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The fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the index. The index is a market capitalization weighted index designed to measure the performance of companies that are directly or indirectly engaged in improving agricultural yields. The fund is non-diversified.

Deere & Co.

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Corteva Inc.

Mahindra & Mahindra Ltd.

Bayer Ag - Reg

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Bunge Ltd.

Cf Industries Holdings Inc.

As the CEO of X, formerly known as Twitter, Linda Yaccarino is reportedly finding it increasingly difficult to work under the leadership of Elon Musk.
What Happened: X has been facing a decline in advertising revenue since Musk took over in 2022. Major advertisers, including McDonald&#8217;s and YouTube, have cut their spending on X by 55% during the February Super Bowl compared to the previous year, leading to tensions between Musk and Yaccarino, a Business Insider <a href="https://www.businessinsider.in/tech/news/having-elon-musk-as-a-boss-is-a-tough-gig-just-ask-xs-linda-yaccarino/articleshow/111556067.cms">report</a> revealed on Sunday. 
Musk has been pushing Yaccarino to boost revenues and reduce costs, which has reportedly made her feel increasingly anxious. Yaccarino, who assumed the role of CEO in June last year, has been working hard to stabilize X&#8217;s financial health amid these challenges.
See Also: <a href="https://www.benzinga.com/news/24/07/39657171/elon-musk-says-those-against-bill-requiring-proof-of-citizenship-to-vote-should-face-severe-penalty?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Those Against Bill Requiring Proof Of Citizenship To Vote Should Face Severe Penalty: &#8216;Those Who Oppose This Are Traitors&#8217;</a>
Musk&#8217;s negative comments towards some advertisers last year have added to Yaccarino&#8217;s challenges. Companies such as Airbnb, Coca-Cola, and Microsoft have stopped or are planning to stop advertising on X, potentially causing a loss of up to $75 million in revenue.
Musk has been trying to persuade advertisers to return to the platform despite these hurdles. In June, he met with ad buyers at the Cannes Lions Festival and was interviewed by Mark Read, CEO of advertising giant WPP.
With the financial pressure mounting, Musk and Yaccarino have been making changes to the company&#8217;s leadership. In April, Musk brought in ally Steve Davis to review the company&#8217;s finances and employee performance. Earlier this month, Yaccarino&#8217;s right-hand man, Joe Benarroch, <a href="https://www.benzinga.com/news/24/06/39304750/linda-yaccarino-reportedly-leaves-staff-in-dark-over-delayed-promotions-who-is-the-grim-reaper-that">announced his departure</a>.
X has yet to respond to the queries sent by <a href="https://pro.benzinga.com">Benzinga</a>.
Why It Matters: In a deposition last month, Musk admitted that his posts on X might have had a <a href="https://www.benzinga.com/news/legal/24/04/38154985/elon-musk-confesses-his-tweets-might-have-financially-impaired-x-more-than-helped">negative financial impact</a> on the company. This confession, coupled with the company&#8217;s financial struggles, has increased the pressure on Yaccarino. 
Furthermore, Yaccarino has <a href="https://www.benzinga.com/news/24/06/39448709/under-pressure-from-elon-musk-linda-yaccarino-reshuffles-x-to-focus-on-boosting-sales-and-reducing-c">made significant changes</a> to her leadership team, including dismissing her right-hand man and head of business operations and communications, Joe Benarroch. These changes reflect the increasing pressure from Musk to reduce costs and boost sales.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39654067/gary-black-raises-tesla-price-target-as-ex-ford-ceo-notes-irony-of-auto-driven-stoc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gary Black Raises Tesla Price Target As Ex-Ford CEO Notes Irony of Auto-Driven Stock Rally Amid Elon Musk&#8217;s AI And Robotics Focus</a>
Copyright by World Economic Forum / Sikarin Fon Thanachaiary
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

News

Tech

General

Linda Yaccarino Feels The Heat As Elon Musk Builds Pressure Amid X's Plummeting Ad Revenue: Report

In a recent meeting with Hungary&#8217;s Prime Minister, Viktor Orbán, Chinese President Xi Jinping took aim at the U.S., calling on world powers to <a href="https://www.benzinga.com/topic/russia-ukraine-war">assist Russia and Ukraine</a> in resuming direct dialogue and negotiations.
What Happened: The meeting took place on Monday in Beijing, China, and was reported by state broadcaster CCTV, <a href="https://apnews.com/article/orban-xi-china-hungary-ukraine-russia-b021484c18a2f2a4f92cb931869f2bfa">according</a> to the Associated Press. Orbán, who had recently visited Russia and Ukraine to discuss the possibility of a peaceful resolution in Ukraine, commended China&#8217;s efforts towards peace and stability.
Orbán, in a Facebook post, highlighted the significance of the U.S., the European Union, and China in determining the end of the war. This visit to China was unannounced and followed his trips to Moscow and Kyiv, where he proposed a potential immediate cease-fire with Russia.
"The number of countries that can talk to both warring sides is diminishing," Orbán said. "Hungary is slowly becoming the only country in Europe that can speak to everyone."
Read Also: <a href="https://www.benzinga.com/markets/asia/24/07/39567244/chinas-central-bank-could-embrace-federal-reserve-model-in-a-major-reform-under-governor-pan-gongshe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China&#8217;s Central Bank Could Embrace Federal Reserve Model In A Major Reform Under Governor Pan Gongsheng</a>
Orbán&#8217;s visit to Moscow was met with criticism from Kyiv and European leaders. Despite this, he has continued to advocate for a cessation of hostilities in Ukraine, without specifying what this would mean for the country&#8217;s territorial integrity or future security.
Why It Matters: The call for renewed dialogue comes at a time when China and Russia are deepening their strategic partnership. Last week, Xi and Russian President Vladimir Putin proposed a new <a href="https://www.benzinga.com/news/24/07/39633180/xi-putin-pitch-eurasian-security-club-in-the-face-of-real-risks-as-counterweight-to-west-must-safegu">Eurasian security system</a> at the Shanghai Cooperation Organization meeting, aiming to counter Western influence.
Orbán met with Xi just two months ago when he <a href="https://www.benzinga.com/news/24/05/38668133/xi-jinping-says-he-would-never-forget-natos-bombing-of-chinese-embassy-25-years-ago-will-never-allow">hosted the Chinese leader in Hungary</a>. This visit was part of Xi&#8217;s three-country European tour, which also included stops in France and Serbia. Unlike Hungary and France, Serbia is not a member of the European Union or NATO.
Earlier in May, Xi and Putin pledged to <a href="https://www.benzinga.com/news/24/05/38865916/russian-president-xi-jinping-pledge-to-rejuvenate-china-russia-ties-amid-ukraine-crisis-not-directed">strengthen China-Russia ties</a> amid the Ukraine crisis, emphasizing their commitment to resolving the conflict. This partnership has been described by U.S. Secretary of State Antony Blinken as a <a href="https://www.benzinga.com/news/23/03/31469624/xi-putin-alliance-marriage-of-convenience-says-blinken">&#8220;marriage of convenience&#8221;</a>, reflecting their shared but differing worldviews.
Additionally, Russia&#8217;s recent defense pact with North Korea, signed during Putin&#8217;s visit to the country in June, has further complicated the geopolitical landscape. This <a href="https://www.benzinga.com/markets/asia/24/06/39401882/putin-forges-defense-pact-with-kim-jong-un-elevating-russia-north-korea-alliance-what-it-means-for-u">defense agreement</a> underscores the shifting alliances and heightened tensions reminiscent of the Cold War era.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/asia/24/07/39578480/alibaba-capitalizes-on-uefa-euro-2024-to-boost-european-market-presence?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Alibaba Capitalizes On UEFA Euro 2024 To Boost European Market Presence</a></li>
</ul>
Photos courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Global

Taking Aim At US, Xi Jinping Urges Global Powers To Facilitate Russia-Ukraine Dialogue During Meeting With Hungary's Viktor Orbán

Oppenheimer analyst Brian Schwartz downgrades Intapp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTA#NASDAQ">INTA</a>) from Outperform to Perform.

Downgrades

Analyst Ratings

INTA

Oppenheimer Downgrades Intapp to Perform

Oppenheimer analyst Brian Schwartz upgrades Clearwater Analytics Hldg (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWAN#NYSE">CWAN</a>) from Perform to Outperform and announces $25 price target.

Upgrades

Price Target

CWAN

Oppenheimer Upgrades Clearwater Analytics Hldg to Outperform, Announces $25 Price Target

Uxin Limited (&quot;Uxin&quot; or the &quot;Company&quot;, together with its subsidiaries, the &quot;Group&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NASDAQ">UXIN</a>), China&#39;s leading used car retailer, today announced a strategic partnership with Zhengzhou Airport Automobile Industry Co., Ltd. (&quot;Zhengzhou Airport Industry&quot;) to establish Uxin (Zhengzhou) Intelligent Remanufacturing Co., Ltd. (the &quot;Joint Venture&quot;). Pursuant to the joint venture agreement, Uxin (Anhui) Industrial Investment Co., Ltd. (&quot;Uxin Anhui&quot;), a wholly-owned subsidiary of Uxin, will contribute RMB120.0 million and Zhengzhou Airport Industry will contribute RMB50.0 million, representing approximately 70% and 30% of the Joint Venture&#39;s total registered capital, respectively. The Joint Venture aims to support Uxin&#39;s plan to establish a new used car super store in Zhengzhou. This initiative is a key collaboration between Uxin and Zhengzhou Airport Industry to promote the development of the automotive aftermarket industry in the Henan Province and to build a leading brand in China&#39;s used car industry.

UXIN

Uxin Announces RMB170M Partnership with Zhengzhou Airport Industry, Launches New Used Car Super Store

Despite the ongoing market downturn, wealthy cryptocurrency investors and institutions have been scooping up a sizeable amount of Chainlink (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/link/usd">LINK</a>) lately.
What Happened: According to on-chain tracking platform Lookonchain, as many as 90 fresh wallets withdrew 6.72 million LINK tokens, worth $86.7 million, from cryptocurrency exchange Binance, in recent weeks.&nbsp;
Large accumulation by whales is typically construed as a bullish signal for a cryptocurrency.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Whales/institutions continue to accumulate <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>! A total of 90 fresh wallets withdrew ~6.72 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>(86.7M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> recently!<a href="https://t.co/W6JaoFM1zS">https://t.co/W6JaoFM1zS</a><a href="https://t.co/6Scx8SLtNl">https://t.co/6Scx8SLtNl</a> <a href="https://t.co/m2eqwKvnYE">pic.twitter.com/m2eqwKvnYE</a>
&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1809927915100156068?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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Like the broader market, LINK has also been under significant downward pressure, shedding 12% of its value over the week, and more than 22%. It's not surprising for institutional investors to dip buy assets that they believe have a high long-term upside potential.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658404/spot-ethereum-etfs-could-launch-in-a-week-or-two-says-etf-analyst-nate-geraci-how-quickly-">Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: &#8216;How Quickly Will SEC Turn These Around?&#8217;</a>
Why It Matters: The aforementioned observations were backed up by <a href="https://app.intotheblock.com/?end_offset=20">data </a>from IntoTheBlock. In the last 24 hours, LINK's whale transaction volume surged 55%, while exchanges witnessed negative net flows, meaning that more LINK left exchanges than entered. 
LINK is the native token of the decentralized oracle network Chainlink and has garnered significant hype due to the growing tokenization of the real-world assets narrative.&nbsp;
Chainlink serves as a bridge between the off-chain and on-chain worlds, thereby playing a key role in the growth of the decentralized financial category.&nbsp;
Price Action: At the time of writing, LINK is exchanging hands at $12.74, down 1.22% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658863/adopting-a-microstrategy-like-strategy-firm-listed-on-tokyo-stock-exchange-buys-2-5m-worth">Adopting A MicroStrategy-Like Strategy, Firm Listed On Tokyo Stock Exchange Buys $2.5M Worth of Bitcoin Amid Crypto Meltdown</a></li>
</ul>
Image Via Shutterstock

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

Cryptocurrency

Markets

$LINK

Chainlink Has Shed Nearly 10% In A Week, But Crypto Whales Are Still Buying It In Droves: Here's Why

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/markets/equities/24/07/39655069/tesla-stock-at-6-month-high-orders-trickle-in-for-canoo-nio-cfo-departs-and-more-biggest-ev-stor">shares have been on an</a> eight-session winning streak as investors begin to factor in potential fundamental improvement, and a fund manager on Sunday detailed his take on what the electric vehicle maker has to do to augment its valuation.
What Happened: For institutional investors to attach value to Tesla&#8217;s artificial intelligence efforts, the company should begin to break out AI as a &#8220;separate&#8221; line with relevant metrics in their financial statements, said Future Fund Managing Partner Gary Black. This is similar to how Tesla currently breaks out Automotive, Energy and Services.
&#8220;TSLA could provide fleet size, FSD take rates, revenue per customer, and other metrics that could establish a &#8216;path to monetization,&#8221; Black said.
The fund manager noted that when he made this point to Tesla&#8217;s Investor Relations in February, the executive team said the company would break out AI separately when AI is material from a revenue standpoint. The Energy business, with $7.5 billion in annualized revenue, makes up 8% of the total revenue, he said.
The full self-driving tech and robotaxi may have to generate $1 billion+ revenues or 1% of revenues annually for Tesla to break it out separately, Black said. &#8220;We estimate FSD revenue is now approaching $1B/year annualized, of which a high percentage drops to operating profit,&#8221; he said, underlining the high-margin nature of the business.
&#8220;When institutions can see a path to AI monetization and model it with metrics that TSLA updates quarterly, similar to what TSLA provides on Energy today, WS will start including AI in its valuation models,&#8221; Black said. &#8220;With the 8/8 robotaxi event fast approaching, the 2Q earnings report might be an appropriate time to break out FSD as a separate TSLA business.&#8221;
<a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">See Also: How To Buy Tesla (TSLA) Stock</a>
Why It&#8217;s Important: Tesla&#8217;s automotive business has been on the wane amid an industry-wide demand slowdown. The company&#8217;s price-cutting strategy to kickstart volume growth did not yield the desired result. The company has been reporting volume declines for two straight quarters now and its auto gross margin, excluding regulatory credits, has taken a hit due to the price cuts.
Most analysts have now turned their focus to Tesla&#8217;s ancillary businesses, which could help mitigate the core auto business&#8217; weakness. Tesla&#8217;s AI &amp; Robotics business includes FSD, Dojo Supercomputer system, Dojo chip, neural networks and Tesla bot.
Cathie Wood-run Ark Invest, <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39294523/cathie-wood-ark-invest-set-new-2-600-price-target-for-tesla-every-car-becomes-an-ai-powered-c">which predicts a $2,600 price target for Tesla by 2029,</a> expects the bulk of the company&#8217;s revenue, EBITDA and valuation to come from robotaxis. The firm expects the robotaxi business to account for 63% of revenue, 86% of EBITDA and 88% of enterprise value.
The Aug. 8 robotaxi unveil event will likely shed more details on the near-term opportunity from the business. 
Tesla ended Friday&#8217;s session up % at $, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39646688/tech-bull-shares-top-stock-picks-for-second-half-of-2024-after-ai-fueled-rally-do-y">Tech Bull Shares Top Stock Picks For Second Half Of 2024 After AI-Fueled Rally: Do You Own These Stocks?</a></li>
</ul>
Photo via Shutterstock

Analyst Color

Equities

TSLA

Tesla Bull Says EV Giant's FSD Revenue Nearing $1B Annual Run-Rate, Urges Breaking Out AI And Robotics Numbers

Tesla Inc. CEO Elon Musk on Sunday dismissed an innovation from Japan to bind engineered skin to <a href="https://www.benzinga.com/news/24/06/39371057/elon-musk-echoes-nvidia-ceo-jensen-huangs-prediction-about-humanoid-robots-they-will-be-10x-more-com">humanoid robots</a> allowing for it to self-heal like the cyborg in the 1984 sci-fi movie The Terminator.
What Happened: &#8220;Pointless,&#8221; Musk wrote in response to an X user who flagged the innovation from the University of Tokyo. The University said in a statement last month that the innovation, developed by a team led by Professor Shoji Takeuchi, allows for self-healing in robots, among other things. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Pointless
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1809971597765193950?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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Musk&#8217;s Tesla is already developing a humanoid robot by the name of Optimus which resembles a human with moving hands capable of performing tasks around a factory. The robot, however, has no skin. 
Two Optimus bots are currently employed in Tesla&#8217;s Fremont factory, taking cells off the end of the production line and placing them in containers, Musk confirmed in early June.
Why It Matters: During Tesla&#8217;s annual shareholder meeting last month, Musk said that there will be at least&nbsp;<a href="https://www.benzinga.com/news/24/06/39246781/elon-musk-thinks-humanoid-robots-will-one-day-exceed-human-population-from-nvidias-project-gr00t-to" target="_blank" rel="noreferrer noopener">one humanoid robot</a>&nbsp;for every person in the world in the future, implying a total humanoid robot population of at least 10 billion or more, of which the EV company will have a significant share.
"While autonomous vehicle is a $5-$7 trillion market cap situation,&nbsp;<a href="https://www.benzinga.com/news/24/06/39327644/tesla-ceo-elon-musk-eyes-25-trillion-market-cap-with-optimus-bot-admits-to-being-pathologically-opti" target="_blank" rel="noreferrer noopener">Optimus is a $25 trillion market cap situation</a>," Musk, who is known to over-hype his company's products, then said. The CEO himself admitted that he is "pathologically optimistic" but delivers in the end.
Following a major hardware revision by the end of this year or early next year, Tesla expects to commence limited production of the&nbsp;<a href="https://www.benzinga.com/news/24/06/39307242/tesla-says-optimus-bots-are-now-performing-autonomous-tasks-at-its-factory-3-years-after-introductio" target="_blank" rel="noreferrer noopener">Optimus to work in its factories</a>&nbsp;and test its capabilities, the CEO added.
Last week, Musk also considered making a robot resembling TARS from the Christopher Nolan movie Interstellar, in addition to its humanoid robot Optimus.
"Maybe Tesla should built it. Would be so cute," <a href="https://www.benzinga.com/news/24/07/39653934/tesla-ceo-elon-musk-considers-building-replica-of-tars-from-interstellar-in-addition-to-optimus-woul">Musk wrote on X</a> in response to a video of a functional, walking TARS replica.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39646347/tesla-hints-cybertruck-was-most-sold-ev-truck-in-us-in-q2-but-elon-musks-company-has-not-released-da" target="_blank" rel="noreferrer noopener">Tesla Hints Cybertruck Was Most Sold EV Truck In US In Q2, But Elon Musk's Company Has Not Released Data To Back It Up</a></li>
</ul>
Photos courtesy: Shutterstock

Tesla CEO Elon Musk Rejects Idea For Self-Healing, Human Skin-Wrapped Terminator-Like Robots: 'Pointless'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Sunday denied rumors of a <a href="https://www.benzinga.com/news/24/06/39243463/musk-puts-brakes-on-anticipated-tesla-model-y-refresh-no-model-y-refresh-is-coming-out-this-year">refreshed Model Y</a> launching this year.
What Happened: &#8220;There is no new Model Y this year,&#8221; Musk wrote on X after images of a black Model Y under wraps started doing the rounds on social media as a possible prototype of a revamped version of the SUV. 
The CEO also urged Tesla enthusiasts to stop hinting that there is a new version, claiming that the news of a refreshed Model Y will harm the sales of the current version. The Tesla enthusiast to whom Musk responded subsequently deleted the post. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Remember, no new Model Y this year. Nothing to see here people, move along! <a href="https://t.co/Mx4ZOj9ZED">pic.twitter.com/Mx4ZOj9ZED</a>
&mdash; Whole Mars Catalog (@WholeMarsBlog) <a href="https://twitter.com/WholeMarsBlog/status/1810018780879388771?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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Musk has previously denied rumors of a refreshed Model Y. &#8220;No Model Y &#8216;refresh&#8217; is coming out this year. I should note that Tesla continuously improves its cars, so even a car that is 6 months newer will be a little better,&#8221; Musk said in June.
Why It Matters: The Model Y is the bestselling car from Tesla. The rumors of a refreshed Model Y kicked off after Tesla introduced a <a href="https://www.benzinga.com/news/24/01/36570546/you-can-finally-order-teslas-new-model-3-in-america-heres-its-starting-price">re-engineered version of its other mass market offering</a> &#8211; the Model 3- earlier this year in the U.S.
The rumors of a refreshed version of the older vehicle come amidst concerns about Tesla's aging lineup and&nbsp;<a href="https://www.benzinga.com/news/24/04/38068997/elon-musk-dwells-on-wokeness-geopolitics-population-crisis-but-mostly-stays-silent-on-teslas-gloomy" target="_blank" rel="noreferrer noopener">dropping sales</a>.&nbsp;Tesla delivered 443,956 vehicles in the second quarter globally, marking a 4.8% drop from last year but still beating the consensus estimate.&nbsp;
The Model 3 and Model Y account for a whopping majority of Tesla&#8217;s overall deliveries. In the second quarter, Tesla delivered 422,405 Model 3 and Model Y, accounting for a whopping 95% of the company&#8217;s overall global deliveries. 
The other Tesla vehicles currently in production include Model X, Model S,<a href="https://www.benzinga.com/news/24/07/39646347/tesla-hints-cybertruck-was-most-sold-ev-truck-in-us-in-q2-but-elon-musks-company-has-not-released-da"> and Cybertruck</a>, all to the higher end of the EV price spectrum. 
Price Action: Tesla shares closed up 2.1% at $251.52 on Friday. The stock is up 1.25% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo via Shutterstock

Elon Musk Denies Rumors Of Model Y Refresh Yet Again, Urges Fans To Stop Speculating Over Fear Of Hurting Tesla Sales

Popular YouTuber James Stepeh &#8220;Jimmy&#8221; Donaldson, aka MrBeast, has connected a remote village in Zambia <a href="https://www.benzinga.com/news/24/06/39127424/wow-congrats-say-elon-musk-as-mrbeast-topples-t-series-as-most-subscribed-youtube-channel-finally-av">with high-speed internet</a> using Elon Musk&#8216;s Starlink.
What Happened: In a recent video, MrBeast showcased the use of Starlink to connect the rural Zambian village of Mapapa to high-speed internet. This initiative was made possible by Dora Moono Nyambe, a Zambian teacher who used TikTok to share videos of her village&#8217;s daily life, gaining millions of followers. 
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<iframe loading="lazy" title="We Rebuilt a Village" width="500" height="281" src="https://www.youtube.com/embed/ho6Z62S2q9A?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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The donations she received will be used to provide education to hundreds of rural African children.
MrBeast is known for his philanthropic <a href="https://lectricebikes.com/blogs/blog/we-powered-a-village-in-zambia-with-mrbeast">efforts</a>. In this case, his organization, Beast Philanthropy, collaborated with Lectric eBikes to improve the living conditions in Mapapa. The village faces challenges such as limited access to food, water, and electricity, as well as a high crime rate.
See Also: <a href="https://www.benzinga.com/news/24/07/39657171/elon-musk-says-those-against-bill-requiring-proof-of-citizenship-to-vote-should-face-severe-penalty?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Those Against Bill Requiring Proof Of Citizenship To Vote Should Face Severe Penalty: &#8216;Those Who Oppose This Are Traitors&#8217;</a>
Beast Philanthropy supplemented Nyambe&#8217;s TikTok earnings with a solar-powered electricity system, providing much-needed light during the nighttime hours in the village.
Last week, the content creator, <a href="https://www.benzinga.com/real-estate/24/07/39648927/mrbeast-fires-back-not-just-gonna-stand-by-and-do-nothing-as-he-builds-100-homes-despite-criticism-a">announced a new initiative</a>: building and giving away 100 houses to needy families. This project adds to a series of charitable acts by MrBeast, aimed at using his platform for social impact.
Why It Matters: The increasing impact of social media influencers on promoting philanthropic efforts is evident with MrBeast, who recently became the most-subscribed YouTube channel, surpassing T-Series. In June, Elon Musk congratulated MrBeast on <a href="https://www.benzinga.com/news/24/06/39127424/wow-congrats-say-elon-musk-as-mrbeast-topples-t-series-as-most-subscribed-youtube-channel-finally-av">achieving this significant milestone</a>.
MrBeast&#8217;s philanthropic efforts have been widely recognized, and his recent initiative in Zambia adds to his growing list of charitable projects. This comes after he <a href="https://www.benzinga.com/news/24/05/38781054/mrbeast-invites-billionaires-to-collaborate-on-philanthropy-projects-for-his-youtube-channel-id-love">invited billionaires</a> to collaborate on philanthropy projects for his YouTube channel, showcasing his commitment to using his platform for social good.
This project underscores the transformative potential of Starlink in providing internet access to remote areas. Despite facing regulatory <a href="https://www.benzinga.com/news/24/06/39395671/weeks-after-elon-musk-launched-it-indonesias-telecom-industry-voices-concerns-over-starlink-services">challenges in countries like Indonesia</a>, where the local telecom industry has raised concerns. 
Moreover, SpaceX CEO appears <a href="https://www.benzinga.com/news/24/06/39201250/jack-in-to-j-k-off-elon-musk-jokes-about-starlink-getting-isolated-amazon-tribe-hooked-on-porn-and-s">unconcerned about reports</a> that his company's satellite internet service, Starlink, is reportedly causing divisions within a remote Amazon tribe, despite its many benefits.
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</ul>
Photos courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Social Media

MrBeast Uses Elon Musk's Starlink To Connect Zambian Village To High-Speed Internet

We expect revenue for the&nbsp;fourth quarter&nbsp;ending August 31, 2024 to be approximately&nbsp;$1.0 million&nbsp;+/-&nbsp;10%.

Guidance

LEDS

SemiLEDs Corp Expects Q4 Revenue Of $1M +/- 10%

Earnings

SemiLEDs Q3 EPS $(0.06) Up From $(0.15) YoY, Sales $1.32M Down From $1.68M YoY

Tesla and SpaceX CEO Elon Musk has confirmed that private messages on X, formerly Twitter, are not encrypted by default, after taking a jab at Meta Platforms Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) WhatsApp, branding it as &#8220;spyware.&#8221;
What Happened: A user on X questioned the end-to-end encryption of WhatsApp after noticing targeted ads on Instagram following a private conversation about bags. Musk responded to the query, labeling WhatsApp as &#8220;spyware.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Because it's spyware
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1809954986538807313?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
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Read Also: <a href="https://www.benzinga.com/news/24/07/39656529/nvidias-dominance-ai-investments-and-a-predicted-market-crash-this-week-in-artificial-intelligence?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Dominance, AI Investments, And A Predicted Market Crash: This Week In Artificial Intelligence</a>
In a separate interaction, Musk was questioned about the encryption of direct messages (DMs) on X. The tech billionaire conceded that the encryption feature for one-to-one messages on the social media platform is not activated by default and called its implementation &#8220;clunky.&#8221;
He also noted that the company is working on enhancing the feature and extending it to group messages while assuring users that audio and video calls on X are automatically encrypted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It currently works in a clunky way for one to one messages (if you turn it on). We're working on making it easy to use and apply to group messages too. &#120143; audio and video calls are automatically encrypted.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1810131200939299254?ref_src=twsrc%5Etfw">July 8, 2024</a></blockquote>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Musk&#8217;s latest comments add to his previous criticisms of Meta&#8217;s privacy practices. In April earlier this year, the tech mogul mocked Meta following an outage of Facebook, Instagram, and WhatsApp, attributing it to the platforms being <a href="https://www.benzinga.com/news/24/04/38085685/elon-musk-mocks-meta-after-facebook-instagram-whatsapp-outage-distracted-selling-their-users-data">&#8220;distracted selling their user's data.&#8221;</a>
Last year in May, Musk once again targeted Meta&#8217;s messaging service WhatsApp saying it &#8220;cannot be trusted,&#8221; following allegations by a Twitter engineer that the platform was <a href="https://www.benzinga.com/news/23/05/32309437/whatsapp-scrambles-to-clear-the-air-after-elon-musk-says-metas-messaging-service-cannot-be-trusted">spying on him through his phone's microphone</a>. Meta eventually responded to the original complaint citing a &#8220;bug on Android&#8221; as a cause.
Musk has also been a vocal advocate for end-to-end encryption. In April 2022, before acquiring Twitter for $44 billion, he stated that <a href="https://www.benzinga.com/news/22/04/26858373/elon-musk-says-twitter-should-have-this-messaging-app-signal-like-feature-to-ensure-privacy">Twitter should have end-to-end encryption</a> for its direct messages to ensure security, similar to Signal.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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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: Shutterstock

Elon Musk Admits Private Messages On X Are Not Encrypted By Default After Accusing Meta's WhatsApp Of Being 'Spyware,' Blames It On 'Clunky' Implementation

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index moving to the &#8220;Neutral&#8221; zone on Friday.
U.S. stocks closed higher on Friday following the release of jobs data, with the S&amp;P 500 surging to a fresh high during the session.
All three major indices closed higher last week, with the Nasdaq Composite jumping 3.5%, and the S&amp;P 500 adding around 2% during the period. The Dow, meanwhile, added around 0.7% last week.
Nonfarm payrolls increased by 206,000 last month, slowing down by 12,000 from May, but above economist expectations of 189,000, with predictions ranging from 150,000 to 237,000. The unemployment rate ticked slightly higher from 4% to 4.1% against expectations of an unchanged reading. Average hourly earnings advanced by 0.3% on a month-on-month basis, decelerating from May&#8217;s 0.4%, in line with expectations.
NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares fell over 5% on Friday after the company disclosed that Steven Wei Feng has resigned as the Chief Financial Officer for personal and family reasons, effective July 5. NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares declined around 1.9% after New Street Research downgraded the stock from Buy to Neutral.
Most sectors on the S&amp;P 500 closed on a positive note, with communication services, consumer staples and consumer discretionary stocks recording the biggest gains on Friday. However, energy and industrial stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 68 points to 39,375.87 on Friday. The S&amp;P 500 rose 0.54% at 5,567.19, while the Nasdaq Composite climbed 0.9088% at 18,352.76 during Friday's session.
Investors are awaiting earnings results from The Greenbrier Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 53.9, the index moved to the &#8220;Neutral&#8221; zone on Friday, versus a prior reading of 44.3.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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Trading Ideas

NVDA

Fear & Greed Index Moves To 'Neutral' Zone As S&P 500 Hits Record High After Friday Jobs Data

With U.S. stock futures trading lower this morning on Monday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects The Greenbrier Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) to report quarterly earnings at $1.14 per share on revenue of $928.73 million before the opening bell. Greenbrier shares gained 0.72% to $48.91 in the after-hours trading session.</li>
<li>Nature Wood Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWGL#NASDAQ">NWGL</a>) said Jianjun Zeng is stepping down as CEO due to health reasons. The company named Hubei Song as its new CEO. Nature Wood Group shares gained 2% to $2.03 in after-hours trading.</li>
<li>Fortress Biotech, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBIO#NASDAQ">FBIO</a>) reported a pause in the payment of dividends on its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock. Fortress Biotech shares fell 2.8% to $1.75 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Sonic Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAH#NYSE">SAH</a>) disclosed a cybersecurity incident impacting its dealer management and CRM systems. Sonic Automotive shares slipped 0.3% to $52.00 in after-hours trading.</li>
<li>Unicycive Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UNCY#NASDAQ">UNCY</a>) filed for the resale of up to 50 million shares by the selling stockholders. Unicycive Therapeutics shares fell 2% to $0.4480 in the after-hours trading session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39646821/how-to-earn-500-a-month-from-nvidia-stock">How To Earn $500 A Month From Nvidia Stock</a>
Photo courtesy: The Greenbrier Company

Pre-Market Outlook

FBIO

NWGL

UNCY

Greenbrier, Fortress Biotech And 3 Stocks To Watch Heading Into Monday

Vishay Intertechnology, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSH#NYSE">VSH</a>) today announced that at electronica China 2024, the company will be showcasing its broad portfolio of passive and semiconductor solutions that meet the latest automotive and e-mobility needs to deliver accurate and reliable performance in harsh operating conditions.
&quot;The future of transportation is electric, intelligent, and connected,&quot; said Johnson Koo, Senior Vice President Sales and Marketing Asia, at Vishay. &quot;The EV revolution is driving demand for advanced electronics not just in cars, but across new energy, industrial, telecom, and computing sectors. Vishay is responding to this new demand equation with a differentiated product portfolio, expanded production capacity, and exceptional customer experiences.&quot;
In hall E3, booth 3600, Vishay will be showcasing its differentiated products and solutions, and the advantages of utilizing them in designs. Among the highlights taking center stage at Vishay&#39;s booth will be:
<ul>
<li>Newly released 1200 V MaxSiC&trade; series silicon carbide (SiC) MOSFETs, which deliver on-resistances of 45 mΩ, 80 mΩ, and 250&nbsp;mΩ in standard packages for industrial applications, with custom products also available. In addition, Vishay will provide a roadmap for 650 V to 1700 V SiC MOSFETs with on-resistances ranging from 10 mΩ to 1 Ω, &nbsp;including planned releases of AEC-Q101 qualified Automotive Grade products. Vishay&#39;s SiC platform is based on a proprietary MOSFET technology &mdash; enabled through the company&#39;s recent acquisition of MaxPower Semiconductor, Inc. &mdash; which will address market demands in multiple industrial and automotive applications, including DC/DC converters, energy storage, charging stations, on-board chargers, and traction inverters in the near future</li>
<li>A variety of application-focused reference designs targeting different voltage levels, including a high voltage intelligent battery shunt (HV-IBSS) reference design built on the WSBE series of low TCR Power Metal Strip&reg;&nbsp;shunt resistors; 800 V and 400 V active and passive discharge solutions; a 400&nbsp;V, 11 kW on-board charger; a 48 V, 3.6 kW on-board charger and 48 V, 10 kW traction inverter for light electric vehicles; a 48 V resettable eFuse; and a 48 V / 12 V bidirectional DC/DC converter</li>
<li>A smart cockpit component solution featuring the VCNL3030X01 fully integrated proximity sensor with 20 um detection resolution; VEML6031X00 high accuracy ambient light sensor with Filtron&trade; technology adaption for a response close to that of the human eye; VETH100A single-line, bidirectional ESD diode that&#39;s compliant to OPEN Alliance 100Base-T1 and 1000Base-T1; and IHPTA series solenoid actuators with high force density and quick response times</li>
<li>Power MOSFETs in the PowerPAK&reg;&nbsp;8x8LR package that enable highly energy-efficient designs while reducing the overall PCB temperature, and integrated half-bridge MOSFETs in the PowerPAIR&reg;&nbsp;6x5FSW that reduce component counts and increase power density</li>
<li>Standard, Schottky, and FRED Pt&reg;&nbsp;diodes and TVS with increased power density and improved thermal resistance in compact DFN packages, and FRED Pt&reg;&nbsp;Gen 7 Hyperfast diodes with fast recovery times of 75 ns and low typical forward voltage drop of 1.10 V</li>
<li>Capacitor solutions including ceramic disc safety capacitors with capacitance values up to 10 nF; ENYCAP&trade; electrical double-layer energy storage capacitors; and robust metallized polypropylene DC-Link film capacitors with high temperature operation up to +125 &deg;C</li>
<li>A wide range of resistor solutions including temperature sensing and high voltage resistors; resistors for discharging; battery shunts; PTC thermistors capable of handling energy absorption up to 300 J; NTC thermistors offering high temperature operation to +150 &deg;C; high precision thick film dividers; high voltage thin film flat chip resistors with excellent stability; non-inductive thick film power resistors; leadless NTC thermistor dies for wire bonding; and Power Metal Strip resistors with extremely low resistance values</li>
<li>The IHLE&reg;&nbsp;series of high current inductors with integrated e-field shields, and IHSR series devices with extremely low typical DCR and inductance</li>
</ul>
electronica China 2024 will be taking place July 8-10 at the New International Expo Center in Shanghai. More information on the event is available at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=CKJt2afwRgATDgKVUTxKTim0ZHAY3F_ZcQMzvW80LqMAy-JI0pKuTBNr7VJS5dM7VqHTSvlz4Cl-VWbmvcUvVOXbT_OvPaGchSEUuN5cEcs1_saINMfVg6XTtYvQnKEORdoMawTZAeEPa6gOriXBjQ==" target="_blank">www.electronicachina.com.cn/en-us</a>.
Vishay manufactures one of the world&#39;s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is&nbsp;The DNA of tech.&reg;&nbsp;Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=Pe1lGsZWaizsHe2IjKhBwkPfKC_NRVQvqy-1dHkDV0497NTugzhFTbLP04etd7SK0ehAD8p_0YjmESnExV0rlQ==" target="_blank">www.Vishay.com</a>.

Vishay to Showcase Advanced Automotive and E-Mobility Solutions At Electronica China 2024

In a bid to expand their businesses, <a href="https://www.benzinga.com/topic/telecom">Japanese telecommunications giants</a> Nippon Telegraph and KDDI Corp. are venturing into space. They plan to build high-speed wireless networks in the stratosphere to link the Earth and the moon.
What Happened: NTT, Japan&#8217;s largest telecom carrier, announced on Jun. 3 that it will launch an &#8220;airborne base station&#8221; on a commercial basis by 2026, <a href="https://www.asahi.com/ajw/articles/15294036">reported</a> The Asahi Shimbun. 
This initiative is part of the NTT C89 orbital development program, which includes the installation of a high-altitude platform station (HAPS) &#8211; an unmanned aircraft equipped with a repeater that can communicate directly with smartphones.
Masayoshi Son-led SoftBank Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFBQF#OTC">SFBQF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) is also working on the development and commercialization of a HAPS, along with plans to offer a foreign-affiliated satellite-based telecom service in Japan.
NTT Docomo Inc., a mobile carrier, plans to invest up to $100 million in AALTO HAPS Ltd., an affiliate of Airbus SE, to build the aircraft. This commercialization will mark the world&#8217;s first realization of such an initiative.
KDDI also disclosed its space business strategies in May, intending to establish a telecom network between Earth and the moon by 2028. The company aims to create a high-speed 5G communications environment on the moon by 2030.
"Telecommunications means will be essential when mankind arrives on the moon, although we have no immediate intention of monetizing our initiatives on the lunar surface," explained Hiromichi Matsuda, a KDDI Managing Executive Officer. "We will be extending our support."
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658172/peter-schiff-says-smart-money-is-selling-and-dumb-money-is-buying-it-through-etfs-they-set?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Smart Money Is Selling&#8217; And Dumb Money Is Buying It Through ETFs: &#8216;They Set Up Bitcoin</a>
Why It Matters: The Japanese telecom companies&#8217; foray into space comes when the global space industry is experiencing rapid growth. <a href="https://www.benzinga.com/news/24/06/39395671/weeks-after-elon-musk-launched-it-indonesias-telecom-industry-voices-concerns-over-starlink-services">Indonesia&#8217;s telecom industry</a> has already voiced concerns over the entry of Elon Musk&#8216;s Starlink, calling for a temporary halt to the company&#8217;s services.
An estimate by U.S. financial services giant Morgan Stanley projects the global market for space businesses to reach $1 trillion by 2040, tripling its current size over the next 20 years, according to the report.
Meanwhile, SpaceX has <a href="https://www.benzinga.com/news/24/07/39633453/spacex-now-has-over-100-starlink-satellites-in-orbit-with-direct-to-cell-capabilities-t-mobile-users">over 100 Starlink satellites in orbit</a> with Direct to Cell capabilities, aiming to provide global access to texting, calling, and internet browsing using standard LTE phones. In March 2023, Finnish telecom major Nokia Oyj planned to send <a href="https://www.benzinga.com/news/23/03/31542443/elon-musks-spacex-and-nokia-are-linking-up-because-we-really-need-4g-on-the-moon">4G network equipment to the moon</a> aboard a SpaceX rocket.
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Photo by Nobuyuki Hayashi on Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

SPACE

KDDIY

NTTYY

SFBQF

SFTBF

Masayoshi Son-Led SoftBank, Other Japanese Telecom Giants Working On Establishing High-Speed Space Telecom Networks In Outer Space

Embattled aerospace company Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has agreed to plead guilty to <a href="https://www.benzinga.com/government/24/07/39625439/boeing-faces-high-stakes-decision-accept-plea-deal-or-risk-trial-over-737-max-safety-violations">criminal conspiracy to defraud</a> the U.S. by allegedly misleading the Federal Aviation Administration regarding the safety of its 737 MAX, a late-Sunday court filing by the Department of Justice said, according to media reports.
What Happened: Boeing has agreed to pay up to $487.2 million, the maximum allowed by law, in criminal fines following an agreement in principle with the Justice Department. A judge will determine the actual fine amount, the DOJ <a href="https://www.bloomberg.com/news/articles/2024-07-08/boeing-ba-to-plead-guilty-to-fraud-for-violating-deal-over-737-max-crashes?sref=chqhSVDW&amp;cmpid=socialflow-twitter-business&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_medium=social&amp;utm_content=business">reportedly</a> said.
The agreement also requires Boeing to install a corporate monitor and spend at least $455 million to bolster its compliance and safety programs over the next three years. The implementation of the terms of the agreement is subject to court approval. The Arlington, Virginia-based company would also be subjected to three years of court-supervised probation.
A Boeing spokesperson confirmed the plea deal in an email reply to Benzinga. "We can confirm that we have reached an agreement in principle on terms of a resolution with the Justice Department, subject to the memorialization and approval of specific terms,&#8221; she said.
Paul Cassell. a law professor at the University of Utah who represents many family members of the&nbsp;2018 Lion Air crash&nbsp;and&nbsp;2019 Ethiopian Air crash&nbsp;victims, reportedly said, &#8220;This sweetheart deal fails to recognize that because of Boeing's conspiracy, 346 people died,&#8221; <a href="https://edition.cnn.com/2024/07/08/business/boeing-doj-criminal-charges/index.html">CNN</a> reported.
"This deceptive and generous deal is clearly not in the public interest.&#8221;
The families are reportedly seeking a public trial on the charges.
See Also: <a href="https://www.benzinga.com/money/best-aerospace-defense-stocks">Best Aerospace and Defense Stocks</a>
Why It&#8217;s Important: Boeing has found itself in trouble after 2 crashes involving its 737 Max aircraft in 2018 and 2019 killed 346 people. In Jan. 2021, the DOJ and Boeing announced an agreement to resolve the criminal charge related to a conspiracy to defraud the Federal Aviation Administration's Aircraft Evaluation Group. This agreement called for Boeing to pay a total criminal monetary amount of over $2.5 billion, composed of a penalty of $243.6 million, compensation payments to Boeing's 737 MAX airline customers of $1.77 billion, and the establishment of a $500 million crash-victim beneficiaries fund.
Just before the agreement was set to expire, Boeing suffered a setback after a fuselage panel blew off a 737 Max 9 jet operated by Alaska Airlines in early January. The DOJ said in May that the company breached the 2021 deferred prosecution agreement but the latter went onto defend itself, saying it <a href="https://www.benzinga.com/markets/equities/24/06/39307378/boeing-insists-on-adherence-to-legal-agreement-post-737-max-crashes-report">disagreed with the Justice Department&#8217;s charges.</a>
The guilty plea, though representing a low point in the company&#8217;s history, could help Boeing to leave the worst behind at a time it is facing strain in its finances and uncertainty regarding leadership, a Bloomberg report said.
Boeing ended Friday&#8217;s session up 0.28% to $184.83, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data.</a> The stock is down over 29% year-to-date and is among the worst-performing S&amp;P 500 stocks.
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Image created using AI via Dall-E

Boeing Strikes Plea Deal With DOJ For Defrauding US Regulator Over 737 MAX Safety: Victims' Lawyer Calls It 'Deceptive And Generous…Not In Public Interest'

Japanese investment firm Metaplanet Inc. doubled down on its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment even as the digital currency continues to bleed.&nbsp;
What Happened: The Tokyo Stock Exchange-listed company grabbed an additional 42.47 Bitcoins, according to a disclosure during Asian hours Monday. The purchase amounted to 400 million yen, worth nearly $2.5 million at Bitcoin's prevailing market price.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x2A;Metaplanet purchases additional 42.47 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>&#x2A; <a href="https://t.co/dPotWszW1Y">pic.twitter.com/dPotWszW1Y</a>
&mdash; Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1810148327654060441?ref_src=twsrc%5Etfw">July 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
With the latest grab, the firm's total Bitcoin holdings shot up to 203.73, worth 2.05 billion yen, or $15.56 million, making it Japan&#8217;s biggest corporate holder of the digital currency.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658404/spot-ethereum-etfs-could-launch-in-a-week-or-two-says-etf-analyst-nate-geraci-how-quickly-">Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: &#8216;How Quickly Will SEC Turn These Around?&#8217;</a>
Why It Matters: Metaplanet has embarked on a sustained push to add the world&#8217;s largest digital asset to its balance sheet.
The company adopted Bitcoin as a strategic treasury reserve asset in response to Japan&#8217;s economic woes, which has seen the national currency yen plunge sharply against the U.S. dollar.
These strategic investments mirror the actions of MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a technology company that has taken the lead in purchasing Bitcoins as part of its reserve strategy.&nbsp;
Currently, MicroStrategy is the largest corporate owner of the digital asset, with holdings worth $12.53 billion at the time of writing.&nbsp;
Price Action: At the time of writing, Bitcoin is exchanging hands at $55,317.30, down 4.04% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
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$BTC

MSTR

Adopting A MicroStrategy-Like Strategy, Firm Listed On Tokyo Stock Exchange Buys $2.5M Worth of Bitcoin Amid Crypto Meltdown

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