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President-elect Donald Trump has appointed Sriram Krishnan, former general partner at Andreessen Horowitz, as senior policy advisor for AI.
What Happened: In a statement on Sunday, Trump said that Krishnan will serve in the White House Office of Science and Technology Policy, working closely with David Sacks, recently named Trump's &#8220;AI and crypto czar.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am pleased to announce the brilliant Team that will be working in conjunction with our White House A.I. &amp; Crypto Czar, David O. Sacks. Together, we will unleash scientific breakthroughs, ensure America&#39;s technological dominance, and usher in a Golden Age of American Innovation!…
&mdash; Trump Posts on &#120143; (@trump_repost) <a href="https://twitter.com/trump_repost/status/1870949048750104795?ref_src=twsrc%5Etfw">December 22, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/24/12/42568204/nvidia-and-apple-team-up-to-supercharge-llms-with-redrafter-technique?itm_source=parsely-api">Nvidia, Apple Team Up To Supercharge ChatGPT-Like LLMs With ReDrafter Technique</a>
Krishnan expressed his gratitude for the appointment, calling it an honor to contribute to American leadership in AI.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f1fa;&#x1f1f8; I&#39;m honored to be able to serve our country and ensure continued American leadership in AI working closely with <a href="https://twitter.com/DavidSacks?ref_src=twsrc%5Etfw">@DavidSacks</a>. Thank you <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> for this opportunity. <a href="https://t.co/kw1n0IKK2a">pic.twitter.com/kw1n0IKK2a</a>
&mdash; Sriram Krishnan (@sriramk) <a href="https://twitter.com/sriramk/status/1870955225978384509?ref_src=twsrc%5Etfw">December 22, 2024</a></blockquote>
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Why It Matters: Krishnan, a tech entrepreneur and venture capitalist, has a storied career leading product teams at <a href="https://www.benzinga.com/news/22/12/30132350/who-could-be-the-next-twitter-ceo-after-elon-musk-a-look-at-7-potential-candidates">major companies</a> like Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Twitter, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>).
He also has a close relationship with Elon Musk, who co-leads the Department of Government Efficiency under Trump.
Previously, Krishnan has advocated for a more innovative, technology-driven approach to resolving conflicts between large internet platforms and AI-powered models like OpenAI&#8217;s ChatGPT.
Following Trump's announcement, venture capital powerhouse Marc Andreessen took to X, formerly Twitter, and called Krishnan's appointment a "1,000x upgrade for the U.S. government," for positioning itself as a global AI policy leader.
Musk agreed with Andreessen's sentiments.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yes
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1870966548539768937?ref_src=twsrc%5Etfw">December 22, 2024</a></blockquote>
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Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42609769/elon-musk-is-a-legendary-entrepreneur-but-also-a-bully-says-openai-ceo-sam-altman-now-its-me-its-been-bezos-gates-zuckerberg-lots-of-other-people">Elon Musk A Legendary Entrepreneur But Also A Bully, Says OpenAI CEO Sam Altman: &#8216;Now It&#8217;s Me, It&#8217;s Been Bezos, Gates, Zuckerberg, Lots Of Other People&#8217;</a></li>
</ul>

Government

News

Tech

MSFT

SNAP

Trump Taps Sriram Krishnan As Senior AI Advisor — Elon Musk Agrees New David Sacks Underling 'Right Man For The Topic And The Time'

Panama&#8217;s President José Raúl Mulino strongly rejected President-elect Donald Trump&#8216;s suggestion to return the Panama Canal to U.S. control, highlighting potential tensions that could affect maritime trade through the critical waterway.
What Happened: &#8220;Every square meter of the Panama Canal and its adjacent zone belongs to Panama, and will continue to do so,&#8221; Mulino said in a video statement on Sunday. 
His response came after Trump told supporters at Turning Point&#8217;s &#8220;American Fest&#8221; that he would demand the canal&#8217;s return to U.S. control, citing concerns over fees and fair treatment, <a href="https://thehill.com/policy/international/5053110-president-of-panama-fires-back-at-trump-canal-belongs-to-panama/">reported</a> The Hill.
"It was given to Panama and to the people of Panama, but it has provisions. You got to treat us fairly and they haven't treated us fairly," Trump said. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f1f5;&#x1f1e6; Mensaje del Presidente José Raúl Mulino &#x1f1f5;&#x1f1e6; <a href="https://t.co/DMXU8qAuNT">pic.twitter.com/DMXU8qAuNT</a>
&mdash; José Raúl Mulino (@JoseRaulMulino) <a href="https://twitter.com/JoseRaulMulino/status/1870937535578333496?ref_src=twsrc%5Etfw">December 22, 2024</a></blockquote>
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The Panama Canal, transferred to Panamanian control in 1999, serves as a crucial maritime route connecting the Atlantic and Pacific oceans. The waterway handles <a href="https://www.benzinga.com/news/19/07/14072752/commentary-expansion-of-the-panama-canal-benefits-global-trade">approximately 12,000 vessel transits</a> annually and is particularly vital for U.S. East Coast ports, which have seen stronger cargo growth since the canal&#8217;s 2016 expansion.
Mulino defended the canal&#8217;s fee structure, explaining that rates &#8220;are established publicly and in an open hearing, taking into account market conditions, international competition, operating costs, and maintenance needs.&#8221; 
See Also: <a href="https://www.benzinga.com/24/12/42639340/bernie-sanders-is-all-for-canada-becoming-the-51st-state-if-the-u-s-will-also-adopt-universal-healthcare">Bernie Sanders Is &#8216;All For&#8217; Canada Becoming The 51st State If The U.S. Will Also Adopt Universal Healthcare</a>
Why It Matters: The canal&#8217;s significance to U.S. trade is substantial. According to <a href="https://www.benzinga.com/partner/cryptocurrency/24/12/42507134/hive-digital-technologies-nasdaq-hive-experiences-monumental-month-amid-tech-tailwinds-tri">FreightWaves data</a>, shipping costs from Asia to U.S. East Coast ports via the canal are approximately $1,400 higher per standard forty-foot container compared to West Coast routes, reflecting the waterway&#8217;s strategic importance in global trade.
Recent challenges include climate-related issues, with the Panama Canal Authority implementing additional fees due to historically low water levels. In 2019, total rainfall dropped 20%, affecting the Gatun and Madden Lakes that <a href="https://www.benzinga.com/partner/cryptocurrency/24/12/42507134/hive-digital-technologies-nasdaq-hive-experiences-monumental-month-amid-tech-tailwinds-tri">supply the canal</a>.
Despite the diplomatic tension, Mulino expressed hope for maintaining strong bilateral relations with the incoming Trump administration, particularly on security issues like illegal migration and drug trafficking. However, he emphasized that Panama&#8217;s sovereignty over the canal is &#8220;not negotiable.&#8221;
Read Next: 
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<li><a href="https://www.benzinga.com/markets/24/12/42638957/warren-buffetts-timeless-advice-if-youre-gonna-do-dumb-things-because-your-stock-goes-down-you-shouldnt-own-a-stock-at-all">Warren Buffett&#8217;s Timeless Advice: &#8216;If You&#8217;re Gonna Do Dumb Things Because Your Stock Goes Down, You Shouldn&#8217;t Own A Stock At All&#8217;</a></li>
</ul>
Image Via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Global

Trump's Call To Reclaim Panama Canal Sparks Backlash: 'Every Square Meter Belongs To Panama,' Says President Mulino

Sen. <a href="https://www.benzinga.com/personal-finance/24/12/42494409/bernie-sanders-proposes-taxing-income-over-1-billion-at-100-and-urges-its-time-to-make-greedy-billionaires-pay-their-fair-share">Bernie Sanders</a> has sparked conversation on social media with a post tying universal health care to an idea floated by President-elect <a href="https://www.benzinga.com/markets/24/11/41869001/heres-how-trumps-policies-might-shape-the-markets-future">Donald Trump</a>. According to The Associated Press (AP), at a dinner with Canadian Prime Minister Justin Trudeau in November, Trump jokingly suggested that Canada become the 51st state of the United States of America.&nbsp;
In Sanders' post on X, he wrote: "Trump has suggested that Canada become the 51st state in our union. Does that mean we can adopt the Canadian health care system and guarantee health care to all, lower the cost of prescription drugs and spend 50% less per capita on health care? I&#8217;m all for it."
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Sanders, a longtime proponent of universal health care, has drawn attention to Canada's single-payer health care model. According to the Canadian Institute for Health Information (CIHI), in 2020, Canada&#8217;s per capita spending on health care was CA$7,507 (USD$5,220), less than half the United States per capita spending of CA$15,275 (USD$10,622). Sanders has frequently criticized the <a href="https://www.benzinga.com/personal-finance/24/12/42491306/is-u-s-health-insurance-failing-the-sickest-and-poorest-new-study-reveals-49-million-americans-lack-proper-health-coverage">U.S. health care system</a> for its high costs and gaps in access.
Trump's comment about Canada becoming the 51st state was made during a meeting with Trudeau at Mar-a-Lago in November. The meeting, which followed Trump&#8217;s threats to impose a 25% tariff on Canadian goods, came at Trudeau's request. According to AP, the meeting was overall positive and covered subjects including trade, border security, fentanyl, defense, Ukraine, NATO, China and pipelines.&nbsp;
See Also: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!</a>
The notion of Canada becoming a U.S. state has been explored, typically as a thought experiment. Constitutional experts cited by the National Post highlighted the significant political, legal and cultural hurdles such a transition would face. Both nations must agree to monumental changes, including constitutional amendments in the U.S. and Canada relinquishing its sovereignty.
AP also pointed out that Canada is a vital economic partner to the U.S., with 77% of its exports going to American markets. Canada also supplies critical resources, such as energy and minerals, to the U.S., which would make any trade disruption mutually damaging.
Trending: 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>
While Trump's statehood comment may not have been serious, Sanders' response has reignited debates over health care in the U.S. Many Americans consider Canada's system a model for reducing costs and improving access. However, opponents argue that implementing such a system in the U.S. would be complicated and expensive.
Though the concept of Canada becoming the 51st state remains speculative at best, it has provided a platform for renewed discussion on trade, immigration and health care<a href="https://www.benzinga.com/government/regulations/24/11/41866438/donald-trumps-second-term-could-reshape-us-healthcare-system-with-major-impacts-on-affordable-care-act-and-medicare"> policy</a>. Whether prompted by Sanders&#8217; advocacy for universal health care or Trump's tariff threats, the conversation underscores the interconnectedness of U.S.-Canada relations.
Read Next:
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<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
<li><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></li>
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Bernie Sanders Is 'All For' Canada Becoming The 51st State If The U.S. Will Also Adopt Universal Healthcare

News Corporation ("News Corp" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWS#NASDAQ">NWS</a>, NWSA: ASX: NWS, NWSLV)) announced today that it has entered into a definitive agreement for the sale of Foxtel Group ("Foxtel") to DAZN Group Limited ("DAZN"), a premier global sports streaming platform.
Under the terms of the agreement, shareholder loans in the amount of A$578 million outstanding and owing to News Corp will be repaid in full in cash at closing. Foxtel's current debt will be refinanced at closing and transfer with Foxtel, and News Corp will hold a minority equity interest in DAZN of approximately 6% as well as one seat on its Board of Directors. Telstra Group Ltd ("Telstra") will also sell its minority interest in Foxtel, have its shareholder loans of A$128 million repaid, and take a minority stake in DAZN of approximately 3%. The proposed transaction values Foxtel at an enterprise value of A$3.4 billion, representing more than 7x fiscal 2024 Foxtel EBITDA.

Asset Sales

NWSA

News Corp Announced Agreement To Sell Foxtel To DAZN For Enterprise Value Of A$3.4B

Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) ("FF", "Faraday Future", or "Company"), a California-based technology company specializing in artificial intelligence electric vehicles (AIEV), announced that it has secured approximately $30 million in cash financing commitments. The funds will be used to accelerate the Company's growth and the development of Faraday X (FX), FF's strategy of launching affordable high performance AIEV equipped vehicles with cutting edge technology, filling the U.S. market gap in this segment, and for general corporate purposes.
The $30 million financing commitment includes a pre-funded $7.5 million, which was received in the fourth quarter of this year, and $22.5 million in new cash commitments (the "Financing"), structured in the form of unsecured convertible notes ("Convertible Notes") and warrants to acquire additional shares of the Company's common stock ("Warrants"). The conversion price for the Convertible Notes and exercise price for the Warrants are $1.16 and $1.392 per share, respectively, subject to adjustment as set forth therein. The shares of common stock underlying the Convertible Notes and Warrants issued in the Financing are currently unregistered, subject to trading restrictions, and not immediately tradable. The Financing is subject to customary closing conditions. For additional information regarding the material terms relating to the Financing, please see the Company's Form 8-K to be filed with the SEC on December 23, 2024.

Financing

FFIE

Faraday Future Secured $30M In Cash Financing Commitments For AI Electric Vehicle Development

Reid Hoffman, LinkedIn co-founder and major Democratic donor, has revealed he has faced violent threats and had to hire security following accusations fueled by Elon Musk. 
What Happened: The claims, made by Musk on social media platform X and during interviews, allege a connection between Hoffman and Jeffrey Epstein, the late convicted sex offender.
Hoffman <a href="https://www.thetimes.com/business-money/companies/article/linkedin-founder-reid-hoffman-ive-had-threats-of-violence-since-musk-slanders-nfclq2s0r">told</a> The Sunday Times that Musk&#8217;s comments stemmed from &#8220;convictions with no evidence.&#8221; Musk, the CEO of Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), replied with the &#8220;100&#8221; emoji to an X post suggesting Hoffman had visited Epstein's private island.
Musk also implied during an interview with Tucker Carlson that Hoffman was one of the "billionaires behind Kamala" Harris, fearful of Epstein's client list being released.
"Elon's defamation makes me angry and sad," Hoffman said. "Angry because it is an ugly assault. Sad because it comes from someone whose entrepreneurial achievements I continue to admire." Hoffman declined to share details of the threats but confirmed he had hired security in response.
Also Read: <a href="https://www.benzinga.com/general/entertainment/22/06/27557540/musk-says-he-wants-to-see-epstein-maxwell-client-list-twitterati-cant-stop-trolling-him-3">Musk Asks Why Epstein-Maxwell Client List Hasn&#8217;t Leaked, Responds To Twitter User Who Suggested He Was A Client Himself</a>
Hoffman admitted to a past interaction with Epstein, apologizing in 2019 for inviting him to a 2015 dinner party with tech luminaries, including Musk, Mark Zuckerberg, and Peter Thiel. At the time, Hoffman said he relied on assurances from MIT Media Lab that Epstein's involvement in fundraising had been vetted. 
He later expressed regret, writing to Axios, "By agreeing to participate in any fundraising activity where Epstein was present, I helped to repair his reputation and perpetuate injustice. For this, I am deeply regretful."
Hoffman has denied attending any Epstein-related events, stating, "I went to no Epstein parties. I didn't even know who he was."
The controversy emerges as Musk strengthens ties with President elect Donald Trump, co-chairing DOGE alongside entrepreneur Vivek Ramaswamy. 
Hoffman, a vocal supporter of Vice President Kamala Harris, has used X to oppose Trump's political campaigns, describing them as a "scam."
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

TSLA

LinkedIn Cofounder Reid Hoffman Says Musk's Baseless Jeffrey Epstein Claims Forced Him To Hire Security: 'Elon's Defamation Makes Me Angry'

Chechen warlord Ramzan Kadyrov has accused Elon Musk of remotely disabling his Tesla Cybertruck, which Kadyrov claimed was a gift from Musk. The Chechen leader made the allegations in a Telegram post, criticizing <a href="https://www.benzinga.com/news/24/08/40504595/military-expert-calls-russian-president-allys-tesla-cybertruck-super-cool-but-useless-combat-vehicle">Musk's actions as "unmanly."</a>
What Happened: Kadyrov, who has governed Chechnya since 2007, claimed the modified Cybertruck, equipped with a machine gun, was intended for use in the war against Ukraine. "Elon Musk behaved badly. He gives expensive gifts from the heart, and then turns them off remotely," Kadyrov <a href="https://t.me/RKadyrov_95/5103">wrote</a>. He also noted in the post that he had to tow the vehicle after it was disabled. 
While Kadyrov asserted that Musk had personally gifted him the Cybertruck, Musk has categorically denied the claim. The mystery surrounding how Kadyrov obtained the vehicle is heightened by the fact that US sanctions prohibit direct export of the Cybertruck to Chechnya. 
Earlier in August, Kadyrov had publicly showcased the vehicle,<a href="https://www.benzinga.com/news/24/08/40432032/putin-ally-unveils-tesla-cybertruck-with-machine-gun-invites-musk-to-russia"> calling it a "Cyberbeast" and praising its technology</a>.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/02/37195508/putin-pal-elon-musk-fires-back-at-critics-accusing-him-of-supporting-russia" target="_blank" rel="noreferrer noopener">Putin Pal? Elon Musk Fires Back At Critics Accusing Him Of Supporting Russia</a>
Experts have voiced skepticism about the utility of the Cybertruck in combat scenarios. Mark Cancian, a senior advisor with the Center for Strategic and International Studies, said the vehicle would be "totally useless" on the battlefield due to its weight and charging requirements. 
Despite Kadyrov's assertions of the truck's combat readiness, analysts doubt its practicality in war zones.
This incident highlights broader concerns regarding Tesla's vehicle security and the potential misuse of its products in conflict areas. 
The ability to remotely disable vehicles could raise questions about the implications for international security and Tesla's reputation as a global brand.
Read Next
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Putin Ally Claims Elon Musk 'Remotely Disabled' His Militarized Cybertruck Armed With Machine Gun: 'He Gives Expensive Gifts From Heart, And Then Turns Them Off'

Jeff Bezos, billionaire founder of Amazon, is reportedly set to marry his fiancée, Lauren Sanchez, next Saturday in a $600 million Winter Wonderland-themed <a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos">wedding in Aspen, Colorado</a>.
What Happened: According to a report, the lavish celebration follows a private engagement dinner at Matsuhisa, a high-end sushi restaurant the couple reportedly bought out for two days ahead of their nuptials.
The extravagant event is expected to feature festive decor, twinkling lights, and holiday charm. The guest list for the star-studded wedding is rumored to include high-profile names like Bill Gates, Leonardo DiCaprio and Queen Rania of Jordan, who joined the couple for their engagement celebrations in Positano, Italy, earlier this year.
As per the report <a href="https://www.dailymail.co.uk/news/article-14217859/Jeff-Bezos-Lauren-Sanchez-wedding-plan-Aspen-date-is.html">by</a> The Daily Mail, Bezos, 60, and Sanchez, 54, became engaged in May 2023 aboard Bezos' mega-yacht. The billionaire proposed with a cushion-cut pink diamond ring estimated to be worth $2.5 million.
While the pair have not publicly confirmed their wedding date, the report signals a high-profile event reflective of their luxurious lifestyle.
Also Read: <a href="https://www.benzinga.com/news/24/12/42380748/heres-how-jeff-bezos-three-simple-steps-made-amazon-a-giant">Here&#8217;s How Jeff Bezos&#8217; Three Simple Steps Made Amazon a Giant</a>
The couple first went public with their relationship in 2019, shortly after Bezos announced his divorce from MacKenzie Scott. 
Sanchez, a former broadcast journalist, shares three children from previous relationships, including two with Hollywood talent mogul Patrick Whitesell and one with former NFL player Tony Gonzalez. Bezos shares three children with his ex-wife Scott.
News of the wedding comes as Amazon workers continue to strike across four states, marking the third consecutive day of demonstrations. 
Employees are protesting workplace conditions, a move that adds an interesting juxtaposition to Bezos' high-profile personal milestone.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Entertainment

Inside Jeff Bezos' $600M Wedding To Lauren Sánchez: Luxe Decor, Stars, And Romance

President-elect Donald Trump has intensified his legal assault on the media, filing multiple lawsuits seeking damages for what <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42571395/trumps-djt-connection-drives-this-lesser-known-crypto-stocks-nearly-3x-surge-in-a-month" target="_blank" rel="noreferrer noopener">he claims are false or misleading reports</a>.
Trump has also leveraged civil anti-fraud laws, aiming to circumvent the typically high legal barriers in defamation cases involving public figures, reports Reuters.
Legal experts believe this broad approach could serve to punish media outlets for critical coverage and force them to face financial consequences.
One of the most high-profile cases involves The Des Moines Register and pollster J. Ann Selzer, filed in Iowa state court.
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The lawsuit stems from a pre-election poll that showed Kamala Harris leading Trump by 3 percentage points in Iowa. Trump, who ultimately won the state by a wide margin, accuses the newspaper and Selzer of "brazen election interference," alleging they manipulated the poll and leaked it to Democratic operatives before publication.
While the Register acknowledged that the poll did not reflect the final election outcome, they stand by their reporting and consider the lawsuit without merit. Trump's legal team is seeking unspecified damages and demands an injunction to prevent deceptive practices related to the poll.
The lawsuit also targets Gannett, the parent company of The Des Moines Register, and accuses it of violating Iowa&#8217;s Consumer Fraud Act.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income" target="_blank" rel="noreferrer noopener">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy's Michael Saylor: ‘BTC Doesn't Generate Any Income'</a></li>
</ul>

Equities

Politics

Markets

General

Trump Continues Court Battle With Media With Lawsuit Against Des Moines Register

Warren Buffett, the iconic investor and chairman of Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), is renowned for his timeless <a href="https://www.benzinga.com/news/24/08/40151169/how-a-holiday-meeting-sparked-a-billion-dollar-friendship-between-bill-gates-warren-buffett">advice on wealth-building</a>.
What Happened: With a net worth of approximately $142 billion, Buffett's strategies resonate deeply with those seeking financial success. Among his key pieces of advice: start investing early, focus on small companies, and don't panic when stocks fluctuate.
During the 1999 annual shareholders' meeting, Buffett <a href="https://buffett.cnbc.com/video/1999/05/03/buffetts-advice-on-making-big-money.html">shared</a> the approach he would take if he were a recent graduate starting out with $10,000 to invest.
Buffett emphasizes the power of compound interest, likening it to rolling a small snowball down a long hill. 
"The trick is to have a very long hill, which means either starting very young or living, to be very old," he said during the shareholders' meeting. Early investing, he argues, allows your money to grow exponentially over time.
For those with limited funds, Buffett recommends focusing on smaller companies, where there's less competition from institutional investors. 
He noted that investing in good businesses, or "buying pieces of them" through stocks at attractive prices, is the key to multiplying wealth. 
Buffett said that if he were starting with $10,000 today, he'd begin by researching companies alphabetically, starting with names that begin with "A."
Also Read: <a href="https://www.benzinga.com/news/24/08/40666605/warren-buffetts-career-advice-dont-think-about-money-take-the-job-that-you-would-take-if-you-didnt-n">Warren Buffett&#8217;s Career Advice: &#8216;Don&#8217;t Think About Money, Take The Job That You Would Take If You Didn&#8217;t Need The Job&#8217;</a>
Buffett also stresses the importance of long-term thinking. "Some people should not own stocks at all because they just get too upset with price fluctuations. If you're gonna do dumb things because your stock goes down, you shouldn't own a stock at all," he <a href="https://www.cnbc.com/2018/12/17/warren-buffett-tips-on-how-to-invest-in-the-stock-market.html">told</a> CNBC in 2018.
Stock prices will inevitably dip at times, but Buffett urges investors to remain patient and focus on the long-term value of their holdings. "Buy something you like, at a price you like, and then hold it for 20 years," he advised.
He further warns against obsessing over daily stock price fluctuations. Comparing stock ownership to real estate, he said, "If you bought a farm or an apartment house, you wouldn't get a quote on it every day or every week." Instead, Buffett recommends treating stocks as long-term investments, ignoring short-term market noise.
Buffett's principles—start early, think long-term, and invest in solid businesses—remain guiding lights for those looking to build lasting wealth.
Read Next
<a href="https://www.benzinga.com/news/23/03/31512478/warren-buffetts-success-mantra-the-amount-you-are-loved-is-the-ultimate-measure-of-success-in-life" target="_blank" rel="noreferrer noopener">Warren Buffett's Success Mantra: ‘The Amount You Are Loved Is The Ultimate Measure Of Success In Life'</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Success Stories

Warren Buffett's Timeless Advice: 'If You're Gonna Do Dumb Things Because Your Stock Goes Down, You Shouldn't Own A Stock At All'

Imagine climbing to the top of Hollywood, making millions and living a life that screams "success" – then walking away from it all to live in a trailer park. It sounds like the plot of a quirky indie film. Still, it's the real-life story of Tom Shadyac, the director behind some of Hollywood's most iconic comedies, including Ace Ventura: Pet Detective and Bruce Almighty.
Shadyac <a href="https://www.benzinga.com/startups/24/12/42468734/nba-legend-shaq-owned-17-auntie-annes-franchises-but-sold-them-after-realizing-black-people-dont-like-pretzels-that-much">didn't just flirt with success</a>; he made a fortune off it. His films have grossed over $2 billion worldwide. He directed blockbusters like The Nutty Professor and Liar Liar, working with megastars like Jim Carrey and Eddie Murphy. Shadyac's net worth was around $50 million at his peak. According to Celebrity Net Worth in 2024, he owned a sprawling 17,000-square-foot mansion, a private jet and enough exotic cars to make Jay Leno jealous. And yet, Shadyac claims, "I was my least successful when I ‘had it all.'"
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So, what makes a man trade in a mansion for a <a href="https://www.benzinga.com/real-estate/23/12/36364647/shark-tank-star-barbara-corcoran-owns-a-1-million-double-wide-mobile-home-she-calls-her-taj-mahal-wh">1,000-square-foot double-wide</a> in a Malibu trailer park?&nbsp;
Shadyac started in Hollywood as a joke writer for Bob Hope, but his big break came with Ace Ventura: Pet Detective in 1994. The film, made on a modest $15 million budget, grossed over $100 million and turned Jim Carrey into a household name. From there, Shadyac's career skyrocketed.
He directed hit after hit: The Nutty Professor ($273 million worldwide), Liar Liar ($302 million) and Bruce Almighty ($485 million). For Bruce Almighty, Shadyac even negotiated a piece of the back-end profits, raking in over $30 million for that film alone. At the time, Shadyac was living the ultimate Hollywood dream.
But it wasn't long before the dream started feeling more like a trap.
See Also: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
In 2007, Shadyac's life took a dramatic turn. A biking accident left him with a severe concussion and chronic symptoms like migraines and hypersensitivity to light and sound. For months, he was essentially confined to his mansion, his mental health spiraling. He later admitted, "I felt suicidal at points. It was a disaster."
During this dark time, Shadyac had an epiphany. His extravagant lifestyle – private jets, luxury cars, a massive home – felt hollow. The things that were supposed to signify success had become "trappings."
Shadyac decided to give away his fortune in a move that shocked Hollywood. He sold his mansion, his cars and his jet. He then started <a href="https://www.benzinga.com/startups/24/01/36830715/jeff-bezoss-ex-wife-mackenzie-scott-has-given-over-16-billion-to-charity-since-her-divorce-as-jeff-b">donating millions to causes close to his heart</a>, like homelessness, environmental conservation and animal welfare. He even helped fund a homeless shelter in Charlottesville, Virginia and supported St. Jude's Children's Research Hospital.
Trending: <a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
Shadyac moved into a trailer park in Malibu, where his modest home stands in dramatic contrast to the lives of Hollywood's elite. He says the decision was liberating:
"The more I give away, the wealthier I feel. For everything I ‘gave up,' so much more was returned."
Shadyac didn't just change his ZIP code; he changed his entire worldview. In 2011, he directed I Am, a documentary exploring two fundamental questions: "What's wrong with the world?" and "What can we do about it?" The film examines the pursuit of happiness and the consequences of excessive materialism.
He executive-produced Happy, another documentary examining what brings joy across different cultures. These projects reflect Shadyac's belief that life isn't about accumulating wealth but building connections and giving back.
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As he puts it:
"No one is ever looking to have a more robust IRA when they are on their deathbed. They are saying, ‘I am so happy that I had the opportunity to love this family, to be a part of something.'"
Shadyac's story reminds us that success isn't just about what you earn; it's about what you give back. While his Hollywood peers chase box office records and six-figure paychecks, Shadyac has found peace in simplicity.
It's easy to dismiss his decision as extreme, but Shadyac sees it differently. To him, living a life centered on giving and purpose is far more fulfilling than jet-setting and luxury cars. "The trappings of fame and fortune are exactly that – a trapping," he says.
From the director's chair to a double-wide in Malibu, Tom Shadyac has proved that happiness isn't about having it all but knowing what truly matters.
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'I Was My Least Successful When I Had It All' – Ace Ventura Director Made $50 Million Then Gave It All Away To Live In A Trailer Park

Anthony Scaramucci, founder of SkyBridge Capital, has dismissed concerns surrounding Michael Saylor and MicroStrategy Inc., suggesting fears of a potential collapse due to Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) volatility are exaggerated. 
What Happened: In an interview on Friday, Scaramucci pointed to Saylor's long-term debt strategy as evidence of MicroStrategy's resilience.
"People think if Bitcoin crashes, he is going to implode," Bloomberg quoted Scaramucci <a href="https://www.bloomberg.com/news/articles/2024-12-20/scaramucci-says-concern-over-microstrategy-s-debt-is-overblown?sref=TBDibEcD">saying</a> during the interview. "But if you really study his balance sheet, he has long, long-term debt, and he has rolling long-term debt. You'd have to have a systemic collapse in Bitcoin lasting six or seven years to flash him out." 
MicroStrategy's bold bet on Bitcoin has driven a more than 400% surge in its stock this year, while the company financed purchases with billions in convertible debt.
The company currently has $7.2 billion in outstanding convertible debt, including $6 billion raised in 2024 alone. While some worry Bitcoin's price drops could force MicroStrategy to offload its holdings, further depressing prices, Scaramucci argued this narrative is overblown, reports the outlet. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378636/scaramucci-bitcoin-is-a-volatile-asset-but-ready-for-prime-time-institutional-investing">Scaramucci: Bitcoin Is a Volatile Asset, But &#8216;Ready for Prime Time Institutional Investing&#8217;</a>
"The narrative of him being forced to sell hundreds of thousands of tokens into the market, I think it's a forced narrative," he said, comparing MicroStrategy's structure to that of Lehman Brothers' during the 2008 financial crisis.
MicroStrategy remains a top holding of the First Trust SkyBridge Crypto Industry and Digital Economy ETF, sub-advised by SkyBridge Capital. Scaramucci praised Saylor's innovative approach, saying, "He's created this positive flywheel by issuing debt and equity."
Why It Matters: Bitcoin has recently pulled back from an all-time high of $108,000, retreating amid profit-taking and market volatility. Scaramucci anticipates potential corrections in the 30-40% range, which could bring Bitcoin's price to $60,000-$70,000. 
However, he remains optimistic about Bitcoin's long-term trajectory, citing favorable regulatory developments and U.S. exchange-traded funds investing directly in the cryptocurrency.
"Could it get to $18 trillion dollars in market cap?" Scaramucci speculated. "We believe that it could. Is it a direct line to $18 trillion? No."
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

MSTR

Scaramucci Defends MicroStrategy's Bitcoin Strategy, Predicts Long-Term Crypto Growth

These nine mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) rocketed 162.79% after the company announced it was awarded a prime contract by NASA to apply Dirac-3 for imaging <a href="https://www.benzinga.com//node/42554980" target="_blank" rel="noreferrer noopener">and data processing support</a>.</li>
<li>BlackBerry Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) shares surged 37.17% after the company <a href="https://www.benzinga.com//node/42606549" target="_blank" rel="noreferrer noopener">reported third-quarter results</a>. Analysts revised the price <a href="https://www.benzinga.com/quote/bb/analyst-ratings" target="_blank" rel="noreferrer noopener">forecast on the stock</a>.</li>
<li>IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) stock upped 31.30% after Craig-Hallum raised its price forecast from $22 to $45 while <a href="https://www.benzinga.com/quote/ionq/analyst-ratings" target="_blank" rel="noreferrer noopener">maintaining a Buy rating</a>.</li>
<li>Rigetti Computing, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) shares escalated 30.87%, probably due to continued strength amid <a href="https://www.benzinga.com//node/42569883" target="_blank" rel="noreferrer noopener">momentum towards Quantum-related companies</a>.</li>
<li>SoundHound AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOUN#NASDAQ">SOUN</a>) shares were up 28.65% following several notable announcements <a href="https://www.benzinga.com//node/42507758" target="_blank" rel="noreferrer noopener">from the company regarding conversational AI</a>.</li>
<li>Xometry, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XMTR#NASDAQ">XMTR</a>) stock rose 19.88% after JP Morgan upgraded it from Neutral to Overweight and <a href="https://www.benzinga.com/quote/xmtr/analyst-ratings" target="_blank" rel="noreferrer noopener">raised its price forecast from $25 to $45</a>.</li>
<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) stock upped 17.05%. NBA Hall of Famer and analyst Shaquille O&#8217;Neal has added a custom Lucid Air to his list of vehicles, including several Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Cybertruck <a href="https://www.benzinga.com//node/42556676" target="_blank" rel="noreferrer noopener">electric pickup trucks.</a></li>
<li>Oklo Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NYSE">OKLO</a>) stock increased 16.14% after the company and Switch signed a non-binding Master Power Agreement to deploy 12 gigawatts of Oklo Aurora <a href="https://www.benzinga.com//node/42554232" target="_blank" rel="noreferrer noopener">powerhouse projects through 2044</a>. Also, Wedbush initiated coverage on the stock with an Outperform rating and announced <a href="https://www.benzinga.com/quote/oklo/analyst-ratings" target="_blank" rel="noreferrer noopener">a $25 price forecast</a>.</li>
<li>Azenta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZTA#NASDAQ">AZTA</a>) stock rose 12.24% after Stephens &amp; Co. upgraded the stock to Overweight from Equal-Weight and <a href="https://benzinga.com/quote/azta/analyst-ratings" target="_blank" rel="noreferrer noopener">raised its price forecast from $50 to $60</a>.</li>
</ol>
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<li><a href="https://www.benzinga.com/news/large-cap/24/12/42638256/teva-pharmaceutical-li-auto-and-darden-restaurants-are-among-top-large-cap-gainers-last-week-december-16-20-are-the-others-in-your-portfolio" target="_blank" rel="noreferrer noopener">Teva Pharmaceutical, Li Auto, And Darden Restaurants Are Among Top Large Cap Gainers Last Week (December 16-20): Are The Others In Your Portfolio?</a></li>
<li><a href="https://www.benzinga.com//node/42638379" target="_blank" rel="noreferrer noopener">Novo Nordisk, Super Micro Computer And Arm Are Among Top Large Cap Losers Last Week (December 16-20): Are The Others In Your Portfolio?</a></li>
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Photo via Shutterstock

Mid Cap

Movers

Trading Ideas

AZTA

IONQ

LCID

OKLO

QBTS

QUBT

RGTI

SOUN

XMTR

Quantum Computing, BlackBerry And Lucid Group Are Among Top Mid Cap Gainers Last Week (December 16-20): Are The Others In Your Portfolio?

Robert Kiyosaki, businessman and author of Rich Dad, Poor Dad, is once again sounding the alarm about a potential global financial crisis.
What Happened: In a recent post on X, he urged individuals to take action now by investing in gold, silver, and Bitcoin, which he views as essential assets for safeguarding wealth.
Kiyosaki didn't mince words when criticizing the current financial system, labeling the U.S. government, Treasury, and Federal Reserve as a "Den of Thieves." 
His distrust stems from key historical events, such as the 1965 replacement of silver coins with cheaper alloys and President Richard Nixon's 1971 decision to take the U.S. off the gold standard. Kiyosaki believes these actions marked the beginning of a financial system in decline.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">THANK YOU gold, silver and Bitcoin HODLERS: I do not trust the US Giverment, the US Treasury, or the FED. If you trust these Den of Thieves that is your choice. I stopped trusting my government in 1965, when I noticed our silver coins were now alloys of cooper. In 1971…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1870288365150781627?ref_src=twsrc%5Etfw">December 21, 2024</a></blockquote>
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A long-time critic of fiat currency, which he calls "fake money," Kiyosaki argues that it exploits the public and erodes wealth. Instead, he advocates for tangible assets like gold, silver, and Bitcoin, which he sees as reliable ways to preserve value during uncertain times. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42255036/kiyosaki-on-bitcoin-100000-almost-impossible-for-the-poor-and-middle-class-to-catch-up">Kiyosaki on Bitcoin $100,000: &#8216;Almost Impossible for the Poor and Middle Class to Catch Up&#8217;</a>
"Protect your wealth by investing in real assets," he advises, emphasizing that these alternatives provide stability against economic volatility.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">OMT One More Thing: As you know our money is fake and our financial leaders are corrupt. For example Trump asked Fed Chairman Powell if he would resign from the Federal Reserve Bank. Powell said "No" just as Biden wants to pardon his son and family from all criminal…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1870317737983250621?ref_src=twsrc%5Etfw">December 21, 2024</a></blockquote>
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In addition to his investment recommendations, Kiyosaki underscores the importance of financial education. He encourages individuals to learn about money and make informed investment decisions. "Use resources like YouTube to educate yourself," he said, urging people to take control of their financial futures.
As concerns about financial instability grow, Kiyosaki's warnings resonate with many investors seeking to safeguard their wealth. 
His advice to invest in real assets and prioritize financial literacy offers a practical approach to navigating uncertain economic times.
Read Next
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Kiyosaki Warns of Global Financial Crisis: 'Protect Your Wealth by Investing in Real Assets'

According to JP Morgan, U.S. large-cap biopharma stocks have underperformed the broader market for two consecutive years, with mixed sentiment shaping investor outlook for 2025.
Despite strong fundamentals and advancements in drug pipelines, factors such as political uncertainty and sector rotation have hindered the sector's performance relative to the S&amp;P 500.
In 2024, biopharma stocks rose by 9.6%, falling short of the S&amp;P 500's 28.5% surge. However, JP Morgan analysts maintain a positive outlook for several key players.
Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), a top pick for the firm, is projected to see continued growth in its diabetes and obesity treatments, <a target="_blank" href="https://www.benzinga.com/general/biotech/24/10/41622207/eli-lilly-q3-earnings-mounjaro-sales-more-than-double-takes-2-98-billion-hit-to-profit-cuts-annua" rel="noreferrer noopener">Mounjaro and Zepbound</a>. The analyst also pointed to the company's robust pipeline and forecasted double-digit revenue and earnings growth into the 2030s.
Bristol-Myers Squibb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) has been added to JP Morgan's Analyst Focus List due to the strong potential of its schizophrenia drug, Cobenfy, which could achieve peak sales of $10 billion.
Similarly, Merck &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) and Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>) are expected to recover in 2025, following challenges in 2024 related to <a target="_blank" href="https://www.benzinga.com/general/biotech/24/04/38208816/eye-drug-eylea-price-manipulation-regeneron-faces-us-justice-department-allegations-over-medicare" rel="noreferrer noopener">competitive pressures </a>and regional dynamics <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40168774/mercks-blockbuster-vaccine-gardasil-sales-in-china-analyst-highlights-challenges-an" rel="noreferrer noopener">affecting key products</a>.
Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) is poised for growth with the anticipated mid-2025 launch of lenacapavir <a target="_blank" href="https://www.benzinga.com/quote/GILD" rel="noreferrer noopener">for HIV prevention</a>.
The firm also highlighted AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) for its appealing valuation, supported by strong Skyrizi and Rinvoq sales despite fewer near-term <a target="_blank" href="https://www.benzinga.com/quote/ABBV" rel="noreferrer noopener">pipeline developments</a>.
Animal health stocks are also projected to rebound in 2025. JP Morgan views Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>) as the strongest pick in the sector, citing its potential for high single-digit revenue <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41722660/zoetis-q3-earnings-beat-companion-animal-segment-growth-gives-confidence-into-2025-" rel="noreferrer noopener">growth and margin expansion</a>. IDEXX Laboratories, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) is another solid choice, though its performance depends on a r<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41659873/idexx-laboratories-adjusts-guidance-as-q3-revenue-growth-slows-analyst-notes-fewer-" rel="noreferrer noopener">ecovery in veterinary visits</a>. Meanwhile, Elanco Animal Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELAN#NYSE">ELAN</a>) faces uncertainties linked to its <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41817807/elanco-animal-q3-earnings-profit-beat-new-products-and-stabilized-business-to-drive" rel="noreferrer noopener">new product launches</a>.
Specialty pharmaceuticals showed early signs of stabilization in 2024, benefiting from improved pricing stability and supply dynamics. Perrigo Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRGO#NYSE">PRGO</a>) and Viatris Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTRS#NASDAQ">VTRS</a>) are highlighted as promising opportunities, while Teva Pharmaceuticals Industries Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>) may face growth challenges despite delivering strong clinical trial <a target="_blank" href="https://www.benzinga.com/general/biotech/24/12/42561832/teva-pharmaceutical-releases-impressive-phase-2-candidate-data-for-gastro-related-diseases" rel="noreferrer noopener">results this year</a>.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42623487/jp-morgan-defensive-oil-stocks-to-watch-in-2025-amid-70-brent-forecast" target="_blank" rel="noreferrer noopener">Defensive Oil Stocks To Watch In 2025 Amid $70 Brent Forecast: JP Morgan</a></li>
</ul>
Photo via Shutterstock

Analyst Color

Biotech

Large Cap

Health Care

Analyst Ratings

ABBV

ELAN

GILD

IDXX

PRGO

REGN

TEVA

VTRS

Big Biopharma Trails Behind The Market: JP Morgan's 2025 Outlook on Eli Lilly, Merck, and More

Victims of the hacking of defunct New Zealand-based crypto exchange Cryptopia are finally seeing restitution, with $225 million in digital assets being distributed to former account holders.
What Happened: The distributions mark a significant milestone in the exchange's liquidation process, which has been ongoing since 2019.
According to the press <a href="https://www.grantthornton.co.nz/press/press-releases-2024/cryptopia-account-holders-receive-%24400m-from-liquidators/">release</a> from accounting firm Grant Thornton, over 10,000 verified users of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) have received their initial cryptocurrency distributions.
"Within the last 48 hours, over $225 million in cryptocurrency has been returned on-chain," the statement reads.
Cryptopia suffered a devastating hack in January 2019, leading to millions of dollars in crypto theft. By May of the same year, the company appointed liquidators, citing the move as being in the "best interests of customers, staff, and other stakeholders."
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The liquidators ensured the distribution process adhered to a 2020 court ruling, which declared that digital assets held by Cryptopia are property in the context of liquidation. 
This legal precedent was critical in shaping the current distribution efforts and ensuring fair outcomes for affected users.
The milestone represents a long-awaited step forward for thousands of Cryptopia customers, many of whom have been waiting for years to recover their funds. 
With this progress, the liquidators aim to rebuild trust in the industry and demonstrate the potential for resolution in crypto-related legal cases.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36525844/north-korean-hackers-swiped-600-million-worth-of-crypto-in-2023-expected-to-carry-out-more">North Korean Hackers Swiped $600 Million Worth Of Crypto In 2023, Expected To Carry Out More Attacks, Warns Report</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Wikimedia Commons

$DOGE

Cryptopia Hack Victims Receive $225 Million In Distributions At Last

NBA great Michael Jordan has finally sold his sprawling mansion in the Chicago suburbs after over a decade on and off the market.
Originally listed in 2012 for $29 million, the nine-bedroom Highland Park estate recently sold for $9.5 million, according to property records. The 56,000-square-foot compound is on seven acres of land down the road from the Chicago Bulls' old practice facility, the Berto Center in Deerfield.
The buyer's identity has not yet been disclosed in public records and appears to have purchased the property without representation by a real estate agent.
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The iconic home, filled with personalized touches <a href="https://www.benzinga.com/startups/24/10/41549835/michael-jordan-the-nbas-first-billionaire-once-bet-100-000-on-a-game-of-rock-paper-scissors-i-enjoy">paying tribute to Jordan</a>, may have contributed to its extended time on the market. In 2015, the asking price was reduced to $14.855 million – a nod to Jordan's legendary jersey number 23, as the digits add up to the iconic number.
The <a href="https://www.benzinga.com/general/sports/24/12/42403470/michael-saylor-uses-lebron-james-michael-jordan-sports-analogy-to-explain-bitcoin-to-dave-portnoy-satoshi-gave-us-a-game-we-can-all-win">former Chicago Bulls star</a>, who hasn't lived there for years, has now officially sold the estate, giving it a new owner after 12 long years.
The mansion, where Jordan lived for 19 years, sold at a steep 67% discount from its original asking price.
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The median sale price of a home in Highland Park was $729,000, up 19.9% since last year, according to Redfin. On average, homes in Highland Park sell after 56 days on the market, compared to 49 days last year.
"Even at its reduced price, Jordan's home sold for more than the multimillion-dollar homes near Lake Michigan, which rarely sell for more than $5 million," Reddit user wjbc posted on the platform. "As the real estate people say, ‘The top three keys to success in real estate are location, location, location.' If your home is much more expensive than the other homes in the neighborhood, it's usually going to be hard to sell, even if you are Michael Jordan."
Listing agent Katherine Malkin of Compass told The Wall Street Journal that Jordan purchased the property in 1991 and invested about $50 million to build the home.
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The estate is filled with tributes to Jordan's legendary basketball career, including the number 23 prominently displayed on the front gate, his iconic Air Jordan logo on the full-size indoor basketball court and flagsticks on the putting green.
An infinity pool on the grounds includes a grass island.
Despite creative efforts to sell the property – such as offering a complete set of Air Jordans with the purchase and marketing the home through Mandarin-language videos targeting Jordan's fans in China – the mansion remained unsold and unoccupied for years.
Jordan now divides his time between North Carolina and Jupiter, Florida.
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From Slam Dunk To Deep Discount – Michael Jordan's Mansion Sells After 12 Years But At How Big Of A Loss?

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Contracts

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In a strategic effort to enhance monetization opportunities within the Telegram ecosystem, TON has been working with Adsgram, a dedicated advertising platform tailored for Telegram.
Adsgram emerged from its founder Vadim Sterlin&#8216;s firsthand challenges in monetizing his Fanton game, highlighting a broader issue faced by the GameFi community on Telegram and the TON network.
As a seasoned Adtech product manager, Sterlin highlighted earlier this year in the Adsgram community the scarcity of effective tools for publishers to generate revenue through advertising, underscoring the urgent need for innovative solutions in this space.
Benzinga recently caught up with Sterlin, the CEO and founder of Adsgram. Here's an excerpt from the interaction.   
What factors contributed to Adsgram attracting over 550 mini apps in just six months?
The market required a simple, clear, and scalable solution for monetizing mini-apps, and we were the first to deliver something to meet this growing demand. Our team has a wealth of experience in developing mini-apps, having built one of TON ecosystem's most popular mini-apps in the form of Fanton fantasy football. This gave us unique insights into what developers actually need, and enabled us to refine and optimize the platform for an experience that is as user-friendly as possible.&nbsp; This set us apart from our competitors and helped us to attract many mini-apps to Adsgram during the early stages of our project.
Monetizing Telegram mini-apps has historically been challenging. Individual applications often struggle to connect with advertisers, especially when they're looking to engage larger players in the advertising market. Adsgram filled this gap in the market by offering a unified and seamless solution to help mini apps find new audiences and grow their products.&nbsp;
How does Adsgram tailor advertising specifically for Telegram mini apps compared to traditional ad platforms?
The way that mini-apps bridge Web2 and Web3 is a fascinating aspect of the platform. This position at the intersection of these two worlds opens up exciting opportunities to implement strategies that bridge these two ecosystems. Initially, users were primarily drawn to ads for the rewards they offered in terms of user acquisition. Traffic characteristics and working funnels had to be adjusted, and users had to be educated on how to interact with the new model that we are looking to popularise.&nbsp; Over time, advertisers and users have adapted, creating a mutually beneficial system.&nbsp;
The hallmark of advertising in mini-apps is its simplicity. We intentionally set strict limits on the size of banners and video clips to ensure that any user, on any device, can easily view and engage with the advertising content. A recent innovation we've introduced is the ability for developers to target users by wallet. In addition to traditional targeting options, such as location, language, platform, and premium accounts, focusing on wallet activity grants a deeper understanding of user behaviour in the Web3 space &#8211; this allows advertisers to identify the most financially active and crypto-savvy users within the Telegram ecosystem.
What makes Adsgram attractive to large mobile applications and service providers as advertising partners?
The traffic generated through Telegram Mini Apps (TMA) is not only highly cost-effective but also exceptionally transaction oriented. This is particularly evident when looking at cryptocurrency, where many of the most successful recent projects have leveraged blockchain and airdrop technologies to drive engagement. What sets Adsgram apart is its ability to tap into Telegram's vast audience, which is now close to exceeding one billion users.
How did you identify the need for a dedicated advertising platform within the Telegram mini apps ecosystem?
In 2024, several applications experienced rapid growth, including Notcoin, Hamster Kombat, and Blum. However, all of them relied on inefficient, manual ad sales. This sparked our interest in automating ad sales and building an open, transparent advertising marketplace for Telegram mini-apps. To bring this vision to life, we collaborated with TON Foundation, who believed in our idea and supported the development of Adsgram.
What new features or enhancements can we expect from Adsgram as the mini app space continues to grow? We recently introduced additional targeting options for VPN and wallet users. Further enhancing targeting accuracy and precision will remain a key focus as Adsgram evolves. The market is evolving rapidly, bringing with it new demands for advertising. In response, we've already expanded our platform with several new advertising formats. In the future, we plan to introduce task functionality for our partners. This functionality will help to engage users with our advertising even further, with both the application hosting ads and the user earning crypto rewards for engaging with our product. These tasks will undergo manual moderation, ensuring quality and providing our partners with even more opportunities to earn.

Interview

Targeting Accuracy And Precision Will Remain A Key Focus As Adsgram Evolves, Says Vadim Sterlin

Quantum computing is emerging as a game-changing technology poised to revolutionize industries, much like how <a href="https://www.benzinga.com/general/market-summary/24/12/42569883/quantum-computing-rigetti-d-wave-skyrocket-up-to-300-in-5-sessions-after-google-unveils-willow-chip-but-analysts-urge-caution-not-every-tiktok-guitarist-is-the-next-taylor-swift" target="_blank" rel="noreferrer noopener">artificial intelligence (AI) has transformed the digital landscape</a>.
As we head toward 2025, experts predict that quantum computing will be the next major frontier in tech, unlocking unprecedented computational power and driving breakthroughs in fields such as cryptography, drug discovery, and optimization.
At the heart of quantum computing's potential is the quantum bit, or qubit, which can represent multiple states simultaneously, allowing quantum computers to process data exponentially faster than classical computers. In fact, recent advancements have already shown the immense promise of this technology.
For example, Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)
Quantum AI division, led by Hartmut Neven, recently unveiled its <a href="https://www.benzinga.com/tech/24/12/42397333/google-quantum-ais-new-willow-chip-can-do-in-minutes-that-supercomputers-would-take-10-septillion-years" target="_blank" rel="noreferrer noopener">latest quantum chip, Willow</a>. This chip reduces errors exponentially and completed a benchmark computation in under five minutes—an operation that would have taken one of the fastest supercomputers 10^25 years to finish.
The rise of quantum computing presents a compelling complement to AI, as it has the potential to enhance AI models and algorithms, helping unlock entirely new frontiers in science and technology. As this technology advances, it could usher in a new wave of innovation, particularly in industries reliant on complex data processing and problem-solving.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/24/12/42380768/quantum-computing-stocks-roundup-d-wave-rigetti-ionq-lead-the-charge-with-explosive-growth" rel="noreferrer noopener">Quantum Computing Stocks Roundup: D-Wave, Rigetti, IonQ Lead the Charge With Explosive Growth</a>
Market Growth and Investment Opportunities
The quantum computing market is set for explosive growth. According <a href="https://www.fortunebusinessinsights.com/u-s-quantum-computing-market-107727" target="_blank" rel="noreferrer noopener">to</a> Fortune Business Insights, the U.S. quantum computing market, valued at $138.2 million in 2022, is projected to skyrocket to $1.2 billion by 2030, growing at a CAGR of 31.7%. 
This surge is driven by increasing investment and initiatives like those outlined by the White House in May 2022.
For investors looking to capitalize on this booming sector, top companies include Top stocks to invest:
<ul>
<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</li>
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>)</li>
<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</li>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)</li>
<li>IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>)</li>
<li>Rigetti Computing, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>)</li>
<li>Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>)</li>
<li>D-Wave Quantum Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>)</li>
</ul>
Quantum-focused ETFs offer a diversified approach to investing in this transformative space. Per Rising Wave, <a target="_blank" href="https://risingwave.com/blog/top-quantum-computing-etfs-for-growth/" rel="noreferrer noopener">investing</a> in quantum computing ETFs offers a distinctive chance to participate in a technological revolution.
<ul>
<li>Defiance Quantum ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTUM#NASDAQ">QTUM</a>)</li>
<li>WisdomTree Cloud Computing Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WCLD#NASDAQ">WCLD</a>)</li>
<li>Global X Cloud Computing ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLOU#NASDAQ">CLOU</a>)</li>
<li>ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>)</li>
</ul>
As quantum computing approaches mainstream adoption, it will likely become one of the most exciting areas of growth in the tech industry over the next few years.

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