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The past weekend was filled with riveting news, from a data scientist&#8217;s election forecast to Elon Musk&#8216;s response to the Trump campaign&#8217;s allegations. Here&#8217;s a quick roundup of the top stories that made headlines.
Data Scientist Predicts &#8216;Drastic Landslide&#8217; for Harris
Thomas Miller, a renowned data scientist from Northwestern University, has predicted a significant victory for Kamala Harris in the upcoming presidential election. Miller, who accurately predicted the 2020 presidential and Georgia senatorial races, uses data from political betting sites to make his forecasts, which he claims are more accurate than traditional polls. <a href="https://www.benzinga.com/news/24/09/40950674/data-scientist-who-called-2020-election-correctly-says-its-gone-from-drastic-landslide-in-trumps-dir">Read the full article here</a>.
Elon Musk Reacts to Trump Campaign&#8217;s Allegations
Tesla CEO Elon Musk responded to the Trump campaign&#8217;s release of over 50 examples of Democrats&#8217; rhetoric that allegedly inspired an assassination attempt on former President Donald Trump. Musk&#8217;s reaction was a simple &#8220;No wonder,&#8221; in response to the campaign&#8217;s assertion. <a href="https://www.benzinga.com/news/24/09/40899012/elon-musk-reacts-after-trump-campaign-releases-over-50-examples-of-democrats-rhetoric-that-inspired">Read the full article here</a>.
See Also: <a href="https://www.benzinga.com/news/24/09/40958452/mark-cuban-says-elon-musk-believes-hes-much-smarter-than-trump-reveals-the-intoxicating-reason-why-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Elon Musk &#8216;Believes He&#8217;s Much Smarter Than Trump,&#8217; Reveals The &#8216;Intoxicating&#8217; Reason Why Tesla CEO Supports Ex-President</a>
Kamala Harris Receives Endorsement from Historic Magazine
Vice President Kamala Harris has received an endorsement from the oldest continuously published magazine in the U.S.- the Scientific American&#8211; for the 2024 presidential election. This endorsement could prove crucial in a tight contest against Donald Trump. <a href="https://www.benzinga.com/general/politics/24/09/40907893/kamala-harris-wins-second-endorsement-in-179-years-from-magazine-that-featured-works-from-nikola">Read the full article here</a>.
Obama-Era Economist Surprised at JD Vance&#8217;s Economic Optimism
Betsey Stevenson, a former economic advisor during the Obama administration, expressed surprise at the economic optimism shown by Donald Trump's running mate JD Vance and his supporters, despite the Federal Reserve's recent rate cut. <a href="https://www.benzinga.com/news/24/09/40931458/obama-era-economist-says-she-is-pleasantly-surprised-that-jd-vance-thinks-the-economy-is-too-strong">Read the full article here</a>.
Elon Musk Suggests Warren Buffett is Preparing for a Harris Win
Tesla CEO Elon Musk suggested that Warren Buffett is positioning for a Kamala Harris win with his $277B cash pile. Meanwhile, pro-Trumper and hedge fund manager John Paulson warned of an equity market exit in the event of a Harris victory. <a href="https://www.benzinga.com/markets/equities/24/09/40917216/elon-musk-says-warren-buffett-is-positioning-for-kamala-harris-win-with-his-277b-cash-pile-as-pr">Read the full article here</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h">Fed Delivers Large Rate Cut In Bid To Sustain Labor Market; Stocks, Gold Set New Record Highs: This Week In The Markets</a>
 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/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a> 
Image via Wikimedia Commons

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Politics

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Data Scientist's Election Prediction, Kamala Harris Receives Historic Endorsement From Magazine, Elon Musk Suggests Warren Buffett Is Preparing For A Harris Win And More: Top Political Update This Week

The past week was a rollercoaster ride for the financial world, with the Federal Reserve making a bold move, retail sales showing unexpected resilience, and prominent voices sharing their views on the economy. Here&#8217;s a quick recap of the top stories that made headlines.
Federal Reserve Slashes Interest Rates
In a surprising move, the Federal Reserve cut interest rates by 0.5% at its September Federal Open Market Committee meeting, marking the first rate cut in over four years. This decision, which broke a 12-month streak of steady rates, caught Wall Street analysts off guard as they had anticipated a more modest 25-basis-point cut. <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">Read the full article here</a>.
Obama-Era Economist Surprised by JD Vance&#8217;s Economic Optimism
Betsey Stevenson, a former economic advisor in the Obama administration, expressed her astonishment at Donald Trump's running mate J.D. Vance and his supporters' economic optimism despite the Federal Reserve's recent rate cut. Stevenson stated, "I have to admit that I am pleasantly surprised that J.D. Vance and his supporters think the economy is too strong for the rate cut." <a href="https://www.benzinga.com/news/24/09/40931458/obama-era-economist-says-she-is-pleasantly-surprised-that-jd-vance-thinks-the-economy-is-too-strong">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/09/40939390/trump-media-technology-group-stock-slides-as-lockup-expiration-looms-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Media &amp; Technology Group Stock Slides As Lockup Expiration Looms: What&#8217;s Going On?</a>
Retail Sales Rise More Than Expected
U.S. retail sales rose more than expected by 0.1% month-over-month in August, signaling a resilient consumer spending momentum in the middle of the third quarter. This increase, which was more than anticipated, could boost the chances of a smaller interest rate cut. <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40897882/retail-sales-rise-0-1-in-august-more-than-expected-boosting-odds-of-larger-fed-ra">Read the full article here</a>.
Analyst Warns of Stagflation After Fed&#8217;s Rate Cut
Following the Federal Reserve&#8217;s deep 50 basis-point cut to its Fed funds rate, an analyst warned of a return of recession along with stagnation. GLJ Research's Gordon Johnson stated, "Get ready for stagnation," adding that this is the "inflation is Transitory" mistake all over again. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40955933/brace-for-stagflation-after-feds-benevolence-warns-analyst-raising-5-corporate-red-">Read the full article here</a>.
Ray Dalio Highlights Challenges for the Fed
Billionaire investor Ray Dalio pointed out the difficulties faced by the U.S. Federal Reserve as it navigates interest rate cuts amid a heavily indebted economy. Dalio emphasized that the Fed must balance keeping interest rates high enough to benefit creditors while not excessively burdening debtors. <a href="https://www.benzinga.com/news/24/09/40934156/billionaire-ray-dalio-warns-fed-faces-tough-road-ahead-balancing-interest-rate-cuts-and-enormous-us">Read the full article here</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/09/40917216/elon-musk-says-warren-buffett-is-positioning-for-kamala-harris-win-with-his-277b-cash-pile-as-pr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Warren Buffett Is Positioning For Kamala Harris Win With His $277B Cash Pile</a>
Image via Pexels/ Pixabay
 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/navdeep-yadav" target="_blank" rel="noopener">Navdeep Yadav.</a>

Economics

Federal Reserve

Markets

Federal Reserve's Bold Rate Cut, Retail Sales Rise And More: This Week In Economics

<h3 class="wp-block-heading">Why Hidden Debt Matters</h3>
Investors often focus on basic financial figures, but it's essential to consider hidden debt when evaluating a company's true worth.&nbsp;
Insights from<a href="https://www.benzinga.com/topic/viridian-capital-advisors"> Viridian Capital Advisors</a> reveal that overlooked liabilities can significantly change how we view a company&#8217;s value, making it crucial to dig deeper.
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<h3 class="wp-block-heading">Viridian's Approach To Valuation</h3>
Typically, enterprise value (EV) is calculated using standard methods. However, Viridian takes a more thorough approach by including lease obligations and overdue tax payments.&nbsp;
They also consider long-term tax liabilities that companies have yet to address. This results in a higher debt figure and leads to revised calculations that show companies may be more valuable than initially thought.
<h3 class="wp-block-heading">The Impact On Investor Decisions</h3>
A recent graph compares traditional valuation methods with <a href="https://dealtracker.viridianca.com/valuation-tracker-by-industry-sector/">Viridian's updated figures</a>. Companies that appeared cheap may be less undervalued than previously believed, particularly those burdened by significant lease or tax liabilities.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="687" height="603" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20185609/unnamed-5.png" alt="" class="wp-image-559343" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20185609/unnamed-5.png 687w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/20185609/unnamed-5-300x263.png 300w" sizes="(max-width: 687px) 100vw, 687px" /><figcaption class="wp-element-caption">Courtesy of Viridian Capital Advisors </figcaption></figure>
<h3 class="wp-block-heading">Market Perception of Undervalued Cannabis Stocks</h3>
Companies like Planet 13 Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNH#OTC">PLNH</a>) and MariMed (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>), which initially appeared undervalued based on traditional EV/EBITDA multiples, saw significant valuation increases when Viridian Capital&#8217;s augmented EV calculations factored in hidden debt. This reveals that investors who overlook these liabilities might mistakenly view these companies as more attractive investments than they truly are.
<h3 class="wp-block-heading">Impact of Debt on Investor Sentiment</h3>
In contrast, companies such as Schwazze (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SHWZ#OTC">SHWZ</a>), Vext Science (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VEXTF#OTC">VEXTF</a>), and Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTII#OTC">GTII</a>) show minimal changes in valuation, suggesting cleaner balance sheets that could strengthen investor confidence.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/09/40880241/5-reasons-why-lower-interest-rates-could-boost-the-cannabis-industry">5 Reasons Why Lower Interest Rates Could Boost The Cannabis Industry</a>

Cannabis

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Financing

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GTII

MRMD

PLNH

SHWZ

VEXTF

Don't Let Hidden Debt Fool You: How Cannabis Investors Can Tell If They Are Safe

In a dramatic turn, Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) announced its breakup with Uruguay, closing operations by the end of September 2024. Acquired for $263 million in 2018, Aurora&#8217;s exit underscores a harsh reality: the market failed to meet its criteria for future growth, dashing hopes of becoming a leader in medical marijuana and hemp production.
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<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
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<h3 class="wp-block-heading">Challenges In Paradise</h3>
Despite its potential, <a href="https://www.benzinga.com/markets/cannabis/24/09/40958522/multi-million-dollar-cannabis-facility-auctioned-for-the-price-of-a-studio-apartment-whats-going">Uruguay's cannabis industry</a> has struggled with costly production and stagnant sales. The country faced numerous challenges, including a limited variety of strains and restricted THC flower availability, which hindered product diversity and the development of a robust supply chain. 
Additionally, a lack of regulations to transition cannabis clubs into dispensaries and to support cannabis tourism stifled growth. Ultimately, the government&#8217;s failure to respond to market signals for a more open and diverse cannabis market has contributed to the industry's stagnation, mirroring issues seen in <a href="https://www.benzinga.com/topic/colombia-cannabis">Colombia</a>&#8216;s bottlenecked retail segment.
Since legalizing marijuana over a decade ago, the country has seen less than $30 million in exports, while other sectors thrive.&nbsp;
The lack of a robust business framework, compounded by regulatory hurdles, has <a href="https://www.batimes.com.ar/news/latin-america/marijuana-companies-are-fleeing-uruguay-the-first-nation-that-legalized-recreational-marijuana.phtml">driven</a> many companies—including Pharmin and Global Cannabis Holdings—out of the market.
<h3 class="wp-block-heading">Exclusive Comments &nbsp;</h3>
An Aurora spokesperson told Benzinga Cannabis, "Our decision to exit Uruguay is part of a strategic focus on optimizing our global operations and concentrating resources on core markets that support sustainable growth."&nbsp;
The spokesperson emphasized Aurora's commitment to positive cash flow. "We are prioritizing investments in markets where we can achieve sustainable profitability." 
The person added that the decision aligns with Aurora's goal of long-term value creation for shareholders. "Our operations in Uruguay, managed through our wholly owned subsidiary ICC Labs, did not meet the criteria for our future growth strategy."
The spokesperson concluded, "While we recognize the challenges in Uruguay, we remain focused on leading in regulated markets like Canada, Germany, Poland, <a href="https://www.benzinga.com/topic/uk-cannabis">the UK</a>, and <a href="https://www.benzinga.com/topic/australia-cannabis">Australia</a>."
<h3 class="wp-block-heading">Aurora Turns The Page Focused On Global Markets&nbsp;</h3>
Aurora Cannabis continues to solidify its position in the global cannabis market, accounting for over 30% of Canada's medical <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40512437/aurora-cannabis-dominates-30-of-canadas-medical-marijuana-exports-will-its-bold-int">marijuana exports</a>. In the first half of 2024, international sales reached $28.9 million (C$39.3 million), driven by key markets such as Australia and <a href="https://www.benzinga.com/topic/germany-cannabis">Germany</a>, following the full acquisition of <a href="https://www.benzinga.com/markets/cannabis/24/02/37185129/aurora-cannabis-acb-canaccord-genuity-analysts-say-nows-the-time-to-buy-find-out-why">MedReleaf</a>.&nbsp;
In August, the company <a href="https://www.benzinga.com/markets/cannabis/24/08/40219701/aurora-cannabis-shares-jump-on-q1-fy25-earnings-global-medical-marijuana-yields-record-revenue-o">reported</a> a cash position of approximately $134 million (C$182 million) and a positive free cash flow of $4.8 million (C$6.5 million) in Q1 FY2025.&nbsp;
Management anticipates that with adjusted EBITDA up 87% year-over-year, Aurora&#8217;s focus on high-margin medical cannabis will drive growth and profitability in the coming quarters.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/09/40958672/aurora-cannabis-ceo-takes-on-dual-role-heres-whats-behind-the-leadership-change">Aurora Cannabis CEO Takes On Dual Role: Here&#8217;s What&#8217;s Behind The Leadership Change</a>

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NASDAQ-Listed Aurora Cannabis Breaks Up With Uruguay: It's Not You, It's The Market

Anthony Scaramucci, who worked very briefly as White House Communications Director under former President Donald Trump, in an interview published on Wednesday shared his insights into the <a href="https://www.benzinga.com/news/24/09/40913930/kamala-harris-moves-from-13-point-deficit-to-7-point-lead-over-trump-in-survey-of-fund-managers-stra">2024 presidential race</a>.
Impressed With Harris: Vice President Kamala Harris has done a good job so far despite her late-entry into the race, said Scaramucci in an <a href="https://www.wsj.com/video/events/anthony-scaramucci-on-harris-vs-trump/C105B408-F8D1-4E0C-8B21-79D02BF0E52D.html?mod=WSJvidctr_upnext_pos0">interview</a> with The Wall Street Journal. When President Joe Biden decided to quit the race and endorsed her, she had to simultaneously do three things &#8211; merging her staff with his re-election team, get the delegates to commit to her and also find a way to be respectful to the president, he said.
The vice president had to get the nomination, knocking the other potentially contenders, and prepare for the debate as well, he said. &#8220;I think she's done an incredible job in a very short period of time,&#8221; he added. 
The critics may still point out that she needs to do more interviews, flesh out her economic agenda and speak with greater clarity about what she wans to do, what her vision is, Scaramucci said. All that is coming and she started the process but she may not do as many interviews as the media would like, he said.
&#8220;If you think about where she was on July 21st and where she is here in the middle of September I think II would give her an A plus in terms of her execution,&#8221; he added.
See Also: <a href="https://www.benzinga.com/news/24/09/40936316/elon-musk-says-warren-buffett-is-positioning-for-kamala-harris-win-with-his-277b-cash-pile-as-pro-tr">Elon Musk Says Warren Buffett Is Positioning For Kamala Harris Win With His $277B Cash Pile As Pro-Trumper John Paulson Warns Of Equity Market Exit</a>
How Harris Differs: Scaramucci said the vice president differed from Trump in building a team or coalition. &#8220;If you like President Trump&#8230;. you sort of know what you're getting. You're getting a team of one. It's him. He's in the spotlight,&#8221; the ex-White House aide said.
Trump doesn&#8217;t like other people speaking for him, which was evident when he rebuked his running mate Sen. JD Vance (R-Ohio) during the debate for speaking for him, Scaramucci said. Harris has gone now to a very broad group of people and asked for help from Republicans and Democrats on debate prep, he added. 
To make his case, Scaramucci noted that he, who was a lifelong Republican, was called to go into the spin room and advocate on her behalf, and she got the endorsement of former Republican Congresswoman Liz Cheney and her father and former Vice President Dick Cheney.
&#8220;Think of the coalition that she's building and and think about her willingness to do that,&#8221; he said.
3 Focal Points: Scaramucci said irrespective of who wins, three things are important. The next president should strengthen U.S.&#8217; alliances and move toward the allies and not away from them. &#8220;That would send a very big message to the world that America is committed to peace and long term prosperity for our trading partners and for the cause of freedom around the world,&#8221; he said. Trump, meanwhile, wants to go toward isolationism, he added.
Secondly, the U.S. has to address the<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"> looming debt crisis, </a>Scaramucci said. &#8220;When you are spending over a trillion dollars of tax receipts on interest payments and you're looking at $2 trillion deficits a year we have to do something about that and we can fix that&#8230; but it would take 15 or 20 years,&#8221; he said. He called upon Americans to back the political leader who is offering a 10-20 year plan to right-size the deficits. 
The third important thing would be to redo the tax code to create more economic incentives for growth in the blue states, Scaramucci said. The state and local income tax deduction limitation that the Trump administration put in, in Dec. 2017 has hurt the overall economy, he said.
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<li>Lawmakers Made Huge Investments This Year.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Media

Scaramucci: Donald Trump Is A 'Team Of One', Kamala Harris Has 'Done An Incredible Job'

Arab-American voters, represented by 31-year-old Palestinian American Ruwa Romman, face a complex <a href="https://www.benzinga.com/topic/2024-election" target="_blank" rel="noreferrer noopener">dilemma this election season</a> in Georgia.
Romman, a legislator in the swing state, was nominated to represent the Uncommitted National Movement, <a href="https://www.aljazeera.com/features/longform/2024/9/18/denied-the-democratic-convention-stage-ruwa-romman-focuses-on-whats-next" target="_blank" rel="noreferrer noopener">reported</a> Al Jazeera. This protest initiative aims to urge Democratic presidential nominee Kamala Harris to reconsider her support for Israel&#8217;s actions in Gaza.
While she planned to share her family&#8217;s story at the Democratic National Convention in mid-August, she didn&#8217;t get the chance.
Nonetheless, her advocacy outside the convention has propelled her into the national spotlight.
Romman embodies the struggle many Arab-Americans experience as they balance their support for the Democratic Party with criticism of its largely pro-Israel platform.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40969619/trump-ally-sarah-huckabee-sanders-jabs-kamala-harris-for-not-having-biological-children-doesnt-have" rel="noreferrer noopener">Trump Ally Sarah Huckabee Sanders Jabs Kamala Harris For Not Having Biological Children: &#8220;Doesn&#8217;t Have Anything Keeping Her Humble!&#8221;</a>
Romman was among three speakers proposed by the movement to convey the Palestinian experience at the convention.
In an interview with Al Jazeera, she mentioned that, had she been allowed to speak, her address would have included an endorsement for Harris.
Romman viewed her potential speech as a chance to humanize the plight of Palestinians, who have lost over 41,250 lives in the ongoing conflict. When questioned about whether she would rule out endorsing Harris, Romman indicated that she didn&#8217;t have a definite answer. She mentioned that she had extended her endorsement, but noted that neither the Harris campaign nor the DNC acknowledged it.
Regarding the issue of an official endorsement, she remarked that it was more a matter for them to decide, rather than for her.
Born in Jordan, Romman made history in 2022 as the first Muslim woman elected to the Georgia State House of Representatives. She was part of a record wave of 153 Muslim-American candidates who won office during that year&#8217;s midterm elections.
Read Next:
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Georgia's Ruwa Romman: First Muslim Woman in State House Navigates Complex Political Landscape

<a href="https://www.benzinga.com/topic/kevin-oleary">Kevin O'Leary</a>, the outspoken investor known as <a href="https://www.benzinga.com/startups/24/09/40839130/were-looking-for-a-real-a-e-and-youre-in-kevin-oleary-on-how-he-got-his-infamous-shark-tank-role">&#8220;Mr. Wonderful&#8221; from Shark Tank</a>, didn't always plan on being a business mogul. His first love was something completely different: photography.&nbsp;
Fresh out of high school, Kevin dreamed of turning his passion into a career. He even set up a lab in his basement and was doing everything he loved. But his father had a harsh dose of reality for him.
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"You're not good enough and you'll starve to death," his dad bluntly told him. His father pushed him to go to college and earn a degree, telling him not to follow his heart. This tough love turned out to be some of the best advice Kevin could have received, even though it might have felt like his aspirations were being dashed.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">When I first wanted to be a photographer, My dad told me I wasn&#39;t good enough—I&#39;d starve. So, I got an MBA and ended up building and selling a company for $4.2 billion. It all came together—business, creativity, and the drive to win. I wouldn&#39;t change a thing. <a href="https://t.co/Xv8ttJFk2V">pic.twitter.com/Xv8ttJFk2V</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1836031341428633623?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
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Trending: General Motors and other leaders revealed to be<a href="https://www.benzinga.com/money/energyx"> investing in this revolutionary lithium start-up — allowing easy entry by launching at just $9.50/share with a $1,000 minimum.</a>
Kevin took his father's advice and went to college, eventually earning an MBA. Though it wasn't part of his original plan, this degree would later be a game-changer. He soon found a way to merge his passion for photography and production with his business skills, launching his first company, Special Event Television, which produced programming for East Coast hockey games.
That first venture set the stage for a highly successful career. Kevin and his co-founders eventually sold the company and Kevin used the money to start his next venture, a software business called Softkey, which he later sold for $4.2 billion.
Trending: Unlock a $400 billion opportunity by investing in the future of EV infrastructure on<a href="https://www.benzinga.com/money/dunamis-1"> this startup already valued at $50 million with just $500</a>.
Still in his mid-30s,<a href="https://www.benzinga.com/startups/24/09/40776473/it-was-boring-kevin-oleary-explored-every-beach-on-earth-after-he-first-got-rich-but-the-highs-and-l"> Kevin decided to retire</a> and live the kind of financially independent life that most of us can only imagine. He traveled the world, visiting the most beautiful beaches and other stunning locations. However, something unexpected happened – he found himself bored in spite of the luxury and endless travel. &#8220;I went to every beach on Earth,&#8221; he says, but after three years, &#8220;It was really boring.&#8221;
Trending: Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US.<a href="https://www.benzinga.com/money/miami-take-new-yorks-place-financial-capital"> Investing in its booming real estate market has never been more accessible.</a>
The excitement of creating something, taking chances and participating in the business world was something he missed. Retirement proved unsatisfactory, even though it seemed like the ultimate goal.
Apart from his father giving him tough advice, Kevin also credits his mother for giving him some of the best financial advice he ever received. <a href="https://www.benzinga.com/general/24/05/39037170/shark-tanks-kevin-oleary-declares-the-best-advice-he-ever-received-from-his-mom-spend-the-interest-n">She taught him</a> and his brother a simple but effective lesson: "Boys, never spend the principal, only the interest." Although he didn&#8217;t fully understand it then, this lesson has guided him throughout his life and career.
Kevin O'Leary's life story shows that success typically doesn't follow a straight line but often involves following difficult-to-hear advice.
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Startups

Kevin O'Leary's Dad Warned Him He'd 'Starve To Death' If He Pursued His Passion. Getting An MBA Ended Up Changing His Life

<a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> returned to North Carolina on Saturday to campaign in Wilmington, a key battleground in the upcoming November election.
However, he was without Lt. Gov. Mark Robinson, the GOP gubernatorial nominee and one of Trump&#8217;s primary supporters in the state, <a href="https://apnews.com/article/trump-mark-robinson-north-carolina-wilmington-1bc79594567860c9ffe7f44375fac847" target="_blank" rel="noreferrer noopener">reported</a> AP News.
A CNN <a href="https://edition.cnn.com/2024/09/19/politics/kfile-mark-robinson-black-nazi-pro-slavery-porn-forum/index.html" target="_blank" rel="noreferrer noopener">report</a> on Thursday regarding Robinson&#8217;s inflammatory remarks about race, gender, and sexual orientation <a href="https://www.benzinga.com/news/24/09/40968051/republicans-in-damage-control-mode-after-mark-robinsons-remarks-spark-concern-for-trump-campaign-goi" target="_blank" rel="noreferrer noopener">has left the Republicans scrambling</a>.
As per the CNN report, Robinson commented on a pornography website&#8217;s message board, where he self-identified as a &#8220;Black Nazi&#8221; and expressed a desire for the return of slavery.
Democrats, on the other hand, are highlighting Robinson&#8217;s connections to other candidates, including Trump, who has previously praised the North Carolina lieutenant governor.
Also Read:<a target="_blank" href="https://www.benzinga.com/news/24/09/40968051/republicans-in-damage-control-mode-after-mark-robinsons-remarks-spark-concern-for-trump-campaign-goi" rel="noreferrer noopener"> Republicans In Damage Control Mode After Mark Robinson&#8217;s Remarks Spark Concern For Trump Campaign: &#8216;Going To Have An Up-Ballot Effect,&#8217; Says GOP Consultant</a>
Robinson was not scheduled to attend the Wilmington event, said AP News, citing two individuals with knowledge of the situation, who requested anonymity.
Although Robinson secured victory in his GOP gubernatorial primary back in March, he has fallen behind Democratic nominee Josh Stein, the state attorney general, in several recent polls.
State Republican leaders continue to support Robinson, but his choice to persist with his campaign might jeopardize the GOP&#8217;s chances in other crucial races, including Trump&#8217;s efforts in a battleground state he has won twice before.
Trump has consistently expressed admiration for Robinson, a Black politician, calling him a figure reminiscent of Martin Luther King, but with added intensity. When endorsing Robinson prior to the GOP gubernatorial primary, Trump stated that he believes Robinson surpasses King in significance, AP News added.
While presidential candidates have focused more on the Rust Belt states like Pennsylvania, Michigan, and Wisconsin, both Trump and Harris have made several visits to North Carolina, underscoring the state&#8217;s significance.
After Biden exited the race in July, Trump organized his first major rally there, shifting his attention entirely toward Harris.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Controversial Ally Mark Robinson Absent From Donald Trump Rally In Pivotal North Carolina

Mary Trump, a psychologist and author, last week shared her thought on her uncle <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump</a><a href="https://www.benzinga.com/topic/donald-trump">&#8216;s</a> psychology and also the media sane-washing him.
Lover Of Violence: Mary Trump called her uncle a lover of violence, especially when it is committed on his behalf, <a href="https://www.marytrump.org/p/the-bringer-of-violence">said</a> Mary Trump in a Substack post. Weighing in on a second assassination attempt against the former president, she noted that it was only a few days before the incident that he refused to condemn the bomb threats, school evacuations, and general sense of terror in Springfield, Ohio, that he and his running mate Sen. JD Vance (R-Ohio) have unleashed by their &#8220;vicious targeting of Haitian immigrants who live and work there.&#8221;
&#8220;Threats of violence and actual violence from the right are now a regular part of our political discourse and behavior —Donald makes sure of that on an almost daily basis,&#8221; she said.
Mary Trump noted that in early days of her uncle&#8217;s 2016 campaign, he encouraged rally goers to assault protesters. &#8220;Before and during the assault on the Capitol on Jan. 6, 2021, Donald encouraged and stoked violence and people listened,&#8221; she said. 
&#8220;Every day, Americans pay the price while Donald sets the world on fire with his provocations and then spends the day playing golf, completely insulated from the chaos he sows,&#8221; she added.
The former president believes that the only way to maintain his grip on power is to &#8220;keep us divided, angry, and afraid,&#8221; Mary Trump said.
&#8220;America can't go on like this,&#8221; she said, adding that &#8220;I worry about what will happen in the next 50 days and the uncertain weeks that will follow.&#8221; 
See Also: <a href="https://www.benzinga.com/content/40955366/anthony-scaramucci-says-trumps-3-legged-stool-strategy-of-racism-misogyny-and-anti-immigration-will">Anthony Scaramucci Says Trump&#8217;s 3-Legged Stool Strategy Of &#8216;Racism, Misogyny And Anti-Immigration&#8217; Will Misfire: Here&#8217;s What Would Seal The Deal For Kamala Harris</a>
Sane-washing Trump: Mary Trump also <a href="https://www.youtube.com/watch?v=fzAaOdvkIDw">shared</a> a MSNBC interview in which she discussed about the media sane-washing Donald Trump. &#8220;They are just pretending that he said these understandable, coherent things but much worse than that they are imbuing his meaningless statements with meaning that is not there,&#8221; she said. This makes the former president more serious and less delusional than he actually is, she added.
For years now, it has been told that some of the most disqualifying things about Donald Trump are baked in and so nobody cares about them anymore, the psychologist said. But she called it as a &#8220;wrong take.&#8221; This &#8220;gives him an enormous advantage because he can do anything and we are all just supposed to assume that that&#8217;s just fine and it gives him permission to get away with worse,&#8221; she said. 
Although this isn&#8217;t anything new, it is now just increasingly less hinged, more delusional, more dangerous, Mary Trump said, adding that the people he surrounds himself with have always been awful, they too are becoming more dangerous to democracy and to American citizens.
Mary Trump also delved into her uncle&#8217;s claims about <a href="https://www.benzinga.com/news/24/09/40937559/jd-vances-unverified-rumors-about-haitian-immigrants-stir-gop-discomfort-distracting-from-real-issue">Haitian illegal immigrants eating pets in Springfield, Ohio</a>. This is just the latest example of something he has been doing for years. This is stochastic terrorism,&#8221; she said, adding that this is deadly serious.
&#8220;Donald Trump has and will get people killed because of his dangerous rhetoric and the fact that he is willing to stop at nothing if he thinks demeaning the most vulnerable people among us is going to get him another vote,&#8221; Mary Trump said.
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Mary Trump Says Americans Pay The Price As Her Uncle Sets World On Fire With His Provocations: 'I Worry About What Will Happen'

Wall Street is rejoicing as the Federal Reserve&#8217;s half-point rate cut triggers a market rally, even amidst rising apprehensions <a href="https://www.benzinga.com/general/market-summary/24/08/40429168/s-p-500-records-best-week-of-the-year-amid-favorable-economic-reports-what-really-drove-th">about inflated valuations</a>.
What Happened: The Federal Reserve&#8217;s lenient approach has uplifted the economic forecast, resulting in a jump in U.S. stocks and commodities, and a reduction in bond market volatility. 
The Nasdaq 100 experienced its most significant two-week surge since November, dismissing worries that the Fed chief had postponed concluding a two-year fight against inflation.
Nonetheless, inflated valuations are emerging as a substantial hurdle, leaving little margin for mistakes if any event disrupts investors&#8217; large-scale bets, <a href="https://www.bloomberg.com/news/articles/2024-09-20/risk-appetites-rage-as-powell-proves-hero-in-high-priced-markets?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a> Bloomberg.
A model adjusting S&amp;P 500 earnings yields and 10-year Treasury rates for inflation suggests that cross-asset pricing is now higher than at the commencement of all previous 14 Fed easing cycles, typically linked with recessions.
Also Read: <a href="https://www.benzinga.com/news/24/08/40541128/fed-chair-powells-signal-sets-stage-for-rate-global-central-banks-hint-at-interest-rate-cuts-in-revi">Fed Chair Powell&#8217;s Signal Sets Stage For Global Rate Cuts As Central Banks Aim To Revive Economy</a>
Lauren Goodwin, economist and chief market strategist at New York Life Investments, cautions that while high prices are just one factor contributing to a multifaceted market environment, they amplify market vulnerability if any other aspect goes awry.
U.S. stocks surged, propelling the S&amp;P 500&#8217;s total return for 2024 above 20%. The index leaped 1.7% on Thursday, marking its 39th record close of the year, following the Fed&#8217;s rate cut and data indicating labor market resilience.
However, many stock-valuation measures are stretched, including the Buffett indicator, which divides the total market capitalization of U.S. stocks by the total dollar value of the nation&#8217;s GDP. This indicator is near a record high, at a time when Warren Buffett has recently downsized some high-profile equity holdings.
Why It Matters: Despite these concerns, the rally in U.S. stocks persists, justified by earnings growth keeping pace with high valuations.
However, the potential for disappointment is high in the Treasury market, where futures trading continues to anticipate more interest-rate cuts than Fed policymakers themselves see as likely over the next year.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Fed Rate Cut Fuels Market Rally Amidst Valuation Fears

In a recent podcast interview, Facebook founder Mark Zuckerberg shared his parenting philosophy, emphasizing the importance of individuality over fame.
What Happened: Zuckerberg recounted a conversation with his 7-year-old daughter August Chan Zuckerberg, where he encouraged her to aspire to be herself rather than a celebrity. This discussion was prompted by her desire to be like Taylor Swift.
According to a report <a href="https://www.businessinsider.com/mark-zuckerberg-taylor-swift-daughter-parenting-lesson-2024-9">by</a> Business Insider, Annie Wright, a therapist who works with affluent parents, praised Zuckerberg&#8217;s advice. She noted that parents often grapple with their children&#8217;s growing desire to become influencers. Wright urges parents to help their children cultivate a strong sense of self-worth and individuality, instead of pursuing popularity.
According to the outlet, Zuckerberg said in the interview, &#8220;I was like, &#8216;But you can&#8217;t. That&#8217;s not available to you. And she thought about it and she&#8217;s like, &#8216;Alright when I grow up I want people to want to be like August Chan Zuckerberg, and I was like, &#8216;Hell yeah. Hell yeah.'&#8221;
Wright also highlighted that children from high-achieving families often experience intense pressure to succeed, leading to feelings of inadequacy. She promotes the idea of parents downplaying goals like fame and having open dialogues about its drawbacks.
Also Read: <a href="https://www.benzinga.com/news/22/12/30195280/elon-musks-ex-girlfriend-grimes-says-mark-zuckerberg-wildly-under-qualified-to-run-metaverse">Elon Musk&#8217;s Ex-Girlfriend Grimes Says Mark Zuckerberg &#8216;Wildly Under Qualified&#8217; To Run Metaverse</a>
&#8220;His advice to his daughter to aspire to be herself, not Taylor Swift or some other icon, I do think it&#8217;s an important reminder for all parents,&#8221; Wright told the outlet.
Part of Zuckerberg&#8217;s parenting strategy includes assigning chores to his children, a practice Wright believes is an effective way to teach vital life skills, particularly in affluent families. 
She stated, &#8220;Chores create an understanding that rewards come from effort, not entitlement.&#8221;
Also Read: <a href="https://www.benzinga.com/general/entertainment/24/09/40869299/mother-sells-taylor-swift-tickets-over-stars-endorsement-of-kamala-harris-im-gonna-shake-it">Mother Sells Taylor Swift Tickets Over Star&#8217;s Endorsement Of Kamala Harris: &#8216;I&#8217;m Gonna Shake It Off, And I&#8217;m Done With You&#8217;</a>
Why It Matters: Zuckerberg&#8217;s parenting approach offers a unique perspective in a society where fame and celebrity status are often glamorized. His advice underscores the importance of self-worth and individuality, values that can help children navigate the pressures of growing up in high-achieving families. 
Furthermore, his emphasis on chores as a means to teach life skills provides a practical approach to parenting that encourages effort and discourages entitlement. 
This advice is particularly relevant in today&#8217;s digital age, where the allure of becoming an influencer can often overshadow the importance of personal growth and self-discovery.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Social Media

Zuckerberg Tells His Daughter She Can't Be Like Taylor Swift: 'You Can't Do It, That's Not Available To You'

A recent survey revealed that more than half of voters back pop star <a href="https://www.benzinga.com/topic/taylor-swift" target="_blank" rel="noreferrer noopener">Taylor Swift</a><a href="https://www.benzinga.com/topic/taylor-swift" target="_blank" rel="noreferrer noopener">&#8216;s</a> initiative to encourage her fans to <a href="https://www.benzinga.com/general/entertainment/24/09/40869299/mother-sells-taylor-swift-tickets-over-stars-endorsement-of-kamala-harris-im-gonna-shake-it" target="_blank" rel="noreferrer noopener">participate in this year&#8217;s election</a>.
However, this support has dropped by 15 points since February, partly due to a conspiracy theory suggesting the Super Bowl was rigged, <a href="https://thehill.com/blogs/in-the-know/4888659-taylor-swift-voter-turnout-effort/?tbref=hp\" target="_blank" rel="noreferrer noopener">reported</a> The Hill, citing the latest Monmouth University <a href="https://www.monmouth.edu/polling-institute/reports/monmouthpoll_us_091924/" target="_blank" rel="noreferrer noopener">poll</a>.
&#8220;Interestingly, support for the singer&#8217;s get-out-the-vote (GOTV) efforts were much higher <a href="https://www.monmouth.edu/polling-institute/reports/monmouthpoll_us_021424/" target="_blank" rel="noreferrer noopener">seven months ago</a>, when she was the subject of a debunked conspiracy theory around the election and the Super Bowl,&#8221; said Patrick Murray, director of the independent Monmouth University Polling Institute.
Swift has been recognized for directing a massive influx of over 330,000 visitors to vote.gov,&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/09/40807445/taylor-swift-says-i-will-be-casting-my-vote-for-kamala-harris-and-tim-walz-takes-a-dig-at-j" rel="noreferrer noopener">following her public endorsement</a>&nbsp;of Vice President&nbsp;Kamala Harris. This surge occurred less than 24 hours after Swift&#8217;s endorsement after the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/09/40806876/final-showdown-trump-and-harris-face-off-in-intense-debate-just-eight-weeks-before-election-day" rel="noreferrer noopener">debate between</a>&nbsp;Harris and former President&nbsp;Donald Trump.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40870369/trumps-i-hate-taylor-swift-met-with-witty-response-from-harris-campaign-the-american-people-want-to" rel="noreferrer noopener">Trump&#8217;s &#8216;I Hate Taylor Swift&#8217; Met With Witty Response From Harris Campaign: &#8216;The American People Want To Be Out Of The Woods&#8217;</a>
However, the poll shows that 53% of voters support Taylor Swift&#8217;s efforts to encourage her fans to vote, while 35 percent disapprove, The Hill added. Additionally, 12% of respondents indicated that they were unsure.
&#8220;Republicans were wary of Swift all along. What we don&#8217;t know is whether this will have any effect on the part of her fan base who already leans right,&#8221; Murray added.
Swift is currently in a relationship with Kansas City Chiefs tight end Travis Kelce and was present at the team&#8217;s Super Bowl game against the San Francisco 49ers in Las Vegas. During that time, a conspiracy theory emerged suggesting that the game might be manipulated to benefit the Chiefs and maximize exposure for a potential Swift endorsement of President Biden.
No evidence supported this theory, nor had Swift made any endorsements at that point. However, Monmouth noted a significant decline in support for Swift&#8217;s voting initiatives following the conspiracy, the report added.
Despite Taylor Swift&#8217;s endorsement of the Democrats, an ABC News/Ipsos poll conducted earlier this week revealed that 81% of respondents believe her support for Kamala Harris will not affect their voting decisions.
Only 6% indicated they were more likely to vote for Harris due to Swift&#8217;s endorsement, while 13% said it made them less inclined to support the Democratic ticket, The Hill added.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Support For Taylor Swift's Get-Out-The-Vote Efforts Have Dropped 15 Points Since February Amid Super Bowl Conspiracy Theory

Employees at OpenAI have voiced their dissatisfaction with the company&#8217;s proposed new logo, which they have described as &#8220;ominous&#8221; <a href="https://www.benzinga.com/news/24/03/37440684/openais-sam-altman-has-an-estimated-2-billion-net-worth-and-much-of-it-doesnt-come-from-ai">and lacking in creativity</a>.
What Happened: The proposed logo – a large black &#8220;O&#8221; – was revealed at a recent company-wide meeting. This new design is a stark contrast to the current hexagonal flower symbol, which was designed to symbolize &#8220;precision, potential, and optimism.&#8221;
The unveiling of the new design was met with shock and disapproval, with some employees openly expressing their dislike during the meeting, <a href="https://fortune.com/2024/09/20/openai-staffers-unhappy-new-logo-design-ominous/">reports</a> Fortune. 
Insiders suggest that the logo redesign is part of a larger company overhaul scheduled for 2025. This revamp aligns with a planned significant modification to OpenAI&#8217;s corporate structure and an increased emphasis on revenue and investors.
The redesign process, which began about a year ago, is being handled by an internal team. This team consists of new hires from creative agencies and fields such as graphic design. The company&#8217;s current logo, referred to as &#8220;our most recognizable brand element,&#8221; was also developed internally.
Also Read: <a href="https://www.benzinga.com/news/24/09/40764804/whats-the-secret-openai-is-battling-to-keep-co-founders-files-confidential-heres-why">What&#8217;s The Secret? OpenAI Is Battling To Keep Co-Founder&#8217;s Files Confidential, Here&#8217;s Why</a>
Despite the strong reactions, the design of the new logo may undergo further changes, considering the staff&#8217;s attachment to the current logo and the negative feedback received. The final design is expected to be revealed as early as next year.
Why It Matters: The logo redesign is indicative of the broader changes taking place within OpenAI. As the company shifts its focus towards revenue and investors, it is also altering its corporate structure and brand identity. 
The strong reactions from employees highlight the significance of these changes and the potential impact they could have on the company&#8217;s culture and public perception. 
The final design of the logo, expected to be unveiled next year, will be a key indicator of the direction OpenAI is taking in this new phase of its evolution.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

OpenAI's Employees See This Latest Creation As 'Ominous' – What Is It?

Mark Zuckerberg, CEO of Meta, has been seen sporting luxury watches that rival the <a href="https://www.benzinga.com/news/24/07/39999229/dont-look-now-but-zuckerbergs-threads-is-picking-up-steam">cost of a Tesla Cybertruck</a>.
What Happened: Zuckerberg was recently seen wearing a De Bethune DB 25 Starry Varius watch during an <a href="https://www.youtube.com/watch?v=QciJ9ubeLQk">interview</a>.
According to the report <a href="https://nypost.com/2024/09/19/lifestyle/mark-zuckerberg-wears-watch-that-costs-as-much-as-a-cybertruck/">by</a> The New York Post, this luxury timepiece is estimated to be worth between $90,000 and $95,700, nearly the price of a Tesla Cybertruck, which is listed at $99,990.
Earlier this month, Zuckerberg was photographed on Instagram alongside his wife, Priscilla Chan, wearing a Patek Phillipe watch — a 5236P model, which carries a price tag of more than $141,000.
Also Read: <a href="https://www.benzinga.com/news/24/09/40867264/big-techs-security-spending-spree-zuckerberg-leads-in-lavish-security-measures">Big Tech&#8217;s Security Spending Spree: Zuckerberg Leads In Lavish Security Measures</a>
This change in Zuckerberg&#8217;s style is a noticeable departure from his typical wardrobe of hoodies, jeans, and sneakers. His new fashion choices include designer pieces like an Alexander McQueen suit decorated with silver dragonflies.
Despite the speculation surrounding his style evolution, a spokesperson for Meta confirmed to The Times that Zuckerberg &#8220;mostly buys clothes he finds on Instagram&#8221; and occasionally seeks advice for formal events and occasions.
Why It Matters: Venky Ganesan, a partner at Menlo Ventures, suggests that Zuckerberg&#8217;s style evolution could be &#8220;very good for business.&#8221; 
As the CEO of a major tech company, his personal brand and image can influence public perception of the company. His shift towards more luxurious attire could reflect the company&#8217;s growth and success.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Mark Zuckerberg Flaunts Watches Valued at a Cybertruck's Price

Many Americans are banking on working longer to make up for a <a href="https://www.benzinga.com/personal-finance/24/08/40295808/youre-40-50-or-60-do-you-know-how-much-you-should-have-saved-for-retirement-by-now">lack of retirement savings</a>. According to a recent CNBC and SurveyMonkey survey, about 27% of workers plan to stay employed during their retirement years to boost their income.&nbsp;
The poll, conducted in early August, included over 6,600 U.S. adults, split between retirees and those still in the workforce.
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It's a strategy that sounds solid at first glance. After all, staying employed into your 60s or 70s should allow you to continue earning money while giving your retirement savings more time to grow. But according to financial experts, this plan might not be as foolproof as it seems.
The Risk of Working Longer
While extending your working years is appealing, it doesn't always go according to plan. Health issues or unexpected layoffs can suddenly throw a wrench in those plans. "It sounds great on paper," said Philip Chao, founder of Experiential Wealth in Maryland. "But reality could be very different."
If workers are forced out of the job market sooner than expected, they may find themselves scrambling to stretch out their retirement savings, and that's where things can get tricky.
Trending: <a href="https://www.benzinga.com/money/charlie-munger-100k">Charlie Munger said if you want to be rich, &#8220;find a way to get your hands on $100,000&#8221; — here&#8217;s what he means.</a>
Early Retirement Happens More Often Than You Think
Data shows that many Americans end up retiring earlier than they intended. According to a Gallup poll, a consistent five-year gap exists between when people expect to retire and when they do. In 2023, for instance, non-retirees anticipated working until age 66, but most retirees had <a href="https://www.benzinga.com/personal-finance/24/04/38439971/should-you-begin-collecting-social-security-at-62-67-or-70-the-right-answer-may-depend-on-your-b">left the workforce by 62</a>.
This trend isn't new. Research from the <a href="https://www.ebri.org/docs/default-source/rcs/2023-rcs/rcs_23-fs-2.pdf?sfvrsn=708d392f_4#:~:text=The%20RCS%20has%20consistently%20found,'%20expectations%20and%20retirees'%20experiences.">Employee Benefit Research Institute</a> (EBRI) shows that 46% of retirees <a href="https://www.benzinga.com/personal-finance/24/06/39497325/the-average-millennial-expects-to-retire-before-60-why-many-think-this-is-unattainable">left the workforce earlier than planned</a>. So while a third of workers say they aim to retire at 70 or later – or maybe never – only 6% of retirees manage to stick around that long.
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>
The "Escape Valve" That Might Not Work
Many Americans rely on the idea of pushing back retirement as a kind of "escape valve" for financial security. However, as Chao puts it, "saying it and doing it are two totally different things." He warns that this assumption could be a "very dangerous" gamble.
The reasons for those who retire earlier than expected are often out of their control. According to the EBRI survey, 35% retired early due to health issues or disabilities, while 31% faced company-related changes like layoffs.
Working longer seems like a simple solution to building up retirement funds, but reality is far more unpredictable. Life throws curveballs, and relying too much on a late retirement may not be the <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">safety net people think it is</a>. Having other options in place is crucial because sometimes, life has other plans.
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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/red-ventures"> The percentage may shock you</a>.</li>
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Personal Finance

People Who Don't Save Enough For Retirement Think Working Longer Will Help – But Experts Warn This 'Escape Valve' Is A Dangerous Gamble

The U.S. Securities and Exchange Commission (SEC) is preparing to reprimand Elon Musk for his absence from a scheduled hearing. This testimony is part of an ongoing investigation into Musk&#8217;s $44 billion acquisition of X, <a href="https://www.benzinga.com/news/24/08/40147580/heres-how-an-elon-musk-backed-pac-harnesses-voter-data-to-support-donald-trump">previously known as Twitter</a>.
What Happened: Musk was expected to testify before the SEC on September 10. However, Musk&#8217;s lawyer informed the SEC that Musk had to urgently travel to Cape Canaveral, Florida for the launch of SpaceX&#8217;s Polaris Dawn, thereby missing the testimony.
According to a report <a href="https://thehill.com/policy/technology/4891840-sec-reprimands-elon-musk-twitter/">by</a> The Hill, this is the second time Musk has failed to appear before the SEC in relation to the probe into his acquisition of the social media platform, now known as X.
&#8220;Musk has now failed to appear before the SEC twice: first in September 2023, in defiance of a lawful administrative subpoena, and last week, in defiance of a clear court order,&#8221; stated SEC&#8217;s lawyer Robin Andews in the court filing.
Alex Spiro, Musk&#8217;s lawyer, has labeled the SEC&#8217;s sanctions as &#8220;drastic&#8221; and confirmed that a new date for the testimony has been agreed upon. 
Also Read: <a href="https://www.benzinga.com/news/24/09/40866970/new-book-reveals-elon-musks-twitter-buy-fumble-and-mix-up-over-grimes-baby-name">New Book Reveals Elon Musk&#8217;s Twitter Buy Fumble And Mix-Up Over Grimes&#8217; Baby Name</a>
He emphasized that the rescheduling was due to a &#8220;critical&#8221; rocket launch and dismissed concerns of a similar emergency happening in the future.
Meanwhile responding to SEC&#8217;s claim Musk went on X and said that &#8216;actual crimes go unpunished&#8217;. 
<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">While actual crimes go unpunished
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1837387386637930896?ref_src=twsrc%5Etfw">September 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The SEC&#8217;s reprimand of Musk underscores the regulatory body&#8217;s commitment to enforcing compliance, even when dealing with high-profile individuals like Musk. 
This incident also highlights the challenges Musk faces in balancing his responsibilities as CEO of Tesla and his other ventures, such as SpaceX. 
The SEC&#8217;s ongoing probe into Musk&#8217;s acquisition of Twitter, now X, is a significant event, given the size of the deal and the potential implications it could have on the social media landscape. 
The outcome of this investigation could set a precedent for future tech acquisitions and regulatory compliance.
Read Next
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Elon Musk Faces SEC Backlash Over Missed Testimony, Quips 'Actual Crimes Go Unpunished'

The popular party game company Cards Against Humanity has hit Elon Musk&#8217;s SpaceX with a $15 million lawsuit. The lawsuit alleges that SpaceX trespassed and <a href="https://www.benzinga.com/news/24/09/40762349/x-faces-major-advertiser-exodus-amid-string-of-elon-musk-controversies">caused damage to their land in Texas</a>.
What Happened: Cards Against Humanity has accused SpaceX of trespassing and littering on their land near the Texas-Mexico border. 
The land, which was bought through crowdfunding in 2017, was reportedly cleared of vegetation and used as a dumping ground by SpaceX&#8217;s Starbase.
The lawsuit was lodged in a Texas court last week. Cards Against Humanity alleges that SpaceX offered to buy the land for less than half its value, giving them a 12-hour ultimatum to accept the offer. 
Also Read: <a href="https://www.benzinga.com/news/24/09/40866970/new-book-reveals-elon-musks-twitter-buy-fumble-and-mix-up-over-grimes-baby-name">New Book Reveals Elon Musk&#8217;s Twitter Buy Fumble And Mix-Up Over Grimes&#8217; Baby Name</a>
In a <a href="https://www.elonowesyou100dollars.com/">letter</a> posted online, the company said, &#8220;Elon Musk's SpaceX was building some space thing nearby, and he figured he could just dump his s&#8212; all over our gorgeous plot of land without asking. After we caught him, SpaceX gave us a 12-hour ultimatum to accept a lowball offer for less than half our land's value.&#8221;
In a humorous twist, the company suggested they would accept Twitter.com as compensation, a nod to Musk&#8217;s recent $44 billion acquisition of the social media platform.
Despite SpaceX purchasing neighboring lots, it has allegedly ignored the &#8220;no trespassing&#8221; sign on Cards Against Humanity&#8217;s land. 
The lawsuit claims that the land has been used as a staging area for SpaceX&#8217;s construction projects, causing damage and straining the game company&#8217;s relationship with its supporters.
Why It Matters: This lawsuit comes at a time when SpaceX has been expanding its operations in Texas, with the purchase of several neighboring lots. 
The alleged trespassing and damage to Cards Against Humanity&#8217;s land could potentially impact SpaceX&#8217;s reputation and future expansion plans. 
Furthermore, the lawsuit could set a precedent for other landowners in the area who may have similar grievances. As of now, SpaceX has not commented on the lawsuit.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Party Game Company Sues Musk's SpaceX: A $15M Land Dispute That Could Change Everything

Famed data analyst Nate Silver&#8216;s election forecast shows Kamala Harris with a better chance of winning the presidency than Donald Trump <a href="https://www.benzinga.com/news/24/09/40669286/harris-vs-trump-this-candidate-leading-in-numerous-polls-transforming-political-landscape">for the first time since August 28</a>.
What Happened: According to his Silver Bulletin <a href="https://www.natesilver.net/p/nate-silver-2024-president-election-polls-model">site</a>, Silver says the race is still up in the air, and the lead could potentially change again due to the forecast being so close to a 50/50 split.
&#8220;Harris is technically the favorite in the model for the first time since Aug. 28 — but the race is a toss-up,&#8221; Silver wrote. He currently gives Harris a 52 percent chance of victory. FiveThirtyEight, founded by but no longer affiliated with Silver, uses a different model that shows Harris with a 60 percent chance of defeating Trump.
Also Read: <a href="https://www.benzinga.com/news/24/09/40869086/trump-vs-harris-new-poll-reveals-post-debate-swing-towards-this-candidate-in-key-state">Trump Vs Harris: New Poll Reveals Post-Debate Swing Towards This Candidate In Key State</a>
Despite Harris&#8217; perceived victory in the presidential debate, Silver&#8217;s model indicates that neither candidate lost or gained much support.
However, Harris did experience a slight increase in support around August 23, following her official nomination as the party&#8217;s candidate at the Democratic National Convention in Chicago, <a href="https://thehill.com/homenews/campaign/4890948-vice-president-harris-leads-trump-poll/">reports</a> Business Insider.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/09/40866884/trump-vs-harris-tense-standoff-in-nail-biter-polls" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Tense Standoff In Nail-Biter Polls</a>
In crucial swing states, Silver&#8217;s model shows Harris leading in Pennsylvania, Wisconsin, Michigan, Nevada, and Minnesota, while Trump is ahead in North Carolina, Georgia, and Arizona.
The Hill/Decision Desk HQ&#8217;s poll aggregation also shows Harris leading Trump nationally by a 3.6 percentage point margin. However, Silver warned that neither side should be overly confident as &#8220;stranger things have happened than a candidate who was behind in the polls winning.&#8221;
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</ul>
Why It Matters: The fluctuating leads in the election forecast underscore the unpredictable nature of the race. 
The fact that Harris has managed to surpass Trump for the first time since August indicates a potential shift in voter sentiment. However, with the race being so close, it&#8217;s clear that the outcome is far from decided.
As the election draws nearer, the focus on key swing states will intensify. The leads that Harris and Trump hold in these states could ultimately determine the election&#8217;s outcome. 
Therefore, the candidates&#8217; strategies in these states will be crucial in the coming weeks.
Read Next
<a href="https://www.benzinga.com/news/24/08/40667209/trump-vs-harris-new-polls-reveal-this-candidate-is-outperforming-in-swing-states" target="_blank" rel="noreferrer noopener">Trump Vs Harris: New Polls Reveal This Candidate Is Outperforming In Swing States</a>
This content was partially produced with the help of&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.

Nate Silver's Forecast: Kamala Harris Retakes Lead Over Donald Trump

In the wake of a recent Secret Service probe into Elon Musk&#8216;s online remarks, billionaire entrepreneur Mark Cuban has come to the defense of the Tesla Inc. CEO&#8217;s contentious <a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures">social media conduct</a>.
What Happened: In a recent podcast <a href="https://youtu.be/QqDPrv8oFyY?feature=shared">interview</a>, Cuban characterized Musk&#8217;s online conduct as &#8220;kind of insane&#8221; but not out of character for the Tesla chief.
The dialogue ensued following Musk&#8217;s recent jest about pop icon Taylor Swift&#8216;s endorsement of Vice President Kamala Harris for the presidency. Cuban, who has previously corresponded with Musk, stood up for the tycoon&#8217;s comedic style. In the interview Cuban said that Musk&#8217;s joke was &#8220;kind of insane&#8221; and defended him by saying &#8220;that&#8217;s just the kind of banter you&#8217;d expect from him.&#8221;
Cuban also said that he sent Musk a text once adding that they&#8217;re &#8220;not friends&#8221; but have communicated in the past.
&#8220;We just texted back and forth a few times and he had just had a child, and I said: &#8216;Congrats on your 90th child,'&#8221; Cuban said during the interview.
&#8220;And his response was — &#8216;Mars needs people.&#8217; Right, so that&#8217;s just Elon&#8217;s sense of humor, right? I have no problem throwing Elon under the bus, but I&#8217;ll save it for when it&#8217;s truly deserved,&#8221; he said.
Also Read: <a href="https://www.benzinga.com/news/23/04/31622549/mark-cuban-asks-elon-musk-why-hes-losing-followers-despite-paying-for-twitter-blue">Mark Cuban Asks Elon Musk Why He&#8217;s Losing Followers Despite Paying For Twitter Blue</a>
Musk&#8217;s digital behavior has previously gotten him into trouble. In 2018, a tweet about making Tesla a private company resulted in a $40 million agreement with the Securities and Exchange Commission. 
More recently, a tweet speculating about a potential assassination attempt on former President Donald Trump triggered a Secret Service investigation.
The Secret Service verified to Bloomberg that they were cognizant of Musk&#8217;s tweet but refrained from further comments due to ongoing enforcement actions. Musk removed the tweet on the same day, subsequently tagging it as a joke.
Why It Matters: Musk&#8217;s social media behavior has been a topic of controversy and legal scrutiny in the past. His tweets have not only led to legal consequences but also impacted Tesla&#8217;s stock performance. 
Cuban&#8217;s defense of Musk&#8217;s online conduct highlights the ongoing debate about the role and impact of social media in the corporate world, especially when used by high-profile executives. 
This incident underscores the potential legal and reputational risks associated with such behavior.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

TSLA

Mark Cuban Embraces Elon Musk's Humor: 'I Have No Problem Throwing Elon Under The Bus, But I'll Save It For When It's Truly Deserved'

<a href="https://www.benzinga.com/topic/elon-musk" target="_blank" rel="noreferrer noopener">Elon Musk</a> reportedly intensified his political contributions in August, making his largest-known donation to bolster House Republicans&#8217; efforts <a href="https://www.benzinga.com/news/24/09/40958452/mark-cuban-says-elon-musk-believes-hes-much-smarter-than-trump-reveals-the-intoxicating-reason-why-t" target="_blank" rel="noreferrer noopener">to maintain a vulnerable majority</a>.
The National Republican Congressional Committee announced that it received $289,100 from Musk in August, <a target="_blank" href="https://www.politico.com/news/2024/09/20/elon-musk-political-donations-00180323" rel="noreferrer noopener">reported </a>Politico, citing a report filed with the Federal Election Commission.
Musk&#8217;s political stance has evolved significantly over the years.
In August, Musk explained his <a href="https://www.benzinga.com/news/24/08/40329702/elon-musk-who-once-queued-for-6-hours-to-shake-obamas-hand-explains-why-hes-now-supporting-trump-my" target="_blank" rel="noreferrer noopener">support for Donald Trump</a>, stating that his track record has been moderate and he has not been particularly political in the past. He revealed this during a conversation with Trump, touching on various topics from immigration to electric vehicles.
Musk, one of the world&#8217;s wealthiest individual with a net worth exceeding $250 billion, has previously donated to both Democrats and Republicans, though never in such substantial sums.
In September, Musk commented on a debate between Trump and Harris, expressing&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/09/40808912/elon-musk-says-kamala-harris-exceeded-most-peoples-expectations-but-debate-hosts-were-unfair-to-trum" rel="noreferrer noopener">dissatisfaction with the debate hosts</a> and raising concerns about the lack of discussion on the national debt crisis. He also mentioned that Harris exceeded most people&#8217;s expectations during the debate.
Also Read:<a target="_blank" href="https://www.benzinga.com/24/09/40935662/while-elon-musk-backs-trump-for-the-white-house-his-teams-at-tesla-x-and-spacex-are-supporting-kamal" rel="noreferrer noopener"> While Elon Musk Backs Trump For The White House, His Teams At Tesla, X And SpaceX Are Supporting Kamala Harris: Employees Have Reportedly Donated Over $90K To Vice President&#8217;s Campaign</a>
Musk has increased his political engagement lately, developing a connection with Trump by funding America PAC, a pro-Trump organization. This group, which recently experienced a leadership change, is set to significantly aid in voter mobilization efforts for Trump and has begun investing in competitive House races nationwide.
It remains uncertain how much Musk will ultimately invest in the election. In July, the Wall Street Journal <a href="https://www.wsj.com/politics/elections/elon-musk-has-said-he-is-committing-around-45-million-a-month-to-a-new-pro-trump-super-pac-dda53823" target="_blank" rel="noreferrer noopener">suggested</a> he intended to contribute about $45 million monthly to support Trump, though Musk later refuted this claim. Despite Musk&#8217;s significant donation, the NRCC raised only $9.7 million in August, while its Democratic counterpart collected $22.2 million.
Recently, Musk faced backlash for a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/09/40890277/elon-musk-says-his-now-deleted-controversial-post-after-latest-trump-assassination-which-was-labeled" rel="noreferrer noopener">controversial post on X</a>, which he later deleted. The post questioned why no one was attempting to assassinate President Joe Biden&nbsp;or Harris, following an assassination attempt on Trump. The White House labeled the post as &#8220;irresponsible.&#8221;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39872015/teslas-elon-musk-recently-pledged-a-huge-donation-to-donald-trump-and-the-ex-president-returned-the" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Elon Musk Recently Pledged A Huge Donation To Donald Trump, And The Ex-President Returned The Favor By Criticizing EVs At The RNC</a></li>
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