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Billy Joel's No Longer In A New York State Of Mind. Music Legend Lists Long Island Manse And Settles In Florida
Billy Joel&#8217;s movin&#8217; out – or rather, has moved out. The music icon, whose 1976 hit New York State Of Mind cemented his association with his home state, has listed his luxury waterfront estate in Centre Island, New York, for $49.9 million.
The Piano Man recently completed a five-year renovation on the sprawling 26-acre property, which contains four separate houses – the Main House, Beach House, guesthouse and Gate House – and sits on over 2,000 feet of private beachfront overlooking the Long Island Sound.
Don't Miss:
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<li>Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a></li>
<li>These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a></li>
</ul>
<h2 class="wp-block-heading">A Long Island Landmark</h2>
Known as Middle Sea, Joel told The New York Times he first saw the property as a teen while dredging oysters to earn extra money. He purchased the property in 2002, three years after Forbes estimated his net worth at around $52 million. It is now estimated to be around $250 million. Located between the upscale <a href="https://www.benzinga.com/content/42252309/carolyn-miles-scents-4-my-soul-ceo-to-be-honored-at-this-year-2024-kwanza-celebration">Long Island</a> neighborhoods of <a href="https://www.benzinga.com/markets/24/09/40943847/piano-man-hits-a-sour-note-billy-joels-mansion-takes-a-15-million-haircut">Oyster Bay</a> and Cold Spring Harbor, Joel&#8217;s moniker for the property stems from its geographic location. It is also an homage to the Middle &#8220;C&#8221; on a piano.
"If it's not for me being able to take piano lessons, I probably would never have been able to afford a high-flying property like this. So, I named it after the first note I learned on the piano, which was C," Joel told The New York Times.
Joel has been active in the Florida real estate market for years. The listing of Middle Sea comes weeks after he sold another of his homes – a beachfront home in Manalapan, South Florida, which was also coincidentally listed for $49.9 million. According to<a href="https://www.mansionglobal.com/articles/billy-joel-finally-finds-a-buyer-for-his-south-florida-spread-a12ad195"> </a>Mansion Global, the home was first listed in 2018 for $31.9 million after Joel purchased it in 2015 for $22.1 million.
See Also: 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">A Flurry of Florida Purchases</h2>
Despite singing the song "You're My Home," Joel might have a problem saying the same thing in real life. According to the Palm Beach Post, he recently bought two neighboring properties in The Sanctuary in Boca Raton – a private 100-home community. According to deed information, one of the homes was purchased for $29 million in the gated and guarded community off Spanish River Boulevard. The 15,000-square-foot residence sits on a corner lot with over an acre of land and 560 feet of waterfrontage on the Intracoastal Waterway. Joel also purchased a townhouse in Palm Beach and an equestrian property in Wellington.
<h2 class="wp-block-heading">A Kinder Climate&nbsp;</h2>
Joel, who had both hips replaced in 2010, recently lost 50 lbs after suffering back surgery pain. Moving to warmer weather could help him avoid frigid New York winters as he ages.
"I'm just gonna spend a little more time in Florida like old Jewish guys from Long Island do," he joked earlier this year when on stage at UBS Arena in New York. He added that he also has another home on Long Island that he plans to keep.
Read Next:
<ul>
<li>Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a></li>
<li>Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a></li>
</ul>
Billy Joel&#8217;s movin&#8217; out – or rather, has moved out. The music icon, whose 1976 hit New York State Of Mind cemented his association with his home state, has listed his luxury waterfront estate in Centre Island, New York, for $49.9 million.
The Piano Man recently completed a five-year renovation on the sprawling 26-acre property, which contains four separate houses – the Main House, Beach House, guesthouse and Gate House – and sits on over 2,000 feet of private beachfront overlooking the Long Island Sound.
Don't Miss:
<ul>
<li>Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a></li>
<li>These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a></li>
</ul>
<h2 class="wp-block-heading">A Long Island Landmark</h2>
Known as Middle Sea, Joel told The New York Times he first saw the property as a teen while dredging oysters to earn extra money. He purchased the property in 2002, three years after Forbes estimated his net worth at around $52 million. It is now estimated to be around $250 million. Located between the upscale <a href="https://www.benzinga.com/content/42252309/carolyn-miles-scents-4-my-soul-ceo-to-be-honored-at-this-year-2024-kwanza-celebration">Long Island</a> neighborhoods of <a href="https://www.benzinga.com/markets/24/09/40943847/piano-man-hits-a-sour-note-billy-joels-mansion-takes-a-15-million-haircut">Oyster Bay</a> and Cold Spring Harbor, Joel&#8217;s moniker for the property stems from its geographic location. It is also an homage to the Middle &#8220;C&#8221; on a piano.
"If it's not for me being able to take piano lessons, I probably would never have been able to afford a high-flying property like this. So, I named it after the first note I learned on the piano, which was C," Joel told The New York Times.
Joel has been active in the Florida real estate market for years. The listing of Middle Sea comes weeks after he sold another of his homes – a beachfront home in Manalapan, South Florida, which was also coincidentally listed for $49.9 million. According to<a href="https://www.mansionglobal.com/articles/billy-joel-finally-finds-a-buyer-for-his-south-florida-spread-a12ad195"> </a>Mansion Global, the home was first listed in 2018 for $31.9 million after Joel purchased it in 2015 for $22.1 million.
See Also: 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">A Flurry of Florida Purchases</h2>
Despite singing the song "You're My Home," Joel might have a problem saying the same thing in real life. According to the Palm Beach Post, he recently bought two neighboring properties in The Sanctuary in Boca Raton – a private 100-home community. According to deed information, one of the homes was purchased for $29 million in the gated and guarded community off Spanish River Boulevard. The 15,000-square-foot residence sits on a corner lot with over an acre of land and 560 feet of waterfrontage on the Intracoastal Waterway. Joel also purchased a townhouse in Palm Beach and an equestrian property in Wellington.
<h2 class="wp-block-heading">A Kinder Climate&nbsp;</h2>
Joel, who had both hips replaced in 2010, recently lost 50 lbs after suffering back surgery pain. Moving to warmer weather could help him avoid frigid New York winters as he ages.
"I'm just gonna spend a little more time in Florida like old Jewish guys from Long Island do," he joked earlier this year when on stage at UBS Arena in New York. He added that he also has another home on Long Island that he plans to keep.
Read Next:
<ul>
<li>Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a></li>
<li>Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a></li>
</ul>

Real Estate

Billy Joel's No Longer In A New York State Of Mind. Music Legend Lists Long Island Manse And Settles In Florida

When you think of Dave Ramsey, you think of financial freedom, debt-free living and his famous mantra: "Debt is dumb, cash is king." But what happens when the <a href="https://www.benzinga.com/personal-finance/24/12/42380263/elon-musk-asks-if-irs-funding-should-be-deleted-more-than-60-of-respondents-said-yes">dreaded IRS</a> comes knocking with a hefty tax bill you didn't prepare for? Surprisingly, even Ramsey says borrowing money might be the lesser of two evils in this specific case.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice.
&mdash; Dave Ramsey (@DaveRamsey) <a href="https://twitter.com/DaveRamsey/status/1507359648952823813?ref_src=twsrc%5Etfw">March 25, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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>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>
On an <a href="https://www.youtube.com/watch?v=3ew__d2xzPo">episode</a> of the EntreLeadership Podcast, Ramsey tackled a real-world scenario from a business owner, Ross, whose electrical contracting business faced an unexpected $200,000 tax bill. Ross admitted he had focused all his extra cash on paying off other debts, leaving nothing aside for taxes. The accountant's suggestion? <a href="https://www.benzinga.com/money/how-to-get-a-bank-loan">Borrow the money from the bank</a> to settle the tax debt. While this might sound like heresy to Ramsey's usual no-debt philosophy, he agreed.
<h2 class="wp-block-heading">Why Borrowing Beats Owing the IRS</h2>
Ramsey didn't whitewash the reality: if you owe the IRS, you're in trouble. "You'd rather owe the bank on a line of credit than you would the KGB," he said, pointing out that their penalties and interest rates are far harsher than any bank loan. The priority, he emphasized, is to get the IRS out of your life as quickly as possible.
Borrowing from a bank might sting, but it's a strategic move. Ramsey explained that most lines of credit carry lower interest rates – often around 8% or so – which are far more manageable than the fines and stress that come with unpaid taxes. You do not want the IRS breathing down your throat, he warned.
See Also: 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">The Real Problem: Poor Planning</h2>
While agreeing with the borrowing strategy, Ramsey didn't let Ross off the hook for how he ended up in this mess. "You're running this like it's a $1 million business" when it's a $10 million business, he said bluntly. Ramsey stressed the importance of monthly tax planning, robust accounting systems and professional oversight for a business of Ross&#8217; size. He suggested hiring an in-house controller or CFO and upgrading from entry-level software like <a href="https://www.benzinga.com/news/24/08/40373775/intuit-faces-growing-risks-in-turbotax-and-quickbooks-morgan-stanley-analyst">QuickBooks</a> to more sophisticated tools like NetSuite.
"You can't outearn stupidity," Ramsey said, telling Ross that he needs systems that match the size and complexity of his business.
Trending: Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a>
<h2 class="wp-block-heading">What This Means For You</h2>
Ramsey&#8217;s advice is clear for anyone facing an unexpected tax bill: handle the IRS immediately. If you don't have the cash, a bank loan or line of credit is your best option. But the real lesson here is about preparation. <a href="https://www.benzinga.com/personal-finance/24/05/39010733/3-financial-fears-and-the-tips-to-overcome-them">Regularly set aside money</a> for taxes, especially if you're experiencing rapid growth or success in your business. Work with a qualified accountant who understands your needs and can help you stay ahead of tax liabilities.
If you're growing fast, it's easy to overlook the administrative side of things. However, as Ramsey pointed out, neglecting your financial systems can result in disaster. "Congratulations on killing it," he told Ross, "but now your lack of systems and sophistication is going to cause you to lose it."
Read Next:
<ul>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
<li><a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a></li>
</ul>

Personal Finance

Facing A Tax Bill? Dave Ramsey Breaks His 'No-Debt' Policy, Says Borrowing From The Bank Beats Owing The IRS, Which He Calls 'The KGB'

Becton, Dickinson And Co. Agrees To Pay $175 Million Civil Penalty
The Securities and Exchange Commission on Monday announced it had <a href="https://www.sec.gov/newsroom/press-releases/2024-201">settled charges</a> against Becton, Dickinson and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDX#NYSE">BDX</a>), known as BD, for repeatedly misleading investors about risks associated with its continued sales of its Alaris infusion pump and for overstating its income by failing to record the costs of fixing multiple software flaws with the pump. BD agreed to pay a $175 million civil penalty.
Read More: <a href="https://www.benzinga.com/general/social-media/24/12/42598651/mystery-drone-sightings-all-over-the-country-trump-says-what-to-know-about-investigations-lawmakers-reactions">&#8216;Mystery Drone&#8217; Sightings Spark Investigations, Politicians Respond: &#8216;Shoot Them Down,&#8217; Trump Says</a>
"BD repeatedly painted a misleading picture of its Alaris infusion pump for investors and then doubled down by keeping them in the dark when the device's issues came to a head with the FDA in late 2019," said Sanjay Wadhwa, Acting Director of the SEC's Division of Enforcement.&nbsp;
"Public companies have a fundamental duty to accurately disclose material business risks and should expect to be held accountable when they fall short in that regard," Wadhwa added.&nbsp;
The SEC's order finds that BD violated antifraud, reporting, internal accounting controls, books and records and disclosure controls provisions of the federal securities laws. BD agreed to cease and desist from further violations of these provisions, to retain an independent compliance consultant to review and make recommendations concerning its disclosure controls and procedures and to the $175 million civil penalty, without admitting or denying the SEC's findings.&nbsp;
Express Fails To Disclose CEO's Full Executive Compensation&nbsp;
The SEC announced on Tuesday that it has settled charges against fashion retailer Express, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EXPRQ#OTC">EXPRQ</a>) for failing to disclose executive compensation it paid to its now former CEO with Express agreeing to a cease-and-desist order, without admitting or denying the SEC's findings.
According to the SEC's order, Express failed to disclose $979,269 worth of perks and personal benefits provided to its CEO for fiscal years 2019, 2020, and 2021. As a result, Express understated the "All Other Compensation" portion of its CEO's compensation by an average of 94% over the three years. The company filed for Chapter 11 bankruptcy earlier this year.&nbsp;
"Public companies have a duty to comply with their disclosure obligations regarding executive compensation, including perks and personal benefits, so that investors can make educated investment decisions," said Sanjay Wadhwa, Acting Director of the SEC's Division of Enforcement.&nbsp;
"Here, although Express fell short in carrying out its obligation, the Commission declined to impose a civil penalty based, in part, on the company's self-report, cooperation with the staff's investigation, and remedial efforts," Wadhwa added. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/24/12/42564443/santa-came-early-with-rate-cut-but-federal-reserve-brings-coal-next-year-experts-weigh-in-on-rate-cut-feds-2025-projections">&#8216;Santa Came Early&#8217; But Fed Brings &#8216;Coal Next Year&#8217;: Experts Weigh In On Interest Rate Cut, 2025 Projections</a></li>
</ul>
Image: Yildiray Yücel Kamanmaz from Pixabay

News

Legal

EXPRQ

Financial Crime Weekly: Becton, Dickinson And Co. Pays $175 Million Penalty, Express Fails To Disclose CEO's Full Compensation

Facing a looming government shutdown, the Senate moved swiftly on Saturday to pass a bipartisan bill that temporarily funds federal operations and provides disaster aid. 
What Happened: The House, led by Speaker Mike Johnson, overwhelmingly approved the legislation, 366-34, before the Senate passed it late Friday night with an 85-11 vote. The White House confirmed shutdown preparations ceased at midnight, with President Joe Biden expected to sign the bill into law on Saturday.
The measure notably excludes President-elect Donald Trump's demand for a debt ceiling increase, pushing that contentious issue into the new year, <a href="https://apnews.com/article/trump-government-shutdown-deadline-speaker-johnson-budget-da117337aa0c0adab34a5626bb5816af">reports</a> The Associated Press.
Johnson described the outcome as "a good result for the country" and noted that Trump, while initially critical of the deal, expressed satisfaction with the final outcome. 
However, Trump had earlier warned in a social media post that without a debt ceiling provision, "let the closures start now."
The legislation, a drastically slimmed-down 118-page package, funds federal operations through March 14, allocates $100 billion for disaster relief, and includes $10 billion for agricultural aid. 
<a href="https://www.benzinga.com/markets/24/12/42497093/stock-market-predictions-for-2025-a-mixed-bag-of-expectations">Also Read: Stock Market Predictions for 2025: A Mixed Bag Of Expectations</a>
Absent from the final version is Trump's demand for a long-term debt ceiling increase, which GOP leaders promised to address next year as part of broader fiscal negotiations. Republicans also agreed to pursue $2.5 trillion in spending cuts over a decade.
While the bill garnered bipartisan support, it exposed fractures within the GOP. Many conservative Republicans voted against the measure, preferring deeper spending cuts. 
Meanwhile, House Democrats provided significant support, with Minority Leader Hakeem Jeffries (D-N.Y.) crediting his caucus for preventing a shutdown and protecting working-class Americans.
However, Democratic concerns over the influence of billionaire Elon Musk on the legislative process sparked debate. "Who is in charge?" asked Rep. Rosa DeLauro (D-Conn.), suggesting Musk was exerting undue sway over Trump's allies, reports the outlet.
Why It Matters: Trump, alongside Musk, who heads the newly established Department of Government Efficiency, is pushing an aggressive agenda to cut federal budgets and reshape government operations. 
Musk has even been floated as a potential speaker by some Trump allies. Meanwhile, Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell warned of the economic and political consequences of another shutdown.
As Congress grapples with balancing Trump's demands and bipartisan governance, Johnson's ability to lead will face significant scrutiny in the months ahead.
Read Next
<a href="https://www.benzinga.com/markets/24/12/42571835/trumps-rejection-of-bipartisan-deal-fuels-government-shutdown-fears-how-markets-historically-react-to-political-turmoil">Trump&#8217;s Rejection Of Bipartisan Deal Fuels Government Shutdown Fears: How Markets Historically React To Political Turmoil</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Government

Politics

Senate Avoids Shutdown With Last-Minute Deal Amid Trump's Debt Ceiling Demands

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.
Major averages jumped on Friday but still logged weekly losses, with the Dow down 2.3%, the S&amp;P 500 falling 2%, and the Nasdaq losing 1.8%. 
The Federal Reserve&#8217;s widely anticipated 25-basis-point rate cut on Wednesday was overshadowed by its revised 2025 inflation forecasts and Jerome Powell&#8216;s cautious stance, dampening hopes for deeper cuts next year. Powell emphasized a "new phase" of monetary policy after a 100-basis-point reduction in 2024, signaling <a href="https://www.benzinga.com/news/large-cap/24/12/42629219/fed-cuts-interest-rates-but-powell-spoils-santa-claus-rally-dollar-surges-to-over-2-year-high-bitcoin-sinks-below-100000-this-week-in-the-market">only gradual easing in 2025</a>.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), which had reached a record $108,388 before the Fed meeting, fell below $100,000 as markets absorbed the news.
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/tech/24/12/42525257/analyst-hikes-teslas-price-target-to-515-musk-expresses-hope-for-stock-to-touch-69042">Elon Musk Hopes TSLA Stock Will Reach $690 As Analysts Raise Price Target Despite Technical Indicators Flashing Warning Signals</a>,&#8221; by <a href="https://www.benzinga.com/author/anan-ashraf">Anan Ashraf</a>, reports Elon Musk's optimism about Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reaching $690, as analysts upgraded the stock with $515 price targets, citing potential benefits from Musk's alignment with Donald Trump's pro-autonomous vehicle policies.
&#8220;<a href="https://www.benzinga.com/24/12/42602503/dave-portnoy-says-he-owns-15-million-bitcoin-13-million-xrp-bet-it-and-set-it-not-trading">Dave Portnoy Says He Owns $1.5 Million Bitcoin, $1.3 Million XRP: &#8216;Bet It And Set It, Not Trading&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a> , reveals that Dave Portnoy, founder of Barstool Sports, holds $1.5 million in Bitcoin and $1.3 million in XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), emphasizing a long-term investment strategy rather than active trading, following insights from a recent conversation with Michael Saylor.
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42516826/nvidia-and-5-other-stocks-are-analysts-top-semiconductor-picks-for-2025-sees-2-ai-trends">Nvidia And 5 Other Stocks Are Analyst&#8217;s Top Semiconductor Picks For 2025, Sees 2 AI Trends</a>,&#8221; by <a href="https://www.benzinga.com/author/hayden-buckfire">Hayden Buckfire</a>, highlights a Bank of America analyst naming NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), and Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) as top AI-driven semiconductor picks for 2025, alongside Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), and Cadence Design Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>).
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/tech/24/12/42547442/microsof-scoops-up-485000-nvidia-ai-chips-twice-as-many-as-its-closest-rival-meta-report">Microsoft Scoops Up 485,000 Nvidia AI Chips, Twice As Many As Its Closest Rival Meta: Report</a>
<a href="https://www.benzinga.com/trading-ideas/24/12/42599673/amazon-has-20000-rivian-electric-delivery-vans-in-fleet-heres-what-could-be-next-for-both-companies">Amazon Has 20,000 Rivian Electric Delivery Vans In Fleet: Here&#8217;s What Could Be Next For Both Companies</a>
<a href="https://www.benzinga.com/trading-ideas/technicals/24/12/42535298/joby-clears-faa-tail-test-stock-flies-higher">Joby Clears FAA Tail Test, Stock Flies Higher</a>
The Bears
&#8220;<a href="https://www.benzinga.com/markets/equities/24/12/42522048/jim-cramer-warns-nvidias-vicious-and-fast-reversal-is-coming-amid-174-surge-this-year-and-china-antitrust-probe">Jim Cramer Warns Nvidia&#8217;s &#8216;Vicious&#8217; And &#8216;Fast&#8217; Reversal Is Coming Amid 174% Surge This Year And China Antitrust Probe</a>,&#8221; by <a href="https://www.benzinga.com/author/kaustubh-bagalkote">Kaustubh Bagalkote</a>, features Jim Cramer's caution about NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) facing a sharp correction after its 174% YTD gain, amid heightened regulatory scrutiny from China over its Mellanox Technologies acquisition.
&#8220;<a href="https://www.benzinga.com/trading-ideas/movers/24/12/42568740/dogecoin-bull-says-he-had-to-sell-as-meme-king-plunges-to-5-week-low-but-derivative-traders-remain-bullish">Dogecoin Bull Says He &#8216;Had To Sell&#8217; As Meme King Plunges To 5-Week Low But Derivative Traders Remain Bullish</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, reports on Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) dropping amid Federal Reserve concerns, with early adopter Glauber Contessoto selling some holdings.
&#8220;<a href="https://www.benzinga.com/24/12/42517567/cvs-cigna-unitedhealth-shares-slide-as-trump-targets-drug-middleman">CVS, Cigna, UnitedHealth Shares Slide As Trump Targets Drug &#8216;Middleman&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, reports that shares of CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>), and UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) dropped after Trump vowed to eliminate Pharmacy Benefit Managers, citing their role in inflating drug prices and contributing to industry inefficiencies.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/news/global/24/12/42559347/trump-administration-could-ban-amazons-top-selling-routers-linked-to-chinese-cyberattacks-report">Trump Administration Could Ban Amazon&#8217;s Top-Selling Routers Linked To Chinese Cyberattacks: Report</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42529095/bitcoin-crash-could-trigger-stock-market-decline-in-2025-warns-expert-im-very-worried-that-people-overextended-themselves">Bitcoin Crash Could Trigger Stock Market Decline In 2025, Warns Expert: &#8216;I&#8217;m Very Worried That People Overextended Themselves&#8217;</a>
<a href="https://www.benzinga.com/trading-ideas/24/12/42536470/costco-warns-that-tariffs-raise-prices-trump-team-says-trade-policies-will-make-life-affordable">Costco Warns That Tariffs Raise Prices, Trump Team Says Trade Policies Will &#8216;Make Life Affordable&#8217;</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>.

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$DOGE

$XRP

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Benzinga Bulls And Bears: Tesla, Broadcom, UnitedHealth, Bitcoin And Dogecoin Bull 'Had To Sell' After Price Plunge

The ability for college athletes to be paid for their name, image and likeness in a blockbuster 2021 NCAA agreement has changed NCAA Football forever and will see one player get paid in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in 2025, following other professional<a href="https://www.benzinga.com/general/sports/24/11/41918833/nfl-player-mocked-for-taking-salary-in-bitcoin-russell-okung-may-have-the-last-laugh-as-btc-soars"> athletes into cryptocurrency</a>.
What Happened: Since the approval of NIL deals, top <a href="https://www.benzinga.com/topic/ncaa-football">NCAA Football players</a> have been able to earn thousands and millions of dollars on deals.
USC recruit Matai Tagoa'i announced he will be paid in Bitcoin for a portion of his NIL payments starting next year, as reported by On3.
The deal comes through a partnership with Strike, a Bitcoin payments app. USC NIL collective House of Victory helped facilitate the deal.
"This is a game-changer for me. By taking part of my NIL earnings in Bitcoin, I'm setting myself up for long-term financial growth. I'm grateful to Strike, House of Victory and 3Point0 Labs for helping me take this step," Tagoa'i said.
With the deal, Tagoa'i is believed to be the first college athlete to get paid NIL payments in Bitcoin.
"I'm proud to be part of this innovative collaboration that's redefining the future of college athletics and finance and hope to set an example for other young athletes."
Strike founder Jack Mallers, who has helped with other <a href="https://www.benzinga.com/markets/cryptocurrency/21/07/21984141/nfls-saquon-barkley-to-take-100-of-endorsement-money-in-bitcoin">Bitcoin deals for athletes</a>, took to social media to share his excitement for the deal.
"Bitcoin is more than a new technology. Bitcoin is a cultural phenomenon. An idea and a movement that's time has come. Excited to work with @mataitagoai and more athletes around the world that want to keep the wealth they earn and inspire new generations to sue better money," Mallers tweeted.
A four-star recruit and top-100 recruit nationwide, the linebacker is expected to be a key to USC Football next season. Tagoa'i picked USC over other top schools he was considering including Oklahoma, Texas, Texas A&amp;M and Washington.
USC finished with a 6-6 record in the 2024 NCAA Football season, including a 4-5 record in the Big Ten Conference, its first in the conference.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40047361/soccer-player-bet-on-bitcoin-in-2021-with-salary-is-now-up-over-100-im-a-simple-man-i-like">Soccer Player Bet On Bitcoin In 2021 With Salary, Is Now Up Over 100%: &#8216;I&#8217;m A Simple Man, I Like Playing Football And I Like Playing With My Bitcoins&#8217;</a>
Why It's Important: Former NFL player Russell Okung previously made headlines in 2020 as he announced that half his salary would be paid in Bitcoin.
While many criticized the deal and later took shots at Okung when the price of Bitcoin went down, the former NFL player is having the last laugh now with Bitcoin<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42367065/exclusive-bitcoin-briefly-tops-100000-but-where-do-benzinga-readers-predict-it-will-finish-2024"> trading near $100,000</a> and significantly higher than when he acquired it.
The approval of NIL continues to play a big role in college sports, specifically college football and the deal between Strike and Tagoa'i could be the first of more cryptocurrency deals to come.
<a href="https://www.benzinga.com/news/21/07/21816797/ncaa-athletes-can-now-make-a-profit-off-their-nil-what-to-know-and-some-early-deals">NIL deals</a> have even seen one of the richest people in the world help the University of Michigan <a href="https://www.benzinga.com/24/11/42201909/hail-to-the-victors-and-larry-ellison-billionaire-helps-michigan-football-land-top-recruit-bryce-underwood">land a top QB recruit, </a>as Benzinga previously shared. NIL is also the reason there was a new NCAA Football game for Electronic Arts Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) this season, which went on to be a top selling game for the year.
BTC Price Action: Bitcoin trades at $95,924.19 at the time of writing, versus a 52-week trading range of $38,521.89 to $108,268.45. Bitcoin is up 117% year-to-date in 2024.
Read Next: 
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<li><a href="https://www.benzinga.com/general/sports/24/12/42521231/travis-hunter-wins-heisman-will-he-be-1-pick-in-2025-nfl-draft-what-betting-odds-history-show">Travis Hunter Wins Heisman, Will He Be #1 Pick In 2025 NFL Draft? What Betting Odds, History Show</a></li>
</ul>

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

Cryptocurrency

Sports

USC Football Player Gets NIL Earnings In Bitcoin: 'Setting Myself Up For Long-Term Financial Growth'

Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) has <a href="https://www.benzinga.com/24/12/42321349/drakes-legal-fight-involving-kendrick-lamar-takes-center-stage-and-so-do-their-mega-mansions">strongly denied allegations</a> from Drake that it &#8220;artificially inflated&#8221; streaming numbers for rival artist Kendrick Lamar&#8217;s track &#8220;Not Like Us.&#8221;
What Happened: In opposition papers filed, Spotify stated it &#8220;has no economic incentive&#8221; to favor Lamar&#8217;s track over Drake&#8217;s music, <a href="https://variety.com/2024/music/news/spotify-slams-drake-claim-inflated-kendrick-lamar-streams-1236256265/">reported</a> Variety.
&#8220;Marquee was purchased on behalf of the song, for €500 to promote the track in France. Marquee is a visual ad that is disclosed to users as a Sponsored Recommendation,&#8221; stated a Spotify spokesperson.
See Also: <a href="https://www.benzinga.com/general/entertainment/24/09/41009103/spotifys-ai-playlist-now-available-in-us-other-countries-heres-how-it-works">Spotify&#8217;s AI Playlist Now Available In US, Other Countries: Here&#8217;s How It Works</a>
Drake&#8217;s company Frozen Moments had previously filed a petition claiming that Spotify and Universal Music Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UMGNF#OTC">UMGNF</a>) artificially boosted Lamar&#8217;s streaming numbers.
The petition alleged UMG offered Spotify a 30% discount on licensing rates in exchange for promoting &#8220;Not Like Us,&#8221; a claim both companies deny.
Earlier, Universal Music Group rejected the accusations as &#8220;offensive and untrue,&#8221; underscoring their commitment to ethical marketing practices. A UMG spokesperson stated that fan choice, not manipulation, drives streaming numbers.
Drake&#8217;s legal team responded through a statement to Variety, challenging both companies to comply with discovery requests if they have &#8220;nothing to hide.&#8221;
Why It Matters: The dispute has expanded beyond streaming numbers, with Drake filing a separate action in Texas alleging defamation and improper radio promotion practices.
Neither artist is directly signed to UMG, instead licensing their music through their own companies &#8211; Drake&#8217;s OVO and Lamar&#8217;s pgLang &#8211; to Universal labels for marketing and distribution.
Sources familiar with the matter suggest that Drake&#8217;s petition primarily targets Universal — the label responsible for distributing his music since his 2009 debut with Lil Wayne's Young Money — rather than Spotify, iHeart, or Lamar himself, the report noted.
However, the timing of the legal action, revolving around a song tied to the prolonged feud between the two artists, seems far from coincidental.
"Not Like Us" stands out as a diss track that not only climbed to the top of the Billboard Hot 100 but also secured multiple nominations for the 2025 Grammy Awards.
Price Action: Spotify&#8217;s stock rose by 1.48% on Friday, closing at $460.88. Year-to-date, the company&#8217;s shares have skyrocketed 144.11%, significantly outperforming the Nasdaq 100 index, which has gained 28.68% during the same timeframe, according to <a href="http://pro.benzinga.com/">Benzinga Pro data</a>.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Entertainment

Tech

Media

SPOT

UMGNF

Spotify Fires Back At Drake: Calls 'Artificially Inflated Streams' Allegation Over Kendrick Lamar's Hit Unfounded

Rumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) shares are soaring in after-hours trading Friday after the company announced it has entered into a definitive agreement for a <a href="https://www.benzinga.com/pressreleases/24/12/g42630663/rumble-announces-775-million-strategic-investment-from-tether">strategic investment of $775 million</a> from Tether. 
The Details: Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) has agreed to purchase 103.33 million shares of Rumble Class A Common Stock at a price per share of $7.50, totaling $775 million in gross proceeds to Rumble. 
Rumble said it will use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self tender offer for up to 70 million of its Class A Common Stock at $7.50 per share.
Tether's investment and the tender offer are expected to close in the first quarter of 2025. Rumble&#8217;s existing Board and governance structure will remain unchanged following the closing of the transaction.
Read More: <a href="https://www.benzinga.com/general/social-media/24/12/42598651/mystery-drone-sightings-all-over-the-country-trump-says-what-to-know-about-investigations-lawmakers-reactions">&#8216;Mystery Drone&#8217; Sightings Spark Investigations, Politicians Respond: &#8216;Shoot Them Down,&#8217; Trump Says</a>
Chris Pavlovski, Rumble&#8217;s CEO, will retain his controlling stake in the company following the completion of the transaction.&nbsp;
&#8220;I could not be more excited about this collaboration with Tether for a number of reasons. First, many people may not realize the incredibly strong connection between the cryptocurrency and free speech communities, which is rooted in a passion for freedom, transparency, and decentralization," said Pavlovski.&nbsp;
"Second, the immediate commitment of adding $250 million in cash to our balance sheet not only confirms the level of support and commitment to a collaboration between our companies, it also fuels our growth initiatives. And, third, this transaction provides an immediate liquidity event for all of our stockholders who elect to participate in the self tender offer," he added.&nbsp;
Paolo Ardoino, CEO of Tether, commented on the investment in Rumble.&nbsp;
&#8220;Tether&#8217;s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today&#8217;s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative," said Ardoino.
RUM Price Action: According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>, Rumble shares are up 50.7% at $10.79 in after-hours trading Friday. 
Read Next:&nbsp;
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</ul>
Image: Shutterstock

Markets

Movers

$USDT

Rumble Stock Soars On $775 Million Investment From Tether: What To Know

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining company MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) announced the acquisition of 15,574 BTC for $1.53 billion, funded by $1.925 billion raised through zero-coupon convertible notes issued in November and December.
What Happened: In a post on social media platform X, MARA revealed its total Bitcoin holdings now stand at 44,394 BTC, valued at approximately $4.3 billion based on Bitcoin&#8217;s current price of $97,377.
The Florida-based firm acquired the cryptocurrency at an average price of $98,529 per Bitcoin.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a>
Additionally, MARA repurchased $263 million of its existing convertible notes due in 2026 and plans to use the remaining funds to buy more Bitcoin.
The company also highlighted its Bitcoin yield achievements, reporting a quarter-to-date (QTD) yield of 22.5% and a year-to-date (YTD) yield of 60.9%.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 15,574 BTC for ~$1.53 billion at ~$98,529 per <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> and repurchased ~$263 million in aggregate principal amount… <a href="https://t.co/ycGRk9BYfv">pic.twitter.com/ycGRk9BYfv</a>
&mdash; MARA (@MARAHoldings) <a href="https://twitter.com/MARAHoldings/status/1869729480211664974?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Bitcoin proxy MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has been <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42509614/microstrategy-expands-bitcoin-holdings-by-15350-btc-worth-15-billion-after-joining-nasdaq-100">aggressively buying up BTC</a> by raising funds through both stock offerings as well as debt. It holds 2.1% of the Bitcoin supply, or about 439,000 BTC, at an average price of $61,725.
Other Bitcoin mining firms are similarly bolstering their reserves.
Hut 8 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) <a href="https://www.benzinga.com/24/12/42596774/whats-going-on-with-hut-8-shares-today">recently acquired 990 BTC</a> for $100 million, bringing its total holdings to 10,096 BTC, worth approximately $983.1 million.
The company's CEO Asher Genoot emphasized the strategic value of building Bitcoin reserves to strengthen the company's financial position while pursuing growth in power and digital infrastructure.
Riot Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) also increased its Bitcoin holdings by <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42485534/riot-platforms-acquires-5117-bitcoin-for-510million">purchasing 5,117 BTC</a> through company-issued bonds, bringing its total to 16,728 BTC, valued at $1.63 billion.
Price Action: Bitcoin was hovering around $97,606 at the time of writing, gaining 0.71% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
MARA Holdings stock gained nearly 2% in after-hours trading on Friday, after closing at $19.96 during the regular trading session.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42495782/crypto-market-predicted-to-surge-to-all-time-highs-by-late-2025-but-a-30-drop-in-bitcoin-prices-could-come-first">Crypto Market Predicted To Surge To All-Time Highs By Late 2025, But A 30% Drop In Bitcoin Prices Could Come First</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

MARA

MSTR

RIOT

Bitcoin Miner MARA Holdings Embraces MicroStrategy Playbook, Acquires $1.53 Billion Worth BTC

Electric vehicle manufacturer Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) has reportedly struck a confidential deal with the United Auto Workers (UAW) union.
What Happened: This "secret" agreement would see Rivian remain neutral towards unionization efforts at its Illinois plant if the company achieves certain financial milestones, including profitability, according <a href="https://www.bloomberg.com/news/articles/2024-12-19/uaw-rivian-rivn-strike-secret-deal-to-ease-unionization-of-ev-factory-workers">to</a> a report by Bloomberg, citing sources familiar with the matter.
This &#8220;secret&#8221; deal could smooth the path for the UAW to represent Rivian&#8217;s workers, potentially giving them a greater voice in areas like pay and working conditions.
The deal is also believed to be a factor in Rivian securing a $6.6 billion conditional loan from the U.S. Department of Energy to support its expansion plans, including a new factory in Georgia.
While Rivian has yet to turn a profit, it aims to do so in the near future. The company is ramping up production of its existing R1 models and plans to launch a more affordable R2 model in 2026, significantly increasing its production capacity.
See Also: <a href="https://www.benzinga.com/24/12/42633974/tesla-cybertruck-units-reportedly-found-with-cell-dent-issues-ev-giant-starts-replacing-battery-packs">Tesla Cybertruck Units Reportedly Found With Cell Dent Issues: EV Giant Starts Replacing Battery Packs</a>
This potential unionization comes as the UAW has been actively targeting the growing EV sector. If successful, it could have broader implications for labor relations in the rapidly evolving EV industry.
Why It Matters: Rivian Automotive is intensifying efforts to achieve profitability by 2025 through strategic initiatives, including a significant partnership with Volkswagen, cost-cutting measures, and the introduction of more affordable electric vehicles (EVs).
Rivian is also focusing on reducing production costs and plans to launch the R2 series, a line of budget-friendly EVs, by 2026.
Vivek Ramaswamy, recently appointed to lead the Department of Government Efficiency (DOGE) alongside Tesla Inc. CEO Elon Musk, <a href="https://www.benzinga.com/news/24/11/42255070/musk-ally-ramaswamy-takes-aim-at-bidens-6-6b-loan-to-tesla-rival-rivian">criticized the Biden administration&#8217;s approval</a> of a $6.6 billion loan to Rivian.
Ramaswamy argues that the loan is an inefficient use of taxpayer money, estimating a cost of approximately $880,000 per job created, and suggests it may be a politically motivated move against Tesla. He has indicated that DOGE will scrutinize such expenditures upon taking office.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42633922/qualcomm-bags-win-in-chips-licensing-trial-against-arm-but-the-battle-is-not-over-yet">Qualcomm Bags Win In Chips Licensing Trial Against Arm, But The Battle Is Not Over Yet</a></li>
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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

RIVN

Rivian Reportedly Struck A 'Secret' Deal With UAW That Also Helped It Secure $6.6 Billion Loan From Department Of Energy

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has reportedly found some units of <a href="https://www.benzinga.com/topic/cybertruck">Cybertruck</a> with "cell dent" issues and the company has started replacing battery packs of those cars.
What Happened: According to a report <a href="https://electrek.co/2024/12/20/tesla-finds-cell-dent-issues-in-cybertrucks-starts-replacing-battery-packs/">by</a> Electrek, citing sources familiar with the matter, Tesla has identified the cell dent issue with some Cybertruck units and it has begun sending them back to Gigafactory Texas to solve the problem.
Tesla identified the issue in several inventory vehicles but has not found it in customer-delivered models. The Cybertruck is unique among Tesla&#8217;s lineup as the only vehicle using the company's in-house 4680 battery cells.
Tesla currently produces several thousand Cybertrucks weekly at Gigafactory Texas but has already issued multiple recalls. Many owners have reported frequent service visits, with some even asking Tesla if it would buy back those faulty units.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">No, I don't really want to talk about it &#x1f34b; After several failures in our sub 1500 VIN Cybertruck including but not limited to: front motor inverter, rear motor inverter, rear wheel steering, and more under 25k mi, I asked if Tesla would consider buying it back. Overall it's been… <a href="https://t.co/g0n7gvJeho">pic.twitter.com/g0n7gvJeho</a>
&mdash; The Kilowatts &#x1f697;&#x26a1;&#xFE0F; (@klwtts) <a href="https://twitter.com/klwtts/status/1869814610049806737?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: While Tesla has big ambitions for the Cybertruck, it has recently faced demand hurdles. The EV giant reportedly <a href="https://www.benzinga.com/24/12/42501487/cybertruck-production-rate-was-reduced-even-before-decembers-production-pause-says-tesla-researcher">reduced the production rate</a> of the Cybertruck, with over 9,000 units still in its inventory.
According to Tesla researcher Troy Teslike, Cybertruck production was reduced by over 55% on Nov. 10.
Tesla also <a href="https://www.benzinga.com/24/12/42283708/tesla-gives-cybertruck-production-line-workers-three-days-off-report">announced a three-day production pause</a>, giving workers on the Cybertruck line paid time off.
Another sign of possible demand hurdles is that Tesla is <a href="https://www.benzinga.com/tech/24/12/42524912/teslas-99k-foundation-series-cybertrucks-still-available-a-sign-of-possible-demand-hurdles">still selling</a> its premium $99,990 foundation series Cybertruck, suggesting that it has not yet sold out all of its inventory.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: Shutterstock

Tesla Cybertruck Units Reportedly Found With Cell Dent Issues: EV Giant Starts Replacing Battery Packs

On Friday, ChatGPT-maker OpenAI unveiled its next-generation reasoning model, o3, as the successor to o1, capping off the company's <a href="https://www.benzinga.com/tech/24/12/42332451/sam-altman-teases-12-days-of-openai-christmas-magic-users-predict-unveiling-of-sora-o1-reasoning-model-and-more">12 days of shipmas</a> announcements.
What Happened: On the final day of its &#8220;12 Days of OpenAI&#8221; event, the AI startup revealed o3, which brings significant advancements in reasoning and coding capabilities.
Alongside o3, Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI also introduced o3-mini, a smaller version designed for specific, more targeted applications.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We announced <a href="https://twitter.com/OpenAI?ref_src=twsrc%5Etfw">@OpenAI</a> o1 just 3 months ago. Today, we announced o3. We have every reason to believe this trajectory will continue. <a href="https://t.co/Ia0b63RXIk">pic.twitter.com/Ia0b63RXIk</a>
&mdash; Noam Brown (@polynoamial) <a href="https://twitter.com/polynoamial/status/1870172996650053653?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/trading-ideas/technicals/24/12/42509206/soundhound-ai-soars-over-700-short-squeeze-potential-has-traders-talking?itm_source=parsely-api">SoundHound AI Soars 700%: Short Squeeze Potential Has Traders Talking</a>
"We view this as the beginning of the next phase of AI. Where you can use these models to do increasingly complex tasks that require a lot of reasoning," stated OpenAI CEO Sam Altman.
The company has begun rolling out o3 to select safety researchers, with plans for broader availability soon. The application window closes on Jan. 10.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">if you are a safety researcher, please consider applying to help test o3-mini and o3. excited to get these out for general availability soon. extremely proud of all of openai for the work and ingenuity that went into creating these models; they are great.
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1870176283851903152?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
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Altman also stated that the o3-mini may launch by the end of January, followed by the full release of the o3 model.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Notably, OpenAI skipped over naming the new model &#8220;o2,&#8221; to avoid potential trademark conflicts with British telecom provider O2, <a href="https://www.theinformation.com/briefings/openai-announces-new-reasoning-model-o3">according</a> to The Information.
Why It Matters: OpenAI's progress is evident in the ARC-AGI benchmark, where o3 scored 87.5% on the high compute setting, tripling o1's performance on the lower setting.
The ARC-AGI test is often used to measure progress toward achieving Artificial General Intelligence (AGI) by assessing a model's performance in areas that require advanced problem-solving and reasoning.
However, ARC-AGI co-creator François Chollet also noted that o3 struggles with "very easy tasks" in ARC-AGI, suggesting it has "fundamental differences" from human intelligence.&nbsp;
&#8220;While the new model is very impressive and represents a big milestone on the way towards AGI, I don&#8217;t believe this is AGI &#8212; there&#8217;s still a fair number of very easy ARC-AGI-1 tasks that o3 can&#8217;t solve, and we have early indications that ARC-AGI-2 will remain extremely challenging for o3,&#8221; Chollet stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today OpenAI announced o3, its next-gen reasoning model. We&#39;ve worked with OpenAI to test it on ARC-AGI, and we believe it represents a significant breakthrough in getting AI to adapt to novel tasks. It scores 75.7% on the semi-private eval in low-compute mode (for $20 per task… <a href="https://t.co/ESQ9CNVCEA">pic.twitter.com/ESQ9CNVCEA</a>
&mdash; François Chollet (@fchollet) <a href="https://twitter.com/fchollet/status/1870169764762710376?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
As part of its &#8220;12 Days of OpenAI&#8221; event, the AI startup rolled out the ChatGPT Search engine to all users, <a href="https://www.benzinga.com/tech/24/12/42523020/chatgpt-search-goes-free-openai-challenges-googles-unbroken-search-dominance">including those on the free tier</a>.
The AI startup also unveiled its text-to-image model, Sora, and introduced a $200 monthly ChatGPT Pro <a href="https://www.benzinga.com/tech/24/12/42356469/openai-unveils-200-chatgpt-pro-subscription-inside-the-o1-reasoning-model-and-what-it-means-for-power-users">subscription</a>.
Earlier this month, Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) also launched the <a href="https://www.benzinga.com/24/12/42446686/google-introduces-ai-agent-prototype-that-can-browse-the-web">second generation</a> of its Gemini AI model to regain its position at the forefront of the AI technology race.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

GOOG

GOOGL

MSFT

ChatGPT Maker OpenAI Drops o3 Reasoning Model As o1's Successor: Greg Brockman Calls It A 'Breakthrough'

Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) bagged a key win <a href="https://www.benzinga.com/news/global/24/12/42520522/arm-qualcomm-face-off-in-court-what-to-expect-from-silicon-soap-opera">in its legal battle</a> against semiconductor design company Arm Holdings Plc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>).
What Happened: A federal jury in Delaware ruled that Qualcomm did not violate its licensing agreement with Arm, clearing a hurdle for the San Diego, California headquartered chipmaker.
Qualcomm's win was the result of a mistrial after the jury could not resolve one of the three questions put before it for deliberation. This means Arm can take Qualcomm to the court once again in the future.
While the ruling said Qualcomm did not breach its licensing agreement with Arm, the jury could not determine if Nuvia is guilty of doing so. Nuvia is a startup that was acquired by Qualcomm in 2021 for $1.4 billion.
Qualcomm used Nuvia to bolster its Snapdragon X line of chips that power some Windows laptops. The company projected savings of up to $1.4 billion a year thanks to Nuvia acquisition.
See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42378342/intel-stock-is-where-it-was-27-years-ago-how-the-worlds-leading-chipmaker-lost-the-plot-thrice">Intel Stock Is Where It Was 27 Years Ago: How The World&#8217;s Leading Chipmaker Lost The Plot, Thrice</a>
Why It Matters: SoftBank Group-backed Arm <a href="https://www.benzinga.com/markets/equities/24/10/41481425/softbank-backed-arm-threatens-to-cancel-qualcomms-chip-design-license-ahead-of-trial-in-december">threatened to cancel</a> Qualcomm's chip design license ahead of the December trial.
Qualcomm's chips power many Android smartphones and tablets – these chip sales account for a large portion of the company's $39 billion revenue.
The company called it an attempt to "strong-arm a longtime partner."
"We are confident that Qualcomm&#8217;s rights under its agreement with Arm will be affirmed," a Qualcomm spokesperson said, according to the report.
Price Action: Qualcomm stock gained over 1.8% in after-hours trading to hover around $152.89, while Arm stock fell by over 1.4% to $132.15, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Check out more of Benzinga&#8217;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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</ul>
Photo courtesy: Qualcomm

QCOM

Qualcomm Bags Win In Chips Licensing Trial Against Arm, But The Battle Is Not Over Yet

Tesla and SpaceX CEO Elon Musk, who had earlier expressed skepticism over Speaker Mike Johnson's (R-La.) latest plan, shifted his stance after the passage of a spending package to avert a government shutdown.
What Happened: Taking to X, formerly Twitter, Musk praised Johnson's efforts saying, "The Speaker did a good job here, given the circumstances. It went from a bill that weighed pounds to a bill that weighed ounces."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Speaker did a good job here, given the circumstances. It went from a bill that weighed pounds to a bill that weighed ounces. Ball should now be in the Dem court. <a href="https://t.co/KnSwLEjvjd">https://t.co/KnSwLEjvjd</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1870236798267298044?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/09/41016869/mike-johnson-vows-no-christmas-omnibus-breaking-from-a-terrible-tradition-were-not-going-to-do-any-b">Mike Johnson Vows No Christmas Omnibus, Breaking From A &#8216;Terrible Tradition&#8217;: &#8216;We&#8217;re Not Going To Do Any Buses, OK?&#8217;</a>
Musk had previously questioned whether Johnson's plan, which involved a vote on the failed bill without a debt ceiling provision, was more aligned with Republicans or Democrats.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">So is this a Republican bill or a Democrat bill? &#x1f914; <a href="https://t.co/C54cbLGoGR">https://t.co/C54cbLGoGR</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1870210936616755632?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
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On Friday, the House of Representatives <a href="https://www.benzinga.com/news/24/12/42633817/house-passes-spending-bill-to-avert-government-shutdown-sidesteps-trumps-demand-to-suspend-federal-debt-limi">passed a stopgap funding measure</a>, narrowly avoiding a government shutdown just hours before the deadline.
Following the passage of a spending package to avert a government shutdown, House minority leader Hakeem Jeffries (D-N.Y.) said, &#8220;House Democrats have successfully stopped extreme MAGA Republicans from shutting down the government, crashing the economy, and hurting working-class Americans all across the land.&#8221;
In response to Jeffries' comments, Musk sarcastically congratulated him on the spending bill victory. His post featured a stack of documents split into two piles—one significantly larger than the other—seemingly critiquing the complexity of legislative processes.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congratulations on your "victory", <a href="https://twitter.com/RepJeffries?ref_src=twsrc%5Etfw">@RepJeffries</a> lol <a href="https://t.co/uxtHKXOamZ">pic.twitter.com/uxtHKXOamZ</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1870241934511329359?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
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Why It Matters: The House&#8217;s decision came after a week of intense Republican infighting.
Speaker Johnson had initially brokered a bipartisan funding deal with Democrats, but it was derailed by <a href="https://www.benzinga.com/general/social-media/24/12/42566558/house-republicans-reject-spending-bill-under-pressure-from-trump-musk-government-faces-shutdown">opposition from both</a> President-elect Donald Trump and Musk.
&#8220;Your elected representatives have heard you and now the terrible bill is dead. The voice of the people has triumphed,&#8221; the tech mogul posted on X at the time.
To avoid a government shutdown set for midnight on Friday, Republican leaders unveiled a &#8220;Plan C.&#8221;&nbsp;
This strategy involved holding separate votes on three crucial measures: a short-term funding bill to extend government operations for three months, a $100 billion disaster relief package, and a $10 billion farm aid bill.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Elon Musk Changes Tone, Applauds Speaker Johnson: 'It Went From A Bill That Weighed Pounds To One That Weighed Ounces'

On Friday, the House of Representatives approved a stopgap funding bill, just hours before a <a href="https://www.benzinga.com/24/12/42544562/congressional-leaders-reach-bipartisan-deal-to-avert-government-shutdown">potential government shutdown</a>.
What Happened: The legislation, which extends funding into mid-March and includes disaster relief, now moves to the Senate, <a href="https://www.nytimes.com/live/2024/12/20/us/government-shutdown-trump-news">reported</a> the New York Times.
The bill passed with a vote of 366 to 34, with all &#8220;no&#8221; votes coming from Republicans, and one Democrat, Jasmine Crockett of Texas, voting present.
See Also: <a href="https://www.benzinga.com/24/12/42545204/marjorie-taylor-greene-pushes-to-sell-off-usps-amid-doge-momentum-we-need-to-privatize-ive-been-saying-it-for-years?itm_source=parsely-api">Marjorie Taylor Greene Pushes To Sell Off USPS Amid DOGE Momentum: &#8216;We Need To Privatize&#8230;I&#8217;ve Been Saying It For Years&#8217;</a>
The House removed a provision demanded by President-elect Donald Trump to suspend the federal debt limit, which had caused a Republican revolt on Thursday.
The Senate majority leader, Chuck Schumer (D-N.Y.), expressed confidence that the Senate would quickly pass the bill despite not including all Democratic priorities.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The House has overwhelmingly passed a bill to keep the government open and I'm confident the Senate will pass it as well. We hope to get it passed as soon as possible. Though this bill does not include everything Democrats fought for, there are major victories in this bill for…
&mdash; Chuck Schumer (@SenSchumer) <a href="https://twitter.com/SenSchumer/status/1870263553271226399?ref_src=twsrc%5Etfw">December 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The House&#8217;s decision followed a tumultuous week marked by Republican discord.
Speaker Mike Johnson (R-La.) had initially reached a bipartisan funding agreement with Democrats, but it was derailed by <a href="https://www.benzinga.com/general/social-media/24/12/42566558/house-republicans-reject-spending-bill-under-pressure-from-trump-musk-government-faces-shutdown">opposition from Trump</a> and Elon Musk.
To prevent a government shutdown set to begin at midnight on Friday, Republican leaders introduced a Plan C.
This approach involved holding separate votes on three key measures: a short-term funding bill to extend government operations for three months, a $100 billion disaster relief package, and a $10 billion bill for farm aid.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Sounds promising <a href="https://t.co/aNaCj0Jnfi">https://t.co/aNaCj0Jnfi</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1870139884385538550?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The bill&#8217;s passage is crucial to prevent a funding lapse at 12:01 a.m. Saturday, ensuring the continued operation of federal agencies.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

House Passes Spending Bill To Avert Government Shutdown, Sidesteps Trump's Demand To Suspend Federal Debt Limit

ICCT

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

Intuit (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) has outperformed the market over the past 20 years by 10.05% on an annualized basis producing an average annual return of 18.29%. Currently, Intuit has a market capitalization of $180.10 billion. 
Buying $1000 In INTU: If an investor had bought $1000 of INTU stock 20 years ago, it would be worth $29,211.80 today based on a price of $643.39 for INTU at the time of writing.
<h3>Intuit's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734738314_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.

INTU

$1000 Invested In This Stock 20 Years Ago Would Be Worth This Much Today

FTAI Aviation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) has outperformed the market over the past 5 years by 38.28% on an annualized basis producing an average annual return of 51.25%. Currently, FTAI Aviation has a market capitalization of $13.69 billion. 
Buying $100 In FTAI: If an investor had bought $100 of FTAI stock 5 years ago, it would be worth $785.56 today based on a price of $133.49 for FTAI at the time of writing.
<h3>FTAI Aviation's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734737415_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.

FTAI

Here's How Much You Would Have Made Owning FTAI Aviation Stock In The Last 5 Years

Caterpillar (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) has outperformed the market over the past 10 years by 3.55% on an annualized basis producing an average annual return of 14.53%. Currently, Caterpillar has a market capitalization of $179.01 billion. 
Buying $100 In CAT: If an investor had bought $100 of CAT stock 10 years ago, it would be worth $390.57 today based on a price of $366.04 for CAT at the time of writing.
<h3>Caterpillar's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734736508_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 Caterpillar 10 Years Ago Would Be Worth This Much Today

Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) has outperformed the market over the past 5 years by 6.51% on an annualized basis producing an average annual return of 19.48%. Currently, Morgan Stanley has a market capitalization of $198.32 billion. 
Buying $1000 In MS: If an investor had bought $1000 of MS stock 5 years ago, it would be worth $2,433.75 today based on a price of $123.10 for MS at the time of writing.
<h3>Morgan Stanley's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734735609_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.

If You Invested $1000 In This Stock 5 Years Ago, You Would Have This Much Today

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