Latest news for Cambria Global Momentum ETF (BATS:GMOM)

Cambria Global Momentum ETF

Industrials

Financial Services

Technology

Energy

Consumer Cyclical

Basic Materials

Other

Communication Services

Healthcare

Consumer Defensive

Real Estate

Utilities

The fund is considered a fund of funds that seeks to achieve its investment objective by primarily investing in other exchange-traded funds and other exchange traded products including, but not limited to, exchange-traded notes, exchange traded currency trusts, closed-end funds, and real estate investment trusts that offer diversified exposure, including inverse exposure, to global regions, countries, styles and sectors.

Cambria Emerging Shareholder Yield ETF

Cambria Micro And Smallcap Shareholder Yield ETF

Cambria Shareholder Yield ETF

Cambria Foreign Shareholder Yield Etf

Grizzle Growth ETF

Ishares S&P Global Tech Etf (Ixn)

Cambria Chesapeake Pure Trend Etf

Invesco Db Base Metals Fund

Ishares Global Industrials Etf

Vanguard Small-cap Value ETF

Analyst Color

Long Ideas

Bonds

Specialty ETFs

Commodities

Trading Ideas

ETFs

GMOM

An Asset Allocator&#39;s Momentum ETF

News

New ETFs

VGIT

Multiple Asset Classes In One New ETF

Amazon founder Jeff Bezos has taken over creative control of the James Bond franchise, with his streaming service now in charge of the legendary British spy series.
What Happened: Bezos took to social media to ask for public opinion on who should be the next James Bond. British actor Henry Cavill emerged as the clear favorite. Cavill, who has starred in &#8220;Mission: Impossible — Fallout,&#8221; &#8220;The Man from U.N.C.L.E.,&#8221; and &#8220;Argylle,&#8221; outperformed other candidates such as Tom Hardy, Tom Hiddleston, Theo James, and Michael Fassbender.
Support for Cavill came from various corners, including Dogecoin creator Billy Markus and Tesla CEO Elon Musk. Bezos, however, has not yet responded to the suggestions.
Amazon&#8217;s purchase of MGM Studios for $8.5 billion allowed it to enter the Bond franchise, but until now, creative direction was still in the hands of the Broccoli family.
<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">Who'd you pick as the next Bond? <a href="https://t.co/u7nBaRROlf">pic.twitter.com/u7nBaRROlf</a>
&mdash; Jeff Bezos (@JeffBezos) <a href="https://twitter.com/JeffBezos/status/1892590064766484622?ref_src=twsrc%5Etfw">February 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
While Cavill&#8217;s casting is popular, there is concern among fans about how Amazon will handle the franchise. This is due to the company&#8217;s controversial handling&nbsp;of J.R.R. Tolkien's Middle Earth&nbsp;in The Rings of Power series. 
Also Read: <a href="https://www.benzinga.com/news/24/12/42380748/heres-how-jeff-bezos-three-simple-steps-made-amazon-a-giant">Here&#8217;s How Jeff Bezos&#8217; Three Simple Steps Made Amazon a Giant</a>
The Bond franchise is known for its high-budget set pieces and cinematic universe, and fans worry that Amazon may water this down with its approach.
Why It Matters: This move by Bezos marks a significant shift in the control of the James Bond franchise. The acquisition of MGM Studios by Amazon was a clear indication of the company&#8217;s intent to delve deeper into the entertainment industry. 
However, the change in creative control from the Broccoli family to Bezos could potentially alter the direction of the franchise. The public&#8217;s choice of Cavill as the next James Bond also reflects a desire for continuity in the character&#8217;s portrayal. 
However, Amazon&#8217;s controversial handling of The Rings of Power series has raised concerns about the future of the Bond franchise. This development is a key moment in the evolution of the entertainment industry, as tech giants continue to expand their influence.
Read Next
<a href="https://www.benzinga.com/news/24/11/42154948/costco-founders-chat-with-bezos-over-coffee-helped-save-amazon">Costco Founder&#8217;s Chat With Bezos Over Coffee Helped Save Amazon</a>
Image: Shutterstock

Entertainment

Amazon's Jeff Bezos Weighs in on Next James Bond — Fans Agree on a Clear Favorite

Motorola Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>) has acquired RapidDeploy, a complementary cloud-native 911 solution provider for public safety, based in Austin, Texas. Terms of the transaction were not disclosed.

Motorola Solutions Acquired RapidDeploy; Terms Not Disclosed

These ten large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Unity Software Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) shares escalated 36.64% after the company reported better-than-expected <a href="https://www.benzinga.com//node/43851464" target="_blank" rel="noreferrer noopener">fourth-quarter financial results</a>. Multiple firms raised their respective<a href="https://www.benzinga.com/quote/U/analyst-ratings" target="_blank" rel="noreferrer noopener"> price forecasts on the stock</a>.</li>
<li>Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares surged 32.62% on what appears to be continued momentum from the prior week. Investors await an update from the company <a href="https://www.benzinga.com//node/43812953" target="_blank" rel="noreferrer noopener">regarding its delayed filings</a>.</li>
<li>Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) stock increased 20.25% after the company <a href="https://www.benzinga.com//node/43846533" target="_blank" rel="noreferrer noopener">reported fiscal third-quarter results</a>. Several analysts raised <a href="https://www.benzinga.com/quote/baba/analyst-ratings" target="_blank" rel="noreferrer noopener">their price forecasts on the stock</a>.</li>
<li>FTAI Aviation Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) shares jumped 19.82% following a major announcement that <a href="https://www.benzinga.com//node/43866554" target="_blank" rel="noreferrer noopener">addressed recent short-seller reports</a>.</li>
<li>STMicroelectronics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) stock surged 15.39%. The company is preparing to launch its next-generation technologies aimed at improving optical connections within <a href="https://www.benzinga.com//node/43852969" target="_blank" rel="noreferrer noopener">data centers and AI clusters</a>.</li>
<li>XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) shares rose 15.36%, probably on Alibaba&#8217;s upbeat quarterly results, <a href="https://www.benzinga.com//node/43884588" target="_blank" rel="noreferrer noopener">President Xi&#8217;s support and DeepSeek AI boost</a>.</li>
<li>Analog Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>) stock upped 14.13% after the company reported upbeat fiscal first-quarter results and analysts <a href="https://www.benzinga.com//node/43855595" target="_blank" rel="noreferrer noopener">revised the price forecast</a>.</li>
<li>BeiGene, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONC#NASDAQ">ONC</a>) stock rose 13.25%.</li>
<li>Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) stock upped 12.70% last week amid optimism from <a href="https://www.benzinga.com//node/43884588" target="_blank" rel="noreferrer noopener">President Xi&#8217;s support and DeepSeek AI boost</a>.</li>
<li>Microchip Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) stock grew 12.55% after the company announced the introduction of its Mplab AI coding assistant, which leverages the power of AI to assist software developers and engineers <a href="https://www.benzinga.com//node/43843881" target="_blank" rel="noreferrer noopener">in writing and debugging code</a>.</li>
</ol>
Photo via Shutterstock

Equities

Large Cap

Movers

BABA

FTAI

MCHP

SMCI

XPEV

Alibaba, Super Micro Computer And XPeng Are Among Top 10 Large Cap Gainers Last Week (Feb 17-Feb 21): Are The Others In Your Portfolio?

The week has been a rollercoaster ride in the tech and automotive sectors. From Rivian&#8217;s new limited-edition vehicle to SpaceX&#8217;s controversial delay, Tesla&#8217;s sales slump, and Nikola&#8217;s bankruptcy, there&#8217;s a lot to unpack. Let&#8217;s dive into the top stories of the week.
Rivian Unveils &#8216;California Dune&#8217; Edition R1&nbsp;
Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) introduced a limited edition of its R1 electric vehicle, the California Dune, designed specifically for off-road sand driving. The company emphasized that this edition is built for the extreme conditions of the desert.
<a href="https://www.benzinga.com/tech/25/02/43839672/rivian-unveils-california-dune-edition-r1-ahead-of-earnings-report-catch-it-while-you-can">Read the full article here.</a>
SpaceX CEO Elon Musk Alleges Political Delay 
Elon Musk, CEO of SpaceX, claimed that the return of astronauts Sunita Williams and Butch Wilmore from the International Space Station (ISS) was delayed due to &#8220;political reasons.&#8221; Musk suggested that SpaceX could have brought the astronauts back last year, but the return was pushed past the inauguration date.
<a href="https://www.benzinga.com/general/space/25/02/43877217/spacex-ceo-elon-musk-pegs-delay-in-returning-sunita-williams-and-butch-wilmore-from-space-station-to-political-reasons">Read the full article here.</a>
Rivian&#8217;s Financial Struggles&nbsp;
Fund Manager Gary Black pointed out that Rivian reported a quarterly gross profit for the first time in Q4, but this was due to the sale of regulatory credits, not cost-cutting. Without this revenue, the company would have lost about $13,000 per vehicle sold in the quarter.
<a href="https://www.benzinga.com/tech/25/02/43876738/tesla-bull-says-rivian-is-a-long-way-from-making-money-absent-volkswagen-and-amazon-as-sugar-daddies-they-would-probably-be-history">Read the full article here.</a>
Tesla&#8217;s Sales Slump in California&nbsp;
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has seen a significant drop in its California sales, hitting a four-year low. This decline has raised questions about the impact of CEO Musk&#8217;s political actions on the company&#8217;s appeal.
<a href="https://www.benzinga.com/25/02/43765071/teslas-california-sales-hit-four-year-low-amid-political-concerns-researcher-says-left-leaning-customers-are-turning-away-from-ev-giant">Read the full article here.</a>
Nikola Files for Bankruptcy&nbsp;
Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) has filed for Chapter 11 bankruptcy and is seeking to auction its assets while continuing limited operations through March.
<a href="https://www.benzinga.com/news/asset-sales/25/02/43811409/nikola-files-for-bankruptcy-seeks-auction-for-sale-of-its-assets">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43900186/trump-administration-eyes-mineral-rights-deal-with-ukraine-amid-rising-tensions-were-signing-an-agreement">Trump Administration Eyes Mineral Rights Deal With Ukraine Amid Rising Tensions: &#8216;We&#8217;re Signing An Agreement&#8217;</a></li>
</ul>
Photo 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/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Tech

NKLA

RIVN

TSLA

Rivian's New Edition, Spacex Delays, Tesla's Decline, And Nikola's Bankruptcy: This Week In Mobility

Department of Government Efficiency (DOGE) chief Elon Musk is demanding that federal employees justify their <a href="https://www.benzinga.com/tech/25/02/43581767/elon-musks-former-employees-warn-federal-workers-about-long-hours-firings-and-much-more">positions to him through email</a> or lose their jobs.
What Happened: Musk declared that federal employees who do not comply with this directive will be considered to have resigned. He says the move aligns with President Donald Trump&#8216;s instructions to eradicate federal waste and fraud.
Musk announced his directive in a Saturday afternoon post on X, stating, &#8220;Consistent with President @realDonaldTrump's instructions, all federal employees will shortly receive an email requesting to understand what they got done last week. Failure to respond will be taken as a resignation.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Consistent with President <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>'s instructions, all federal employees will shortly receive an email requesting to understand what they got done last week. Failure to respond will be taken as a resignation.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1893386883444437415?ref_src=twsrc%5Etfw">February 22, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In another post, Musk shared that a large number of responses have been received and and those people should be considered for promotion. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A large number of good responses have been received already. These are the people who should be considered for promotion. <a href="https://t.co/Rc8sGBLemU">https://t.co/Rc8sGBLemU</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1893530756602847340?ref_src=twsrc%5Etfw">February 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to a report <a href="https://edition.cnn.com/2025/02/22/politics/elon-musk-employees-emails/index.html">by</a> CNN, Musk&#8217;s message has stirred up controversy and apprehension among federal employees. Newly confirmed FBI Director Kash Patel advised bureau employees to hold off on responding to the email. He emphasized that the FBI would handle review processes according to its procedures and coordinate responses if further information is required.
"The FBI, through the Office of the Director, is in charge of all of our review processes, and will conduct reviews in accordance with FBI procedures. When and if further information is required, we will coordinate the responses. For now, please pause any responses," Patel said in an email to bureau employees. 
Also Read: <a href="https://www.benzinga.com/tech/25/02/43770024/from-tech-to-politics-how-elon-musk-is-empowering-far-right-across-the-globe">From Tech to Politics: How Elon Musk Is Empowering Far Right Across the Globe</a>
Similarly, the National Security Agency employees were instructed to wait for further guidance from the Department of Defense before responding. Secret Service Director Sean Curran advised staff to comply with the email, noting the agency&#8217;s resources available for employees during uncertain times.
The email ultimatum has been heavily criticized by unions representing federal workers.&nbsp;Everett Kelley, the&nbsp;national president of the American&nbsp;Federation of Government Employees, criticized Musk&#8217;s ultimatum, stating it mirrors the Trump administration's disregard&nbsp;for federal employees and their crucial services to the American public.
Doreen Greenwald, President&nbsp;of the National Treasury Employees&nbsp;Union, labeled the email as "completely unAmerican."
Why It Matters: President Trump has appointed Musk to revamp&nbsp;the federal government with his&nbsp;Department of Government Efficiency. However, the legality of this latest move remains uncertain. 
This directive is the latest in a series of moves by Musk and DOGE to streamline the federal workforce and eliminate inefficiencies. 
The approach mirrors Musk&#8217;s previous actions at Tesla and X, where he implemented significant staffing cuts to improve efficiency. The impact of this directive on the federal workforce and its efficiency will be closely watched in the coming weeks.
Read Next
<a href="https://www.benzinga.com/news/25/02/43768756/privacy-concerns-emerge-as-elon-musks-doge-team-seeks-access-to-taxpayer-data">Privacy Concerns Emerge As Elon Musk&#8217;s DOGE Team Seeks Access to Taxpayer Data</a>

Politics

Elon Musk Demands Federal Workers Justify Their Jobs — FBI's Kash Patel Tells Employees Not To Respond

Ivanka Trump and Jared Kushner refused to sign a statement asserting that Donald Trump was not antisemitic in the wake of the October 7, 2023, Hamas attacks, according to Michael Wolff&#8216;s latest book, <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43173869/ivanka-trump-denounces-fake-crypto-coin-using-her-name" target="_blank" rel="noreferrer noopener">All or Nothing: How Trump Recaptured America</a>.
Wolff writes that despite Trump&#8217;s increasing attempts to garner support for Israel following the deadly attacks, he turned to his daughter and son-in-law for public backing, The Guardian <a href="https://www.theguardian.com/us-news/2025/feb/21/donald-trump-ivanka-jared-kushner-michael-wolff-all-or-nothing" target="_blank" rel="noreferrer noopener">reports</a>.
However, both Ivanka, a convert to Judaism, and her husband declined to offer formal support or sign the statement.
The refusal to offer public support highlights the tensions within the Trump family, particularly in light of his actions following the attacks.
The couple, both senior advisors during Trump&#8217;s first term, distanced themselves further from the then-former president after the January 6 Capitol riots, The Guardian adds.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/25/02/43890188/bybit-founder-says-14b-eth-hack-may-stem-from-safe-wallet-compromise" rel="noreferrer noopener">Bybit Founder Says $1.4B ETH Hack May Stem From Safe Wallet Compromise</a>
They have also chosen not to take any roles in Trump&#8217;s second term, which began after the 2024 election.
Wolff&#8217;s book offers a detailed portrait of Trump&#8217;s political battles, including his controversial tariff decisions, plans for territorial expansion, and clashes with key allies, like Elon Musk.
Musk, a major Trump campaign backer, reportedly generated confusion within Trump&#8217;s team, with Wolff capturing Trump&#8217;s bewilderment at Musk&#8217;s actions during a rally.
All or Nothing, set to be released this week, also reveals personal and professional tensions among Trump&#8217;s inner circle, offering a candid and often critical look at the President&#8217;s second campaign for the White House.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43900955/berkshire-hathaways-q4-profits-soar-71-warren-buffett-says-his-firm-has-paid-more-taxes-than-tech-titans-in-trillions" target="_blank" rel="noreferrer noopener">Berkshire Hathaway Q4 Profits Soar 71%, Buffett Says Firm Pays More Taxes Than &#8216;Tech Titans&#8217; With Market Value in &#8216;Trillions&#8217;</a></li>
</ul>
Image: Shutterstock

Markets

General

Wolff Book: Ivanka Trump and Jared Kushner Refused to Sign Statement Saying Trump Is Not Antisemitic

The week was abuzz with news from the tech world, with artificial intelligence (AI) taking center stage. From Bill Gates issuing a warning to the next generation to Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) making strides in AI, the weekend was anything but quiet. Let&#8217;s dive into the top stories.
Bill Gates&#8217; Warning to the Next Generation
In a recent address, Microsoft Corp. co-founder, Bill Gates, outlined critical challenges that future generations need to tackle. Gates emphasized the importance of addressing bioterrorism, climate change, and artificial intelligence. He also noted the persistent threat of nuclear war and stressed the need for societal unity to combat polarization.
<a href="https://www.benzinga.com/25/02/43900360/bill-gates-has-a-warning-for-the-next-generation-says-be-very-afraid-of-these-4-issues">Read the full article here.</a>
Nvidia&#8217;s Leap into Assistive Tech
Nvidia has unveiled &#8216;Signs&#8217;, an innovative AI-powered platform designed to enhance American Sign Language (ASL) learning and accessibility. The platform, developed in partnership with the American Society for Deaf Children and Hello Monday, marks Nvidia&#8217;s entry into the assistive technology space.
<a href="https://www.benzinga.com/markets/equities/25/02/43874865/nvidia-unveils-signs-ai-platform-for-teaching-american-sign-language-expanding-into-assistive-tech">Read the full article here.</a>
Alibaba&#8217;s AI Strategy
Alibaba Group executives believe that the real value in AI will come from cloud infrastructure rather than the models themselves. During Alibaba&#8217;s third-quarter earnings call, an executive addressed the impact of DeepSeek&#8217;s free large-language models and AI monetization strategies.
<a href="https://www.benzinga.com/25/02/43874037/alibaba-sees-ai-gold-rush-in-cloud-computing-not-open-and-closed-source-modelshints-monetization-lies-in-powering-ai-not-selling-it">Read the full article here.</a>
Elon Musk&#8217;s Grok Tops App Store
Elon Musk&#8217;s AI startup xAI&#8217;s Grok has surpassed OpenAI&#8217;s ChatGPT, Google's Gemini, and China&#8217;s DeepSeek to become the leading productivity app on Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) App Store. Musk shared a screenshot highlighting the achievement of Grok, noting that it secured the top position without even launching its voice mode and additional upcoming features.
<a href="https://www.benzinga.com/tech/25/02/43841642/elon-musks-grok-overtakes-openais-chatgpt-google-gemini-and-chinas-deepseek-as-the-leading-productivity-app-on-apples-app-store">Read the full article here.</a>
Nvidia&#8217;s Evo 2 Set to Transform Genetic Research
NVIDIA has introduced Evo 2, an advanced AI system aimed at transforming the field of biological research. Evo 2 is set to fast-track advancements in genetics and medicine by rapidly analyzing and generating genetic code from a wide range of organisms. According to Nvidia, this project ‘provides insights into DNA, RNA and proteins across diverse species.'
<a href="https://www.benzinga.com/markets/25/02/43841450/nvidias-new-ai-system-aims-to-transform-genetic-research-with-unmatched-speed-and-precision">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43900360/bill-gates-has-a-warning-for-the-next-generation-says-be-very-afraid-of-these-4-issues" target="_blank" rel="noreferrer noopener">Bill Gates Has A Warning For The Next Generation, Says Be ‘Very Afraid&#8217; Of These 4 Issues</a></li>
</ul>
Photo 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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

AAPL

NVDA

Bill Gates' Concerns, Nvidia' Leap In Genetic Research, Elon Musk's Grok Beats OpenAI's ChatGPT, And More: This Week In AI

Elon Musk&#8216;s intellectual abilities have been called into question by his biographer, Seth Abramson. Abramson has disputed the widely held belief of Musk&#8217;s intellectual achievements, asserting that there is no substantial evidence to support such claims.
What Happened: Abramson, a journalist and attorney, took to social media X on Friday to voice his opinions. He criticized Musk and his followers for using the billionaire&#8217;s IQ as a benchmark of his intellectual capacity.
Abramson, who is in the process of writing a biography on Musk, stated, &#8220;There&#8217;s&nbsp;zero evidence, from his life&nbsp;history, of Musk having anything&nbsp;higher than a 110 IQ.&#8221; He further contended that Musk&#8217;s success with companies such as Zip2, PayPal, and&nbsp;Tesla Inc.&nbsp;was not a result of his intellectual accomplishments but rather his financial investments.
<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">He was sued for stealing the idea for Zip2—which fired him as soon as investors got involved. He was going to run PayPal into the ground after his company merged with it—again he was fired. He invested in Tesla when it was distressed and quickly began running it into the ground.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1892972729583784215?ref_src=twsrc%5Etfw">February 21, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The biographer also asserted that Musk&#8217;s only &#8220;truly successful and novel company&#8221; is SpaceX, attributing a significant portion of its success to President Obama, whom Musk had lobbied. 
Also Read: <a href="https://www.benzinga.com/news/25/02/43768756/privacy-concerns-emerge-as-elon-musks-doge-team-seeks-access-to-taxpayer-data">Privacy Concerns Emerge As Elon Musk&#8217;s DOGE Team Seeks Access to Taxpayer Data</a>
Abramson went on to criticize Musk&#8217;s ventures like the Boring Company and Neuralink, labeling the former a failure and the latter embroiled in ethics investigations.
<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">I account Elon Musk&#39;s idea for SpaceX to be more or less the only clearly good idea he has ever publicly had, though it required heavy lifting mostly from a powerful Black man for it to become a success, which may be why Musk has so much resentment for the former president now.
&mdash; Seth Abramson (@SethAbramson) <a href="https://twitter.com/SethAbramson/status/1892974055130570876?ref_src=twsrc%5Etfw">February 21, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The comments made by Abramson have ignited a widespread online debate, with many questioning the correlation between wealth and intelligence.
Why It Matters: This development is significant as it challenges the popular narrative around Musk&#8217;s intellectual prowess, which has been a key aspect of his public persona. 
Abramson&#8217;s comments have sparked a debate around the correlation between wealth and intelligence, a topic that has been a subject of discussion in the tech and business world. 
The outcome of this debate could potentially impact public perception of successful entrepreneurs like Musk and their business ventures.
Read Next
<a href="https://www.benzinga.com/tech/25/02/43581767/elon-musks-former-employees-warn-federal-workers-about-long-hours-firings-and-much-more">Elon Musk&#8217;s Former Employees Warn Federal Workers About Long Hours, Firings, And Much More</a>
Image: Shutterstock

Social Media

Author of Upcoming Elon Musk Biography Questions His 'Intellectual Achievements'

The week was a rollercoaster ride in the world of cryptocurrency. From&nbsp;Gary Cardone&nbsp;exiting his XRP position to&nbsp;Elon Musk embracing his meme status with Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), the crypto market was buzzing with activity. Here&#8217;s a quick round-up of the top stories.
Gary Cardone Dumps XRP
Investment influencer Gary Cardone announced his exit from XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), selling his 30,000 XRP holdings at $2.71. Cardone cited six guiding principles refined over his 40-year finance career as the reason for his decision. He wished the XRP army luck, though he expressed doubts about their potential wealth.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43880897/gary-cardone-dumps-xrp-position-saying-i-genuinely-hope-the-xrp-army-gets-stupid-rich-i-dont-think-you-will">Read the full article here.</a>
Dogecoin Millionaire Advocates for Conviction Plays
Glauber Contessoto, also known as SlumDOGE Millionaire, encouraged his followers to invest in &#8216;conviction plays&#8217; like Pepe amid a broader slump in the meme coin market. He urged his followers to seize the opportunity presented by the ongoing correction to invest in meme coins.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43874379/dogecoin-millionaire-pushes-conviction-plays-like-pepe-like-theres-no-tomorrow-best-time-to-start-buying">Read the full article here.</a>
Peter Schiff Expresses Concerns Over Strategy Inc.&#8217;s Convertible Debt Offerings
Economist and market commentator Peter Schiff expressed concerns over Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) convertible debt offerings, hinting at potential financial troubles for the Bitcoin treasury company. Schiff highlighted the 4.5% decline in the company's shares despite Bitcoin's gain of 2.5%.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43838036/peter-schiff-says-michael-saylor-led-strategys-convertible-debt-offerings-arent-going-well-as-stock-falls-despite-bitcoins-gain">Read the full article here.</a>
Pepe Bull Questions Traders Selling Frog-Themed Memecoin
A widely followed cryptocurrency trader highlighted the &#8220;Cycle of Regret&#8221; phenomenon, predicting that 99% of the traders cashing out of the frog-themed meme coin Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) won&#8217;t buy it back at a discount. The trader suggested that these traders would panic, wait for a better entry, and then freeze when it dips further.
<a href="https://www.benzinga.com/trading-ideas/movers/25/02/43805854/pepe-bull-questions-traders-selling-frog-themed-memecoin-theyll-fomo-back-in-higher-than-they-sold">Read the full article here.</a>
Elon Musk Embraces Dogecoin
Tesla Inc. and SpaceX CEO, Elon Musk embraced his meme status during his recent appearance at CPAC 2025, tying it to his association with Dogecoin. Musk described himself as "living the meme," a reference to his connection with Dogecoin, a cryptocurrency that originated from the internet-famous Doge meme.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43878760/dogecoins-journey-from-memecoin-to-real-money-crazy-but-cool-says-elon-musk-i-am-living-the-meme">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43900186/trump-administration-eyes-mineral-rights-deal-with-ukraine-amid-rising-tensions-were-signing-an-agreement">Trump Administration Eyes Mineral Rights Deal With Ukraine Amid Rising Tensions: &#8216;We&#8217;re Signing An Agreement&#8217;</a></li>
</ul>
Photo 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/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

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

Cryptocurrency

$DOGE

$PEPE

$XRP

DOGE

MSTR

Cardone Exits XRP, Dogecoin Millionaire's Conviction Plays, Schiff's Concerns, Pepe Bull's Predictions, And Musk's Dogecoin Endorsement: This Week In Crypto

It was an eventful week for tech giant&nbsp;Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with the company making headlines for a variety of reasons. From the launch of a new budget-friendly iPhone to a significant investment pledge in the United States, Apple was in the spotlight. Here&#8217;s a recap of the top stories.
Apple Unveils Budget-Friendly iPhone 16e
Apple kicked off the week with the announcement of the iPhone 16e, a new affordable offering that replaces the third-generation iPhone SE. The announcement was made by Apple CEO Tim Cook in a video posted by the company. The new iPhone comes with several improvements over its predecessor.
<a href="https://www.benzinga.com/tech/25/02/43820197/apple-unveils-iphone-16e-with-a18-chip-ai-features-599-price-tag">Read the full article here.</a>
Apple Pledges Significant US Investment
In a meeting with President Donald Trump, Tim Cook reportedly pledged a significant investment in the United States and a shift in manufacturing from Mexico to the U.S. This announcement was made by Trump during a meeting with governors.
<a href="https://www.benzinga.com/tech/25/02/43898992/tim-cook-reportedly-tells-trump-apple-will-invest-hundreds-of-billions-in-us-they-dont-want-to-be-in-the-tariffs">Read the full article here.</a>
New iPhone Expected to Boost Apple&#8217;s Revenue
Gene Munster of Deepwater Management predicts that the newly launched iPhone 16e will drive a revenue boost for Apple in FY25. Munster shared his insights on Apple's latest offering, highlighting three key takeaways from the new model.
<a href="https://www.benzinga.com/markets/25/02/43840286/apples-iphone-16e-to-drive-revenue-growth-for-tim-cooks-company-says-top-analyst">Read the full article here.</a>
Apple May Increase iPhone Prices
In response to tariffs imposed by the Trump administration, analysts at the Bank of America suggest that Apple might have to raise iPhone prices by 9%. The tech titan may need to revise its pricing strategy to compensate for the costs related to the tariffs.
<a href="https://www.benzinga.com/markets/equities/25/02/43839627/apple-may-hike-iphone-prices-by-9-due-to-trumps-tariffs-says-bank-of-america">Read the full article here.</a>
Wireless Reverse Charging Feature for iPhone 17 Pro
Apple is reportedly testing a wireless reverse charging feature for its upcoming iPhone 17 Pro models. This feature would allow the smartphone to power other devices. The news was reported by a Weibo-based Chinese leaker.
<a href="https://www.benzinga.com/media/25/02/43838655/iphone-17-pro-may-finally-get-wireless-reverse-charging-apple-reportedly-testing-power-sharing-with-airpods-apple-watch-and-more">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43900360/bill-gates-has-a-warning-for-the-next-generation-says-be-very-afraid-of-these-4-issues" target="_blank" rel="noreferrer noopener">Bill Gates Has A Warning For The Next Generation, Says Be ‘Very Afraid&#8217; Of These 4 Issues</a></li>
</ul>
Photo 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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Apple's iPhone 16E Launch, US Investment Pledge, Potential Price Hikes, And More: This Week In Appleverse

The week has been a whirlwind of economic news, with President Donald Trump&#8217;s administration making headlines for its tax proposals and plans for the Internal Revenue Service (IRS). Meanwhile, gold is nearing the $3000 mark, and billionaire investor Ray Dalio has proposed a solution to America&#8217;s mounting debt crisis. Here&#8217;s a recap of the top stories.
Trump&#8217;s Plan to &#8216;Abolish&#8217; IRS
Howard Lutnick, the newly confirmed Commerce Secretary under President Donald Trump&#8216;s administration, has reiterated the President&#8217;s proposal to abolish the IRS. During an appearance on Fox News, Lutnick stated that Trump&#8217;s goal is to &#8220;abolish the Internal Revenue Service and let all the outsiders pay.&#8221;
<a href="https://www.benzinga.com/markets/25/02/43840909/trumps-goal-is-to-abolish-irs-and-let-all-the-outsiders-pay-says-newly-confirmed-commerce-secretary-howard-lutnick">Read the full article here.</a>
Trump&#8217;s Tax Cut Could Add $4.6 Trillion To Deficit
Former U.S. Secretary of Labor Robert Reich has criticized the tax reduction plans of the Trump administration, terming them as an &#8220;absolutely shameless giveaway,&#8221; that could increase the deficit by $4.6 trillion. The proposed tax cuts for wealthy individuals and lower corporate tax rates are likely to widen the U.S. trade deficit.
<a href="https://www.benzinga.com/25/02/43774882/donald-trumps-tax-cut-could-add-46-trillion-to-deficit-says-robert-reich-emphasizing-48-billion-relief-for-top-100-us-firms-via-corporate-tax-cuts">Read the full article here.</a>
Trump&#8217;s &#8216;DOGE Dividend&#8217; Proposal Criticized
President Donald Trump&#8217;s idea of using part of his cost-cutting efforts to reward taxpayers has been criticized by economist Craig Shapiro. Shapiro argues that all savings from the Department Of Government Efficiency (DOGE) should be dedicated to reducing the deficit, debt reduction, and inflation control.
<a href="https://www.benzinga.com/25/02/43839198/reduce-deficits-and-debt-full-stop-says-this-economist-as-trump-mulls-doge-dividend-by-giving-away-20-of-its-savings-to-public">Read the full article here.</a>
Gold Nears $3000 Mark
As gold nears the $3000 per ounce mark, experts are highlighting the importance of the precious metal in investment portfolios. Despite trading flat at $2,930.62 per ounce, gold has been testing the $3,000 level after hitting fresh records.
<a href="https://www.benzinga.com/government/regulations/25/02/43875557/donald-trump-airs-fort-knox-inspection-as-gold-edges-closer-to-3000-it-is-an-essential-component-of-portfolio-says-expert">Read the full article here.</a>
Ray Dalio&#8217;s Solution to America&#8217;s Debt Crisis
Billionaire investor Ray Dalio has called for urgent measures to address the mounting U.S. federal debt crisis. Dalio proposes reducing the deficit to 3% of gross domestic product from its current level of nearly 7%.
<a href="https://www.benzinga.com/news/25/01/43328856/ray-dalio-backs-trumps-interest-rate-cut-proposes-3-solution-to-tackle-36-trillion-americas-debt-crisis">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43900186/trump-administration-eyes-mineral-rights-deal-with-ukraine-amid-rising-tensions-were-signing-an-agreement">Trump Administration Eyes Mineral Rights Deal With Ukraine Amid Rising Tensions: &#8216;We&#8217;re Signing An Agreement&#8217;</a></li>
</ul>
Photo 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/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Trump's Tax Plans, Gold Nears $3000, And Ray Dalio's Solution To America's Debt Crisis: This Week In Economics

The past week has been a rollercoaster ride in the world of politics, with President&nbsp;Donald Trump&nbsp;at the center of several significant developments. From a decline in approval ratings to potential multi-billion dollar deals, the Trump administration has been making headlines left, right, and center. Here&#8217;s a quick round-up of the top stories.
Trump&#8217;s Approval Rating Takes a Dip
According to a recent Emerson College poll, President Trump&#8217;s approval rating has seen a decline in February. The poll reveals that 48% of nationally registered voters approve of Trump&#8217;s performance, while 42% disapprove. The remaining 10% remain neutral. This comes in the wake of several of Trump&#8217;s decisions and announcements, including a push for tariffs on countries like Canada, Mexico, and China.
<a href="https://www.benzinga.com/25/02/43847433/trump-approval-rating-declines-in-february-unpopular-domestic-and-foreign-policy-ideas">Read the full article here.</a>
Trump Administration Eyes Mineral Rights Deal with Ukraine
In a move that could potentially bring $500 billion to the U.S., President Trump is reportedly inching closer to securing a deal for substantial mineral rights in Ukraine. The President expressed optimism about finalizing the agreement amid escalating tensions between the two nations.
<a href="https://www.benzinga.com/25/02/43900186/trump-administration-eyes-mineral-rights-deal-with-ukraine-amid-rising-tensions-were-signing-an-agreement">Read the full article here.</a>
Trump Dismisses Top US General, Nominates Retired Officer
In a significant shift in military leadership, President Trump has removed Air Force General C.Q. Brown from his role as chairman of the Joint Chiefs of Staff. Trump announced his intention to nominate former Lieutenant General Dan "Razin" Caine as Brown's successor, marking the first time a retired officer has been nominated for this prestigious position.
<a href="https://www.benzinga.com/25/02/43900171/trump-dismisses-top-us-general-breaks-from-tradition-to-nominate-retired-officer-as-top-military-officer">Read the full article here.</a>
Trump&#8217;s Federal Workforce Downsizing Plan Gets Green Light
A federal judge has rejected an appeal by several government employee unions to halt the Trump administration's plans to significantly downsize the federal workforce. This marks another victory for Trump's Justice Department, which is currently defending against numerous lawsuits challenging various executive actions of the president.
<a href="https://www.benzinga.com/news/25/02/43871609/trumps-federal-workforce-downsizing-plan-gets-green-light-from-judge-appeal-by-unions-dismissed">Read the full article here.</a>
Trump's Goal Is To &#8216;Abolish&#8217; IRS, Says Newly Confirmed Commerce Secretary
Howard Lutnick, the newly confirmed Commerce Secretary under President Trump‘s administration, has reiterated the President's proposal for the abolition of the Internal Revenue Service (IRS). Lutnick stated that Trump&#8217;s goal is to &#8220;let all the outsiders pay.&#8221;
<a href="https://www.benzinga.com/markets/25/02/43840909/trumps-goal-is-to-abolish-irs-and-let-all-the-outsiders-pay-says-newly-confirmed-commerce-secretary-howard-lutnick">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43900360/bill-gates-has-a-warning-for-the-next-generation-says-be-very-afraid-of-these-4-issues" target="_blank" rel="noreferrer noopener">Bill Gates Has A Warning For The Next Generation, Says Be ‘Very Afraid&#8217; Of These 4 Issues</a></li>
</ul>
Photo 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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Trump's Approval Rating Drops, Mineral Rights Deal With Ukraine, Top US General's Dismissal, And More: This Week In Politics

A call to &#8220;The Dave Ramsey Show&#8221; took an unexpected turn when Jean, a 70-year-old woman from Lexington, Kentucky, called in for financial advice. She explained that she was set to inherit $175,000 and wanted to keep it private from her husband of over 50 years. Her goal was to ensure the money went to her children and was available if her elderly mother needed care.
Dave Ramsey, known for <a href="https://www.benzinga.com/personal-finance/25/02/43741282/dave-ramsey-says-parents-shouldnt-buy-their-teenagers-cars-it-creates-ridiculous-expectations-for-life">giving honest advice</a>, quickly asked why she felt she had to hide the money and keep such a big secret. As the conversation unfolded, it became clear that Jean's marriage had been dysfunctional for decades. She described a long-standing lack of respect from her husband toward her family, leading her to believe he would try to control the inheritance if he found out about it.
Don't Miss:
<ul>
<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>
<h2 class="wp-block-heading">Dave's Take</h2>
Dave didn't hesitate to tell Jean that hiding things from a spouse is not healthy. He acknowledged that while she had every legal right to manage the money independently, deception was not the way to go.&nbsp;
"I don't think it's healthy for you, and I don't think it's healthy for him," he said.
He pointed out that the real issue wasn't just the inheritance—it was the quality of her marriage. The fact that she didn't feel safe sharing this information was a red flag. "This isn't just a precarious relationship. This is a horrible relationship," Dave said.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>
<h2 class="wp-block-heading">Protecting Her Money Without Hiding It</h2>
While Dave refused to encourage deception, he did offer Jean sound legal advice. He suggested she <a href="https://www.benzinga.com/real-estate/24/03/37593532/estate-planning-why-you-may-want-to-consider-a-trust-instead-of-a-will">create a trust</a> and a will to make sure her children got the money. He also recommended talking to an <a href="https://www.benzinga.com/real-estate/24/03/37593532/estate-planning-why-you-may-want-to-consider-a-trust-instead-of-a-will">estate planning attorney</a> to make sure everything was done properly.
"If you do what I'm talking about," Dave assured her, "he has absolutely no access to the money unless you give it to him."
<h2 class="wp-block-heading">Small Compromises Create Big Problems</h2>
Beyond the financial advice, Dave and his co-host dug into a deeper issue—how Jean ended up in such an unhealthy relationship after 50 years. They emphasized that major life problems don't appear overnight. They result from small compromises, lack of communication, and avoiding difficult conversations for years.
See Also: <a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a>
By degrees, people allow bad situations to grow until one day, they find themselves stuck, feeling powerless. This applies not only to relationships but also to finances, careers, and personal growth. You don't just wake up in a bad place—it happens little by little when you stop being intentional.
<h2 class="wp-block-heading">Face Issues Head-On</h2>
Jean's story serves as a cautionary tale for anyone avoiding difficult conversations. Whether it's about money, marriage, or personal growth, ignoring problems won't make them disappear—it only makes them worse.
Dave encouraged Jean to seek counseling, talk to her pastor, and get support from people who could help her make real changes. The inheritance might have sparked the call, but the real issue was much deeper.
Read Next:
<ul>
<li>Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
<li>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>.</li>
</ul>

Personal Finance

If You Do What I'm Talking About…'—Dave Ramsey Reacts To A Caller Who Wants To Hide Inheritance From Her Husband Of 50 Years

The Trump administration plans to overhaul food assistance programs, with the new Department of Agriculture leadership promising to fix what they call Biden-era &#8220;financial mismanagement&#8221; of food benefits.
Kailee Buller, the new USDA chief of staff, accused former department Secretary Tom Vilsack of putting politics over commonsense in managing the Supplemental Nutrition Assistance Program. "Make no mistake, Secretary Vilsack and Deputy Under Secretary Stacy Dean put politics over commonsense, ignoring scores of USDA financial analysts and policy experts," Buller <a href="https://www.fns.usda.gov/newsroom/usda-0020.25">said in a statement</a>. "The Trump Administration will immediately correct this egregious action, making certain material weaknesses like this do not happen again."
Don't Miss:
<ul>
<li>The average 401(k) balance soars to a record-breaking high – <a href="https://www.benzinga.com/money/average-401k-balances-soars-to-record-high">Here's how to know if your nest egg is keeping pace.</a></li>
<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
</ul>
However, Buller did not provide specifics on a General Accounting Office review findings or how the administration intends to fix the alleged mismanagement.
The criticism comes as House Republicans propose $230 billion in cuts across USDA programs. The reductions would likely decrease current benefit levels, not just expand work requirements, <a href="https://www.politico.com/live-updates/2025/02/12/congress/house-gop-budget-targets-snap-cuts-00203872">according to Politico</a>.
<a href="http://www.ers.usda.gov/topics/food-nutrition-assistance/supplemental-nutrition-assistance-program-snap#:~:text=SNAP%20is%20the%20Nation's%20largest,Federal%20cost%20of%20%24112.8%20billion.">According to the USDA</a>, SNAP served an average of 42.1 million Americans monthly in fiscal year 2023, accounting for about 68% of USDA nutrition spending. Nearly 40% of recipients in 2022 were children, with 11.6% under age 5 and 28% between ages 5 and 17. The program provides critical food benefits to supplement the grocery budgets of low-income families.
Trending: <a href="https://www.benzinga.com/money/gbr-savings-by-age">If You're Age 35, 50, or 60: Here&#8217;s How Much You Should Have Saved Vs. Invested By Now</a>
The Biden administration had increased benefits by updating the Thrifty Food Plan to reflect current food prices and dietary guidance, <a href="https://www.newsweek.com/trump-administration-announces-plans-snap-benefit-reform-2030452">according to Newsweek</a>. Republican lawmakers opposed the move, with House Agriculture Committee Chair Glenn Thompson (R-PA) attempting to restrict USDA&#8217;s authority to revise the plan in his proposed 2024 Farm Bill.
&#8220;This is not about &#8216;cutting waste, fraud, and abuse.&#8217; It&#8217;s about slashing benefits for working-class Americans to pay for tax breaks for the ultra-rich,&#8221; <a href="https://x.com/RoKhanna/status/1889824185251160172">Rep. Ro Khanna (D-CA) posted on X</a>. Experts at the Center for American Progress warn that the Republican-controlled Congress will likely target the critical food aid program.
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 proposed cuts face resistance from some Republicans in competitive districts concerned about impacts on low-income families ahead of 2026 midterms. States with the highest percentage of SNAP recipients in 2023 included Oregon, New Mexico, Oklahoma, Louisiana, Illinois, West Virginia, and Washington, D.C.
The department faces additional changes under Trump. On Monday, it terminated 18 contracts totaling $9 million as part of Elon Musk&#8216;s government efficiency initiatives, while reportedly removing climate change references from its website. The USDA has also seen climate program funding slashed.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/money/millionaires-never-earned-six-figures-according-to-dave-ramsey">69% of Millionaires Never Earned A Six-Figure Salary – Here Are 2 Things They Do To Get Their First $1 Million, According To Dave Ramsey</a></li>
<li>Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
</ul>

SNAP Benefits In Focus: Trump Admin Targets Biden's Food Assistance Policies

A simple pizza delivery turned into an incredible story of generosity after a 20-year-old driver braved a snowstorm to deliver an order—only to get a measly $2.15 tip from a customer in an affluent neighborhood.
<h2 class="wp-block-heading">The $2 Tip That Started It All</h2>
On Jan. 11, Lt. Richard Craig—known as Officer Craig on TikTok—was on duty in Brownsburg, Indiana, when he spotted Connor Stephanoff trekking through the snow in sneakers and sweatpants, carrying a pizza. Curious about his situation, Craig asked how much he got tipped.
"Two dollars," Stephanoff answered. Craig was floored. "Man, cold-blooded! Two dollars!" he exclaimed in disbelief.
Don't Miss:
<ul>
<li>Many don&#8217;t know there are tax benefits when buying a unit as an investment —<a href="https://www.benzinga.com/money/casa-shares"> Here&#8217;s how to invest in real estate by mirroring BlackRock's big move</a></li>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>
Realizing the harsh conditions Stephanoff was working in, Craig gave him $15 of his own money and posted the encounter on TikTok. The <a href="https://www.tiktok.com/@officercraig/video/7458528700187839775">video</a>, showing Stephanoff trudging through deep snow after parking his car nearly half a mile away, quickly went viral, racking up thousands of views and comments from outraged viewers.
<h2 class="wp-block-heading">Turning Frustration Into Action</h2>
Craig couldn't shake the unfairness of the situation, so he launched a <a href="https://www.gofundme.com/f/support-rockstar-pizza-drivers-dedication">GoFundMe campaign</a> on Jan. 12 titled "Support Rockstar Pizza Driver's Dedication." He initially hoped to raise just $500 to reward Stephanoff's dedication.
"I would LOVE to raise at least $500 for this guy!" Craig wrote in the fundraiser description, praising Stephanoff's work ethic and commitment despite the harsh conditions.
But the internet had bigger plans.
Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a>
<h2 class="wp-block-heading">Over $45K Raised in Weeks</h2>
In just over a month, donations exploded past $45,000, with more than 2,100 people chipping in. The highest donation—$1,500 from an anonymous donor—was just one example of how much support Stephanoff received from strangers who were touched by his story.
Comments flooded in, with one donor writing: "This story made my day! Keep working hard, pizza delivery guy! You're the kind of person that makes this world go ‘round." Others shared their own experiences as former delivery drivers, emphasizing how rare such dedication is these days. &#8220;I'm gonna do what that pizza customer should have done that day. Props to you for keeping cool regardless of their horrible treatment. Never stop being the amazing person that you are. I see you.&#8221;
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>.
<h2 class="wp-block-heading">A Life-Changing Outcome</h2>
Stephanoff, who borrows his grandmother's car to make deliveries, <a href="http://today.com/">told Today.com</a> that he now plans to use the funds to buy his own car, help his grandmother with bills, and, if there's anything left, pursue a college degree in history or business.
Reflecting on the unexpected generosity, he said, "Oh, this is real!" when he saw the donations rolling in. Meanwhile, Craig summed up the entire experience with a simple truth: "Good things come to good people who do the right thing."
Read Next:
<ul>
<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a></li>
<li><a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a></li>
</ul>

'Man, Cold-Blooded! Two Dollars!' — Officer Steps Up And Crowdfunds $45K For Pizza Driver Who Got A Shockingly Low Tip In Snowstorm

Gerber Kawasaki Wealth &amp; Investment Management CEO Ross Gerber, a Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shareholder, anticipates a 50% plummet in the stock&#8217;s price this year.
What Happened: Gerber had earlier offloaded approximately $60 million worth of Tesla shares, citing concerns over the company&#8217;s dwindling popularity. 
Despite a brief spike following the 2024 election, Tesla&#8217;s shares have witnessed a 16% decline this year and have fallen 4% since Gerber&#8217;s remarks in December.
In his conversation <a href="https://www.businessinsider.com/tesla-stock-price-2025-outlook-crash-elon-musks-gerber-tsla-2025-2">with</a> Insider, Gerber detailed four reasons behind his pessimistic forecast for Tesla. He expressed skepticism over Elon Musk&#8216;s ambitious goal of rolling out an autonomous taxi network in Austin, Texas, by June.
&#8220;All of this stuff is going to come to roost this year because he put this deadline on full self driving working in a couple months. It almost seems impossible for that to happen,&#8221; Gerber told the outlet. 
Also Read: <a href="https://www.benzinga.com/tech/25/02/43770024/from-tech-to-politics-how-elon-musk-is-empowering-far-right-across-the-globe">From Tech to Politics: How Elon Musk Is Empowering Far Right Across the Globe</a>
He also voiced concerns about Tesla&#8217;s self-driving platform, which depends on cameras rather than LIDAR sensors.
Gerber also indicated that Musk&#8217;s emphasis on AI could prove harmful to Tesla. He suggested that Tesla&#8217;s primary business of car sales is slowing down due to rising competition from BYD, the world&#8217;s largest EV manufacturer based in China. 
&#8220;His 100% focus is on AI, and that&#8217;s really a detriment to Tesla more than it&#8217;s a plus for xAI and all the other businesses because he doesn&#8217;t work at Tesla anymore,&#8221; Gerber said. &#8220;If he were putting all of his time into full self-driving, I&#8217;d feel a lot more confident about Tesla.&#8221;
He also underscored the potential backlash Tesla may face owing to Musk&#8217;s close ties with President Donald Trump.
&#8220;What this does is it creates this anger. I&#8217;ve never seen this anger towards Tesla, but it&#8217;s not toward Tesla as the company, it&#8217;s because of Elon, this is the only way people can take it out,&#8221; Gerber added.
Gerber&#8217;s bearish perspective is echoed by several prominent Wall Street firms, including JPMorgan, which has set&nbsp;a $135 price target for&nbsp;Tesla stock, indicating a potential 60% downside from its current levels.
Why It Matters: Gerber&#8217;s prediction comes at a time when Tesla&#8217;s stock performance has been under scrutiny. The company&#8217;s shares have been on a downward trajectory this year, and Gerber&#8217;s comments add to the growing concerns about Tesla&#8217;s future prospects. 
His concerns about Tesla&#8217;s autonomous driving platform and the potential backlash due to Musk&#8217;s association with President Trump underscore the challenges that Tesla may face in the coming years.
Read Next
<a href="https://www.benzinga.com/tech/25/01/43219136/cuban-on-musk-i-have-no-problem-throwing-elon-under-the-bus-but-ill-save-it-for-when-its-truly-deserved">Cuban on Musk: &#8216;I Have No Problem Throwing Elon Under the Bus, but I&#8217;ll Save It for When It&#8217;s Truly Deserved&#8217;</a>
Image: Shutterstock

Former Tesla Booster Now Warns Stock Faces Major Pain in 2025

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has reportedly withdrawn its most secure cloud storage service, Advanced Data Protection (ADP), from the UK after the British government <a href="https://www.benzinga.com/news/global/25/02/43554574/apple-faces-mounting-pressure-from-uk-government-to-grant-spying-access-to-encrypted-data-of-users-worldwide" target="_blank" rel="noreferrer noopener">demanded secret access to user data</a>.
The decision follows an order under the UK&#8217;s Investigatory Powers Act, which would have required Apple to provide a &#8220;backdoor&#8221; to iPhone backups and cloud data, enabling law enforcement to access information otherwise protected by encryption, The Financial Times reports.
The company stated that it could no longer offer ADP to new UK users, and current users would eventually be forced to disable the feature, the report further noted, citing a statement from Apple.
Since the service was introduced in December 2022, British Apple users had to opt in to benefit from the advanced security.
Also Read: <a target="_blank" href="http://benzinga.com/25/02/43900955/berkshire-hathaways-q4-profits-soar-71-warren-buffett-says-his-firm-has-paid-more-taxes-than-tech-titans-in-trillions" rel="noreferrer noopener">Berkshire Hathaway Q4 Profits Soar 71%, Buffett Says Firm Pays More Taxes Than &#8216;Tech Titans&#8217; With Market Value in &#8216;Trillions&#8217;</a>
As of February 2025, attempts to activate ADP in the UK have now resulted in an error message.
The British government&#8217;s request to access encrypted data through a &#8220;backdoor&#8221; has drawn criticism, with experts warning it would undermine online privacy and security for UK users, BBC reports.
Prof Alan Woodward, a cybersecurity expert, called the move an &#8220;act of self-harm,&#8221; as BBC dds, while online privacy advocate Caro Robson labeled it as an unprecedented step for a company to pull a product rather than comply with a government directive.
This development highlights the tension between national security demands and digital privacy rights, raising concerns over the global impact of such policies on technology companies.
Read Next
<ul>
<li><a href="https://www.benzinga.com/markets/25/02/43769996/what-does-warren-buffett-know-that-we-dont-investors-are-paying-attention" target="_blank" rel="noreferrer noopener">What Does Warren Buffett Know That We Don't? Investors Are Paying Attention</a></li>
</ul>
Image: Fredex

Apple Bows Out of UK's Cloud Encryption Amid Government's 'Backdoor' Demands

Singer-songwriter John Legend famously sang, &#8220;We&#8217;re just ordinary people,&#8221; but he and his wife, Chrissy Teigen, have far-from-ordinary bank accounts.
It&#8217;s just as well because after the <a href="https://www.benzinga.com/markets/25/01/43300232/rebuilding-la-could-take-up-to-a-decade-according-to-experts-heres-what-a-new-la-could-look-like">L.A. wildfires</a>, the soulful crooner, 46, <a href="https://www.wsj.com/real-estate/john-legend-my-favorite-dream-7b77f0af?mod=real-estate_lead_pos1">told The Wall Street Journal</a>, the family is considering saying goodbye to the West Coast and returning to New York.
<h2 class="wp-block-heading">Collective Trauma</h2>
&#8220;Watching TV in the family room, our fears grew. When the Sunset fire began to expand on Jan. 9, the danger felt too close for comfort,&#8221; he told The Journal. &#8220;That night, my wife and I gathered our four kids, four dogs, and bearded dragon and drove south to a hotel in Carlsbad. We didn&#8217;t return until the following week,&#8221; he said. &#8220;Our home was safe, but many weren&#8217;t so fortunate, and the threat still looms. The fires were a collective trauma that shook everyone, including our kids.&#8221;
Don't Miss:
<ul>
<li>CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast —<a href="https://www.benzinga.com/money/integris"> here&#8217;s how to invest in their private credit fund that targets 12% annual interest rate.</a></li>
<li><a href="https://www.benzinga.com/go/arrived-private-credit-yf">Arrived Home's Private Credit Fund&#8217;s has historically paid an annualized dividend yield of 8.1%&#x2A;</a>, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum.<a href="https://www.benzinga.com/go/arrived-private-credit-yf"> </a></li>
</ul>
Legend added, &#8220;Chrissy and I have always considered returning to New York, where we once lived. We probably will, once our youngest ones grow up a bit.&#8221;
<h2 class="wp-block-heading">$100 Million Couple</h2>
The Ivy League-educated singer, who graduated from the University of Pennsylvania, and his wife are estimated to have a net worth that hovers around $100 million, according to multiple websites, the accuracy of which cannot be verified. The following calculations help shed light on this lofty number.
<ul>
<li>Seven seasons as a judge on "The Voice," earning about<a href="https://stylecaster.com/lists/the-voice-judges-salaries/john-legend-voice-salary/"> $60 million in total</a>.</li>
</ul>
<ul>
<li>They have an expansive real estate portfolio, including a $5.1 million West Hollywood home and a $17.5 million <a href="https://www.benzinga.com/real-estate/25/01/43345883/drake-seeking-high-rolling-tenant-at-250k-monthly-for-beverly-hills-mansion">Beverly Hills</a> mansion. They sold their two New York City penthouses for <a href="https://www.nytimes.com/2022/06/25/realestate/john-legend-chrissy-teigen-nolita-penthouses.html#:~:text=Big%20Ticket-,John%20Legend%20and%20Chrissy%20Teigen%20Sell%20a%20Pair%20of%20Penthouses,sold%20for%20around%20%2456%20million.">$16.8 Million</a> in June 2022.</li>
</ul>
<ul>
<li>Another source of income not usually mentioned in net worth round-ups is Legend&#8217;s music publishing. In 2022,<a href="https://www.latimes.com/entertainment-arts/business/story/2022-01-06/john-legend-sells-music-catalog-joining-dylan-and-springsteen#:~:text=KKR%20has%20spent%20heavily%20since,music%20being%20performed%20via%20streaming.%E2%80%9D"> he sold the rights to his music</a> to an alliance of <a href="https://www.benzinga.com/insights/news/25/02/43626316/comparing-kkr-with-industry-competitors-in-capital-markets-industry">KKR</a> &amp; Co. and BMG. The financial terms were not disclosed.</li>
</ul>
<ul>
<li>In 2020,<a href="https://variety.com/2020/music/news/john-legend-bigger-love-music-mogul-1234731024/"> Variety</a> estimated that Legend&#8217;s disparate income streams, including LVE, his Napa Valley wine brand, see he &#8220;earns between $50 million and $100 million per year from his various projects.&#8221; </li>
</ul>
Trending: Many don&#8217;t know there are tax benefits when buying a unit as an investment —<a href="https://www.benzinga.com/money/casa-shares-y2"> Here&#8217;s how to invest in real estate by mirroring BlackRock's big move</a>
<h2 class="wp-block-heading">One Of The World's Highest Paid Models</h2>
In 2017, Forbes estimated that Teigen was one of the highest-paid models in the world, earning<a href="https://www.forbes.com/pictures/59f65cc231358e542c04644e/3-chrissy-teigen-1/"> $13.5 million</a>. The following year, she made<a href="https://www.forbes.com/sites/natalierobehmed/2018/12/13/highest-paid-models-2018-kendall-jenner-leads-with-22-5-million/"> $11.5 million</a>—largely from endorsements, TV hosting, social media, and cookbooks. Based on her yearly revenue, her contribution to the family coffers is not insubstantial, which puts these ordinary people into a very extraordinary wealth bracket.
Read Next:
<ul>
<li>Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl-y2"> you can become an investor for $0.80 per share today.</a></li>
<li>This Jeff Bezos-backed startup will allow you to <a href="https://arrivedhomes.go2cloud.org/aff_c?offer_id=15&amp;aff_id=1006&amp;aff_sub=yahoo&amp;aff_sub2=byerscta100">become a landlord in just 10 minutes, with minimum investments as low as $100</a>.</li>
</ul>

John Legend & Chrissy Teigen Plan To Quit LA For New York After Wildfires. They Can Take Their Pick With $100 Million Fortune

The Supreme Court has rejected a plea by President Donald Trump for an immediate dismissal of <a href="https://www.benzinga.com/news/25/02/43758634/mary-trump-warns-dni-gabbard-could-lead-to-catastrophic-outcome-a-known-russian-asset-defender-of-murderous-dictator-assad">Office of Special Counsel chief Hampton Dellinger</a>.
What Happened: The Supreme Court has denied Trump&#8217;s appeal to immediately fire Dellinger, who is responsible for protecting government whistleblowers. This decision allows Dellinger to maintain his position for a few more days.
A report <a href="https://www.mediaite.com/news/denied-trump-emergency-appeal-to-fire-watchdog-immediately-rejected-in-unsigned-supreme-court-order/">by</a> Mediaite says Trump had dismissed Dellinger via a direct email two weeks ago. However, U.S. District Judge Amy Berman Jackson quickly ordered his reinstatement following a lawsuit filed by Dellinger.
Last Friday, the Supreme Court upheld Judge Jackson&#8217;s Temporary Restraining Order (TRO) against Trump&#8217;s motion to vacate the order. The unsigned order was based on the fact that the TRO is due to expire in a few days.
Also Read: <a href="https://www.benzinga.com/news/25/02/43768173/trump-appeals-to-supreme-court-for-permission-to-dismiss-head-of-whistleblower-agency">Trump Appeals To Supreme Court for Permission To Dismiss Head of Whistleblower Agency</a>
The order also pointed out that while the&nbsp;Court typically does not have&nbsp;appellate jurisdiction over TROs, the&nbsp;Government urged it to interpret&nbsp;the TRO as a preliminary&nbsp;injunction or to exercise jurisdiction&nbsp;under the All Writs Act&nbsp;due to the restrained core executive power.
Justices Neil Gorsuch and Samuel Alito dissented.
Why It Matters: This decision is significant as it highlights the ongoing legal battles involving the former president. The Supreme Court&#8217;s decision to uphold the TRO against Trump&#8217;s motion to vacate the order underscores the judiciary&#8217;s role in checking executive power. 
The case also brings to light the importance of the Office of Special Counsel in safeguarding government whistleblowers, a role that has been under scrutiny during Trump&#8217;s presidency. 
The decision to allow Dellinger to retain his position, albeit temporarily, is a testament to the checks and balances inherent in the U.S. legal system.
Read Next
<a href="https://www.benzinga.com/markets/25/02/43756824/market-instability-looms-in-trumps-second-term-warns-paul-tudor-jones-theres-no-room-for-mistakes" target="_blank" rel="noreferrer noopener">Market Instability Looms in Trump's Second Term, Warns Paul Tudor Jones: ‘There's No Room for Mistakes'</a>
Image: Shutterstock

Trump's Bid To Remove Watchdog Denied By Supreme Court — What's Behind His Urgency?

President Donald Trump has expressed confidence in his ability to persuade Russian President Vladimir Putin to release thousands of Ukrainian children who have been kidnapped amid the ongoing conflict.
What Happened: Trump voiced his belief during a conversation with&nbsp;Fox News <a href="https://radio.foxnews.com/2025/02/21/president-donald-trump-on-his-frustration-with-zelenskyy/">Radio</a>. He said, &#8220;I&nbsp;believe I could, yes. I&nbsp;didn't know too much about&nbsp;it. I&nbsp;was hearing about it yesterday.&nbsp;It's pretty tough stuff, but&nbsp;I believe I could do&nbsp;that.&#8221;
The pro-Kyiv non-profit&nbsp;Razom for Ukraine&nbsp;has reported that Russian forces have kidnapped&nbsp;19,546 Ukrainian children since 2022.&nbsp;The United Nations Commission of&nbsp;Inquiry on Ukraine stated in 2023 that the majority of these children were taken from Russian-controlled territories in eastern Ukraine and moved further into Russia.
Some of these children were granted Russian citizenship and put into foster care, while others have&nbsp;lost all contact with their&nbsp;biological families. Parents have reported to&nbsp;the UN commission that their&nbsp;children are being subjected to mistreatment, including physical abuse and being forced to wear unclean clothes.
Also Read: <a href="https://www.benzinga.com/news/25/02/43900927/mary-trump-slams-uncle-trump-and-his-corrupt-fascist-regime-are-aligned-with-the-agenda-of-vladimir-putin-and-moscow">Mary Trump Slams Uncle: &#8216;Trump and His Corrupt Fascist Regime Are Aligned With the Agenda of Vladimir Putin and Moscow&#8217;</a>
According to the report <a href="https://nypost.com/2025/02/21/us-news/trump-i-believe-i-could-convince-putin-to-free-thousands-of-kidnapped-ukrainian-kids/">by </a>New York Post, the commission has termed Russia&#8217;s child deportation practices as a &#8220;war crime&#8221; and a breach of international humanitarian law, calling on&nbsp;Moscow to release all Ukrainian&nbsp;deportees and detainees.
While some children have been returned to Ukraine through successful charity operations, thousands still remain in enemy territory.&nbsp;Mykola Murskyj, advocacy director of&nbsp;Razom for Ukraine, underscored the seriousness of the situation, stating, &#8220;Trafficking&nbsp;children goes against everything we&nbsp;stand for as America. We&nbsp;cannot and must not falter&nbsp;in our fight against evil.&#8221;
Why It Matters: This development comes amidst a backdrop of escalating tensions and ongoing conflict in Europe. The kidnapping and mistreatment of Ukrainian children by Russian forces has been a significant point of contention, with international bodies and non-profits alike condemning the actions as war crimes. 
Trump&#8217;s assertion that he could influence Putin to release these children, if true, could potentially lead to a significant breakthrough in this humanitarian crisis. 
However, the actual feasibility and potential implications of such an intervention remain to be seen.
Read Next
<a href="https://www.benzinga.com/news/global/25/02/43769730/ukraine-raises-alarm-over-us-russia-talks-on-war-without-kyivs-involvement">Ukraine Raises Alarm Over US-Russia Talks on War Without Kyiv&#8217;s Involvement</a>
Image: Shutterstock

Global

Trump Says He Could Influence Putin To Free Kidnapped Ukrainian Children: 'It's Pretty Tough Stuff, But I Believe I Could Do That'

Asset allocators frequently embrace multiple asset classes. One exchange traded fund that makes that job more efficient is the Cambria Global Momentum ETF (CBOE: GMOM).

GMOM&#39;s asset selection universe includes bonds, commodities, currencies and domestic and international equities.

<h3>What Happened</h3>

The actively managed GMOM is an ETF of ETFs, meaning its holdings are comprised of other ETFs. That methodology can bolster efficiency and minimize costs in multi-asset funds.

GMOM&#39;s &ldquo;structure reduces transaction costs compared with holding the underlying securities directly, as it reduces the number of trades required,&rdquo; <a href="https://www.morningstar.com/articles/921308/momentum-for-asset-allocation.html">said Morningstar in a recent note</a>. &ldquo;It also promotes tax efficiency because the manager can leverage the ETF&#39;s in-kind redemption feature to purge low-cost-basis securities from the portfolio, reducing the likelihood of capital gains distributions. Cambria explicitly seeks to mitigate the tax impact of this strategy and may engage in tax-loss harvesting--selling losers to realize losses that can offset some of the portfolio&#39;s gains.&rdquo;

<h3>Why It&#39;s Important</h3>

There are more than 2,200 ETFs trading in the U.S., but GMOM&#39;s selection universe is far smaller.

GMOM &ldquo;intends to target investing in the top 33% of a target universe of approximately 50 ETFs based on measures of trailing momentum and trend,&rdquo; <a href="https://www.cambriafunds.com/gmom">according to Cambria</a>.

From there, GMOM&#39;s roster is whittled down as highlighted by a current lineup of 17 ETFs. Of GMOM&#39;s top 10 holdings, five are iShares ETFs, three are Vanguard funds and two are Invesco ETFs. Commodities, real estate, utilities stocks and domestic and international bonds are among the asset classes represented among GMOM&#39;s top 10 holdings.

On a monthly basis, Cambria measures the relative performance of its selection space, looking to identify the top third of funds.

&ldquo;This focus on relative performance represents the offensive part of the strategy, designed to deliver market-beating returns,&rdquo; said Morningstar. &ldquo;When the stock market is doing well, the portfolio should favor stocks and riskier areas of the market over high-quality bonds.&rdquo;

<h3>What&#39;s Next</h3>

With GMOM being an actively managed fund, investors should not expect is asset allocations to remain constant over time.

&ldquo;The composition of this portfolio can change significantly over time,&rdquo; said Morningstar. &ldquo;For example, at the end of 2017, about 91% of its assets were invested in stocks, and it did not hold any bond ETFs. By the end of 2018, its stock allocation had fallen to 37%, as stock markets sank, and its bond allocation climbed to 48%.&rdquo;

Eight of GMOM&#39;s 17 holdings are fixed income funds while another four are equity funds with bond-like traits.

Related Links

<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/03/13445431/traders-buy-the-dip-in-a-volatile-brazil-etf">An Exciting Brazil ETF</a>

<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/03/13445499/a-bond-etf-with-an-equity-feel">Call On Convertibles</a>

An Asset Allocator's Momentum ETF

Multi-asset exchange traded funds, as the name implies, deliver one-stop access to multiple asset classes. The funds in this category use different methodologies for delivering multi-asset exposure, and some are more efficient than others.

The new Cambria Trinity ETF (CBOE: TRTY), which debuted last week, has the makings of a truly efficient multi-asset fund.

Cambria&#39;s latest fund uses an ETF of ETFs structure, meaning its holdings are other ETFs. The fund&nbsp;follows the Cambria Trinity Index.

&ldquo;The index employs a balanced, systematic approach to asset allocation, focusing on diversification, value investing&nbsp;and trend following,&rdquo; <a href="http://www.cambriafunds.com/trty">according to California-based Cambria</a>. &ldquo;The Cambria Trinity ETF uses a buy and hold stategy that aims to produce a balanced, low-turnover portfolio of investable assets.&rdquo;

<h3>Why It&#39;s Important</h3>

The new ETF holds 18 ETFs with weights ranging from 1.94 percent to 33.53 percent. Its member ETFs hail from nine&nbsp;issuers, including seven Cambria ETFs. The Cambria Global Momentum ETF (NYSE:<a class="ticker" href="/stock/GMOM#NYSE">GMOM</a>) and the Vanguard Intermediate-Term Government Bond ETF (NASDAQ:<a class="ticker" href="/stock/VGIT#NASDAQ">VGIT</a>) are the&nbsp;two largest holdings, combining for over 41 percent of the new ETF&#39;s roster.

In addition to traditional equity and fixed income exposure, the ETF&#39;s roster includes managed futures strategies, international equity funds and domestic and international real estate holdings.

The&nbsp;index &ldquo;allocates approximately 16 percent of its portfolio to equity securities, 24 percent to fixed income securities, 44 percent to trend following strategies and 16 percent to other asset classes such as currencies and real assets, including commodities, listed derivatives and real estate,&rdquo; <a href="https://www.etftrends.com/smart-beta-channel/a-one-stop-multi-asset-etfs-to-instantly-diversify-a-portfolio/">according to ETF Trends</a>.

<h3>What&#39;s Next</h3>

The Trinity ETF charges 0.66 percent per year, or $66 on a $10,000 investment. The fund has no management fee and the aforementioned expense ratio of 0.66 percent is a pass-through resulting from the fund&#39;s underlying holdings.

Related Links:

<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/09/12339312/the-communication-services-sector-is-almost-here">A New Sector Is Ready To Go</a>

<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/09/12326219/vanguard-adds-to-fixed-income-lineup-with-total-world-bond-e">A New Cheap Bond ETF</a>

Comments

Cambria Global Momentum ETF

News

Latest news for Cambria Global Momentum ETF (BATS:GMOM)

Monday, April 01, 2019

Tuesday, September 18, 2018

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga