to them as &#8220;unbelievable patriots.&#8221;
Why It Matters: Grillo&#8217;s audacious taunt underscores the deep divide and ongoing political tension in the U.S. following the Capitol riot. 
His belief in a pardon from Trump, despite the former President&#8217;s lack of legal authority to do so, highlights the enduring influence of Trump on his supporters. 
This incident also raises questions about the potential implications for future cases related to the Capitol riot, as it may encourage other defendants to adopt a similar stance.
Read Next
<a href="https://www.benzinga.com/news/23/08/33806596/trump-refuses-to-pledge-compliance-with-judges-order-in-jan-6-case-the-whole-thing-is-a-fake" target="_blank" rel="noreferrer noopener">Trump Refuses To Pledge Compliance With Judge's Order In Jan. 6 Case: ‘The Whole Thing Is A Fake'</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Wikimedia Commons

Convicted January 6 Rioter: 'Trump's Gonna Pardon Me Anyways!'

Merck (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), known as MSD outside of the United States and Canada, today announced the first presentation of data from the Phase 2 waveLINE-007 trial evaluating zilovertamab vedotin, Merck's investigational antibody drug conjugate (ADC) that targets receptor tyrosine kinase-like orphan receptor 1 (ROR1), in combination with cyclophosphamide, doxorubicin and prednisone plus rituximab (R-CHP) for the treatment of patients with previously untreated diffuse large B-cell lymphoma (DLBCL). At a pre-planned analysis, zilovertamab vedotin in combination with R-CHP achieved a 100% (n=15) complete response (CR) rate in patients treated with zilovertamab vedotin at 1.75 mg/kg. Based on the data, the study has established 1.75 mg/kg as the recommended Phase 3 dose of zilovertamab vedotin. These data are being presented for the first time today in an oral presentation (Abstract #578) at the 66th American Society of Hematology (ASH) Annual Meeting and Exposition.

Merck's Investigational Zilovertamab Vedotin In Combination With R-CHP Demonstrates Complete Response Rate of 100% At 1.75 MG/KG Dose In Phase 2 Trial Of Previously Untreated Patients With Diffuse Large B-Cell Lymphoma

C4 Therapeutics, Inc. (C4T) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCCC#NASDAQ">CCCC</a>), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, today presented clinical data from the ongoing Phase 1 trial of cemsidomide, an orally bioavailable small molecule degrader of IKZF1/3, at the ASH Annual Meeting. Presentations included a poster highlighting results for cemsidomide in combination with dexamethasone in multiple myeloma, and an oral presentation delivering initial results for cemsidomide as a monotherapy for non-Hodgkin's lymphoma. These presentations reinforce the potential of cemsidomide to become a backbone therapy of choice in both multiple myeloma and non-Hodgkin's lymphoma where IKZF1/3 degradation is warranted.
In Multiple Myeloma, Cemsidomide in Combination with Dexamethasone at Highest Dose Level Explored to Date Achieved 36 Percent Overall Response Rate (ORR) and 45 Percent Clinical Benefit Rate (CBR); Responses Seen Across All Dose Levels
Multiple Myeloma Arm Demonstrated Well-Tolerated Safety Profile; On-Target Neutropenia Was Manageable With Low Rates of Febrile Neutropenia and Infections; No Treatment Emergent Adverse Events Leading to Dose Reduction
In Non-Hodgkin's Lymphoma, Cemsidomide Monotherapy Demonstrated a 38 Percent ORR and 19 Percent Complete Metabolic Response (CMR) Rate Across All Subtypes; In Peripheral T-Cell Lymphoma (PTCL), Cemsidomide Achieved a 44 Percent ORR and 25 Percent CMR Rate
Cemsidomide is Well Positioned for Future Development in Multiple Myeloma Combination Regimens and Various Non-Hodgkin's Lymphoma Subtypes and Therapeutic Regimens to Unlock Potential in Growing Markets
&nbsp;

CCCC

C4 Therapeutics Presented Cemsidomide Phase 1 Data At ASH Meeting; Said In Multiple Myeloma, Cemsidomide in Combination with Dexamethasone at Highest Dose Level Explored to Date Achieved 36% ORR, 45% CBR; In Non-Hodgkin's Lymphoma, Cemsidomide Monotherapy Demonstrated 38% ORR, 19% CMR

StraitsX is the creator of XSGD, the first Singapore Dollar stablecoin globally, and XIDR, the Indonesian Rupiah stablecoin. As a Major Payment Institution in Singapore, StraitsX empowers users to manage payments seamlessly and integrate their accounts with digital asset platforms.
Benzinga recently spoke with StraitsX co-founder Tianwei Liu to delve into the origins of StraitsX, the transformative role of stablecoins in cross-border payments, his outlook on the future of stablecoins and digital payments, and much more.
What inspired you to co-found StraitsX, and how did you identify the need for stablecoins like XSGD and XIDR in Southeast Asia?
The inspiration behind StraitsX dates back to when I was sent to Silicon Valley for a student exchange with Standford University while working full-time at a local startup. Back then, I was a software engineer, training in computer science and this gave me my first taste of building something from scratch and working in a fast-paced environment. It was exactly during this time that Amazon launched the first edition of the Kindle which led to many of my friends asking if I could purchase it on their behalf and ship it back to Singapore from the United States. However, problems arose when they couldn't figure out a way to pay me because I was overseas for a long period of time and digital payment apps like PayPal weren't available in Asia. This was when I realized the gap in the market and set out to create an API to solve this problem —&nbsp;and that is the founding story of StraitsX (previously known as Xfers).
In Southeast Asia, one of the biggest problems we are facing is a bank penetration problem, but I believe that we have made significant improvements as an industry with new entrants joining the space. At StraitsX, we've always been at the forefront of troubleshooting this problem that's why we were intentional with our decision to launch the first Singapore dollar and Indonesian Rupiah-pegged stablecoins, XSGD and XIDR.
Can you explain how Project Orchid and Purpose Bound Money are shaping the future of digital currencies in Singapore? The APAC region is poised to see a 230% increase in real-time payments network volume, reinforcing its position as the world's most forward-looking region. This growth is driven by the region's dynamic economic landscape and the accelerating adoption of digital finance solutions. In fact, digital asset payments in Singapore alone neared US$1 billion<a href="https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/"> </a>in the second quarter of 2024, signaling a rise in adoption. When it comes to Purpose Bound Money (PBM), it is a protocol that specifies the conditions upon which an underlying digital currency such as stablecoins can be used, and the use cases range across various purposes including e-commerce, contracts, donations, and even cross-border payments. By automating business logic behind payments and reducing the need for traditional processes, PBM enhances efficiency, transparency, and trust in the digital asset ecosystem. 
With a large population and increasing digitization, there is fertile ground for digital financial services in the APAC region. To fully harness the potential of real-time payments and digital currencies, all stakeholders must collaborate to architect an industry that supports financial inclusion by allowing emerging markets to tap into new revenue streams. How does StraitsX differentiate itself from other payment infrastructures in the digital assets space across Southeast Asia? In Southeast Asia where economic growth is rapid but financial inclusion varies across different markets, stablecoins offer an accessible and affordable solution for cross-border payments. By leveraging blockchain technology, StraitsX provides close to instantaneous, low-cost transaction rates, effectively eliminating inefficiencies of traditional payment systems. Our main differentiating factor lies in our close collaboration with industry leaders and regulators. This includes our involvement in the Monetary Authority of Singapore (MAS) projects and partnerships with industry leaders like Grab and Ant International. Through our involvement in MAS' Project Orchid, we commenced our partnership with Grab and Ant International to launch a network that makes cross-border payments seamless for tourists and businesses alike, expanding the utility of digital payments across borders and driving new revenue streams for merchants. Regulatory compliance is another element that differentiates us from other payment infrastructure providers in the evolving digital asset landscape. Our commitment to remaining compliant not only ensures a secure and trusted infrastructure for our users but has also earned us a "stamp of approval" from regulators. I believe that staying on course on the regulations front is critical to building trust within the financial services landscape. In my opinion, this is the best way to encourage greater user adoption.  Ultimately, our long-term goal is to bridge the gap between TradFi and DeFi, empowering underserved communities to participate in the global trade ecosystem. The large underserved communities in Southeast Asia have been overlooked for far too long. Since our founding, we've made a concerted effort to pave the way for a more inclusive and resilient financial ecosystem for all — one that allows individuals and businesses in Asia to thrive.
What role does the Monetary Authority of Singapore (MAS) play in your vision for the future of stablecoins and digital payments in the region? MAS' forward-thinking approach to digital assets has created an environment that is conducive to digital asset innovation and adoption. By striking a balance between regulation and innovation, MAS has established a blueprint for successful and sustainable growth in this sector. This has encouraged banks to embrace new technology and fintech startups to embark on their respective projects as boundaries for responsible innovation have been set in stone. A robust, secure, and efficient infrastructure for digital assets is essential as Singapore works towards building a corridor that is interoperable with various payment and settlement networks in the wider payments landscape. At an individual level as a fintech, our responsibility lies in ensuring that our solutions provide fast and safe access to digital assets, the best possible user experience, and platform security. At StraitsX, we believe that regulatory compliance will be a significant factor that determines the future of stablecoins and digital payments in the region, especially for an industry that is still relatively nascent. Since our inception, we've been working closely with regulators to launch our stablecoins and build our API, to ensure they meet the highest industry standards. As a result of our commitment, we received full approval from the MAS as a Major Payment Institution licensed for digital payment token services. With this license, we are authorised to issue stablecoins that are aligned with the upcoming MAS stablecoin regulatory framework. 
How do StraitsX stablecoins like XSGD and XIDR provide value to personal and business account holders, and what real-world use cases have you seen emerging?
Collectively as a region, APAC is leading in the digital payments space, accounting for 70% of global digital wallet spending at $9.8 trillion, signaling that there is evidently a compelling value proposition for its users, both individual and small businesses. With the unrivalled stability from being pegged to fiat currencies, stablecoins ensure predictable value, making them a secure alternative to traditional currencies especially in markets with volatile economies. Moreover, StraitsX stablecoins facilitate swift and efficient transactions, proving invaluable for small businesses and individuals who require instantaneous settlement. Beyond speed, these stablecoins also boast competitive transaction fees, making them a cost-effective choice for various financial activities. Their global accessibility further expands their utility, as they can be used for international payments, reducing the need for currency conversions and associated costs.
For Singapore, the decision came about because the market receives a considerable number of tourists every year — 13.6 million in 2023. To make their overall experience as seamless and hassle-free as possible, launching a digital payment solution was a natural next step for travelers. Through our partnership with Grab and Ant International, tourists visiting Singapore whose native digital wallets are housed under AliPay+ will be able to pay using the wallets they&#8217;re most familiar with at any Grab merchant without having to carry cash or worry about credit card exchange rates since all transactions will be settled on the backend with the XSGD.
Through these benefits and by addressing real-world needs, StraitsX stablecoins are empowering individuals and businesses to transact more efficiently and securely in the digital age. As we continue to innovate and expand their use cases, we envision a future where StraitsX stablecoins play a pivotal role in shaping the digital economy.

Interview

StraitsX Co-Founder Liu: We Envision a Future Where Stablecoins Play a Pivotal Role In the Digital Economy

Billionaire entrepreneur&nbsp;Mark Cuban&nbsp;has opened up about his path to success and his unique <a href="https://www.benzinga.com/personal-finance/24/12/42341972/mark-cuban-hands-out-35m-in-bonuses-to-mavericks-employees-it-was-life-changing-money">spending habits in a recent interview.</a>
What Happened: Despite his billionaire status, Cuban confessed that he is not one to splurge. However, he did indulge in a house and a plane when he first tasted success. Since then, his spending habits have been more conservative. Cuban believes that a part of his success can be attributed to luck. 
Speaking <a href="https://people.com/mark-cuban-is-not-a-big-spender-but-splurged-on-this-when-he-first-made-money-exclusive-8757841">with</a> People, Cuban said, &#8220;I was born at the right time so that when the internet technology really took off, we were able to start AudioNet, which turned into Broadcast.com, which turned into the first streaming company, which went public and I could turn around and sell for $5.7 billion in stock.&#8221;
"When I first made money I did go out and buy things, I bought a house, bought a plane," he told the outlet. "But since then, I literally even had a conversation with my wife not long ago that, ‘Okay, we&#8217;re allowed to go out and buy some stuff, so if we want to, let&#8217;s go look at things.' But I&#8217;m not a big spender," Cuban added. 
Also Read: <a href="https://www.benzinga.com/news/24/11/41703723/mark-cubans-million-dollar-advice-to-teens-if-i-were-16-again-id-start-this-lucrative-side-hustle">Mark Cuban&#8217;s Million-Dollar Advice To Teens: &#8216;If I Were 16 Again, I&#8217;d Start This Lucrative Side Hustle&#8217;</a>
He also stressed the significance of resilience in the face of failure. &#8220;It&nbsp;doesn&#8217;t matter how many times&nbsp;you fail, you only have&nbsp;to be right once, then&nbsp;everybody can call you an&nbsp;overnight success,&#8221; he stated.
Today, Cuban&#8217;s approach to business has evolved. He avoids phone calls and conducts business primarily via email. He also gives credit to his wife, Tiffany Stewart, for a large part of his success, emphasizing the importance of a strong partnership in both business and personal life.
Why It Matters: Mark Cuban&#8217;s journey provides valuable insights into the mindset and habits of successful entrepreneurs. His frugality, despite his wealth, is a testament to his disciplined approach to financial management. His acknowledgment of the role of luck in his success is a humble reminder that timing and opportunity often play a crucial role in entrepreneurial success.
His emphasis on resilience and the importance of being right just once offers a fresh perspective on dealing with failure. It serves as a reminder that success is not always a linear path and that failures can often lead to greater opportunities.
Finally, Cuban&#8217;s shift to conducting business primarily via email and his acknowledgment of the role of his wife in his success highlight the importance of adapting to changing circumstances and the value of strong personal relationships in achieving success.
Read Next
<a href="https://www.benzinga.com/news/24/10/41196856/heres-how-mark-cubans-drunken-splurge-of-125-000-turned-into-a-profitable-investment">Mark Cuban Drunkenly Bought A $125,000 Lifetime Flight Pass And Turned It Into A Profitable Investment</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Success Stories

Mark Cuban Shares The One Thing He Splurged On After Striking It Rich: 'I'M Not A Big Spender'

Massachusetts' average revenue per dispensary dropped to $362k/month, down 8% year-over-year, in New Mexico sales went down 3% in November.
The cannabis industry continues to show mixed results across key U.S. markets, with notable developments in California, Massachusetts, and New Mexico. While California leads in tax revenue, both Massachusetts and New Mexico face slight declines in sales, reflecting broader market shifts.
<ul>
<li>Get Benzinga&#8217;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't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Massachusetts: A Saturated Market? </h3>
In Massachusetts, legal cannabis sales totaled $152 million in November 2024, a 1% decrease from October but a 4% increase from November 2023. On a quarter-to-date basis, sales totaled $305 million for October and November, marking a 5% decline from the prior quarter. 
The average price per gram fell to $4.58, the lowest since 2020.&nbsp;
Average revenue per dispensary dropped to $362k/month (down 2% from the prior month and 8% year-over-year). Notable companies operating in <a href="https://www.benzinga.com/topic/massachussetts-cannabis">Massachusetts </a>include AYR Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>), Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) and Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), contributing to this market's competitive landscape.
&#8220;The average price per gram was $4.58 in November, the lowest since we began tracking in January 2020. There were 379 operating dispensaries at the end of November, indicating an average revenue of $362k per dispensary (or approximately $4.3M/year). We note that this is down 2% m/m and 8% y/y from $4.7M/year (or $394k) in November 2023, with the decline attributable to the addition of 53 dispensaries y/y,&#8221; reads a recent <a href="https://beaconsecurities.ca/">report</a> from <a href="https://www.benzinga.com/topic/beacon-securities-limited">Beacon Securities</a>.
<h3 class="wp-block-heading">New Mexico</h3>
<a href="https://www.benzinga.com/topic/new-mexico-cannabis">New Mexico's cannabis market</a> showed slight sales fluctuations in November, with total sales of $48 million, down 2% from October but up 3% from the previous year. Quarter-to-date sales were $96 million, a 5% decrease from the July-August period. 
The average revenue per dispensary remained stable at approximately $70k/month. Notably, Schwazze (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SHWZ#OTC">SHWZ</a>) is a key player in the state, contributing to the overall market dynamics. Adult-use transactions averaged $39, while medical cannabis sales averaged $48 per transaction.
Read Also: <a href="https://www.benzinga.com/24/12/42350875/ho-ho-holy-smokes-record-weed-sales-drive-dispensaries-to-stock-smart-this-holiday-season">Ho-Ho-Holy Smokes! Record Weed Sales Drive Dispensaries To Stock Smart This Holiday Season</a>
<h3 class="wp-block-heading">California: Strong Q3 Revenue Despite Declining Cultivation Tax</h3>
<a href="https://www.benzinga.com/topic/california-cannabis">California's cannabis</a> tax revenue for the third quarter of 2024 reached $250.5 million, with $148.4 million from excise taxes and $102 million from sales tax. This brings the state's total cannabis tax revenue since 2018 to over <a href="https://www.cdtfa.ca.gov/news/24-14.htm">$6.5 billion</a>.
Revenue from cannabis excise taxes supports a range of programs, including childcare, medical research, and youth substance abuse prevention. Despite the elimination of the cultivation tax in July 2022, the market remains a significant financial contributor to the state.
Read Next: <a href="https://www.benzinga.com/24/12/42367403/illinois-cannabis-sales-back-on-track-in-october-hitting-1423m-after-slight-september-dip">Illinois Cannabis Sales Back On Track In October Hitting $142.3M After Slight September Dip</a>

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Why Cannabis Sales Are Down In Massachusetts And New Mexico: The Numbers Behind The Dip

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