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Pierre Ferragu, an analyst at&nbsp;New Street Research, recently expressed his views on the disconnect between prediction markets and the press regarding the 2024 U.S. presidential elections
What Happened: On Thursday, Ferragu took to X to highlight the contrasting narratives between the media and Polymarket— a so-called decentralized prediction market that used cryptocurrency to offer bets. 
He pointed out that while Polymarket gave former President Donald Trump a greater than 60% chance of winning, the press painted a different picture, suggesting a tight race with Vice President Kamala Harris winning the popular vote, even though the Electoral College might favor the GOP nominee.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I love dissonance. Polymarket: Trump has a &gt;60% chance to win. The press: such a tight race, but Kamala wins the popular vote, even if the Electoral College favors Trump. Make your bets…
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1847006370572431844?ref_src=twsrc%5Etfw">October 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41391989/exclusive-robinhoods-bitstamp-deal-will-drive-growth-exec-says-what-was-good-for-stocks-we">EXCLUSIVE: Robinhood&#8217;s Bitstamp Deal Will Drive Growth, Exec Says: &#8216;What Was Good For Stocks &#8230; We Brought Into Crypto&#8217;</a>
Why It Matters: Ferragu&#8217;s observations come in the wake of Trump&#8217;s widening lead over Harris on <a href="https://polymarket.com/">Polymarket</a>, with the former President having a 62% possibility of winning at the time of writing.
Similarly, Kalshi, a federally-regulated betting platform, <a href="https://kalshi.com/">showed </a>57% odds in Trump&#8217;s favor, againt Harris&#8217; 43%.
This was in sharp contrast to national poll surveys that gave Harris an edge.
A Marist College survey finds <a href="https://maristpoll.marist.edu/polls/the-u-s-presidential-contest-october-16-2024/">Harris leading Trump</a> by five points, with 52% support to Trump&#8217;s 47%. Additionally, a Reuters/Ipsos <a href="https://www.reuters.com/world/us/harris-holds-steady-marginal-46-43-lead-over-trump-reutersipsos-poll-finds-2024-10-15/">poll</a> gave Harris a 3-point lead over her Republican rival.
The divergence comes amid speculation of a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41363075/26m-bet-on-trumps-election-victory-fuels-speculation-of-coordinated-activity-on-polymarket">coordinated betting activity</a> on Polymarket, where a single entity is suspected to have placed a massive $26 million bet on Trump&#8217;s victory.
Polymarket, built on Ethereum&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) Layer-2 protocol Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>), has gained prominence as one of the world's top prediction markets for U.S. elections.
Image Via Shutterstock
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Pierre Ferragu Notes The Disconnect Between Media And Crypto-Based Polymarket On Trump-Harris Election Outcome: 'I Love The Dissonance'

Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) is reportedly considering selling a minority stake in its Altera unit to raise several billion dollars.
What Happened: Intel is looking to sell a minority stake in its Altera unit, which it acquired for $16.7 billion in 2015, <a href="https://www.cnbc.com/2024/10/18/intel-seeks-billions-for-minority-stake-in-altera-business-sources-say.html">reported</a> CNBC, citing people familiar with the matter. The deal is expected to value Altera at around $17 billion.
Intel has been experiencing a significant drop in its stock price and a prolonged period of market share losses. The company has been reaching out to private equity and strategic investors to discuss the potential sale of a majority stake in the Altera business.
Intel&#8217;s CEO, Pat Gelsinger, had previously emphasized the importance of the Altera business to Intel&#8217;s future. However, the company is now considering selling a stake in Altera to fund its semiconductor fabrication ambitions and reassure investors of its future as an independent company.
See Also: <a href="https://www.benzinga.com/news/24/10/41354045/as-boeing-workers-enter-second-month-of-strike-rival-airbus-reportedly-plans-to-cut-2-500-jobs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Boeing Workers Enter Second Month Of Strike, Rival Airbus Reportedly Plans To Cut 2,500 Jobs</a>
Intel shares have plummeted by 50% this year, largely due to losing ground to NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in AI chips and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) in the PC and data center market.
Intel did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The potential sale of a stake in the Altera business comes at a time when Intel is facing significant challenges in the market. The company is also <a href="https://www.benzinga.com/news/24/10/41383055/china-launches-probe-into-intel-cites-national-security-risks-amid-trade-tensions-with-us">under scrutiny in China</a>, where the Cybersecurity Association of China has called for a security review of Intel&#8217;s products, citing potential threats to national security amid escalating trade tensions with the U.S. 
Intel has been taking steps to <a href="https://www.benzinga.com/news/24/10/41357485/intel-partners-with-amd-to-counter-arms-rising-dominance-in-computing">counter its market challenge</a>s, including partnering with Advanced Micro Devices to create an x86 Ecosystem Advisory Group. 
Meanwhile, Intel&#8217;s stock has been struggling, down over 53% year-to-date, with its market cap dropping below $100 billion for the first time in over a decade. In contrast, Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) has been making significant strides in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41228871/intel-vs-oracle-can-apollos-rescue-plan-beat-oracles-ai-cloud-domination">the AI and cloud space</a>.
Price Action: Intel&#8217;s stock closed at $22.44 on Thursday, up 0.58% for the day. In after-hours trading, the stock rose 0.18%. Year to date, Intel shares have declined 53.05%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41375637/market-very-convinced-of-a-trump-win-says-stanley-druckenmiller-why-billionaire-inv?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Market &#8216;Very Convinced&#8217; Of A Trump Win, Says Stanley Druckenmiller: Why Billionaire Investor Thinks Blue Sweep Is &#8216;Highly Unlikely&#8217;</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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ORCL

Intel Reportedly Considers Selling Minority Stake In Altera Unit For $17B Amid Market Challenges, Losing Ground To Nvidia And AMD As Stock Plummets Over 50% This Year

To combat the spread of misinformation,&nbsp;Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google has decided to temporarily suspend all U.S. election ads <a href="https://www.benzinga.com/general/sports-betting/24/10/41347270/trump-vs-harris-2024-election-polls-sportsbooks-betting-odds-show-different-winners-for-20">following the closure of polls</a> on Election Day.
What Happened: Google is reintroducing this policy to prevent misinformation and confusion, anticipating extended vote counting beyond Election Day, similar to its approach in 2020.
"As we've done in the past, we will temporarily pause ads related to U.S. elections after the last polls close on Nov. 5," stated Google spokesperson Michael Aciman, <a href="https://www.politico.com/live-updates/2024/10/17/2024-elections-live-coverage-updates-analysis/google-election-advertising-00184213">reported</a> Politico.
&#8220;We're implementing this policy out of an abundance of caution and to limit the potential for confusion, given the likelihood that votes will continue to be counted after Election Day.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41301420/end-of-an-era-apples-16-year-old-accessory-is-out-of-stock-worldwide?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">End Of An Era? Apple&#8217;s 16-Year-Old Accessory Is Out Of Stock Worldwide</a>
Google is complying with mandated election &#8220;silence periods,&#8221; legal requirements in various regions that limit advertising during specific times surrounding elections, the company stated in its ad policies update.
The suspension is anticipated&nbsp;to last a few weeks&nbsp;and will not impact&nbsp;public information campaign ads run&nbsp;by state or federal election&nbsp;officials. Advertisers will be informed when the ban is lifted.
The policy will apply to Google Ads, Display &amp;&nbsp;Video 360, YouTube Ads, Google&nbsp;Ad Exchange, and Shopping Ads. It will prohibit the running of&nbsp;ads in the U.S. referencing&nbsp;candidates, ballot measures, election processes, and outcomes.
Why It Matters: Google&#8217;s decision to halt election ads post-polling day is part of a broader strategy to combat election interference and misinformation.
Earlier this year, Google implemented restrictions on the <a href="https://www.benzinga.com/news/24/03/37651538/googles-ai-chatbot-gemini-takes-a-step-back-from-election-talk-to-prevent-misinformation">election-related questions</a> its AI chatbot, Gemini, could address.
Last year, Google also rolled out a new <a href="https://www.benzinga.com/news/24/03/37651538/googles-ai-chatbot-gemini-takes-a-step-back-from-election-talk-to-prevent-misinformation">policy requiring election advertisers</a> to disclose the use of AI tools in crafting their messages, as part of its efforts to enhance transparency and accountability in political advertising.
This policy had significant implications for <a href="https://www.benzinga.com/general/politics/23/09/34295047/google-cracks-down-on-ai-altered-election-ads">election campaigns across Google's</a> platforms.
In the run-up to the Indian elections in March 2024, <a href="https://in.benzinga.com/content/37611826/google-introduces-stringent-ad-policies-and-ai-content-guidelines-for-indian-elections">Google introduced stringent ad policies</a> and AI content guidelines to ensure voters received accurate information and to protect its platforms from misuse.
Photo Courtesy: Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41323155/nvidia-amd-face-chip-export-curbs-as-biden-administration-considers-restrictions-on-middle-east-coun?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia, AMD Face Chip Export Curbs, As Biden Administration Considers Restrictions On Middle-East Countries, Others: Report</a></li>
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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Google Says An Election Ad Ban Will Be Imposed After Polls Close To Curb Misinformation: 'Implementing This Policy Out Of An Abundance Of Caution'

Bitcoin and Ethereum continued trading flat even as equities notched fresh record highs. However, Dogecoin moved higher on Thursday.
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+0.29%</td>
<td>$67,713.61</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.46%</td>
<td>$2,606.32</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+8.86%</td>
<td>$0.1353</td>
</tr>
</tbody>
</table>
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What Happened: Bitcoin wiggled in a narrow range of $66,800-$67,400 for much of the day before kissing $68,000 overnight. The world's largest cryptocurrency was up over 12% in the last week.
Dogecoin spiked over 8% in the last 24 hours, extending a bullish trajectory that has seen the world's biggest meme coin gain around 26% over the week. Notably, on Thursday, Tesla and SpaceX CEO Elon Musk referenced the Department of Government Efficiency (DOGE) <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41395354/elon-musk-touts-doge-agency-while-endorsing-trump-during-pennsylvania-town-hall-dogecoin-g">during a town hall in Pennsylvania</a>, where he expressed support for the GOP presidential candidate Donald Trump
Cryptocurrency liquidations exceeded $168 million in the last 24 hours, with over $121 million in upside bets getting wiped out.
Bitcoin's Open Interest rose by just 0.53% in the last 24 hours. Additionally, more number of institutional investors and top trader accounts on Binance were shorting Bitcoin than those taking long positions on the asset.
Market sentiment continued to be one of "Greed," according to the Cryptocurrency Fear &amp; Greed Index.
Top Gainers (24-Hours)
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:30 p.m. EDT)</td>
</tr>
<tr>
<td>Popcat (POPCAT)</td>
<td>+10.63%</td>
<td>$1.35</td>
</tr>
<tr>
<td>Dogecoin (DOGE)</td>
<td>+8.86%</td>
<td>$0.1358</td>
</tr>
<tr>
<td>Litecoin (LTC)</td>
<td>+4.29%</td>
<td>$73.50</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency stood at $2.32 trillion, following a marginal decrease of 0.05% in the last 24 hours.
Stocks inched higher on Thursday. The Dow Jones Industrial Average rose 161.35 points, or 0.37%, to close at a new record high of 43,239.05. The tech-heavy Nasdaq Composite closed just above the flatline to hit 18,373.61, while the S&amp;P 500 closed down 0.02% to 5,841.47.
AI juggernaut Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) ended the day 0.89% higher, likely contributing to tech gains. Nvidia's rise, in turn, was due to Taiwan Semiconductor Manufacturing Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) <a href="https://www.benzinga.com/news/24/10/41388050/apples-3nm-push-boosts-taiwan-semis-q3-ai-revenue-set-to-triple-analyst">&nbsp;stronger-than-expected third-quarter revenue</a>.
Additionally, <a href="https://www.benzinga.com/news/retail-sales/24/10/41379775/september-retail-sales-exceed-estimates-jobless-claims-fall-more-than-expected">retail sales in September bettered estimates</a>, boosting confidence in the state of the economy.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely followed cryptocurrency analyst Michaël van de Poppe doubled down on his previous bullish estimates for King Crypto, citing U.S. elections and a potential rate cut by the Federal Reserve.
"Just a few weeks shy of the elections and a potential renewed rate cut from the [Federal Reserve]. The ATH for Bitcoin is close," the analyst projected.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> still consolidating, which means some weakness for the markets. Just a few weeks shy of the elections and a potential renewed rate cut from the FED. The ATH for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is close. <a href="https://t.co/F8mGAqy91i">pic.twitter.com/F8mGAqy91i</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1846980462612242548?ref_src=twsrc%5Etfw">October 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
His predictions were echoed by another analyst, Aaron Crypto, who stated that $70,000-$71,000 could be the final resistance level for Bitcoin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Wyckoff Accumulation Update &#x1f6a8;    Up $3,500 since my last tweet &#x1f680;   &#x25fe; $70,000-$71,000 still seems like the final resistance level.   IMO, a move towards $71,000 followed by a quick dump and then break the previous ATH is a highly likely scenario.    A new ATH is coming… <a href="https://t.co/GXOg6tXeNt">pic.twitter.com/GXOg6tXeNt</a>
&mdash; Aaron Crypto (@AaronRijfers) <a href="https://twitter.com/AaronRijfers/status/1846852316412150179?ref_src=twsrc%5Etfw">October 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"IMO, a move towards $71,000 followed by a quick dump and then break the previous ATH is a highly likely scenario. A new ATH is coming soon," the analyst added.
Photo by Avi Rozen on Shutterstock
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41372090/anthony-scaramucci-tells-what-percentage-of-his-wealth-is-tied-up-in-bitcoin-i-havent-sold">Anthony Scaramucci Tells What Percentage Of His Wealth Is Tied Up In Bitcoin: &#8216;I Haven&#8217;t Sold Any. Thank God, Knock On Wood!&#8217;</a></li>
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Bitcoin, Ethereum Muted, Dogecoin Rallies As Market Maintains 'Greed' Sentiment: Analyst Predicts New Peak For King Crypto As US Elections And Potential Fed Rate Cut Looms

Elon Musk, CEO of Tesla Inc. and owner of social media platform X, threw his support behind former President Donald Trump <a href="https://www.benzinga.com/news/24/10/41353213/tesla-ceo-elon-musk-to-campaign-for-trump-in-pennsylvania-asks-attendees-to-support-free-speech-ther">during a campaign town hall on Thursday</a> while floating the idea of a new government agency named after a cryptocurrency meme.
What Happened: Speaking to voters in suburban Philadelphia, Musk outlined his vision for the &#8220;Department of Government Efficiency&#8221; popularly called D.O.G.E. — a name referencing the Dogecoin (CTYPTO: DOGE) cryptocurrency that began as an internet joke featuring a Shiba Inu dog.
The world&#8217;s wealthiest person emphasized Pennsylvania&#8217;s critical role in the upcoming presidential election between Trump and Democratic candidate Kamala Harris.
&#8220;Pennsylvania will determine the fate of western civilization,&#8221; Musk told the audience at the voter mobilization event.
The tech entrepreneur laid out what he described as &#8220;common sense&#8221; priorities: &#8220;We want secure borders, safe cities, sensible spending so we don&#8217;t have crazy inflation. We want freedom of speech, we want the Constitution to be upheld.&#8221;
When discussing his proposed DOGE agency&#8217;s approach to federal spending, Musk criticized current allocation of resources. &#8220;There&#8217;s a lot of money being spent where illegals are getting more benefits than citizens,&#8221; he said. &#8220;That doesn&#8217;t make any sense.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41395007/trump-affiliated-entity-will-get-75-of-world-liberty-financials-revenue-and-22-of-wlfi-tok">Trump-Affiliated Entity Will Get 75% Of World Liberty Financial&#8217;s Revenue and 22% OF WLFI Token Supply — Assumes Zero Liability</a>
Why It Matters: Musk&#8217;s appearance marked his first solo campaign event for Trump, though he had previously endorsed the <a href="https://www.benzinga.com/news/24/10/41353213/tesla-ceo-elon-musk-to-campaign-for-trump-in-pennsylvania-asks-attendees-to-support-free-speech-ther">former president during a rally in Butler, Pennsylvania</a>, calling Trump&#8217;s victory a &#8220;must-win situation.&#8221;
The event aimed to encourage early voting in Pennsylvania, a <a href="https://www.benzinga.com/general/politics/24/10/41393683/trump-vs-harris-swing-state-battle-musk-says-thats-why-im-in-pennsylvania-with-kalshi-prediction">crucial battleground state</a> where Trump and Harris are locked in a competitive race for the presidency.
Musk has increasingly aligned himself with Trump&#8217;s campaign, regularly <a href="https://www.benzinga.com/news/24/10/41305272/musk-again-touts-donald-trump-if-we-dont-elect-trump-the-situation-will-get-much-worse">expressing support through posts on X</a>, the social media platform formerly known as Twitter, which he acquired in 2022.
Price Action: Meme cryptocurrency Dogecoin was seen rallying at the time of writing amid Musk&#8217;s comments. Dogecoin is currently priced at $0.1352, reflecting an 8.81% increase over the last 24 hours. Over the past year, the cryptocurrency has surged by 129.47%. Trading volume in the last 24 hours reached $1.82 billion, down by 20.74%, according to data from CoinMarketCap.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41374086/dogecoin-shiba-inu-pepe-may-have-overtaken-these-nasdaq-listed-companies-toward-billion-do">Dogecoin, Shiba Inu, Pepe May Have Overtaken These Nasdaq-Listed Companies Toward Billion-Dollar Valuations, But There&#8217;s A Catch</a></li>
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Elon Musk Touts 'DOGE' Agency While Endorsing Trump During Pennsylvania Town Hall — Dogecoin Goes Soaring Over 8%

U.S. markets ended Thursday with mixed performance: the Dow Jones Industrial Average climbed 0.4% to 43,239.05, the S&amp;P 500 held steady at 5,841.47, and the Nasdaq inched up by 0.04% to close at 18,373.61.
 These are the top stocks that gained the attention of retail traders and investors throughout the day:
Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)
Netflix shares fell by 2.04% to close at $687.65. The streaming giant reported <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">third-quarter revenue</a> of $9.825 billion, a 15% increase year-over-year, beating the Street consensus estimate. The streamer added 5.07 million paid subscribers, bringing its total to 282.72 million. Earnings per share also exceeded estimates, while ad-supported plans represented over 50% of new sign-ups. The company is projecting further revenue growth and strong content releases in the fourth quarter.
Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>)
TSMC shares soared by 9.79% to close at $205.84. The company reported consolidated third-quarter revenue of NT$759.69 billion ($23.50 billion), up 39% year-over-year, beating consensus estimates. The <a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips">strong demand for advanced processor node technologies</a> used in AI applications contributed to the impressive results.
American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)
See Also: <a href="https://www.benzinga.com/news/24/10/41354045/as-boeing-workers-enter-second-month-of-strike-rival-airbus-reportedly-plans-to-cut-2-500-jobs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Boeing Workers Enter Second Month Of Strike, Rival Airbus Reportedly Plans To Cut 2,500 Jobs</a>
American Express shares rose by 1.46% to close at $285.78. The company is set to report its third-quarter earnings on Oct. 18, with Wall Street expecting $3.80 in earnings per share and $16.67 billion in revenues. The <a href="https://www.benzinga.com/news/earnings/24/10/41382894/american-express-shows-bullish-signals-ahead-of-q3-earnings-but-analysts-hold-back">stock is up 84.29% over the past year</a>, and 51.1% year-to-date.
Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>)
Moderna shares dropped by 4.59% to close at $54.82. The company is facing a patent infringement lawsuit from Northwestern University, alleging that Moderna used the university's lipid nanoparticle (LNP) technology without permission to develop its COVID-19 vaccines. The lawsuit claims that the development of Moderna's COVID-19 vaccine, Spikevax, <a href="https://www.benzinga.com/general/biotech/24/10/41381861/moderna-hit-with-another-lawsuit-related-to-key-covid-19-vaccine-technology">depended on key technological advancements</a> made at Northwestern.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares slipped by 0.20% to close at $220.89. The company has promoted several executives, including Wes Morrill, Milan Kovac, and Ashok Elluswamy, over the past few weeks. Omead Afshar is <a href="https://www.benzinga.com/news/24/10/41378568/tesla-promotes-key-executives-and-gives-them-more-responsibilities-in-leadership-shuffle">now a vice president</a> in charge of sales and manufacturing, with senior executives in North America and Europe reporting to him.
Image Via Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Netflix, TSMC, American Express, Moderna, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

In its third-quarter earnings call on Thursday, Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) executives shed light on their calculated approach to live sports programming, acknowledging that while their upcoming slate of live events—including the Jake Paul&#8211;Mike Tyson fight and NFL Christmas Day game—might seem minimal against their staggering 200 billion annual streaming hours, the strategy focuses on <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">high-impact moments rather than volume</a>.
What Happened:&nbsp;&#8220;We have about 200 billion hour every year on Netflix. Very few of them are actually live, but they all promise to be extremely high value,&#8221; said Ted Sarandos, Netflix&#8217;s Co-CEO, during the company&#8217;s earnings call. &#8220;Thankfully, all hours are not created equal.&#8221;
The streaming giant&#8217;s selective entry into live programming marks a significant shift from its traditional on-demand model, though executives stress this isn&#8217;t about competing with traditional sports broadcasters. Instead, Netflix aims to capture &#8220;the excitement that comes when the whole world gets together to watch something,&#8221; according to Sarandos.
The company&#8217;s live programming strategy includes:
<ul>
<li>The highly anticipated Jake Paul vs. Mike Tyson boxing match</li>
<li>NFL football on Christmas Day</li>
<li>Weekly WWE programming starting January 2025</li>
<li>Live comedy specials, including a new John Mulaney show</li>
</ul>
Despite these high-profile additions, Netflix maintains its core focus on scripted and unscripted content, which drives the vast majority of its viewing hours. The platform reports approximately two hours of viewing per member per day, with engagement per household increasing through the first three quarters of 2024.
Greg Peters, Co-CEO, emphasized the strategic value of live events in the broader content mix. &#8220;Those should be exciting things,&#8221; Peters noted, positioning live programming alongside games and traditional content as part of Netflix&#8217;s expanding entertainment offering.
See Also: <a href="https://www.benzinga.com/news/24/10/41394784/amazon-aws-ceo-stands-firm-on-5-day-office-policy-opponents-can-head-for-the-exit-door-there-are-oth">Amazon AWS CEO Stands Firm On 5-Day Office Policy — Opponents Can Head For The Exit Door: &#8216;There Are Other Companies Around&#8217;</a>
Why It Matters: The approach reflects a broader industry trend of streaming services selectively entering the live sports market, though Netflix&#8217;s strategy appears more measured than competitors like Amazon.com Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Prime Video and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) TV+, which have made substantial <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">investments in regular season sports rights</a>.
Netflix&#8217;s current engagement metrics suggest the company&#8217;s selective approach to live programming may be working. With subscriber engagement remaining strong and revenue growth projected at 11-13% for 2025, the company appears confident in its strategy of prioritizing high-impact live events over volume.
&#8220;The contributor to growing engagement is going to be across the board on our scripted and unscripted or documentary programming,&#8221; Sarandos explained, suggesting live programming will complement rather than drive the company&#8217;s core content strategy.
As Netflix projects <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">revenue of $43-44 billion for 2025</a>, its approach to live programming offers a glimpse into how the streaming giant plans to maintain growth while selectively expanding into new content territories. 
Price Action: Netflix Inc. closed at $687.65 on Thursday, down 2.04%. In after-hours trading, the stock rose by 5.03%. Year to date, Netflix has surged 46.78%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Entertainment

AAPL

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Netflix's 200B Hour Problem: Why Live Sports Are Just A Drop In the Streaming Ocean

The Republican presidential candidate Donald Trump said that he talked with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook about the financial penalties the EU has imposed on the company.
What Happened: In a conversation with Patrick Bet-David, released on Thursday, Trump said that Cook had reached out to him earlier that day.
&#8220;He (Cook) called me two, three hours ago,&#8221; the former President said. He quoted Cook saying, &#8220;The&nbsp;EU has just fined&nbsp;us $15 billion &#8230; Then&nbsp;on top of that, they&nbsp;got fined by the EU another $2 billion.&#8221;
Trump said he knows what Cook must feel because he gets &#8220;fined too on fake cases.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/24/10/41322912/apple-to-launch-new-macbooks-pro-ipad-minis-and-imacs-analyst-says-inventory-dwindling-for-these-giz?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple To Launch New MacBooks Pro, iPad Minis and iMacs? Analyst Says Inventory Dwindling For These Gizmos</a>
The Republican nominee said that the Apple CEO told him that the EU is going to use this money to &#8220;run their enterprise,&#8221; he told Cook, &#8220;Tim, I got to get&nbsp;elected first. But I&#8217;m&nbsp;not going to let them&nbsp;take advantage of our companies.&nbsp;That won&#8217;t be happening.&#8221;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title=""Our Country Has Been Poisoned" - Donald Trump On Putin, Obama, Tariffs &amp; Iran &#x7C; PBD Podcast &#x7C; 489" width="500" height="281" src="https://www.youtube.com/embed/-dmwG54QsKc?start=2771&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Apple did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Apple has been under the EU&#8217;s radar, losing a court case last month that <a href="https://www.benzinga.com/news/24/09/40787706/apple-alphabets-google-forced-to-cough-up-multi-billion-dollars-in-fines-as-top-eu-court-rules-again">led to a&nbsp;$14.4 billion back tax</a> payment to Ireland.
Earlier this year, Apple was slapped with a $2 billion EU antitrust fine for suppressing competition from music-streaming rivals through restrictions on its App Store.
Previously, Trump also said that Meta Platforms CEO Mark Zuckerberg is supporting him in the upcoming election. Quoting Zuckerberg, the former President said, &#8220;I've never supported a Republican before, but there's no way I can vote for a Democrat in this election.&#8221;
However, his <a href="https://www.benzinga.com/news/24/09/40785288/did-mark-zuckerberg-really-say-no-way-i-can-vote-for-a-democrat-in-this-election-to-trump">statements were refuted by Meta</a>, who said, &#8220;As Mark has said publicly, he's not endorsing anybody in this race and has not communicated to anybody how he intends to vote.&#8221;
The former President is getting <a href="https://www.benzinga.com/news/24/10/41356810/elon-musk-donates-75m-to-support-donald-trumps-presidential-campaign">massive public support</a> from Tesla and SpaceX CEO Elon Musk.
As the election nears, Trump&#8217;s <a href="https://www.benzinga.com/news/24/10/41381064/trump-vs-harris-vice-president-hangs-onto-slender-lead-but-ex-president-improves-his-position-as-bet">position in the race has&nbsp;improved</a>, with Vice President Kamala Harris holding a slim lead.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Tim Cook Called To Complain About Billions In EU Fines Imposed On Apple, Says Trump: 'I'm Not Going To Let Them Take Advantage Of Our Companies'

The cryptocurrency platform backed by Donald Trump, World Liberty Financial (WLFI), would allocate 75% of its protocol revenues to a firm associated with the former President.
What Happened: According to the World Liberty Gold <a href="https://static.worldlibertyfinancial.com/docs/us/gold-paper.pdf">Paper</a>, WLFI, heavily promoted by Trump in recent months, might channel nearly three-fourths of its revenues to DT Marks DEFI, LLC.
The Gold Paper said that the entity used &#8220;reasonable efforts&#8221; to request the owners and principals, including Trump, to promote the WLF project from time to time, and permitted WLF to utilize the former President&#8217;s name, image, and likeness.
For these services and rights, the WLF team decided to allocate 75% of the revenue to the entity. Additionally, 22.5 billion of the platform&#8217;s governance token, WLFI, or 22.4% of the total supply, would be reserved for DT Marks DEFI, LLC,
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41389439/this-trader-netted-over-5m-with-4-different-meme-coins-heres-how">This Trader Netted Over $5M With 4 Different Meme Coins: Here&#8217;s How</a>
The net protocol revenues include all income streams for WLF, such as platform usage fees, token sale earnings, and advertising, after deducting agreed expenses and reserves for ongoing operations.
The Gold Paper recognized Trump as &#8220;chief crypto advocate,&#8221; and part of the supporting team, but issued a disclaimer that neither Trump nor any of his family members and associated companies have a direct voice in WLFI&#8217;s operations.
The Trump campaign team and the WLFI team didn&#8217;t immediately respond to Benzinga&#8217;s request for additional information about DT Marks DEFI, LLC.
Why It Matters: The WLFI token, launched with much fanfare earlier this week, has been off to a sluggish start, raising just <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41373332/donald-trump-backed-world-liberty-financial-off-to-a-slow-start-raises-just-4-of-the-token">over 4% of its intended token presale amount</a>. 
Part of the poor response could be because the token is non-transferable and non-yielding, and locked indefinitely in a wallet.
Influential cryptocurrency advocates such as Mark Cuban questioned the motives behind the token sale, with Cuban wondering why Trump would venture into cryptocurrency when he has support from influential figures like Elon Musk.
Image via Flickr
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Trump-Affiliated Entity Will Get 75% Of World Liberty Financial's Revenue and 22% OF WLFI Token Supply — Assumes Zero Liability

With cutting-edge technology and a consumer-centric approach, Jane Technologies, led by CEO and co-founder Socrates Rosenfeld, is transforming how consumers buy cannabis, making the process as intuitive as choosing music on Spotify.
Rosenfeld's team at Jane Technologies is developing tools that not only personalize the cannabis shopping experience but also integrate seamlessly with retail infrastructure. In an exclusive interview with Benzinga Cannabis, Rosenfeld shares insights into their approach, how they are revolutionizing cannabis retail, and what lies ahead.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">From E-Commerce To Integrated Ecosystems: Cannabis Shopping Into Spotify </h3>
<a href="https://www.iheartjane.com/">Jane Technologies</a> began as an e-commerce provider, focusing on data integration and scalability. &#8220;We started really as an e-commerce provider for a long time and focused on that because there was a lot of work to do and to establish a good foundation across data integrations,&#8221; Rosenfeld explained. With patents protecting their innovative software, Jane Technologies has become a leading e-commerce solution provider in the cannabis industry.
However, the cannabis retail market is limited, with fewer retailers compared to other industries. To continue growing, the company expanded vertically, venturing into adjacent areas. &#8220;We introduced a very large ads business and infrastructure,&#8221; Rosenfeld said, detailing their expansion into point-of-sale (POS) systems, self-service kiosks and consumer rewards programs like Jane Gold.
<h3 class="wp-block-heading">A Spotify-Like Experience&nbsp;</h3>
One of Jane Technologies&#8217; most revolutionary developments is the personalization of the cannabis shopping experience. Drawing comparisons to Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and Spotify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), Rosenfeld explains how machine learning algorithms are used to recommend products to customers based on their preferences. &#8220;Your Netflix is personalized, your YouTube's personalized, your Amazon is personalized. Cannabis should be no different.&#8221;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173844/Socrates-Rosenfeld-head-shot-3-1024x683.jpg" alt="" class="wp-image-601699" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173844/Socrates-Rosenfeld-head-shot-3-1024x683.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173844/Socrates-Rosenfeld-head-shot-3-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173844/Socrates-Rosenfeld-head-shot-3-768x512.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173844/Socrates-Rosenfeld-head-shot-3-1536x1024.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173844/Socrates-Rosenfeld-head-shot-3.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Socrates Rosenfeld &#8211; Courtesy of Jane Technologies. </figcaption></figure>
Much like how Spotify curates playlists based on user preferences, Jane Technologies' platform creates customized cannabis menus for each consumer.&nbsp;
This personalized approach ensures that the right products are recommended at the right time, optimizing the shopping experience. &#8220;If you consume a strain and I consume the same product, we're going to feel differently based on our endocannabinoid systems. That&#8217;s why personalization is key.&#8221;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41382006/hemp-thrives-in-texas-shops-near-schools-why-this-company-bet-on-the-countrys-most-regulated-can">Hemp Thrives In Texas Shops Near Schools: Why This Company Bet On The Country&#8217;s Most Regulated Cannabis Market</a>
<h3 class="wp-block-heading">Jane Gold: A Win-Win-Win Approach</h3>
One of Jane Technologies' standout innovations is Jane Gold, a consumer rewards program that bridges the gap between brands, retailers and consumers. Historically, brands offering discounts had little insight into who their customers were. With Jane Gold, that changes.
&#8220;Wyld [a top edibles brand], for example, can now directly interact with customers through the Jane platform, rewarding them with discounts while building a direct relationship,&#8221; Rosenfeld explained.:
This system benefits everyone involved. Consumers enjoy discounts on their favorite products, retailers attract more foot traffic and brands gain valuable consumer data, enabling them to target their marketing efforts more effectively. 
&#8220;It's a win-win-win. The customer wins, the store wins, and the brand wins,&#8221; Rosenfeld told Benzinga.
<h3 class="wp-block-heading">POS And Kiosks: Enhancing The Retail Experience</h3>
Jane Technologies&#8217; POS solutions integrate seamlessly into the cannabis retail environment, creating a more efficient and personalized shopping experience. &#8220;We've been cataloging every single SKU in every single state market at every dispensary we power. This allows us to cleanse and standardize product data across different retailers,&#8221; he said.
By linking the POS system with its extensive data catalog, Jane Technologies enables retailers to offer personalized recommendations to in-store customers. &#8220;When you walk into a store, we know who you are, and we can push that information to the budtenders. They can see which products you've liked in the past and recommend similar ones.&#8221;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="754" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173942/Jane_Technologies_POS-1-1024x754.jpg" alt="" class="wp-image-601703" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173942/Jane_Technologies_POS-1-1024x754.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173942/Jane_Technologies_POS-1-300x221.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173942/Jane_Technologies_POS-1-768x566.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17173942/Jane_Technologies_POS-1.jpg 1466w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">The Jane POS connects the online and in-store cannabis experience.</figcaption></figure>
Their self-service kiosks further streamline the in-store experience, allowing customers to place orders without interacting with a budtender. &#8220;If you don't want to talk to a budtender and there's a long line, you can use the kiosk to get the same curated experience as you would online.&#8221;
Read Also: <a href="https://www.benzinga.com/news/24/09/40941818/how-this-cheese-aging-tech-is-boosting-profits-for-cannabis-growers-stop-throwing-cheddar-out-the-do">How This Cheese-Aging Tech Is Boosting Profits For Cannabis Growers: Stop Throwing Cheddar Out The Door</a>
<h3 class="wp-block-heading">Future Growth Strategy</h3>
&#8220;We don&#8217;t need to subsidize our growth through outside investment. We're growing based on our ability to generate revenue and profit,&#8221; he explained.
Their focus on reinvesting profits into the business allows them to remain independent and sustainable while continuing to innovate and expand into new markets. &#8220;We're not playing the same game as other companies. We're playing our music,&#8221; Rosenfeld said.
Read Next:<a href="https://www.benzinga.com/general/biotech/23/08/33579692/cannabis-robots-meet-the-company-boosting-efficiency-and-margins-through-packaging-automation"> Cannabis Robots: Meet The Company Boosting Efficiency And Margins Through Packaging Automation</a>

Biotech

Cannabis

Entrepreneurship

Management

Success Stories

Exclusives

Interview

SPOT

This Tech Company Is Turning Cannabis Shopping Into Spotify - Are Retailers Ready?

Amazon.com Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) AWS unit CEO, Matt Garman, has staunchly defended the company&#8217;s contentious new five-day in-office policy, suggesting that those who oppose it may consider other employment options.
What Happened: According to a Reuters report on Thursday, Garman communicated this during an all-hands meeting for AWS. He stated that the majority of workers he interacted with are in favor of the return-to-office policy, set to take effect in January. 
&#8220;If there are people who just don&#8217;t work well in that environment and don&#8217;t want to, that&#8217;s okay, there are other companies around,&#8221; Garman expressed.
A significant number of Amazon&#8217;s employees have voiced their dissatisfaction with the policy, arguing that it unnecessarily extends commuting time and that the advantages of office work are not backed by independent data. Previously, Amazon had a three-day in-office policy. However, last month, CEO Andy Jassy announced the shift to a five-day policy to &#8220;invent, collaborate and be connected.&#8221;
Garman maintained that the company&#8217;s objectives were hard to accomplish if employees showed up only for three days at the office. He also implied that adhering to the company&#8217;s leadership principles was a challenge under the current policy.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Man Who Accidentally Threw Hard Drive Containing 8,000 Bitcoins Worth Half A Billion Dollars In Landfill Sues Local City Council For Not Excavating The Site</a>
Why It Matters: This move follows a series of events where Amazon&#8217;s return-to-office policy has been in the spotlight. In September, Amazon announced the <a href="https://www.benzinga.com/news/large-cap/24/09/40930357/amazon-ends-remote-work-former-employee-asks-if-this-is-the-companys-version-of-silent-sacking">end of its work-from-home regime</a>. This decision drew significant attention, with some former employees questioning the company&#8217;s motives.
Shortly after, a survey revealed that 73% of Amazon employees were <a href="https://www.benzinga.com/markets/equities/24/09/41086177/amazon-ceo-andy-jassy-faces-employee-revolt-over-full-time-return-to-office-mandate-73-consider-">considering quitting</a> due to the new in-office work policy.
This discontent among employees contrasts with companies like Spotify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), which continues to <a href="https://www.benzinga.com/24/10/41267394/amazon-style-return-to-office-policy-doesnt-await-spotify-employees-cant-spend-a-lot-of-time-hiring">support a work-from-anywhere policy</a>.
Spotify&#8217;s chief human resources officer, Katarina Berg, said this month, &#8220;You can't spend a lot of time hiring grown-ups and then treat them like children.&#8221;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Poured $1B A Year Into Its Car Project Before Abandoning It. Tim Cook&#8217;s Company Now Pulls Plug On Autonomous Vehicle Testing Permit In California: Here&#8217;s More</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Amazon AWS CEO Stands Firm On 5-Day Office Policy — Opponents Can Head For The Exit Door: 'There Are Other Companies Around'

Kamala Harris has pledged to remove unnecessary degree requirements for federal jobs and has urged the private sector to follow suit.
What Happened: On Thursday, Harris, the current Vice President and Democratic presidential nominee, reiterated her commitment to eliminating degree prerequisites for certain federal jobs. This was expressed in a post on X where she stated, &#8220;A college degree is not the only measure of the skills and experience of a qualified worker.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A college degree is not the only measure of the skills and experience of a qualified worker. As president, I will get rid of unnecessary degree requirements for federal jobs—and I will challenge the private sector to do the same.
&mdash; Kamala Harris (@KamalaHarris) <a href="https://twitter.com/KamalaHarris/status/1847071094668218605?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This commitment was also made public <a href="https://www.benzinga.com/news/24/09/40864586/kamala-harris-vows-to-scrap-unnecessary-degree-requirements-for-some-federal-jobs-if-she-wins-as-pre">during a speech</a> in Wilkes-Barre, Pennsylvania, as reported by Benzinga in September.
See Also: <a href="https://www.benzinga.com/news/24/10/41371860/kamala-harris-pulls-a-reverse-card-puts-trump-at-fault-for-border-crisis-in-fox-news-interview-lets?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Pulls A Reverse Card, Puts Trump At Fault For Border Crisis In Fox News Interview: &#8216;Let&#8217;s Just Get To The Point, Ok?&#8217;</a>
Why It Matters: This pledge comes at a time when Harris is <a href="https://www.benzinga.com/news/24/10/41381064/trump-vs-harris-vice-president-hangs-onto-slender-lead-but-ex-president-improves-his-position-as-bet">leading the race</a> against her Republican rival, former President Donald Trump, albeit by a narrow margin. According to a recent Reuters/Ipsos poll, Harris holds a 45% to 42% vote margin over Trump.
However, a <a href="https://www.benzinga.com/general/politics/24/10/41347642/harris-vs-trump-vice-president-holds-lead-in-2024-election-poll-but-former-president-is-closing-">Morning Consult poll</a> of likely voters shows Harris&#8217; lead dropping from a record high of six points last week. This pledge could be a strategic move to win over more voters in the closely contested race.
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Kamala Harris Repeats Promise To Get Rid Of 'Unnecessary Degree Requirements' — 'I Will Challenge The Private Sector To Do The Same'

Can a cannabis brand go from a garage startup to an acquisition by a multi-state operator in a few years? LEVIA did exactly that. What began as an experiment in cannabis tinctures, brewed above a Massachusetts garage, quickly became one of the state&#8217;s top-selling cannabis beverage brands—selling out before their products even hit the shelves.
For cannabis investors, the LEVIA story isn't just a tale of entrepreneurial grit; it's a roadmap to success in a rapidly growing sector. By focusing on a unique, effects-based product and seizing an untapped opportunity in the market, founders Kristin and Eric Rogers scaled their startup into a high-demand brand that caught the attention of AYR Wellness.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h2 class="wp-block-heading">Can Cannabis Be More Than Smoking?</h2>
Before <a href="https://levia.buzz/products/cannabis-infused-seltzer/">LEVIA</a> was a household name in the Massachusetts cannabis scene, it was a small venture operating out of the Rogers&#8217; garage. Kristin, a substance abuse therapist and Eric, a brand marketer, both saw the potential for cannabis to change lives, particularly as an alternative to harmful substances like alcohol and opioids. 
Their journey began with a simple question: How do we create a cannabis product that doesn't require smoking?
&#8220;My husband started making tinctures using medicinal cannabis, and we realized very quickly this was a thing,&#8221; Kristin said. &#8220;We also picked strains. Eric found medicinal strains that were very specific on what their purpose was.&#8221;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="680" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164644/KRogers-Headshot-3.15.24-680x1024.jpg" alt="" class="wp-image-601646" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164644/KRogers-Headshot-3.15.24-680x1024.jpg 680w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164644/KRogers-Headshot-3.15.24-199x300.jpg 199w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164644/KRogers-Headshot-3.15.24.jpg 717w" sizes="(max-width: 680px) 100vw, 680px" /><figcaption class="wp-element-caption">Kristin Rogers &#8211; LEVIA&#8217;s co-founder. </figcaption></figure>
Their mission was clear: to create consistent, reliable cannabis products that mirrored the predictability of alcohol consumption. LEVIA's first tinctures were alcohol-based, but, they wanted to move away from alcohol-based products.
&#8220;We wanted to help people use cannabis without having to smoke it, and at the same time, we wanted to provide something that could compete with alcohol,&#8221; Kristin told Benzinga. &#8220;The idea was to create a product where you know how you're going to feel, just like when you drink a glass of wine.&#8221;
<h3 class="wp-block-heading">Enter The Beverage Market: Scaling The Dream</h3>
As LEVIA grew, so did the need for a larger, more sophisticated operation. They raised money &#8220;on hopes and dreams&#8221; and managed to retrofit a brewery in Georgetown, <a href="https://www.benzinga.com/topic/massachusetts-cannabis">Massachusetts</a> where they could produce their products on a much larger scale.
Their hard work paid off. LEVIA&#8217;s cannabis seltzers, known for their fast onset, zero calories and zero sugar, quickly captured the attention of consumers. The brand introduced three signature lines—Achieve, Celebrate and Dream—each tailored to specific consumer needs. &#8220;We realized early on that no one was doing effects-based drinks,&#8221; Kristin says. 
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/09/40886620/how-this-former-dea-consultant-is-making-craft-cannabis-profitable-in-new-jersey-a-dirt-y-little"> How This Former DEA Consultant Is Making Craft Cannabis Profitable In New Jersey: A &#8216;Dirt-y&#8217; Little Secret</a>
<h3 class="wp-block-heading">Building A Brand: Crafting The Perfect Lineup</h3>
When it came time to brand their products, Kristin and Eric honed in on a clean, apothecary-style look, something that conveyed quality and care. But the branding was only one piece of the puzzle. LEVIA's real breakthrough came in narrowing its product line to three drinks. The rationale? Simplicity, clarity and <a href="https://www.benzinga.com/topic/cannabis-marketing">targeting a broad range of consumer needs. </a>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="884" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164811/ice3.jpg" alt="" class="wp-image-601649" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164811/ice3.jpg 884w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164811/ice3-259x300.jpg 259w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164811/ice3-768x890.jpg 768w" sizes="(max-width: 884px) 100vw, 884px" /><figcaption class="wp-element-caption">Courtesy of LEVIA</figcaption></figure>
"We started by picking specific strains but quickly realized we couldn't guarantee the same strain every time. So we focused on what most people want to feel." Kristin said.
<h3 class="wp-block-heading">Clean Extraction: LEVIA's Full-Spectrum Advantage</h3>
LEVIA's success is rooted in its full-spectrum products, which contain all the naturally occurring compounds from the cannabis plant—<a href="https://www.benzinga.com/general/biotech/23/10/35300227/from-cbn-cbg-to-thcv-consumer-centric-brands-embrace-rare-cannabinoids-for-differentiation">THC, CBD, CBG and terpenes</a>—creating an enhanced &#8220;entourage effect&#8221; for a more balanced experience.
Using CO2 extraction, one of the cleanest methods, LEVIA ensures its products are potent and pure. This process preserves the plant's natural compounds without leaving harmful solvents. As Kristin puts it, "We're chasing the closest thing we can get to smoking, but without the smoke."
<h2 class="wp-block-heading">It's A Match!&nbsp;</h2>
Within just six months of launching, LEVIA's success was undeniable. The brand's beverages were selling out before they even hit the shelves. This rapid growth caught the attention of larger players in the cannabis space, including multi-state operator AYR Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>).&nbsp;
&#8220;We were ranked first or second nationally, even though we were only in <a href="https://www.benzinga.com/topic/massachusetts-cannabis">Massachusetts</a>,&#8221; Kristin said. &#8220;AYR had the largest footprint of the companies that approached us, and we saw it as an opportunity to scale.&#8221;
Since the acquisition, Kristin has remained with the company, learning from the broader operations at AYR. &#8220;I've learned so much about different parts of the business that I wouldn't have had the chance to before. It's been an exciting journey.&#8221;
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/09/40972472/x-rays-microwaves-and-now-what-this-company-freezes-weed-at-320-f-to-kill-mold-and-save-a-ton"> X-Rays, Microwaves And Now What? This Company Freezes Weed At -320°F To Kill Mold And Save A Ton</a>
<h3 class="wp-block-heading">Passion, Innovation, Persistence</h3>
For other cannabis entrepreneurs looking to make their mark in an increasingly competitive market, Kristin offers some valuable advice. &#8220;Be an expert in what you do and approach it with passion. Right now, MSOs [multi-state operators] aren't looking for the same old thing. They want better products or new ways for people to enjoy cannabis.&#8221;
Today, LEVIA continues to lead in the cannabis beverage market, with plans to expand beyond Massachusetts.&nbsp;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="703" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164843/Levia-x3-703x1024.jpg" alt="" class="wp-image-601650" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164843/Levia-x3-703x1024.jpg 703w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164843/Levia-x3-206x300.jpg 206w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17164843/Levia-x3.jpg 741w" sizes="(max-width: 703px) 100vw, 703px" /><figcaption class="wp-element-caption">Courtesy of LEVIA. </figcaption></figure>
The brand's popular tinctures have already made their way to states like Florida and Nevada, and Kristin is particularly excited about entering New Jersey. &#8220;There's a camaraderie between Massachusetts and New Jersey, and I'm most looking forward to getting our drinks there next.&#8221;
As for the immediate future, LEVIA has launched its Blood Orange seltzer, a limited-edition flavor timed for Halloween. &#8220;We wanted to do something seasonal, and people love the orange flavor. It&#8217;s been a hit already,&#8221; Kristin said.
Read Next:<a href="https://www.benzinga.com/general/biotech/24/09/40754415/transforming-a-5-000-year-old-craft-how-weed-companies-use-data-to-make-hash-without-losing-its-a"> Transforming A 5,000-Year-Old Craft: How Weed Companies Use Data To Make Hash Without Losing Its Art</a>

Market Summary

Contracts

Retail Sales

Startups

AYRWF

Sold Out Before Hitting Shelves: Why Did AYR Wellness Snatch Up This Local Cannabis Brand?

Ryan Routh, charged with the attempted assassination of former President Donald Trump, has requested the recusal of U.S. District Judge Aileen Cannon from his case, citing potential bias.
What Happened: Routh&#8217;s legal team submitted a request on Thursday for Judge Cannon to step down from the case. They argued that the &#8220;unprecedented circumstances&#8221; surrounding the case could lead to a perception of partiality, given that Trump, who appointed Cannon and has publicly praised her, is the alleged victim, <a href="https://thehill.com/regulation/court-battles/4940160-ryan-routh-trump-assassination-cannon-recuse/">reported</a> The Hill.
Trump, currently running as the Republican presidential candidate against Vice President Kamala Harris, has frequently commended Cannon for her rulings in his case. Routh&#8217;s lawyers contend that if Trump were to be re-elected, he could potentially nominate Cannon for a higher federal judgeship, thereby creating a conflict of interest.
&#8220;By repeatedly and publicly praising this Court by name for its rulings in his case, Mr. Trump has arguably bolstered the perception that the Court is partial in his favor,&#8221; wrote the attorneys of Routh.
Interestingly, Cannon is presiding over both Routh&#8217;s criminal prosecution and the criminal prosecution of Trump by special counsel Jack Smith for allegedly retaining classified documents unlawfully. Cannon dismissed Trump&#8217;s charges in July, a decision Smith is now appealing.
Routh&#8217;s attorneys maintain that federal law necessitates Cannon&#8217;s recusal, given Trump&#8217;s public endorsement of her. Federal prosecutors are currently reviewing the request.
Routh is facing five criminal charges, including the attempted assassination of a major presidential candidate. If found guilty, he could be sentenced to life imprisonment.
See Also: <a href="https://www.benzinga.com/news/24/10/41348822/mark-cuban-says-he-knows-what-trump-wants-to-achieve-with-tariffs-but-the-ex-president-has-no-idea-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Knows What Trump Wants To Achieve With Tariffs But The Ex-President Has No Idea What It Takes To Do It — &#8216;That&#8217;s How Crazy His Approach Is&#8217;</a>
Why It Matters: Routh was charged with two federal gun-related offenses in connection with his <a href="https://www.benzinga.com/general/politics/24/09/40882524/man-accused-in-trump-assassination-attempt-could-face-15-years-for-federal-gun-crimes-whats-next">attempted assassination of Trump</a>, marking the second attempt on the former president&#8217;s life ahead of the 2024 election.
Trump was escorted to safety <a href="https://www.benzinga.com/24/09/40869836/donald-trump-safe-and-unharmed-after-shooting-incident-at-florida-golf-club">following a shooting incident</a> at his Florida golf club, as reported by <a href="https://www.benzinga.com/24/09/40869836/donald-trump-safe-and-unharmed-after-shooting-incident-at-florida-golf-club">Benzinga</a>. 
This month, Another man was <a href="https://www.benzinga.com/news/24/10/41306168/man-held-with-loaded-weapon-ne">arrested with loaded firearms</a> near a rally site for Trump in California, possibly preventing a third assassination attempt.
In July, a shooter at a Donald Trump rally in Butler, Pennsylvania was killed, and one attendee died. Trump was led offstage by Secret Service agents while <a href="https://www.benzinga.com/general/politics/24/07/39761947/gunman-dead-trump-rally-attendee-killed-says-local-da-former-president-comes-under-fire-in-penns">bleeding from his ear.</a>
Image via Flickr
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Assasination Suspect Wants Judge Aileen Cannon To Recuse Herself: The Ex-President Has 'Bolstered The Perception That The Court Is Partial In His Favor'

BIOR

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

Kintara Therapeutics, Inc. - Common Stock

KTRA

SDOT

SANW

A close head-to-head battle between Donald Trump and Vice President Kamala Harris is expected in polls for the<a href="https://www.benzinga.com/topic/2024-election"> 2024 presidential election.</a>
Betting prediction markets paint a different picture with one candidate jumping out to a sizable lead. Here's the latest.
What Happened: Prediction markets Polymarket and Kalshi are among the companies taking election betting by storm and often showing wide swings on the leading candidate, something that has drawn red flags<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41363075/26m-bet-on-trumps-election-victory-fuels-speculation-of-coordinated-activity-on-polymarket"> in recent weeks.</a>
Polymarket witnessed a wide swing in Trump's favor, which comes with several large wagers placed on him, which could sway the percentage chance he has of winning and not be indicative of how people will vote or who the majority of people think will win.
On Kalshi, Trump is also seeing his lead grow, with the prediction market for the 2024 presidential election winner showing a 58% chance for Trump and 42% chance for Harris on Thursday, hitting a record-high 16-point lead for the former president.
At the time of writing, the market shows Trump at 57% and Harris at 43% with over $22.9 million in wagers. Polymarket shows Trump with a 61% chance of winning and Harris with a 39% chance of winning with a $1.9 billion bet.
Kalshi recently <a href="https://www.benzinga.com/news/24/09/40760283/betting-on-u-s-elections-federal-judges-decision-greenlights-political-wagers" target="_blank" rel="noreferrer noopener">resumed accepting bets&nbsp;</a>on the 2024 election after a federal appeals court lifted a prior ban that came as the Commodity Futures Trading Commission (CFTC) contested the markets.
The company calls itself the only place to legally bet on the election in the U.S., with other prediction markets and sportsbooks not allowed to legally accept wagers in the country.
While prediction markets show Trump as the overall leader, the key markets could be on the individual swing states that could determine the election. 
Here are the current <a href="https://kalshi.com/live/swing-states">odds </a>on Kalshi, with electoral college votes for each state in parentheses:
<ul>
<li>Arizona (11): Trump 64%, Harris 36%</li>
<li>Georgia (16): Trump 60%, Harris 40%</li>
<li>Michigan (15): Harris 51%, Trump 49%</li>
<li>Nevada (6): Harris 52%, Trump 48%</li>
<li>North Carolina (16): Trump 58%, Harris 42%</li>
<li>Pennsylvania (19): Trump 54%, Harris 46%</li>
<li>Wisconsin (10): Trump 52%, Harris 48%</li>
</ul>
The current odds show Harris winning two states and getting 21 electoral college votes from the seven key states and Trump winning five states and getting 72 electoral college votes from the swing states.
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<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent101724">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: On Polymarket, users can deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network, or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). In each betting market, the winning options pays out at $1.
Polymarket could show results that skew to a more international audience, while Kalshi could provide a better look at who American voters think will win.
Both prediction markets differ from national election polls for the overall winner, where Harris is often the winner. Sportsbooks show Trump as<a href="https://www.benzinga.com/general/sports-betting/24/10/41347270/trump-vs-harris-2024-election-polls-sportsbooks-betting-odds-show-different-winners-for-20"> the slight favorite,</a> but much closer than the prediction markets.
A<a href="https://www.benzinga.com/general/politics/24/10/41283673/trump-vs-harris-2024-election-swing-state-poll-too-close-to-call-but-this-candidate-leads"> recent Emerson College poll </a>of voters in the <a href="https://www.benzinga.com/topic/swing-states">seven key swing states </a>showed a similar result to the Kalshi markets above.
<ul>
<li>Arizona: Trump 49%, Harris 47%</li>
<li>Georgia: Trump 49%, Harris 48%</li>
<li>Michigan: Trump 49%, Harris 49%</li>
<li>Nevada: Harris 48%, Trump 47%</li>
<li>North Carolina: Trump 49%, Harris 48%</li>
<li>Pennsylvania: Trump 49%, Harris 48%</li>
<li>Wisconsin: Trump 49%, Harris 49%</li>
</ul>
That poll showed Trump leading in four states, Harris leading in one and the candidates tied in two states. The percentages were much closer than the prediction markets though.
The seven swing states in question together represent 93 electoral votes in the 2024 election. Six of the seven states were won by President Joe Biden in the 2020 election with Trump winning North Carolina. Several of the states were flipped from Trump's win in the 2016 election.
An X account shared an update from election predictor Nate Silver saying Trump has a 50% chance of winning the 2024 election. The model jumps to 93% chance if Trump wins Pennsylvania.
The tweet prompted a response from Tesla CEO Elon Musk who has publicly supported Trump and is now campaigning for him.
"That's why I'm in Pennsylvania," Musk <a href="https://x.com/elonmusk/status/1847000395912302630">said</a>.
Musk <a href="https://x.com/elonmusk/status/1846996928451826093">said </a>"making progress" earlier Thursday when sharing the Kalshi market that showed Trump with an all-time high lead in the prediction market.
The new prediction of the importance of Pennsylvania and its 19 electoral votes and Trump's growing lead in the state could illustrate why the overall presidential race is close.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/management/24/10/41302431/elon-musk-to-end-year-as-richest-man-in-the-world-prediction-market-says-yes-higher-chance-than-l">Elon Musk To End Year As Richest Man In The World? Prediction Market Says Yes, Higher Chance Than Larry Ellison Or Jensen Huang</a></li>
</ul>
Photo: Shutterstock

$USDC

USDC

Trump Vs. Harris Swing State Battle: Musk Says 'That's Why I'm In Pennsylvania' With Kalshi Prediction Market Results On Display

Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) reported $630 million in catastrophe losses related to Hurricane Helene alone. The company reported total estimated catastrophe losses of $889 million for September, more than twice the amount reported <a href="https://www.benzinga.com/pressreleases/24/10/b41378242/allstate-announces-september-and-third-quarter-2024-catastrophe-losses-run-off-reserve-review-and-">for the same month last year.&nbsp;</a>
What Happened: The impact of Hurricane Helene has led to a substantial increase in Allstate&#8217;s losses for the third quarter of 2024 which the company reported as $1.7 billion, up from $1.18 billion in the same quarter in 2023. 
Other insurance companies affected by the recent hurricanes include Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), which <a href="https://www.benzinga.com/pressreleases/24/10/g41329804/progressive-reports-september-2024-results">recorded</a> $563 million in catastrophe in September as a result of Hurricane Helene. Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) reported catastrophe losses of $939 million for the third quarter of 2024 due to Hurricane Helene, an increase of $89 million compared to the same period last year.
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Moody's Risk Management Solutions, or RMS, said<a href="https://www.benzinga.com/news/24/10/41321615/hurricanes-helene-milton-insurance-losses-spike-to-55b-moodys"> it expects</a> combined total insured losses from Hurricane Helene and Hurricane Milton to range between $35 billion and $55 billion.
According to <a href="https://www.insurtechinsights.com/hurricanes-helene-and-milton-floridas-insurance-market-on-the-brink/">a report</a> from Insurtech Insights, Hurricanes Helene and Milton contributed to total losses for Florida insurers of more than $100 billion for the fifth consecutive year, comparable to the losses from Hurricane Katrina in 2005.&nbsp;
Why It Matters: Citizens, Florida's state-backed insurer of last resort, has seen a surge in policyholders in recent years, especially after recent destructive hurricanes. 
The rapid influx raises serious concerns about its financial stability as it has experienced massive underwriting losses, amounting to hundreds of millions of dollars. Citizens estimates it is currently at a 38% rate inadequate, meaning it needs a 38% rate increase to be solvent. However, Florida law caps its annual rate increases at 10%
Citizens is transferring more than 648,000 policies to private insurers, per<a href="https://www.clickorlando.com/news/local/2024/10/04/what-citizens-insurance-depopulation-means-for-florida-homeowners/"> Click Orlando</a>. These companies are also experiencing <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">financial strain</a> due to increased claims, likely leading to higher premiums and reduced coverage availability.
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Photo: wurliburli from Pixabay

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