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Most electric-vehicle stocks advanced in the week ended Aug. 23, <a href="https://www.benzinga.com/markets/equities/24/08/40535770/feds-powell-hints-at-policy-shifts-dollar-plunges-gold-rallies-as-investors-flock-to-rate-cut-wi">rising along with the broader market</a> on hopes that a Federal Reserve rate cut is imminent. But company-specific news weighed down on some of them.
Here&#8217;s a rundown on what happened in the EV space during the week:
Mixed Tidings For Tesla In Europe: The European Union said this week that it would cut duty on Tesla, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) made-in-China EVs imported into the region from the initially proposed 20.8% to 9%. The reduced tariff rates will also apply to other Chinese companies. The EU already had a 10% duty on imports of battery EVs coming into the country and the new duty was meant to protect domestic companies from unfair competition from Chinese makers, which benefit heavily from what it called as &#8220;unfair subsidies.&#8221; 
The development comes even as Tesla lost the BEV crown to BMW AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BWMYY#OTC">BWMYY</a>) in July. The German luxury automaker delivered 14,869 BEVs in July compared to Tesla&#8217;s 14,561, data from market research firm JATO Dynamics showed.
Another longtime executive quit Tesla this week, with Sreela Venkataratnam, Vice President, Finance and Business Operations, leaving after an 11-year stint. Incidentally, a handful of key Tesla executives departed when the company announced large-scale job cuts in April. In another turn of event, Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) has reportedly hired former Tesla executive Rebecca Tinucci, who served as Tesla&#8217;s head of charging network, as its global head of sustainability.
Rawlinson Says Tesla Distracted: Luxury EV maker Lucid Group, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) Peter Rawlinson was at it again. In an interview with Yahoo Finance this week, he <a href="https://finance.yahoo.com/news/lucid-ceo-weve-taken-the-mantle-from-a-distracted-tesla-220430625.html">said</a>, &#8220;We are considerably ahead of where Tesla is. We&#8217;ve taken that mantle. When I was at Tesla, Tesla was the tech leader. They&#8217;ve become distracted, and we have taken that place.&#8221; Lucid is on track to complete the build of its Arizona plant to a 90,000-unit per year capacity and manufacture 9,000 Lucid Airs this year, with Gravity rolling out this year, he added.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Ford Scales Back EV Plans: Legacy automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), which previously dialed back its EV plans a couple of times, announced that it would scrap plans to launch three-row all-electric SUVs and instead manufacture hybrids. The company also delayed the rollout of its next-gen electric truck to the second half of 2027, while it said it would begin making new electric commercial van which would use battery cells produced at its Tennessee plant. The series of steps are necessitated by rising competition from low-cost EV manufacturers, especially from China, and the aggressive pricing strategy adopted by industry players.
&#8220;With pricing and margin compression, we've made the decision to adjust our product and technology roadmap and industrial footprint to meet our goal of reaching positive EBIT within the first 12 months of launch for all new models,&#8221; said CFO John Lawler.
Workhorse Cash-Strapped: Ohio-based EV manufacturer Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>) announced disappointing second-quarter results, with revenue coming in at $0.84 million, missing the street view of $8.43 million. The company attributed much of the sales drop to lower W4 CC vehicle sales. The bottom-line also missed expectations. In the quarterly report filed with the SEC, the company sounded out a going concern warning.
Canoo Executive Quits: Struggling lifestyle EV maker Canoo, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>) chief technology officer Sohel Merchant, one of the founding members, has quit as the company is going through a significant reorganization, TechCrunch <a href="https://techcrunch.com/2024/08/23/canoo-cto-sohel-merchant-is-out-amid-wider-reorg/">reported</a>. The report noted that the company has been implementing austerity measures including closing down of its Los Angeles location and asking those working out of the place to relocate to either Texas or Oklahoma.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 1.21% at $18.93, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF was up 3.44% .
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40501349/bad-tidings-for-tesla-and-its-peers-were-in-the-dead-of-the-ev-winter-says-gene-mun">Bad Tidings For Tesla And Its Peers? &#8216;We&#8217;re In The Dead Of The EV Winter,&#8217; Says Gene Munster, As He Expects Growth To Collapse From 50% In 2023 To 5% This Year</a></li>
</ul>
Here&#8217;s how the EV stocks fared this week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+1.94%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>+3.29%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+1.01%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+3.36%</td>
</tr>
<tr>
<td>Workhorse </td>
<td>-33.55%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+20.59%</td>
</tr>
<tr>
<td>Canoo</td>
<td>-2.00%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>+5.68%</td>
</tr>
<tr>
<td>Lucid</td>
<td>+33.33%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>)</td>
<td>+41.21%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-7.63%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-3.68%</td>
</tr>
</tbody>
</table>
</figure>

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Tesla Gets Relief In Europe, Ford's Electrification Struggles, Lucid Boasts Of Tech Leadership And More: Biggest EV Stories Of The Week

A new 2024 election poll may be an outlier in the head-to-head matchup between Donald Trump and Kamala Harris with Trump leading 10 weeks before the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election</a>.
What Happened: Since Harris became the Democratic Party candidate, which was officially confirmed with her <a href="https://www.benzinga.com/general/politics/24/08/40536774/kamala-harris-accepts-historic-democratic-party-nomination-heres-what-comes-next-chance-to-chart">nomination at the DNC</a>, she has led many polls.
But one poll that differs is from conservative-leaning firm <a href="https://www.rasmussenreports.com/public_content/politics/biden_administration/election_2024_trump_49_harris_46">Rasmussen</a>. The newest Rasmussen poll shows Trump with a lead. Here's the latest, with the previous poll results in parentheses.
Donald Trump: 49% (49%)
Kamala Harris: 46% (45%)
The poll shows 2% of voters undecided and 2% of voters saying they would vote for another candidate. With the poll expanded beyond the head-to-head options, the results were:
Donald Trump: 47%
Kamala Harris: 45%
Robert F. Kennedy Jr.: 4%
The poll was conducted between Aug. 15 and Aug. 21 and came before the Democratic National Convention had been completed and before Kennedy <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">suspended his campaign,</a> two key political events for the week.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent082324">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: The poll itself is an outlier, with Harris averaging a 2% lead in national head-to-head polls as <a href="https://www.realclearpolling.com/polls/president/general/2024/trump-vs-harris-vs-kennedy-vs-stein-vs-west">reported</a> by RealClearPolling.
Even the Rasmussen poll showing Trump with a three-point lead is a significant improvement for the Democratic Party from the <a href="https://www.benzinga.com/news/24/06/39445709/trump-vs-biden-rasmussen-poll-now-shows-one-candidate-has-huge-lead-over-other-with-just-4-months-be">10-point lead</a> Trump had over Joe Biden in June before Biden dropped out of the race.
While Kennedy endorsed Trump, not all his supporters will shift over to the Republican ticket.
Trump could pick up 2% to 3% based on Kennedy Jr.'s support, which could increase his lead in one of the few polls showing him leading over Harris.
The next few national polls from leading polling agencies post Kennedy dropping out could be important indicators ahead of a highly anticipated presidential debate on Sept. 10.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent082324">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Politics

Trump Vs. Harris: New 2024 Election Poll Shows Outlier For Former President With 3-Point Lead, RFK Jr. Backing Could Add To Margin

Officials from three of the world&#8217;s leading central banks have now hinted at potential interest rate cuts in the upcoming months. This move comes as the global economy continues to recover from the inflationary <a href="https://www.benzinga.com/news/24/08/40303485/mark-mobius-predicts-further-economic-struggles-following-stock-market-crash-this-is-a-real-problem">effects of the pandemic</a>.
What Happened: Jerome Powell, the Chair of the Federal Reserve, suggested at an annual gathering of global policymakers and economists in Jackson Hole, Wyoming, that the U.S. central bank is likely to lower rates in September.
Several members of the European Central Bank&#8217;s Governing Council, including Olli Rehn of Finland, Martins Kazaks of Latvia, Boris Vujcic of Croatia and Mario Centeno of Portugal, also expressed their support for a further reduction in interest rates next month, <a href="https://www.bloomberg.com/news/articles/2024-08-23/major-central-banks-now-aligned-as-powell-signals-fed-cuts-ahead?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a> Bloomberg.
"The time has come for policy to adjust," Powell said. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks."
Rehn has said that the euro area as "on track and the growth outlook in Europe, especially manufacturing, is rather subdued." He added that "this enforces the case for a rate cut in September."
Andrew Bailey, the Governor of the Bank of England, indicated a potential for further rate cuts, following a quarter-point reduction to 5% earlier this month, which was the first since the onset of the pandemic. 
Also Read: <a href="https://www.benzinga.com/news/24/08/40431394/brighter-outlook-goldman-sachs-optimistic-on-u-s-economy-cuts-recession-risk-down-to-20">Brighter Outlook: Goldman Sachs Optimistic On U.S. Economy, Cuts Recession Risk Down To 20%</a>
Central banks in Canada, New Zealand and China are also considering easing their rates.
Despite these indications, Powell did not provide much guidance beyond September, stating that the timing and pace of rate cuts would depend on incoming data and the evolving outlook. 
He stressed the importance of supporting the labor market, in light of the recent rise in the unemployment rate to nearly a three-year high of 4.3%.
Research presented at the Jackson Hole conference warned that the US labor market is nearing a tipping point, and policymakers run the risk that additional slowing could bring a much larger increase in the unemployment rate.
Why It Matters: The potential interest rate cuts by these major central banks could have significant implications for the global economy. Lower interest rates typically stimulate economic growth by making borrowing cheaper, which can encourage spending and investment. 
However, they can also lead to increased inflation. As the world continues to recover from the economic impacts of the Covid-19 pandemic, these decisions by central banks will be closely watched by investors and economists alike.
Read Next:&nbsp;
<a href="https://www.benzinga.com/general/market-summary/24/08/40429168/s-p-500-records-best-week-of-the-year-amid-favorable-economic-reports-what-really-drove-th" target="_blank" rel="noreferrer noopener">S&amp;P 500 Records Best Week Of The Year Amid Favorable Economic Reports: What Really Drove The Rally?</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Federal Reserve

Fed Chair Powell's Signal Sets Stage For Rate Global Central Banks Hint At Interest Rate Cuts In Reviving Economy

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 three major averages posted gains for the week, with the Dow up nearly 1.3%, the Nasdaq gaining 1.4%, and the S&amp;P 500 rising 1.45%. 
Stocks moved higher Friday morning after Federal Reserve Chair Jerome Powell signaled <a href="https://www.benzinga.com/markets/equities/24/08/40535770/feds-powell-hints-at-policy-shifts-dollar-plunges-gold-rallies-as-investors-flock-to-rate-cut-wi">potential interest rate decreases</a> during his Jackson Hole speech, stating, "The time has come for policy to adjust." However, Powell refrained from specifying the timing or extent of any rate cuts, emphasizing a data-driven approach.
The anticipation of lower rates contributed to a drop in the dollar, which hit its lowest level in over a year, and boosted interest rate-sensitive sectors like small-cap stocks, real estate, and regional banks.
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/analyst-ratings/analyst-color/24/08/40443620/goldman-sachs-is-bullish-on-nvidia-ahead-of-earnings-risk-reward-for-ai-stock-favor">Goldman Sachs Is Bullish On Nvidia Ahead Of Earnings: Risk-Reward For AI Stock &#8216;Favorable&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/piero-cingari">Piero Cingari</a>, details Goldman Sachs&#8217; optimistic outlook on Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), driven by strong AI demand and Data Center growth, with potential for an 89% stock price increase despite risks from delayed GPU launches.
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40470458/make-as-much-money-as-possible-before-ai-renaissance-says-raoul-pal-who-sees-bitcoin-as-th">‘Make As Much Money As Possible' Before AI ‘Renaissance,' Says Raoul Pal, Who Sees Bitcoin As ‘The Standout Asset'</a>,&#8221; by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, features Raoul Pal&#8216;s advice to capitalize on assets like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) before AI and robotics reshape the economy, emphasizing Bitcoin&#8217;s historical outperformance amid ongoing currency debasement.
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40505439/broadcom-secures-major-wins-with-openai-google-meta-as-it-targets-150b-ai-market">Broadcom Secures Major Wins With OpenAI, Google, Meta As It Targets $150B AI Market</a>,&#8221; by <a href="https://www.benzinga.com/author/surbhi-jain">Surbhi Jain</a>, highlights Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) securing critical AI ASIC partnerships with OpenAI, Google parent Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), positioning itself to capitalize on a $150 billion AI market.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40461722/amazons-multi-billion-dollar-run-rate-in-ai-drives-strategist-to-double-down-on-stock">Amazon&#8217;s &#8216;Multi-Billion Dollar Run Rate&#8217; In AI Drives Strategist To Double Down On Stock</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40457722/gold-is-getting-its-moment-in-the-sun-and-experts-say-the-record-high-prices-could-">Gold &#8216;Is Getting Its Moment In The Sun&#8217; And Experts Say The Record High Prices Could Climb Even Higher: Here&#8217;s The Case For Even More Glittering Gains</a>
<a href="https://www.benzinga.com/top-stories/24/08/40514465/carvana-defies-the-odds-with-217-ytd-rally-is-the-comeback-story-real">Carvana Defies The Odds With 217% YTD Rally: Is The Comeback Story Real?</a>
The Bears
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40459460/tesla-shares-kind-of-dead-in-the-water-until-this-happens-says-portfolio-manager-bl">Tesla Shares &#8216;Kind Of Dead In The Water&#8217; Until This Happens, Says Portfolio Manager, Blames CEO Elon Musk For Alienating Customers &#8216;Super Important To Him,&#8217;</a>&#8221; by <a href="https://www.benzinga.com/author/shanthi-rexaline">Shanthi Rexaline</a>, discusses Bill Davis of Hennessy Stance ESG ETF expressing concerns about Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) due to its absence in the low-cost EV segment and Elon Musk&#8216;s leadership, suggesting the stock may remain stagnant until Tesla addresses these issues.
&#8220;<a href="https://www.benzinga.com/news/24/08/40528681/intel-board-member-lip-bu-tan-resigns-amid-chipmakers-struggle-with-cost-cuts">Intel Board Member Lip-Bu Tan Resigns Amid Chipmaker&#8217;s Struggle With Cost Cuts</a>,&#8221; by <a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, reports that Lip-Bu Tan resigned from Intel Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) board to reprioritize commitments, as the company faces challenges with its $10 billion cost-reduction plan amid a 39% stock decline over the past year.
&#8220;<a href="https://www.benzinga.com/top-stories/24/08/40511947/investors-are-further-confused-on-snowflake-one-analyst-says-they-know-why">Snowflake Investors &#8216;Further Confused&#8217; After Q2 Earnings: One Analyst Says They Know Why</a>,&#8221; by <a href="https://www.benzinga.com/author/priya-nigam">Priya Nigam</a>, explains why Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) shares dropped 13.5%, as analysts pointed to mixed signals from management&#8217;s guidance despite strong quarterly results, leaving investors puzzled over the company&#8217;s growth outlook.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40505099/peter-schiff-warns-dollar-on-verge-of-a-total-collapse-as-greenback-succumbs-to-ris">Peter Schiff Warns Dollar On &#8216;Verge Of A Total Collapse&#8217; As Greenback Succumbs To Rising Rate Cut Bets</a>
<a href="https://www.benzinga.com/news/24/08/40503967/fisker-recalls-nearly-8k-ocean-suvs-over-risks-of-reduced-braking-performance">Fisker Recalls Nearly 8K Ocean SUVs Over Risks Of Reduced Braking Performance</a>
<a href="https://www.benzinga.com/markets/equities/24/08/40483291/boeings-777x-faces-yet-another-setback-structural-cracks-reportedly-force-grounding-of-test-flee">Boeing&#8217;s 777X Faces Yet Another Setback: Structural Cracks Reportedly Force Grounding Of Test Fleet</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>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence via Midjourney.

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Benzinga Bulls And Bears: Nvidia, Tesla, Snowflake, Broadcom — And Raoul Pal Advocates Bitcoin Before AI

Tesla and SpaceX CEO Elon Musk&nbsp;has reportedly given a new directive to&nbsp;X, formerly Twitter,&nbsp;employees. They need to prove their value to the company to receive their expected stock grants.
What Happened: Musk&#8217;s social media company intends to distribute&nbsp;stock options based on the&nbsp;anticipated impact of employees on the company. 
To be eligible for the stock, X staffers must provide a one-page summary of&nbsp;their contributions to the company, <a href="https://www.theverge.com/2024/8/23/24226830/elon-musk-email-x-twitter-stock-grants">reported</a> The Verge, citing an email sent by Musk to employees.
This move comes in the wake of recent discord between X&#8217;s leadership and its employees, following an <a href="https://www.benzinga.com/news/24/06/39304750/linda-yaccarino-reportedly-leaves-staff-in-dark-over-delayed-promotions-who-is-the-grim-reaper-that">unexpected delay in the promotions</a> process.
Amid the company&#8217;s ongoing challenges under Musk&#8217;s leadership,&nbsp;employees have been bracing for&nbsp;potential job cuts.
See Also:&nbsp;<a href="https://www.benzinga.com/general/gaming/24/08/40472835/take-two-interactive-software-shares-are-trading-higher-today-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Take-Two Interactive Software Shares Are Trading Higher Today: What&#8217;s Going On</a>
An insider at X told The Verge, that X is yet to deliver the annual equity refresher to its staff, which was due in April. 
The tech mogul had earlier assured employees that they would be able to cash out stock regularly, akin to SpaceX staff, but this assurance remains unfulfilled, the report noted.
The last equity refresh for X employees took place in October 2023, when the company was valued at $19 billion, a significant decrease from&nbsp;the <a href="https://www.benzinga.com/news/24/05/38997483/elon-musk-who-acquired-twitter-for-44b-says-social-media-is-bad-for-kids-theyre-being-programmed-by">$44 billion Musk paid&nbsp;for it</a>. 
During this refresh, employees were granted restricted stock units, or RSUs, at a price of $45, the report stated.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: As the world&#8217;s richest person, Musk has been known for his stringent management style, often expecting employees to <a href="https://www.benzinga.com/news/24/08/40429672/elon-musk-is-the-richest-person-in-the-world-how-much-does-he-pay-employees-at-tesla-spacex-and-x">work unconventional hours</a> for extended periods.
X has also been facing legal challenges and winning some of them. Last month, <a href="https://www.benzinga.com/news/24/07/39702644/elon-musks-x-corp-wins-500m-severance-lawsuit-judge-rules-laid-off-twitter-employees-claims-not-cove">X Corp won a $500 million severance</a> lawsuit. Earlier this month, the company was also <a href="https://www.benzinga.com/news/24/08/40298641/elon-musks-x-faces-20m-lawsuit-from-ex-twitter-board-member-omid-kordestani-over-unpaid-shares">sued by former Twitter board</a> member Omid Kordestani over unpaid shares worth $20 million.
In August, the names of high-profile investors in X were also <a href="https://www.benzinga.com/news/24/08/40501097/elon-musks-x-reveals-its-investors-include-saudi-prince-al-waleed-bin-talal-al-saud-jack-dorsey-andr">revealed in a court filing</a>. The names included Saudi Prince Al Waleed bin Talal al Saud, Twitter co-founder Jack Dorsey, and Andreessen Horowitz.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Social Media

Tech

Media

Elon Musk's X Staff Have To Justify Why They Deserve Stock Grants, With 1-Page Summary Of Their Contributions: Report

After a series of high-profile employees left ChatGPT-parent OpenAI, the startup has onboarded former Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) executive, Irina Kofman.&nbsp;
What Happened: Kofman will be reporting directly to OpenAI CTO Mira Murati and will initially focus on safety and preparedness, <a href="https://www.bloomberg.com/news/articles/2024-08-23/openai-hires-ex-meta-executive-irina-kofman-to-head-strategic-initiatives?srnd=homepage-americas">reported</a> Bloomberg, citing a company spokesperson.
According to Kofman's LinkedIn page, she has served as a senior director of product management for generative AI at Meta for five years.
See Also:<a href="https://www.benzinga.com/general/gaming/24/08/40472835/take-two-interactive-software-shares-are-trading-higher-today-whats-going-on?itm_source=parsely-api"> Take-Two Interactive Software Shares Are Trading Higher Today: What&#8217;s Going On</a>
Earlier in June, OpenAI also added former Instagram and Twitter (now rebranded as X) executive Kevin Weil as chief product officer.&nbsp;
The startup has also onboarded former Nextdoor CEO Sarah Friar as chief financial officer, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI has also seen <a href="https://www.benzinga.com/news/24/05/38834519/openai-chief-scientist-ilya-sutskever-steps-down-ceo-sam-altman-calls-him-a-guiding-light-of-ai-fiel">some notable exits</a>. This includes one of OpenAI's co-founders John Schulman and researcher Jan Leike, who have joined Anthropic, a rival to OpenAI.
In May, OpenAI chief scientist Ilya Sutskever also announced his departure from the company after nearly a decade.&nbsp;
In August, another OpenAI co-founder Greg Brockman also announced that he is <a href="https://www.benzinga.com/news/24/08/40177350/openai-president-greg-brockman-says-hes-taking-a-sabbatical-through-end-of-year-but-admits-mission-f">taking a sabbatical</a>.&nbsp;
The AI startup has also been involved in a talent war with other tech companies. In April, Tesla and SpaceX CEO Elon Musk also said that OpenAI has been <a href="https://www.benzinga.com/news/24/04/38083332/elon-musk-reveals-openai-aggressively-poaching-tesla-engineers-with-massive-compensation-offers-tale">aggressively poaching engineers</a> from his EV giant.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Photo courtesy: Shutterstock

MSFT

ChatGPT-Maker OpenAI Taps Former Meta Exec To Drive Strategy Amid Growing Exodus

Tech billionaire Elon Musk's space company, SpaceX, is now powering high-speed internet services aboard the USS Abraham Lincoln, thanks to its <a href="https://www.benzinga.com/topic/starlink">Starlink satellite services</a>.
What Happened: According to the U.S. Department of Defense, the U.S. Navy has implemented Starlink on the aircraft carrier USS Abraham Lincoln (CVN 72) to achieve gigabit internet speeds.&nbsp;
The installation aims to enhance both operational efficiency and crew morale.
The initiative, part of the SEA2 (Sailor Edge Afloat and Ashore) program, was spearheaded by Cmdr. Kevin White, a combat systems officer on the carrier. This new system uses low-orbit satellites to provide high-speed internet to naval ships and shore sites.
Previously, ship communications relied on Department of Defense satellites, which were in geostationary orbit and resulted in slower data rates. The new low-orbit satellites, like Starlink, are positioned between 375 to 750 miles above Earth, offering faster and more reliable connections.
The need for better connectivity became more urgent during the COVID-19 pandemic when port calls were restricted, isolating ships from the rest of the world. Enhanced internet access aims to mitigate such issues in the future.
See Also: <a href="https://www.benzinga.com/news/24/08/40243971/spacex-ceo-elon-musk-applauds-company-president-gwynne-shotwell-after-she-envisions-complete-worldwi">SpaceX CEO Elon Musk Applauds Company President Gwynne Shotwell After She Envisions Complete Worldwide Internet Connectivity In 5 Years</a>
With support from NAVWAR's Digital Engineering office and PEO Digital and Enterprise Services, SEA2 was fast-tracked and achieved cybersecurity certification. This has significantly improved the quality of life and work for sailors aboard the USS Abraham Lincoln.
"Sailors' morale and work output have been bolstered by the fast, stable, and secure connection it provides. A new Internet culture has also been developed, centered around the safe and healthy consumption of Wi-Fi aboard an active warship," the report said.
"This past February, during the testing phase of SEA2, a Super Bowl watch party was held live, which had never been done before."
Why It Matters: The deployment of Starlink on the USS Abraham Lincoln is part of a broader trend of expanding high-speed internet connectivity through <a href="https://www.benzinga.com/news/24/07/39570320/after-win-win-rollout-on-carnivals-cruise-fleet-spacexs-starlink-is-supposedly-enabling-connectivity">SpaceX&#8217;s Starlink</a> network.
Starlink has also <a href="https://www.benzinga.com/news/24/07/39570320/after-win-win-rollout-on-carnivals-cruise-fleet-spacexs-starlink-is-supposedly-enabling-connectivity">enhanced connectivity</a> on Carnival Corp. cruise ships and even Antarctic research vessels, significantly improving communication for those in remote locations.
In July, SpaceX announced that Starlink now <a href="https://www.benzinga.com/news/24/07/39949583/spacexs-starlink-now-provides-internet-connectivity-to-over-1-000-aircraft-around-the-world-allowing">provides internet connectivity</a> to over 1,000 aircraft globally, enabling passengers to make video calls and play online games during flights.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by <a href="https://www.benzinga.com/topic/mobility">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: SpaceX

US Navy Installs Starlink On USS Abraham Lincoln Aircraft Carrier, Currently In The Middle East: 'A Super Bowl Watch Party Was Held Live, Which Had Never Been Done Before'

Former bank CEO from Kansas,&nbsp;Shan Hanes, has been&nbsp;sentenced to 24 years in&nbsp;prison for his involvement in a $47.1 million crypto scam related to pig butchering.
What Happened: Hanes, the former CEO of Heartland Tri-State Bank, was convicted of embezzlement. He diverted the bank&#8217;s funds into crypto accounts controlled by scammers, leading to the bank&#8217;s collapse, <a href="https://www.nbcnews.com/business/business-news/cryptocurrency-pig-butchering-scam-wrecks-kansas-bank-sends-ex-ceo-pri-rcna167642">reported</a> NBC News.
Hanes was caught up in a pig butchering scam, where he purchased crypto to allegedly unlock returns on his investments, which he never received.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40498543/amid-heated-trump-harris-battle-crypto-industry-pours-unprecedented-119m-into-2024-electio?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Heated Trump-Harris Battle, Crypto Industry Pours &#8216;Unprecedented&#8217; $119M Into 2024 Elections &#8211; Here Are The Biggest Donors</a>
Between May and June 2023, Hanes made&nbsp;11 wire transfers using the&nbsp;stolen bank&nbsp;funds. He also embezzled money&nbsp;from a local church, an&nbsp;investment club, and his daughter&#8217;s&nbsp;college savings account. 
The Heartland&nbsp;Tri-State Bank, insured by the FDIC,&nbsp;was one of the five&nbsp;banks to close in 2023.
US Attorney&nbsp;Kate E. Brubacher&nbsp;commented, &#8220;Hanes&#8217; greed knew no bounds. He&nbsp;trespassed his professional obligations, his&nbsp;personal relationships, and federal law.&#8221;
"Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions," Brubacher said.
Why It Matters: Pig butchering scams have seen a significant rise in recent years, with victims worldwide losing over $75 billion, <a href="https://time.com/6836703/pig-butchering-scam-victim-loss-money-study-crypto/">reported</a> Time in February, citing a study.
These scams typically involve the scammer forming a relationship with the victim, often romantic, before enticing&nbsp;them into making a series&nbsp;of crypto investments.
The sentencing of Hanes comes amidst a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40321230/massive-650m-crypto-fraud-scheme-uncovered-sec-files-charges">surge in crypto scams</a>. Earlier in August, the&nbsp;Securities and Exchange Commission (SEC)&nbsp;filed charges against NovaTech Ltd. for defrauding over 200,000 investors worldwide of more than $650 million in crypto assets. 
Previously, the&nbsp;Federal Bureau of Investigation (FBI)&nbsp;also issued an alert on the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40132699/fbi-issues-alert-on-crypto-exchange-impersonation-scams">rising trend of scammers</a> impersonating cryptocurrency exchange employees to defraud unsuspecting victims. 
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Open Clipart

Legal

Former Bank Exec Gets 24 Years In Prison After Stealing $47M For A Crypto Fraud To 'Unlock' Returns In A 'Pig Butchering' Scam

Crypto strategist Michaël van de Poppe predicts Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is poised for new all-time highs if it surpasses a crucial resistance level.
What Happened: Van de Poppe, addressing his 723,200 followers on social media platform X, stated that if Bitcoin rises 2.25% from its current value, it could achieve a new all-time high by early September.
He emphasized, &#8220;Bitcoin bouncing upwards, onto the final resistance at $62,000. If that breaks, then it's close to getting a new ATH in September.&#8221;
Bitcoin is currently trading at $64,028, up by 4.90% in the last 24 hours, surging past the level highlighted by the analyst.
Van de Poppe also noted the importance of ETF data inflows, which could positively impact Bitcoin&#8217;s price movement.
<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">It feels great to have the market breaking out.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bouncing upwards, onto the final resistance at $62K. If that breaks, then it&#39;s close to getting a new ATH in September. Expecting a lot of positive inflow in the data on the ETF tomorrow. <a href="https://t.co/Etr1LJIA1b">pic.twitter.com/Etr1LJIA1b</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1826348717328531603?ref_src=twsrc%5Etfw">August 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Additionally, the analyst highlighted that Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) could signal an uptrend for the altcoin market if it flips a key resistance level into support.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40521396/argentinas-pro-bitcoin-president-javier-mileis-fiscal-plans-hit-a-roadblock-as-senate-appr">Argentina&#8217;s Pro-Bitcoin President Javier Milei&#8217;s Fiscal Plans Hit A Roadblock As Senate Approves Pension Spending Increase</a>
"Ethereum looks excellent, but it needs to continue climbing upwards. Crucial level to break: $2,700. There is nothing between $2,700 and $3,100, likely triggering a big upward run on altcoins," he added.
<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 href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> looks excellent, but it needs to continue climbing upwards. Crucial level to break: $2,700. There is nothing between $2,700 and $3,100, likely triggering a big upward run on <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a>. <a href="https://t.co/oZ99vN8soU">pic.twitter.com/oZ99vN8soU</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1826597691893448735?ref_src=twsrc%5Etfw">August 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The prediction by Van de Poppe comes amid a series of bullish forecasts for Bitcoin. Real Vision analyst Jamie Coutts suggested that <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40429793/bitcoin-could-soar-200-this-cycle-if-this-happens">Bitcoin might witness a 200% surge</a> in its current cycle, potentially reaching a six-figure valuation.
Earlier, crypto analyst Kevin Svenson predicted that Bitcoin could see an upsurge of up to 86%, potentially <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40301048/crypto-analyst-says-bitcoin-could-hit-100-000-an-86-surge">hitting the $100,000 mark</a>. Svenson noted that Bitcoin has formed a bullish divergence pattern on the daily chart.
Van de Poppe&#8217;s latest prediction aligns with his earlier statements, where he projected that Bitcoin will <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40298886/bitcoin-poised-for-new-all-time-high-predicts-top-crypto-analyst-while-saying-insti">reach a new all-time high</a> in the upcoming months. He stated, &#8220;If this closes above $57,000, then it&#8217;s very likely that we&#8217;ve seen the low of this correction.&#8221;
Price Action: At the time of writing, Bitcoin was trading at $64,028, up by 4.90% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image generated using Dall-E

Analyst Color

$ETH

Bitcoin Could Hit New All-Time High In Next Two Weeks If This Key Level Breaks, Says Top Analyst

After <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">securing the endorsement</a> of Robert F. Kennedy Jr. for his 2024 campaign, former President Donald Trump welcomed him at a campaign rally in Arizona.
What Happened: On Friday, Trump introduced Kennedy to his supporters in Glendale, Arizona, lauding him as an &#8220;incredible champion&#8221; with who he shares many values, <a href="https://thehill.com/homenews/campaign/4845327-trump-rfk-jr-arizona-rally/">reported</a> The Hill.
The crowd responded with enthusiastic applause and chants of &#8220;Bobby!&#8221; The former President also said, &#8220;I think he's [Kennedy] going to have a huge influence on this campaign.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40482862/former-tesla-exec-says-harris-not-trump-will-be-far-better-for-ev-giants-long-term-success-still-tru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Harris, Not Trump, Will Be &#8216;Far Better&#8217; For EV Giant&#8217;s Long-Term Success: &#8216;…Still Trust Kamala More Even On The Issues Where I&#8217;d Generally Prefer A Republican&#8217;</a>
Trump acknowledged Kennedy&#8217;s presidential campaign, stating, &#8220;For&nbsp;the past 16 months, Bobby&nbsp;has run an extraordinary campaign&nbsp;for president of the United&nbsp;States.&#8221;
During the rally, Trump also said he would establish a commission on assassination&nbsp;attempts, focusing on releasing remaining documents related to&nbsp;the John F. Kennedy assassination&nbsp;attempt. 
He also pledged to create a panel&nbsp;to study chronic diseases like&nbsp;autism, obesity, and autoimmune disorders, aligning with Kennedy&#8217;s stated priorities.
Why It Matters: Previously, it was reported that Kennedy&#8217;s endorsement of Trump was contingent on the possibility of securing a <a href="https://www.benzinga.com/news/24/08/40497943/robert-kennedy-jr-looking-for-a-trump-administration-gig-in-return-for-supporting-ex-president-says">role in Trump's administration</a> if he is elected. 
Larry Sharpe, outreach director with the Super PAC American Values 2024, stated that Trump had earlier expressed openness to Kennedy playing a role in his administration.
However, Kennedy&#8217;s endorsement of Trump has not been well-received by all. Kennedy&#8217;s siblings condemned his endorsement of Trump as a &#8220;betrayal&#8221; of their family values, <a href="https://www.benzinga.com/news/24/08/40540001/kennedy-family-members-condemn-rfk-jr-s-trump-endorsement-as-betrayal-throw-their-weight-behind-harr">throwing their support</a> behind Vice President Kamala Harris and her running mate Tim Walz instead.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump Welcomes RFK Jr. At Arizona Rally Following Endorsement, Calls Him An 'Incredible Champion:' 'I Think He's Going To Have A Huge Influence On This Campaign'

Tesla Inc. and SpaceX CEO Elon Musk on Friday revealed that his rocket company has made substantial <a href="https://www.benzinga.com/news/24/05/39079925/elon-musk-insists-spacex-isnt-killing-competition-with-low-pricing-hopes-rivals-focus-on-rocket-reus">progress in reusability</a>, a goal he set 13 years ago.
What Happened: Musk responded to a fan page post on the platform, which shared a video of him from 13 years ago discussing the ambitious goal of creating a&nbsp;fully and rapidly reusable rocket.
The tech mogul responded to the video saying that SpaceX&#8217;s Falcon 9 rocket is now approximately 75% reusable, with several days needed between flights.
Moreover, the company&#8217;s Starship is&nbsp;designed to be 100% reusable&nbsp;and could potentially&nbsp;be &#8220;ready to refly within&nbsp;an hour of landing.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40479844/rivians-head-of-manufacturing-tim-fallon-joins-european-automaker-stellantis?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Rivian&#8217;s Head Of Manufacturing Tim Fallon Joins European Automaker Stellantis</a>
&#8220;This is the key to&nbsp;becoming a multiplanet civilization,&#8221; he stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Falcon 9 is now ~75% reusable and requires several days between flights. Starship is designed to be 100% reusable and ultimately be ready to refly within an hour of landing. This is the key to becoming a multiplanet civilization. <a href="https://t.co/OI8aJV9uB6">https://t.co/OI8aJV9uB6</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1827012570357612835?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
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</figure>
Why It Matters: Earlier this month, Musk <a href="https://www.benzinga.com/news/24/08/40305893/starship-fifth-flight-delayed-spacex-ceo-elon-musk-gives-fresh-august-end-timeline">revealed a delay in the fifth flight test</a> of the Starship launch vehicle, pushing the timeline to the end of the month. This marked a significant delay from his previous timeline, which was previously pegged for Aug. 2.
Musk&#8217;s SpaceX has also been facing <a href="https://www.benzinga.com/news/24/08/40331365/elon-musks-spacex-refutes-allegations-of-water-pollution-due-to-starship-facility-in-texas-factually">allegations of water pollution</a> due to its Starship facility in Texas. The company has refuted these claims, stating that the reports were factually incorrect.
Last month, SpaceX denied reports claiming that its operations in Boca Chica posed a threat to the piping plover population. Musk has downplayed the environmental concerns, referring to them as <a href="https://www.benzinga.com/news/24/07/39704560/spacex-ceo-elon-musk-mocks-reports-of-wildlife-damage-owing-to-starship-launches-will-refrain-from-h">merely a few destroyed bird nests</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

SPACE

General

Elon Musk Promised To Make Fully Reusable Rockets 13 Years Ago. Today, SpaceX's Starship Is Designed To Be 100% Reusable, Potentially Ready To Fly Again Within An Hour

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is all set to launch the <a href="https://www.benzinga.com/topic/iphone-16">iPhone 16</a> alongside the new Apple Watch and AirPods at an event on September 10, days after a <a href="https://www.benzinga.com/news/24/08/40461257/apple-iphone-16-launch-date-reportedly-set-for-sept-10-heres-everything-we-know-about-cupertinos-upc">leaked invite</a> pointed at the possibility.
What Happened: The tech giant plans to reveal the latest iPhones, watches, and AirPods, sources familiar with the matter <a href="https://www.bloomberg.com/news/articles/2024-08-23/when-is-apple-announcing-the-iphone-16-apple-planning-event-on-sept-10-2024">told</a> Bloomberg. The event will take place on a Tuesday, and the new iPhones are expected to hit the market on September 20.
The launch is crucial for the company, which has faced sluggish sales in recent quarters. The new iPhone 16 is anticipated to help boost revenue, with some sales recorded in the current fiscal quarter. Analysts predict a 7% revenue increase to $128.4 billion in the holiday quarter.
The iPhone 16 will feature larger screens on Pro models and new camera functionalities. Apple is also introducing a suite of AI tools named <a href="https://www.benzinga.com/topic/apple-intelligence">Apple Intelligence</a> that it showed off at the Worldwide Developers Conference (WWDC) held in June.
See Also: <a href="https://www.benzinga.com/news/24/08/40461257/apple-iphone-16-launch-date-reportedly-set-for-sept-10-heres-everything-we-know-about-cupertinos-upc">Everything We Know About Apple iPhone 16</a>
In addition to the iPhone, Apple will launch the Apple Watch Series 10 with larger screens and thinner designs. The AirPods lineup will see new low-end and mid-tier versions, with noise cancellation available on mid-level models for the first time.
Apple is also preparing to transition its Macs to M4 processors later this year. Testing of four new Mac models is underway to ensure compatibility with third-party applications.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The launch of the iPhone 16 has been eagerly anticipated, with leaks and rumors circulating for months.
However, the integration of <a href="https://www.benzinga.com/news/24/07/40003714/first-iphone-16-models-may-not-have-apple-intelligence-features-as-cupertino-delays-ai-integration-f">Apple Intelligence</a> may be delayed. Initial iPhone 16 models might not include these AI features, requiring a software update weeks after the initial release of iOS 18 and iPadOS 18.
Moreover, the iPhone 16 Pro is expected to <a href="https://www.benzinga.com/news/24/06/39129016/iphone-16-destined-to-have-the-worlds-thinest-bezels-new-leak-reveals-it-could-outshine-current-reco">feature the world&#8217;s thinnest bezels</a>, surpassing the current record held by the Samsung Galaxy S24.
Check out more of&nbsp;Benzinga's&nbsp;Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40391576/mark-zuckerberg-explains-why-facebook-beat-google-microsoft-and-yahoo-who-were-fumbling-around-we-we?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Explains Why Facebook Beat Google, Microsoft, And Yahoo Who Were ‘Fumbling Around'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

AAPL

Apple To Unveil iPhone 16, Watches, And AirPods At September 10 Event: Report

Andrej Karpathy, the former Tesla autopilot head and an ex-OpenAI researcher, has voiced his preference for the rapidly evolving programming landscape assisted by AI, over traditional &#8220;unassisted&#8221; coding.
What Happened: On Friday, Karpathy said on X, &#8220;Programming is changing so fast&#8230; I&#8217;m trying VS Code Cursor + Sonnet 3.5 instead of GitHub Copilot again and I think it&#8217;s now a net win.&#8221;
He elaborated that his programming work now primarily involves writing English, reviewing and editing generated diffs,&nbsp;and doing a bit of&nbsp;&#8220;half-coding.&#8221; 
This process includes writing the initial part of the code, commenting it for the large language model (LLM) to understand the plan, and then cycling through iterations.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40498151/apple-app-store-team-sees-major-shakeup-as-business-head-matt-fischer-heads-for-the-exit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple App Store Team Sees Major Shakeup As Business Head Matt Fischer Heads For The Exit</a>
While Karpathy admitted that he is still acclimatizing to all the features of this new programming approach, he stated, &#8220;I basically can&#8217;t imagine going back to &#8216;unassisted&#8217; coding at this point, which was the only possibility just ~3 years ago.&#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">Programming is changing so fast&#8230; I&#39;m trying VS Code Cursor + Sonnet 3.5 instead of GitHub Copilot again and I think it&#39;s now a net win. Just empirically, over the last few days most of my &quot;programming&quot; is now writing English (prompting and then reviewing and editing the…
&mdash; Andrej Karpathy (@karpathy) <a href="https://twitter.com/karpathy/status/1827143768459637073?ref_src=twsrc%5Etfw">August 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Karpathy&#8217;s comments reflect a broader trend in the tech industry, where AI is increasingly being used to automate coding tasks. 
Earlier this month,&nbsp;Amazon Web Services CEO, Matt Garman,&nbsp;predicted&nbsp;that <a href="https://www.benzinga.com/news/24/08/40478216/amazon-web-services-ceo-predicts-ai-could-soon-dominate-coding-being-a-developer-in-2025-may-be-diff">AI could soon dominate coding</a>, stating, &#8220;It's possible that most developers are not coding&#8221; in the near future. 
This prediction <a href="https://www.benzinga.com/markets/equities/24/08/40524790/amazon-ceo-andy-jassy-says-companys-ai-assistant-has-saved-260m-and-4-5k-developer-years-of-work">seems to be coming true</a>. According to Amazon CEO Andy Jassy, their AI assistant, Amazon Q, has significantly cut down software upgrade times, saving thousands of work hours. The average time to upgrade an application to Java 17 dropped from 50 developer days to just a few hours, thanks to Amazon Q, Jassy revealed.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40522136/amazon-delivery-drivers-now-classified-as-employees-by-federal-regulator-union-says-won-a-monumental?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Delivery Drivers Now Classified As Employees By Federal Regulator: Union Says &#8216;Won A Monumental Determination&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Former Tesla Autopilot Head And Ex-OpenAI Researcher Says 'Programming Is Changing So Fast' That He Cannot Think Of Going Back To Coding Without AI

Robert F. Kennedy Jr.&#8217;s <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">endorsement of former President</a> Donald Trump has caused a stir within his family who view this as a &#8220;betrayal&#8221; of their family values.
What Happened: RFK Jr., an independent presidential candidate, announced his endorsement of Trump on Friday. This move has been met with strong disapproval from his siblings.
The statement shared by Kerry Kennedy and signed by her four other siblings, read, &#8220;We believe in Harris and Walz. Our brother Bobby's decision to endorse Trump today is a betrayal of the values that our father and our family hold most dear.&#8221;
&#8220;It is a sad ending to a sad story,&#8221; the statement added.
<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 am sharing a personal statement that my family and I have made in response to my brother's announcement. <a href="https://t.co/j7vTTabNYZ">pic.twitter.com/j7vTTabNYZ</a>
&mdash; Kerry Kennedy (@KerryKennedyRFK) <a href="https://twitter.com/KerryKennedyRFK/status/1827061350452887816?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
During his Friday address, Kennedy&nbsp;criticized&nbsp;Democrats and the media for&nbsp;&#8220;not giving him a fair shake.&#8221; 
Kennedy also stated that he has already removed, and will continue to remove, his name from ballots in swing states or states where he believes his presence could harm the Republican Party&#8217;s chances of winning. 
However, in red states, Kennedy will stay on the ballot, allowing voters to cast their votes for him.
See Also: <a href="https://www.benzinga.com/general/politics/24/08/40475733/trump-in-trouble-vice-president-kamala-harris-hits-record-support-young-voter-lead-in-2024-elect?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump In Trouble? Vice President Kamala Harris Hits Record Support, Young Voter Lead In 2024 Election Poll</a>
Why It Matters: RFK Jr.&#8217;s decision to suspend his campaign and endorse Trump comes after a series of events that have shaped his political journey. 
Last month, it was reported that despite a $2.5 million boost from his running mate, Nicole Shanahan, Kennedy&#8217;s campaign <a href="https://www.benzinga.com/markets/equities/24/07/39871966/kennedys-campaign-still-in-the-red-despite-running-mate-shanahans-2-5m-boost-will-he-exit-the-pr">was still in deficit</a>.
Earlier this month, Kennedy was reportedly <a href="https://www.benzinga.com/news/24/08/40497943/robert-kennedy-jr-looking-for-a-trump-administration-gig-in-return-for-supporting-ex-president-says">seeking a role in Trump&#8217;s administration</a> in return for his support. 
This was followed by his announcement to suspend his campaign, citing his inability to win the 2024 election and the potential of his continued presence resulting in a Democratic Party victory.
Meanwhile, Vice President Kamala Harris&#8217; favorability has surged, indicating a <a href="https://www.benzinga.com/news/24/08/40525794/trump-vs-harris-new-poll-shows-vice-presidents-favorability-surges-by-double-digits-as-rivals-slips">shift in the political landscape</a>.
According to Gallup&#8217;s August poll, Harris&#8217; favorability rating increased by 13 percentage points since June, reaching 47%, while her job approval rating also rose by seven points from December 2023 to 47%.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Kennedy Family Members Condemn RFK Jr.'s Trump Endorsement As 'Betrayal,' Throw Their Weight Behind Harris And Walz: 'Sad Ending To A Sad Story'

OBLG

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

BCAN

Lowe's Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) has outperformed the market over the past 10 years by 6.01% on an annualized basis producing an average annual return of 16.88%. Currently, Lowe's Companies has a market capitalization of $141.97 billion. 
Buying $100 In LOW: If an investor had bought $100 of LOW stock 10 years ago, it would be worth $476.14 today based on a price of $249.95 for LOW at the time of writing.
<h3>Lowe's Companies's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724448614_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

$100 Invested In This Stock 10 Years Ago Would Be Worth $500 Today

Monolithic Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>) has outperformed the market over the past 5 years by 30.51% on an annualized basis producing an average annual return of 44.91%. Currently, Monolithic Power Systems has a market capitalization of $45.57 billion. 
Buying $1000 In MPWR: If an investor had bought $1000 of MPWR stock 5 years ago, it would be worth $6,302.01 today based on a price of $936.29 for MPWR at the time of writing.
<h3>Monolithic Power Systems's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724446828_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

MPWR

$1000 Invested In This Stock 5 Years Ago Would Be Worth $6,300 Today

Amphenol (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APH#NYSE">APH</a>) has outperformed the market over the past 20 years by 11.15% on an annualized basis producing an average annual return of 19.6%. Currently, Amphenol has a market capitalization of $80.99 billion. 
Buying $100 In APH: If an investor had bought $100 of APH stock 20 years ago, it would be worth $3,571.76 today based on a price of $67.25 for APH at the time of writing.
<h3>Amphenol's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724446824_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In Amphenol 20 Years Ago Would Be Worth This Much Today

In the current market session, Oshkosh Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSK#NYSE">OSK</a>) share price is at $107.00, after a 1.59% spike. Moreover, over the past month, the stock fell by 7.77%, but in the past year, increased by 7.00%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1724445909_0.png" alt="Past Year Chart" />

<h3>How Does Oshkosh P/E Compare to Other Companies?</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of the 15.84 in the Machinery industry, Oshkosh Inc. has a lower P/E ratio of 10.19. Shareholders might be inclined to think that the stock might perform worse than it's industry peers. It's also possible that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1724445909_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Intraday Update

A Look Into Oshkosh Inc's Price Over Earnings

Press Releases

GRN Holding Corporation Announces Rebranding to Marijuana Inc. Under the Leadership of the "Henry Ford of the Marijuana Industry," Donald Steinberg

GRN Holding

GRN Holding Corporation (OTCPK:GRNF) announced the successful completion of its merger with Marijuana Inc.

Following the completion of the merger, GRN Holding Corporation and Marijuana Inc. have merged into a consolidated entity, combining their respective strengths, expertise, and resources.

Donald Steinberg CEO at GRN Holdings Corporation, stated, &quot;We are delighted to announce the successful completion of the merger between GRN Holding Corporation and Marijuana Inc. This strategic consolidation positions us as a frontrunner in the cannabis industry, enabling us to provide exceptional products, expand market reach, and drive sustainable growth. Together, we are committed to meeting the needs of consumers while upholding the highest standards of quality and service. The next step for GRN Holding Corporation is the name change to Marijuana Inc. and ticker change.&quot;

As a result of the merger, existing equity holders of Marijuana Inc. have exchanged their shares for equity in the consolidated public company.

About GRN

GRN Holding Corporation is a publicly quoted company focused on the global distribution and sale of marijuana in jurisdictions where it is legal. The company collaborates with marijuana farmers to distribute affordable marijuana to legal consumers, wholesalers, and retailers.

About Marijuana Inc.

The company focuses on controlling the quality of seeds, growing practices, distribution, and delivery to consumers. The two divisions at Marijuana Inc. are: One World Legends and Viva Buds.

About One World Legends

This is the global distribution division of Marijuana Inc. Since they grow their cannabis genetics in a laboratory with tissue culture, they can fulfill orders for identical THC product&#39;s weekly, monthly, yearly, and for decades with the same genetic characteristics. Because the genetics are also landrace strains, the tissue culture process also serves as protection for their genetic collection. They are currently growing tissue culture in Colombia of 25 strains as part of their global launch.

About Viva Buds

Viva Buds is the retail marketing division of Marijuana Inc, focused on a launch in Los Angeles. This program uses the &quot;Tell A Friend&quot; marketing approach to break through established and traditional supply lines by going direct from farm to consumer.

Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay

&nbsp;

 
&nbsp;

&nbsp;

Earlier this week, GRN Holding Corporation (OTC:<a class="ticker" href="/stock/GRNF#OTC">GRNF</a>) announced that it has signed a non-binding letter of intent to purchase Squad Drone, with the intent to launch its business-to-business delivery drone program for the cannabis and hemp industries.

As part of the program, the drones will be equipped with CannaTrac&#39;s&nbsp;cashless payment system to allow for closed-loop payments upon delivery.

&quot;It is CannaTrac&#39;s mission to help improve safety across the hemp and cannabis industries. The drone cannabis delivery partnership allows us to do exactly that, while simultaneously assisting in revolutionizing policy, technology, efficiency and cost across the industry all at once. We are so privileged to be a part of this groundbreaking program,&quot; Thomas Gavin, CEO of CannaTrac, told Benzinga.

&nbsp;

<iframe allow="autoplay; fullscreen" frameborder="0" height="360" src="https://player.vimeo.com/video/378718705" width="640"></iframe>

<a href="https://vimeo.com/378718705">SQUAD DRONE x GRN HOLDING CORP.</a> from <a href="https://vimeo.com/squaddrone">SQUAD DRONE</a> on <a href="https://vimeo.com">Vimeo</a>.

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