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Akanda (NASDAQ:AKAN) Stock, Option Chain

Akanda

Akanda Corp is a cannabis cultivation, manufacturing, and distribution company. The Company has three reportable segments: Cultivation, Distribution, and Corporate. Cultivating activities comprise the cultivation segment made up of the medical cannabis cultivation operations at RPK/Holigen in Portugal, and medical cannabis cultivation activities. Distributing activities relate to the distribution of medical cannabis by Canmart Ltd in the United Kingdom. Corporate activities entail head office costs and other general corporate expenses related to the administration of the broader group.

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Akanda Corp

<a href="https://www.benzinga.com/general/24/06/39181971/gen-z-job-applicant-rejects-90-minute-task-ceo-faces-backlash">Job interviews can be stressful</a>, especially when they involve flying across the country and meeting top executives. But one candidate's attempt to make a seemingly harmless request during their interview didn't go as planned. In fact, it ended up costing them the job.
<h2 class="wp-block-heading">The Backstory</h2>
A Reddit user recently <a href="https://www.reddit.com/r/tifu/comments/1i9q51i/tifu_went_in_for_a_job_interview_and_asked_to_eat/">shared</a> their &#8220;Today I F&#x2A;&#x2A;&#x2A;ed Up&#8221; (TIFU) moment on the popular subreddit. They described being flown out for a final <a href="https://www.benzinga.com/news/24/03/37562830/how-to-ace-the-most-important-job-interview-question-of-all-time">in-person interview</a> after impressing the company during a lengthy Zoom call. With the CEO and CFO involved in the process, it was clear the position was significant – and the company was making a major effort to evaluate their fit.
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After a rough flight in which their knees were cramped against the metal of an airplane seat, the candidate arrived at the hotel and rested for the night. The next morning, they began their full-day schedule, which included meeting various team members and going out for a team lunch – a moment that turned out to be critical.
<h2 class="wp-block-heading">The &#8220;Unusual&#8221; Request</h2>
When the CEO asked if there was anything they could do to accommodate the candidate, the individual noticed the lunch outing on the schedule and asked if it could take place in the office instead. Why? The flight had left their knees aching. Despite the request&#8217;s insignificance, the CEO&#8217;s response suggested more serious issues. The candidate claims that the CEO answered, &#8220;I guess,&#8221; and walked out of the room perplexedly.
Later in the day, the CEO returned and gently encouraged the candidate to stick with the original plan and take the team out to lunch, saying, &#8220;I really think you need to take the team out to lunch, it will be good for you to bond.&#8221; The candidate quickly agreed, but the damage had already been done.
Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a>
<h2 class="wp-block-heading">The Fallout</h2>
After completing the rest of the interviews, the CFO entered the room and delivered a surprising verdict: &#8220;We appreciate your time, but we're going to pass on you and look at other candidates.&#8221; The candidate was ushered into an Uber and sent home.
When the recruiter followed up the next morning, they explained that the company felt &#8220;offended&#8221; by the lunch request. The CEO and other team members interpreted the move as a lack of willingness to engage with the team – a red flag for someone being considered for a leadership role.
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<h2 class="wp-block-heading">Why Did the Company Take it so Personally?</h2>
For many companies, especially those involving high-level leadership, team lunches are not just meals but part of the interview process. They allow executives and team members to observe how a candidate interacts in a social, less formal setting – a crucial test of interpersonal skills.
The company probably had reservations and a schedule in place. Changing everything last minute may have felt inconsiderate to the team.
The company had already invested significant time and money in flying the candidate out, arranging the schedule, and involving top executives. Asking for an accommodation – however small – on day one might have suggested the candidate would prioritize their own comfort over the needs of the group.
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'My Knees Hurt' – CEO Offended By Job Candidate's Unusual Request During An Interview – Here's Why The Company Took It Personally

Representatives of Elon Musk&#8216;s Department of Government Efficiency have reportedly requested access to the payment systems of the U.S. Department of the Treasury, <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43219158/trumps-world-liberty-financial-crypto-venture-amasses-over-388-million-in-digital-assets">sparking concerns among officials</a>.
What Happened: The Washington Post reported on Friday that Musk&#8217;s team is seeking access to the Treasury&#8217;s systems, which are used for a variety of functions.
These include the distribution of&nbsp;Social Security and Medicare benefits,&nbsp;federal employees&#8217; salaries,&nbsp;payments to federal contractors, grants,&nbsp;tax refunds, and more.
The <a href="https://www.washingtonpost.com/business/2025/01/31/elon-musk-treasury-department-payment-systems/">report</a> also highlighted conflicts between Musk&#8217;s representatives and David Lebryk, the highest-ranking career official at the Treasury, who announced his retirement on Friday. The motive behind Musk&#8217;s team&#8217;s demand for access to these systems is not yet clear.
Following his election in November, President Donald Trump appointed Musk to head the &#8220;Department of Government Efficiency,&#8221; a commission aimed at eliminating waste, fraud, and abuse in federal spending. After taking office, Trump signed an executive order directing all federal agencies to provide the panel with &#8220;full and prompt access to all unclassified agency records, software systems, and IT systems.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/25/01/42805331/heres-how-trump-could-wipe-out-40-of-teslas-profits-after-taking-office-according-to-jpmorgan-analyst">Here&#8217;s How Trump Could Wipe Out 40% of Tesla&#8217;s Profits After Taking Office, According To JPMorgan Analyst</a>
Musk, who owns X, has previously stated his desire to enable&nbsp;X users to make payments&nbsp;on the platform, with the goal of transforming X into the &#8220;everything app.&#8221; Earlier this week,&nbsp;it was reported that X&nbsp;will partner with VISA to&nbsp;help achieve this objective.
On the same day, Reuters reported that Musk&#8217;s aides had&nbsp;locked out employees of the&nbsp;Office of Personnel Management from&nbsp;the agency&#8217;s&nbsp;computers, according to two employees&nbsp;who spoke to Reuters.
Why It Matters: The move by Musk&#8217;s representatives to gain access to the Treasury&#8217;s payment systems could have significant implications. 
While the exact reasons for this request are unclear, it comes at a time when Musk is making moves to transform his social media platform, X, into a comprehensive app that includes payment functionalities. 
This development could potentially disrupt the traditional financial system and raise questions about data privacy and security.
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Image: Shutterstock

Politics

Musk's DOGE Eyes Treasury Payment System, Sparks Controversy Leading To Official's Exit

President Donald Trump is receiving high marks from voters for his job done in the early days of his second presidency since being <a href="https://www.benzinga.com/general/entertainment/25/01/43139381/how-many-people-watched-donald-trumps-2025-inauguration-spoiler-less-than-biden-four-years-ago">inaugurated on Jan. 20.</a>
What Happened: With just weeks on the job, Trump is receiving high approval ratings of his job as president, continuing a trend of receiving <a href="https://www.benzinga.com/politics/24/12/42511472/trump-hits-7-year-high-in-favorability-ratings-how-republicans-democrats-men-and-women-view-president-elect">more favorable ratings </a>since winning the 2024 presidential election in November.
In the Emerson College January <a href="https://emersoncollegepolling.com/january-2025-national-poll-trump-starts-term-with-49-approval-41-disapproval-rating/">poll </a>of nationally registered voters, Trump has a 49% approval rating and 41% disapproval rating. The remaining 10% are neutral on Trump's job approval.
"President Trump's 49% job approval rating closely reflects his share of national support in the 2024 election, and his 41% disapproval is the lowest it has been in Emerson national polls dating back to his first term," Emerson College executive director of polling Spencer Kimball said.
Here's a look at how Trump's approval rating varies by age group:
<ul>
<li>Age 18-29: 46% approval, 38% disapproval, 16% neutral</li>
<li>Age 30-39: 47% approval, 39% disapproval, 14% neutral</li>
<li>Age 40-49: 49% approval, 38% disapproval, 13% neutral</li>
<li>Age 50-59: 52% approval, 34% disapproval, 15% neutral</li>
<li>Age 60-69: 49% approval, 48% disapproval, 4% neutral</li>
<li>Age 70+: 48% approval, 49% disapproval, 3% neutral</li>
</ul>
"All age groups have a net approval of Trump, including voters under 30, except those over 70, who narrowly disapprove (49%-48%)," Kimball added
Trump received the most positive job approval rating from the age 50-59 group, who also gave him an 18-point net approval rating.
Along with the 70 and older group having a negative net approval rating, the age 60 to 69 group had only a one-point net approval rating.
The poll also found that 52% of voters think that the United States is headed in the right direction, with 48% saying the country is on the wrong track. This is an improvement from an earlier January Emerson College poll where 67% of voters said the country was on the wrong track and 33% said the country was on the right direction.
Here are the voter percentages by political party for whether the country was headed in the right direction or on the wrong track:
Democrats: 21% right direction, 79% wrong track
Republicans: 87% right direction, 14% wrong track
Independents: 47% right direction, 53% wrong track
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Why It's Important: In the poll, the top voter issues were the economy (35%), immigration (16%), threats to democracy (15%) and healthcare (9%).
President Trump has put a heavy emphasis on addressing immigration first. In the poll, 45% of voters supported changing birthright citizenship to make children of undocumented immigrants not automatically granted citizenship. &nbsp;
The reversal of a 2011 law allowing ICE agents to enter schools and churches received only 42% support in the poll with 45% disapproving of the practice.
The economy could see pressure and volatility with tariffs being placed on other countries and experts predicting the higher costs will be passed onto consumers.
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Trump Job Approval Rating Starts At 49% In New Poll, Which Age Group Gives The Highest Disapproval Rating?

Each week,&nbsp;Benzinga&#8217;s Stock Whisper Index&nbsp;uses a combination of proprietary data and pattern recognition to showcase five stocks that are just under the&nbsp;<a href="https://www.benzinga.com/topic/stock-whisper-index" target="_blank" rel="noreferrer noopener">surface and deserve attention</a>.
Investors are constantly on the hunt for undervalued, under-followed and emerging stocks. With countless methods available to retail traders, the challenge often lies in sifting through the abundance of information to uncover new opportunities and understand why certain stocks should be of interest.
Read Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/25/01/42802731/exclusive-top-20-most-searched-tickers-on-benzinga-pro-in-2024-where-do-tesla-nvidia-gamestop-trump-media-stocks-rank" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Top 20 Most-Searched Tickers On Benzinga Pro In 2024 — Where Do Tesla, Nvidia, GameStop, Trump Media Stocks Rank?</a>
Here's a look at the Benzinga Stock Whisper Index for the week ending Jan. 31:
Pacific Gas &amp; Electric Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>): The utility company saw strong interest from readers during the week, which comes as fourth-quarter financial results are approaching. The company is set to report Q4 results on Feb. 13. Analysts<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent013125&amp;t=be2bearmibe3na1"> expect the company</a> to report earnings per share of 31 cents, down from 47 cents in the prior year's fourth quarter and revenue of $7.11 billion, up from $7.04 billion in the comparable period. The company has beaten analyst earnings per share estimates in four straight quarters. On the revenue side, the company has beaten analyst estimates in only four of the last 10 quarters. Several analysts <a href="https://www.benzinga.com/quote/PCG/analyst-ratings">kept bullish ratings </a>on the stock while lowering price targets.
The stock was down over 5% for the week and shares are down over 7% over the last year.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent013125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="997" height="498" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163839/Screenshot-317.png" alt="" class="wp-image-760940" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163839/Screenshot-317.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163839/Screenshot-317-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163839/Screenshot-317-768x384.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
Interactive Brokers Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>): The online trading company saw strong interest from readers, which could be related to<a href="https://www.benzinga.com/quote/IBKR/analyst-ratings"> several analyst ratings</a> in recent weeks. UBS maintained a Buy rating and raised the price target from $225 to $265. Interactive Brokers will also be presenting at the UBS Financial Services Conference on Feb. 10. Goldman Sachs analyst James Yaro <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43132552/interactive-brokers-delivers-well-rounded-earnings-beat-analysts-see-global-retail-trading-growth-ahead">maintained a Buy</a> rating on Interactive Brokers and raised the price target from $214 to $226. The analyst said Interactive Brokers' fourth-quarter financial results showed the company was "well-rounded."
"Looking ahead, the company expects to conduct a number of new programming projects, and plans to increase the marketing budget, both of which should support strong account growth, around which management sounded a constructive tone," Yaro said.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent013125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="999" height="502" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163909/Screenshot-318.png" alt="" class="wp-image-760941" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163909/Screenshot-318.png 999w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163909/Screenshot-318-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163909/Screenshot-318-768x386.png 768w" sizes="(max-width: 999px) 100vw, 999px" /></a></figure>
Mercury Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRCY#NASDAQ">MRCY</a>): The aerospace and defense stock saw strong interest from readers, which comes ahead of second-quarter financial results set for Feb. 4. Analysts expect the company to report a loss of 4 cents per share and revenue of $182.4 million in the quarter. After struggling in past quarters, the company has beaten analyst estimates for both revenue and earnings per share in the last two quarters. The stock may have seen increased interest from readers as the company <a href="https://ir.mrcy.com/news-releases/news-release-details/mercury-develop-data-processing-subsystem-us-satellite-program">announced </a>a new $24.5 million contract for data processing in the U.S. Satellite Program.
"We are proud to support this critical U.S. national security mission," Mercury Systems Vice President of Mercy's Advanced Concepts Group Joe Plunkett said. "The Mercury Processing Platform has an incredible breadth of capabilities that can be integrated in virtually limitless ways to enable mission-critical processing at the edge."
The stock was down 2% on the week and is up around 40% over the last year.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent013125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1001" height="499" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163941/Screenshot-319.png" alt="" class="wp-image-760942" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163941/Screenshot-319.png 1001w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163941/Screenshot-319-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163941/Screenshot-319-768x383.png 768w" sizes="(max-width: 1001px) 100vw, 1001px" /></a></figure>
Xometry Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XMTR#NASDAQ">XMTR</a>): The AI-enabled manufacturing company saw strong interest from readers during the week. The interest comes as several analysts have shared updates on the small-cap stock in recent weeks and with a new executive announcement. The company added Sanjeev Singh Sahni, a former Wayfair executive, in the newly created President role. In the role, Sahni will lead global operations, product, technology and supplier services. JMP Securities maintained a Buy rating on the stock with a $42 price target recently. Earlier this month, JPMorgan analyst Cory Carpenter <a href="https://www.benzinga.com/general/gaming/25/01/42914051/take-two-xometry-jpmorgans-bets-in-2025">shared a $45</a> price target on the stock, highlighting the company as a small-cap darling.
"We like XMTR in 2025 as a play on manufacturing under Trump," Carpenter said.
The analyst said the company has catalysts that include international expansion and a "number of ways to win in 2025."
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent013125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1001" height="504" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163957/Screenshot-320.png" alt="" class="wp-image-760943" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163957/Screenshot-320.png 1001w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163957/Screenshot-320-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31163957/Screenshot-320-768x387.png 768w" sizes="(max-width: 1001px) 100vw, 1001px" /></a></figure>
Costco Wholesale Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>): Rounding out this week's Stock Whisper Index is retailer Costco, which continues to see strong interest from readers with shares near all-time highs. The company<a href="https://www.benzinga.com/news/retail-sales/25/01/42888095/costco-stock-climbs-after-december-net-sales-up-99-year-over-year"> reported strong December</a> net sales of $27.52 billion, up 9.9% year-over-year recently. Costco also made headlines for replacing Pepsi fountain drinks in its stores with Coca-Cola while committing to keep the price of the <a href="https://www.benzinga.com/news/management/24/02/36961118/costco-hires-new-cfo-but-dont-expect-1-50-hot-dog-combo-price-to-change">famous $1.50 hot dog combo</a> in place. The company is also making headlines for defending its DEI policies and increasing non-union worker wages to $30 per hour for most U.S. store workers.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent013125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="995" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31164017/Screenshot-321.png" alt="" class="wp-image-760944" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31164017/Screenshot-321.png 995w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31164017/Screenshot-321-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/31164017/Screenshot-321-768x386.png 768w" sizes="(max-width: 995px) 100vw, 995px" /></a></figure>
Stay tuned for next week&#8217;s report, and follow Benzinga Pro for all the latest headlines and <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent013125&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">top market-moving stories here.</a>
Read the latest Stock Whisper Index reports here:
<ul>
<li><a href="https://www.benzinga.com/25/01/42798998/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet" target="_blank" rel="noreferrer noopener">January 3</a></li>
<li><a href="https://www.benzinga.com/25/01/42927075/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet" target="_blank" rel="noreferrer noopener">January 10</a></li>
<li><a href="https://www.benzinga.com/25/01/43066466/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet" target="_blank" rel="noreferrer noopener">January 17</a></li>
<li><a href="https://www.benzinga.com/trading-ideas/25/01/43201590/benzinga-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-2">January 24</a></li>
</ul>
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Exclusives

COST

IBKR

MRCY

XMTR

Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Secretly Monitor But Don't Talk About Yet

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has started production of its refreshed Model Y across its four factories around the globe including its gigafactory in Texas, the company said in a post on X, formerly Twitter.
What Happened: Tesla shared a photograph of a new Model Y produced at its gigafactory in Berlin and signed by the team there. The photograph shows the black vehicle filled with signatures in gold and silver. 
&#8220;Production has now started across all of our 4 vehicle factories around the world – simultaneously,&#8221; Tesla wrote in its post.
<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">One of the first New Model Y produced at Giga Berlin, signed by local team &#x1f91d; Production has now started across all of our 4 vehicle factories around the world – simultaneously Giga Berlin/Shanghai/Texas &amp; Fremont Factory <a href="https://t.co/wI1DQbc5r6">pic.twitter.com/wI1DQbc5r6</a>
&mdash; Tesla (@Tesla) <a href="https://twitter.com/Tesla/status/1885440637886984413?ref_src=twsrc%5Etfw">January 31, 2025</a></blockquote>
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Tesla launched the updated&nbsp;<a href="https://www.benzinga.com/tech/25/01/42905406/tesla-launches-refreshed-model-y-in-china-amid-rising-competition" target="_blank" rel="noreferrer noopener">Model Y</a>&nbsp;first in China in January and in the&nbsp;<a href="https://www.benzinga.com/tech/25/01/43183608/tesla-launches-refreshed-model-y-in-us-with-25-price-hike-full-self-driving-included" target="_blank" rel="noreferrer noopener">U.S</a>. a few weeks later. In both geographies, deliveries are slated to start in March.
The company will be retooling factories for the start of production and the change will result in several weeks of lost production in the first quarter, Tesla CEO Elon Musk said on Wednesday, while adding that margins will be impacted due to idle capacity and other ramp-related costs
However, these challenges will be overcome once production is ramped, he said.
Why It Matters: Model Y is Tesla's best-selling vehicle. The refreshed vehicle's launch follows the company reporting a fall in vehicle deliveries for the first time in over a decade.
Tesla reported global&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/25/01/42766117/tesla-stock-tumbles-on-q4-deliveries-whats-going-on" target="_blank" rel="noreferrer noopener">deliveries of 1.79 million</a>&nbsp;vehicles in 2024, down from full-year deliveries of 1.81 million in 2023.
"…we are not aware of anybody else taking the best-selling car on the planet and updating all factories at the same time," Musk said about Tesla's decision to upgrade all its factories simultaneously.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/tech/25/01/43380849/toyota-retains-top-selling-automaker-position-while-continuing-to-trail-tesla-byd-in-ev-sales">Toyota Retains Top-Selling Automaker Position While Continuing to Trail Tesla, BYD In EV Sales</a></li>
</ul>
Photo courtesy: Tesla

Tech

Tesla Begins Global Production Of Refreshed Model Y, Deliveries Start In March

EV startup Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) is expanding its factory in Illinois as it gears up for the start of production of its new R2 vehicle.
What Happened: &#8220;R2 expansion moving quickly!,&#8221; Rivian CEO RJ Scaringe said in a post on X, formerly Twitter. The CEO&#8217;s post was accompanied by a picture of the company&#8217;s Illinois factory.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">R2 expansion moving quickly! <a href="https://t.co/UYLWyMUco8">pic.twitter.com/UYLWyMUco8</a>
&mdash; RJ Scaringe (@RJScaringe) <a href="https://twitter.com/RJScaringe/status/1885426301437460517?ref_src=twsrc%5Etfw">January 31, 2025</a></blockquote>
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Rivian was&nbsp;initially looking to start production of its R2 SUV at its new factory in Georgia. However, the company <a href="https://www.benzinga.com/news/24/03/37552130/rivian-halts-georgia-plant-construction-to-launch-r2-suv-in-illinois-facility-ross-gerber-terms-it-t">halted construction of the plant</a> in Georgia last year in a bid to cut costs and instead decided to launch R2 at its existing facility.
The decision to launch R2 in Illinois instead of Georga will enable the vehicle to be launched earlier and save billions in capital until the start of R2 production, the company then said.
Why It Matters: The R2 is expected to start at around $45,000 — the same price range as&nbsp;<a href="https://www.benzinga.com/news/24/03/37552684/rivian-almost-catches-up-to-teslas-ev-lineup-with-new-r2-r3-but-theres-no-cybertruck-fighter-yet" target="_blank" rel="noreferrer noopener">Tesla&#8217;s best-selling Model Y SUV</a>.&nbsp;The new vehicle will be smaller and less expensive than Rivian's existing R1 offerings priced around $70,000, and the company expects it to expand its total addressable market and cater to the&nbsp;<a href="https://www.benzinga.com/news/24/07/39905221/rivian-ceo-rj-scaringe-pegs-slowdown-in-ev-sales-to-truly-extreme-lack-of-choices-under-50k-due-to-a" target="_blank" rel="noreferrer noopener">demand for cheaper EVs.</a> The company received more than 68,000 reservations for the vehicle in less than 24 hours after unveiling it in March.
In addition to its R1 vehicles, Rivian also manufactures electric delivery vans for fleet owners. Online retailer Amazon.com is the main customer for the vans manufactured by the company. 
For the full year 2024, Rivian <a href="https://www.benzinga.com/tech/25/01/42807694/rivian-reports-2nd-highest-quarterly-ev-deliveries-as-2024-wraps-up">delivered 51,579 EVs</a>, within its guidance of 50,500 to 52,000 deliveries.&nbsp;The company, however, has yet to report a positive gross profit in a quarter.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/25/01/43375903/tesla-researcher-estimates-drop-in-ev-deliveries-for-2025-despite-promise-of-new-models" target="_blank" rel="noreferrer noopener">Tesla Researcher Predicts Drop In Deliveries For Elon Musk&#8217;s EV Giant In 2025 Despite New Model Launches</a></li>
</ul>
Photo courtesy: Shutterstock

RIVN

Rivian Expands Illinois Factory As It Gears To Start Production Of R2 SUV

Workers employed at Chinese EV maker BYD Co&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) factory in Brazil reportedly earned nearly twice the Chinese hourly minimum wage in many regions, despite questionable working conditions.
What Happened: Chinese workers hired by BYD&#8217;s contractor Jinjiang and employed at the factory earned about $70 per 10-hour shift, Reuters reported. 
However, the workers had to hand their passports to their new employers and let most of their income be sent directly to China as well as pay a $900 deposit which they could retrieve only after working for six months, the report said, citing a contract signed by one of the several workers who Brazilian authorities said were rescued in December.
Brazilian authorities said in December that they have&nbsp;<a href="https://www.benzinga.com/government/regulations/24/12/42667814/brazil-authorities-halt-work-at-byd-factory-site-after-workers-found-in-slavery-like-conditions" target="_blank" rel="noreferrer noopener">halted the construction of the plant that BYD&nbsp;is building in Salvador</a>, Bahia after finding workers living and working in conditions analogous to &#8220;slavery.&#8221;
Authorities ordered that the construction of the factory in Bahia be stopped after rescuing 163 people working at the site, according to a statement by the Labor Prosecutor&#8217;s Office (MPT). The MPT also noted that the conditions constituted "forced labor." If a worker were to terminate their employment contract after six months, they would leave the country without any pay for their work since the company deducted their airfare to and from Brazil, in addition to other costs, the statement said.
Certain clauses in the agreement viewed by Reuters violate labor laws in both Brazil and China, the report said, citing experts and authorities. One of the clauses also gives the firm the power to extend the labor contract by itself for six months, Reuters added. 
Why It Matters: Jinjiang Group&nbsp;has previously said that the Brazilian authority's portrayal of its employees working at the Chinese EV giant's factory in Brazil as "enslaved" is "completely inconsistent with facts."
Brazilian inspectors have provided no evidence that the EV maker knew of the violations at the construction site. However, according to the acting chief of Brazil&#8217;s Division of Inspection for the Eradication of Slave Labor Matheus Viana&#8216;s statement to Reuters, BYD is &#8220;directly responsible&#8221; for the actions of its contractor on its site. 
BYD was planning to start production at the factory in Brazil in 2025. The company is China's largest EV maker and makes plug-in hybrids and battery electric vehicles which are sold in China, Europe, and also Brazil.&nbsp;BYD even <a href="https://www.benzinga.com/25/01/42780142/chinese-player-byd-overtakes-tesla-yet-again-as-worlds-biggest-ev-seller-in-q4">trumped American EV giant Tesla </a>as the world&#8217;s largest battery electric vehicle seller in the last quarter of 2024. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/25/01/43375903/tesla-researcher-estimates-drop-in-ev-deliveries-for-2025-despite-promise-of-new-models" target="_blank" rel="noreferrer noopener">Tesla Researcher Predicts Drop In Deliveries For Elon Musk&#8217;s EV Giant In 2025 Despite New Model Launches</a></li>
</ul>
Image via Shutterstock

Media

BYDDY

BYD's Chinese Workers At Brazilian Factory Signed Contracts With Potential Labor Law Breaches: Report

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) is preparing to deliver gold bullion valued at over $4 billion in New York this February, amid rising prices and increased demand for the precious metal.
What Happened: The bank, recognized as the largest bullion dealer globally, announced on Thursday. According to a report <a href="https://www.bloomberg.com/news/articles/2025-01-31/jpmorgan-plans-4-billion-gold-delivery-in-us-amid-tariff-fears?srnd=homepage-asia">by</a> Bloomberg, JPMorgan plans to deliver gold against contracts expiring in February on the CME Group&#8217;s Comex.
The delivery notices, amounting to 30 million troy ounces, represent the second-largest tranche on record since 1994.
Gold futures on Comex have surpassed London spot prices due to tariff concerns following President Donald Trump&#8217;s election. This has created a profitable arbitrage opportunity for banks capable of swiftly moving bullion between trading hubs.
Similar pricing trends have been observed in other Comex contracts, prompting traders to fly silver into the U.S. for the first time, despite its usual cost-prohibitive nature, the report added. While millions of ounces trade daily on Comex, only a small fraction typically results in physical delivery.
Since the U.S. election, physical inventories in Comex depositories have increased by 13 million ounces, valued at approximately $38 billion.
It remains unclear if JPMorgan and other banks are delivering bullion for arbitrage or to exit short positions.
Why It Matters: The timing of JPMorgan&#8217;s gold delivery coincides with <a href="https://www.benzinga.com/25/02/43418661/trump-announces-new-tariffs-on-goods-from-canada-mexico-and-china-will-go-into-effect-from-feb-1">Trump&#8217;s announcement</a> of new tariffs on imports from Canada, Mexico, and China, effective Feb. 1. These tariffs have already caused ripples in financial markets, raising concerns about their economic impact.
Gold has recently hit a record high, surpassing $2,790, driven by central banks&#8217; easing stance and increased demand for safe-haven assets. Several major central banks have signaled a more dovish stance on inflation, leading speculators to anticipate lower borrowing costs, further supporting gold prices.
Additionally, speculation over higher U.S. tariffs has led to increased demand for gold by central banks, with disruptions affecting trading in London.
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<li><a href="https://www.benzinga.com/25/01/43417749/elon-musks-aides-block-government-workers-from-federal-data-systems-report">Elon Musk&#8217;s Aides Block Government Workers From Federal Data Systems: Report</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Government

Global

JPMorgan To Deliver $4 Billion In Gold Amid Rising Prices, Tariff Concerns: Report

President Donald Trump has confirmed that the U.S. will impose new tariffs on imports from Canada, Mexico, and China. The tariffs, set to take effect this Saturday, have already caused ripples in financial markets and raised concerns about economic impacts.
What Happened: Trump declared on Friday that he will enforce new tariffs of 25% on imports from Mexico and Canada, and 10% on goods from China. According to a report by Reuters, these tariffs will take effect on Saturday.
Trump mentioned a potential exception for Canadian oil, which would face a 10% tariff instead of 25%. However, he hinted at broader tariffs on oil and natural gas by mid-February, causing a spike in oil prices.
He emphasized that these measures aim to curb migrant and fentanyl flows over the U.S. border.
In the Oval Office, Trump acknowledged potential short-term disruptions and higher consumer costs. He dismissed the idea of delaying the tariffs, stating, &#8220;No, no. Not right now, no.&#8221;
Trump also denied using tariff threats as a bargaining tool, asserting, &#8220;It&#8217;s something we&#8217;re doing, and we&#8217;ll possibly very substantially increase it, or not, we&#8217;ll see how it is," as per the report.
Financial markets experienced volatility, as the Canadian dollar and Mexican peso weakened, while U.S. Treasury bond yields rose. Karoline Leavitt, a White House spokesperson, confirmed the tariffs&#8217; implementation on Saturday, with further details to follow, according to the report.
Why It Matters: The decision to impose tariffs on key trading partners like Canada, Mexico, and China is part of a broader strategy to address issues such as illegal immigration and drug trafficking, particularly fentanyl.
According to <a href="https://www.benzinga.com/news/global/25/01/43401971/white-house-confirms-tariffs-on-key-us-trade-partners-this-weekend">an earlier report</a>, the White House has confirmed these tariffs, which are expected to impact the U.S. economy significantly.
The tariffs follow a series of <a href="https://www.benzinga.com/government/regulations/25/01/43353698/trump-slaps-25-tariffs-on-canada-mexico-loonie-peso-slide-oil-climbs">threats and confirmations</a> from Trump, which will have potential economic disruptions and rising costs for everyday goods. The U.S. imports substantial amounts of goods from these countries, with Mexico being the largest trading partner in terms of imports.
Additionally, <a href="https://www.benzinga.com/markets/equities/25/01/43216784/doug-ford-takes-on-trump-ontario-premier-threatens-swift-retaliation-in-trade-war">Ontario Premier Doug Ford</a> has threatened economic retaliation if Canada is targeted, indicating potential further escalation in trade tensions.
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<li><a href="https://www.benzinga.com/25/01/43417749/elon-musks-aides-block-government-workers-from-federal-data-systems-report">Elon Musk&#8217;s Aides Block Government Workers From Federal Data Systems: Report</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Trump Announces New Tariffs On Goods From Canada, Mexico And China: Will Go Into Effect From Feb 1

Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI has introduced the o3-mini, a new model in its reasoning series. It will be available on Friday in both ChatGPT and the API.
What Happened: The o3-mini model, previewed in December, promises to offer "exceptional capabilities" in science, math, and coding, while maintaining low costs and reduced latency.
It is the first small reasoning model from OpenAI to support developer features such as function calling and structured outputs, making it ready for production use.
According to OpenAI, the o3-mini will replace the o1-mini in the model picker, offering higher rate limits and lower latency. This makes it a compelling choice for tasks requiring coding, science, technology, engineering, and mathematics (STEM,) and logical problem-solving.
The model is rolling out to select developers in API usage tiers 3-5, with broader access for ChatGPT Plus, Team, and Pro users.
OpenAI emphasizes that o3-mini is optimized for STEM reasoning. Its medium reasoning effort matches the performance of the o1 model. It delivers faster responses, and evaluations show a 39% reduction in major errors on difficult questions compared to the o1-mini.
Why It Matters: The launch of the o3-mini model comes amid <a href="https://www.benzinga.com/news/25/01/43400191/openais-100-billion-texas-stargate-data-center-will-reportedly-employ-just-57-people-with-57600-annual-salaries">OpenAI&#8217;s significant investments</a> in infrastructure, such as the $100 billion Stargate data center in Texas.
Additionally, <a href="https://www.benzinga.com/news/25/01/43219324/chill-and-cut-your-expectations-100x-says-openai-ceo-sam-altman-we-are-not-gonna-deploy-agi-next-month-nor-have-we-built-it">OpenAI CEO Sam Altman</a> recently addressed the hype surrounding artificial intelligence, urging the public to temper expectations about the development of Artificial General Intelligence (AGI).
Altman&#8217;s comments suggest that while OpenAI is making strides in AI capabilities, the journey toward AGI is still ongoing.
Furthermore, the introduction of the o3-mini follows the release of OpenAI&#8217;s &#8220;<a href="https://www.benzinga.com/25/01/43186741/openai-debuts-operator-ai-agent-that-performs-web-tasks-but-early-error-has-sam-altman-scrambling-for-a-quick-fix">Operator</a>&#8221; AI agent, which was designed to autonomously perform web tasks. This agent, available to ChatGPT Pro subscribers, integrates advanced reasoning and vision capabilities, showcasing OpenAI&#8217;s continuous innovation in AI technology.
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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</ul>
&nbsp;Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

MSFT

OpenAI Launches o3-mini Model, Makes It Free After DeepSeek's Launch

On Friday, Cathie Wood-led Ark Invest made significant trades involving CRISPR Therapeutics AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>), 10X Genomics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>), Roblox Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>), Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>), Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>), Adyen NV (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADYEY#OTC">ADYEY</a>), Accolade Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACCD#NASDAQ">ACCD</a>), and AeroVironment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>).
The CRSP Trade
Ark Invest purchased shares of CRISPR Therapeutics AG for both its ARK Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>) and Ark Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>). The ARKG ETF bought 43,467 shares, while the ARKK ETF acquired 248,748 shares.
Based on the closing price of $41.59 on the same day, the total value of the purchased shares amounts to approximately $12.14 million.
The TXG Trade
Another significant buy was 10X Genomics. Ark Invest added 11,137 shares to its ARKG ETF and 63,395 shares to its ARKK ETF. Given the closing price of $15.00, the total value of the purchased shares is around $1.12 million.
The RBLX and ACHR Trades
On the sell side, Ark Invest reduced its holdings in Roblox Corp. and Archer Aviation. The firm sold 46,459 shares of RBLX and 374,904 shares of ACHR from its ARKK ETF. Based on the closing prices of $71.07 and $9.45 respectively, the total value of the sold shares is approximately $4.12 million.
Other Key Trades:
Ark Invest sold 307,632 shares of Accolade Inc. from its ARKG ETF.
The firm also reduced its holdings in Nu Holdings and Adyen NV from its ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>), selling 300 and 5,600 shares respectively.
From its ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>), Ark Invest sold 2,671 shares of AeroVironment Inc.
These trades provide a glimpse into Ark Invest&#8217;s strategy and the sectors it is currently focusing on. The firm&#8217;s moves are closely watched by investors due to its strong historical performance.
&nbsp;Read Next:
<a href="https://www.benzinga.com/25/01/43373954/cathie-woods-ark-invest-dumps-over-10-million-worth-of-palantir-stock-as-ai-competition-heats-up">Cathie Wood&#8217;s Ark Invest Dumps Over $10 Million Worth Of Palantir Stock As AI Competition Heats U</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Ark Invest

Biotech

Equities

ETFs

ACCD

ACHR

ADYEY

ARKG

ARKK

ARKW

ARKX

AVAV

CRSP

RBLX

Cathie Wood's Ark Invest Bets On Biotech With CRISPR Therapeutics Investment, Exits Roblox

Editor&#8217;s Note: This story was published previously, updates to incorrect quotations were made.
How do you define success? A meaningful career? Quality time with loved ones? Or is it just about the dollar signs? If you ask most Americans, success comes with a steep price tag. According to a 2024 survey from Empower, the average American says you'd <a href="https://www.benzinga.com/personal-finance/24/09/40711869/how-rich-are-you-heres-the-net-worth-that-defines-upper-middle-and-lower-class">need a net worth of $5.3 million</a> to feel "successful."
Here's where it gets absurd: That number is incredibly close to the $5.8 million net worth required to <a href="https://www.benzinga.com/personal-finance/24/12/42731749/how-wealthy-are-you-heres-a-look-at-the-net-worth-you-need-to-rank-in-the-top-10-5-and-1">land in the top 1% of U.S. households</a>, according to the Wealth Report by Knight Frank and Douglas Elliman. In other words, the bar for success isn't just high – it's exclusive. Most people define success as something only the wealthiest can achieve.&nbsp;
Don't Miss:
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<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
<li><a href="https://www.benzinga.com/money/mark-cubans-annuity-adv">Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?</a></li>
</ul>
The Generational Breakdown
When it comes to what success looks like, age matters. Here's what different generations said when asked about the net worth and <a href="https://www.benzinga.com/personal-finance/24/12/42350109/are-you-earning-enough-to-be-considered-rich-heres-what-the-top-5-are-raking-in-annually">salary they'd need</a> to feel like they've "made it":
• Baby Boomers (60-78): A net worth of $1 million and a $99,874 annual salary feels like success to this group. Modest compared to younger generations but still higher than the median U.S. household.
• Gen X (44-59): This group aligns closely with the survey average, aiming for a $5.3 million net worth and $212,321 annual income.
• Millennials (28-43): They push the bar slightly higher with a $5.6 million net worth and $180,865 per year.
• Gen Z (18-27): Dreaming big, this generation says $9.5 million and $587,797 per year are their benchmarks for success.
What stands out is that younger generations are achieving success at levels so extreme that they rival – or surpass – those of the ultra-wealthy. Optimism is great, but these expectations don't align with financial reality.
Trending: <a href="https://www.benzinga.com/money/are-you-rich-2">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
Reality Check: Where Americans Actually Stand
Interestingly, the study found that 37% of people consider themselves financially successful right now – even though most of them are nowhere close to the astronomical numbers they claim success requires. This surprising contradiction shows how people's perceptions of success can differ wildly from their actual financial reality.
The Federal Reserve reports that the median U.S. family net worth is $192,900. Let that sink in: half of U.S. families have less than $192,900 in total wealth and half have more. Even the <a href="https://www.benzinga.com/personal-finance/24/10/41585240/if-the-average-american-household-is-a-millionaire-with-a-net-worth-of-1-06-million-why-do-peopl">average net worth</a>, at $1,063,700, is heavily skewed by the richest households.
Want to crack the top 25%? You'd need a net worth of $659,000. This includes everything – your home, investments, savings – minus debt. Achievable? Yes, but it often takes decades of disciplined saving and investing. Now compare that to the $5.3 million Americans think you need, and the gap becomes almost laughable.
Trending: 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>.
Why Are Americans Setting the Bar So High?
The $5.3 million figure reflects more than ambition – it highlights the growing disconnect between financial goals and reality. Cultural pressures, social media and skyrocketing living costs fuel these lofty ideals. But tying success to numbers that <a href="https://www.benzinga.com/personal-finance/24/12/42659832/does-your-net-worth-make-you-rich-heres-what-it-really-takes-to-be-in-the-top-1">rival the top 1%</a> makes it feel unattainable for most.
And that's the real issue: if success means joining a club that 99% of people will never enter, how do you define fulfillment in your life?
What Actually Matters
The truth is, financial security isn't about hitting an arbitrary number. For most people, success looks like freedom – freedom from debt, handling unexpected expenses and enjoying the things that matter most.
See Also: Many are using retirement income calculators 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>
<a href="https://www.benzinga.com/money/are-you-rich">Working with a financial advisor</a> can help if your financial goals feel overwhelming. Whether you want to save for retirement, build an emergency fund or just stop stressing about money, success is about progress, not perfection.
So yes, $5.3 million might sound nice, but it's not the only path to a fulfilling life. Success doesn't have to be reserved for the 1%. It's about finding what works for you – and that's something no survey can decide.
Read Next:
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<li><a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a>&nbsp;</li>
<li>The average 401(k) balance soars to a record-breaking high – <a href="https://www.benzinga.com/money/average-401k-balances-soars-to-record-high">Here's how to know if your nest egg is keeping pace.</a></li>
</ul>

Personal Finance

Is Your Net Worth Enough To Be Considered 'Successful'? Gen X Thinks You Need $5.3 Million - But Here's The Average Answer

Aides to Elon Musk who have been appointed to oversee the U.S. Office of Personnel Management (OPM), have reportedly restricted access of career civil servants to computer systems containing personal data of millions of federal employees.
What Happened: According to a report by Reuters, Musk&#8217;s team, now managing the U.S. government&#8217;s human resources agency, has limited access for civil servants to systems like the Enterprise Human Resources Integration database.
This database holds sensitive information, including Social Security numbers and pay grades. Two anonymous agency officials have raised concerns about the lack of oversight and potential cybersecurity risks.
The changes are part of Musk&#8217;s efforts to implement Trump&#8217;s directive to reduce the civilian workforce.
The new team at the Office of Personnel Management (OPM), which includes former Musk employees, has taken steps such as installing sofa beds for continuous work and relocating the agency&#8217;s chief management officer.
Despite these significant changes, there has been no comment from Musk, OPM representatives, or the White House.
Why It Matters: The restriction of access to federal employee data systems comes amid a broader context of decisions by the Trump administration.
Recently, Trump blamed DEI policies for a tragic plane crash involving an <a href="https://www.benzinga.com/25/01/43402439/trump-musk-blame-dei-for-plane-crash-authorities-look-at-staffing-congestion-for-answers-search-continues-after-41-bodies-found">American Airlines</a> plane and an Army helicopter, which resulted in 67 fatalities. This incident has sparked debates on staffing and congestion issues.
Furthermore, Musk has been vocal about his support for Trump&#8217;s policies, including the proposed end to the $7,500 EV tax credit, emphasizing that <a href="https://www.benzinga.com/news/earnings/25/01/43372252/elon-musk-brushes-aside-concerns-on-trumps-ev-policies-sustainable-transport-is-inevitable-it-cant-be-stopped">sustainable transport</a> is inevitable.
Trump&#8217;s administration also intends to dismantle the Federal Emergency Management Agency (FEMA), as seen during his visit to disaster-hit areas in California and North Carolina, suggesting states should handle their emergencies.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Elon Musk's Aides Block Government Workers From Federal Data Systems: Report

EYEN

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

Imagine starting with a $70,000 retirement account and watching it grow into hundreds of millions over the years. That's exactly what Ted Weschler did. It wasn't luck or flashy stock picks – it was all about strategy, patience and playing the long game.
ProPublica uncovered Weschler's incredible financial journey in 2021 as part of its "Secret IRS Files" series. They analyzed <a href="https://www.benzinga.com/startups/24/10/41658421/no-one-in-the-u-s-would-have-to-pay-a-dime-in-taxes-warren-buffett-on-berkshire-hathaways-federal-ta">federal tax</a> records and found that his retirement account (IRA) stood out among some of the wealthiest Americans.&nbsp;
While most people use retirement accounts to build modest savings, Weschler turned his into something extraordinary.
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<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
</ul>
His story begins in 1984, when Weschler was just 22. He was earning $22,000 a year as a junior financial analyst and decided to open a retirement account. Instead of contributing the bare minimum, he made the most of it – maxing out his contributions and taking advantage of his employer's matching program. By 1989, his account had grown to $70,000.
But Weschler didn't stop there. He transferred his savings to a self-directed IRA, which let him pick his investments. In 1990, though, his account hit a major bump, losing 52% of its value during a market downturn.&nbsp;
Most people would have panicked, but Weschler later called it an "unmonetized lesson." He stuck to his strategy, which focused on identifying undervalued companies and holding onto them long term.
Trending: The average 401(k) balance soars to a record-breaking high – <a href="https://www.benzinga.com/money/average-401k-balances-soars-to-record-high">Here's how to know if your nest egg is keeping pace.</a>
That patience paid off. Between 2000 and 2011, his IRA delivered an average annual return of 22% after fees – returns most investors can only dream about.
Then, in 2012, Weschler made a bold move: he converted his traditional IRA into a Roth IRA. It wasn't cheap – he paid $28 million in taxes up-front – but it meant that all future earnings in the account would be tax-free. Financial experts have praised this as a smart long-term play, showing the value of thinking ahead.
Around the same time, Weschler made another bold decision. In 2010 and 2011, he bid a combined $5 million at charity auctions to have lunch with Warren Buffett.&nbsp;
Buffett hired him in 2012 to manage investments at Berkshire Hathaway because those meetings made an impact. Since then, Weschler has been working alongside Buffett to find companies that fit Berkshire's rigorous investment philosophy.
See Also: 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>.
Weschler's advice for building wealth is simple. Start early, invest consistently and tune out the noise of daily market swings. He also recommends index funds for anyone who wants an easy, reliable way to grow their money.&nbsp;
In an interview with the Washington Post, he pointed out that even if his original IRA had been invested entirely in an S&amp;P 500 index fund, it would have grown to $1.6 million by 2021.
According to Fidelity Investments&#8217; Q3 2024 <a href="https://www.benzinga.com/personal-finance/24/09/40753320/new-report-the-u-s-has-more-401-k-millionaires-than-ever-even-though-people-feel-the-economy-isn">Retirement Analysis</a>, the average IRA balance in the U.S. is $129,200. The report also notes that the number of IRA millionaires has increased by nearly 5% to 418,111, thanks to consistent contributions and strong market performance.
While Weschler's results are far from average, his discipline and long-term thinking principles remain relatable.
Read Next:
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<li>Many are using retirement income calculators 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/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a></li>
</ul>

Startups

The $5 Million Lunch That Changed It All: How Ted Weschler Met Warren Buffett And Built A $269 Million Retirement Account

T-Mobile US (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) has outperformed the market over the past 10 years by 10.95% on an annualized basis producing an average annual return of 22.26%. Currently, T-Mobile US has a market capitalization of $263.42 billion. 
Buying $1000 In TMUS: If an investor had bought $1000 of TMUS stock 10 years ago, it would be worth $7,576.26 today based on a price of $230.15 for TMUS at the time of writing.
<h3>T-Mobile US's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738367108_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

TMUS

Here's How Much You Would Have Made Owning T-Mobile US Stock In The Last 10 Years

Moodys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>) has outperformed the market over the past 15 years by 9.35% on an annualized basis producing an average annual return of 21.63%. Currently, Moodys has a market capitalization of $90.51 billion. 
Buying $100 In MCO: If an investor had bought $100 of MCO stock 15 years ago, it would be worth $1,826.77 today based on a price of $499.44 for MCO at the time of writing.
<h3>Moodys's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738366209_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In Moodys 15 Years Ago Would Be Worth This Much Today

Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) has outperformed the market over the past 10 years by 3.45% on an annualized basis producing an average annual return of 14.76%. Currently, Morgan Stanley has a market capitalization of $223.31 billion. 
Buying $100 In MS: If an investor had bought $100 of MS stock 10 years ago, it would be worth $398.13 today based on a price of $138.96 for MS at the time of writing.
<h3>Morgan Stanley's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738365312_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $100 Invested In Morgan Stanley 10 Years Ago Would Be Worth Today

Howmet Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HWM#NYSE">HWM</a>) has outperformed the market over the past 5 years by 27.37% on an annualized basis producing an average annual return of 40.21%. Currently, Howmet Aerospace has a market capitalization of $51.19 billion. 
Buying $100 In HWM: If an investor had bought $100 of HWM stock 5 years ago, it would be worth $549.37 today based on a price of $126.01 for HWM at the time of writing.
<h3>Howmet Aerospace's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738364409_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 5 Years Ago Would Be Worth This Much Today

Veeva Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) has outperformed the market over the past 10 years by 11.42% on an annualized basis producing an average annual return of 22.73%. Currently, Veeva Systems has a market capitalization of $37.87 billion. 
Buying $1000 In VEEV: If an investor had bought $1000 of VEEV stock 10 years ago, it would be worth $7,775.33 today based on a price of $233.26 for VEEV at the time of writing.
<h3>Veeva Systems's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738363509_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

VEEV

Here's How Much $1000 Invested In Veeva Systems 10 Years Ago Would Be Worth Today

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