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Gov. Maura Healey has proposed a $425 million spending bill to keep Massachusetts' emergency shelter system running through the end of fiscal year 2025.&nbsp;
The plan unveiled recently would drain nearly all remaining pandemic-era surplus funds to cover <a href="https://www.benzinga.com/real-estate/24/11/41811635/rent-soars-pay-lags-why-millions-are-working-50-hours-just-to-afford-housing-according-to-new-report">rising shelter costs</a>. Without the cash injection, state officials predict funding for the system, which supports migrants and residents, will run out by January 31.
Healey stressed the urgency in a letter to lawmakers, calling for immediate action. "Additional resources are necessary to fund the current system in the short term while accelerating efforts to increase the rate of exits and bring the caseload down to sustainable levels," Healey wrote. She also criticized the federal government's inaction on border security and immigration reform.
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The state-run shelter system currently houses about 7,500 families, including children and pregnant women. This number is pushing the system to its limits, with state data showing Massachusetts spent about $325 million on the Emergency Assistance (EA) Family Shelter program in the first half of fiscal year 2024.
The EA budget for Fiscal Year 2024 was $955 million, reflecting a significant increase from previous years.&nbsp;
Healey's proposal includes policy reforms aimed at reducing costs. She plans to cut the maximum stay in state shelters from nine to six months and phase out the use of hotels and motels by the end of 2024.&nbsp;
The governor's spending plan has sparked heated debate. Massachusetts operates under a &#8220;right-to-shelter&#8221; law, which mandates emergency housing for eligible families. Critics argue the system is financially unsustainable and point to recent incidents to bolster their case.&nbsp;
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For example, in December 2024, Massachusetts State Police arrested 28-year-old Dominican national Leonardo Andujar Sanchez at a state-run emergency family shelter in Revere. Authorities discovered approximately 10 pounds of fentanyl, valued at over $1 million, along with an AR-15 rifle and large-capacity magazines in his possession.
Earlier in the year, in March 2024, 26-year-old Haitian national Cory Bernard Alvarez was arrested for allegedly raping a 15-year-old girl at a Comfort Inn in Rockland, Massachusetts, which was serving as a migrant shelter.&nbsp;
Alvarez was initially held without bail but was released on a $500 bond in June, despite an immigration detainer lodged by U.S. Immigration and Customs Enforcement (ICE). ICE agents rearrested him in August near his residence in Brockton.&nbsp;
Massachusetts Republicans have criticized Gov. Maura Healey&#8217;s administration for allegedly spending nearly $1 billion on the state&#8217;s migrant crisis without sufficient transparency.&nbsp;
Trending: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
MassGOP Chair Amy Carnevale stated in a release from the State's Republican Party, &#8220;The Healey-Driscoll Administration has shrouded nearly $1 billion spent in secrecy, leaving Massachusetts residents in the dark.&#8221;&nbsp;
She accused the administration of withholding critical information on numerous<a href="https://www.benzinga.com/personal-finance/24/10/41275275/donald-trump-suggests-that-an-extraordinarily-rough-police-approach-could-be-the-key-to-ending-r"> incidents involving police</a>, fire and emergency medical services.
Still, Healey's administration maintains the system has provided vital support to vulnerable families. "Massachusetts taxpayers should not be footing the bill for this federal problem," Healey said in a public statement, calling for federal action on immigration reform.
While Democrats control both the Massachusetts House and Senate, their response remains uncertain. Senate President Karen Spilka's office said it would review the bill upon arrival, while House Speaker Ron Mariano is yet to respond.
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Personal Finance

Gov. Healey Pushes $425M Spending Bill To Prevent Shelter Crisis As Funds Set To Run Dry By Jan. 31

Wall Street&#8217;s positive outlook for 2025 has been disrupted by a robust jobs report. The unexpected data has triggered a market sell-off and sparked concerns of a challenging year ahead.
What Happened: Traders have interpreted the rising strength of the U.S. labor market negatively. The fear is that it could obstruct further monetary easing, leading to a significant market sell-off on Friday.
The jobs report, which indicated a boost in payrolls and a drop in unemployment, has raised alarm among those who were counting on more stimulus from Jerome Powell&#8216;s Federal Reserve, <a href="https://www.bloomberg.com/news/articles/2025-01-10/blowout-jobs-report-fuels-wall-street-fear-of-lose-lose-market?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a> Bloomberg.
This development has especially jeopardized&nbsp;interest-rate sensitive strategies and indebted&nbsp;companies across Corporate America.
&#8220;The&nbsp;last few weeks might be&nbsp;a good preview of what&nbsp;the entire year will be&nbsp;like,&#8221; Priya Misra, a portfolio manager at&nbsp;JP Morgan Asset Management told the outlet. 
&#8220;Not&nbsp;easy but volatile and messy&nbsp;&#8211; we have a combination&nbsp;of the Fed on hold,&nbsp;rich valuations and two-sided policy uncertainty,&#8221; she added. 
The S&amp;P 500 took a significant hit on Friday, experiencing its largest&nbsp;weekly drop since Fed Chair&nbsp;Powell signaled last month that inflation was still a concern. Treasury yields continued their upward trajectory, with 30-year rates briefly surpassing 5%.
Stocks and bonds have posted negative returns for five straight weeks, marking the longest losing streak since September 2023, based on the performance of the world's largest ETFs tracking the S&amp;P 500 and long-term Treasuries. 
Also Read: <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42918778/december-jobs-report-a-wake-up-call-for-anyone-betting-on-rate-cuts-analyst-says">December Jobs Report A &#8216;Wake-Up Call For Anyone Betting On Rate Cuts,&#8217; Analyst Says</a>
This marks the worst start for the S&amp;P 500 since 2022 and for the TLT ETF, which tracks longer-maturity Treasuries, since 2021, reports the outlet. 
The employment report is the latest in a series highlighting a strengthening US economy and rising potential for increased price pressures. 
Inflation expectations for the next two years, as indicated by two-year breakevens, stand at 2.7%, the highest level since April. Meanwhile, commodity prices surged 4% this week, and Brent crude oil hit $80 per barrel for the first time since October, driven by news of U.S. sanctions.
Investors are now dealing with the undesirable side of the Trump trade: escalating bond yields driven by concerns that unchecked spending and trade tariffs will fuel inflation. 
&#8220;There&nbsp;is just too much optimism&nbsp;based on consensus thinking that&nbsp;the Fed&#8217;s&nbsp;going to keep cutting interest&nbsp;rates,&#8221; stated&nbsp;Max Wasserman, a senior portfolio manager at&nbsp;Miramar Capital.
Why It Matters: The unexpected jobs report has shaken Wall Street&#8217;s optimism for the year ahead. The fear that a strong labor market could obstruct further monetary easing has led to a significant market sell-off. 
This development has raised concerns among investors, particularly those banking on more stimulus from the central bank. 
The situation is further complicated by the Fed&#8217;s stance on inflation and the impact of the Trump trade. As Wall Street grapples with these challenges, the year ahead promises to be volatile and uncertain.
Read Next
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Image: Shutterstock

News

Markets

Unexpectedly Strong Jobs Report Sends Shockwaves Through Wall Street, Triggering Market Sell-Off

As California grapples with devastating wildfires, tensions between Gov. Gavin Newsom (D-Calif.) and<a href="https://www.benzinga.com/markets/equities/25/01/42927868/10-dead-9000-structures-damaged-in-los-angeles-wildfires-the-latest" target="_blank" rel="noreferrer noopener"> President-elect </a><a href="https://www.benzinga.com/markets/equities/25/01/42927868/10-dead-9000-structures-damaged-in-los-angeles-wildfires-the-latest" target="_blank" rel="noreferrer noopener">Donald Trump</a><a href="https://www.benzinga.com/markets/equities/25/01/42927868/10-dead-9000-structures-damaged-in-los-angeles-wildfires-the-latest" target="_blank" rel="noreferrer noopener"> have reached new heights</a>.
What Happened: Newsom has extended an invitation to Trump to visit the state and survey the destruction caused by devastating wildfires.
In a letter sent on Friday, Newsom urged Trump to meet with first responders, firefighters, and those affected by the fires that have claimed at least 10 lives and destroyed over 10,000 homes and businesses, <a href="https://www.politico.com/news/2025/01/10/newsom-trump-los-angeles-fire-00197662" target="_blank" rel="noreferrer noopener">reports</a> Politico.
Meanwhile, Trump reportedly attacked Newsom&#8217;s forest management policies and wrongly blamed the state&#8217;s fish conservation efforts for fire hydrants running dry in cities, <a target="_blank" href="https://apnews.com/article/trump-newsom-wildfire-los-angeles-california-hydrants-water-3d20474ceb25f163adff4456a54efbf2" rel="noreferrer noopener">reports</a> AP News. He also mocked Newsom with a nickname and called for his resignation.
Newsom emphasized the importance of unity in the face of tragedy, stressing that the disaster should not be politicized.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/42899028/la-wildfire-damages-estimated-above-52-billion-california-property-insurance-crisis" rel="noreferrer noopener">LA Wildfire Damages Could Top $52 Billion As California Faces Property Insurance Crisis</a>
The fires have escalated tensions between Newsom, a Democrat, and the incoming Republican president, who has frequently criticized California&#8217;s management of wildfires.
Trump has used the disaster as a platform to renew calls for sweeping changes to state water policies and to once again accuse California of failing to manage its resources.
During his first term, Trump demanded policy concessions in exchange for federal disaster relief, a stance that Newsom remembered as he sought support from the Biden administration.
This week, Newsom successfully appealed to President Biden, who approved a major disaster declaration and committed to covering all fire management and debris removal costs for the next six months, Politico adds.
In contrast, a Trump official downplayed the suggestion that federal aid would be withheld from California, stating that the president-elect has always expressed a willingness to work with anyone for the benefit of the American people, Politico reports.
However, Newsom warned that the situation remains dire, with winds of up to 70 miles per hour expected over the coming days, and the threat to lives and property still high.
As the state grapples with the immediate aftermath of the fires, Newsom reiterated the need for a cooperative federal response, expressing gratitude for the quick action taken by Biden&#8217;s administration.
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</ul>

Equities

Politics

General

Trump vs. Newsom: Wildfire War Escalates as California Faces Destruction

Howie Buffett, the son of renowned investor Warren Buffett, is readying himself to assume a prominent role as the non-executive chairman of&nbsp;Berkshire Hathaway Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>).
What Happened:&nbsp;Howie Buffett is set to take the helm at Berkshire Hathaway, a conglomerate boasting a market value close to $1 trillion. Having served on the company&#8217;s board for over 30 years, the younger Buffett has gained valuable insights into his father&#8217;s business strategies.
According to the report <a href="https://www.wsj.com/business/howard-buffett-succession-berkshire-hathaway-72b2caa7">by</a> The Wall Street Journal, Warren Buffett has been transparent about his succession plans, expressing his wish for his middle child to follow in his footsteps as non-executive chairman to preserve the company&#8217;s culture. Greg Abel, a seasoned Berkshire executive, is likely to step into the role of CEO.
The siblings of Howie Buffett, Susie and Peter, are also poised to play crucial roles in channeling their father&#8217;s&nbsp;nearly $140 billion in Berkshire&nbsp;stock towards philanthropic causes, marking one of the most substantial wealth transfers in recent history.
Also Read: <a href="https://www.benzinga.com/markets/25/01/42803655/this-warren-buffett-backed-stock-is-a-2025-top-pick-with-big-gains-ahead-says-analyst">This Warren Buffett-Backed Stock Is A 2025 &#8216;Top Pick&#8217; With Big Gains Ahead</a>
Despite questions raised about Howie Buffett&#8217;s limited business experience, Warren Buffett has shown faith in his son&#8217;s capacity to steer the company. 
&#8220;He&nbsp;won't have to think about&nbsp;running the business," the outlet quoted Warren Buffett saying.&nbsp;"He'll only have to think&nbsp;about whether&nbsp;the board may need to&nbsp;change the CEO."
Why It Matters:&nbsp;The transition of leadership at Berkshire Hathaway is a significant event in the business world. The company, under Warren Buffett&#8217;s stewardship, has grown into a trillion-dollar conglomerate. 
The decision to appoint Howie Buffett as non-executive chairman is a clear indication of Warren Buffett&#8217;s intent to maintain the company&#8217;s culture and values. 
Furthermore, the planned philanthropic endeavors by the Buffett siblings represent a significant shift in the distribution of wealth, potentially impacting a wide range of social causes.
Read Next
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Image: Shutterstock

Warren Buffett's Middle Child Howie Buffett Steps Into Spotlight: An Heir to Berkshire Hathaway Throne?

California&#8217;s $10 trillion residential property market is under siege as wildfires wreak havoc across the southern part of the state.
What Happened: The fires, which have already destroyed more than 5,000 buildings, pose a potential risk to the stability of the state&#8217;s insurance market.
A report <a href="https://www.bloomberg.com/graphics/2025-los-angeles-wildfires-insurance/?srnd=homepage-americas&amp;sref=TBDibEcD">by</a> Bloomberg said that the wildfires have struck three areas identified as particularly susceptible. One of these is the Pacific Palisades neighborhood in Los Angeles.
Michael Wara,&nbsp;a senior researcher and wildfire&nbsp;expert at Stanford University told the outlet, &#8220;Pacific&nbsp;Palisades really jumps out, even&nbsp;in the context of high-risk&nbsp;areas in California.&#8221;
As of Friday, more than 57,000 structures were in severe danger, and more than 150,000 people were under evacuation.  JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) estimated on Thursday that the insured damages could surpass $20 billion, making it the most expensive wildfire in US history.
Also Read: <a href="https://www.benzinga.com/news/25/01/42922091/spacex-apple-airbnb-and-more-companies-pitch-in-to-support-california-residents-after-wildfires-we-want-to-help">SpaceX, Apple, Airbnb And More Companies Pitch In To Support California Residents After Wildfires: &#8216;We Want To Help&#8217;</a>
The wildfires have sparked concerns about the future of insurance for&nbsp;homes in one of the&nbsp;world&#8217;s most valuable property markets. 
"This sustainable insurance strategy is built for events like this," Michael Soller, deputy commissioner of the Department of Insurance said. "It is intended to stabilize the insurance market for the long term."
Daniel Swain, a climatologist at the University of California, Los Angeles, said, &#8220;Could a single event cause insurers to become insolvent? That&#8217;s the great fear.&#8221;
The escalating departure&nbsp;of private insurers has left&nbsp;the state-backed insurer of last&nbsp;resort, the California FAIR Plan,&nbsp;in a precarious position. 
The FAIR Plan&nbsp;could be on the hook&nbsp;for billions, as&nbsp;it estimated its own exposure&nbsp;in the larger Pacific Palisades&nbsp;area at nearly $6 billion.
According to the report, the State Farm, California's largest insurer, reduced nearly 70% of its policies in a Pacific Palisades ZIP code last year, while FAIR saw its policy count in the same area surge by 85%. 
This shift has left FAIR potentially liable for billions. As of September, the plan estimated its exposure in the broader Pacific Palisades region at nearly $6 billion. 
However, its most recent public financial report from spring of last year revealed just $200 million in surplus cash reserves and $2.5 billion in reinsurance—coverage designed to protect insurers in catastrophic scenarios—leaving a significant gap in resources.
Insurers with significant exposure to California&#8217;s homeowners' market faced sharp declines on Friday, as the devastation caused by the Los Angeles wildfires escalated.
Allstate Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) shares plunged 6%, while Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) and Travelers Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) both dropped more than 3%, ranking among the biggest losers in the S&amp;P 500. Meanwhile, American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>) and Progressive Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) saw declines exceeding 1%.
According to JPMorgan, Allstate, Chubb, and Travelers are the insurers most exposed to the financial impact of the wildfires. The firm highlighted that Chubb&#8217;s focus on high-net-worth clientele in the region could lead to particularly elevated exposure.
Why It Matters: The current wildfires and the looming insurance crisis underscore the increasing threat of climate change. With the fires continuing largely unchecked, many are left pondering&nbsp;if this event will permanently&nbsp;alter the relationship between climate&nbsp;risk and homes in California. 
The escalating crisis not only threatens the property market but also poses a significant risk to the state&#8217;s economy.
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/25/01/42888380/los-angeles-fires-shut-down-production-of-tv-shows-fallout-abbott-elementary-hacks-film-premieres-canceled-critics-choice-awards-delayed" target="_blank" rel="noreferrer noopener">Los Angeles Fires Shut Down Production Of TV Shows ‘Fallout,' ‘Abbott Elementary,' ‘Hacks'; Film Premieres Canceled, Critics Choice Awards Delayed</a></li>
</ul>
Image: Wikimedia Commons

California's $10 Trillion Property Market Faces Unprecedented Threat From Wildfires

President-elect Donald Trump's Middle East envoy has arrived in Israel to push for a <a href="https://www.benzinga.com/news/24/09/40977597/us-warns-israel-against-opening-a-full-blown-war-against-hezbollah-as-air-strikes-kill-30-in-lebanon" target="_blank" rel="noreferrer noopener">ceasefire in the ongoing Israel-Hamas war</a> before Trump&#8217;s inauguration, which is less than 10 days away.
Trump has set a firm deadline, demanding all hostages be released before his inauguration on January 20, with severe consequences if not met, <a target="_blank" href="https://www.ft.com/content/1781d594-e94c-416a-9b7a-b3eb630fb6b3" rel="noreferrer noopener">reports</a> the Financial Times.
Real estate mogul and Trump ally Steve Witkoff met with Israeli Prime Minister Benjamin Netanyahu after talks in Doha with Qatari officials and the Biden administration.
The diplomatic efforts gained urgency with Netanyahu's office confirming that a high-level Israeli delegation, led by Mossad chief David Barnea, would travel to Doha for follow-up talks.
Analysts view Barnea's involvement as crucial to any potential breakthrough, the report adds.
The indirect negotiations, mediated by Egypt, Qatar, and the United States, have shown signs of progress despite significant hurdles, reports Reuters.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/global/25/01/42805025/biden-proposes-massive-8-billion-arms-deal-including-bombs-for-israel" rel="noreferrer noopener">Biden Proposes Massive $8 Billion Arms Deal, Including Bombs, for Israel</a>
According to Egyptian security sources, Egyptian and Qatari mediators were assured by Witkoff that the U.S. would persist in efforts to secure a fair resolution to end the war soon, although no specific details were provided.
Brett McGurk, Biden's Middle East adviser, was also in Doha, where the parties continue to work toward a ceasefire deal and the release of hostages.
However, a major sticking point remains the identification and condition of the hostages to be released first—primarily women, the elderly, and the wounded.
The critical issue revolves around ensuring the hostages are alive, with Israel demanding clarity on which of the captives are still living, the Financial Times added, citing a person familiar with the negotiations.
Israel began its assault on Gaza following a Hamas attack in October 2023, where fighters crossed into Israeli territory, killing 1,200 people and taking over 250 hostages, Reuters writes, referring to Israeli reports. Since then, Palestinian health officials have reported that more than 46,000 people have been killed in Gaza.
The outcome of these negotiations could be a pivotal moment in the region's complex geopolitics.
Read Next
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<li><a href="https://www.benzinga.com/news/24/10/41196317/trump-urges-israel-to-target-iran-nuke-sites-hit-nuclear-first-and-worry-about-the-rest-later" target="_blank" rel="noreferrer noopener">Trump Urges Israel To Target Iran Nuke Sites: ‘Hit Nuclear First And Worry About The Rest Later&#8217;</a></li>
</ul>

Macro Economic Events

Trump's Envoy Presses Netanyahu for Gaza Deal: Can Ceasefire Push Succeed Before Inauguration?

A prominent cryptocurrency analyst has raised concerns about Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) potential downfall if it fails to maintain a significant support level.
What Happened: Altcoin Sherpa, a well-known crypto trader, alerted on X that Bitcoin&#8217;s value could plummet to the low $80,000 range if it fails to hold $90,000 as support.
Altcoin Sherpa further speculated that Bitcoin might continue its bearish trend until the US government finalizes its plans for the Bitcoin seized from the Silk Road darknet marketplace. 
This speculation comes in the wake of reports that the government has received legal approval to sell over 69,000 BTC.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> maybe we&#39;re going to just see an endless twap sell for now and no bidders until this stupid government selloff is over. If ppl get overlevered then it could get ugly if we lose 90k or so. Hoping we can absorb it but not feeling super confident. wouldn&#39;t be super surprised… <a href="https://t.co/ZBNMjCNzbd">pic.twitter.com/ZBNMjCNzbd</a>
&mdash; Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1877309941221888090?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote>
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&#8220;Maybe we&#8217;re going to just see an endless twap sell for now and no bidders until this stupid government selloff is over. If ppl get overlevered then it could get ugly if we lose 90k or so. Hoping we can absorb it but not feeling super confident. wouldn&#8217;t be super surprised If we wick down to mid low 80ks in some scenarios,&#8221; the analyst shared in the post. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42380983/this-analyst-says-bitcoin-could-reach-200k-by-end-of-2025">This Analyst Says Bitcoin Could Reach $200K By End of 2025</a>
At the time of writing, Bitcoin was trading at $94,356, marking just 1% increase in the last 24 hours.
The analyst also shared his thoughts on the Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based memecoin Fartcoin (CRYPTO: FARTCOIN), predicting a potential drop of more than 28% from its current value based on Fibonacci retracement levels. 
FARTCOIN was trading at $0.84, down 2.4% in the last 24 hours.
Why It Matters: The potential loss of a key support level for Bitcoin could have significant implications for the cryptocurrency market. 
The uncertainty surrounding the US government&#8217;s plans for the seized Bitcoin adds to the volatile nature of the market. Furthermore, the predicted decline of Fartcoin, a Solana-based memecoin, underscores the risks associated with investing in such digital assets. 
As the market continues to evolve, investors must remain vigilant and informed about these developments.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42049183/heres-how-a-bitcoin-whale-nets-179m-from-a-120-investment" target="_blank" rel="noreferrer noopener">Here&#8217;s How A Bitcoin Whale Nets $179M From A $120 Investment</a>

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

Cryptocurrency

$BTC

$SOL

Analyst Warns of Bitcoin's Uncertain Future Amid Key Support Breakdown: 'It Could Get Ugly'

Several high-profile celebrities,&nbsp;including Paris Hilton, Milo Ventimiglia,&nbsp;and Billy Crystal, have lost&nbsp;their homes to the raging wildfires in Los Angeles&#8217; Pacific Palisades neighborhood.
What Happened: The wildfires, which started on Tuesday, have been wreaking havoc in the Pacific Palisades area, a region known for its expensive real estate. 
As per the report <a href="https://www.businessinsider.com/la-wildfire-pacific-palisades-malibu-celebrities-neighborhood-a-listers-2025-1">by</a> Business Insider, the fire spread west towards the Malibu stretch of the Pacific Coast Highway, leading to the city of Malibu issuing an evacuation warning on Wednesday. By Thursday, the fire had spread across 27 square miles.
Ventimiglia, known for his roles in &#8220;This is Us&#8221; and &#8220;Heroes,&#8221; watched his Malibu home burn via security cameras. He described the experience as &#8220;heavy&#8221; and heart-wrenching in an interview with CBS.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Actor Milo Ventimiglia tells CBS News' <a href="https://twitter.com/tonydokoupil?ref_src=twsrc%5Etfw">@TonyDokoupil</a> he helplessly watched his home burn to the ground through security cameras. The 47-year-old father-to-be returned to his property to see what was left. <a href="https://t.co/jidcR5ZAsY">pic.twitter.com/jidcR5ZAsY</a>
&mdash; CBS Evening News (@CBSEveningNews) <a href="https://twitter.com/CBSEveningNews/status/1877512742430499064?ref_src=twsrc%5Etfw">January 10, 2025</a></blockquote>
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Other celebrities, including Bryan Greenberg, Jamie Chung, and Mel Gibson, also confirmed that their homes had been destroyed. Gibson learned about the fires while recording a podcast episode in Texas.
Also Read: <a href="https://www.benzinga.com/news/25/01/42907248/warren-buffetts-berkshire-hathaway-to-have-minimal-impact-from-la-wildfires-but-insurers-like-mercury-general-chubb-face-higher-risk">Warren Buffett&#8217;s Berkshire Hathaway To Have Minimal Impact From LA Wildfires, But Insurers Like Mercury General, Chubb Face Higher Risk</a>
&#8220;I was doing the [Joe] Rogan podcast, and kind of ill at ease while we were talking, because I knew my neighborhood was on fire, so I thought, I wonder if my place is still there. But when I got home, sure enough, it wasn&#8217;t there,&#8221; Gibson said.
&#8220;Obviously, it&#8217;s kind of devastating. It&#8217;s emotional. You live there for a long time, and you had all your stuff,&#8221; he added. 
Paris Hilton shared her heartbreak on Instagram, stating that watching her home burn on live TV was an experience no one should have to go through. Despite the loss, she expressed gratitude&nbsp;that her family and pets&nbsp;were safe.
&#8220;Sitting with my family, watching the news, and seeing our home in Malibu burn to the ground on live TV is something no one should ever have to experience,&#8221; Hilton wrote in an Instagram post. &#8220;This home was where we built so many precious memories.&#8221;
Actors&nbsp;John Goodman, Anna Faris, and&nbsp;Anthony Hopkins also reportedly lost their homes to the fires.
Why It Matters: The wildfires, fueled by the Santa Ana winds and the ongoing drought in Southern California, have been growing increasingly severe over the past few decades. 
Researchers&nbsp;from the University of California,&nbsp;Irvine, have identified the human-caused climate crisis as a major factor in&nbsp;the state&#8217;s increase in wildfires&nbsp;over the last 25 years. 
This incident underscores the urgent need for effective climate change mitigation strategies.
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Image: Shutterstock

Entertainment

Wildfires Destroy Celebrity Homes in Pacific Palisades, Paris Hilton Says 'The Heartbreak Is Truly Indescribable'

Michael Burry's $196 million hedge fund, Scion Asset Management, could see hefty gains if the People's Bank of China cuts interest rates in 2025, which it has suggested <a href="https://www.benzinga.com/24/12/42614272/us-listed-chinese-stocks-react-as-central-bank-keeps-key-rates-steady-amid-yuan-challenges-and-fed-cuts">it is likely to do</a>.
What To Know: Burry has made significant investments in Chinese tech companies Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>). In fact, those three investments represent nearly half of his fund's portfolio, according to its most recent 13F filing.&nbsp;
Read Next: <a href="https://www.benzinga.com/25/01/42919029/supreme-court-hears-tiktok-oral-arguments">Supreme Court Hears TikTok Arguments With App&#8217;s Ban Ahead: &#8216;Essentially, The Platform Shuts Down&#8217;&nbsp;</a>
Chinese stocks underperformed the broader market in 2024, but that may change in 2025.&nbsp;
The People's Bank of China recently <a href="https://www.ft.com/content/794577b2-6bdd-4a03-bfab-19463543048a">told</a> the Financial Times that it will likely cut interest rates "at the appropriate time" in 2025.&nbsp;The PBOC also said it would prioritize "the role of interest rate adjustments" and place less emphasis on "quantitative objectives" for loan growth.&nbsp;
If China lowers interest rates, Chinese companies would benefit from improved consumer spending, higher stock valuations and potentially more investment and expansion as money would be cheaper to borrow.&nbsp;
The "Big Short" investor has hedged his China bets, however. He purchased put options on Alibaba. JD.com and Baidu shares in the third quarter, allowing the fund to protect its downside risk while still maintaining exposure to potential upside in Chinese stocks.
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Image: Shutterstock&nbsp;

Emerging Markets

Tech

BABA

BIDU

Michael Burry's Hedge Fund Could Soar if China Cuts Interest Rates in 2025

Whales have amassed almost 1 billion Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) within a span of 48 hours.
What Happened:&nbsp;Cryptocurrency trader and analyst Ali&nbsp;Martinez shared data on X indicating a substantial upswing in Dogecoin purchases. This buying frenzy was triggered by Musk&#8217;s recent remarks concerning the potential future slump of cryptocurrency prices.
The data shared by Martinez unveiled that Dogecoin whales have swiftly purchased over 470 million DOGE in the past two days. This surge in buying activity was concurrent with a 20% plunge in the price of Dogecoin, from $0.39620 to a low of $0.31648.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Whales bought over 470 million <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> in the last 48 hours! <a href="https://t.co/d7oPvnfB6o">pic.twitter.com/d7oPvnfB6o</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1877847135108092102?ref_src=twsrc%5Etfw">January 10, 2025</a></blockquote>
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Despite the intense accumulation, the data also revealed significant DOGE sales. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42804970/dogecoin-to-hit-one-dollar-milestone-this-year-says-this-analyst">Dogecoin To Hit One Dollar Milestone This Year, Says This Analyst</a>
On Friday, cryptocurrency tracker Whale Alert reported two large Dogecoin transactions sent to the U.S.-based crypto exchange Coinbase, presumably for sale.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6a8; &#x1f6a8; 112,670,012 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> (37,990,922 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a><a href="https://t.co/dO3pSbOMBa">https://t.co/dO3pSbOMBa</a>
&mdash; Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1877672095313707118?ref_src=twsrc%5Etfw">January 10, 2025</a></blockquote>
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Elon Musk recently hinted on social media that&nbsp;the price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Dogecoin, and other cryptocurrencies could significantly plummet&nbsp;in the next two years&nbsp;if dollar inflation is resolved. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If dollar inflation is solved, the price in dollars to buy cryptocurrency will actually drop, other things being equal. What matters is the ratio of dollars to crypto.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1876567714594169283?ref_src=twsrc%5Etfw">January 7, 2025</a></blockquote>
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This statement was made in the context of his role in&nbsp;the U.S. Department of Government&nbsp;Efficiency, which is focused on reducing excessive government spending.
Why It Matters: Despite the significant drop in Dogecoin&#8217;s price, these large investors are accumulating more of the cryptocurrency, perhaps anticipating a future rise in value.
However, the data also shows that there have been substantial sales of DOGE. This indicates that while some investors are bullish on Dogecoin&#8217;s future, others are taking advantage of the current market situation to cash out. 
As Musk&#8217;s role in&nbsp;the U.S. Department of Government&nbsp;Efficiency continues to evolve, his comments and actions will likely continue to sway the cryptocurrency market.
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<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42497156/dogecoin-poised-for-85-surge-as-whales-accumulate-130-billion-doge" target="_blank" rel="noreferrer noopener">Dogecoin Poised For 85% Surge As Whales Accumulate 130 Billion DOGE</a>

$DOGE

Dogecoin Whales Accumulate Nearly 1 Billion DOGE in Two Days After Elon Musk's Crypto Forecast

In his Friday appearance on Joe Rogan&#8216;s podcast, Mark Zuckerberg voiced his optimism regarding President-elect Donald Trump&#8216;s support <a href="https://www.benzinga.com/news/24/07/39723781/trump-threatens-to-jail-metas-mark-zuckerberg-and-election-fraudsters-if-re-elected-dont-do-it-be-ca">for the American tech industry</a>.
What Happened: During the <a href="https://www.youtube.com/watch?v=7k1ehaE0bdU">podcast</a>, Zuckerberg expressed his belief in the strategic advantage of U.S. tech companies and his confidence that Trump&#8217;s administration will defend this advantage, ensuring the industry&#8217;s continued strength.
&#8220;I think it&#8217;s a strategic advantage for the United States that we have a lot of the strongest companies in the world, and I think it should be part of the U.S. strategy going forward to defend that,&#8221; Zuckerberg said during the podcast.
&#8220;And it&#8217;s one of the things that I&#8217;m optimistic about with President Trump is, I think he just wants America to win,&#8221; he added. 
Zuckerberg told Rogan that the change reflects the nation&#8217;s &#8220;cultural pulse&#8221; as it was reflected in the presidential election results.
Also Read: <a href="https://www.benzinga.com/news/24/08/40667286/trump-warns-zuckerberg-in-latest-book-says-he-could-be-in-prison-for-the-rest-of-his-life-we-are-wat">Trump Warns Zuckerberg In Latest Book, Says He Could Be In Prison For The Rest Of His Life: &#8216;We Are Watching Him Closely&#8217;</a>
The comments from the founder of&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FB#NASDAQ">FB</a>), formerly known as Facebook, followed significant changes made by the company to its content moderation policies. 
The new system, which replaces third-party fact-checkers with a community-notes system, received praise from Trump.
Why It Matters: Given the recent changes in Meta&#8217;s content moderation policies and the company&#8217;s donation to Trump&#8217;s inaugural fund, Zuckerberg&#8217;s comments signal a strategic alignment with the incoming administration. 
This could potentially influence the future direction of the tech industry, particularly in terms of content moderation and censorship.
Read Next
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In Joe Rogan Interview, Zuckerberg Expresses Confidence in Trump's Support for Tech Sector: 'I Think He Just Wants America to Win'

The U.S. Food and Drug Administration (FDA) recently approved <a href="https://www.benzinga.com/general/health-care/24/12/42637278/eli-lillys-zepbound-receives-fda-approval-for-obesity-linked-sleep-apnea-drug">Zepbound&#xAE;</a> (tirzepatide) as the first prescription medication for treating moderate-to-severe obstructive sleep apnea (OSA) in adults with obesity. Manufactured by Eli Lilly and Company, Zepbound offers a new approach to managing OSA symptoms while also promoting significant weight loss.
<h2 class="wp-block-heading">What Is Zepbound?</h2>
Zepbound is an injectable prescription medication created to help adults with obesity and weight-related problems, including obstructive sleep apnea. OSA causes airway collapses during sleep and symptoms include snoring, fatigue and excessive daytime sleepiness. If left untreated, OSA can lead to serious health complications like cardiovascular issues and cognitive impairments. Don't Miss:
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According to a recent news release, Eli Lilly's clinical trials for Zepbound showed promising results. After one year, patients experienced an average of 25 fewer breathing interruptions per hour. Furthermore, up to 50% of participants no longer exhibited symptoms of OSA. The medication also promotes weight loss, with patients losing an average of 45 pounds or 18% of their body weight, during the trials.
"Too often, OSA is brushed off as ‘just snoring'—but it's far more than that," Julie Flygare, president and CEO of Project Sleep, said in the news release. "We hope this will spark more meaningful conversations between patients and <a href="https://www.benzinga.com/personal-finance/24/11/41852616/doctors-3-medicare-pay-cut-could-it-lead-to-fewer-providers-accepting-medicare-patients">health care providers</a> and ultimately lead to better health outcomes."
<h2 class="wp-block-heading">How Does Zepbound Work?</h2>
Zepbound is a dual-activating medication that combines glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1) mechanisms to tackle the root causes of obesity. It suppresses appetite and reduces caloric intake, making it particularly effective for individuals whose OSA symptoms are exacerbated by excess weight.
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>.
The drug can be used with or without CPAP treatment. While Zepbound alone showed significant efficacy, patients combining it with PAP therapy saw even greater benefits, including a higher likelihood of symptom remission.
<h2 class="wp-block-heading">What Does Zepbound Cost?</h2>
Lilly Investors have listed Zepbound for $1,086.37 per fill. But the actual costs will vary depending on each patient's <a href="https://www.benzinga.com/personal-finance/24/12/42491306/is-u-s-health-insurance-failing-the-sickest-and-poorest-new-study-reveals-49-million-americans-lack-proper-health-coverage">insurance coverage</a> of prescription drugs. Those who have commercial drug insurance may qualify to pay as low as $25 for a one to three-month supply of Zepbound. For those whose commercial drug insurance does not cover Zepbound, they may be eligible to pay $650 for a one-month supply of the drug.&nbsp;
<a href="https://www.benzinga.com/personal-finance/24/09/40969498/insurance-companies-turn-every-claim-into-a-fight-heres-how-mark-cuban-thinks-transparency-could">Without insurance</a>, patients would need to pay the full price, plus additional pharmacy charges that may apply.&nbsp;
Eli Lilly has stated its commitment to making the drug accessible, offering savings programs to eligible patients and planning to release more data on average out-of-pocket costs in the coming months.
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<h2 class="wp-block-heading">Will Insurance Cover Zepbound?</h2>
There will likely be insurance coverage for Zepbound as a sleep apnea treatment; however, as a newly approved medication, specific insurance pricing is not currently available. It may also take time for insurers to determine how it fits into their formularies. It is also good to note that insurance coverage for this medication will vary depending on your policies.&nbsp;
Lilly Investors encourages patients to consult with their health care providers and insurers to explore coverage options and eligibility for savings programs.
The FDA's approval of Zepbound provides a new approach to treatment for Americans who struggle with OSA and obesity. Patients considering Zepbound should discuss the potential benefits, risks and costs with their doctors.&nbsp;
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FDA Approves Weight-loss Drug Zepbound For Sleep Apnea – Will Insurance Cover This $1000-Per-Month Medication?

As President-elect Donald Trump prepares a major legislative push after he takes office in less than two weeks, a group of Republicans is threatening to block his tax reform agenda unless the controversial <a href="https://www.benzinga.com/personal-finance/24/11/42146895/are-you-rich-enough-to-benefit-from-trumps-tax-breaks-heres-how-much-youd-need-to-be-part-of-the-top-5" target="_blank" rel="noreferrer noopener">State and Local Tax (SALT) deduction cap is addressed</a>.
These lawmakers, known as the SALT Caucus, are demanding the cap be raised or eliminated to secure their support for Trump&#8217;s tax bill, <a href="https://thehill.com/homenews/house/5079670-salt-focused-republicans-to-meet-with-trump-as-they-threaten-to-hold-up-bill/" target="_blank" rel="noreferrer noopener">reports</a> The Hill.
This weekend, the SALT Caucus is meeting with Trump to discuss their demands and try to reach a compromise. One key member, Rep. Mike Lawler (R-N.Y.), has made it clear he will not back a tax bill unless the SALT cap is lifted.
The cap, implemented under the 2017 Tax Cuts and Jobs Act, limits deductions for state and local taxes to $10,000 per year.
This has especially affected residents in high-tax states like New York, California, and New Jersey, where taxpayers pay significantly higher state and local taxes.
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Lawler, who recently filed legislation to increase the SALT cap to $100,000 for single filers and $200,000 for joint filers, argues that the current cap creates a &#8220;marriage penalty&#8221; for married couples.
The proposed cap increase would offer some relief to taxpayers in blue states, The Hill writes.
However, the push to lift the SALT cap is creating tension within the Republican Party.
Fiscal conservatives, particularly those in the Freedom Caucus, are opposed to the move, warning that it would increase the federal deficit. They argue that deficit reduction should be a priority, with one member emphasizing that raising the SALT cap would make it harder to reduce the deficit.
To bridge the divide, the SALT-focused Republicans are reportedly no longer calling for a full repeal of the cap but instead are pushing for a raised cap.
They believe this compromise could relieve taxpayers in high-tax states without completely dismantling the cap.
While Trump has supported reversing the SALT cap during his campaign, the challenge will be balancing the demands of the SALT Caucus with the fiscal priorities of other Republicans.
The fiscal conservatives&#8217; concerns about the SALT cap are significant. Experts estimate that raising the cap could add up to $450 billion to the deficit, while completely eliminating it could cost as much as $900 billion, The Hill reports.
With Republicans already aiming for $2.5 trillion in cuts to offset the costs of their tax agenda, the SALT issue is complicating efforts to craft a deficit-neutral or deficit-reducing bill.
The weekend meeting with Trump will be a pivotal moment in the ongoing debate.
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Image: Shutterstock

Trump Faces Crucial Weekend Meeting as SALT Caucus Demands Change To Tax Deduction Cap and Threatens To Withhold Support

Corporate America has a bad habit that Dave Ramsey isn't shy about calling out: layoffs. Not because companies are struggling to stay afloat but because they want to boost profits and stock prices. In a <a href="https://www.youtube.com/watch?v=cRwgErI6F64">rant</a>, Ramsey made it clear that this isn&#8217;t leadership – it&#8217;s exploitation.
"These people actually had lives and salaries," Ramsey said, explaining that they get treated like units of production and &#8220;crap."
He was talking about the <a href="https://www.benzinga.com/general/gaming/24/09/40859756/activision-blizzard-mobile-games-face-cuts-after-microsofts-latest-round-of-layoffs-what-went-wron">2024 layoffs in the gaming industry</a>, when Activision Blizzard, Xbox and Riot Games cut thousands of jobs, even though their parent companies were far from broke. Meanwhile, executives like Xbox's Phil Spencer took home $10 million a year and former Activision CEO Bobby Kotick reportedly earned the equivalent of $77,000 an hour.
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Ramsey calls this behavior shortsighted. Companies prioritizing short-term gains over the long-term health of their workforce and businesses are sabotaging themselves. "If you get rid of all your talent, four years later, you&#8217;re producing boxes of crap because all your talent left the building. But you helped stock price for two quarters."
<h2 class="wp-block-heading">Leadership Done Right</h2>
Ramsey contrasted this greed-driven mindset by pointing to Satoru Iwata, the late Nintendo CEO. During tough times, <a href="https://www.benzinga.com/general/gaming/24/06/39387165/elden-ring-director-vows-to-shield-fromsoftware-from-gaming-industry-layoffs-i-would-not-let-that-">Iwata didn't lay off employees</a> to make up for losses. Instead, he took a 50% pay cut and convinced other executives to reduce their salaries by 20%. He reasoned that morale matters.
Iwata explained that reducing the number of employees for better short-term financial results would decrease employee morale and not strengthen Nintendo&#8217;s business in the long run.&nbsp;
See Also: With 100+ historic trademarks including some of the high grossing characters in history, like Cinderella, Snow White and Peter Pan, <a href="https://www.benzinga.com/money/elf-labs-1">this company is transforming the $2 trillion entertainment market with patented AR, VR, and AI tech. — For a short window, investors are able to claim $2/share ($980 min).</a>
Nintendo weathered the storm and maintained its reputation for quality and innovation. Ramsey believes this is what real leadership looks like – sacrificing personal gain to protect the people who make the company successful.
<h2 class="wp-block-heading">Ramsey's Own Experience</h2>
During the COVID-19 pandemic, Ramsey faced a similar challenge. His company's live events division – a $27 million operation – lost all its revenue overnight. Yet Ramsey didn't lay off a single employee. Instead, he relied on cash reserves and made a bold promise to his team.
He told them that if things got bad, the company would use its cash reserves. If that ran out, leadership would stop taking pay. Only then, if absolutely necessary, would they consider furloughs.
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The team pulled through and the company ended the year making more money than expected. Ramsey's approach was as much about protecting jobs as it was about building trust and loyalty. "I got incredible loyalty because we gave them incredible loyalty," he explained.
For Ramsey, it all boils down to ethics. He urges business leaders to treat their employees the way they'd want to be treated. He said that layoffs should only happen when there's no other choice, like when a business is losing money and can't make payroll. But if you're laying people off to pad your profits, you're not a leader – you're a disgrace.
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'That's Not Leadership That's Pissing On People' – Dave Ramsey Shares What He And Famous Nintendo CEO Have In Common

Former New York City Mayor and <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> lawyer<a href="https://www.benzinga.com/topic/rudy-giuliani" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.benzinga.com/topic/rudy-giuliani" target="_blank" rel="noreferrer noopener">Rudy Giuliani</a> has been held in contempt of court for repeatedly spreading false claims about Georgia election workers Ruby Freeman and Shaye Moss, defying a court order after <a href="https://www.benzinga.com/markets/24/11/42154568/georgia-election-workers-demand-giuliani-be-held-in-civil-contempt" target="_blank" rel="noreferrer noopener">they won a $148 million defamation lawsuit against him.</a>
U.S. District Judge Beryl Howell expressed her frustration in a Washington courtroom, stating she had hoped the overwhelming evidence disproving Giuliani&#8217;s accusations would have convinced him to cease spreading lies, <a href="https://www.politico.com/news/2025/01/10/rudy-giuliani-contempt-second-time-defamation-case-00197627" target="_blank" rel="noreferrer noopener">reports</a> Politico.
Freeman and Moss had urged Howell to take action after Giuliani revived the same fraudulent claims about them on his podcast in November.
Howell&#8217;s ruling requires Giuliani to sign a declaration within 10 days, swearing that he has reviewed the evidence and testimony refuting his claims, and acknowledging that no review has contradicted this evidence. Failure to comply will result in a $200 daily fine.
Meanwhile, Giuliani had filed a motion expressing concerns over his health and safety due to death threats, <a href="https://www.theguardian.com/us-news/2025/jan/10/rudy-giuiani-second-contempt-court-defamation" target="_blank" rel="noreferrer noopener">reports</a> The Guardian.
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&#8220;I had hoped the Court would understand and accommodate my needs. However, it appears I was mistaken,&#8221; The Guardian adds, quoting him in a filing.
This is the second time in a week that Giuliani has been held in contempt. Earlier, Manhattan-based Judge Lewis Liman also found Giuliani in contempt for failing to cooperate in efforts to collect the defamation judgment.
Giuliani&#8217;s legal troubles stem from his role in promoting baseless claims of election fraud after the 2020 election, including accusations against Freeman and Moss.
These claims were debunked through investigations and sworn testimony, but they led to threats against the women, forcing them into hiding.
Giuliani is also facing criminal charges in Georgia and Arizona related to his actions in the aftermath of the 2020 election, and he was permanently disbarred in New York and Washington, D.C.
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Image: Shutterstock

Movers

Rudy Giuliani's Legal Crisis Intensifies With Second Contempt Ruling in One Week

Justine Musk, a writer and the <a href="https://www.benzinga.com/personal-finance/24/12/42741855/elon-musks-ex-wife-and-mother-of-5-kids-says-he-wont-take-no-for-an-answer-he-locks-his-gaze-on-to-something-and-says-it-shall-be-mine">ex-wife of tech mogul Elon Musk</a> – the richest person in the world – offered a rare glimpse into the personal philosophy that shaped one of the world's most ambitious entrepreneurs.&nbsp;
As the mother of Elon's five children and someone who shared years of her life with him, Justine had an intimate and revealing perspective on the man behind Tesla, SpaceX and Neuralink. Speaking at a TEDx talk in 2014, she shared a key lesson she observed during their marriage – a lesson not just about ambition but about boundaries and focus.
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"I was married, I was married–" she emphasized the past tense – "to a man who became extremely successful. And as I watched him rise, I noticed two things. He worked very hard, much harder than your average bear. And he said no a lot," she explained.
Justine detailed how Elon's ability to say no was instrumental to his success. "He said no to people who wanted his time, attention and energy. He said no in a way that protected his resources so that he could channel them toward his own goals. And I realized that behind every no is a deeper ‘yes' to whatever it is that you do want," she said. This realization was transformative for Justine, reshaping her understanding of boundaries, priorities and self-worth. "Your deep yes is your right to dream," she added.
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She explains that the ability to say no is something we learn very early in life. As she notes, her children assert their power by saying no. However, somewhere between the ages of eight and 13, she lost her deep, instinctive no – it was drowned out by external voices telling her she was "too much." Justine points out that when people criticize you for being "too much" of anything, it can help you identify your greatest strengths.
As a writer and a mother, she reflected on how saying no wasn't just about asserting power but about <a href="https://www.benzinga.com/startups/25/01/42802794/there-wont-be-money-for-social-security-elon-musk-tells-joe-rogan-about-looming-bankruptcy-and-1-1-trillion-interest">embracing clarity and intention</a>. "No is like a bright line that, when used properly, marks off where you end and others begin," she added.
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Her insights resonate not only because they reflect Elon Musk's meteoric rise but also because they speak to a broader truth about success. It's not just about saying yes to opportunities but having the courage – and the wisdom – to say no to distractions.
This philosophy isn't unique to Musk. <a href="https://www.benzinga.com/personal-finance/24/03/37923815/steve-jobs-was-worth-billions-but-said-money-wasnt-that-important-famously-took-1-a-year-salary-">Steve Jobs</a> famously shared a similar sentiment in 1997: "Focus is about saying no and you have to say no. The result of that focus is going to be some really great products where the total is much greater than the sum of the parts."
Justine Musk's reflections remind us that in a world overflowing with demands and opportunities, the power of no isn't just about refusal – it's about commitment to the things that matter most. For her, observing this principle in action gave her a new lens on her own life and a deeper appreciation for the art of setting boundaries.
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Elon Musk's Ex-Wife And Mother To His 5 Kids Says His Secret To Extreme Success Is Working Harder Than 'Average Bear' And Saying 'No' A Lot

The roller coaster markets of the last quarter of 2024 hold some important lessons for how advisors should approach retirement planning with their clients.
While last November&#8217;s election sent the markets on a rally, with the S&amp;P 500 ending up 5.9% that month, the same index fell 2.4% the following month, as the much-vaunted Santa Claus Rally failed to appear and Federal Reserve Chairman Jerome Powell signaled slower rate cuts in the future.
But despite this turmoil, American investors were very restrained. <a href="https://www.planadviser.com/retirement-plan-investors-remain-cautious-december-amid-market-volatility/">Data from the Alight 401(k) Index</a> shows that on average only 0.011% of 401(k) balances were traded daily in December. Only two of the month&#8217;s 21 trading days showed big spikes in trading activity, including December 18, when Powell warned that rate cuts will be slower in 2025 and 401(k) trading activity jumped five times over.
For advisors, this shows that most prefer a one-and-done approach to retirement investing that they can decide on once, and then never touch. The enduring popularity of target date funds shows as much, though Alight's Rob Austing points out that target date funds also had the most withdrawals in December. This suggests that on those really volatile days, such as December 18, investors can see even target date funds as being too risky.
It&#8217;s important, then, that advisors work with clients to select target date funds with a date and risk profile that really suits the client, so they feel confident sticking with it through thick and thin.
Another lesson is that even hands-off clients, even during largely hands-off markets, may well look for changes during big market events. Advisors need to be prepared, with plans for how to respond, and with adjustments and reviews to reassure and readjust.
According to Alight, on 14 of December&#8217;s 21 trading days, equity funds were the most traded in 401(k) accounts. This suggests that retirement investors may be overexposed to equities, forgoing the benefits of diversification. Recent stock market performance makes this understandable, but advisors should be ready to advise clients on the risks of forgoing diversification.

Financial Advisors

Q4 Market Roller Coaster Reveals Retirement Planning Pitfalls

<a href="https://www.benzinga.com/personal-finance/25/01/42773692/i-dont-want-you-to-invest-like-im-young-mark-cuban-reveals-how-he-protected-his-wealth-after-selling-his-first-company">Mark Cuban</a> believes college is worth a shot for everyone, even if you don't graduate. It's not about the name on your diploma or even your major, he says – it's about learning how to learn and expanding your perspective.&nbsp;
In a <a href="https://www.youtube.com/watch?v=oEK2063FPLw">recent interview</a> with social media personality Jules Terpak, Cuban advised, "Go to a cheap school." Affordability is key for those concerned about student loan debt or unsure of their long-term goals.
According to the Education Data Initiative, the average cost of a four-year degree at a public college for in-state students is $27,146 annually, including tuition and living expenses. Private colleges are even pricier, averaging $58,628 per year.&nbsp;
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Cuban suggests students consider community colleges, where tuition averages just $3,990 annually, according to the American Association of Community Colleges. These institutions provide an affordable foundation, allowing students to transfer to four-year programs later.
Cuban, who began his education at the University of Pittsburgh before transferring to Indiana University, says he picked Indiana for its affordability. "At the time, it had the cheapest tuition among the top 10 business programs," he shared. Today, Indiana University's tuition for in-state students is $11,447 per year, well below the national average for public universities.
The financial argument for college is compelling. A Pew Research Center analysis of U.S. Census Bureau data highlights the significant impact of educational attainment on earnings among young adults.&nbsp;
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According to the analysis, Millennials aged 25 to 32 with a bachelor&#8217;s degree working full time earn a median annual income of about $45,500. In contrast, those with some college education earn approximately $30,000 and high school graduates earn around $28,000 annually.&nbsp;
Over a lifetime, this can translate to a significant earnings gap. However, Cuban acknowledges the risks of high debt, which the Federal Reserve&#8217;s 2023 data indicates show that the median student loan debt among borrowers was between $20,000 and $24,999.&nbsp;
For Cuban, college offers more than just earning potential. "It's about getting excited to learn and exposing yourself to all kinds of different people [and] ideas," he says.&nbsp;
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He also highlights the practical skills that can be gained, such as accounting, finance and marketing, which are invaluable even if you don't finish your degree. Cuban applied these lessons to build two <a href="https://www.benzinga.com/startups/24/12/42487831/this-ceos-journey-from-rock-bottom-to-100m-success-i-hated-my-job-quit-in-secret-and-built-showpo-over-glasses-of-red-wine">successful companies,</a> including Broadcast.com, which sold to Yahoo for $5.7 billion.
The idea that a school's prestige matters less than the student's experience is echoed by Jennifer Breheny Wallace, author and parenting researcher. Wallace told CNBC Make It, "There's no such thing as a ‘good college.'"&nbsp;
A Gallup-Purdue survey of 30,000 U.S. college graduates found that engaging in internships, building strong mentor relationships and participating in extracurriculars more significantly impacted future well-being than attending a highly selective school.
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Billionaire Mark Cuban On College Costs: 'Pick The Cheapest School You Can Find – It's About Learning, Not Prestige'

Benzinga examined the prospects for <a href="http://www.benzinga.com/trading-ideas">many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
The major indices experienced consecutive weekly losses, with the S&amp;P 500 falling 1.9%, the Nasdaq Composite dropping 2.3%, and the Dow sliding nearly 1.9% this week.
Wall Street&#8217;s post-election rally was erased amid rising concerns over interest rates, fueled by a strong labor market, soaring inflation expectations, and escalating geopolitical tensions as President-elect Donald Trump nears a return <a href="https://www.benzinga.com/news/25/01/42916780/donald-trump-receives-unconditional-discharge-in-new-york-hush-money-case-will-enter-white-house-as-convicted-felon">to the White House. </a>
December&#8217;s nonfarm payrolls surged to 256,000, far surpassing estimates, intensifying pressure on the Federal Reserve to curb inflation. Meanwhile, new sanctions targeting Russian oil companies and a spike in oil prices added <a href="https://www.benzinga.com/25/01/42928629/us-labor-market-smashes-expectations-wall-street-erases-post-election-rally-as-interest-rateanxiety-grows-this-week-in-the-markets">further market instability.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/25/01/42830046/amd-reveals-new-ai-processors-gaming-products-ahead-of-ces-2025-shares-rise">AMD Reveals New AI Processors, Gaming Products Ahead Of CES 2025, Shares Rise</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/piero-cingari">Piero Cingari</a>, highlights Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) unveiling the Ryzen AI Max series processors and enterprise-focused Ryzen PRO chips, showcasing AI-powered performance innovations for PCs, laptops, and gaming devices, sparking investor optimism.
&#8220;<a href="https://www.benzinga.com/25/01/42825654/rivians-strong-deliveries-r2-line-plans-and-vw-jv-expansion-drive-analyst-optimism">Rivian&#8217;s Strong Deliveries, R2 Line Plans And VW JV Expansion Drive Analyst Optimism</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, highlights Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) achieving 51,579 EV deliveries in 2024, surpassing analyst expectations, with plans for its 2026 R2 line and expanded joint ventures with Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) driving a positive outlook despite EV tax credit concerns.
&#8220;<a href="https://www.benzinga.com/25/01/42856421/from-earth-to-the-moon-intuitive-machines-and-nokia-launch-4glte-network">From Earth To The Moon: Intuitive Machines And Nokia Launch 4G/LTE Network</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/lekha-gupta">Lekha Gupta</a>, details the integration of Intuitive Machines Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>) and Nokia Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) technologies to deploy the first 4G/LTE lunar network during the IM-2 mission, enabling high-definition video and telemetry transmission via the Athena lander.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/general/sports/25/01/42882919/netflix-q4-to-show-advertising-live-sports-strength-analyst-says-multiyear-narrative-of-compounded-growth">Netflix Q4 To Show Advertising, Live Sports Strength, Analyst Says: &#8216;Multiyear Narrative Of Compounded Growth&#8217;</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42919268/nike-analyst-turns-bullish-visible-recovery-story-in-2025">Nike Analyst Turns Bullish: &#8216;Visible Recovery Story&#8217; In 2025</a>
<a href="https://www.benzinga.com/government/regulations/25/01/42843001/taiwan-semiconductor-ramps-up-production-in-japan-us-and-germany-to-diversify-away-from-china">Taiwan Semiconductor Ramps Up Production in Japan, US, and Germany to Diversify Away from China</a>
The Bears
&#8220;<a href="https://www.benzinga.com/tech/25/01/42879725/nvidia-ceo-sends-quantum-stocks-lower-poll-finds-over-50-pick-rigetti-or-skip-for-2025">Nvidia CEO Sends Quantum Stocks Lower: Poll Finds Over 50% Pick Rigetti Or Skip For 2025</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, reports on Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang's cautionary remarks about quantum computing&#8217;s practical timeline impacting stocks like Rigetti Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>), Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>), and D-Wave Quantum Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>), with Benzinga readers favoring Rigetti for 2025 despite steep declines.
&#8220;<a href="https://www.benzinga.com/25/01/42866225/notable-crypto-analyst-foresees-potential-dip-in-dogecoin-price">Dogecoin To Drop Further? Top Analyst Foresees Possible Dump For Memecoin If Bitcoin Doesn&#8217;t Bounce</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, highlights analysts' concerns about Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), with one linking its potential decline to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) failing to recover, while another foresees a drop to $0.30 amid ongoing crypto market weakness.
&#8220;<a href="https://www.benzinga.com/25/01/42768507/china-slaps-export-restrictions-on-dozens-of-us-companies-boeing-lockheed-martin-general-dynamics-raytheon-affected">China&#8217;s Export Crackdown Hits Boeing, Lockheed Martin, And More</a>,&#8221; by&nbsp;<a href="https://www.benzinga.com/author/erica-kollmann">Erica Kollmann</a>, highlights China&#8217;s export ban on dual-use items to 28 U.S. companies, including Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), General Dynamics Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), and RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>), as part of escalating trade tensions and retaliation for U.S. arms sales to Taiwan.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/25/01/42821300/biden-set-to-ban-future-offshore-oil-drilling-4-stocks-to-watch">Biden Set To Ban Future Offshore Oil Drilling: 4 Stocks, 2 ETFs To Watch</a>
<a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42888800/goldman-sachs-flags-market-correction-risk-as-inflation-trump-policies-stir-uncertainty">Goldman Sachs Flags Market Correction Risk As Inflation, Trump Policies Stir Uncertainty</a>
<a href="https://www.benzinga.com/news/global/25/01/42825094/us-steel-nippon-steel-sue-biden-administration-cleveland-cliffs-union-in-response-to-blocked-merger">US Steel, Nippon Steel Sue Biden Administration, Cleveland-Cliffs, Union In Response To Blocked Merger</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
Image created using artificial intelligence via Midjourney.

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Short Ideas

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DOGE

LUNR

NVDA

QBTS

QUBT

RGTI

RIVN

VWAGY

Benzinga Bulls And Bears: Rivian, Intuitive Machines, Rigetti Computing — And Dogecoin Analyst Foresees Drop To 30 Cents

The world&#8217;s best soccer player is also a savvy real estate investor. Bloomberg reported that Inter Miami&#8217;s Argentine superstar, Lionel Messi, recently listed his Spanish-based real estate properties on a small stock exchange in that country, valuing them at $232 million. Messi&#8217;s company is called Edificio Rostower Socimi, and his collective properties are being listed on the digital-only Portfolio Stock Exchange as a REIT (Real Estate Investment Trust). His holdings comprise seven hotels, shops, offices, and houses.
According to Celebrity Net Worth, Messi is close to billionaire status and is likely not listing his real estate assets to make money but for tax purposes. In Spain, REITS are taxed lower than other companies, and investors usually list them to meet legal requirements.&nbsp;
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<h2 class="wp-block-heading">Luxury Miami Area Homes</h2>
Although Messi is undoubtedly the MLS&#8217;s star player and the best paid – according to <a href="https://www.benzinga.com/general/entertainment/24/12/42330923/espn-lands-on-disney-in-major-content-fusion-heres-what-it-actually-means">ESPN, </a>his deal with Inter Miami is estimated to be worth $150 million – Messi spent most of his career in Spain playing for FC Barcelona, thus most of his real estate holdings are based there. The diminutive soccer sorcerer has also been buying luxury U.S. real estate. According to the Miami Herald, he spent $10.75 million on a waterfront mansion in Fort Lauderdale. He also owns three condos in the Miami suburbs. In addition, Messi owns a home in his hometown of <a href="https://www.benzinga.com/markets/cannabis/24/07/39586771/lionel-messis-hometown-meet-the-cannabis-cultivators-breeders-caregivers-scoring-goals-for-the-c">Rosario in Argentina</a>.
<h2 class="wp-block-heading">A Billion-Dollar Lifetime Deal With Adidas</h2>
The eight-time Ballon d&#8217;Or winner, along with Cristiano Ronaldo, is one of the wealthiest soccer players in the world. As with most star athletes, endorsements have significantly influenced Messi&#8217;s staggering wealth. According to a Sportico estimate from 2023, Messi has earned $1.2 billion in salary, bonuses, and endorsements throughout his professional career.
In 2021, Forbes reported that Messi earned $33 million from endorsement deals with companies such as Adidas, Gatorade, and Pepsi. In 2022, the publication increased this to $65 million. However, this likely does not factor in the lifetime deal Messi signed with <a href="https://www.benzinga.com/news/earnings/24/04/38511886/adidas-puts-yeezy-history-behind-rides-fashion-high-with-samba-and-gazelle-shoes">Adidas</a> in 2017, which is estimated to be worth $1 billion. The deal includes a revenue-sharing element that compensates Messi a percentage of all jersey sales, among other apparel.
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<h2 class="wp-block-heading">Messi To Miami – A Gamble That Paid Off</h2>
Bringing Messi to Miami was a big financial gamble for the fledgling MLS team, who, before his arrival, had poor attendance figures and even poorer results. However, the gamble has paid off because the club has doubled its revenue since his arrival. It has increased its revenue from $50-$60 million before it arrives in 2022, increasing to $120-$130 million in 2023, and by the time the totals are in for 2024, the club is estimated to have generated over $200 million in revenue.
&#8220;It is completely night and day [after signing Messi], because what we are doing now with the team is totally on an international level,&#8221; Xavier Asensi, Inter Miami president of business operations, told ESPN. &#8220;Now we are talking about the global interest. Now it is football, not soccer.&#8221;&nbsp;
<h2 class="wp-block-heading">Apple Funded Messi&#8217;s Deal</h2>
Messi has also become a magnet for lucrative U.S. sponsorships, signing 11 deals over the last year, including Audi, JPMorgan Chase, Duracell, Lowe&#8217;s, Visa, and LaCroix. However, the key to bringing Messi to Miami was Inter Miami&#8217;s deal with Apple – a $2.5 billion, 10-year commitment to be the exclusive home of every MLS match streamed on Apple TV – giving the clubs a cut. Inter Miami&#8217;s sizable share allowed them to underwrite the cost of bringing Messi Stateside.&nbsp;
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