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From high fashion to high-rises – developers have cottoned on to the fact that their high-net-worth clientele is a brand-centric crowd, shopping for labels and status symbols as most people shop for groceries. That&#8217;s why, increasingly, luxury residential buildings have leveraged exclusive retail brands to help sell their units. Unsurprisingly, nowhere is this more popular than at the crossroads of the catwalk and condo – <a href="https://www.benzinga.com/content/42467692/dinner-of-the-year-art-week-miami-2024-blended-exceptional-art-exclusive-fashion-and-engaging-philan">Miami</a>.&nbsp;
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<h2 class="wp-block-heading">Dolce &amp; Gabbana</h2>
The Dolce &amp; Gabbana branded 888 Brickell will see a new 90-story, 1,049 ft super tall condo tower – a record for Miami – take to skies, comprising 259 residences and a yet-to-be-announced 5-star hotel. What is the fashion brand&#8217;s contribution to the development besides their coveted name? D&amp;G&#8217;s famous gold and black design style will abound throughout the building. The facade will feature ivory travertine, white stucco and matte black steel beams; at the street level, the building features a necklace of golden beads courtesy of New York architecture practice Studio Sofield. The design team said they were inspired to invoke &#8220;quintessential modernist skyscrapers and Milanese midcentury design and fashion.&#8221;
D&amp;G&#8217;s actual input was that their designers collaborated with Milan-based studio M2Atelier on the interiors for the project. Renderings depict dark, moody public spaces outfitted with metallic highlights and animal-print furniture.
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>
<h2 class="wp-block-heading">Elle Residences</h2>
Not to be outdone, Elle Residences (as in the women&#8217;s fashion/lifestyle magazine), Miami, at 3618 NE 5th Ave. in Edgewater, is a 180-unit project developed by Urban Network Capital Group and Vertical Developments. It will feature interiors by The One Atelier (a design company with a long pedigree of branded buildings, including those by Fendi and Karl Lagerfeld).&nbsp;
&#8220;This groundbreaking residential project will debut a new legacy for Elle, one of which we are proud to share in the next chapter of this influential brand,&#8221; Fernando de Nuñez y Lugones, CEO of Vertical Developments, said in a statement. &#8220;Our aspiration is not just to build a tower but create an ownership experience that amplifies modernity with the timeless sophistication of Elle&#8217;s nearly 80-year history.&#8221;
Aside from the slew of top-notch amenities and the instantly recognizable name value, buyers willing to shell out high six figures and up will want to know what distinguishes Elle and other name brands from their competition.
Trending: Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a>
&#8220;This project will represent a groundbreaking concept, offering captivating gateways for owners and residents to experience condo living through a fresh lens and the visionary perspective of Elle,&#8221; <a href="https://robbreport.com/shelter/new-construction/elle-branded-residences-miami-1235628190/">Constance Benqué</a>, CEO of Elle International and Lagardère News, said.
This may be a vague summation, but the fact is that a famous name brand is the magical pixie dust that can make a consumer choose it over the competition. It leverages the brand&#8217;s history, credibility and lifestyle and transfers it to the building. <a href="https://www.benzinga.com/tech/24/11/42033401/porsche-recalls-nearly-16k-taycan-evs-in-china-citing-fire-risk">Porsche</a>, Aston Martin, <a href="https://www.benzinga.com/24/05/38819007/mercedes-worker-advocates-for-better-work-life-balance-amid-unionization-efforts-in-alabama-plant-so">Mercedes</a>, Bentley, Pagani, Armani and Fendi are well-known brands attached to Miami condos.
<h2 class="wp-block-heading">A City Of Brands</h2>
&#8220;It&#8217;s nothing short of wild how many branded developments there are,&#8221; Peter Bazeli, a real estate development advisor and principal at consultancy Weitzman, told Curbed. &#8220;Now it&#8217;s expected,&#8221; Bazeli said. &#8220;The traditional residential model of just building a really nice building is not enough anymore. Each new development has to have a brand, has to conjure up the idea of what the lifestyle can be.&#8221;
But why Miami and not New York or LA? In those cities, the location itself is the brand. In Miami, where city locations are not well known, branding makes good business sense, especially to International buyers, even if the brand&#8217;s involvement beyond lending its name is questionable.&nbsp;
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<li>Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a></li>
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Real Estate

Dolce & Gabbana and Elle Magazine Are The Latest Branded Condos To Hit Miami. Here's Why They Make Such Good Business Sense

America's wealthiest billionaires have witnessed an extraordinary year in 2024, with their fortunes far outpacing the 3% growth of the U.S. economy. 
What Happened: Surging markets, fueled by advancements in technology and artificial intelligence, have propelled their wealth to unprecedented levels. 
According to the report <a href="https://www.thedailybeast.com/these-ten-people-made-796b-in-this-years-tech-stock-surge/">by</a> The Daily Beast, these top 10 billionaires amassed gains nearly equivalent to the U.S. government's annual defense budget of $850 billion.
<h3 class="wp-block-heading">10. Michael Dell: $14 Billion</h3>
The founder of Dell Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) saw a 55% surge in his company's stock this year, thanks to its transformation into an infrastructure powerhouse for the AI age. Dell owns approximately half of the company, contributing significantly to his fortune.
<h3 class="wp-block-heading">9. Larry Page and Sergey Brin: $19–20 Billion</h3>
The Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) founders benefited from the company's $650 billion valuation increase in 2024. Despite stepping back from operations, they retain control through super-voting shares, owning just over 3% each of the tech giant.
<h3 class="wp-block-heading">8. Steve Ballmer: $20 Billion</h3>
The former Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO continues to profit from the company's revival under Satya Nadella. Ballmer owns 4.5% of Microsoft, which has funded ventures such as a new stadium for the LA Clippers, the NBA team he owns.
<h3 class="wp-block-heading">7. Warren Buffett: $29 Billion</h3>
Through Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), Buffett continues to outperform the market. The company's value rose 28% this year, helping Buffett build his cash reserves to an impressive $325 million, or 30% of Berkshire's valuation.
<h3 class="wp-block-heading">6. Jeff Bezos: $63 Billion</h3>
Bezos, the founder of Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), saw his wealth soar by over $1 billion weekly as Amazon stock rebounded. Bezos retains nearly 9% of the company, funding projects like Blue Origin through periodic stock sales.
Also Read: <a href="https://www.benzinga.com/news/24/02/37059392/from-steve-ballmer-to-jamie-dimon-meet-the-billionaires-who-amassed-their-wealth-without-founding-a">From Steve Ballmer To Jamie Dimon, Meet The Billionaires Who Amassed Their Wealth Without Founding A Company</a>
<h3 class="wp-block-heading">5. Jensen Huang: $72 Billion</h3>
The founder of Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) reaped immense gains as the company became the darling of the AI revolution. Nvidia's value more than doubled in 2024, with Huang's 3.8% stake driving his fortune.
<h3 class="wp-block-heading">4. Larry Ellison: $73 Billion</h3>
The Oracle founder's fortune grew alongside the company's role as a key player in cloud computing. Ellison owns 43% of Oracle, benefiting significantly from the AI-driven surge in enterprise demand.
<h3 class="wp-block-heading">3. Mark Zuckerberg: $82 Billion</h3>
Zuckerberg's Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) saw its value rise more than sixfold since late 2022, thanks to strong margins and AI developments like the Llama open-source model. His 13.5% stake in Meta underpins his staggering gains.
<h3 class="wp-block-heading">2. The Waltons: $148 Billion</h3>
America's richest family, heirs to Walmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), collectively control the fortune built by Sam Walton. Their wealth solidifies Walmart's status as one of the largest employers in the country.
<h3 class="wp-block-heading">1. Elon Musk: $252 Billion</h3>
The Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX founder tops the list with his fortune growing by nearly $5 billion weekly. Musk's ventures, including Neuralink, the Boring Company, and his federal government initiatives, further cement his status as the most influential figure in business.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

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Tech Titans Triumph: The Top 10 Billionaires Who Made Big Gains In 2024

These eleven large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) shares dipped 20.52% after the company released headline results from the REDEFINE 1 Phase 3 <a href="https://www.benzinga.com//node/42613036" target="_blank" rel="noreferrer noopener">trial in the global REDEFINE program</a>.</li>
<li>Vertex Pharmaceuticals Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) stock declined 14.33% after the company announced results from its <a href="https://www.benzinga.com//node/42599745" target="_blank" rel="noreferrer noopener">Phase 2 study of Suzetrigine</a>.</li>
<li>XPO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>) shares were down 13.47%.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares fell 13.33% last week as the company is <a href="https://www.benzinga.com//node/42520765" target="_blank" rel="noreferrer noopener">set to be removed</a> from the Nasdaq 100 Index.</li>
<li>Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) stock plummeted 13.07%. A new government fiscal spending package and last week&#8217;s central bank rate hike could erode global investor confidence and raise concerns over the nation&#8217;s deficit.</li>
<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) stock was down 13.01%, likely due to continued weakness stemming from its <a href="https://www.benzinga.com//node/42538739" target="_blank" rel="noreferrer noopener">ongoing legal dispute</a> with Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>).</li>
<li>Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) shares decreased 12.08% after the company reported mixed earnings results and issued weak guidance for the current quarter. <a href="https://www.benzinga.com//node/42594359" target="_blank" rel="noreferrer noopener">Multiple analysts also lowered price forecasts</a>.</li>
<li>Paycom Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAYC#NYSE">PAYC</a>) stock lost 11.63% last week, a result of the Fed rate decision that caused a selloff in software stocks.</li>
<li>Cintas Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>) stock declined 11.50% after the company reported <a href="https://www.benzinga.com//node/42588404" target="_blank" rel="noreferrer noopener">second-quarter financial results</a>. Several analysts lowered <a href="https://www.benzinga.com/quote/ctas/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>Warner Bros. Discovery, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) <a href="https://www.benzinga.com//node/42603589" target="_blank" rel="noreferrer noopener">declined 11.43%</a>.</li>
<li>monday.com Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>) stock dived 11.20% after Citigroup cut its price forecast <a href="https://www.benzinga.com/quote/mndy/analyst-ratings" target="_blank" rel="noreferrer noopener">on the stock from $338 to $302</a>.</li>
</ol>
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Novo Nordisk, Super Micro Computer And Arm Are Among Top Large Cap Losers Last Week (December 16-20): Are The Others In Your Portfolio?

It's that time of year again. Holiday tunes on the radio, twinkling lights everywhere and a hefty dose of pressure to deliver the "perfect" Christmas. But what happens when you're juggling debt, young kids and the harsh reality that you're barely making ends meet? That's where Joshua found himself when he called into The Ramsey Show.&nbsp;
In a video posted in December titled, "Buy My Kids Christmas Gifts or Pay Off Debt?", <a href="https://www.benzinga.com/personal-finance/24/12/42488891/dave-ramsey-scolds-broke-61-year-old-with-no-money-who-splurged-on-a-26000-tractor-quit-blaming-dumb-stuff-on-being-a-country-girl">Dave Ramsey</a> and his co-host daughter, Rachel Cruze, didn't hold back.
At just 24 years old, Joshua – a medically retired military veteran – shared a tough predicament. "We ran into some financial hardship … and with Christmas coming up, I have three young children. I'm wondering, should I sacrifice their happiness Christmas morning to continue to pay off this debt?"
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On paper, Joshua's situation looks tight. With $1,800 in credit card debt and $4,000 in collections, plus a family of five to support, his question wasn't unreasonable. But Dave Ramsey and co-host Rachel Cruze didn't sugarcoat their advice.
"Absolutely, you need a job," Dave said point-blank. Joshua, currently in school full-time, explained he was studying business administration with a focus on project management. His plan was to complete his degree without working for the next four years. Meanwhile, his wife stays home with their three young kids, including a newborn.
That plan didn't fly with Dave. "I worked 40 to 60 hours a week while I was going to school," he reminded Joshua. The bottom line? While education is important, it can't come at the expense of providing for your family.
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Joshua mentioned he's earning around $6,000 a month from his military pension, but as Dave pointed out, "You can save up the money for Christmas by working during this month." The advice? Start driving for Uber, delivering with Grubhub or picking up any available gig.
Rachel chimed in with a mom's perspective, reassuring Joshua – and every parent out there – that <a href="https://www.benzinga.com/personal-finance/24/12/42317960/warren-buffett-used-to-gift-loved-ones-10000-cash-for-christmas-but-switched-to-stocks-with-a-note-cash-them-in-or-hold-onto-them">Christmas doesn't have to be expensive</a> to be meaningful. "Kids are so low maintenance," she said. "Go so cheap … they just want the experience of opening gifts."
She also shared a personal anecdote: "We spent all this stinking money on Christmas and Uncle Mac went to the dollar store, spent 20 bucks and was the biggest hit. All kids care about is opening something!"
Dave added with his usual wit, "The newborn doesn't even know it's Christmas. Feed them, change their diaper and they're a happy puppy."
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>
Beyond Christmas, the real focus was on Joshua's long-term plan. "You only need $5,800 to be debt-free," Dave emphasized. "You could have that by March." He urged Joshua to keep working after the holidays, balancing his job with his online classes to dig out of debt and set his family up for financial success.
And for parents everywhere, Rachel left a crucial reminder: "Your kids want you. The stuff doesn't matter. Create experiences, not expenses."
Joshua's story is a wake-up call for anyone feeling the pressure of the holiday. Christmas doesn't have to come with a <a href="https://www.benzinga.com/news/24/12/42392068/elon-musks-ex-wife-says-he-forgot-to-buy-her-a-christmas-gift-but-when-he-realized-he-walked-barefoot-in-a-snowstorm-to-find-flowers">price tag you can't afford.</a> Whether delivering pizzas or picking up extra shifts, there's always a way to make it work without sacrificing your financial health. And remember, your kids will cherish the memories you create far more than the stuff you buy.
So this year, keep it simple. Ride bikes, bake cookies or hit the dollar store for a garbage bag full of joy. Your wallet – and your kids – will thank you.
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Personal Finance

'Buy My Kids Christmas Gifts Or Pay Off Debt?' – Young Dad Of 3 Asks Dave Ramsey If He Should 'Sacrifice Their Happiness' Christmas Morning?

Mark Cuban, the serial entrepreneur and investor best known for his role on &#8220;Shark Tank,&#8221; had a surprisingly simple goal when he became a millionaire: avoid <a href="https://www.benzinga.com/news/24/12/42380812/mark-cuban-shares-the-one-thing-he-splurged-on-after-striking-it-rich-im-not-a-big-spender">spending all his money at once</a>.
What Happened: After selling his software company, MicroSolutions, for $6 million in 1990 and pocketing about $2 million after taxes, Cuban adopted a conservative investment approach to preserve his newfound wealth.
"I want you to invest for me like a 60-year-old. I don't want you to invest like I'm young, because I want to live off this for a long time," Cuban recalled telling his broker at the time and <a href="https://www.youtube.com/watch?v=oEK2063FPLw">shared</a> this in a recent interview.
This strategy, along with his frugal lifestyle, allowed him to safeguard his wealth while still enjoying occasional splurges.
Cuban's modest upbringing as the son of an automobile upholsterer near Pittsburgh shaped his cautious approach to money. 
Even after becoming a millionaire, he lived below his means, buying "the worst house in the best neighborhood" and steering clear of flashy cars. 
"By the time I sold MicroSolutions, I had just bought the worst house in the best neighborhood, but I wasn't big into that. I wasn't big into cars. I wanted to live like a student and just have fun," Cuban said. 
However, one notable indulgence was a $125,000 lifetime pass with American Airlines, which he used to "party like a rock star" across cities with his friends.
Also Read: <a href="https://www.benzinga.com/news/24/10/41196856/heres-how-mark-cubans-drunken-splurge-of-125-000-turned-into-a-profitable-investment">Mark Cuban Drunkenly Bought A $125,000 Lifetime Flight Pass And Turned It Into A Profitable Investment</a>
His financial perspective shifted dramatically in 1999 when he sold his second company, Broadcast.com, for $5.7 billion. The windfall gave Cuban the freedom to take more significant risks, a mindset he has carried into his investing career. 
Cuban has said that smart risks are essential to building wealth, reflecting his evolution from a cautious millionaire to a bold billionaire.
Today, Cuban focuses on his family and running Cost Plus Drugs, his pharmaceutical startup aimed at lowering prescription drug costs. While his days of lavish partying are behind him, he remains dedicated to making a positive impact. "I think less about making money and more about direction and&#8230;benefit[ing] as many Americans as I can," Cuban said during the interview.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Mark Cuban's Wealth Journey: 'I Want to Live Off This for a Long Time'

These ten large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Teva Pharmaceutical Industries Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>) stock escalated 33.88% after the company and Sanofi SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) announced that primary endpoints were met in the Phase 2b trial of Duvakitug for <a href="https://www.benzinga.com//node/42531132" target="_blank" rel="noreferrer noopener">ulcerative colitis and Crohn&#8217;s disease</a>.</li>
<li>Klaviyo, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVYO#NYSE">KVYO</a>) shares surged 12.85%.</li>
<li>Olive Garden parent Darden Restaurants, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) stock rose 12.54% after the company reported better-than-expected second-quarter EPS and <a href="https://www.benzinga.com//node/42585797" target="_blank" rel="noreferrer noopener">issued an FY25 revenue outlook</a>. Several analysts raised the <a href="https://www.benzinga.com/quote/dri/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Doximity, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCS#NYSE">DOCS</a>) shares upped 10.91%. Stephens &amp; Co. initiated coverage with an Equal-Weight rating and <a href="https://www.benzinga.com/quote/docs/analyst-ratings" target="_blank" rel="noreferrer noopener">a price forecast of $55</a>.</li>
<li>Birkenstock Holding plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) shares increased 9.70% after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance. Several analysts raised <a href="https://www.benzinga.com//node/42599431" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>) stock upped 7.30% after the company reported better-than-expected <a href="https://www.benzinga.com//node/42553094" target="_blank" rel="noreferrer noopener">first-quarter EPS and revenues</a>. Several analysts raised <a href="https://www.benzinga.com/quote/jbl/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>Neurocrine Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBIX#NASDAQ">NBIX</a>) stock rose 6.88%. The FDA approved Crenessity (crinecerfont) capsules and oral solution as an adjunctive treatment to glucocorticoid replacement to control androgens in adult and pediatric patients four years of age and older with <a href="https://www.benzinga.com//node/42508449" target="_blank" rel="noreferrer noopener">classic congenital adrenal hyperplasia (CAH).</a></li>
<li>GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) stock was up 6.54% last week, continuing strength from Q3 earnings.</li>
<li>Dr. Reddy&#8217;s Laboratories Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDY#NYSE">RDY</a>) stock increased 6.29%.</li>
<li>Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) shares upped 6.13% last week.</li>
</ol>
Photo by Sundry Photography via Shutterstock

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Teva Pharmaceutical, Li Auto, And Darden Restaurants Are Among Top Large Cap Gainers Last Week (December 16-20): Are The Others In Your Portfolio?

Elon Musk wasn't always the polarizing figure we see today in climate discussions. Once <a href="https://www.benzinga.com/news/24/04/38131745/cathie-wood-hails-elon-musks-visionary-impact-hes-transforming-the-world-saving-humanity-from-itself">celebrated</a> as a green-tech pioneer, Musk was vocal about the urgent need to combat climate change. In 2006, he described Tesla's mission as a way to "help expedite the move from a mine-and-burn hydrocarbon economy toward a solar electric economy." In 2015, he warned of the devastating consequences of delaying this transition. &#8220;The worst case,&#8221; he said, &#8220;is more displacement and destruction than all the wars in history combined.&#8221;
At the time, Musk painted a grim picture of the future if humanity failed to act. He specifically talked about the dangers of rising sea levels, warning that <a href="https://www.benzinga.com/real-estate/24/06/39420775/coastal-home-values-plunge-as-rising-seas-erode-market-confidence">oceanfront property</a> would become &#8220;a lot less valuable&#8221; as floods destroyed homes and businesses.&nbsp;
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In his first appearance on the Joe Rogan Podcast in 2018, Musk <a href="https://www.youtube.com/live/ycPr5-27vSI?si=uZaTXr2yTpuqmwVD&amp;t=5041">stressed</a> how strong the scientific agreement on climate change is, saying, &#8220;The scientific consensus is overwhelming. I mean, I don&#8217;t know any serious scientists – zero, literally zero – who don&#8217;t think that we have quite a serious climate risk that we&#8217;re facing.&#8221;&nbsp;
His past concerns align with findings from a Climate Central study, which revealed that nearly 650,000 parcels of oceanfront property in the U.S. currently sitting on dry land will be at least partially submerged within 30 years due to rising sea levels. This shift will <a href="https://www.benzinga.com/real-estate/24/03/37566436/the-list-of-us-cities-at-risk-of-destruction-because-of-rising-sea-levels-is-frightening-to-contempl">devastate property owners</a> and strain cities and counties that rely on property taxes to fund schools, emergency services and utilities.
See Also: This Jeff Bezos-backed startup will allow you to <a href="https://arrivedhomes.go2cloud.org/aff_c?offer_id=15&amp;aff_id=1006&amp;aff_sub=yahoo&amp;aff_sub2=byerscta100">become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.</a>
Insurance giant Swiss RE warned in 2021 that climate change could cut the world economy by $23 trillion in 2050, equivalent to 14 percent of global economic output.
Fast forward to today and Musk's rhetoric on climate change has undergone a dramatic shift. In an August conversation with Donald Trump on X, Musk downplayed the urgency of transitioning away from fossil fuels, suggesting the world has "plenty of time" to act.&nbsp;
<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">Many on the left and fake news have created another hoax that Trump was "slurring his words" during the X Spaces conversation with <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> Here is the full recording proving them wrong again <a href="https://t.co/vrVcRKpu60">pic.twitter.com/vrVcRKpu60</a>
&mdash; Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) <a href="https://twitter.com/TrumpDailyPosts/status/1823821120237396379?ref_src=twsrc%5Etfw">August 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl-y2"> you can become an investor for $0.80 per share today.</a>
He even described the risk of climate change as &#8220;not as high as a lot of people say it is,&#8221; framing the issue in terms of discomfort from high CO2 levels instead of catastrophic dangers scientists have long warned about. This change in attitude has left people wondering why Musk, who once called for urgent action, now seems so dismissive.
Musk's pivot has not gone unnoticed. Critics point to his embrace of right-wing politicians and climate denialism as a key factor. On X (formerly Twitter), a platform he owns, climate scientists have been leaving in droves, citing a surge in misinformation about global warming. Musk's partner in DOGE, the prospective agency <a href="https://www.benzinga.com/politics/24/11/41962372/trumps-doge-with-musk-at-the-helm-riddled-with-conflicts-of-interest-says-clinton-era-official-robert-reich">tasked with cutting government costs</a>, Vivek Ramaswamy, previously called climate change a &#8220;hoax.&#8221;
Musk&#8217;s behavior presents a conflicting image. On the one hand, Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has revolutionized the electric vehicle market and Musk&#8217;s endeavors, such as the $100 million <a href="https://www.xprize.org/prizes/carbonremoval">Xprize</a> for carbon removal, demonstrate his dedication to creative solutions. However, his personal carbon footprint undermined his message, as his private jet logged a whopping 441 flights in 2023, emitting 5,159 tonnes of CO2, according to JetSpy.
Trending: Commercial real estate has historically outperformed the stock market, and<a href="https://equitymultiple.com/benzinga?invite=benzinga&amp;utm_campaign=product-promotion-earn&amp;utm_source=yahooFinance&amp;utm_medium=affiliate&amp;utm_content=stockmarket-yahoo"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a>
Then there's his claim that CO2 levels would only become a problem at 1,000 parts per million (ppm), much higher than today's <a href="https://climate.nasa.gov/vital-signs/carbon-dioxide/">420 ppm</a>. Scientists quickly debunked this, explaining that society would collapse long before CO2 reached those levels, as extreme weather, rising sea levels and food shortages would create chaos. Musk's mix-up of indoor air quality standards with outdoor atmospheric CO2 measurements shows a serious misunderstanding of basic science.
This evolution – or perhaps devolution – has left many wondering: What changed? Some suggest Musk's interests now lie more in maintaining relationships in conservative circles than in driving climate advocacy. For example, President-elect Donald Trump said climate change is not "the biggest threat" and claimed it would create "more oceanfront property." Others speculate that his sprawling business empire and the demands of his ventures have pulled him away from his once-clear mission.
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Before His 180 On Climate Change, Elon Musk Advocated For Action, Cautioning That Oceanfront Real Estate Values Would Plummet

A Reddit user's late-night post has people thinking twice about their financial choices. The poster, who's been at the same job for a decade, shared a raw and relatable confession:
"I wish I had spent the past 10 years investing in BTC instead of 401(k). Pretty much the title. I just got off work, from a job I've grown to hate over the past year or two."
They went on to explain their situation. While their job pays well and comes with perks, it's physically taking a toll. Facing an uncertain future – possibly heading into short-term disability – they had a sobering realization:
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"I would be retiring this year if I had invested $1 for $1 into BTC vs. my 401(k)."
For context, let's break down the math. In December 2014, Bitcoin was trading at just over $320. Fast-forward to today and Bitcoin's value has skyrocketed, hovering around $100,000. That's an increase of over 31,200%.
On the other hand, the average 401(k) grows at a steady rate of about 5-8% annually, which is solid but nowhere near the explosive gains of Bitcoin during the past decade. To make things even more tempting, $1,000 invested in Bitcoin in 2014 would now be worth over $312,000. A $10,000 investment would now be worth $3,125,000.&nbsp;
One commenter on the Reddit thread put it perfectly: "This post in 10 years and Bitcoin is $10 million; everyone will be saying, ‘I wish I put more in when it was under 100k. History repeats.'" Another chimed in with a more conservative guess, saying, "Surely it's gonna be more like 1mil, not 10mil."
See Also: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
Of course, hindsight is 20/20. Bitcoin's success story is impressive but it <a href="https://www.benzinga.com/personal-finance/24/12/42510681/mark-cuban-says-hed-take-bananas-over-bitcoin-because-he-could-eat-the-bananas-calls-crypto-so-complicated-for-99-of-people">hasn't been a smooth ride</a>. Its price has swung wildly, leaving many investors holding their breath during crashes.
One commenter in the Reddit thread dropped an important reminder: "Unless you had a few thousand Bitcoin, you'd have probably lost your hard drive, had your account stolen or lost it to investment sites like FTX. Or maybe you sold it at the peak of $2,000 or invested in a bad coin."
Still, this Reddit post taps into a broader sentiment: the tension between <a href="https://www.benzinga.com/general/24/03/37513063/warren-buffett-says-he-wouldnt-pay-25-for-all-the-bitcoin-in-the-world-he-considers-crypto-rat-poiso">traditional, "safe" investing</a> and the allure of taking risks that might pay off in life-changing ways.
As the original post gained traction, it resonated with many people. Maybe it's because it's not just about money – it's about the dreams and regrets we all wrestle with when thinking about our futures.
Trending: 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>
While it's easy to get caught up in the "should have" and "I wish" mindset, what matters is what you do next.
If this post hit a nerve, consider how you can make smarter financial moves now. Diversify your investments, start small and focus on consistency over time. Above all, only invest what you can afford to lose – whether in stocks, crypto or any other asset.
Most importantly, before making major financial decisions, <a href="https://www.benzinga.com/money/are-you-rich">consult a financial advisor</a>. They can help you balance your goals, risk tolerance and current resources to create a plan that works for you. After all, the best investment strategy isn't about chasing the past – it's about building a future you can feel confident in.
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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>
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'I Wish I Had Spent Past 10 Years Investing In Bitcoin Instead Of A 401(k)' – Man Nearing Retirement Realizes He'd Have Millions Saved Now

In a significant move to bolster the domestic semiconductor industry, the U.S. Commerce Department has approved a $406 million grant for Taiwan's&nbsp;GlobalWafers. This funding is aimed at enhancing silicon wafer <a target="_blank" href="https://www.benzinga.com/tech/24/12/42525551/ahead-of-trumps-return-to-white-house-us-approves-406m-grant-for-taiwans-chipmaker-globalwafers" rel="noreferrer noopener">production within the United States</a>.
Senate minority leader&nbsp;Mitch McConnell&nbsp;(R-Ky.) submitted an amicus brief to the Supreme Court, urging the rejection of&nbsp;TikTok's&nbsp;request to delay <a target="_blank" href="https://www.benzinga.com/24/12/42568430/senate-minority-leader-mcconnell-urges-supreme-court-to-reject-tiktoks-delay-request-pushing-for-january-ban-amid-first-amendment-debate" rel="noreferrer noopener">a law that could ban the app in January</a>.
Smartphones
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&nbsp;is reportedly gearing up to launch a redesigned&nbsp;AirTag&nbsp;in 2025 with better <a target="_blank" href="https://www.benzinga.com/media/24/12/42501665/apples-2025-airtag-to-feature-iphone-15s-ultrawide-band-chip-for-smarter-longer-range-tracking-report" rel="noreferrer noopener">tracking capabilities and range</a>.
Apple is reportedly planning to launch foldable iPhones <a target="_blank" href="https://www.benzinga.com/media/24/12/42500942/apple-eyes-2026-to-launch-foldable-iphones-and-ultralight-devices-as-it-looks-to-revitalize-sales-momentum-report" rel="noreferrer noopener">and ultralight devices by 2026</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42513402/apples-2025-bull-case-can-it-deliver-without-riding-the-ai-wave" rel="noreferrer noopener">Apple&#8217;s 2025 Bull Case: Can It Deliver Without Riding The AI Wave?</a>
New leaks have emerged, offering a glimpse into the design of the upcoming&nbsp;Samsung Electronics Co.&#8217;s<a target="_blank" href="https://www.benzinga.com/24/12/42545936/samsung-galaxy-s25-ultra-and-s25-leaks-show-off-sleek-curved-design-and-slimmer-bezels-than-apples-iphone-16-pro-max" rel="noreferrer noopener">&nbsp;</a>(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) <a target="_blank" href="https://www.benzinga.com/24/12/42545936/samsung-galaxy-s25-ultra-and-s25-leaks-show-off-sleek-curved-design-and-slimmer-bezels-than-apples-iphone-16-pro-max" rel="noreferrer noopener">Galaxy S25 Ultra</a><a target="_blank" href="https://www.benzinga.com/24/12/42545936/samsung-galaxy-s25-ultra-and-s25-leaks-show-off-sleek-curved-design-and-slimmer-bezels-than-apples-iphone-16-pro-max" rel="noreferrer noopener">&nbsp;and&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/12/42545936/samsung-galaxy-s25-ultra-and-s25-leaks-show-off-sleek-curved-design-and-slimmer-bezels-than-apples-iphone-16-pro-max" rel="noreferrer noopener">S25+</a>.
Apple and&nbsp;NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&nbsp;have announced a collaboration for the improvement in the <a target="_blank" href="https://www.benzinga.com/24/12/42568204/nvidia-and-apple-team-up-to-supercharge-llms-with-redrafter-technique" rel="noreferrer noopener">performance of large language models</a>.
Apple has slammed&nbsp;Meta Platforms, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) for its numerous requests to access iPhone-maker's software tools, <a target="_blank" href="https://www.benzinga.com/media/24/12/42569325/apple-slams-metas-interoperability-demands-cites-privacy-risks-instagram-parent-fires-back-cupertinos-assertions-have-no-basis-in-reality" rel="noreferrer noopener">citing potential privacy and security risks</a>.
Apple is reportedly engaging in discussions with&nbsp;Tencent&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) and TikTok's parent company,&nbsp;ByteDance, to integrate their <a target="_blank" href="https://www.benzinga.com/news/24/12/42569744/apple-reportedly-in-talks-with-tencent-tiktok-parent-bytedance-to-roll-out-ai-features-in-china" rel="noreferrer noopener">AI&nbsp;models into iPhones sold in&nbsp;China</a>.
Technology &amp; Social Media
Microsoft Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has reportedly acquired nearly twice as many&nbsp;Nvidia AI chips as its closest competitors. This strategic investment is aimed at bolstering its AI capabilities,<a target="_blank" href="https://www.benzinga.com/tech/24/12/42547442/microsof-scoops-up-485000-nvidia-ai-chips-twice-as-many-as-its-closest-rival-meta-report" rel="noreferrer noopener"> particularly for its Azure cloud services</a>.
Meta&nbsp;unveiled much-anticipated updates to its&nbsp;Ray-Ban&nbsp;smart glasses. It rolled out three new features for its Ray-Ban smart glasses:<a target="_blank" href="https://www.benzinga.com/24/12/42524192/metas-ray-ban-smart-glasses-can-now-be-your-chef-linguist-and-dj-whats-next-therapist" rel="noreferrer noopener"> live AI, live translations, and&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/12/42524192/metas-ray-ban-smart-glasses-can-now-be-your-chef-linguist-and-dj-whats-next-therapist" rel="noreferrer noopener">Shazam</a>.&nbsp;
Meta&#8217;s CEO&nbsp;Mark Zuckerberg&nbsp;said that&nbsp;Instagram&#8217;s Threads&nbsp;has reached a milestone <a target="_blank" href="https://www.benzinga.com/general/social-media/24/12/42525426/threads-reaches-100-million-daily-active-users-as-meta-capitalizes-on-exodus-from-elon-musks-x-to-alternative-platforms" rel="noreferrer noopener">of 100 million daily active users</a>.
Instagram&nbsp;head&nbsp;Adam Mosseri&nbsp;raised concerns about the growing challenge of distinguishing between real and AI-generated <a target="_blank" href="https://www.benzinga.com/24/12/42501178/meta-warns-ai-generated-content-can-be-a-threat-as-instagram-boss-suggests-always-considering-who-it-is-that-is-speaking" rel="noreferrer noopener">images on social media platforms</a>.
Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/technicals/24/12/42509206/soundhound-ai-soars-over-700-short-squeeze-potential-has-traders-talking" rel="noreferrer noopener">SoundHound AI Soars Over 700%: Short Squeeze Potential Has Traders Talking</a>
On Monday, President-elect&nbsp;Donald Trump&nbsp;reportedly met with TikTok CEO&nbsp;Shou Zi Chew&nbsp;at Mar-a-Lago, Florida, as the company seeks intervention from the U.S. <a target="_blank" href="https://www.benzinga.com/general/social-media/24/12/42522134/trump-meets-tiktok-ceo-shou-zi-chew-at-mar-a-lago-as-platform-urges-supreme-court-to-block-looming-ban" rel="noreferrer noopener">Supreme Court to prevent a looming ban</a>.
Read: <a target="_blank" href="https://www.benzinga.com/tech/24/12/42525899/elon-musk-reacts-after-sundar-pichai-shares-veo-2-as-google-looks-to-challenge-openais-sora-in-ai-video-race-looks-impressive" rel="noreferrer noopener">Elon Musk Reacts After Sundar Pichai Shares Veo 2 As Google Looks To Challenge OpenAI&#8217;s Sora In AI Video Race: &#8216;Looks Impressive&#8217;</a>
PDD Holdings‘&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) Temu app has once again secured the top position as the most downloaded free app on Apple's U.S. iOS store, marking its second <a target="_blank" href="https://www.benzinga.com/tech/24/12/42527567/pdds-temu-tops-ios-downloads-in-us-while-trump-wants-to-impose-100-tariffs-on-chinese-imports" rel="noreferrer noopener">consecutive year at the summit</a>.
Microsoft CEO&nbsp;Satya Nadella&nbsp;shared insights about the transformative impact of AI throughout 2024, <a target="_blank" href="https://www.benzinga.com/24/12/42546621/elon-musk-agrees-as-satya-nadella-reflects-on-ais-global-impact-in-2024-from-cancer-research-to-rainforest-conservation-and-more" rel="noreferrer noopener">with which&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/12/42546621/elon-musk-agrees-as-satya-nadella-reflects-on-ais-global-impact-in-2024-from-cancer-research-to-rainforest-conservation-and-more" rel="noreferrer noopener">Elon Musk</a><a target="_blank" href="https://www.benzinga.com/24/12/42546621/elon-musk-agrees-as-satya-nadella-reflects-on-ais-global-impact-in-2024-from-cancer-research-to-rainforest-conservation-and-more" rel="noreferrer noopener">&nbsp;agrees</a>.
Elon Musk&nbsp;has once again expressed his disapproval of hashtags on&nbsp;X, formerly&nbsp;Twitter, describing <a target="_blank" href="https://www.benzinga.com/general/social-media/24/12/42547615/elon-musk-reiterates-hashtags-are-ugly-and-useless-on-x-even-though-ceo-linda-yaccarino-tried-to-make-them-trendy-again" rel="noreferrer noopener">them as "ugly" and redundant</a>.
Artificial Intelligence (AI)
Marc Andreessen&nbsp;has lauded&nbsp;OpenAI's Sora&nbsp;video model, suggesting it may have resolved a<a target="_blank" href="https://www.benzinga.com/tech/24/12/42501018/marc-andreessen-praises-openais-sora-video-model-we-may-have-basically-just-solved-the-fundamental-challenge-of-robotics" rel="noreferrer noopener"> significant challenge in robotics</a>.
OpenAI&nbsp;announced that it is extending the&nbsp;ChatGPT Search&nbsp;engine to all users, including those on the free tier. The AI search engine was initially <a target="_blank" href="https://www.benzinga.com/tech/24/12/42523020/chatgpt-search-goes-free-openai-challenges-googles-unbroken-search-dominance" rel="noreferrer noopener">launched for paid subscribers in October</a>.
Mondelez International&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>) has been leveraging AI to speed up recipe development<a target="_blank" href="https://www.benzinga.com/24/12/42545590/oreo-ai-cookie-magic-how-mondelez-is-using-tech-to-whip-up-snack-perfection" rel="noreferrer noopener"> and improve flavor profiles</a>.
Grammarly Inc.&#8217;s acquisition of Coda has received a thumbs-up&nbsp;from&nbsp;LinkedIn&nbsp;co-founder&nbsp;Reid Hoffman.&nbsp;The writing assistant company will now be led <a target="_blank" href="https://www.benzinga.com/tech/24/12/42546973/grammarly-acquires-coda-linkedin-co-founder-reid-hoffman-applauds-move" rel="noreferrer noopener">by the new CEO,&nbsp;</a><a target="_blank" href="https://www.benzinga.com/tech/24/12/42546973/grammarly-acquires-coda-linkedin-co-founder-reid-hoffman-applauds-move" rel="noreferrer noopener">Shishir Mehrotra</a>.
OpenAI&nbsp;has unveiled a new feature that lets users call&nbsp;ChatGPT&nbsp;for free, offering a 15-minute call per month through the <a target="_blank" href="https://www.benzinga.com/24/12/42569479/openai-takes-a-page-from-googles-2007-playbook-by-turning-phones-into-an-ai-hotline-with-toll-free-number-1-800-chatgpt" rel="noreferrer noopener">toll-free number&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/12/42569479/openai-takes-a-page-from-googles-2007-playbook-by-turning-phones-into-an-ai-hotline-with-toll-free-number-1-800-chatgpt" rel="noreferrer noopener">1-800-CHATGPT</a>.
Read: <a target="_blank" href="https://www.benzinga.com/24/12/42553029/apples-iphone-16-stumbles-on-intelligence-awareness-but-pro-max-shines-bright-says-analyst" rel="noreferrer noopener">Apple&#8217;s iPhone 16 Stumbles On &#8216;Intelligence&#8217; Awareness, But Pro Max Shines Bright: Analyst</a>
Perplexity AI, backed by&nbsp;Amazon.com Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder&nbsp;Jeff Bezos,&nbsp;secured $500 million in funding&nbsp;led by Institutional Venture Partners, <a target="_blank" href="https://www.benzinga.com/tech/24/12/42570376/jeff-bezos-backed-perplexity-raises-500-million-tripling-its-valuation-to-9-billion-as-competition-with-google-and-openai-heats-up" rel="noreferrer noopener">tripling its valuation to $9 billion</a>.

Tech

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Citigourp Global Markets 2% Protected Notes Linked To The Djia

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TCEHY

Instagram Concerned About Challenge In Distinguishing Real And AI-Generated Images, Apple To Launch Foldable iPhone By 2026 & More: Consumer Tech News (December 16-20)

Bill Ackman once sought insights from Berkshire Hathaway's chairman Warren Buffett about the investment appeal of the Salomon Brothers.
What Happened: At the 1994 Berkshire Hathaway annual meeting, Ackman, then a young hedge fund manager, raised a critical question about Salomon Brothers.
He directed his question to Buffett, asking, "What is the appeal of the business to you, given its leverage of 30-to-1 and relatively modest returns on equity?"
Buffett responded thoughtfully, acknowledging the high leverage involved but underscoring the importance of leadership in managing such risks.
The Oracle of Omaha praised the efforts of Salomon&#8217;s leaders, including Deryck Maughan, Bob Denham, and John McFarlane, who navigated the company through challenging times without prior discussions on compensation or guarantees.
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&#8220;The test will be whether they control the business in a way that leverage doesn't prove dangerous,&#8221; Buffett stated, noting that businesses using significant leverage should expect higher returns on equity, given the inherent risk, but that successful management of that risk was paramount.
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Why It Matters: Salomon Brothers, founded in 1910, was a major player on Wall Street, renowned for its fixed-income trading.
In 1987, the bond trading firm revealed a $70 million loss from debt related to its junk bond trading activities. This set off a chain of events that contributed to the 1987 market crash, although other factors also played a role in the market&#8217;s downturn.
Salomon traders were caught submitting fraudulent bids for Treasury bonds in violation of trading regulations.
Just before the scandal, Buffett had invested $700 million in Salomon Brothers. The controversy resulted in a loss of one-third of his investment.
To restore order during the turmoil, Buffett took control of the company for nine months, methodically removing those involved in the scandal.
By the time the firm was stabilized, it had been sold to&nbsp;Travelers Companies Inc.&nbsp;Buffett had&nbsp;walked away with a substantial profit, as his <a href="https://www.benzinga.com/news/16/09/8483241/warren-buffett-weathered-the-salomon-brothers-scandal-whats-that-mean-for-wells-f">investment had more than doubled</a>.
Travelers Group merged Salomon Brothers with Smith Barney, creating Salomon Smith Barney, which later became part of Citigroup following the 1998 merger between Travelers and Citicorp.
Over time, Citigroup integrated and eventually dismantled the Salomon Smith Barney brand. By the mid-2000s, Salomon Brothers ceased to exist as a standalone entity.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photos courtesy: Wikimedia and Shutterstock

Bill Ackman Once Asked A $700 Million Question To Warren Buffett On Leverage. The Oracle Of Omaha's Response Shows Where He Places Trust When He Invests In A Company

On Friday, the U.S. Food and Drug Administration approved Eli Lilly and Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) weight loss drug Zepbound for treating sleep apnea
What Happened: The FDA&#8217;s decision makes Zepbound the first approved drug treatment for patients with obesity and moderate-to-severe obstructive sleep apnea, or OSA.
&#8220;Too often, OSA is brushed off as &#8216;just snoring,'&#8221; said Julie Flygare, CEO of Project Sleep, in Eli Lilly&#8217;s press release. The condition affects an estimated 80 million Americans, with 20 million experiencing moderate-to-severe forms.
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In a separate release, the FDA underscored that Zepbound should be used in conjunction with a reduced-calorie diet and increased physical activity for optimal results.
The approval could significantly impact insurance coverage for Zepbound, potentially including Medicare, which currently restricts coverage for obesity drugs unless approved for additional health benefits, <a href="https://www.cnbc.com/2024/12/20/fda-approves-eli-lillys-weight-loss-drug-zepbound-for-sleep-apnea.html">noted</a> CNBC.
This development also gives Eli Lilly an edge over competitor Novo Nordisk (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>), whose Wegovy isn&#8217;t approved for sleep apnea treatment.
Why It Matters: Zepbound's effectiveness was demonstrated in clinical trials. Results showed that nearly half of patients treated with the highest dose experienced disease resolution, the report noted.
This was defined by a significant reduction in their apnea-hypopnea index (AHI), a key metric in diagnosing OSA.
The approval also comes as Eli Lilly continues to <a href="https://www.benzinga.com/24/12/42370795/investments-in-eli-lillys-production-capabilities-reaches-23-billion-with-additional-3-billion-expansion-at-us-facility">expand its manufacturing capabilities</a>, including a $3 billion investment in Kenosha County, Wisconsin in December, to meet the growing demand for its diabetes and obesity medicines.
In October, Eli Lilly reported <a 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">third-quarter revenue</a> of $11.44 billion, a 20% increase year-over-year, but missed expectations of $12.10 billion. Zepbound generated $1.26 billion.
Price Action: As per <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, LLY shares increased by 1.35% to $767.76 on Friday. So far this year, LLY has risen by 29.65%.
The latest ratings from B of A Securities, Wolfe Research, and Deutsche Bank set an average price target of $1,004, indicating a potential upside of 30.77%.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/LLY/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/21033911/Screenshot-2024-12-21-at-2.09.01%E2%80%AFPM-1024x374.png" alt="" class="wp-image-702686" /></a></figure>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Health Care

Eli Lilly's Zepbound Receives FDA Approval For Obesity-Linked Sleep Apnea Drug

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk has been accused by Rosa DeLauro of pressuring Republicans to abandon key U.S.-China investment restrictions to safeguard the EV giant's business interests in China.
What Happened: In a letter on Friday, DeLauro, the top Democrat on the House Appropriations Committee, stated that Musk used his influence to have Republicans scrap provisions aimed at regulating U.S. investments in China, reported Reuters.
She pointed to Musk's "extensive investments in China in key sectors" and alleged ties to Chinese Communist Party or CCP leadership.
The controversy centers on Tesla's Shanghai gigafactory, which produces about 50% of Tesla's global automobile output.
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DeLauro argued that Musk's actions jeopardized critical legislation to safeguard U.S. supply chains and national security, accusing him of &#8221; bullying Republicans into going back on their words."
Musk, in turn, criticized DeLauro on X, formerly Twitter, calling for her expulsion from Congress.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This awful creature needs to be expelled from Congress! Ugh …
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1870233561753633123?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
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Why It Matters: Tesla has seen robust sales in China, bolstered by strong demand for its Model Y and Model 3 vehicles. In November, <a href="https://www.benzinga.com/markets/equities/24/12/42438591/teslas-china-sales-recover-model-y-accounts-for-over-60-of-november-sales">Tesla's retail sales in China</a> reached 73,490 units, showing a significant recovery from earlier challenges in 2024.
The EV giant also faces stiff competition from local players like BYD Co., which leads the market, but Tesla's steady increase in weekly insurance registrations—21,900 units in early December—<a href="https://www.benzinga.com/news/global/24/12/42284511/tesla-china-sees-robust-demand-in-q4-with-registrations-up-14-2-yoy-so-far-expert-says-ev-giant-on-track-for-best-quarter-ever">signals growing momentum</a>.
Tesla reported <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">third-quarter revenue</a> of $25.18 billion marking an 8% year-over-year growth. While the company missed Wall Street estimates, automotive revenue reached $20 billion, up 2% year-over-year.
DeLauro's accusations highlight broader concerns about the risks of U.S. investments in Chinese technology sectors. October rules finalized by the Treasury Department aim to limit such investments in critical areas like artificial intelligence to protect national security.
However, the removal of provisions for outbound investment screening could leave gaps in safeguarding U.S. interests.
Price Action: Tesla&#8217;s stock declined by 3.46% on Friday, ending the session at $421.06. Despite this drop, the company's shares have surged 69.5% since the start of the year, significantly outpacing the Nasdaq 100 index, which has gained 28.68% over the same period, according to <a href="http://pro.benzinga.com/">data from Benzinga Pro</a>.
The latest ratings from Baird, Mizuho, and Goldman Sachs have established an average price target of $446.67, suggesting an upside potential of 5.53%.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/TSLA/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/21024505/Screenshot-2024-12-21-at-1.14.58%E2%80%AFPM-1024x374.png" alt="" class="wp-image-702681" /></a></figure>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Politics

Elon Musk Accused Of Bullying Republicans To Scrap US-China Investment Safeguards To Protect Tesla's Interests

Now that Selena Gomez and Benny Blanco are engaged – just 18 months after they started dating – they'll have to decide which of the bride's mansions they'll call home.
In a post captioned "Forever begins now," the <a href="https://www.benzinga.com/general/entertainment/24/09/40758541/selena-gomez-enters-billionaire-club-thanks-to-rare-beautys-triumph">32-year-old singer</a> shared her happy news on Instagram, posting photos showing her embracing her fiance while showing off her diamond ring, according to The New York Post.
Gomez and Blanco, a renowned record producer, began dating in 2023 after years of collaborating on various music projects. Their partnership eventually evolved into a romantic relationship.
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Since the start of their relationship, Gomez, a former Disney star, has reached new heights professionally. This fall, she joined the exclusive billionaire club, largely thanks to the success of her <a href="https://www.benzinga.com/general/social-media/24/04/38113933/serena-williams-launches-a-new-company-that-shes-been-working-on-for-6-years">Rare Beauty</a> brand, now valued at $2 billion.
Gomez continues to dominate on social media, becoming the most-followed woman on Instagram with 423 million followers.
With their engagement now official, the couple must decide which of their mansions will serve as their marital home.
Read on to see their options.
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<h2 class="wp-block-heading">Encino</h2>
In 2020, Gomez purchased a Southern California property once owned by fellow musician Tom Petty for $4.9 million.
The 9,000-square-foot Encino estate, custom-built in 1989, boasts unique features that likely appealed to Gomez. However, Petty moved out after his divorce in 1996. Traces of his legacy remain, including a recording studio and sunken performance space – perfect touches for a singer like Gomez.
The five-bedroom mansion offers soaring ceilings and a gourmet kitchen, while its lower level includes a wine cellar, gym, massage room, creative workspace, additional kitchen, vocal booth, den and a guest suite.
Trending: Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today.<a href="https://smartasset.com/retirement/find-a-financial-planner?utm_source=benzinga&amp;utm_campaign=ben&amp;utm_content=y2_5MilNestEgg"> SmartAsset&#8217;s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost</a> to decide which one is right for you.
<h2 class="wp-block-heading">Woodland Hills</h2>
Another potential home for the newly engaged couple is a charming property Gomez purchased in 2017 for $1.8 million.
Built in 1949, the private, gated estate sits on half an acre and spans 3,500 square feet, featuring four bedrooms and four bathrooms. The home boasts hardwood floors, a wood-burning fireplace in the living room and abundant natural light.
The modern kitchen includes Wolf appliances and quartz countertops, while the family room features a home theater, wood-beamed ceilings and built-ins. The primary suite offers a spacious walk-in closet, a cozy fireplace and a spa-like bathroom with a rainfall shower and jetted tub.
The outdoor amenities are just as impressive, with a pool, fire pit and outdoor kitchen.
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<h2 class="wp-block-heading">New York City</h2>
Blanco, a songwriter and producer known for collaborating with stars like Katy Perry, Justin Bieber and Ed Sheeran, has been trying to sell his New York City apartment. Blanco, whose real name is Benjamin Joseph Levin, purchased the three-bedroom Chelsea loft in 2011 for $3.4 million.
Initially listed for nearly $4 million in May, the property has seen a price reduction to $3.75 million after failing to attract buyers. The fully renovated condo is in a coveted corner location and has 11-foot ceilings and southeast-facing windows that flood the space with light.
The compact kitchen with a breakfast bar opens seamlessly to the main living area. The building&#8217;s residents enjoy an array of amenities, including 24/7 door attendants, concierge services, a gym, a roof deck and a children's playroom.
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Selena Gomez And Benny Blanco To Tie The Knot, But Which Mansion Will Be Home Sweet Home?

Regarding selling luxury cars, brands like Ferrari (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>), Rolls-Royce and Maserati use strategies that are as extravagant as their vehicles. These automakers know how to make their cars irresistible – and sometimes even make their customers feel like they're getting a deal when doing the company's work for them.
Take Ferrari, for instance. A prominent marketing expert, Rory Sutherland, <a href="https://www.youtube.com/watch?v=vcjAFJu39Ok">pointed out</a> how the brand has devised a smart way to shift delivery costs onto its customers while framing it as an exclusive experience. The company can deliver a Ferrari to your local dealership for free if you buy it. But for around £500 ($630), you can opt for a &#8220;factory tour&#8221; in Maranello, Italy, where you pick up your car and drive it home at your own cost.&nbsp;
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Customers willingly pay to collect their cars because the experience is marketed as a unique privilege. It looks like a brilliant psychological play that makes customers feel special while cutting Ferrari's costs.
Meanwhile, according to Sutherland, Rolls-Royce and Maserati took a different approach to make their luxury cars seem like impulse buys. Instead of showcasing their vehicles at traditional car shows – where their high price tags stand out – they moved to yacht and private jet shows. The logic? If you've spent all day looking at multimillion-dollar yachts and jets, a $250,000 car suddenly feels like a much smaller expense – an impulse buy.
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Ferrari is also <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39935966/ferrari-revs-up-crypto-payments-in-europe-expanding-on-us-success">making bold moves into cryptocurrency payments</a>. After successfully rolling out crypto payments in the U.S., the brand expanded the option to Europe in July. Partnering with BitPay, Ferrari now accepts Bitcoin, Ethereum and USD Coin for its cars, instantly converting the payments to traditional currency. According to the company&#8217;s representative, this was done in response to consumer demand and to suit the tastes of their affluent, tech-savvy audience. By the end of 2024, Ferrari plans to offer crypto payments globally where legally permitted.
Ferrari isn't stopping there. The brand is gearing up to <a href="https://www.benzinga.com/news/24/05/38984035/ferrari-aims-to-challenge-tesla-with-launch-of-electric-supercar-in-2025">launch its first electric supercar</a> in the fourth quarter of 2025. Ferrari ensures its EVs maintain the brand&#8217;s signature appeal with a new factory in Maranello dedicated to hybrid and electric vehicles and a state-of-the-art lithium battery research lab.
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CEO Benedetto Vigna is reinventing the sound of electric motors to preserve the classic sensory experience of driving a Ferrari. Ferrari is placing a big bet on strong consumer interest across age groups to compete with market leaders like Tesla.
Even as Ferrari accelerates into the future, its financial performance remains strong. The automaker reported an 11% year-over-year sales growth in Q1 2024, bringing in $1.72 billion in revenue. Shipments held steady at 3,560 units and Ferrari is on track for fiscal 2024 net revenues exceeding €6.4 billion.
Whether paying to pick up your car, splurging on a $250,000 vehicle after looking at luxury yachts or buying a Ferrari with Bitcoin, one thing stands out: luxury car brands know how to keep people coming back. They use smart strategies, cool technology and new financial trends to stay ahead in the world of high-end cars.
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RACE

Ferrari Devised A Clever Way To Play Customers, But Rolls-Royce And Maserati Took A Different Route – 'A $250,000 Car Is An Impulse Buy'

<h2 class="wp-block-heading">New On The Block</h2>
Honeywell (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) is back at it again with big plans and boardroom brainstorms. This time, the Charlotte, North Carolina-based company is considering sending its aerospace business <a href="https://www.benzinga.com/news/asset-sales/24/12/42505835/honeywell-advances-strategic-review-explores-aerospace-business-separation">off to fly solo</a>. Recently, Honeywell unveiled plans to spin off its Advanced Materials business into a standalone public company by late 2025 or early 2026. Additionally, the company is selling its Personal Protective Equipment (PPE) business to Protective Industrial Products for $<a href="https://www.benzinga.com/24/11/42140202/honeywell-to-exit-ppe-business-with-1325-billion-sale-plans-advanced-materials-spinoff">1.325 billion in cash</a>.
Textron Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TXT#NYSE">TXT</a>) has decided it's time to <a href="https://www.benzinga.com/news/guidance/24/12/42558931/textron-hits-the-brakes-on-powersports-strategic-shift-amid-soft-demand">hit the brakes on</a> its Powersports product line, part of the Industrial segment&#8217;s Textron Specialized Vehicles business. The segment manufactures snowmobiles and off-road vehicles under the Arctic Cat label. Deere &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) is rumored to be interested in acquiring it. Textron expects to wrap up its restructuring in the first half of the new year.
DLocal, a Latin American payments provider with a market value of about $3.6 billion, is on the auction block. The Montevideo, Uruguay-based company hired Morgan Stanley to gauge takeover offers from bidders. Private equity firm General Atlantic is DLocal&#8217;s largest shareholder.
<h2 class="wp-block-heading">Updates From The Block</h2>
The European Commission <a href="https://www.benzinga.com/government/regulations/24/12/42621868/nvidia-secures-eu-approval-for-runai-deal-us-probes-china-export-breach">granted unconditional approval</a> for Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to acquire Run:ai Labs Ltd, an Israel-based provider of GPU orchestration software. The decision under the EU Merger Regulation concluded the acquisition would not raise competition concerns within the European Economic Area. Nvidia aims to integrate Run: ai&#8217;s software into its ecosystem. Run:ai specializes in software that helps organizations optimize and manage their artificial intelligence compute workloads across various environments, including on-premises and cloud platforms.
Soho House's billionaire chairman Ron Burkle wants to whisk the private members' club away from the U.S. stock market. Burkle and his squad of investors have thrown down a flashy <a href="https://www.benzinga.com/24/12/42597812/soho-house-jumps-over-50-on-receiving-acquisition-offer-with-83-premium">$1.8 billion buyout bid</a>, offering $9 per share—a snazzy 83% premium to the stock&#8217;s closing price on Wednesday, Dec. 18. This isn't Soho House's first flirtation with delisting. Just a few months ago, it turned down a mysterious suitor's offer.
See Also: TK
<h2 class="wp-block-heading">Off The Block</h2>
Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Woodside Energy Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDS#NYSE">WDS</a>) <a href="https://www.benzinga.com/news/contracts/24/12/42584936/chevron-secures-larger-north-west-shelf-stake-in-asset-swap-400m-payment-to-woodside">finalized an asset swap deal</a> on Wednesday. As part of the agreement, Woodside will transfer its 13% non-operated interest in the Wheatstone Project and its 65% operated interest in the Julimar-Brunello Project in Western Australia. In return, Woodside will acquire Chevron&#8217;s 16.67% stakes in the North West Shelf Project and the NWS Oil Project, along with a 20% interest in the Angel Carbon Capture and Storage Project. Additionally, Chevron will make a cash payment to Woodside of up to $400 million. This includes a $300 million payment at completion, and contingency payments of up to $100 million, tied to the handover of the Julimar Phase 3 Project and subsequent production performance.
<h2 class="wp-block-heading">Bankruptcy Block</h2>
Furnishing and retailer Big Lots Inc.&#8216;s Chapter 11 bankruptcy filing in September and impending store closures could benefit rival Ollie&#8217;s Bargain Outlet Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLLI#NASDAQ">OLLI</a>), JPMorgan analyst Matthew R. Boss says. On Sept. 9, Big Lots filed for Chapter 11 and announced a subsequent sale of its assets to Nexus Capital Management LP. The company&#8217;s stock was subsequently delisted from the New York Stock Exchange. Its third-quarter financial report revealed a company struggling with declining sales, eroding margins and a continual bleeding of cash. On Dec. 19, the Columbus, Ohio-based company said its sale to Nexus Capital fell through, noting it &#8220;continues to work toward completing an alternative going concern transaction with Nexus or another party.&#8221; CEO Bruce Thorn announced a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42624759/big-lots-holds-liquidation-sales-analyst-pegs-competitor-as-major-beneficiary-market-share-capture-opportunity">going-out-of-business sale</a>.
FTX announced that its<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42151412/bankrupt-crypto-exchange-ftx-to-commence-payments-to-customers-creditors-in-early-2025"> Chapter 11 bankruptcy reorganization plan</a> will become effective on Jan. 3, 2025. Customer and creditor distributions will be facilitated through partnerships with cryptocurrency platforms Kraken and BitGo. The first round of distributions is expected to occur within 60 days of the plan's effective date. The initial distribution will cover holders of allowed claims in the Convenience Classes, while timelines for other claim classes will be announced later.
<h2 class="wp-block-heading">Notes From The Block</h2>
Benzinga recently interviewed Tony Roma&#8217;s CEO Mohaimina (Mina) Haque on a variety of topics, including the restaurant chain&#8217;s capital raising initiatives:
<h3 class="wp-block-heading">BZ: What's the global stage look like?</h3>
There's a lot of interest globally. We are in Dubai and Berlin as well as Kuala Lumpur, Malaysia and Perth, Australia. There is a lot of brand awareness. Stateside, as Gen Z and millennials were growing up, there was a decrease in unit size. So, we are working on building that bridge between those who are nostalgic for Tony Roma's and those who haven't experienced it yet. There are challenges, including the supply chain and ensuring that franchise partners uphold our intellectual property.
<h3 class="wp-block-heading">BZ: Is M&amp;A still on the cards?</h3>
It is a possibility. We have parties interested in helping us to expand our global and national footprint. So, it's still in the cards, with either a venture capital or private equity firm. For anyone interested and who wants to see more explosive growth for the company, we are looking for partners capable of heavy capital infusion.
<h3 class="wp-block-heading">BZ: What size investment do you think would you go to ballpark it?</h3>
If I have to ballpark it, maybe somewhere between $10 million and $20 million
For the <a href="https://www.benzinga.com/general/restaurants/24/12/42553401/comfort-food-comeback-how-mina-haque-plans-to-make-tony-romas-sizzle-again">full Q&amp;A, click here</a>.
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<li><a href="https://www.benzinga.com/news/legal/24/12/42635701/luigi-mangione-lands-in-same-brooklyn-jail-as-diddy-and-ftxs-bankman-fried">Luigi Mangione Lands In Same Brooklyn Jail As Diddy And FTX&#8217;s Bankman-Fried</a></li>
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Rumors

Asset Sales

Exclusives

OLLI

Deal Dispatch: Honeywell, Textron And Soho House Are Making M&A Moves

House conservatives are pressuring Speaker Mike Johnson after a rocky week of negotiations and <a href="https://www.benzinga.com/markets/equities/24/12/42624528/government-shutdown-threat-stocks-wobble-holiday-travel-and-paychecks-could-face-delays-what-you-need-to-know" target="_blank" rel="noreferrer noopener">infighting over a government spending bill</a>.
Johnson, who narrowly avoided a government shutdown, now faces intense scrutiny from his party with a speakership vote looming in two weeks, <a href="https://www.politico.com/news/2024/12/20/johnson-unsteady-speakership-time-00195784" target="_blank" rel="noreferrer noopener">reports</a> Politico.
The Louisiana Republican is caught between President-elect Donald Trump, Elon Musk, and the right wing of his party, and many in his conference are not satisfied with his leadership.
A few members have already vowed to oppose him, and others are openly questioning his ability to lead, especially after the contentious spending battle.
The conflict over the spending bill put Johnson at odds with several key figures, including Trump, who publicly criticized the funding plan before Johnson switched strategies.
Critics, including members of the Freedom Caucus, expressed frustration over the lack of communication and poor handling of the bill. Rep. Nicole Malliotakis (R-N.Y.), a moderate, described the leadership&#8217;s actions as &#8220;completely unacceptable&#8221; and said there was &#8220;zero communication&#8221; between the leadership and members, Politico adds.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/12/42635098/senate-avoids-shutdown-with-last-minute-deal-amid-trumps-debt-ceiling-demands" rel="noreferrer noopener">Senate Avoids Shutdown With Last-Minute Deal Amid Trump&#8217;s Debt Ceiling Demands</a>
Others, like Rep. Andy Biggs (R-Ariz.), have vowed to wait until January 3 to announce how they will vote on Johnson's speakership, reflecting the uncertainty about his future in the role.
Johnson did manage to get the spending bill passed with a relatively small number of defections, but the damage to his credibility may be long-lasting.
The incident has become a test of his ability to manage the fractious Republican conference, especially as the party looks to push ambitious legislation on the border and energy early in the new Congress, the report reads.
For many Republicans, Johnson's handling of this crisis will set the tone for how he leads in the future.
Some members believe Johnson still has a chance to rebuild his support, though the challenge remains formidable. If the situation doesn't improve, Johnson may face a leadership challenge, with names like Jim Jordan and Tom Emmer being floated as potential replacements.
Despite the turmoil, Johnson does have some allies, particularly within the House Freedom Caucus, who appreciate his fight to implement the Trump agenda.
Read Next
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<li><a href="https://www.benzinga.com/markets/24/12/42571835/trumps-rejection-of-bipartisan-deal-fuels-government-shutdown-fears-how-markets-historically-react-to-political-turmoil" target="_blank" rel="noreferrer noopener">Trump's Rejection Of Bipartisan Deal Fuels Government Shutdown Fears: How Markets Historically React To Political Turmoil</a></li>
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Equities

General

Johnson Averts Shutdown But Faces Growing Pressure From Right

Peter Buffett, son of billionaire investor&nbsp;Warren Buffett, made a life-changing decision 47 years ago when he traded his inheritance to &#8220;buy time." Although he missed out on what would have been hundreds of millions of dollars in profit, he <a href="https://www.benzinga.com/topic/warren-buffett">stands by his decision</a>.
Finding His Path:&nbsp;At 19, Buffett received a portion of the proceeds from the sale of his grandfather's farm, which his father invested in Berkshire Hathaway Inc. (NYSE:&nbsp;<a href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) (NYSE:&nbsp;<a href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>), amounting to $90,000, according to&nbsp;<a href="https://www.cnbc.com/2020/05/07/warren-buffett-son-doesnt-regret-spending-berkshire-stock-he-got-at-19-worth-200-million-now.html?utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=facebook&amp;fbclid=IwAR2ltNtAQUUEhAViImalKNS2NdjCrlgyZxhj00Z4cr2TZQJm1mqBy-thwSY">CNBC</a>. His father made it clear that this was all the financial support he would receive for personal use. Despite knowing it was his entire inheritance, Peter sold his Berkshire stock to fund his passion for music.
Buffett dropped out of Stanford University, purchased a modest studio apartment in San Francisco, and invested in upgrading his recording equipment. He dedicated his time to honing his piano and music production skills.
His big break came unexpectedly when a neighbor asked him about his profession, setting him on the path to a successful career in music.
He told the neighbor that he was a "struggling composer" and the neighbor offered to introduce him to his son-in-law who was an animator looking for ad tunes for a new cable station — it turned out to be&nbsp;<a href="https://www.benzinga.com/topic/mtv">MTV</a>.&nbsp;
Buffett is now 66 years of age and has released around 15&nbsp;studio albums over his successful career.&nbsp;
See Also:&nbsp;<a href="https://www.benzinga.com/personal-finance/24/12/42558080/warren-buffett-says-the-poorest-2-of-earners-live-better-than-john-d-rockefeller-richest-man-in-the-world-people-have-more-money-now">Warren Buffett Says The Poorest 2% Of Earners Live Better Than John D. Rockefeller – Richest Man In The World: &#8216;People Have More Money Now&#8217;</a>
The Path Not Taken:&nbsp;If the son of the legendary investor would have stayed in college and held onto his $90,000&nbsp;investment in Berkshire Hathaway, it would be worth over $400 million today.&nbsp;
"But I didn&#8217;t make that choice and I don&#8217;t regret it for a second.&nbsp;I used my nest egg to buy something infinitely more valuable than money: I used it to&nbsp;<a href="https://www.benzinga.com/news/23/04/31687018/couple-uses-huge-airbnb-profits-to-buy-time-they-only-spend-1-hour-working-per-week">buy time</a>," Buffett said.&nbsp;
That's a decision that his father would be proud of, he noted. The&nbsp;<a href="https://www.benzinga.com/topic/billionaires">billionaire</a>&nbsp;taught his son that work isn't about making as much money as possible, instead it's about doing something that you love to do.
Buffett acknowledged that the money was a privilege, calling it a gift that he had not earned.
&#8220;Without those hundreds of unpaid hours spent fiddling with my recording gear, I would not have found my sound or approach," Buffett said.&nbsp;
The musician used the money to buy time to pursue something that he enjoys waking up and doing&nbsp;each day, which is exactly what his father tells young people to do. The billionaire has previously recommended that people pursue careers they would want even if money was not part of the&nbsp;<a href="https://www.benzinga.com/news/23/03/31592697/if-you-want-to-move-forward-and-make-better-decisions-you-need-to-remember-these-3-words">decision-making process</a>.&nbsp;
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</ul>
This story is part of a new series of features on the subject of success,&nbsp;<a href="https://www.benzinga.com/topic/benzinga-inspire">Benzinga Inspire</a>.&nbsp;Some elements of this story were previously reported by Benzinga and it has been updated.
Photo: Shutterstock

Warren Buffett's Son's $90K Inheritance Would Be Worth More Than $400 Million Today, But He Sold His Berkshire Stock 47 Years Ago To Buy Something 'Infinitely More Valuable'

Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) has reduced its top management roles by 10% as part of a multi-year effort to streamline operations <a href="https://www.benzinga.com/news/23/09/34392201/google-salary-leak-reveals-mind-blowing-earnings-top-engineers-make">and boost efficiency</a>.
What Happened: On Wednesday, CEO Sundar Pichai revealed during an all-hands meeting that the move reflects Google&#8217;s broader push to simplify its structure and adapt to a rapidly evolving tech landscape.
According to employees who attended the meeting, Pichai explained that the efficiency drive included changes to managerial, director, and vice president roles. 
Some positions were restructured to nonmanagerial roles, while others were eliminated entirely. The changes align with Pichai's 2022 statement that he wanted the company to become "20% more efficient," a goal that resulted in 12,000 layoffs in January of this year. 
According to the report <a href="https://www.businessinsider.com/google-ceo-company-cut-manager-vp-roles-2024-12">by</a> Business Insider, Google&#8217;s pursuit of efficiency comes as competition intensifies in the artificial intelligence space, with rivals like OpenAI launching products that challenge Google's dominance in search.
Also Read: <a href="https://www.benzinga.com/tech/24/12/42378596/openais-chatgpt-makes-headway-in-search-threatening-googles-reign">OpenAI&#8217;s ChatGPT Makes Headway In Search, Threatening Google&#8217;s Reign</a>
In response, Google has infused generative AI into its core services and unveiled innovations such as a new AI video generator and its Gemini AI models, including a "reasoning" model designed to showcase its thought process.
During the meeting, Pichai also addressed Google's cultural identity, discussing the term &#8220;Googleyness,&#8221; which he said needed an update to reflect the company&#8217;s modern values and direction. 
The term has long been associated with Google's work culture, and its evolution signals the company's commitment to staying relevant in a rapidly changing industry.
As Google continues its efficiency drive and AI innovation efforts, it remains a key player in shaping the future of technology while adapting its structure and culture for the challenges ahead.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Google Announces Major Layoffs As Pichai Stresses Efficiency

Peter Lynch, a renowned investor and former fund manager of the Magellan Fund at Fidelity Investments, achieved a legendary compound annual return of 29% during the 1980s. 
What Happened: In a 1997 <a href="https://www.youtube.com/watch?v=myu4Nv0pt0U">speech</a>, Lynch shared key principles from his 25-year career that guided his success. He emphasized that these principles were timeless, applicable then, now, and for decades to come. Below are three of his essential investing lessons.
Lynch advises against bias towards specific stocks or industries. He emphasizes that great investment opportunities can be found in unexpected places, including companies facing bankruptcy or skepticism. 
&#8220;There are great stocks everywhere, even those in bankruptcy or close to it. Often times great investments are the ones where everyone else will think you are crazy,&#8221; Lynch said during his speech. 
Also Read: <a href="https://www.benzinga.com/markets/24/12/42499608/investment-guru-peter-lynch-if-you-cant-explain-to-an-11-year-old-in-2-minutes-or-less-why-you-own-t">Investment Guru Peter Lynch: &#8216;If You Can&#8217;t Explain To An 11-Year-Old In 2 Minutes Or Less Why You Own The Stock, You Shouldn&#8217;t Own It&#8217;</a>
Lynch recommends documenting the reasons for purchasing a stock. If those reasons no longer apply due to changes in the company's story, it may be time to sell. &#8220;When the story changes, the investment thesis changes,&#8221; he asserts.
A critical point Lynch underscores is that a stock dropping significantly doesn't mean it won't fall further. &#8220;Stocks can always go lower,&#8221; he warns, citing the example of Polaroid, which plummeted from $140 to $18 over nine months. He also cautions against assuming stocks will rebound solely because they've declined.
&#8220;Stocks also don't have to bounce back just because they went down,&#8221; he added. 
Why It Matters: These principles highlight Lynch's disciplined and thoughtful approach to investing, which continues to inspire investors today.
Lynch's principles offer timeless guidance for investors at all levels, from beginners to seasoned professionals. His focus on deeply understanding the business, prioritizing individual stock analysis, and exercising patience mirrors the strategies of legendary investors like Warren Buffett.
These insights serve as a powerful reminder that true success in investing comes not from chasing short-term gains but from making well-informed decisions and committing to a long-term
Read Next
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Stock Split

Investment Guru Peter Lynch: 'Often Great Investments Are The Ones Where Everyone Else Will Think You Are Crazy'

Mary Trump, niece of President-elect Donald Trump and one of his most vocal critics, has issued a stark warning about what to expect from her uncle's second administration. 
What Happened: Speaking on the podcast by The Daily Beast, Mary Trump referred to the upcoming presidency as a "regime" and described it as more dangerous than his first term.
During <a href="https://www.thedailybeast.com/why-trumps-niece-is-even-more-afraid-for-his-second-term/">the</a> interview, Mary Trump argued that the incoming administration, which she described as a "lame duck," will see Donald Trump "unleashed" because he will not face the pressures of reelection.
"He's not running for reelection. He doesn't have to play any games. He doesn't have to stay within the lines," she said, emphasizing that the lack of accountability could lead to more extreme policies and actions.
She said, &#8220;Trump&#8217;s presidency already is more dangerous than the first one as we see by his appointments and his nominations to key positions in the executive branch and then Cabinet positions."
Also Read: <a href="https://www.benzinga.com/news/24/12/42497190/mary-trump-slams-uncle-over-anti-birthright-citizenship-stance-a-deeply-ignorant-cruel-man">Mary Trump Slams Uncle Over Anti-Birthright Citizenship Stance: &#8216;A Deeply Ignorant, Cruel Man&#8217;</a>
She pointed to Trump's controversial Cabinet and executive branch nominations as evidence of the potential dangers. 
These include Pete Hegseth, a Fox News personality tapped for the Pentagon, and anti-vaccine advocate Robert F. Kennedy Jr., who has been nominated to lead the Department of Health and Human Services. 
Mary Trump characterized these appointments as alarming signs of the administration's direction.
"The most depressing thing," she said, "is that everybody in corporate media, everybody in the Republican Party, and a significant percentage of Donald's voters knew it was going to be more dangerous, and yet, here we are."
Mary Trump's comments underscore concerns among critics about the implications of Donald Trump's second term, which they believe could dramatically reshape key aspects of governance and policy.
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.
Image: Wikimedia Commons

Mary Trump's Warning: Donald Trump's Second Term 'Already Is More Dangerous Than the First'

First Trust Indxx Innovative Transaction & Process UCITS ETF - Class A

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