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It’s not just Congressional wannabes who invent lies about themselves to impress naïve voters and dupe their own party, it seems such posers have seeped into the cannabis industry as well. And, they&#39;re not just enhancing their resumé, they&#39;re stealing loads of money.

Fake Cannabis Tycoon Admits To $35M Fraudulent Scheme

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The week was a rollercoaster ride in the world of cryptocurrencies. From GameStop-themed crypto rallying to a Trump-backed project bolstering Bitcoin and Ethereum, the crypto market was buzzing with activity. Here&#8217;s a quick round-up of the top stories.
GameStop-Themed Crypto Rallies
Cryptocurrencies themed on video game retailer GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) saw a significant surge, thanks to CEO Ryan Cohen&#8217;s picture with Strategy co-founder Michael Saylor. The Ethereum-based GameStop crypto soared nearly 50% in the last 24 hours, with its trading volume surging by 37% to $1.83 million.
<a href="https://www.benzinga.com/trading-ideas/movers/25/02/43614269/gamestop-themed-crypto-rallies-50-after-ryan-cohen-posts-intriguing-photo-with-bitcoin-bull-michael-saylor">Read the full article here.</a>
Trump-Backed Project Bolsters Bitcoin, Ethereum
World Liberty Financial, a cryptocurrency project backed by President Donald Trump, announced a strategic token reserve to support projects like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). The reserve aims to mitigate market volatility by diversifying holdings across tokenized assets.
<a href="https://www.benzinga.com/25/02/43646667/trump-backed-world-liberty-financial-unveils-strategic-token-reserve-to-bolster-bitcoin-ethereum">Read the full article here.</a>
Cathie Wood Backs Musk&#8217;s Blockchain Plan
Cathie Wood, the founder of asset management firm Ark Invest, supported Elon Musk&#8217;s idea of putting all U.S. government spending on blockchains for better transparency. Wood hailed the plan as a &#8220;win, win, win&#8221; for transparency, efficiency, and security.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43613058/cathie-wood-says-doge-lead-elon-musks-plan-of-putting-the-treasury-on-blockchain-a-win-win-win-transparency-efficiency-security">Read the full article here.</a>
Meme Coins Could Make a Comeback
Prominent trader Unipcs believes meme coins could be on the verge of a comeback. He argued that the risk/reward ratio favors longs, as the biggest meme coins have already corrected 70-90% from their peaks just months ago.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43734199/millionaire-trader-says-dogecoin-bonk-trump-memes-have-bottomed">Read the full article here.</a>
SEC Considers Dogecoin, XRP ETFs
The Securities and Exchange Commission has acknowledged Grayscale&#8217;s applications for spot Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) ETFs. This move signals that the agency is open to considering the proposals, a shift from its previous tendency to dismiss similar applications for alternative cryptocurrencies.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43730035/does-this-sec-decision-mean-dogecoin-xrp-etfs-are-on-their-way">Read the full article here.</a>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

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GameStop-Linked Crypto Soars, Trump-Backed Project Bolsters Bitcoin, And More: This Week In Crypto

Tulsi Gabbard, President Donald Trump&#8217;s contentious selection, has been confirmed as the new Director of National Intelligence (DNI). This confirmation has provoked warnings of potential severe consequences from <a href="https://www.benzinga.com/news/25/01/42935659/mary-trump-blasts-uncle-over-wildfire-comments-if-donald-trump-can-profit-from-your-death-he-will-facilitate-it">Mary Trump, the President&#8217;s estranged niece</a>.
What Happened: Gabbard, a U.S. Army Reserve member,&nbsp;was confirmed by the Senate last week in a 52-48 vote. Following this, she was&nbsp;sworn in as DNI, a&nbsp;position that supervises the 18 intelligence agencies and organizations in the U.S.
Despite her confirmation, Gabbard&#8217;s selection has stirred controversy due to her past pro-Russian stance and her 2017 meeting&nbsp;with former Syrian President Bashar&nbsp;al-Assad. Among her critics is Mary Trump, who expressed her apprehensions in a Substack <a href="https://www.marytrump.org/p/another-line">post</a>, branding Gabbard as a &#8220;known Russian asset&#8221; and a &#8220;defender of the murderous dictator&nbsp;Bashar al-Assad.&#8221;
&#8220;One of the most powerful people in the cabinet is a known Russian asset, a defender of the murderous dictator Bashar al-Assad, and enemy to our ally (?) Ukraine. There are many reasons Gabbard is unfit, but they lead to one potentially catastrophic outcome—having her in such a sensitive position will give our allies pause. Why should they trust us if they cannot trust that we will use any intelligence they share in a way that does not undermine or harm them? What if they stop sharing intelligence at all?,&#8221; she wrote. 
During her confirmation hearing, Gabbard defended her interaction with Assad and pledged to prevent future leaks of classified information. 
Also Read: <a href="https://www.benzinga.com/news/25/02/43581792/mary-trump-slams-uncle-says-president-isnt-just-destroying-democracy-hes-handing-unchecked-power-to-people-like-elon-musk">Mary Trump Slams Uncle, Says President &#8216;Isn&#8217;t Just Destroying Democracy, He&#8217;s Handing Unchecked Power to People Like Elon Musk&#8217;</a>
However, her confirmation has sparked worries about the potential effects on America&#8217;s relationships with its allies.
&#8220;The nominations came and went. We resigned ourselves to the reality that the only thing standing between us and a catastrophic blow to American democracy was Senate Republicans. Even they would understand how damaging it would be to this country's safety, national security, and health to confirm these miscreants,&#8221; Mary Trump wrote in the post. 
At her swearing-in ceremony, President Donald Trump commended Gabbard, stating that she was an &#8220;easy&#8221; choice and that she will &#8220;work tirelessly to keep America&nbsp;safe.&#8221;
Why It Matters: Gabbard&#8217;s confirmation as DNI, despite the controversy surrounding her, underscores the Trump administration&#8217;s willingness to make unconventional choices. 
Her past actions and affiliations have raised eyebrows, but the administration believes in her commitment to safeguarding American interests. However, the dissenting voices, including that of Mary Trump, highlight the potential risks and the need for vigilance in the intelligence community. 
As Gabbard takes on her new role, the world will be watching closely to see how she navigates these challenges and impacts U.S. intelligence operations and international relations.
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Image: Shutterstock

Politics

Mary Trump Warns DNI Gabbard Could Lead To 'Catastrophic Outcome': 'A Known Russian Asset,' Defender of 'Murderous Dictator' Assad

The week was buzzing with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) news. From a rare Steve Jobs-signed business card going under the hammer to the announcement of a new product launch, Apple has been making headlines. Let&#8217;s dive into the top stories.
Steve Jobs&#8217;s Signed Business Card Up For Auction
A unique piece of Apple history is drawing significant attention at an ongoing auction. A business card signed by the late co-founder,&nbsp;Steve Jobs, dating back to 1983, is up for grabs. This rare memorabilia, authenticated by RR Auction, features Jobs&#8217;s signature alongside the iconic Apple rainbow logo, despite some minor imperfections.
<a href="https://www.benzinga.com/25/02/43755318/steve-jobs-signed-rare-apple-business-card-goes-up-for-auction-bids-touch-75000">Read the full article here.</a>
Tim Cook Announces New Product Launch
Apple CEO&nbsp;Tim Cook&nbsp;has confirmed a new product launch on February 19, sparking speculation that the iPhone SE 4 could be on the horizon. Cook made the announcement via a post on X, formerly Twitter, and even Tesla and SpaceX CEO Elon Musk joined in the buzz by reposting Cook&#8217;s tweet.
<a href="https://www.benzinga.com/tech/25/02/43720367/tim-cook-confirms-new-apple-product-launch-next-week-elon-musk-sets-off-buzz-by-sharing-is-it-the-iphone-se-4">Read the full article here.</a>
Apple Watch Users Strap Devices To Ankles
A new trend among Apple Watch users has emerged, with users strapping the device to their ankles. Fitness enthusiasts have adopted this practice to improve heart rate monitoring, especially for those with smaller wrists. Others have found practical reasons for the trend, like tracking steps while pushing a stroller.
<a href="https://www.benzinga.com/25/02/43583166/apple-watch-users-are-strapping-them-to-their-anklesand-some-people-are-seriously-confused">Read the full article here.</a>
Apple&#8217;s Genius Super Bowl Strategy
Apple played a significant role in Super Bowl LIX without directly advertising its products. YouTuber and reviewer Nikias Molina praised the strategy as &#8220;discretely genius,&#8221; noting that Apple focused on culture, music, and community engagement. Apple CEO Tim Cook and Senior VP Eddy Cue were present at the event, reinforcing the company&#8217;s deep ties to the Super Bowl.
<a href="https://www.benzinga.com/25/02/43613962/apples-super-bowl-lix-strategy-was-discretely-genius-says-youtuber-nikias-molinaheres-how-it-stole-the-spotlight-without-selling-a-single-product">Read the full article here.</a>
iOS 18.3.1 Released With Critical Security Fix
Apple rolled out iOS 18.3.1 and iPadOS 18.3.1 updates on Monday. The updates address a vulnerability that could disable USB Restricted Mode on locked devices. Apple confirmed that the flaw, which required physical access to the device, was exploited in sophisticated attacks targeting specific individuals.
<a href="https://www.benzinga.com/25/02/43613306/ios-1831-released-with-critical-security-fix-apple-confirms-usb-restricted-mode-vulnerability-was-actively-exploited">Read the full article here.</a>
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Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Tech

AAPL

Steve Jobs' Signature, New Apple Launch, And Ankle Watches: This Week In Appleverse

The week was a whirlwind of economic and political events that kept the markets on their toes. From tariff concerns voiced by&nbsp;Sen. Mitch McConnell (R-Ky.)&nbsp;to&nbsp;Federal Reserve Chair Jerome Powell&#8216;s firm stance on inflation, the week was filled with significant developments. Let&#8217;s dive into the top stories of the week.
Mitch McConnell Criticizes Trump&#8217;s Tariff Plans
Senator Mitch McConnell expressed his apprehensions over President Donald Trump's tariff policies, warning of a potential trade war and subsequent price inflation for U.S. consumers and businesses. McConnell&#8217;s concerns were voiced in an op-ed published in Louisville's Courier-Journal. Trump, known for his support of tariffs, recently implemented widespread import duties on Canada, Mexico, and China, along with additional tariffs on steel and aluminum imports.
<a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">Read the full article here.</a>
Powell To Congress: Fed &#8216;Not There Yet&#8217; On Inflation
Federal Reserve Chair Jerome Powell reiterated a firm stance on the central bank&#8217;s monetary policy path, indicating that while inflation is moderating, it hasn&#8217;t cooled enough to justify rate cuts. Powell hinted that further progress is needed to reach the Fed&#8217;s 2% inflation target.
<a href="https://www.benzinga.com/25/02/43668443/powell-to-congress-fed-is-not-there-yet-on-inflation-cpi-was-above-every-forecast-us-debt-path-is-unsustainable">Read the full article here.</a>
Justin Trudeau Slams &#8216;Unacceptable&#8217; US Tariffs
Canadian Prime Minister Justin Trudeau highlighted the adverse effects of the U.S. steel and aluminum tariffs and warned of a strong response if required. Trudeau criticized the recent tariffs calling them "Unacceptable" and said, "Canadians will stand up strongly and firmly if we need to."
<a href="https://www.benzinga.com/markets/25/02/43621302/justin-trudeau-slams-unacceptable-us-tariffs-after-trump-imposes-25-levy-on-metal-imports-canadians-will-stand-up-strongly-and-firmly-if-we-need-to">Read the full article here.</a>
Inflation Rises More Than Expected In January
Price pressures surged more than expected in the first month of the year, fueled by increases in both energy goods and underlying service items, dampening investor expectations for Federal Reserve interest rate cuts. The headline Consumer Price Index rose to 3% year-over-year in data released Wednesday.
<a href="https://www.benzinga.com/government/regulations/25/02/43656846/inflation-rises-more-than-expected-in-january-chills-interest-rate-cut-hopes">Read the full article here.</a>
Trump-Putin &#8216;Highly Productive&#8217; Call Sparks Oil Sell-Off
A high-stakes call between President Donald Trump and Russian President Vladimir Putin sent shockwaves through markets, dragging down oil prices and U.S. defense stocks as investors reacted to Trump&#8217;s surprise announcement of imminent peace negotiations to end the war in Ukraine.
<a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43674775/trump-putin-highly-productive-call-sparks-oil-sell-off-as-investors-eye-geopolitical-de-escalation">Read the full article here.</a>
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<li><a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Mark Zuckerberg Follows Elon Musk&#8217;s Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Mitch McConnell's Tariff Concerns, Jerome Powell's Inflation Stance, Trudeau's Tariff Slam, Inflation Surge, And More: This Week In Economics

The past week has been a whirlwind of news, with the spotlight on Elon Musk&#8216;s Department of Government Efficiency (DOGE) and its access to federal payment systems, the impact of President Donald Trump&#8216;s tariffs on the soda industry, and more. Let&#8217;s dive into the details.
Treasury Probes DOGE&#8217;s Access to Payment Systems The Treasury Department&#8217;s Office of Inspector General has initiated an audit of security controls for federal payment systems, following concerns about access granted to DOGE, an initiative tied to Elon Musk. The review comes in the wake of concerns raised by Democratic lawmakers over potential improper access and implications for government financial security. The audit will assess federal payment system security over the past two years, specifically investigating allegations of fraudulent access and potential misuse tied to DOGE&#8217;s involvement. =
<a href="https://www.benzinga.com/politics/25/02/43739378/treasury-investigates-doges-payment-system-access-as-concerns-mount">Read the full article here.</a>
Morgan Stanley&#8217;s CIO Sees DOGE as Potential Economic Booster Mike Wilson, Morgan Stanley&#8217;s chief investment officer, has suggested that DOGE, led by Musk, could play a pivotal role in revitalizing the US economy. Wilson noted that DOGE has already pinpointed tens of billions in government waste, and a reduction in government size could lead to increased unemployment and prompt the Federal Reserve to lower interest rates.
<a href="https://www.benzinga.com/25/02/43755208/elon-musks-doge-likely-most-underestimated-part-of-trump-administration-says-morgan-stanleys-cio-most-bullish-thing-that-could-happen-to-us-economy">Read the full article here.</a>
Trump&#8217;s Tariffs and the Soda Industry U.S. soft drinks primarily use high fructose corn syrup instead of sugar, a practice dating back to a trade barrier imposed by former President Ronald Reagan in the 1980s. This policy continues to shape today&#8217;s trade landscape, where President Donald Trump&#8217;s tariffs continue to impact global policy.
<a href="https://www.benzinga.com/government/regulations/25/02/43692006/donald-trumps-favorite-word-tariffs-is-the-reason-why-us-coke-and-pepsi-does-not-have-sugar-but-high-fructose-corn-syrup">Read the full article here.</a>
Trump Nominates Apple Employee to Oversee Auto Safety Probes President Donald Trump has nominated Jonathan Morrison, an Apple employee and former chief counsel of the National Highway Traffic Safety Administration (NHTSA), to be the administrator of the U.S. auto safety regulator. Morrison will be responsible for overseeing safety probes into multiple automakers, including Tesla Inc.
<a href="https://www.benzinga.com/25/02/43686795/trump-nominates-apple-employee-to-oversee-safety-probes-into-teslas-fsd">Read the full article here.</a>
Tesla&#8217;s $400 Million Cybertruck Deal Under Scrutiny Prominent short-seller Jim Chanos has questioned a potential $400 million government contract for Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) armored Cybertrucks, linking it to CEO Elon Musk's recent appointment to lead government efficiency initiatives. The criticism comes as a Department of State procurement forecast for fiscal year 2025 lists a five-year, $400 million requirement for "Armored Electric Vehicles."
<a href="https://www.benzinga.com/markets/equities/25/02/43683937/teslas-400-million-armored-cybertruck-deal-under-fire-as-short-seller-jim-chanos-questions-elon-musks-doge-role-in-cutting-wasteful-government-spending">Read the full article here.</a>
Read Next:
<a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Mark Zuckerberg Follows Elon Musk&#8217;s Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots</a>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Short Sellers

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Musk's DOGE Under Treasury Scrutiny, Trump's Tariffs Impacting Soda Industry, And More

<a href="https://www.benzinga.com/personal-finance/25/01/43276105/trumps-tax-plan-could-slash-social-security-benefits-33-by-2035-ramsey-show-host-george-kamel-weighs-in">President Donald Trump</a> has announced a new wave of tariffs on steel and aluminum imports, aiming to strengthen domestic manufacturing while introducing a &#8220;reciprocal tariff&#8221; system that could significantly impact international trade.
On Sunday, Trump told reporters aboard Air Force One that his administration would implement a <a href="https://www.benzinga.com/markets/equities/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">25% tariff on all steel and aluminum imports</a> to the United States, building upon his previous trade policies from his first term. Trump also emphasized the need for a level playing field in global trade by implementing reciprocal tariffs, stating, &#8220;If they charge us, we charge them.&#8221;
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True to his word, the steel and aluminum tariff proclamations were signed Monday, to go into effect March 12. These proclamations remove exemptions from Trump&#8217;s 2018 tariffs on the metals–which previously made the tariffs ineffective for several countries, including Canada and Mexico–and raised the tariffs from 10% to 25% for all steel and aluminum imports.&nbsp;
Alongside the metals tariffs, Trump also plans to introduce a reciprocal tariff policy that will match the rates imposed by other countries on American exports. He has long been vocal about trade imbalances, particularly the European Union's 10% tariff on U.S. automobiles compared to the 2.5% tariff the U.S. levies on European cars. Trump argues disparities like that put American industries at a disadvantage and that imposing matching tariffs will restore fairness in trade agreements.
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While the full details of this policy are expected in an upcoming press conference, the new tariff structure could have widespread implications for global commerce, affecting industries from automotive manufacturing to whiskey distillation.&nbsp;
Chris Swonger, CEO of the Distilled Spirits Council of the United States, expressed concern over potential EU retaliation. "A 50% tariff on America&#8217;s native spirit will have a catastrophic outcome for the 3,000 small distilleries across the United States," Swonger <a href="https://www.reuters.com/markets/commodities/trump-says-he-will-announce-25-steel-aluminum-tariffs-monday-2025-02-09/">told Reuters</a>.&nbsp;
There have been mixed responses to <a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">Trump's tariff plans</a>. Supporters of the tariffs, including the American Iron and Steel Institute, say the move is a necessary step toward protecting U.S. manufacturers from what they view as unfair foreign competition.&nbsp;
&#8220;We look forward to working closely with the President and his administration to implement a robust and reinvigorated trade agenda to address the many foreign market-distorting policies and practices that create an unlevel playing field for American steelmakers,&#8221; AISI President Kevin Dempsey told Reuters.&nbsp;
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Critics argue that increased tariffs could lead to higher costs for U.S. manufacturers that rely on steel and aluminum, ultimately affecting prices for consumers. Canada, a major supplier of aluminum to the U.S., has voiced opposition.&nbsp;
Canadian Innovation Minister Francois-Philippe Champagne <a href="https://x.com/FP_Champagne/status/1889108709017596043">said on X</a>: "Steel and aluminum tariffs on Canada, the United States' closest ally, would be totally unjustified. Canadian steel and aluminum support key industries in the U.S. from defence, shipbuilding, energy to automotive. This is making North America more competitive and secure. We are consulting with our international partners as we examine the details. Our response will be clear and calibrated."&nbsp;&nbsp;
Experts warn that <a href="https://www.benzinga.com/news/25/02/43575447/u-s-shoppers-and-businesses-shocked-by-high-ups-and-dhl-import-duty-fees-as-china-tariffs-kick-in">increased import costs</a> could lead to higher prices for goods that rely on steel and aluminum, such as cars, appliances, and construction materials. Benn Steil, director of international economics at the Council on Foreign Relations, <a href="https://apnews.com/article/trump-tariffs-steel-aluminum-china-canada-mexico-0a91ceaf3aa3c1756c339817d1d58076">told the Associated Press</a> that &#8220;the costs to the U.S. will include higher prices to U.S. consumers, retaliatory tariffs abroad, and the loss of U.S. jobs and competitiveness in firms hit by higher input costs.&#8221;
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Despite these concerns, Trump maintains that the tariffs will drive industrial growth in the U.S., saying, &#8220;It's time for our great industries to come back to America.&#8221; However, some analysts question whether the economic benefits will outweigh the risks, especially if major trading partners retaliate with tariffs of their own.
As the new tariffs take effect, global markets and industries will closely watch how trading partners respond. Countries affected by these policies may seek to negotiate exemptions or implement countermeasures, potentially leading to trade disputes. Additionally, the impact on inflation, manufacturing, and employment within the U.S. will be key factors in assessing the long-term effectiveness of these policies.
For now, businesses, policymakers, and consumers alike are bracing for the changes ahead as Trump&#8217;s tariff strategy sets the stage for another chapter in U.S. trade relations.
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Personal Finance

'If They Charge Us, We Charge Them' – Trump's Reciprocal Tariff Plan For Steel And Aluminum

The trend of institutional funds and big investment groups buying large tranches of single-family homes has been blamed for exacerbating America's housing affordability crisis. Some states, such as California and New York, have even introduced legislation that would curb or outlaw the practice entirely. Now, Wall Street investors are exiting the market, and a recent study shows this could have a reverse boomerang effect that leaves many American homes overvalued by as much as 35%.
This could create a financial nightmare for millions of American homeowners, whose net worth is often tied to their home's value. <a href="https://www.wsj.com/real-estate/wall-street-thinks-u-s-homes-are-overpriced-1fc1c18d">The Wall Street Journal reported</a> that real estate analytics firm Green Street reached those conclusions after analyzing the property portfolios of some of America's biggest landlords.&nbsp;
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It revealed a huge disparity between stock prices for some of America's biggest<a href="https://www.benzinga.com/money/investing-in-single-family-rentals"> single-family rental</a> landlords, like Invitation Homes (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INVH#NYSE">INVH</a>) and American Homes 4 Rent (NYSE:<a href="https://www.benzinga.com/quote/AMH"> AMH</a>), and their net asset values, the report said.&nbsp;
The analysis shows that the value of Invitation Homes shares translates to home values of around $310,000 in areas where the home's "current market values" are around $415,000. That large disparity is a cause for concern among Green Street's analysts. The firm's managing director, John Pawlawski, told The Journal, "Share prices are signaling that single-family-home prices are too high and not sustainable."
It's long been speculated that the tremendous buying power of institutional investors, who are known to buy hundreds of homes in single markets at once, is one of the main contributing factors to America's housing affordability crisis. Their simultaneous exit from the market en masse could slow property appreciation rates in many of America's biggest real estate markets.&nbsp;
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During their more aggressive buying sprees, institutional landlords relied on deep pockets and lower interest rates to muscle their way into the real estate market, much to the chagrin of first-time buyers who couldn't compete. Meanwhile, those already fortunate enough to be homeowners reaped benefits in the form of faster appreciation.
However, that accelerated appreciation and the post-COVID run-up in interest rates appear to have changed the equation for many institutional landlords. Most institutional landlords target capitalization rates between 5% to 6% to generate<a href="https://www.benzinga.com/money/real-estate-investment-strategies"> passive income for investors</a>, but current home values and interest rates are putting potential returns in the 4% range. That may explain why they slowed their buying down in Q3 2024.&nbsp;
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The downstream effect of a once abundant source of capital suddenly being removed from the market is that sellers and developers can no longer rely on big-pocketed investors to take on huge chunks of housing inventory all at once. That will likely lead to homes staying on the market longer and selling for less, which would inevitably eat into current home valuations when appraisers find cheaper comps in various real estate markets.
Who wins and who loses in Green Street's scenario depends on your place in the real estate market. Would-be buyers will likely cheer the potential price reductions. However, homeowners may lament the continued absence of institutional landlords if Green Street's analysis is accurate, and their properties are overvalued by 35%.
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Real Estate

INVH

Homeowners Beware: Wall Street Analysts Think Your Property Could Be Overvalued By Almost 40%

Doctors are ditching the hospital grind for corporate boardrooms. And with $275,000 salaries, better hours, and less stress, it's easy to see why.
The rise of chief medical officers in tech, startups, and even companies like Google and Salesforce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>) is pulling more doctors away from clinical roles. They're trading 12-hour shifts for leadership positions that still <a href="https://www.benzinga.com/partner/health-care/25/01/42901251/the-silent-revenue-killer-in-us-healthcare-and-the-tech-that-is-fighting-back">impact healthcare</a>—just on a bigger scale.
Why Doctors Are Making the Switch
For Dr. Lisa Shah, the shift was about scale. She loved treating patients but left exhausted every day. Losing them took a toll.
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Now, as CMO at Twin Health, a health tech startup using AI to monitor metabolism, she's helping treat populations instead of just one patient at a time.
&#8220;We&#8217;re seeing a lot of chief medical officers coming on board to grant that clinical, medical legitimacy to whatever products people are developing,&#8221; Chris Myers, a Johns Hopkins professor, told Business Insider.
The COVID-19 pandemic only accelerated the trend. Burnout soared. A Bain &amp; Company survey found that one in four clinicians were considering leaving medicine.
And the pay? Still solid. ZipRecruiter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIP#NYSE">ZIP</a>) says CMOs earn around $275,000 per year—comparable with a doctor's salary but without the brutal hours.
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A Growing Trend in Health Tech
Health tech is booming. It's expected to hit $1.5 trillion by 2032, growing at nearly 19% per year, <a href="https://rockhealth.com/insights/2023-q1-digital-health-funding-investing-like-its-2019/">according to researchers at Rock Health</a>.&nbsp;
That means more companies need medical expertise—and they're hiring doctors to provide it.
Dr. Guy Maytal spent nearly two decades in psychiatry before joining Forge Health, a startup focused on mental health and substance use treatment.
"I could grumble on the sidelines, or roll up my sleeves and do something about it," he told Business Insider.
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The Role of CMOs in Business
Tech giants are getting in on the action. <a href="https://www.benzinga.com/markets/25/02/43616463/salesforce-and-aws-pledge-500m-to-boost-ai-development-in-saudi-arabia">Salesforce</a> hired a CMO in 2019 to focus on employee health. Google added its first chief health officer the same year.
At Uber Health, Dr. Joshua Sclar now works on getting patients to medical appointments and delivering medications.
&#8220;Being a physician, I know what happens when that care is missed,&#8221; he told Business Insider.
But adjusting to corporate life isn't always easy. Dr. Nikole Benders-Hadi, CMO at TalkSpace (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TALK#NASDAQ">TALK</a>), says her biggest challenge was learning to communicate with business leaders who don't speak &#8220;doctor.&#8221;
&#8220;There can be really different end goals when you&#8217;re talking about business objectives versus healthcare objectives,&#8221; she said.
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A Lifeline for Overworked Doctors?
For doctors used to on-call shifts, patient loss, and insurance battles, moving to a CMO role reduces emotional toll.
"These jobs seem stressful, but they're not life and death," said Dr. Jonathan Jaffery of the Association of American Medical Colleges.
And while America faces a shortage of 86,000 physicians by 2036, many believe CMOs aren't the problem—they're part of the solution.
Dr. Nate Favini, CMO of Pair Team, a startup connecting Medicaid patients to care, thinks technology will help fix the system.
"There's a massive opportunity to harness tech to deliver better care at a fraction of the cost," he told Business Insider.
Doctors aren't just leaving medicine. They're changing it.
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TALK

From $275,000 Salaries To Work-Life Balance: Why Burned-Out Doctors Are Trading The ER For The C-Suite

<a href="https://www.benzinga.com/startups/25/02/43466203/warren-buffetts-127-billion-stock-sell-off-sends-wall-street-a-stark-warning-for-2025-below-average-returns-ahead">Warren Buffett'</a>s Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>, BRK.B))&nbsp; is at it again, buying up more shares of Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>). On Feb. 7, <a href="https://www.sec.gov/Archives/edgar/data/315090/000095017025018266/xslF345X05/ownership.xml">Berkshire added 763,017 shares </a>to its portfolio for about $35.7 million.&nbsp;
That brings its total stake in the <a href="https://www.investopedia.com/warren-buffett-berkshire-hathaway-grows-stake-in-occidental-petroleum-11678787">Houston-based oil and gas giant to 28.3%</a>, making it Occidental's largest shareholder. <a href="https://www.investors.com/news/warren-buffett-berkshire-hathaway-cash-on-hand-to-work/">According to Investors Business Daily</a>, this follows a pattern—Berkshire has been steadily increasing its investment despite Occidental's stock taking a hit in recent months.
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The company's stock has had a rough ride, <a href="https://www.macrotrends.net/stocks/charts/OXY/occidental-petroleum/stock-price-history">down nearly 32% from its peak in April</a>. Last year alone, it dropped more than 17%, mostly due to weakening oil prices.&nbsp;
Declining crude oil prices have put pressure on energy stocks across the board, and Occidental hasn't been an exception. Even so, Buffett doesn't seem worried.
This isn't the first time Berkshire has jumped in during a downturn. In December, it <a href="https://occidentalpetroleum.gcs-web.com/node/27696/html">scooped up another 8.9 million shares </a>when the market dipped.&nbsp;
Berkshire's ties to Occidental run deeper than just common stock. It played a key role in Occidental's $55 billion purchase of Anadarko Petroleum in 2019, <a href="https://www.sec.gov/Archives/edgar/data/797468/000095015719000504/form425.htm">pumping in $10 billion</a> in exchange for preferred stock.&nbsp;
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That deal came with an 8% annual dividend, which means Berkshire is pocketing about $800 million a year just from those shares. On top of that, it holds warrants to buy another 80 million shares at an exercise price of $62.50. Investor's Business Daily said this gives Berkshire even more potential upside if Occidental's stock climbs.
Despite regulatory approval to buy up to 50% of Occidental, Buffett has made it clear he's not planning a takeover.
<a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-occidental-petroleum-energy-stock-earnings-call-2022-3">Business Insider reported</a> that he first got interested in the company after reading a transcript of its earnings call and liking what he saw. That's been his approach for decades—digging into a company's fundamentals before making a move.
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Meanwhile, Occidental has been focused on paying down debt. By the end of <a href="https://www.oxy.com/news/news-releases/occidental-announces-3rd-quarter-2024-results/">Q3 2024,</a> it had already knocked out $4 billion, reaching about 90% of its short-term debt reduction goal. As mentioned by Oxy, this is part of a broader strategy to shore up the company's financial position.
For investors, dividends are another draw. <a href="https://www.nasdaq.com/market-activity/stocks/oxy/dividend-history">Occidental offers a 1.8% yield</a>, making it an attractive choice for those looking for steady returns. The company is also making moves in carbon capture technology, which could position it well for the future as energy companies face increasing pressure to reduce emissions. This shift aligns with broader industry trends favoring sustainability.
Occidental's stock closed at <a href="https://www.marketwatch.com/data-news/apa-corp-stock-falls-4-0-underperforms-competitors-48270fd7-205fdaac588c">$47.83 on Feb. 12</a>, slipping 1.60% for the day. As Barron's noted, oil price fluctuations continue to impact the stock, but Berkshire's commitment suggests confidence in its long-term potential.
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Image from Shutterstock

Occidental Petroleum Stock Is Down 32% – But Warren Buffett Keeps Buying More. Does He Know Something the Market Doesn't?

The house always wins. While that adage is often used in casinos, it also holds true for one of the biggest gambles in business: restaurants. Ask Gordon Ramsay, the global culinary icon with an empire of 88 restaurants, eight Michelin Stars, and a slew of top-rated TV shows. The Scottish-born chef was recently interviewed on the First We Feast <a href="https://www.benzinga.com/25/02/43479274/alphabet-q4-earnings-highlights-ai-cloud-youtube-momentum-continues-capex-guidance-sends-shares-lower">YouTube</a> channel. He was unequivocal when host Sean Evans asked about the hidden costs of running a restaurant.
&#8220;Yeah it&#8217;s called rent and labor costs — two big key factors in running a successful business,&#8221; Ramsey said. The media icon, known for lambasting hapless cooks with a tirade of expletives, said, &#8220;Landlords — they win either way. So the more successful you are, the more rent they ask for. The less successful you are, the more demanding they are after the rent.&#8221;
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Other than the quality of the food, location plays a prime role in determining a restaurant&#8217;s success. Landlords can charge top-of-the-market rents for prime locations. Regardless of the business&#8217;s success or failings, the cost of rent remains constant. Unlike many chefs, however, Ramsay&#8217;s business is bolstered by his star power and global recognition, resulting in a steady stream of customers wanting to eat at his establishments. The strategy has paid off. Ramsay's net worth is around $220 million, according to the <a href="https://www.dailymail.co.uk/tvshowbiz/article-14279891/world-richest-chef-gordon-ramsay-jamie-oliver-twice-fortune.html">Daily Mail</a>.
<h2 class="wp-block-heading">Masterchef Salary</h2>
According to<a href="https://www.finance-monthly.com/2024/12/gordon-ramsays-shocking-masterchef-salary-will-blow-your-mind/#:~:text=All%20of%20this%20has%20helped,Masterchef,%20according%20to%20The%20Things."> </a><a href="https://www.finance-monthly.com/2024/12/gordon-ramsays-shocking-masterchef-salary-will-blow-your-mind/#:~:text=All%20of%20this%20has%20helped,Masterchef,%20according%20to%20The%20Things">Monthly Finance</a>, Ramsay is served a bountiful $225,000 per episode of Masterchef (that he hosts), which has multiple versions around the world in which Ramsay often appears. His TV success has been a steady climb after starring in the British cooking shows, &#8220;Boiling Point&#8221; (a documentary), &#8220;The F-Word,&#8221; &#8220;Hell&#8217;s Kitchen,&#8221; and &#8220;Kitchen Nightmares,&#8221; before debuting in 2005 with &#8220;Hell&#8217;s Kitchen,&#8221; on Fox, followed by &#8220;Kitchen Nightmares,&#8221; in 2007. By 2020,<a href="https://www.forbes.com/profile/gordon-ramsay/#1d2e03bb4530"> Forbes</a> reported that Ramsay&#8217;s shows generated $150 million in yearly ad sales for the network and that his net worth was $70 million.&nbsp;
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<h2 class="wp-block-heading">Deepening The Fox Relationship</h2>
In 2021, Ramsay and Fox announced a joint partnership with <a href="https://www.benzinga.com/general/sports/25/01/43317260/kansas-city-chiefs-help-cbs-break-afc-championship-record-will-super-bowl-viewership-hit-new-highs">Fox</a> for Studio Ramsay Global to produce new Ramsey featured shows, including &#8220;Kitchen Nightmares,&#8221; &#8220;Gordon Ramsay&#8217;s Food Stars,&#8221; and &#8220;Next Level Chef,&#8221; along with shows featuring other chefs, such as National Geographic&#8217;s &#8220;No Taste Like Home.&#8221;
In 2024, Ramsay and Fox launched <a href="https://www.foxflash.com/releases/view/gordon-ramsay-and-fox-entertainment-launch-bite-a-next-gen-global-food-brand-and-entertainment-platform-comprehensive-multi-category-culinary-and-life">Bite</a>, a global food brand and platform offering a range of online digital content, products, and live global food experiences.
&#8220;Bite is an innovative fusion of my nearly 20-year collaboration with Fox, blending all the experiences, excitement, competition, and personality we&#8217;ve created together under this original, singular food and lifestyle venture,&#8221; said Ramsay. &#8220;This new brand will cater to every flavor of food fan with an enticing array of original series, compelling food stories, and endless digital content that audiences everywhere will eat up!&#8221;&nbsp;
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<h2 class="wp-block-heading">Restaurant Empire</h2>
Ramsay&#8217;s knowledge of dealing with landlords is well-founded. His restaurant empire has grown in tandem with his TV success. In 2018, he began opening a series of US-based restaurants, Hell's Kitchen, named after the TV show, one of the most successful being the flagship in Las Vegas. It also made the No. 3 spot on Yelp&#8217;s list of the <a href="https://www.yelp.com/collection/N7fY-Marn9QcxPA6TcFEjA/Most-Photographed-Restaurants-2024">most photographed restaurants</a> of 2024. To date, there are seven Hell's Kitchen restaurants across the US.
In 2019, Ramsay signed a deal with private equity firm Lion Capital to form Gordon Ramsay North America. The deal was worth a reported $100 million, with Ramsay and Lion having an equal stake in the subsidiary. Though initially planned as a venture to open <a href="https://www.forbes.com/sites/chloesorvino/2019/06/26/gordon-ramsay-plots-100-us-restaurants-with-new-private-equity-deal/#6736b9af7b84">100 restaurants</a> in the United States by 2024, the COVID-19 pandemic dampened those ambitions.
Although Ramsey has claimed to have lost $80 million in revenue in the UK during the pandemic, he appears to have bounced back since. <a href="https://www.dailymail.co.uk/news/article-14355391/gordon-ramsay-four-new-restaurants-building-london.html">According to the Daily Mail,</a> Ramsay recently opened four new restaurants in the same London building.
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<h2 class="wp-block-heading">Other Entrepreneurial Spin-offs</h2>
Ramsey opened a cooking school in 2021 in Woking, England for half and full-day courses, with a second location due to open in London in 2025,<a href="https://www.businessinsider.com/how-gordon-ramsay-makes-money-net-worth-millions#the-chef-has-also-launched-a-cooking-school-4"> according to Business Insider</a>. In addition, Ramsey has a<a href="https://www.thedrinksbusiness.com/2021/03/gordon-ramsay-launches-his-own-brand-of-california-wines/"> </a>wine brand, Gordon Ramsay Signature Wines, is a partial owner of the HexClad cookware line after Ramsay Global $100 million investment in the brand and has a line of frozen entrees.
Ramsey is also a shareholder and brand ambassador in<a href="https://www.prnewswire.com/news-releases/michelin-starred-chef-and-international-businessman-gordon-ramsay-partners-with-borealis-foods-301876795.html"> </a><a href="https://www.benzinga.com/news/24/02/37123615/gordon-ramsay-backed-mission-driven-borealis-foods-goes-public">Boraelis Foods</a>, a food tech innovation company behind the popular Chef Woo and Ramen Express ramen meals, which went public last year. Ramsay began a <a href="https://www.youtube.com/watch?v=8ia1hHVOyL4">partnership with THOR Kitchen</a> last year for a range of high-end kitchen appliances.&nbsp;
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Gordon Ramsay Might Be Worth $220 Million, But He Reveals That Landlords Always Have The Upper Hand In The Restaurant Business

Women Grow has announced the formation of the Women Grow Foundation, a 501(c)(3) nonprofit dedicated to advancing women entrepreneurs and professionals in the cannabis industry through advocacy, education and funding. The Foundation will officially launch at the <a href="https://www.benzinga.com/news/events/25/02/43591841/brittney-griner-and-ricky-williams-headline-women-grow-2025-leadership-summit-key-event-for-the-cannabis-industry">Women Grow Leadership Summit's</a> opening breakfast on Monday, February 17, 2025, at 8:00 AM at the Gaylord National Resort and Convention Center.
&#8220;The Women Grow Foundation is dedicated to empowering women in cannabis through strategic funding, mentorship, and policy advocacy,&#8221; said Dr. Chanda Macias, CEO of Women Grow. &#8220;By addressing systemic barriers and providing targeted resources, we aim to create lasting change and meaningful opportunities for women at all stages of their careers and businesses.&#8221;
<h3 class="wp-block-heading">Stearns Bank Pledges $15,000 In Support</h3>
At the launch event, Stearns Bank will present a $15,000 donation, reinforcing its commitment to supporting women in cannabis. This contribution highlights the financial industry&#8217;s role in fostering equity within the sector. According to Dr. Macias, &#8220;female entrepreneurs receive just 3% of venture capital funding despite data showing that female-led ventures perform on par with their male-led counterparts.&#8221;
<h3 class="wp-block-heading">Foundation's Mission and Focus Areas</h3>
The Women Grow Foundation aims to address key barriers that have historically hindered women's progress in the cannabis industry. It will operate under a yearly membership model and focus on three main areas:
<h4 class="wp-block-heading">Legalization And Policy Reform</h4>
<ul>
<li>Advocating for policy changes at state and federal levels</li>
<li>Supporting grassroots legislative efforts</li>
<li>Ensuring diverse representation in regulatory discussions</li>
</ul>
<h4 class="wp-block-heading">Entrepreneurship And Funding</h4>
<ul>
<li>Connecting women to grants and investment opportunities</li>
<li>Providing business development education</li>
<li>Helping women overcome financial barriers to launching and scaling businesses</li>
</ul>
<h4 class="wp-block-heading">Career Development</h4>
<ul>
<li>Offering mentorship programs</li>
<li>Providing professional training</li>
<li>Assisting with job placement and career advancement</li>
</ul>
<h3 class="wp-block-heading">Membership And Financial Support</h3>
Membership in the Women Grow Foundation will offer early access to funding opportunities, business development resources and networking with industry leaders. Membership options include:
<ul>
<li>Student Membership – $79/year</li>
<li>Corporate Membership – $500/year</li>
<li>Women Grow Circle Program – $1,000-$5,000/year</li>
</ul>
Funding for the foundation will come from memberships, individual and corporate donations, foundation grants and state and federal programs. Industry partners and corporate sponsors will play a crucial role in supporting its advocacy efforts and community initiatives.
<h3 class="wp-block-heading">How To Get Involved</h3>
Women Grow Foundation welcomes individuals and businesses to contribute by becoming members, making donations or partnering in sponsorships.
To register for the Women Grow 2025 Leadership Summit, visit <a href="http://WomenGrow.com">WomenGrow.com</a>.
Lead image via Shutterstock

Women Grow Foundation: New 501(c)(3) to Provide Advocacy and Resources for Cannabis Entrepreneurs

&nbsp;Jack Dorsey, co-founder of Twitter, now known as X, has shed light on the accelerated growth of Bluesky, attributing it to a mass exodus of users from X.
What Happened: In a recent podcast, Dorsey voiced his belief that users are &#8220;running away from X, rather&nbsp;than running to something on&nbsp;Bluesky&#8221;.
Bluesky, which began&nbsp;as an internal project at&nbsp;Twitter, was launched as a separate&nbsp;public benefit corporation in 2021.&nbsp;The platform witnessed&nbsp;a surge in user signups&nbsp;in November, which coincided with a wave of users departing from&nbsp;X following the election of&nbsp;President Trump, who was financially backed by Elon Musk, the current owner of X.
&#8220;I think people are running away from X, rather than running to something on Bluesky. That&#8217;s not a great way to build a product, unfortunately. We want people that are running to us for a particular thing that they couldn&#8217;t do before,&#8221; as quoted <a href="https://www.businessinsider.com/jack-dorsey-people-running-away-from-x-bluesky-growth-2025-2">by </a>Insider he said in the podcast.
Despite stepping down&nbsp;from Bluesky&#8217;s board of directors&nbsp;last year, Dorsey maintains a positive outlook on the platform&#8217;s future. He underscored the platform&#8217;s distinctive feature that allows users to select their own algorithms as a major draw for users.
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&#8220;Bluesky has built something that I wanted it to build and I&#8217;m excited about, which is this algorithm store, being able to choose your own algorithms,&#8221; he added.
&#8220;That is a reason why people will run to it eventually, and I think why people run to these services eventually because they get more agency and more control — but it&#8217;s not something that people care about right now,&#8221; he said. 
Bluesky&#8217;s CEO, Jay Graber, has reassured that the platform is &#8220;billionaire-proof&#8221; and presents a radically different approach to social media, emphasizing user control and open-source development.
Why It Matters: The rapid growth of Bluesky and the mass exodus from X signify a shift in user preferences in the social media landscape. Users are increasingly seeking platforms that offer greater control and transparency, as evidenced by Bluesky&#8217;s unique feature of allowing users to choose their own algorithms. 
This trend could potentially reshape the future of social media, with platforms like Bluesky leading the way.
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Image: Shutterstock

Jack Dorsey Says Bluesky's Rapid Expansion Fueled by X Exodus: 'Not a Great Way To Build a Product'

Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has evolved from a confetti-throwing trading app into a serious financial services platform, with its <a href="https://www.benzinga.com/25/02/43641644/robinhood-q4-earnings-preview-can-company-rebound-from-q3-miss-key-items-to-watch#:~:text=Earnings%20Estimates%3A%20Analysts%20expect%20Robinhood,of%20the%20last%2010%20quarters.">shares quadrupling over the past year as it expands beyond its meme-stock roots</a>.
The company&#8217;s transformation includes launching futures trading, a desktop platform for serious traders, and a credit card program that has attracted 2 million waitlist subscribers, according to the <a href="https://www.ft.com/content/72c164f8-2c25-4499-9bc2-81053278084e">Financial Times</a>. Its Gold card offers 3% cashback, with select clients eligible for a solid gold version.
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Yet the company is facing challenges in the competitive brokerage landscape. With $195 billion in assets under custody as of November, it remains dwarfed by traditional players like Fidelity and Charles Schwab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) , which manage $15 trillion and $10 trillion respectively.
Robinhood CEO Vlad Tenev set ambitious targets during the company's December investor day, aiming for market leadership in options trading by 2027 and equities by 2029. The company&#8217;s $200 million <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39313872/robinhoods-200m-bitstamp-deal-marks-major-step-in-growing-crypto-business-heres-where-you-">acquisition of crypto exchange Bitstamp</a> in June signals its commitment to digital asset expansion.
&#8220;The maturation of Robinhood has coincided with the maturation of the retail investor,&#8221; Piper Sandler analyst Patrick Moley told the Financial Times.
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Traditional brokers, however, continue to compete for younger clients. Schwab CEO Rick Wurster recently said on an earnings call that a third of its new retail investors were under 30, and half were under 40.
While Robinhood offers multiple asset classes on one platform—from cryptocurrency to stock options—analysts question whether younger clients will &#8220;graduate&#8221; to larger firms as they accumulate wealth.&nbsp;
The path to product parity with established brokers remains &#8220;very, very long,&#8221; Barclays analyst Benjamin Budish told the Financial Times.
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The company&#8217;s strategy includes expanding beyond trading into broader financial services. Its recent initiatives target more sophisticated investors while maintaining the platform&#8217;s accessibility for newcomers.
&#8220;Maybe it&#8217;s an unfair comparison, because Schwab and Fidelity are very mature platforms,&#8221; Budish said, but added that seeing the company mature makes him &#8220;more willing to give them the benefit of the doubt.&#8221;
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HOOD

SCHW

Robinhood's Profit Surge Means It May Finally Be A Serious Player On Wall Street

The Justice Department is reportedly in crisis following a wave of resignations and intense pressure from Trump-appointed officials to drop the corruption case against <a href="https://www.benzinga.com/politics/25/02/43739378/treasury-investigates-doges-payment-system-access-as-concerns-mount" target="_blank" rel="noreferrer noopener">New York City Mayor </a><a href="https://www.benzinga.com/politics/25/02/43739378/treasury-investigates-doges-payment-system-access-as-concerns-mount" target="_blank" rel="noreferrer noopener">Eric Adams</a> (D).
The situation escalated on Friday when the department filed a motion to dismiss the case, a move that triggered anger and outrage within the DOJ, <a href="https://www.politico.com/news/2025/02/14/justice-department-crisis-resignations-adams-00204482">reports</a> Politico.
For two consecutive days, acting DOJ No. 2 Emil Bove pressured career attorneys to file court papers seeking to abandon the case.
The pressure campaign culminated in the filing of a motion late Friday, signed by Bove himself, to drop the charges.
This unprecedented move came after several DOJ officials resigned in protest. Lead prosecutor Hagan Scotten, part of the U.S. attorney&#8217;s office in Manhattan, quit, accusing Bove and Trump of striking a deal to drop the charges in exchange for Adams&#8217; support of Trump&#8217;s policy agenda.
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Bove&#8217;s actions led to further resignations within the department, including the acting U.S. attorney in Manhattan, Danielle Sassoon, and senior officials from the Criminal Division and Public Integrity Section.
Former U.S. Attorney Barbara McQuade revealed that Bove issued an ultimatum to DOJ lawyers to find someone to carry out the order to dismiss the case or face termination, Politico adds.
Critics, including former DOJ veterans, compared the turmoil to the 1973 Saturday Night Massacre, where top officials resigned to resist President Nixon&#8217;s orders.
They described the current crisis as &#8220;chilling,&#8221; citing Bove&#8217;s crude intimidation tactics. DOJ spokespersons did not respond to requests for comment.
Attorney General Pam Bondi defended the decision to drop the case, claiming the charges against Adams were part of a political &#8220;weaponization&#8221; of the department.
The unfolding turmoil underscores the profound divide within the DOJ, as Trump-aligned officials clash with career prosecutors over the future of the Adams case.
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Image: Shutterstock

Equities

General

Chaos at Justice Department as Trump-Backed Officials Push To Drop Corruption Case Against NYC Mayor Adams

Switzerland is advancing toward legalizing recreational <a href="https://www.benzinga.com/cannabis">cannabis</a> with a strictly regulated framework after the National Council's Social Security and Health Committee (SGK-N) voted in favor of a <a href="https://www.parlament.ch/press-releases/Pages/mm-sgk-n-2025-02-14.aspx?lang=1031">draft</a> law that would allow controlled access for adults. The proposal, which passed with 14 votes in favor, 9 against and 2 abstentions, seeks to reduce illicit market activity, protect public health and implement a non-profit sales model.
<h2 class="wp-block-heading">A Non-Profit, Government-Controlled Cannabis Market</h2>
The proposed law aims to remove the profit motive from cannabis sales by placing them under a state-controlled monopoly. Cannabis products would only be available at a limited number of licensed brick-and-mortar stores and through a single state-approved online retailer.
Revenue generated from sales would be directed toward harm reduction, addiction support and contributions to health insurance cost reductions. This structure is notably different from commercial models in Canada, the U.S. or Germany, where private companies play a key role in legal cannabis markets.
The draft also proposes strict quality standards for cannabis products, requiring neutral packaging, clear warning labels and childproof containers. Advertising would be completely banned, extending not only to cannabis products but also to seeds, clones and related accessories.
<h2 class="wp-block-heading">THC-Based Taxation And Personal Cultivation Rules</h2>
The proposal includes a THC-based taxation system, where higher THC levels result in higher taxes.
Adults residing in Switzerland would be allowed to grow up to three female cannabis plants (flowering) for personal use, but purchase and possession limits would be enforced. Public consumption regulations would align with existing passive smoking protection laws, preventing secondhand exposure in public spaces.
<h2 class="wp-block-heading">Zero Tolerance For Driving And Harsher Penalties For Illicit Sales</h2>
While the legislation aims to shift consumers away from the illegal market, it simultaneously increases penalties for unauthorized cannabis sales and purchases. A digital tracking system would monitor the entire supply chain to prevent diversion to illicit channels.
Driving regulations remain stringent, with a zero-tolerance policy for THC. Under the proposed rules, any driver found with THC in their system would be considered unfit to drive, reinforcing Switzerland's cautious approach to cannabis and road safety.
<h2 class="wp-block-heading">Next Steps: Public Consultation And Parliamentary Debate</h2>
The proposal is far from becoming law. The next phase involves an explanatory report on the preliminary draft, which will be examined by the SGK-N in the summer of 2025. This will be followed by a public consultation period, allowing stakeholders, medical experts and advocacy groups to provide feedback.
Given Switzerland's direct democracy system, a referendum may be required before the law is fully enacted. The Swiss People&#8217;s Party (SVP) has already <a href="https://www.france24.com/en/live-news/20250214-switzerland-mulls-legalising-recreational-cannabis?utm_source=chatgpt.com">voiced</a> strong opposition, arguing that legalization would send the wrong message to youth.
Meanwhile, industry groups like the Swiss Hemp Interest Group (IG Hanf) have <a href="https://www.barrons.com/news/switzerland-mulls-legalising-recreational-cannabis-b5141994?utm_source=chatgpt.com">hailed</a> the move as a &#8220;historic moment for Swiss cannabis policy.&#8221;
Lead image via Shutterstock

Switzerland Moves To Legalize Recreational Cannabis Under Strict Government Control

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon sparked controversy during a heated town hall in Columbus, Ohio, where he scolded employees after they raised concerns <a href="https://www.benzinga.com/markets/equities/25/01/43218904/remote-work-vs-return-to-office-can-veevas-flexibility-outshine-jpmorgans-office-mandate" target="_blank" rel="noreferrer noopener">about the bank&#8217;s five-day return-to-office policy</a>.
Dimon dismissed the idea of flexible workdays, claiming remote work policies hinder creativity and slow decision-making, The Hill <a target="_blank" href="https://thehill.com/business/5145522-jamie-dimon-jp-morgan-chase-return-to-work/" rel="noreferrer noopener">reports</a>.
Dimon aggressively criticized the practice of &#8220;work-from-home Fridays,&#8221; saying, &#8220;I call a lot of people on Friday. There&#8217;s not a goddamn person to get a hold of,&#8221; Dimon said in a meeting, the audio of which has been reviewed by The Hill.
He expressed dissatisfaction with a petition circulated by staffers advocating for hybrid workdays, condemning it as harmful to the younger generation of workers.
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Dimon argued that remote work leaves younger employees &#8220;socially&#8221; and &#8220;professionally&#8221; behind, and even criticized their lack of exposure to diverse environments.
Dimon&#8217;s firm stance on full in-person attendance follows a broader movement of companies re-evaluating remote work policies, with Dimon declaring that those who disagree with the bank&#8217;s approach are welcome to leave.
&#8220;You don&#8217;t have to work at JPMorgan,&#8221; Dimon stated, emphasizing that the bank will maintain its own standards and expectations.
This fiery exchange comes amid workforce restructuring at JPMorgan, which is planning layoffs in February and additional cuts throughout the year.
While Dimon&#8217;s comments have drawn strong reactions, the CEO&#8217;s position remains clear as JPMorgan&#8217;s culture will prioritize in-office work and set its own policies.
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Image: Shutterstock

Jamie Dimon Goes Off on Return-to-Office Critics: 'You Don't Have To Work at JPMorgan'

Irv Gotti, the music executive best known for founding Murder Inc. and signing artists such as Ja Rule and Ashanti, died last week, leaving three children, a musical legacy, and an expansive Californian property portfolio.
Gotti worked with a who&#8217;s who of R&amp;B and hip-hop artists in the late 1990s and early 2000s, including the aforementioned rappers and singers on his label, <a href="https://www.benzinga.com/general/education/24/11/41865466/if-you-invested-1000-in-bitcoin-when-jay-z-jack-dorsey-opened-the-bitcoin-academy-heres-how-much-youd-have-now">Jay-Z</a>, <a href="https://www.benzinga.com/real-estate/24/10/41494838/j-lo-and-ben-afflecks-68m-estate-expert-reveals-why-its-been-100-days-without-a-buyer">Jennifer Lopez</a>, and DMX.
<a href="https://www.hollywoodreporter.com/news/music-news/irv-gotti-murder-inc-founder-dies-1236128314/">According to The Hollywood Reporte</a>r, Gotti died from a stroke after suffering from diabetes for many years. His family announced his passing with a statement on Instagram: &#8220;It is with heavy hearts that we announce the passing of our beloved father, Irving &#8216;Irv Gotti&#8217; Lorenzo, on February 5, 2025. Surrounded by family and friends, he departed this world, leaving behind a legacy that will forever resonate in the hearts of those who knew him and the countless lives he touched.&#8221;
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<h2 class="wp-block-heading">$300 Million Pay Day</h2>
Gotti pacted with the legendary hip-hop label Def Jam, where he received his own imprint after bringing rapper DMX to the company. Amid hit records and <a href="https://www.benzinga.com/general/entertainment/25/02/43443734/the-beatles-make-grammy-history-with-ai-how-tech-completed-their-final-song">Grammy awards</a>, the Hollis, Queens-born mogul (born Irving Domingo Lorenzo Jr.) became a multi-millionaire. However, he attained generational wealth long after his label&#8217;s heyday and close to the end of his life, when in 2022, he sold his label&#8217;s master recordings to the music management firm Iconoclast for<a href="https://www.billboard.com/music/rb-hip-hop/irv-gotti-interview-vision-catalaogue-sale-1235114375/"> $300 million</a>.
Gotti <a href="https://worldstar.com/videos/wshhtN4iyQL03uSG287F/irv-gotti-discusses-closing-a-300-million-deal-on-his-masters-working-with-jay-z-and-upcoming-movie">told WorldStarHipHop</a> in an interview that the deal allowed him to net $100 million and receive $300 million in a line of credit for future film and TV projects.&nbsp;
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<h2 class="wp-block-heading">Luxury Homes In Encino</h2>
After securing the deal, Gotti bolstered his real estate portfolio by buying two homes in Encino, California. According to<a href="https://www.realtor.com/news/celebrity-real-estate/music-producer-irv-gotti-dead-murder-inc-founder-property-portfolio/"> Realtor.com</a>, he paid $10.2 million for a 10,325-square-foot residence with eight bedrooms and 10 bathrooms and $4.8 million for a 6,600-square-foot home with five bedrooms and five bathrooms. Previously, Gotti owned a five-bedroom, five-bathroom property in a cul-de-sac in Sherman Oaks, California which he sold for $1.85 million in 2021. He purchased the house for $1.43 million in 2016 and then listed it for rent three years later for $12,500 a month.
<h2 class="wp-block-heading">$100 Million Per Year Money Machine Before Fed Shut Down</h2>
At the peak of Murder Inc.&#8217;s success, Gotti <a href="https://finance.yahoo.com/news/irv-gotti-says-murder-inc-200225818.html">told VladTV</a> in 2019 that the label generated $100 million per year before the infamous raid by FBI and New York Police Department investigators in January 2003.
&#8220;The government stopped me from making the money,&#8221; Gotti said in the interview. &#8220;When the government came in at that time, Murder Inc. was doing like over $100 million in billing for like two years in a row.&#8221;
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The raid coincided with Gotti being given a check for $65 million from Universal Music, his partner in a 50/50 deal.
&#8220;They was [sic] giving me a check for like $65 million, and that&#8217;s why the government came in,&#8221; Gotti claimed. &#8220;It was a chess move to destroy me and take all of my money.&#8221;
The label was charged with money laundering. Eventually, in 2005, Gotti was <a href="https://www.nytimes.com/2025/02/06/arts/irv-gotti-murder-inc-timeline.html">acquitted</a> after spending close to<a href="https://thesource.com/2019/12/02/today-in-hip-hop-history-irv-and-chris-gotti-beat-the-feds-14-years-ago/"> $10 million in legal</a> fees.
&#8220;They took my life from me for three years,&#8221; Gotti said at the time. &#8220;But it&#8217;s all good. I&#8217;m not mad. I love this country. But from Day One, they had it wrong with me and my brother. I&#8217;m no criminal.&#8221;
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Hip Hop Exec Irv Gotti, Dead At 54, Leaves Behind A Real Estate Legacy With His Upscale Californian Property Portfolio

Indian Prime Minister Narendra Modi&#8217;s visit to Washington this week was a focused, business-oriented trip, with key agreements with President Donald Trump and <a href="https://www.benzinga.com/25/02/43718396/trump-modi-meeting-india-to-amp-up-us-weapons-purchases-will-receive-f-35-stealth-fighters" target="_blank" rel="noreferrer noopener">challenges shaping the US-India relationship</a>.
The working visit saw Trump announce a significant expansion in US military sales to India, including F-35 jets, alongside increased <a href="https://www.benzinga.com/25/02/43718396/trump-modi-meeting-india-to-amp-up-us-weapons-purchases-will-receive-f-35-stealth-fighters" target="_blank" rel="noreferrer noopener">oil and gas exports to help narrow the trade deficit</a>.
Both nations agreed to negotiate a trade deal and finalize a new defense framework, with the US also approving the extradition of Tahawwur Rana, accused of involvement in the 2008 Mumbai attacks in India, <a href="https://www.bbc.com/news/articles/c23ndleveymo" target="_blank" rel="noreferrer noopener">reports</a> BBC.
The two countries also set a bold trade target of $500 billion by 2030, aiming to double the current $190 billion trade volume.
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However, uncertainties remain around the specifics of the trade deal, with experts divided on whether it will be a full free trade agreement or targeted tariff reductions.
A critical concern was Trump&#8217;s order for reciprocal tariffs, which could lead to import taxes on US trading partners.
India, which enjoys a trade surplus with the US, preemptively reduced its average tariffs to mitigate this.
While some experts, like Ajay Srivastava, believe India is unlikely to face significant tariff hurdles, others, including Abhijit Das, warn that non-tariff barriers could still pose challenges, especially in agriculture, where US subsidies and strict regulations may complicate negotiations, BBC adds.
On defense, the US committed to a multi-billion-dollar arms sale to India, including F-35 jets, although logistical and bureaucratic hurdles could slow progress. Despite this, India&#8217;s growing reliance on US defense equipment suggests further deepening of ties.
Modi&#8217;s meeting with Elon Musk was notable, as it touched on emerging technologies and AI, though Tesla&#8217;s entry into India remains uncertain. Modi also held a rare press conference with Trump, answering questions on illegal immigration and the Adani Group bribery charges, marking a shift from his usual approach to media interaction.
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Image: Shutterstock

Trump Unveils $500 Billion Trade Goal To Supercharge US-India Ties

Conservative influencer Ashley St. Clair has declared that Elon Musk is the father of her newborn child. The announcement was made in a recent post on X.
What Happened: In a post on Friday, St. Clair, who is 26, requested privacy for her child, confirming that Musk is the father. The influencer, who is recognized for her far-right commentary, shared the information with her one million followers.
St. Clair wrote, &#8220;Elon Musk is the father,&#8221; and added, &#8220;I have not previously disclosed this to protect our child's privacy and safety, but in recent days it has become clear that tabloid media intends to do so, regardless of the harm it will cause.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Alea Iacta Est <a href="https://t.co/gvVaFNTGqn">pic.twitter.com/gvVaFNTGqn</a>
&mdash; Ashley St. Clair (@stclairashley) <a href="https://twitter.com/stclairashley/status/1890554279749951687?ref_src=twsrc%5Etfw">February 15, 2025</a></blockquote>
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The reasons behind St. Clair&#8217;s announcement remain unclear. Prior to her statement, no media outlet had associated her with the Tesla CEO. Earlier this week,&nbsp;St. Clair and Musk were&nbsp;involved in a social media exchange.
Also Read: <a href="https://www.benzinga.com/news/24/07/40001741/grimes-mother-accuses-musk-of-withholding-children-amid-custody-battle-please-elon-i-beg-you">Grimes&#8217; Mother Accuses Musk Of Withholding Children Amid Custody Battle: &#8216;Please Elon, I Beg You&#8217;</a>
As of the time of publication, Musk had not reacted to St. Clair&#8217;s revelation. According to People magazine, Musk has fathered 12 children with&nbsp;three different women before St&nbsp;Clair's announcement.
Why It Matters: This unexpected revelation comes amid a lack of prior media speculation linking St. Clair and Musk, raising questions about the nature of their relationship. The timing of the announcement, following a recent social media interaction between the two, adds to the intrigue. 
The impact of this development on Musk&#8217;s personal life and his role as CEO of Tesla remains to be seen. 
As the news unfolds, the focus will likely be on Musk&#8217;s response to the claim and the potential implications for all parties involved.
Read Next
<a href="https://www.benzinga.com/news/22/08/28659656/musk-had-twins-with-neuralink-executive-shivon-zilis-through-ivf-report">Musk Had Twins With Neuralink Executive Shivon Zilis Through IV</a>
Image: Shutterstock

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Conservative Influencer Says Musk Is Father of Her Newborn Child

Billionaire investor Ray Dalio recently expressed grave concerns <a href="https://www.benzinga.com/news/24/12/42257531/heres-how-ray-dalio-thinks-trumps-second-term-could-reshape-the-us-and-the-world">over the escalating U.S. federal debt</a>.
What Happened: Dalio shared his apprehensions at the World Government Summit in Dubai on Thursday. He drew a comparison between the burgeoning $36 trillion national debt and plaque clogging the arteries of the U.S. financial system.
Dalio foresees the possibility of an &#8220;economic heart attack&#8221; within the next three years if the issue is not promptly addressed.
Dalio predicts that&nbsp;if President Donald Trump&#8216;s tax cuts&nbsp;persist, the U.S.&nbsp;will run a deficit of&nbsp;about 7.5% of GDP. He urged&nbsp;the White House and Congress&nbsp;to pledge to reduce&nbsp;the deficit to 3% of&nbsp;GDP within the next three years.
According to the report <a href="https://fortune.com/2025/02/13/trump-national-debt-fiscal-deficit-economic-heart-attack-ray-dalio-bridgewater-hedge-fund/">by</a> Fortune, with the recent surge in inflation, bond investors may demand higher premiums to hold fixed-income securities such as sovereign debt. This could further strain the government spending allocated for servicing the national debt.
"When I calculate the supply and demand over the next year and three years. we have an immediate issue," said Dalio.&nbsp;
Also Read: <a href="https://www.benzinga.com/tech/25/02/43420604/ray-dalio-predicts-chinas-rise-in-ai-chinese-are-a-bit-behind-in-the-chips-but-theyre-ahead-in-the-applications">Ray Dalio Predicts China&#8217;s Rise in AI: Chinese &#8216;Are a Bit Behind in the Chips, But They&#8217;re Ahead in the Applications&#8217;</a>
Dalio is apprehensive that the bond markets may soon be unable to absorb the increasing amount of Treasuries issued, leading to skyrocketing interest rates and a &#8220;debt death spiral&#8221;. He underscored the urgency of the situation, stating that the US government must act swiftly, even if it results in societal damage.
White House economic advisor Kevin&nbsp;Hassett unveiled plans to control inflation by increasing supply and reducing aggregate demand. However, Dalio contended that time is of the essence and drastic measures, including austerity, may be necessary.
Why It Matters: The escalating US fiscal deficit has been a cause for concern for some time now. Dalio&#8217;s warning serves as a grim reminder of the potential economic fallout if the issue is not addressed promptly. 
The U.S. government&#8217;s plans to control inflation might not be enough to prevent a &#8220;debt death spiral&#8221;, as Dalio calls it. The situation calls for immediate and drastic measures, even if they result in societal damage. 
The clock is ticking, and the U.S. government must act swiftly to avert an impending economic crisis.
Read Next
<a href="https://www.benzinga.com/markets/25/01/42805138/ray-dalios-timeless-advice-if-you-dont-own-gold-you-know-neither-history-nor-economics">Ray Dalio&#8217;s Timeless Advice: &#8216;If You Don&#8217;t Own Gold, You Know Neither History Nor Economics&#8217;</a>
Image: Shutterstock

Ray Dalio Warns of Looming US Debt Crisis, Says America Faces 'Economic Heart Attack' Without Fiscal Cuts

Hempstract

It&rsquo;s not just Congressional wannabes who invent&nbsp;lies about themselves to impress na&iuml;ve voters and dupe their own party,&nbsp;it seems such&nbsp;posers have seeped into the cannabis industry as well. And, they&#39;re not just enhancing their resum&eacute;, they&#39;re stealing loads of money.

Justin Costello, who&nbsp;posed as a billionaire, a wounded Special Forces Iraq War veteran and a legal cannabis investor&nbsp;pleaded guilty to securities fraud in a Seattle federal court Wednesday.

The Costello Caper

The guilty plea came several months after an FBI SWAT team arrested Costello in a remote area of southern California where he&nbsp;was&nbsp;carrying a backpack containing&nbsp;gold bars, $70,000 in U.S. and Mexican currency and a fake ID. Costello was&nbsp;apparently&nbsp;heading south of the border after having failed to surrender as agreed to face&nbsp;a <a href="https://www.justice.gov/usao-wdwa/press-release/file/1539266/download">25-count indictment</a>.

At the time, reported MJBiz,&nbsp;U.S. Attorney Nick Brown called the Costello caper&nbsp;&ldquo;a complex scheme involving shell companies, penny stocks, and financial services for marijuana businesses&quot; in which &quot;Costello used Twitter, press releases, securities filings, and claims of great wealth to paint a picture of fabulous financial success.&quot;&nbsp;

Though Costello&#39;s Wednesday&nbsp;guilty plea&nbsp;was to a single count of securities fraud, it covered much of the criminal conduct alleged in the indictment.

Under the agreement, prosecutors will recommend a 10-year prison sentence.&nbsp;Costello agreed to pay the victims of his frauds, reported CNBC,&nbsp;not less than $35 million in restitution.

What Else Did He Do?

In his plea agreement, Costello admitted&nbsp;that he lied to investors and would-be investors by falsely claiming he had graduated from the University of Minnesota and had an MBA from Harvard. He also said he&rsquo;d managed money for wealthy individuals and had 14 years of experience on Wall Street - both untrue.

The agreement pointed out that while Costello was lying about his qualifications from July 2019 through May 2021, more than 7,500 investors bought and sold stock in his publicly traded company,&nbsp;<a href="https://www.benzinga.com/quote/GRNFD">GRN Holding Corp</a>&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRNFD#OTC">GRNFD</a>)&nbsp;and collectively lost about $25 million

Other scams included some 30 investors who got involved in another Costello company,<a href="http://www.benzinga.com/quote/HPST">&nbsp;Hempstract</a>&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/HPST#OTC">HPST</a>) and collectively lost about $6 million after believing his lies about the company&rsquo;s business operations.

Then there were wild stories that a large grocery business in Chicago had purchased $12 million in Hempstract products and that Hempstract had nearly 7,000 pounds of CBD isolate valued at $10.7 million.

Costello also fraudulently diverted some $3.7 million from three cannabis companies, which held agreements to obtain banking services from one of his companies - Pacific Banking Corp.

Prosecutors also noted that&nbsp;Costello engaged in a fraudulent&nbsp;pump-and-dump&nbsp;scheme in which he manipulated the prices of multiple stocks. Costello bought large blocks of stocks at low prices and then&nbsp;paid another person to use a Twitter account to promote the companies by making false claims about them. Costello made more than $625,000 from that scheme, according to his plea agreement.

One wonders, did Long Island Rep. George Santos&nbsp;take a page from&nbsp;Justin Costello&#39;s resume-writing booklet&nbsp;or was it the other way around?&nbsp;

Photo: FBI Seattle

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