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Eurozone Industrial Production (MoM) For November 0.2% Vs. 0.3% Est.; 0.2% (Revised) Prior

An internal memo from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has unveiled a strategy to implement <a href="https://www.benzinga.com/tech/25/01/42994485/mark-zuckerbergs-jiu-jitsu-training-has-transformed-metas-leadership-strategy-says-gene-munster">performance-based job cuts</a>.
What Happened: The memo, authored by Hillary Champion, Meta&#8217;s director of people development growth programs, instructs managers to classify employees into performance tiers based on their contributions over the past year, <a href="https://www.businessinsider.com/meta-tells-managers-how-performance-based-job-cuts-will-work-2025-1">reported</a> Business Insider.
Champion&#8217;s memo indicates that Meta aims to achieve a 10% &#8220;non-regrettable attrition&#8221; rate by the end of the current performance cycle. This target combines last year&#8217;s 5% with an <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42986509/meta-platforms-announces-performance-based-job-cuts-whats-going-on">additional 5% this year</a>.
See Also: <a href="https://www.benzinga.com/general/entertainment/25/01/42906243/netflixs-wwe-monday-night-raw-premiere-more-than-doubles-2024-usa-network-audience">Netflix's ‘WWE Monday Night Raw' Premiere More Than Doubles 2024 USA Network Audience</a>
The company is increasing pressure on underperformers to swiftly determine who will remain and who will be let go.
Meta plans to cut about 5% of its lowest-performing staffers as part of an effort to &#8220;raise the bar.&#8221; The company intends to backfill these roles in 2025.
The internal performance guidance document, obtained by the publication, categorizes employees into ratings such as &#8220;met most expectations,&#8221; &#8220;met some,&#8221; and &#8220;did not meet.&#8221;
Employees rated as &#8220;Met Some&#8221; or &#8220;Did Not Meet&#8221; will be automatically added to the performance termination list.
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.
&#8220;We have really ambitious goals, so we need to manage our workforce in a way that ensures we have the strongest talent working here and can move faster in managing out low performers so that we can bring new people in,&#8221; Champion stated.
Why It Matters: The decision to implement performance-based job cuts at Meta aligns with a <a href="https://www.benzinga.com/25/01/42865109/sony-co-founder-akio-morita-once-said-that-management-should-treat-companies-like-families-not-commodities-recession-comes-management-fire-people-but-stays-to-keep-its-profit">broader trend in the tech industry</a>.
In December 2024, Alphabet Inc.&#8217;s (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>) Google revealed plans to reduce top management <a href="https://www.benzinga.com/tech/24/12/42635813/google-announces-major-layoffs-as-pichai-stresses-efficiency">roles by 10% as part</a> of its efforts to streamline operations.
Likewise, Elon Musk&#8217;s X reportedly experienced major layoffs in November 2024, with the engineering department being notably impacted.
Meta is scheduled to release its <a href="https://www.benzinga.com/general/social-media/25/01/42991174/meta-platforms-analyst-expects-strong-momentum-in-q4-to-continue-in-2025">fourth-quarter earnings</a> on Jan. 29. Last year in October, the company reported $40.59 billion in <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">third-quarter revenue</a>, exceeding analysts&#8217; projections of $40.29 billion.
Price Action: Meta&#8217;s shares fell by 2.31% on Tuesday but recovered slightly in pre-market trading on Wednesday, gaining 0.46% to close at $597, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/25/01/42900737/stephen-king-slams-elon-musks-h-1b-visa-stance-musk-thinks-smart-immigrants-can-stay-the-rest-of-you-washing-dishes-get-lost">Stephen King Slams Elon Musk's H-1B Visa Stance: ‘Musk Thinks Smart Immigrants Can Stay – The Rest of You Washing Dishes … Get Lost'</a></li>
</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

Tech

Media

GOOG

GOOGL

Meta Plans To Cut 5% Of Staff, Backfill Roles In 2025, Says Internal Memo

Nokia signs video technologies license agreement with Samsung
<ul>
<li>License covers the use of Nokia's video technologies in Samsung's televisions.</li>
<li>Nokia to receive royalty payments from Samsung.</li>
<li>The new agreement is separate from the parties' existing 5G license agreement.</li>
</ul>

SSNLF

Nokia Signs Multi-Year Video Technologies Licensing Deal With Samsung

Howard Marks, the co-founder, and co-chairman of Oaktree Capital Management, who predicted the dot-com bubble 25 years ago has alerted investors about cautionary signs in the market in his latest <a href="https://www.oaktreecapital.com/insights/memo/on-bubble-watch">paper</a> called, &#8220;On Bubble Watch&#8221;.
What Happened: According to Marks, these cautionary signs include the over-optimism in the market, ongoing AI hype, reliance on &#8216;Magnificent Seven&#8217; stocks, and index investing bias.
Even though Marks doesn&#8217;t &#8220;speak authoritatively about whether we're in a bubble,&#8221; in his paper, he does say that investors shouldn't be indifferent to these signs.
<ul>
<li>Over-optimism: Market exuberance since late 2022, coupled with high S&amp;P 500 valuations exceeding global peers.</li>
</ul>
<ul>
<li>AI Hype: Enthusiasm for AI may be spilling over to other tech sectors.</li>
</ul>
<ul>
<li>Tech Giant Reliance: Over-reliance on the continued success of the top seven companies.</li>
</ul>
<ul>
<li>Index Investing Bias: Potential for inflated valuations driven by index fund purchases, disregarding intrinsic value.</li>
</ul>
Marks mentions in his paper that a stock market bubble manifests as a temporary mania fueled by irrational exuberance, blind adoration of companies, and an overwhelming fear of missing out.
The conviction that stocks are impervious to overvaluation, leads to the belief that &#8220;there&#8217;s no price too high.&#8221;
See Also: <a href="https://www.benzinga.com/general/market-summary/25/01/42967576/meta-investors-push-mark-zuckerberg-to-replace-72b-cash-with-bitcoin-to-combat-inflation-heres-what-it-means-for-investors">Meta Investors Push Mark Zuckerberg To Replace $72B Cash With Bitcoin To Combat Inflation: Here&#8217;s What It Means For Investors </a>
Why It Matters: About 25 years ago on Jan. 7, 2000, Marks published a memo called <a href="https://www.oaktreecapital.com/docs/default-source/memos/2000-01-02-bubble.pdf?sfvrsn=37bc0f65_2">bubble.com</a>, and the subject was the irrational behavior he thought was taking place with respect to tech, internet, and e-commerce stocks. This was how he predicted the dot-com bubble. 
&#8220;But for me, a bubble or crash is more a state of mind than a quantitative calculation,&#8221; he added.
Marks warranted that investors should not avoid today's market valuations.
Drawing examples from the 2000 bubble, he highlighted the twenty companies that were the most heavily represented in the index. At the beginning of 2024, however, only six of them were still in the top twenty. Importantly, of today's &#8216;Magnificent Seven,&#8217; only Microsoft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) was in the top twenty 25 years ago.
&#8220;In bubbles, investors treat the leading companies – and pay for their stocks – as though the firms are sure to remain leaders for decades,&#8221; he said.
He acknowledged counterarguments suggesting the market might not be in a bubble. These included the observation that while the S&amp;P 500&#8217;s P/E ratio is elevated but not at an absurd level. Furthermore, he acknowledged that the &#8220;Magnificent Seven&#8221; are indeed exceptional companies, potentially justifying their high valuations.
Finally, he concluded that while the market appears expensive and perhaps slightly overheated, it doesn&#8217;t exhibit the irrational exuberance characteristic of a true bubble.
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42973023/chinas-economy-poised-to-overtake-us-by-2035-says-top-chinese-economist-who-made-the-bold-prediction-1994">China&#8217;s Economy Poised To Overtake US By 2035, Says Top Chinese Economist Who Made The Bold Prediction 1994</a></li>
</ul>
Photo courtesy: Oaktree Capital Management

Equities

Markets

MSFT

Billionaire Investor Who Predicted The Dot-Com Crash 25 Years Ago Warns Of Another Market Storm Brewing In The US

GXO Logistics Partnered With The Perfume Shop To Provide Weekly High Street Deliveries To More Than 200 Stores Through Its Shared Transport Network

First Horizon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FHN#NYSE">FHN</a>) will release earnings for its fourth quarter, before the <a href="https://www.benzinga.com/quote/FHN/earnings">opening bell on Thursday, Jan. 16.</a>
Analysts expect the Columbus, Ohio-based company to report quarterly earnings at 39 cents per share. That's up from 32 cents per share in the year-ago period. According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>, First Horizon projects quarterly revenue of $821.89 million, compared to $804 million a year earlier.
On Oct. 29, First Horizon disclosed a $1 billion share repurchase program.
First Horizon shares gained 2.7% to close at $20.83 on Tuesday&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/fhn/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Barclays analyst Jared Shaw maintained an Overweight rating and raised the price target from $23 to $25 on Dec. 20, 2024. This analyst has an accuracy rate of 65%.</li>
<li>Keefe, Bruyette &amp; Woods analyst Brady Gailey maintained a Market Perform rating and raised the price target from $23 to $24 on Dec. 19, 2024. This analyst has an accuracy rate of 79%.</li>
<li>RBC Capital analyst Jon Arfstrom maintained an Outperform rating and raised the price target from $22 to $23 on Dec. 11, 2024. This analyst has an accuracy rate of 82%.</li>
<li>Goldman Sachs analyst Ryan Nash maintained a Neutral rating and increased the price target from $18.5 to $23 on Nov. 26, 2024. This analyst has an accuracy rate of 64%.</li>
<li>Raymond James analyst Michael Rose maintained an Outperform rating and raised the price target from $19 to $22 on Nov. 8, 2024. This analyst has an accuracy rate of 68%.</li>
</ul>
Considering buying FHN stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="584" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15041627/image-90-1024x584.png" alt="" class="wp-image-734143" style="width:587px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15041627/image-90-1024x584.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15041627/image-90-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15041627/image-90-768x438.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15041627/image-90.png 1132w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>

Earnings

Price Target

Analyst Ratings

Trading Ideas

First Horizon Gears Up For Q4 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

SpaceX&#8217;s next test flight of its Starship launch vehicle will depend on weather, the company warned on Tuesday.
What Happened: The company is currently preparing to launch Starship on Wednesday at 4:00 p.m. CT. However, whether the company will go ahead with the launch date or postpone it further will depend on the weather, company CEO Elon Musk said. 
&#8220;Starship Flight 7 launches tomorrow, provided weather is good,&#8221; Musk said on Tuesday. 
SpaceX also said in a post on social media platform X that the team at Starbase, Texas, is keeping a close eye on weather conditions. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Starship Flight 7 launches tomorrow, provided weather is good <a href="https://t.co/elDWqhTb0d">https://t.co/elDWqhTb0d</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1879293016512639471?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Starship&#8217;s seventh flight test has been <a href="https://www.benzinga.com/general/space/25/01/42937833/elon-musks-spacex-delays-starship-7th-test-flight-to-wednesday">postponed multiple times</a> already. In December, Musk had pegged it for <a href="https://www.benzinga.com/25/01/42891052/spacexs-starship-7th-flight-test-now-slated-for-monday">Jan. 10</a>. 
Why It Matters: SpaceX has said that its Starship vehicle, currently <a href="https://www.benzinga.com/24/12/42718758/elon-musk-says-starship-will-get-fully-reusable-heat-shield-in-2025-i-am-confident">undergoing testing and development</a>, will launch from Starbase for its seventh test flight carrying 10 Starlink simulators which are similar in size and weight to the company&#8217;s next-generation Starlink satellites in a bid to demonstrate its capabilities in the satellite launch segment.
For the upcoming flight, SpaceX is looking to catch the two-stage vehicle's booster back at the launch pad at Starbase with the launch tower's metallic arms like on its fifth test flight in October. However, in case of any safety concerns, the company will splash it down in the Gulf of Mexico, it said.
The spacecraft, meanwhile, is slated to be splashed down in the Indian Ocean on the upcoming test.
While SpaceX has conducted 6 test flights of its ambitious launch vehicle to date, none of them carried any payload. The last test flight of Starship was in November. 
Starship is key to many big ambitions in the field of space exploration. While NASA is looking forward to landing humans back on the surface of the Moon after a gap of over 50 years with the help of a&nbsp;<a href="https://www.benzinga.com/24/11/42108681/spacex-shows-off-conceptual-version-of-starship-which-will-help-humans-land-back-on-moon-in-over-50-yrs" target="_blank" rel="noreferrer noopener">custom version of the Starship</a>, Musk dreams of taking&nbsp;<a href="https://www.benzinga.com/news/24/09/40770222/elon-musk-sets-2026-for-starships-first-uncrewed-mars-mission-targeting-successful-landing" target="_blank" rel="noreferrer noopener">humans to the planet Mars</a>&nbsp;aboard the&nbsp;vehicle.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/25/01/42967593/cybertruck-sales-rise-in-2024-weighed-down-on-tesla-model-s-deliveries-in-us-shows-data" target="_blank" rel="noreferrer noopener">Cybertruck Success Comes At A Cost: Tesla Sells Nearly 39,000 Units In 2024, But Luxury Model S And X Sales Take A Hit In US, Data Shows</a></li>
</ul>
Photo courtesy: SpaceX

SPACE

Starship's 7th Test Flight Will Depend On Weather, Says SpaceX CEO Elon Musk Ahead Of Expected Launch Date

With U.S. stock futures trading slightly higher this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) to report quarterly earnings at $4.04 per share on revenue of $41.56 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. JPMorgan shares fell 0.1% to $247.22 in after-hours trading.</li>
<li>Analysts are expecting Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) to post quarterly earnings at $1.24 per share on revenue of $19.51 billion. The company will release earnings before the markets open. Citigroup shares gained 0.2% to $73.63 in after-hours trading.</li>
<li>Applied Digital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) reported upbeat fiscal second-quarter financial results on Tuesday. The company reported second-quarter revenue of $63.9 million, beating analyst estimates of $63.4 million. The company reported a second-quarter adjusted loss of six cents per share, beating analyst estimates for a loss of 15 cents per share, according to Benzinga Pro. Applied Digital shares fell 6.9% to $7.95 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Before the markets open, Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) is projected to report quarterly earnings at $1.35 per share on revenue of $20.58 billion. Wells Fargo shares gained 0.1% to $71.26 in after-hours trading.</li>
<li>Analysts expect The Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) to post quarterly earnings at $8.35 per share on revenue of $12.46 billion before the opening bell. Goldman Sachs shares gained 1% to $577.00 in after-hours trading.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/markets/25/01/42992639/how-to-earn-500-a-month-from-state-street-stock-ahead-of-q4-earnings">How To Earn $500 A Month From State Street Stock Ahead Of Q4 Earnings</a></li>
</ul>
Photo courtesy: Shutterstock

Pre-Market Outlook

APLD

JPMorgan Chase, Goldman Sachs And 3 Stocks To Watch Heading Into Wednesday

The CNN Money Fear and Greed index remained in the &#8220;Fear&#8221; zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the Dow Jones index surging more than 200 points during the session following the release of PPI data. U.S. producer prices rose 0.2% month-over-month in December compared to 0.4% in November, and versus market estimates of 0.3%.
Big Tech shares fell on Tuesday, weighing on the Nasdaq index. Shares of NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 1.1%, while Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) lost 2.3% during the session.
Investors are now awaiting the consumer price index report, due to be released today. Economists expect headline CPI to increase 0.3% in December.
Most sectors on the S&amp;P 500 closed on a positive note, with utilities, materials and financials stocks recording gains on Tuesday. However, communication services and health care stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 221 points to 42,518.28 on Tuesday. The S&amp;P 500 rose 0.11% to 5,842.91, while the Nasdaq Composite fell 0.23% at 19,044.39 during Tuesday's session.
Investors are awaiting earnings results from Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) today.
At a current reading of 26.6, the index remained in the &#8220;Fear&#8221; zone on Tuesday, versus a prior reading of 26.7.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/25/01/42992639/how-to-earn-500-a-month-from-state-street-stock-ahead-of-q4-earnings">How To Earn $500 A Month From State Street Stock Ahead Of Q4 Earnings</a></li>
</ul>

NVDA

Dow Rises Over 200 Points Ahead Of Inflation, Earnings Data: Greed Index Remains In 'Fear' Zone

President-elect Donald Trump is set to make history once again with his upcoming inauguration. The event promises to be a grand spectacle, featuring an impressive guest list of billionaires, former presidents, and global leaders.
When Is Trump's Inauguration
The swearing-in ceremony for Trump and Vice President-elect JD Vance is scheduled for Monday at 12 pm EST. However, festivities will begin on Saturday at Trump's Virginia golf club.
How To Watch The Event
Major television networks will broadcast the inauguration live. The White House will also stream the events on its official website, ensuring accessibility for viewers worldwide.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/01/42893958/after-apple-halts-hardware-subscription-plans-samsung-unveils-similar-strategy-for-ai-powered-galaxy-smartphones" target="_blank" rel="noreferrer noopener">After Apple Halts ‘Hardware&#8217; Subscription Plans, Samsung Unveils Similar Strategy For AI-Powered Galaxy Smartphones</a>
Biden And Harris: Will They Attend?
President Joe Biden has confirmed his attendance, marking a bipartisan moment despite their contentious history. Vice President Kamala Harris is also expected to attend, continuing the tradition of outgoing vice presidents witnessing the transfer of power.
Former Presidents On The Guest List
Former Presidents Barack Obama, George W. Bush, and Bill Clinton will also attend the ceremony. Their spouses, including Laura Bush and Hillary Clinton, will also be present.
Notably, Michelle Obama will not attend, citing undisclosed reasons.
While Biden's presence signals a return to tradition, history shows many outgoing presidents have skipped their successors' inaugurations. These include John Adams, John Quincy Adams, and Andrew Johnson. Trump himself did not attend Biden's inauguration, citing election disputes.
Billionaires At The Inauguration: Musk, Bezos, And Zuckerberg
Some of the world's richest individuals are set to attend. Tesla CEO Elon Musk, Amazon founder Jeff Bezos, and Meta Platforms CEO Mark Zuckerberg will be seated together on the platform, <a href="https://www.nbcnews.com/politics/donald-trump/elon-musk-jeff-bezos-mark-zuckerberg-attend-trump-inauguration-rcna187642">reported</a> NBC.
Musk took to X and said that he was "honored" by the invitation.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Honored
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1879240313942012123?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Musk is a Trump ally and has been instrumental in shaping his administration's efficiency policies. Meanwhile, both Bezos and Zuckerberg, despite past conflicts with Trump, have pledged $1 million each <a href="https://www.benzinga.com/news/24/12/42454227/months-after-trump-threatened-to-put-mark-zuckerberg-in-prison-meta-ceo-donates-1m-to-president-elects-inaugural-event">to the inaugural fund</a>.
The Tesla CEO currently has a net worth of $427 billion, making him the world's wealthiest individual, according to the Bloomberg Billionaire <a href="https://www.bloomberg.com/billionaires/">Index</a>. He is followed by Bezos and Zuckerberg as the second and third rank holders on the index with $237 billion, and $210 billion as their net worth respectively.
World Leaders And Foreign Representatives
Argentine President Javier Milei, who met Trump shortly after his election win, is expected to attend. Trump has also invited Salvadoran President Nayib Bukele and Italian Prime Minister Giorgia Meloni.
According to reports, Bukele's attendance remains uncertain, but Meloni has stated she will attend if her schedule allows.
Chinese President Xi Jinping will also reportedly send an envoy in his place. Former Brazilian President Jair Bolsonaro, who faces legal challenges, could also attend.
<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">&#8211; Muito honrado em receber do Presidente dos EUA, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>, convite para a sua posse e de seu Vice Presidente <a href="https://twitter.com/JDVance?ref_src=twsrc%5Etfw">@JDVance</a> , no próximo dia 20/JAN. &#8211; Agradeço a meu filho, o Deputado Federal <a href="https://twitter.com/BolsonaroSP?ref_src=twsrc%5Etfw">@BolsonaroSP</a>, pelo excelente trabalho nesta relação com a família do Presidente… <a href="https://t.co/OTc71wxa3P">pic.twitter.com/OTc71wxa3P</a>
&mdash; Jair M. Bolsonaro (@jairbolsonaro) <a href="https://twitter.com/jairbolsonaro/status/1876967301649502389?ref_src=twsrc%5Etfw">January 8, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
French politician Eric Zemmour and European Parliament member Sarah Knafo were also reportedly invited, though their attendance remains unconfirmed.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Government

Trump Inauguration: From Elon Musk, Jeff Bezos To Barack Obama, George Bush And Bill Clinton — Who All Will Attend?

<h3>Companies Reporting Before The Bell</h3>
• BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) is likely to report quarterly earnings at $11.21 per share on revenue of $5.53 billion. 
• Valens Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLN#NYSE">VLN</a>) is likely to report earnings for its third quarter. 
• JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) is likely to report quarterly earnings at $4.04 per share on revenue of $41.56 billion. 
• Goldman Sachs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) is estimated to report quarterly earnings at $8.27 per share on revenue of $12.33 billion. 
• Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) is expected to report quarterly earnings at $1.24 per share on revenue of $19.41 billion. 
• Bank of New York Mellon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) is projected to report quarterly earnings at $1.54 per share on revenue of $4.63 billion. 
• Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) is projected to report quarterly earnings at $1.26 per share on revenue of $20.28 billion. 
<h3>Companies Reporting After The Bell</h3>
• Home BancShares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOMB#NYSE">HOMB</a>) is expected to report quarterly earnings at $0.52 per share on revenue of $256.67 million. 
• Synovus Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>) is likely to report quarterly earnings at $1.15 per share on revenue of $566.76 million. 
• H.B. Fuller (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>) is projected to report quarterly earnings at $0.92 per share on revenue of $904.32 million. 
• Concentrix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNXC#NASDAQ">CNXC</a>) is likely to report quarterly earnings at $3.07 per share on revenue of $2.44 billion. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

CNXC

HOMB

Earnings Scheduled For January 15, 2025

Investors are buzzing with speculation about the Federal Reserve possibly raising interest rates in 2025. This comes despite recent aggressive rate cuts. The conversation is heating up around a potential policy reversal.
What Happened: While the likelihood of a rate hike remains at zero according to CME Group's FedWatch, the topic is gaining traction among investors. The debate centers on whether the barriers to increasing rates are more substantial than those to reducing them, The Wall Street Journal <a href="https://www.wsj.com/finance/investing/what-if-the-fed-u-turns-and-raises-rates-this-year-f180855b">reported</a> on Wednesday.
Historically, the Fed has signaled major policy shifts well in advance, with only one instance of switching from cuts to hikes within a year since 1994. This occurred in 1998, following the Long-Term Capital Management crisis.
Some analysts believe the Fed has learned from past inflation shocks and may act swiftly if necessary. Ed Al-Hussainy of Columbia Threadneedle Investments noted, "It's a paper barrier, and they will break through it quickly if the data becomes overwhelming."
Investors considering the possibility of rate hikes might look into short-dated Treasurys. However, the market&#8217;s volatility and potential for loss remain significant concerns.
Why It Matters: The speculation surrounding potential rate hikes comes on the heels of a strong jobs report from December, which has led Wall Street analysts to reconsider their interest rate forecasts. Goldman Sachs economist David Mericle <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42944934/wall-street-slashes-interest-rate-cut-bets-after-jobs-data-are-hikes-back-on-the-table">adjusted his projections</a> for Fed policy in 2025, reducing expected rate cuts due to the robust employment figures.
Moreover, the Federal Reserve&#8217;s December meeting minutes revealed uncertainty about <a href="https://www.benzinga.com/25/01/42886101/investors-should-expect-no-rate-cuts-in-q1-2025-after-federal-reserves-december-minutes-release-strategist-says">future rate cuts</a>, as noted by Jeffrey Roach, chief economist for LPL Financial. The Fed&#8217;s use of the word &#8220;uncertain&#8221; multiple times underscores the difficulty in mapping out a clear path for interest rates amid unpredictable economic conditions.
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</ul>
Photo courtesy of the Federal Reserve
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

General

Federal Reserve Policy Reversal? Buzz Around 2025 Rate Hikes Gains Momentum: 'It's A Paper Barrier...Will Break Through It Quickly If The Data Becomes Overwhelming'

Nokia and Zain KSA to implement unique indoor solutions for enterprise customers
<ul>
<li>First 4G/5G Femtocell solution in the Middle East and Africa region.</li>
<li>Enhances end user experiences, enriches B2B offering and reduces time to market.</li>
<li>Provides robust and secure connectivity for enterprises across the Kingdom.</li>
</ul>

Nokia And Zain KSA Launch First 4G/5G Femtocell Solution In The MEA Region

Bank of Japan Governor Kazuo Ueda indicated Wednesday that the central bank is prepared to raise interest rates if economic and price conditions continue to improve, as Japan&#8217;s 10-year government bond yields touched their highest level since 2011 amid mounting speculation of policy tightening.
What Happened: The yield on Japan&#8217;s benchmark 10-year government bonds surged to around 1.25% on Wednesday, reaching levels not seen since April 2011, as investors positioned themselves ahead of next week&#8217;s crucial BOJ policy meeting.
&#8220;We are currently analyzing data thoroughly and will compile the findings in our quarterly outlook report,&#8221; Ueda said at a gathering of regional banks, according to Reuters, noting that the BOJ will discuss potential rate hikes at next week&#8217;s meeting. 
His comments followed similar remarks from BOJ Deputy Governor Ryozo Himino, strengthening market expectations of an imminent policy shift.
The potential policy change comes amid rising inflation concerns. Peter Schiff, a prominent economist, highlighted on social media platform X that Japan&#8217;s inflation rate has reached 3.4%, significantly exceeding the BOJ&#8217;s 2% target. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For over a decade, the goal of the Bank of Japan was to raise the official <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a> rate to 2%. It&#39;s now 3.4% and headed much higher. The Japanese were far better off and the government had a lot less debt when inflation was below 2%. The BOJ should have left well enough alone.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1879145071045640462?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote>
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</figure>
Peter Boockvar, Chief Investment Officer of Bleakley Financial Group, emphasized the broader implications, noting that Japanese Government Bond yields are crucial for understanding global rate dynamics.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A debate on the direction of the US 10 yr yield cannot be complete without talking about the continued rise in JGB yields. The BoJ is the architect of modern day QE and ZIRP (taken a step further with NIRP, along with European central banks) that had a foot on the neck of rates… <a href="https://t.co/t8Ec5hRLjt">pic.twitter.com/t8Ec5hRLjt</a>
&mdash; Peter Boockvar (@pboockvar) <a href="https://twitter.com/pboockvar/status/1879199645802340794?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/asia/25/01/42993441/south-korean-president-yoon-suk-yeol-arrested-kospi-edges-higher-despite-political-upheaval-won-stable">South Korean President Yoon Suk Yeol Arrested — KOSPI Edges Higher Despite Political Upheaval, Won Stable</a>
Why It Matters: These policy discussions unfold in the shadow of August&#8217;s market turbulence, when the BOJ&#8217;s rate adjustment sparked widespread volatility. The Nikkei 225 suffered its sharpest single-day drop since 1987, and the unwinding of yen-based carry <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40199218/yen-carry-trade-is-only-halfway-unraveled-wall-street-analyst-says-how-much-more-ro">trades reverberated across global financial markets</a>.
For U.S. investors, the BOJ&#8217;s potential policy shift holds significant implications, given Japan&#8217;s historical influence on global bond yields and currency markets. On Wednesday, the U.S. dollar traded at 157.38 Japanese yen, underscoring the prevailing market uncertainty surrounding the BOJ&#8217;s next moves.
Ueda identified two key factors influencing the timing of any rate hike: the new U.S. administration&#8217;s economic policies and the momentum of this year&#8217;s wage negotiations in Japan, which he noted have shown positive indicators based on recent regional branch manager meetings.
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</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BOJ's Kazuo Ueda Signals Rate Hikes, Japanese Bond Yields Rise To 14-Year High—What The Recent Past Tells Us About Impact On US Markets

Over 1.3 million electric vehicles were sold in the U.S. in 2024, marking a growth of 7.3% year-on-year, and accounting for 8.1% of total auto sales, according to data from automotive research company Kelley Blue Book. 
What Happened: EV sales in the U.S. benefited from strong incentives from automakers, excellent lease deals, and federal and state incentive programs in 2024, the firm said, while adding that companies like General Motors also added &#8220;excellent&#8221; new products.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was the most-sold EV brand nameplate, followed by Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>). The best-selling EV models, however, came from across different brand names.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="831" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012502/0DWlR-top-selling-evs-in-2024-1024x831.png" alt="" class="wp-image-733814" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012502/0DWlR-top-selling-evs-in-2024-1024x831.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012502/0DWlR-top-selling-evs-in-2024-300x243.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012502/0DWlR-top-selling-evs-in-2024-768x623.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012502/0DWlR-top-selling-evs-in-2024.png 1240w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The top-selling EV model was, unsurprisingly, Tesla&#8217;s Model Y SUV. The company sold 372,613 units of the Model Y in the 12 months, grabbing a remarkable 28.6% market share.
Model Y was seconded by Tesla&#8217;s mass-market sedan &#8211; the Model 3. Tesla launched the <a href="https://www.benzinga.com/news/24/02/36921718/youtuber-marques-brownlee-reviews-refreshed-model-3-calls-it-teslas-most-important-car-i-am-impresse">refreshed Model 3 in the U.S. </a>in Jan. 2024 and 189,903 units of the vehicle were sold, giving it a 14.6% share of the market.
Dearborn-based Ford sold 51,745 units of its Model Y rival Mustang Mach-E and 33,510 units of its Cybertruck rival F-150 Lightning, giving them the 3rd and 6th position in the best-selling EV list, respectively. 
The fourth best-selling EV in the U.S. after the Teslas and the Ford SUV, comes from South Korean automaker Hyundai. Hyundai sold 44,400 units of its Ioniq 5 SUV, placing it below the Mach-E but above Tesla&#8217;s stainless steel truck Cybertruck. Tesla <a href="https://www.benzinga.com/25/01/42967593/cybertruck-sales-rise-in-2024-weighed-down-on-tesla-model-s-deliveries-in-us-shows-data">sold 38,965 units of the</a> Cybertruck last year. 
Japanese automaker Honda also found a place in the best-selling EV list with its Prologue. The company sold 33,017 units of the Prologue, cementing its 7th position on the list. 
General Motors&#8217; Chevrolet Equinox EV and the Cadillac Lyriq also made it onto the list with over 28,000 units sold of each. GM started delivering the Equinox EV only in May. 
California-based Rivian&#8217;s R1S SUV took the tenth spot with nearly 27,000 units sold despite its high price point of about $75,000. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012218/su3s1-market-share-of-top-selling-evs-in-2024-1024x723.png" alt="" class="wp-image-733812" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012218/su3s1-market-share-of-top-selling-evs-in-2024-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012218/su3s1-market-share-of-top-selling-evs-in-2024-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012218/su3s1-market-share-of-top-selling-evs-in-2024-768x543.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/15012218/su3s1-market-share-of-top-selling-evs-in-2024.png 1240w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
What&#8217;s Ahead: Cox Automotive expects EV sales to grow further in 2025 despite uncertainties around policy under the incoming Trump administration. 
Cox noted that over 15 new models are expected to enter the market and coupled with better charging infrastructure and incentives from automakers, EV sales will rise and account for 10% of total vehicle sales in 2025. 
Policy changes under the new administration will likely not be put into effect soon, allowing prospective buyers to make their purchases, it said. 
The research firm is now <a href="https://www.benzinga.com/25/01/42762224/bev-market-share-will-increase-across-us-china-europe-in-2025-says-sp-global-mobility">expecting 2025</a> to be a record year for EV volume. 
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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</ul>
Photo courtesy: Tesla

TSLA

Elon Musk's Tesla Leads The Pack In Top-Selling EVs In US In 2024: Ford, GM Follow

France Harmonised Index of Consumer Prices (MoM) For December 0.2% Vs. 0.2% Est.; -0.1% Prior

France Consumer Price Index (MoM) For December 0.2% Vs. 0.2% Est.; -0.1% Prior

According to&nbsp;Reuters,&nbsp;Nippon Steel&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>) is eager to engage&nbsp;with&nbsp;Donald Trump&#8216;s incoming administration to finalize a takeover of&nbsp;U.S. Steel&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>). This comes after&nbsp;President Joe Biden blocked a&nbsp;$14.9 billion acquisition, leading to lawsuits filed by both companies.
What Happened: In&nbsp;an opinion <a href="https://www.wsj.com/opinion/nippon-steel-and-us-steel-why-were-suing-biden-over-deal-blocking-bb6ed1e1?mod=opinion_lead_pos11">piece</a> in the&nbsp;Wall Street Journal on Wednesday,&nbsp;Takahiro Mori, vice chairman of Nippon Steel, expressed the company&#8217;s determination to pursue the transaction.
&#8220;Nippon Steel and U.S. Steel&nbsp;will do whatever it takes&nbsp;to close this transaction,&#8221; Mori stated, emphasizing their strong legal position and anticipation of court proceedings.
Trump is set to assume&nbsp;office on Monday. Enforcement of&nbsp;Biden&#8217;s order, which mandated the unwinding of the deal within 30 days, has been postponed until June due to the legal challenge. Mori highlighted the importance of&nbsp;partnerships with the new administration&nbsp;to bolster U.S. Steel for the benefit of American stakeholders.
Meanwhile,&nbsp;Cleveland-Cliffs&nbsp;is collaborating with&nbsp;Nucor&nbsp;to potentially present an all-cash bid for U.S. Steel, as reported by Reuters. Mori reiterated Japan&#8217;s alliance with the U.S. and dismissed national security concerns regarding the takeover.
Why It Matters: The legal battle between&nbsp;Nippon Steel&nbsp;and the Biden administration over the blocked acquisition of&nbsp;U.S. Steel&nbsp;has been ongoing. In early January,&nbsp;<a href="https://www.benzinga.com/markets/25/01/42870745/nippon-steel-ceo-slams-tariffs-defends-15-billion-us-steel-merger-amid-national-security-concerns-we-never-think-that-industry-can-become-stronger-through-tariffs-alone">Nippon Steel CEO Eiji Hashimoto</a>&nbsp;criticized tariffs as insufficient for strengthening the U.S. steel industry and defended the merger, arguing it would enhance U.S. national security by creating a more robust company.
The lawsuit filed by Nippon Steel challenges the Biden administration&#8217;s decision, claiming it violated constitutional due process rights. Legal experts suggest that this lawsuit might extend the timeline for the deal, allowing for alternative deal structures. The opposition from Biden was reportedly aimed at securing union support in Pennsylvania, a key state in the political landscape.
Price Action: United States Steel was up by 1.37% in overnight trading on Robinhood at 2:43 am ET.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image by Poetra.RH via Shutterstock

NPSCY

Nippon Steel Eyes Trump Administration To Revive $15B US Steel Deal Blocked By Biden: 'We'll Do Whatever It Takes'

Jimmy Donaldson, popularly known as MrBeast, is in talks with several billionaires about potentially acquiring TikTok to prevent its shutdown in the U.S.
What Happened: On Tuesday, the renowned YouTuber took to X, formerly Twitter, and said that he intends to buy TikTok so it doesn't get banned in the U.S.&nbsp;
He later said that multiple billionaires have contacted him to explore the feasibility of the purchase. While he did not disclose any names, the YouTuber appears to be considering the possibility of making the acquisition a reality.
"Unironically I've had so many billionaires reach out to me since I tweeted this, let's see if we can pull this off," he stated.
See Also: <a href="https://www.benzinga.com/tech/25/01/42893958/after-apple-halts-hardware-subscription-plans-samsung-unveils-similar-strategy-for-ai-powered-galaxy-smartphones">After Apple Halts ‘Hardware&#8217; Subscription Plans, Samsung Unveils Similar Strategy For AI-Powered Galaxy Smartphones</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Unironically I've had so many billionaires reach out to me since I tweeted this, let's see if we can pull this off &#x1f64c;&#x1f3fb;
&mdash; MrBeast (@MrBeast) <a href="https://twitter.com/MrBeast/status/1879224239485808811?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Tech mogul Elon Musk has also emerged as a <a href="https://www.benzinga.com/general/social-media/25/01/42965533/elon-musk-emerges-as-potential-tiktok-us-buyer-as-ban-deadline-looms-company-terms-it-pure-fiction">potential buyer for TikTok&#8217;s U.S.</a> operations, with discussions valuing the deal between $40 billion to $50 billion.
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.
Why It Matters: In April 2024, President Joe Biden <a href="https://www.benzinga.com/news/24/04/38394855/biden-set-to-sign-tiktok-ban-into-law-after-senate-passes-bill-supported-by-gop-democrats">signed a bill requiring</a> TikTok&#8217;s parent company, ByteDance, to either cease U.S. operations or sell its business in the country.
With the Jan. 19 deadline looming, MrBeast&#8217;s post about buying TikTok has sparked interest, though initially perceived as a joke by some fans.
The primary concern leading to the potential ban is the risk of data being shared with the Chinese government.
ByteDance has previously stated that TikTok is not for sale, and any sale attempts might face <a href="https://www.benzinga.com/news/24/05/38693602/tiktok-admits-xi-jinpings-ccp-wont-let-its-algorithm-be-sold-after-biden-gives-9-months-to-divest-or">opposition from the Chinese government</a>.&nbsp;
The U.S. Supreme Court on Friday heard <a href="https://www.benzinga.com/25/01/42919029/supreme-court-hears-tiktok-oral-arguments">oral arguments on the legislation</a> that could lead to the app&#8217;s shutdown. TikTok users have also <a href="https://www.benzinga.com/25/01/42931704/tiktok-users-call-on-trump-to-deliver-immediately-on-his-promise-to-save-app-from-us-ban-we-dont-need-the-supreme-court-to">launched a campaign urging</a> President-elect Donald Trump to intervene and prevent the ban.
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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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.

Social Media

MrBeast Discussing Buying TikTok With Billionaires To Prevent US Shutdown: 'Let's See If We Can Pull This Off'

Italy&#8217;s largest bank, Intesa Sanpaolo, dipped its toes in the cryptocurrency market, conducting its first Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) purchase worth $1 million, according to a report on Tuesday.
What Happened: Intesa Sanpaolo purchased 11 Bitcoins&nbsp;in what CEO Carlo Messina&nbsp;<a href="https://www.reuters.com/business/finance/italys-intesa-buys-1-mln-euros-bitcoin-first-proprietary-trade-2025-01-14/#:~:text=An%20internal%20memo%20seen%20by,through%202028%20for%20company%20investments.">described </a>as &#8220;a test,&#8221; Reuters reported, citing an internal memo.
Speaking to reporters at an event, Messina said that the lender had &#8220;very limited&#8221; room to invest in cryptocurrencies and that the latest trial was conducted to prepare for potential requests for such investments by &#8220;sophisticated&#8221; clients.
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&#8220;We tested how to handle any potential requests from clients, but there will anyway be very tight limits and clients will need to prove they understand potential risks,&#8221; Massino said.
He also advised individual investors to avoid cryptocurrency investments, stating, &#8220;I myself don&#8217;t invest in Bitcoin.&#8221; 
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With total assets of €949.18 million ($977.40 million), Intesa Sanpaolo is Italy&#8217;s largest bank. The company didn&#8217;t immediately return Benzinga&#8217;s request for comment.
Why It Matters: This development comes in the wake of Italy&#8217;s recent change in stance towards cryptocurrencies. 
Last month, Italian politicians from the ruling coalition <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42430918/italy-backpedals-on-controversial-tax-hike-on-crypto-capital-gains-following-industry-opposition-no-more-prejudices">announced a significant reduction</a> in the proposed tax hike on cryptocurrency capital gains following industry criticism and internal disagreements.
The Treasury had initially planned to&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41367903/italy-eyes-drastic-tax-hike-on-bitcoin-profits-42-looming-in-2025-shocking-countrys-crypto" target="_blank" rel="noreferrer noopener">increase the tax</a>&nbsp;on cryptocurrency capital gains from 26% to 42% under the 2025 budget. However, due to industry protests and internal debates, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42430918/italy-backpedals-on-controversial-tax-hike-on-crypto-capital-gains-following-industry-opposition-no-more-prejudices">rate was reduced</a> to 33%.
Price Action: At the time of writing, Bitcoin was exchanging hands at $97,052.07, up 2.82% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image Courtesy: Shutterstock.com
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

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