Latest news for IR-Med (OTC:IRME) Stock

IR-Med Inc is a development stage medical device company developing its technology through its Subsidiary and is utilizing Infra-Red-light spectroscopy (IR) combined with Artificial Intelligence (AI) technology platform to develop non-invasive devices for various medical indications, by detecting and measuring various biomarkers and molecules in the blood and in human tissue in real-time.

News

Penny Stocks

Markets

Trading Ideas

IRME

IR-Med&#39;s Potential for Profitable Growth in Coming Years Supports Price Target of $3.00

IR-Med Inc

Instagram spinoff Threads is experiencing a surge in active users and web traffic <a href="https://www.benzinga.com/24/05/38848822/meta-introduces-independent-fact-checking-program-for-threads">one year after its inception</a>.
What Happened: According <a href="https://www.similarweb.com/blog/insights/social-media-news/threads-anniversary/">to</a> a Similarweb report, Meta Platforms Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Threads, which debuted on July 5, 2023, has seen a substantial increase in user engagement.
Monthly active users of the Mark Zuckerberg-led company&#8217;s app grew by 15.8% in the U.S. and 6.3% in the U.K. from August 2023 through May 2024. In June 2024, traffic to Threads.net saw an increase of approximately 9% compared to its launch month of July 2023.
Originally, the website was intended to promote the app, with the functional version allowing users to post content introduced in late August. But since then, web traffic has seen a surge of over 175%, as per the report.
Despite the growth, Threads still lags behind X, which boasts about nine times as many monthly active users in the U.S. However, X&#8217;s user base has been on a decline, down 8.9% YoY in the U.S. and 17.7% YoY in the U.K.
Also Read: <a href="https://www.benzinga.com/news/23/03/31129297/zuckerbergs-life-changing-advice-to-young-people">Zuckerberg&#8217;s Life-Changing Advice To Young People</a>
Threads was introduced as a text-based social network alternative to X by the Instagram team at Meta. It was designed to attract mobile app users who were dissatisfied with X&#8217;s management under Elon Musk&#8216;s ownership.
Why It Matters: The growth of Threads comes at a time when many users are seeking alternatives to traditional social media platforms. Threads&#8217; user-friendly interface and unique features have been key to its success. 
The decline in X&#8217;s user base indicates a shift in user preference, which Threads has capitalized on. 
The steady increase in user engagement and web traffic suggests that Threads is gaining traction and could potentially challenge established social media platforms in the future.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/06/39508227/meta-faces-backlash-over-instagram-threads-political-content-settings">Meta Faces Backlash Over Instagram, Threads Political Content Settings</a></li>
</ul>
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: Shutterstock

Social Media

Tech

Don't Look Now, But Zuckerberg's Threads Is Picking Up Steam

Dave Ramsey, the personal finance expert, is known for his hard-hitting and blunt financial advice. This time, his advice is geared around some important early childhood education topics. Here are the seven things that Ramsey feels every child should hear.&nbsp;
While Ramsey may be an expert in handling money, he's also pretty qualified regarding children because he has his own children, albeit they're all grown up now. Ramsey and his wife, Sharon, have three adult children: Denise, Rachel, and Daniel. Rachel Cruze is also a finance expert and often joins her father on the Ramsey Show. At the same time, Daniel works alongside his father as president of Ramsey Solutions. Hence, it's pretty fair to say that Ramsey and his wife have raised successful children, and Ramsey&#8217;s advice regarding early childhood education is valuable.&nbsp;
Don't Miss:
<ul>
<li>Are you richer than most people you know?<a href="https://www.benzinga.com/money/are-you-richer-than-most-people"> Here&#8217;s the net worth you need at every age to be above average.</a></li>
<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
</ul>
In a written post shared on the social media platform <a href="https://x.com/DaveRamsey/status/1737923621719273913">X</a>, Ramsey listed seven things that he believes all children need to hear, and the first thing is "I love you." The second thing you should say to your children is, "I support you," and thirdly, "I am listening." U.S. News reported that a psychology professor at the Stanford University Graduate School of Education, Geoffrey Cohen, believes that positive affirmations can do wonders for children's learning ability, among other things.&nbsp;
For Cohen, positive affirmations like Ramsey's fourth point, "I believe in you," are more than empty praise. Instead, Cohen explained, "It&#8217;s not me as a parent telling my kids you are so smart, you are so wonderful," and added, "Instead me as a parent molding the situation in ways that my kids can exemplify who they are and feel value." U.S. News also reported that Omar Gudiño, a clinical child psychologist, feels that affirmations from parents and teachers "bolster a student&#8217;s sense of self-confidence."&nbsp;
Trending: A billion-dollar investment strategy with minimums as low as $10 —<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> you can become part of the next big real estate boom today.</a>
The fifth thing that <a href="https://www.benzinga.com/personal-finance/24/07/39890114/54-year-old-with-2-5-million-nest-egg-says-his-wife-doesnt-feel-its-enough-to-retire-dave-ramsey">Ramsey</a> believes children need to hear is something more finance-related and right up his wheelhouse. He wrote, "Debt is dumb, cash is king, and the paid-off home mortgage has replaced the BMW as the status symbol of choice." This is an important one for Ramsey, who has long advocated for teaching your children about responsibly handling money. When it comes to handling money, Ramsey believes that money should not be a taboo subject and that children should not be sheltered from financial matters.&nbsp;
In a blog post shared with Ramsey Solutions, he cited a 2017 T. Rowe Price survey that found that 69% of parents are reluctant to talk about money to their children. For Ramsey, the solution for this is to start slow and be honest. This is something that many parents struggle with, especially when faced with questions from their kids about paying for college. During an episode of the Ramsey Show, Ramsey received a call from a man asking whether he is required to pay for his kid's college education.&nbsp;
<a href="https://www.benzinga.com/personal-finance/24/04/38412735/dave-ramsey-against-401k-for-education-your-retirement-savings-come-first-even-before-funding-co">Ramsey had told him</a>, "I don't believe it's a requirement that all parents pay for college for their kids." He added, "You don't have a moral responsibility to pay for your kids' college education. However, you have a moral responsibility to highlight the importance of knowledge." In addition to being honest about money with their children, Ramsey encourages parents to set family goals, let their children sit in on the family meetings, and contribute to the budget within reason.&nbsp;
Ramsey believes that all children need to hear the following from parents, teachers, and other leading figures: "I am here for you" and "You matter."&nbsp;
Read Next:
<ul>
<li>How much money will a $200,000 annuity pay out each month?<a href="https://www.benzinga.com/money/200k-annuities-adv"> The numbers may shock you.</a></li>
<li>Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune —<a href="https://www.benzinga.com/money/advisor-adv-warren-buffett"> How much is that worth today?</a></li>
</ul>

Personal Finance

Dave Ramsey Extols The Virtues Of Early Childhood Education, Saying Every Child Should Know 'Debt Is Dumb, Cash Is King'

Last week, President Joe Biden withdrew from the presidential race and endorsed Vice President Kamala Harris, initiating one of the shortest campaigns in modern history. With just three months before Election Day, Harris faces a tight timeline to build her <a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an">policy platform and connect with voters. </a>
To understand how Harris can navigate this condensed campaign, Politico recently <a href="https://www.politico.com/news/magazine/2024/07/26/kamala-harris-campaign-manager-roundtable-00171138">spoke</a> with seasoned campaign managers Patti Solis Doyle (Hillary Clinton's 2008 campaign), Robby Mook (Clinton's 2016 campaign), and Stuart Stevens (Mitt Romney's 2012 campaign).
The experts discussed how Harris should define herself against Donald Trump, attack rather than defend against his potential racist and sexist remarks, and chart a path to 270 electoral votes. They also considered potential vice-presidential picks, with Pennsylvania Governor Josh Shapiro frequently mentioned.
Doyle praised Harris's swift and effective campaign start, highlighting her strong rollout and early achievements.
&#8220;The last 72 hours have been unbelievable in terms of rollout. She locked up the nomination. Within 36 hours, she got the delegates. She got the endorsements from Congress. She got the money. And her first events have been through the roof,&#8221; Doyle said. 
&#8220;I think she's doing it. I think she is being forceful in her prosecution of Trump. I think she's offering a hopeful view of the future. I think she's doing the politics right,&#8221; she added. 
Mook emphasized the importance of leveraging the internet and social media to reach undecided voters, noting the internet as a &#8220;safe space&#8221; for Harris supporters.
&#8220;There's a paradox here. This is a really short campaign, and that is great, because she is rested. She is ready to go. I think time is often your enemy on these, particularly as a quasi-incumbent. But on the other hand, time is short, so the imperative is to lock in, first of all, who is she? And second of all, what is her vision?&#8221; Mook told the outlet.
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
&#8220;I think she's done a very good job rolling that out right out of the gate. But there's a question about calcifying that and pushing it deep. And we know that these — they used to be called double-haters but I think they're just persuadable-again or either-way voters — we know that they have the least information about her and they get their news disproportionately from social media,&#8221; he added. 
Stevens suggested that Harris should attack Trump on his record, particularly on immigration.
&#8220;I think I would challenge the premise of the question that she didn't run a good campaign because she didn't win. Because most people&nbsp;don't&nbsp;win. And she did end up on the ticket, which is the next best thing you can do. She won a very tough race for attorney general. She's vice president of the United States, and now she's the Democratic nominee for president. So how far would she have gone if she was a good politician?,&#8221; Stevens said. 
&#8220;I've always felt that when President Biden was still in this, that there had to be two things that needed to be accomplished that were critical to winning. One was that the Democratic candidate needed to represent the future. And it's clear that the Harris campaign understands that,&#8221; he added. 
Harris must address voters&#8217; economic concerns while promoting her vision for the future. The experts agreed she should focus on change and hope, contrasting herself with Trump's divisive rhetoric. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one" target="_blank" rel="noreferrer noopener">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There's One Silver Lining</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Politics

Experts Weigh In on Harris's Fast-Track Campaign Strategy Following Biden's Exit: 'I Think She's Done A Very Good Job'

Benzinga examined the prospects for <a href="http://www.benzinga.com/trading-ideas">many investors&#8217; favorite stocks</a> over the last week. Here&#8217;s a look at some of our top stories.
The S&amp;P 500 decreased by 0.8% and the Nasdaq dropped by 2.1%, with both indexes experiencing consecutive weekly losses for the first time since April. In contrast, the Dow saw a 0.8% increase, achieving its fourth straight positive week — a milestone not reached since May.
Small-cap stocks continued to perform well, with the Russell 2000 Index achieving its third consecutive week of gains, fueled by optimism over potential interest rate cuts. 
On the economic front, the U.S. economy grew at an annualized rate of 2.8% in the second quarter, surpassing the expected 2% growth, while a key inflation measure watched by the Federal Reserve fell to 2.5% in June, the lowest since February 2021, reinforcing expectations <a href="https://www.benzinga.com/news/earnings/24/07/39993819/tech-stocks-slide-on-earnings-us-economy-flexes-muscles-small-cap-rally-continues-this-week-in-the-">for a rate cut in September</a>.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
<a href="https://www.benzinga.com/general/entertainment/24/07/39891426/amc-entertainment-stock-halted-movie-theater-chain-announces-restructuring-of-debt-load-ada">&#8220;AMC Entertainment Stock Halted: Movie Theater Chain Announces Restructuring of Debt Load,&#8221;</a> by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, details AMC Entertainment Holdings Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) plans to restructure its debt, moving U.S. theaters into a different unit and issuing new secured term loans, while CEO Adam Aron anticipates recovery and growth, addressing recent box office challenges.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39955624/is-dogecoin-really-moving-according-to-plan-prominent-analyst-claims-i-havent-sold-one-sin">&#8220;Is Dogecoin Really Moving &#8216;According To Plan?&#8217; Prominent Analyst Claims: &#8216;I Haven&#8217;t Sold One Single DOGE, I&#8217;ve Just Been Buying,'&#8221;</a> by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, reports that crypto analyst Ali Martinez asserts Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) is following a historical pattern, suggesting a potential 44% rise, as he continues to buy DOGE without selling.
<a href="https://www.benzinga.com/exclusives/24/07/39886192/exclusive-tesla-an-elon-musk-and-a-technology-story-first-ev-story-last-market-strategist-explains-w">&#8220;EXCLUSIVE: Tesla &#8216;An Elon Musk And A Technology Story First, EV Story Last&#8217; — Market Strategist Explains Why To Buy The Stock,&#8221;</a> by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, details how market strategist Jay Woods believes Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is driven more by Elon Musk&#8216;s technological innovations than its EV business, and why investors should consider buying Tesla stock.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/news/24/07/39891082/southwest-airlines-saved-by-procrastination-how-32-year-old-software-protected-company-from-microsof">Southwest Airlines Saved By Procrastination: How 32-Year-Old Software Protected Company From Microsoft Outage, CrowdStrike Issues</a>
<a href="https://www.benzinga.com/markets/equities/24/07/39939788/buy-the-dip-market-expert-says-recent-pullback-part-of-healthy-bull-market-a-little-tiny-ounce-o">Buy The Dip? Market Expert Says Recent Pullback Part Of Healthy Bull Market: &#8216;A Little Tiny Ounce Of Volatility, It Feels So Foreign&#8217;</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39899280/microsoft-stock-has-further-room-to-run-says-analyst-as-software-giant-remains-on-t">Microsoft Stock Has Further Room To Run, Says Analyst, As Software Giant Remains On Track To Hit $200B Cloud Revenue In 2 Years</a>
The Bears
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39925881/alphabet-investors-fret-over-margin-impact-of-higher-ai-related-capex-but-fund-mana">&#8220;Alphabet Investors Fret Over Margin Impact Of Higher AI-related Capex, But Fund Manager Says Not Spending Enough Exposes Google&#8217;s Parent To Risk Of &#8216;Losing Their Grip On The Future,'&#8221;</a> by <a href="https://www.benzinga.com/author/shanthi-rexaline">Shanthi Rexaline</a>, discusses concerns over Alphabet Inc.&#8216;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>) increased AI-related capital expenditures impacting margins, while fund manager Gene Munster argues that not investing sufficiently in AI could jeopardize the company&#8217;s future competitive edge.
<a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership">&#8220;Mark Zuckerberg Slams Tim Cook&#8217;s Apple After Cupertino Reportedly Rejected Its iPhone AI Partnership Proposal: &#8216;They Wanted To Put Us In A Box…,'&#8221;</a> by <a href="https://www.benzinga.com/author/ananya-gairola">Ananya Gairola</a>, reports that Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg criticized Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) for rejecting Meta&#8217;s AI partnership proposal, claiming Apple wanted to limit Meta&#8217;s competitive influence.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/markets/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n">Peter Schiff Says &#8216;Americans Are Broke&#8217; — Points To Ford&#8217;s Dismal Q2 Profit: &#8216;They Can&#8217;t Afford To Buy New Cars&#8217; Due To Interest Rates</a>
<a href="https://www.benzinga.com/markets/equities/24/07/39898236/jeff-bezos-era-downstream-impact-losing-its-mojo-amazon-ceo-andy-jassy-is-reportedly-rethinking-">Jeff Bezos-Era &#8216;Downstream Impact&#8217; Losing Its Mojo? Amazon CEO Andy Jassy Is Reportedly Rethinking Alexa Devices Business Model Resulting In Billions Worth Of Losses</a>
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39938175/vice-president-harris-snubs-bitcoin-conference-would-have-been-a-disaster-for-her-shrugs-o">Vice President Harris Snubs Bitcoin Conference: &#8216;Would Have Been A Disaster For Her,&#8217; Shrugs Organizer</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image created using artificial intelligence via Midjourney.

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

Cryptocurrency

Equities

Long Ideas

Short Ideas

$DOGE

AAPL

GOOG

GOOGL

TSLA

Benzinga Bulls And Bears: Tesla, AMC, Meta And Crypto Analyst Predicts Dogecoin Will Follow Historical Pattern

Electric-vehicle makers&#8217; shares pulled back this week amid the broader market weakness, with market leader Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/markets/equities/24/07/39926440/tesla-stock-is-plunging-over-7-in-wednesdays-pre-market-after-q2-earnings-whats-going-on">earnings not offering any respite</a>.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla Posts Mixed Results: Kicking off the EV reporting season this week, Tesla had a mixed tale to tell. Second-quarter revenue exceeded expectations but earnings per share trailed estimates. Fund Manager Gary Black blamed the earnings per share miss on restructuring charges related to job cuts. Investors also fretted over a surge in regulatory credits and management commentary regarding a notable drop in volume this year.
CEO Elon Musk tried to rev up sentiment by pointing to the promise that robotics holds for the company and raving over Tesla&#8217;s full self-driving software. He also said the eagerly awaited robotaxi event has been shifted to Oct. 10. Investors did not buy into the potential of the energy storage business, which doubled during the quarter. The stock, which had been rebounding nicely ahead of the quarterly results, reversed course and ended with a weekly drop of more than 8%.
Rivian&#8217;s Scaringe Talks Up New R2 Platform: In a podcast, Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) CEO R.J. Scaringe said Tesla&#8217;s Model Y and Model 3 EVs, though excellent, have saturated the market, leaving buyers craving variety. &#8220;If you want to spend less than $50,000 for an EV, I'd say there's a very, very small number of great products,&#8221; Scaringe <a href="https://podcasts.apple.com/us/podcast/decoder-with-nilay-patel/id1011668648?i=1000662961702">told</a> the Decoder podcast in December.
While many EV companies have tried to replicate the success Tesla has had with the Model Y EVs, they have not focused on giving diverse choices. Scaringe also clarified that Rivian&#8217;s R2 platform-based will not be a Model Y copycat.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
GM To Go Slow On EVs: On its earnings call this week, General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) said it was slowing plans for EVs by delaying a second EV truck plant in Michigan by six months and delaying the first Buick brand EV. The delay until mid-2025 suggests GM may not hit its 2025 production target of one million EVs. CEO Mary Barra said the company is looking to grow &#8220;responsibly and profitably.&#8221; EVs accounted for just 3.2% of GM&#8217;s total second-quarter U.S. sales.
Xiaomi Quick With EV Ramp-Up: Xiaomi Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>) Chairman and CEO Lei Jun said in a Weibo post that the smartphone maker is on track to meet its annual delivery target of 100,000 EV units for 2024 two months ahead of schedule, CnEVPost <a href="https://cnevpost.com/2024/07/26/xiaomi-completes-capacity-ramp-up-100000-target-nov/">reported</a>. According to the report, Jun said that Xiaomi has completed its factory capacity ramp-up and has sold 30,000 units of its SU7 model in a little over three months since the vehicle&#8217;s launch.
Lucid Stitches Battery Material Deal:  Lucid Group, Inc. (NASDAQ LCID) announced an agreement with mineral exploration company Graphite One Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GPHOF#OTC">GPHOF</a>) <a href="https://www.benzinga.com/markets/equities/24/07/39959245/whats-going-on-with-lucid-group-stock-today">for the supply of anode active materials</a>.
&#8220;We are committed to accelerating the transition to sustainable vehicles and the development of a robust domestic supply chain ensures the United States, and Lucid, will maintain technology leadership in this global race,&#8221; said Lucid CEO/CTO Peter Rawlinson. &#8220;Through work with partners like Graphite One, we will have access to American-sourced critical raw materials, helping power our award-winning vehicles made with pride in Arizona.&#8221;
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 0.72% at $19.31 according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF fell 3.84%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39951197/jim-cramer-calls-elon-musk-bankable-and-visionary-as-tesla-shares-fall-over-12-why-">Jim Cramer Calls Elon Musk &#8216;Bankable&#8217; And Visionary As Tesla Shares Fall Over 12%: Why The Stock Picker Recommends To &#8216;Buy This Weakness&#8217;</a></li>
</ul>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-8.11%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-0.67%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+0.71%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-2.55%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-10.78%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+7.58%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-10.00%</td>
</tr>
<tr>
<td>Rivian </td>
<td>-3.22%</td>
</tr>
<tr>
<td>Lucid</td>
<td>-3.43%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>)</td>
<td>-11.07%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-9.03%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

Media

FFIE

GOEV

GPHOF

HYZN

KARS

NKLA

RIVN

WKHS

XIACY

XPEV

Elon Musk's Optimism Doesn't Rub Off On Investors, Rivian CEO Says R2 Not Model Y Copycat, GM's EV Goals Scaled Back Yet Again And More: Biggest EV Stories Of The Week

In response to a recent U.S. Supreme Court decision, California Gov. <a href="https://www.benzinga.com/topic/gavin-newsom" target="_blank" rel="noreferrer noopener">Gavin Newsom</a> announced an executive order on Thursday directing state officials to initiate the removal of <a href="https://www.benzinga.com/news/24/07/39875041/gavin-newsom-backs-kamala-harris-calls-vp-tough-fearless-and-tenacious-the-ideal-candidate-to-counte" target="_blank" rel="noreferrer noopener">homeless encampments across the state.</a>
Last month, the high court upheld an Oregon city&#8217;s practice of ticketing homeless individuals for sleeping outside, rejecting claims that such &#8220;anti-camping&#8221; ordinances infringed on the Constitutional prohibition against &#8220;cruel and unusual&#8221; punishment, <a href="https://edition.cnn.com/2024/07/25/us/gavin-newsom-executive-order-homeless-encampments/index.html" target="_blank" rel="noreferrer noopener">reported </a>CNN.
&#8220;This executive order directs state agencies to move urgently to address dangerous encampments while supporting and assisting the individuals living in them — and provides guidance for cities and counties to do the same,&#8221; Newsom said. &#8220;There are simply no more excuses. It&#8217;s time for everyone to do their part.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/07/39875041/gavin-newsom-backs-kamala-harris-calls-vp-tough-fearless-and-tenacious-the-ideal-candidate-to-counte" target="_blank" rel="noreferrer noopener">Gavin Newsom Backs Kamala Harris, Calls VP Tough, Fearless And Tenacious: &#8216;The Ideal Candidate To Counter Donald Trump&#8217;</a>
According to a 2023 report from the U.S. Department of Housing and Urban Development submitted to Congress, California has the largest homeless population in the country, exceeding 180,000 individuals.
The nationwide estimate for people experiencing homelessness stands at approximately 653,100, marking an increase of about 12% since 2022.
California&#8217;s response to the Supreme Court decision is attracting significant attention from other cities and states. Newsom&#8217;s executive order has sparked controversy, drawing criticism from both homeless advocates and some elected officials.
Michael Weinstein, president of the AIDS Healthcare Foundation and leader of the Housing is a Human Right initiative, criticized Newsom&#8217;s actions as an attempt to &#8220;criminalize poverty&#8221; and a continuation of &#8220;failed policies.&#8221;
In a statement released Thursday, Weinstein questioned, &#8220;Governor Newsom, where do you expect people to go? This is a shameful moment in California history.&#8221;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39993819/tech-stocks-slide-on-earnings-us-economy-flexes-muscles-small-cap-rally-continues-this-week-in-the-" target="_blank" rel="noreferrer noopener">Tech Stocks Slide On Earnings, US Economy Flexes Muscles, Small-Cap Rally Continues: This Week In The Markets</a></li>
</ul>
Photo: Shutterstock

General

Human Rights Advocates Condemn Gov. Newsom's Homeless Encampment Removal Order: 'Shameful Moment In California History'

In a recent <a href="https://www.youtube.com/watch?v=36cvblilqe8">installment</a> of Prof G Markets, <a href="https://www.benzinga.com/topic/anthony-scaramucci">Anthony Scaramucci</a>, the founder and managing partner of <a href="https://www.benzinga.com/topic/skybridge-capital">SkyBridge Capital</a>, shared his thoughts with podcast host Scott Galloway on Donald Trump's political strategies and their potential impact on the country. Scaramucci, who once served as Trump's Communications Director, didn&#8217;t hold back in his critique.
Don't Miss:
<ul>
<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
<li>A billion-dollar investment strategy with minimums as low as $10 —<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> you can become part of the next big real estate boom today.</a></li>
</ul>
Scaramucci argued that <a href="https://www.benzinga.com/news/24/07/39630382/paul-krugman-says-trump-tariffs-will-hurt-80-of-americans-benefit-only-the-top-1-burden-would-fall-o">Trump's proposal for extremely high tariffs</a> would disproportionately harm poor people. "[Tariffs] are regressive taxes on poor people," he said. In translation, they hit lower-income individuals the hardest. This, he suggested, contradicts Trump's image as a pro-business leader, as the economic burden would fall on those least able to bear it.
When the host asked him whether he thinks Trump is serious about implementing these tariffs, Scaramucci said, &#8220;This guy knows how to boil a frog better than anybody I&#8217;ve ever met. You're in the cold water, and he simmers the frog until the frog is dead. Do you know, many things from 2016 to today that we could say, is he serious about that, and then you say, oh no, he&#8217;s not serious about that, and he does it? You're like, holy sh&#x2A;t, he is serious … and then he does it again.&#8221;
See Also: <a href="https://www.benzinga.com/money/irs-finalizes-10-year-rule-adv">IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things &#8216;Even More Insanely Complicated&#8217;</a>
According to Scaramucci, Trump's actions always aim to consolidate his power. "Always look at this through the prism of Trump's power," he advised before continuing, &#8220;This is not a public servant. He&#8217;s not there to serve his fellow men and women. He&#8217;s there to serve himself. He&#8217;s there to serve his cronies. Classic totalitarianism.&#8221;
He pointed out that Americans lack a historical memory of dictatorship and authoritarianism, unlike Europeans, who have visible reminders of past fascism. He stressed the importance of educating people about these dangers to prevent a slide into authoritarianism.
Trending: This investment company boasts a 35.14% internal rate of return (IRR) for its realized projects, allowing accredited investors to<a href="https://www.benzinga.com/money/bam-capital"> earn passive returns and avoid the headaches of being a landlord.</a>
Scaramucci said that despite the political turmoil, the markets have been surprisingly stable when asked about how the markets have reacted to all of this. "Markets like split governments. [They] like inertia," he explained, suggesting that the Federal Reserve's actions, like rate hikes, have been key. He expects rate cuts by the end of the year, which he believes will continue to drive the market, regardless of the election outcome.
Scaramucci's warnings about Trump are serious. Still, we have to look at the bigger picture. Historically, Trump's policies and leadership style have strong supporters and vocal critics. The <a href="https://www.benzinga.com/general/politics/24/07/39946360/trump-vs-harris-2024-election-candidates-tied-in-new-poll-65-of-democrats-say-biden-stepping-dow">country is split in half</a>. Supporters say his unique approach shakes things up and defends American interests. Critics like Scaramucci caution about the dangers of too much power and the potential harm to those who are less fortunate. Ultimately, it&#8217;s up to each individual to weigh these perspectives carefully for themselves.
Read Next:
<ul>
<li>Will the surge continue or decline on real estate prices?<a href="https://www.benzinga.com/money/realbricks"> People are finding out about risk-free real estate investing that lets you cash out whenever you want.</a></li>
<li>Gen Z and Millennial millionaires couldn't care less for stocks and bonds —<a href="https://www.benzinga.com/money/gen-z-and-millennial-millionaires-investments-adv"> Here's what they're buying instead.</a></li>
</ul>

Startups

Trump Is 'Calling For Sky-high Tariffs Which Will Cripple Poor People,' Says Anthony Scaramucci – 'This Guy Knows How To Boil A Frog'

Crypto analyst and macro expert Raoul Pal has projected a significant bullish surge for Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), anticipating it to outperform Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39241558/analyst-predicts-bitcoin-to-reach-groundbreaking-100-000-milestone">in the ongoing cycle.</a>
What Happened: In a <a href="https://www.youtube.com/watch?v=s2uSDlgXhFY">video</a> on YouTube on Friday, Pal pointed out that Solana is demonstrating a classic bullish inverse head and shoulders pattern (I-HNS) against Bitcoin.
&#8220;That's a killer inverse head and shoulders, cup and handle, whatever it is. It's suggesting there is a very big move to come in this cross, meaning Solana is going to outperform a lot,&#8221; Pal said. 
An I-HNS pattern is a bullish technical formation. The right shoulder indicates that investors are eager to accumulate the asset without waiting for the price to fall to its previous low.
Pal also hinted at a bullish pattern for Solana that could lead to a price target of $265, a more than 45% gain from the current value.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39447328/anthony-scaramucci-says-crypto-will-soar-if-this-presidential-candidate-wins-the-election-">Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: &#8216;I Think We&#8217;ll See All-Time Highs For Bitcoin And Other Assets&#8217;</a>
According to Pal&#8217;s chart analysis, Solana has turned the diagonal resistance of a triangle pattern into support. Last month, he stated that the crypto market is approaching the &#8220;Banana Zone,&#8221; a period of sustained uptrend for Bitcoin and other digital assets.
"Solana, well, it's breaking out. It's retesting that breakout. That's what it's been doing the last couple of days. Looks beautiful. We want to see this kind of stuff, because test, retesting of breakouts, bit of sideways consolidation, brings you the power of the banana, which is all we care about," he added. 
Pal&#8217;s bullish prediction for Solana is significant. His analysis suggests that Solana&#8217;s current pattern could lead to a substantial price increase, which would be a notable development in the crypto market. 
Furthermore, his forecast of the &#8220;Banana Zone&#8221; indicates a potential uptrend for not only Bitcoin but other digital assets as well.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39020792/bitcoin-to-hit-1-million-in-next-10-to-18-months-says-crypto-analyst-were-still-so-early-i" target="_blank" rel="noreferrer noopener">Bitcoin To Hit $1 Million In Next 10 To 18 Months, Says Crypto Analyst: ‘We're Still So Early In The Bitcoin Story'</a></li>
</ul>
Photo: Shutterstock

$BTC

$SOL

One Crypto Is Poised To Outperform Bitcoin, Says Crypto Expert

As Kamala Harris pivots from Vice President to <a href="https://www.benzinga.com/general/politics/24/07/39908377/kamala-harris-secures-majority-backing-for-2024-democratic-nomination-ap-survey">presumptive Democratic nominee for president</a>, her financial disclosures show a desirable piece of her portfolio – a 2.625% mortgage rate on her Los Angeles home.
That rate, secured in 2020, is a relic of the pandemic era&#8217;s historically low interest rates. With today&#8217;s average 30-year fixed mortgage rates hovering near 7%, Harris&#8217; loan terms point to the difference between the housing market then and now.
Don't Miss:
<ul>
<li>Will the surge continue or decline on real estate prices?<a href="https://www.benzinga.com/money/realbricks"> People are finding out about risk-free real estate investing that lets you cash out whenever you want.</a></li>
<li>This billion-dollar fund has invested in the next big real estate boom,<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> here's how you can join for $10.</a></li>
</ul>
According to a review of her financial disclosures by The Wall Street Journal, the Vice President and her husband, Doug Emhoff, refinanced their 3,500-square-foot Brentwood-area home with a $2 million, seven-year adjustable-rate mortgage (ARM) from Wells Fargo. That move allowed them to take advantage of the low-rate environment during the pandemic. Harris and Emhoff&#8217;s decision to opt for an ARM rather than a fixed-rate mortgage is a strategy often used by high-net-worth individuals. Gordon Miller, a mortgage broker in Cary, N.C., explained to the Journal that wealthy clients frequently refinance ARMs at the same rate before they reset, effectively extending the loan&#8217;s favorable terms.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Trending: Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
The property has also appreciated in value. The four-bedroom home, purchased by Emhoff in 2012 for about $2.7 million, has nearly doubled in value, with current estimates from Zillow placing its value at around $5 million.
The couple&#8217;s real estate portfolio extends beyond their Los Angeles residence. Records show that Harris previously owned other properties in California and Washington, D.C.
Beyond their mortgage, Harris and Emhoff have assets valued between $3.6 million and $7.36 million (excluding real estate), and the Journal noted that much of their wealth is held in retirement accounts and low-cost index funds.
See Also: This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.
The couple earned around $450,000 in 2023 (including Harris' Vice President salary of $218,784), a decrease from previous years due to Emhoff&#8217;s departure from his law partnership.
As Harris makes her case to lead the country – with President Joe Biden dropping out of the race on Sunday – her financial disclosures show careful, conservative management.
The Road Ahead: With the nomination all but secured, the Democratic National Committee has set Aug. 1 as the likely start date for delegate voting, marking the formal beginning of Harris&#8217;s journey as the presumptive nominee.
Harris&#8217;s path to the nomination appears clear with no plausible challengers on the horizon and endorsements pouring in from party heavyweights like <a href="https://www.benzinga.com/news/24/07/39922362/hillary-clinton-says-kamala-harris-is-chronically-underestimated-says-vp-can-prosecute-a-compelling">Bill and Hillary Rodham Clinton</a>.
Read Next:
<ul>
<li>A billion-dollar investment strategy with minimums as low as $10 —<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> you can become part of the next big real estate boom today.</a></li>
<li>This investment company boasts a 35.14% internal rate of return (IRR) for its realized projects, allowing accredited investors to<a href="https://www.benzinga.com/money/bam-capital"> earn passive returns and avoid the headaches of being a landlord.</a></li>
</ul>

Real Estate

What's In Kamala Harris' Wallet? Millions Of Dollars, And A 2.625% Mortgage Rate

Financial access remains a significant hurdle for diverse business owners in the cannabis industry. Despite the industry&#8217;s rapid growth, minority entrepreneurs often face barriers to securing funding, navigating regulatory complexities and gaining equitable opportunities. According to a 2017 survey by Marijuana Business Daily, only 4.3% of cannabis business owners identified as African American, highlighting the disparity in representation and financial access within the industry.
Similarly, a 2021 report by the Minority Cannabis Business Association (MCBA) found that access to capital was one of the primary challenges for minority cannabis entrepreneurs, with 72% of respondents indicating it as a critical barrier​.
Minority entrepreneurs often encounter regulatory complexities, limited access to banking services and higher interest rates compared to their counterparts. These challenges are exacerbated by the federal status of cannabis, which complicates financial transactions and access to traditional banking services.
To address these inequities, Cannas Capital Holdings has launched the Bank Black Initiative, an AI-powered system designed to bridge the racial wealth gap by ensuring equitable financial access for diverse-status business owners. The initiative aims to become an ASTM Global Standard Guideline for Social Equity Lending, providing a comprehensive framework to support minority entrepreneurs in the cannabis sector.
<h2 class="wp-block-heading">Economic Empowerment Through Financial Literacy And Access To Capital</h2>
Cannas Capital&#8217;s Bank Black program utilizes an AI-operating system that goes beyond traditional underwriting metrics. While it considers essential factors such as management team, payment history and collateral support, the system also integrates additional components including community and demographic analysis, social capital assessment, institutional support, risk mitigation strategies, long-term sustainability, regulatory compliance and continuous monitoring. This holistic approach ensures that the full spectrum of a business's context and potential is evaluated, promoting fair and equitable access to financial resources.
The firm is dedicated to economic empowerment through financial literacy programs, business credit building and small business development. It facilitates access to capital by creating a network of lenders, establishing underwriting metrics for stakeholders and providing financial literacy training. These efforts are aimed at addressing the systemic barriers that minority entrepreneurs face, helping them build sustainable and successful businesses in the cannabis industry.
In addition, Cannas Capital has formed strategic partnerships to further its mission. Collaborations with organizations such as Infused Banking, a fintech and training company, and FinResults, a fintech company specializing in compliance and data-intensive business solutions, have enhanced the organization&#8217;s capabilities. These partnerships facilitate knowledge-sharing, idea exchange, and collaboration among banks, credit unions and other financial organizations.
Cannas Capital has already made significant strides in addressing these barriers. The firm has facilitated the funding of over 400 insurance policies in the commercial cannabis industry and helped numerous minority-owned businesses secure essential capital.
<h2 class="wp-block-heading">A Leadership Team Focused On Community Impact</h2>
Cimone Cason, CEO of Cannas Capital Holdings, has been instrumental in driving the company&#8217;s mission. As a city commissioner, Cason approved the first minority-owned cannabis company in her local municipality. She also serves as the chairwoman of the National Cannabis Industry Association Risk Management Committee and is involved with ASTM International and the NAIC Cannabis Workgroup.
Under her leadership, Cannas Capital Holdings has achieved notable successes, including the creation of Michigan&#8217;s Social Equity Programs: Joint Ventures and All-Star Program, and the approval of the first Social Equity Awardee Dispensary in a local municipality. The organization also established a Social Equity Discount program for commercial cannabis businesses nationwide.
Cannas Capital Holdings&#8217; commitment to social equity and economic empowerment has had a significant impact on minority communities. &#8220;The Cannas Capital Collective has provided us with the tools and knowledge to build a strong business by aiding my company in obtaining consumer lending, risk management, and establishing a business credit profile,&#8221; said Charles Inyang, a beneficiary of the program.
&#8220;Their commitment to helping cannabis companies gain funding in an economic environment that limits funding opportunities has been groundbreaking. We&#8217;ve seen significant improvements in our local economy,&#8221; stated a representative from Minorities 4 Medical Marijuana.
As Cannas Capital Holdings continues to drive innovation and inclusivity in the cannabis industry, the potential for lasting impact grows. By addressing financial inequities and empowering minority entrepreneurs, initiatives like Bank Black are not only fostering social equity but also paving the way for a more diverse and thriving cannabis industry. The success of such programs could serve as a model for other sectors, highlighting the importance of inclusive financial practices in creating sustainable economic growth.
Looking ahead, the continued efforts of Cannas Capital Holdings to champion social equity and economic empowerment are poised to transform the cannabis industry. By dismantling financial barriers and fostering an inclusive business environment, Cannas Capital is helping to create a more equitable future for minority entrepreneurs. Their work underscores the critical role that innovative financial solutions play in driving both industry growth and social progress.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Cannabis

Financing

Inside The AI-Driven Initiative Pioneering Financial Inclusion In The Cannabis Industry: Cannas Capital's 'Bank Black' Program

Imagine a world where everyone gets the same basic income with no strings attached. Sounds far-fetched, but OpenAI CEO Sam Altman is one step closer to achieving this goal with the help of Open<a href="https://www.benzinga.com/markets/equities/24/07/39976031/visa-leverages-ai-to-prevent-40b-in-fraud-how-machine-learning-is-combatting-the-surge-in-cyberc">AI</a>.&nbsp;
Altman and a nonprofit research organization, OpenResearch, have been studying the effects of a no-strings-attached universal income, and the results have been positive. Over the past several years, more than 150 local studies have explored a universal $1,000 salary, but the largest of these pilot studies came from OpenResearch.
Don't Miss:
<ul>
<li>Are you richer than most people you know?<a href="https://www.benzinga.com/money/are-you-richer-than-most-people"> Here&#8217;s the net worth you need at every age to be above average.</a></li>
<li>Can you guess how many retire with a $5,000,000 nest egg? –<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
</ul>
According to Bloomberg, the study has been distributing $1,000 monthly to people in Illinois and Texas to help with basic needs and expenses for three years. Researchers released their findings and concluded that the $1,000 "can be used to address recipients' specific needs, is responsive to changing demands, and creates the possibility for increased agency."&nbsp;
Altman's universal income theory, backed by AI, could not come at a better time as millions of Americans are struggling to pay for basic necessities like rent and food amid the rising <a href="https://www.benzinga.com/markets/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n">cost of living</a>. ABC News reported that a recent Harvard study revealed that around half of American renters are heavily burdened by the cost of housing. Harvard found that middle-income renters are the hardest hit. For example, nearly 40% of households earning $45,000 to $74,999 were rent-burdened.&nbsp;
Trending: Here&#8217;s the AI-powered startup that turns traders into influencers achieving 12% monthly growth –<a href="https://www.benzinga.com/money/xtrades"> invest in it at only 10 cents per share.</a>
Sarah Saadian, the Senior Vice President of Public Policy and Field Organizing at the National Low-Income Housing Coalition, told ABC News, "More and more households that are struggling to pay rent are living just one sort of financial shock away from facing evictions and, in worst cases, homelessness."&nbsp;
The three-year study examined how unconditional cash could help struggling households pay for housing. Elizabeth Rhodes, OpenResearch's research director, explained that the idea of the study was to provide flexibility in participants' spending. She said, "Cash is flexible. It&#8217;s an imprecise instrument if your goal is to move one outcome for everyone, but it moves some or many outcomes for everyone."&nbsp;
Trending: A billion-dollar investment strategy with minimums as low as $10 –<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> you can become part of the next big real estate boom today.</a>
The study began in 2020 with 3,000 participants in Texas and Illinois. Each participant was given $1,000 in cash per month and told to spend it however they wanted. Despite the freedom to spend the money on whatever they chose, the study found that participants used it to fund basic expenses like rent, food and transportation, rather than on vices like alcohol. Participants increased their monthly spending by $310, but on essentials. The study also explored how unconditional cash could affect low-income participants' employment decisions, and the results were also positive.&nbsp;
Results revealed that participants could make more flexible employment decisions that align with their goals and values, rather than just accepting the first job available with poor pay.&nbsp;
One participant of the study revealed in an interview, "Because of the [cash transfer] and being able to build up my savings, I'm in a position for once to be picky," and added, "I don't have to take a crappy job just because I need income right now. I have the opportunity to hold out and try and find the right fit." The results showed that participants worked 1.3 hours less per week, leaving them with more leisure time, which can be beneficial for their physical and emotional well-being.
So far, the results have been positive and have shown that a basic universal income can help lower-income families afford the basics. However, there have been results indicating that this additional cash has had no significant impact on physical or mental health. But with OpenAI constantly learning and evolving, Altman's dream is not as far away.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Read Next:
<ul>
<li>This investment company boasts a 35.14% internal rate of return (IRR) for its realized projects, allowing accredited investors to<a href="https://www.benzinga.com/money/bam-capital"> earn passive returns and avoid the headaches of being a landlord.</a></li>
<li>This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.</li>
</ul>

Sam Altman's Dream Of A Universal Basic Income Is One Step Closer With The Help Of Open AI

The investing portfolios of former Speaker of the House Nancy Pelosi and Vice President Kamala Harris may differ, with a preference of individual stocks versus <a href="https://www.benzinga.com/etfs">exchange traded funds.</a>
What Happened: With President Joe Biden dropping out of the 2024 election, Harris is the favorite to secure the Democratic Party nomination and <a href="https://www.benzinga.com/general/politics/24/07/39892716/nancy-pelosi-endorses-kamala-harris-for-president-full-confidence-that-she-will-lead-us-to-victo">has received endorsements</a> from many people, including Pelosi.
While they are both Democrats and key political figures, Harris and Pelosi differ when it comes to investing.
Pelosi and her venture capitalist husband Paul Pelosi prefer to buy individual stocks and options, often in the technology sector. Compare that to the investment style of Harris and her husband Doug Emhoff, who have their money parked in mutual funds and ETFs.
Benzinga recently polled readers to see which investment style could be better.
"Kamala Harris' investments include mutual funds and S&amp;P 500 holdings, while Nancy Pelosi and her husband have purchased stocks like Nvidia, Apple and Tesla. Who do you think is a better investor?" Benzinga asked.
The results were:
<ul>
<li>Kamala Harris: 34%</li>
<li>Nancy Pelosi: 66%</li>
</ul>
The<a href="https://www.benzinga.com/gov-trades/members/nancy-pelosi"> Benzinga Government trades page</a> for Pelosi shows recent purchases of NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Broadcom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and Palo Alto Networks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>).
According to a report from <a href="https://www.barrons.com/amp/articles/kamala-harris-wealth-investments-12983bda">Barrons</a>, Harris and Emhoff have between $2.9 million and $6.6 million in investments and cash based on financial disclosures. Among the investments include Harris having between $250,000 and $500,000 in a Target Date 2030 fund and between $100,000 and $250,000 in an S&amp;P fund and large-cap growth fund.
Emhoff has investments in several ETFs, including the iShares Core MSCI EAFE ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEFA#BATS">IEFA</a>).
A Quiver Quant <a href="https://www.quiverquant.com/news/Kamala%20Harris%20Net%20Worth">report </a>shows the Vanguard Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VUG#NYSE">VUG</a>) and the Vanguard Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTV#NYSE">VTV</a>) as two of the largest holdings by the vice president and first gentleman. The Vanguard Growth ETF is heavily weighting in technology stocks, making up 60% of the ETF. 
One thing the two political figures have in common with their investments is a preference to large cap stocks and not having large weightings of small cap stocks in their portfolios.
Read Also: <a href="https://www.benzinga.com/exclusives/24/07/39848818/exclusive-is-small-cap-rally-scaring-away-investors-only-1-of-benzinga-readers-polled-are-buying-few">EXCLUSIVE: Is Small Cap Rally Scaring Away Investors? Only 1% Of Benzinga Readers Polled Are Buying Fewer Stocks, Here&#8217;s How Many Are Buying More</a>
Why It's Important: The net worth of Harris and Emhoff pales in comparison to her 2024 election opponent Donald Trump, who is a billionaire thanks to his investments and large stake in Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>).
"Does the difference in wealth between Kamala Harris and Donald Trump make her a more or less appealing candidate?" Benzinga asked.
The results were:
<ul>
<li>More appealing: 32%</li>
<li>Less appealing: 4%</li>
<li>Makes no difference to me: 64%</li>
</ul>
The poll found that potential voters don't care too much that Trump is worth significantly more than Harris. A larger amount of respondents said Harris is more appealing than less appealing based on her lower wealth amount.
Benzinga also asked if people were surprised by the $2.9 million to $6.6 million figure that is being reported for Harris and her husband's wealth.
The results were:
<ul>
<li>More than I expected: 29%</li>
<li>Less than I expected: 34%</li>
<li>About what I expected: 37%</li>
</ul>
The poll results were close, with the majority of respondents indicating that Harris&#8217;s wealth was in line with their expectations. Additionally, about one-third of the respondents felt that the amount was less than they anticipated.
Disclosures of investments for political figures has been a hot topic in recent years, with calls to ban members of Congress from trading stocks and options. The significant allocation to ETFs and mutual funds indicates that Harris has not been actively buying and trading individual stocks like some members of Congress and their spouses.
Harris and Pelosi may have investment commonalities of preference for technology and large-cap stocks, while both also mostly avoid small-cap stocks.
Interested in learning more about small-cap stocks and ETFs? Then you don&#8217;t want to miss Benzinga Small Cap Conference, Oct. 10 in Chicago.&nbsp;<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Click here</a>&nbsp;for more information.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/39716688/apple-microsoft-meta-google-which-would-you-buy-at-all-time-high-investor-poll-reveals">Apple, Microsoft, Meta, Google: Which Would You Buy At All-Time High? Investor Poll Reveals Split Opinions</a></li>
</ul>
The study was conducted by Benzinga in July 2024 and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 172 adults.
Image created with photos from Shutterstock and Midjourney.

Exclusives

ETFs

AVGO

IEFA

NVDA

PANW

Nancy Pelosi Vs. Kamala Harris: Poll Shows Who People Think Is the Better Investor

Individual investors are gaining ground as large institutional buyers pull back from all-cash home purchases. Experts say this trend could level the playing field for everyday homebuyers.
According to a report issued by Realtor.com, the number of institutional investors who bought with cash fell to 64% in the first quarter, down from a peak of 69.7% in late 2021 and the lowest level since 2008. At the same time, individual investors – those who have purchased 10 or fewer homes since 2001 – now account for 62.6% of investor purchases, the highest share on record.
Don't Miss:
<ul>
<li>A billion-dollar investment strategy with minimums as low as $10 —<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> you can become part of the next big real estate boom today.</a></li>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class.<a href="https://equitymultiple.4drrzr.net/QyoMLo"> This platform allows individuals to invest in commercial real estate</a>.</li>
</ul>
&#8220;It&#8217;s better for everyone involved that institutional money is withdrawing from the single-family home space,&#8221; G. Brian Davis, a real estate investor and co-founder of property management software SparkRental, said to Realtor.com. &#8220;It creates less artificial demand among buyers, therefore reducing some upward pressure on prices. It also leaves room for mom-and-pop investors to operate.&#8221;
The change is coming as overall <a href="https://www.benzinga.com/opinion/24/07/39602191/private-equity-firms-are-buying-up-real-estate-in-these-areas">investor activity remains elevated</a> compared to pre-pandemic levels. In the first quarter, investors accounted for 14.8% of home purchases, the highest share on record, even as total home sales fell to their lowest level in more than a decade.
The rise of individual investors might reflect broader changes in attitudes toward real estate investment and financing. Brie Schmidt, owner and managing broker of Second City Real Estate in Chicago, told Realtor.com that nine out of 10 transactions she sees now involve ‘mom-and-pop' investors more likely to use financing.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Trending: This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.
<hr class="wp-block-separator has-alpha-channel-opacity" />
&#8220;If an investment property in your market costs $200,000, you can buy one in all cash or put 20% down and buy five properties with the same amount of money,&#8221; Schmidt explained to Realtor.com. &#8220;It makes sense to maximize your capital and acquire more cash-flowing properties through financing.&#8221;
Realtor.com noted that the trend also <a href="https://www.benzinga.com/personal-finance/24/02/37318402/you-are-going-to-burn-up-alive-suze-orman-hates-the-fire-movement-and-says-you-need-at-least-20-">aligns with the growing popularity</a> of the FIRE (Financial Independence, Retire Early) movement, which advocates for leveraging real estate investments to build wealth and fund early retirement. While cash offers are losing some of their luster, they remain popular in certain markets. Portland-South Portland, ME, Albuquerque, NM, and Toledo, OH, topped the list of metros with the highest share of all-cash investor purchases in the first quarter, exceeding 80%.
See Also: This investment company boasts a 35.14% internal rate of return (IRR) for its realized projects, allowing accredited investors to<a href="https://www.benzinga.com/money/bam-capital"> earn passive returns and avoid the headaches of being a landlord.</a>
The shift away from all-cash purchases isn&#8217;t limited to investors, though. The share of non-investor buyers using all-cash offers has been growing since early 2021, hitting over 33% in the first quarter. The report noted that the increase is likely driven by high levels of home equity and elevated interest rates, which make cash purchases more attractive for those who can afford them.
Some real estate professionals see advantages in the current environment. Robert Dodson, sales manager and broker at Charles Burt Realtors in Missouri told Realtor.com that financing could give buyers more time for due diligence.
&#8220;Financing tends to create a longer timeline for closing,&#8221; Dodson told Realtor.com. &#8220;This allows buyers more due diligence periods for inspections, appraisal, and property data review, affording the investor the opportunity to become more educated on the asset.&#8221;
Read Next:
<ul>
<li>Mark Cuban believes &#8220;the next wave of revenue generation is around real estate and entertainment&#8221; —<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> this new real estate fund allows you to get started with just $100.</a></li>
<li>Will the surge continue or decline on real estate prices?<a href="https://www.benzinga.com/money/realbricks"> People are finding out about risk-free real estate investing that lets you cash out whenever you want.</a></li>
</ul>

Big Cash Bidders Retreat, Small Investors Rise: It's 'Better for Everyone,' Real Estate Executive Says

As the <a href="https://drupal-cloudfront.benzinga.com/topic/2024-summer-olympics?_gl=1&#x2A;zw27ht&#x2A;_gcl_au&#x2A;NTUzMDcwNTg1LjE3MjEwMDQ4OTM.&#x2A;_ga&#x2A;MTkwMzMyNTYzNy4xNzEzMjI4Nzcw&#x2A;_ga_V7ZK73W7N0&#x2A;MTcyMjA4MzQ3Ni41NzguMS4xNzIyMDg2MTA0LjAuMC4w">Paris Olympics</a> get underway, the global anti-doping framework is under scrutiny as the U.S. and <a href="https://drupal-cloudfront.benzinga.com/topic/wada">World Anti-Doping Agency </a>(WADA) lock horns over the country&#8217;s strict approach to combating sports doping. Meanwhile, Sha&#8217;Carri Richardson makes a highly anticipated return to Olympic competition after <a href="https://www.benzinga.com/markets/cannabis/21/07/21841565/shacarri-richardson-cannabis-community-expresses-support-and-logical-response">her suspension</a> for a positive cannabis test in 2021.
<h3 class="wp-block-heading">US-WADA Conflict Over Doping Regulations</h3>
The longstanding discord between the U.S. and WADA stems from Russia&#8217;s doping scandal at the Sochi Olympics, criticized for being mishandled by WADA and the IOC, <a href="https://apnews.com/article/olympics-2024-doping-salt-lake-wada-2788597f9f5e16e5afdb940bd60d38b7">reports</a> AP News. In response, the U.S. passed the Rodchenkov <a href="https://www.congress.gov/bill/116th-congress/house-bill/835/text">Act</a> in 2020 to empower federal investigations into sports doping, leading to heightened tensions, especially following a U.S. probe into doping among Chinese swimmers. This conflict, peaking with WADA&#8217;s threat of sanctions against USADA, casts doubts on the U.S.&#8217;s ability to host future international events like the 2034 Winter Olympics in Salt Lake City.
"It's highly incorrect that one country tries to impose jurisdiction on anti-doping decisions on the rest of the world," said WADA president Witold Banka.
<h3 class="wp-block-heading">WADA&#8217;s Stance On Cannabis: Unyielding</h3>
This rigorous stance on doping extends to substances like <a href="http://benzinga.com/cannabis">cannabis</a>, which remains strictly prohibited under WADA&#8217;s <a href="https://www.wada-ama.org/en/prohibited-list">code</a> because, says the agency, it is believed to <a href="https://www.benzinga.com/markets/cannabis/23/08/34011336/cannabis-use-violates-spirit-of-sport-says-world-anti-doping-agency-keeps-it-on-prohibited-list">pose health risks and violate the &#8220;spirit of sport.&#8221;</a> This firm stance has led to significant career impacts for athletes who test positive, <a href="https://www.benzinga.com/markets/cannabis/21/07/22025295/the-prohibition-of-cannabis-robbed-shacarri-richardson-but-also-expedited-the-federal-decriminal">most notably Richardson</a>.
<h3 class="wp-block-heading">Sha&#8217;Carri Richardson And Ross Rebagliati&#8217;s Cannabis Controversies</h3>
Richardson&#8217;s ordeal began with a positive test for cannabis during the 2021 U.S. Olympic trials, which resulted in her exclusion from the Tokyo Olympics. Her case brought to light the strictness of the regulations and the broader implications of how such rules intersect with personal adversities. Richardson was coping with her mother&#8217;s death at the time. Since then, she claimed the U.S. and world titles in sprinting and has become an influential figure in discussions about the fairness and relevance of cannabis prohibitions in sports, <a href="https://apnews.com/article/olympics-2024-track-shacarri-richardson-84393cda93c4cda879dd960001f31088">noted</a> AP News.
Another case in the ongoing evolution of cannabis regulation in Olympic sports is that of Ross Rebagliati. After clinching the first Olympic gold medal in men&#8217;s giant slalom snowboarding at the 1998 Winter Olympics in Nagano, Rebagliati tested positive for cannabis, leading to the temporary stripping of his medal due to levels exceeding the threshold. Nevertheless, his claim that exposure to secondhand smoke caused the positive result led to the reinstatement of his medal upon appeal.
Furthermore, Rebagliati <a href="https://www.benzinga.com/markets/cannabis/23/10/35377517/from-a-stripped-olympic-gold-medal-to-successful-business-snowboarder-ross-rebagliatis-cannabis-">leveraged this experience into a cannabis advocacy and business venture</a>, founding a medical marijuana dispensary in 2013 and later launching his own brand, Ross&#8217; Gold.
As all eyes turn to Paris Olympics, the evolving conversation around cannabis regulations by WADA will continue to spark debate. Meanwhile, fans can watch Sha&#8217;Carri Richardson <a href="https://olympics.com/en/paris-2024/schedule/athletics/women-s-100m?day=2-august">compete</a> in the Women's 100m on Friday, August 2.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39890659/kamala-harris-u-turn-on-cannabis-heres-where-she-stands-on-weed-legalization-now">Kamala Harris&#8217; U-Turn On Cannabis: Here&#8217;s Where She Stands On Weed Legalization Now</a></li>
</ul>
Image: Benzinga edit with&nbsp;Lazyllama by Shutterstock and jenaragon94 Wikimedia Commons.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

Regulations

Sports

Sha'Carri Richardson's Olympic Return: The Cannabis Debate Amid US-WADA Tensions Over Doping Laws

In a recent fireside chat hosted by <a href="https://www.benzinga.com/topic/pablo-zuanic">Pablo Zuanic</a>, senior equity analyst, former U.S. Rep&nbsp;Ed Perlmutter shared his insights on the evolving cannabis landscape. 
With Congress grappling with cannabis rescheduling and banking reforms, Perlmutter&#39;s insider knowledge offers a crucial perspective for <a href="https://www.benzinga.com/cannabis">cannabis investors</a>.
&quot;When I first introduced this in 2013-2014, I had to deal with the chuckle factor,&quot; said&nbsp;Perlmutter, often hailed as the founding father&nbsp;of the SAFE Banking Bill.
The recent passage of a modified version, SAFER, in the Senate Banking Committee marks progress, yet the path forward remains uncertain. &quot;We&#39;re in campaign season now,&quot; Perlmutter warned, underscoring the time constraints.
<h3>Rescheduling And Political Landscape</h3>
During the chat, Perlmutter delved into the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39912859/as-election-buzz-swirls-around-biden-and-harris-dea-comment-period-ends-whats-next-">intricate process of cannabis rescheduling</a> initiated by President Joe Biden. The administrative procedure, bound by the Administrative Procedures Act, involves specific steps and timelines for public comment and hearings.
Perlmutter expressed optimism about Vice President Kamala Harris potentially taking the helm. Her prior sponsorship of the SAFE Banking Bill signals a strong understanding and support for cannabis reforms.
However, the upcoming elections introduce uncertainty. Perlmutter outlined a scenario where the current administration&#39;s initiatives might face challenges depending on the election outcomes.
He also highlighted the role of key players in Congress, such as Senate Majority Leader Chuck Schumer&nbsp;whose&nbsp;efforts to integrate cannabis reforms into broader legislative packages, such as the National Defense Authorization Act (NDAA) or a financial services bill&nbsp;could be pivotal. &quot;If he just brought it to the floor, it would pass,&quot; Perlmutter said, reflecting on the strategic legislative maneuvers necessary to secure passage.
Perlmutter discussed the potential impact of a GOP victory, suggesting it could stall or reverse progress on cannabis reforms. He noted that if Republicans take the White House, there could be a shift in priorities away from cannabis legislation.
Also read:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39946113/gop-attor-ney-gen-er-al-in-texas-loses-legal-battle-against-towns-with-decriminalized-cannabis-i">GOP Attor&shy;ney Gen&shy;er&shy;al In Texas Loses Legal Battle Against Towns With Decriminalized Cannabis, Insists They&#39;re &#39;Run By Pro-Crime Extremists&#39;</a>
<h3>The Road Ahead</h3>
Perlmutter remains optimistic about cannabis banking reform, possibly
through a larger financial services bill incorporating cryptocurrency regulations. &quot;There is a lot of discussion...where [banking reform]&nbsp;would be added to a financial services piece of legislation,&quot; he said.
Although cannabis rescheduling is in motion under the Administrative Procedures Act, the primary focus for Democrats would be winning the elections. He indicated that VP&nbsp;Harris and her potential running mate would prioritize election efforts, pointing out&nbsp;that<a href="https://www.benzinga.com/markets/cannabis/24/07/39920347/dallas-cannabis-reform-ballot-is-a-go-decriminalization-in-november-elections-would-allow-up-to-"> cannabis policy</a> is a crucial issue for many voters, enhancing its role in any forthcoming campaign strategy.
The methodical approach taken by the Biden administration ponders the question of whether rescheduling can happen in time or not. Perlmutter acknowledged the complexity of the situation.&nbsp;&quot;From the White House&#39;s point of view and the HHS, they&#39;ve done what they could do.&quot; He explained that the next phases are dictated by the Administrative Procedures Act, which requires specific timeframes for comments and hearings.
<h3>What If?</h3>
Perlmutter suggested a nuanced approach to cannabis policy even under <a href="https://www.benzinga.com/markets/cannabis/24/07/39964922/ron-desantis-says-florida-supreme-court-should-not-have-allowed-cannabis-legalization-initiative">conservative leadership</a>. Discussing the hypothetical scenario of a Trump presidency, Perlmutter pointed out that despite Jeff Sessions rescinding the Cole Memo, the FinCEN guidance remained intact. &quot;The president could have said to Secretary Mnuchin, let&#39;s get rid of the FinCEN guidance. And he didn&#39;t.&quot;&nbsp;
Regarding the future, Perlmutter expressed cautious optimism.&nbsp;&quot;The clock is ticking, no question about it. But at least it&#39;s ticking.&quot; He highlighted that despite the lengthy process, the momentum towards rescheduling is significant and unprecedented in over five decades.
Find the complete conversation <a href="https://www.youtube.com/@ZuanicAssociates">here</a>.&nbsp;
Read next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39908764/harris-vs-trump-will-cannabis-rescheduling-survive-bidens-exit-analyst-on-potential-gop-victory">Harris Vs. Trump: Will Cannabis Rescheduling Survive Biden&#39;s Exit? Analyst On Potential GOP Victory</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-generated image.&nbsp;

Analyst Color

Government

Legal

Analyst Ratings

Interview

'The Clock Is Ticking' For Cannabis Rescheduling, Says Former Congressman Ed Perlmutter

Vice President Kamala Harris is making headlines as she prepares to become the Democratic nominee for president in the <a href="https://www.benzinga.com/topic/2024-election">2024 election</a> after President Joe Biden <a href="https://www.benzinga.com/markets/cannabis/24/07/39874209/joe-biden-drops-out-what-would-happen-with-cannabis-legalization-under-kamala-harris-or-donald-t">opted not to seek reelection.</a>
If Harris secures the Democratic nomination and wins the presidency, she would make history as the first major party presidential nominee to fully support marijuana legalization.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39912303/kamala-harris-prospective-vp-picks-all-seem-to-support-cannabis-legalization-5-names-in-the-mix">Kamala Harris&#8217; Prospective VP Picks All Seem To Support Cannabis Legalization: 6 Names In The Mix</a>
Harris even admitted to having smoked marijuana in college. In a 2019 interview on the popular morning radio show, The Breakfast Club, Harris candidly discussed her personal experience with cannabis.
When asked by host Charlamagne tha God if she had ever smoked marijuana, Harris responded with a laugh: &#8220;I have. And I inhaled. I did inhale,&#8221; she said, taking a lighthearted jab at former President Bill Clinton's claim that he smoked but didn't inhale. 
&#8220;It was a long time ago but yes,&#8221; she added. &#8220;I just broke news.&#8221;
In that prominent interview, Harris also disputed reports that she doesn&#8217;t support legalizing marijuana: &#8220;That&#8217;s not true. I think that it gives a lot of people joy and we need more joy.&#8221;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="A play-by-play of Kamala Harris admitting she smoked weed" width="500" height="281" src="https://www.youtube.com/embed/kKMwua-_jlQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
<h3 class="wp-block-heading">A Strong Supporter Of Marijuana Legalization</h3>
Harris has consistently advocated for cannabis legalization throughout her political career, with her stance <a href="https://www.benzinga.com/markets/cannabis/24/07/39890659/kamala-harris-u-turn-on-cannabis-heres-where-she-stands-on-weed-legalization-now">evolving significantly over time.</a> Initially, as the District Attorney of San Francisco, she opposed California&#8217;s Proposition 19 in 2010, which sought to legalize marijuana.
However, her position began to shift during her tenure as a U.S. Senator and Vice President.
Key moments of her advocacy include:
<ul>
<li>2015: Harris called for an end to the federal ban on medical marijuana during the Democratic State Convention.</li>
<li>2018: She co-sponsored the Marijuana Justice Act, aimed at legalizing marijuana at the federal level and addressing racial disparities in cannabis-related arrests.</li>
<li>2019: During an interview, she publicly supported cannabis legalization and shared her own experiences with marijuana.</li>
<li>2020: Harris's presidential campaign emphasized her commitment to cannabis reform, including the expungement of nonviolent marijuana-related offenses.</li>
<li>2024: As recently as March, she reiterated her call for legalization during discussions with marijuana pardon recipients, framing it as a critical issue of criminal justice reform.</li>
</ul>
In addition to her public support for the Marijuana Justice Act, Harris has advocated for broader marijuana reform in her book, &#8220;The Truths We Hold: An American Journey.&#8221; She has called for the legalization of marijuana and the expungement of past marijuana-related offenses from individuals' records.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/06/39212969/kamala-harris-gets-her-own-cannabis-strain-kamala-kush-whether-she-likes-it-or-not-watch-jimmy-k">Kamala Harris Gets Her Own Cannabis Strain &#8216;Kamala Kush&#8217; Whether She Likes It Or Not: Watch Jimmy Kimmel Break The News To Her</a></li>
</ul>

Kamala Harris Admits 'I Inhaled' Marijuana And Now Pushes For Legalization: What This Means For 2024 Elections

IAC chairman Barry Diller&nbsp;on Friday praised Vice President Kamala Harris while recounting what happened after President Joe Biden last week <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39885549/biden-withdraws-from-2024-race-what-that-means-for-solana-etf-prospects">decided to exit</a> the 2024 presidential race.
What Happened: While appearing on CNBC, Diller said he was impressed by Harris&#8217;s quick mobilization of her team following Biden&#8217;s decision not to run for re-election.
&#8220;Within&nbsp;a millisecond of Biden telling&nbsp;her I&#8217;m not going, she&nbsp;mobilized her forces and within&nbsp;12 hours, she shut everyone&nbsp;else down,&#8221; he said.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948413/trump-era-white-house-official-anthony-scaramucci-says-kamala-harris-is-capable-and-has-a-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump-Era White House Official Anthony Scaramucci Says Kamala Harris Is Capable And Has A Great Team: &#8216;Look Forward To Seeing Her Policies On Crypto&#8217;</a>
The media mogul said he initially hoped for an open convention, where multiple candidates, including Harris, would compete, creating a vibrant democratic process. 
However, he recognized Harris&#8217;s confidence and organizational skills in securing endorsements and eliminating competition.
&#8220;It was her. She organized the endorsements leading with the Clintons and everybody else,&#8221; Diller added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;Do not discount Kamala Harris,&quot; says IAC Chairman Barry Diller. &quot;Because within a millisecond of Biden telling her I&#39;m not going, she mobilized her forces and within 12 hours, she shut everyone else down.&quot; <a href="https://t.co/Hsb02gwTHR">pic.twitter.com/Hsb02gwTHR</a>
&mdash; Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1816835497706070510?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: A <a href="https://www.benzinga.com/news/24/07/39996908/trump-vs-harris-new-poll-shows-ex-president-leading-democratic-candidate-by-a-narrow-margin-but-vice">poll conducted by The Wall Street Journal</a>, results of which were made public on Friday, showed former President Donald Trump leading Harris by a narrow margin. Moreover, Harris&#8217;s favorability among registered voters was on the rise.
Another report from the same day highlighted <a href="https://www.benzinga.com/general/politics/24/07/39973800/trump-vs-harris-vice-president-gains-ground-lost-by-joe-biden-in-swing-states">Harris&#8217;s growing support in swing states</a> compared to where the President stood earlier this month.
Meanwhile, there&#8217;s also speculation about whether <a href="https://www.benzinga.com/news/24/07/39979544/can-trump-replace-jd-vance-amid-kamala-harris-picking-pace-experts-warn-that-could-be-extraordinaril">Trump might replace his</a> vice presidential candidate, Sen. J.D. Vance (R-Ohio), due to his underwhelming polling. This is in the wake of Harris gaining momentum.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39964922/ron-desantis-says-florida-supreme-court-should-not-have-allowed-cannabis-legalization-initiative?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ron DeSantis Says Florida Supreme Court Should &#8216;Not Have Allowed&#8217; Cannabis Legalization Initiative On Ballot</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

'Don't Discount Kamala Harris Yet,' Says IAC Chairman Barry Diller, Recounting How 'She Mobilized Her Forces And… Shut Everyone Else Down' Within Hours Of Biden Stepping Down

Former White House Communications Director Anthony Scaramucci weighed in on the possible impact on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) prices if former President Donald Trump wins his second term in the upcoming elections, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39994378/bitcoin-ethereum-dogecoin-zoom-higher-as-bitcoin-conference-awaits-donald-trumps-keynote-s">ahead of the Bitcoin 2024 conference</a>.
What Happened: Scaramucci, a known proponent of Bitcoin and cryptocurrencies as an asset class, highlighted how a second Trump presidency could influence prices of the apex crypto, in an interview with CNBC.
"I applaud President Trump for that."
He also went into detail about the stance of the Democratic party and how Trump&#8217;s outreach to cryptocurrency proponents has taken his rivals by surprise.
"I think President Trump's move to court Bitcoin and towards crypto assets has shaken the Democrats at core."
See Also: <a href="https://www.benzinga.com/news/24/07/39997008/janet-yellen-rejects-economist-roubinis-and-trump-era-officials-claims-of-manipulation-in-treasuries">Janet Yellen Rejects Economist Roubini&#8217;s And Trump-Era Official&#8217;s Claims Of &#8216;Manipulation&#8217; In Treasuries</a>
Scaramucci, who started investing in Bitcoin in 2020 and is <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39960622/anthony-scaramucci-writing-bitcoin-book-with-michael-saylor-this-is-where-the-future-is">writing a book</a> on King Crypto, also had a word of caution for Democrats.
"Very smart, younger Democrats are recognizing that they're way off base with their positions, they're way off with these SEC lawsuits and regulation by enforcement," he added.
The former White House official also underscored his belief that Trump would be "very well welcomed" at the Bitcoin 2024 conference, where the former president is scheduled to deliver the keynote address.
<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">Fmr. President Trump is set to deliver a keynote address at the Bitcoin Conference in Nashville. Here&#39;s Anthony Scaramucci on what a second Trump Presidency could mean for bitcoin prices. <a href="https://t.co/L62svncI0Q">pic.twitter.com/L62svncI0Q</a>
&mdash; Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1816815455958606023?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Ahead of the conference, Sen. Tim Scott (R-S.C) underscored the importance of the King Crypto, saying, "Bitcoin's future has to be in America. What we know about the Biden administration and the SEC, is that they are anti-Bitcoin, anti-digital assets."
<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">Former President Trump is scheduled to address <a href="https://twitter.com/hashtag/Bitcoin2024?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin2024</a> this weekend, having warmed to cryptocurrency after previously calling it a &quot;scam.&quot;<a href="https://twitter.com/SenatorTimScott?ref_src=twsrc%5Etfw">@SenatorTimScott</a> weighs in. <a href="https://t.co/BzyNvlLEgK">pic.twitter.com/BzyNvlLEgK</a>
&mdash; Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1816857653840146584?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The optimism among Bitcoin supporters has been rising in light of the possibility of Trump winning his second term, with Bitcoin conference fundraiser tickets <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39856556/trumps-bitcoin-conference-fundraiser-tickets-skyrocket-to-844k">skyrocketing to $844,600 per person</a>.
Analysts at research and brokerage firm Bernstein think that a Trump win <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897980/potential-trump-victory-could-stir-bitcoin-market-bernstein-analysts-predict-implications-">could also stir the Bitcoin market</a>. They believe that the market has not yet accounted for a positive shift in cryptocurrency regulations if Trump is re-elected in November.
There are rumors that Trump might also announce <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39866338/bitcoin-as-a-strategic-reserve-asset-for-the-us-expert-details-how-trump-could-make-it-hap">Bitcoin as a strategic reserve asset</a> during the Bitcoin conference on July 27.
Price Action: At the time of writing, Bitcoin was trading at $67,965, up 1.43% in the last 24 hours, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Bitcoin has surged nearly 54% in 2024 so far.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39997182/former-white-house-official-anthony-scaramucci-mocks-jd-vance-says-thank-you-for-knocking-me-out-of">Former White House Official Anthony Scaramucci Mocks JD Vance, Says Thank You For &#8216;Knocking Me Out Of The Position Of The Worst Donald Trump Hire&#8217;</a></li>
</ul>
Image generated using Midjourney

Anthony Scaramucci, Tim Scott Weigh In Ahead Of Ex-President's Address At Bitcoin 2024 Conference: 'Trump's Move To Court Bitcoin And Towards Crypto Assets Has Shaken The Democrats At Core'

French billionaire Bernard Arnault recalled the time when he and Elon Musk, the CEO of Tesla and SpaceX, discussed the idea of a Louis Vuitton-branded rocket.
What Happened: While appearing on CNBC&#8217;s Squawk Box, Arnault spoke about his discussions with Musk. &#8220;I admire very much what he's doing because I think he's a genius. To do such a success with a car company was quite unexpected. But he's a genius,&#8221; he said.
The French luxury mogul went on to reveal that the last time the two billionaires talked about an idea involving a rocket. &#8220;Maybe we have a way to put Vuitton in a rocket. I don't know if we go somewhere.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Slams Tim Cook&#8217;s Apple After Cupertino Reportedly Rejected Its iPhone AI Partnership Proposal: &#8216;They Wanted To Put Us In A Box…&#8217;</a>
When questioned about the possibility of branding the rocket&#8217;s exterior with Louis Vuitton, Arnault responded, &#8220;Maybe the inside. I don't&nbsp;know. We have to —&nbsp;we have to think. He&nbsp;did not say no.&#8221;
Arnault then humorously voiced his apprehension, saying, &#8220;I'm afraid he will ask me to go with him in the rocket.&#8221; When asked if he would go on the rocket, Arnault said &#8220;I'm not sure.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Last time we discussed one idea, which is a rocket. Maybe we have a way to put Louis Vuitton in a rocket. I don&#39;t know if we go somewhere," says <a href="https://twitter.com/LVMH?ref_src=twsrc%5Etfw">@LVMH</a> CEO Bernard Arnault on his last conversation with <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@ElonMusk</a>. "I&#39;m afraid he will ask me to go with him in the rocket." <a href="https://t.co/lg5VbihOsk">pic.twitter.com/lg5VbihOsk</a>
&mdash; Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1816800297840251253?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Last year in June, it was reported that <a href="https://www.benzinga.com/news/23/06/32905288/elon-musk-and-bernard-arnault-meet-for-power-lunch-in-paris-what-the-worlds-two-richest-men-discusse">Musk and Arnault had lunch</a> together in Paris. They reportedly met at one of Europe&#8217;s most luxurious hotels, the Cheval Blanc, where opulent rooms offer a breathtaking view of the Eiffel Tower.
Musk is currently the wealthiest person in the world with a net worth of $243 billion. Meanwhile, Arnault has a net worth of $188 billion, making him the third richest person on Bloomberg&#8217;s Billionaire <a href="https://www.bloomberg.com/billionaires/">Index</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39947719/elon-musk-says-he-will-fight-mark-zuckerberg-any-place-any-time-any-rules-cage-match-vibes-anyone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says He Will Fight Mark Zuckerberg &#8216;Any Place, Any Time, Any Rules&#8217; — &#8216;Cage Match&#8217; Vibes Anyone?</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock

SPACE

Elon Musk, Bernard Arnault Once Discussed Potential SpaceX-Louis Vuitton Collab: 'I'm Afraid He Will Ask Me To Go With Him In The Rocket'

French luxury mogul Bernard Arnault on Friday disclosed that the late Steve Jobs had once sought his counsel on the retail strategy for Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), despite skepticism from industry rivals.
What Happened: While appearing on CNBC, Arnault reminisced about a conversation with Jobs when Apple was considering the launch of its first retail store. The late Apple co-founder intrigued by Arnault&#8217;s success with the luxury brand Vuitton, sought his views on the venture.
Arnault said that he suggested Jobs inaugurate the first Apple store at a prime location, hinting at emulating Vuitton&#8217;s strategy. The first Apple store was launched in Tokyo, directly across a Vuitton outlet on Ginza, and it turned out to be a massive success.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39902838/broadcom-to-challenge-nvidia-dominance-analyst-says-jensen-huang-led-chip-giants-competitor-is-catch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Broadcom To Challenge Nvidia Dominance? Analyst Says Jensen Huang-Led Chip Giant&#8217;s Competitor Is &#8216;Catchin</a>
Arnault said that Michael Dell, the founder of Dell Technologies, had expressed reservations about Apple&#8217;s direct retail strategy. &#8220;It proved to be a fantastic success. When, at the time, many of his competitors, I remember Dell, for instance, saying it would never work, these direct shops,&#8221; he stated.
During their interaction, Jobs also acknowledged the durability of Arnault&#8217;s products, contrasting it with the unpredictability of the tech industry&#8217;s success over time.
&#8220;He was very smart, obviously, and very creative also. But he told me, &#8216;You know, I like your products. And you have an advantage on me.&#8217; I said, &#8216;Well, which one?&#8217; &#8216;I don't know if my iPod will still be successful in 10 years. But what I know is your Dom Perignon will be sold in a century,'&#8221; Arnault said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/LVMH?ref_src=twsrc%5Etfw">@LVMH</a> Chairman and CEO Bernard Arnault on speaking with Steve Jobs when Apple was thinking about opening its first retail store: "It proved to be a fantastic success. When at the time many of his competitors, I remember [Michael] Dell for instance, saying it would never work." <a href="https://t.co/Ex3ypFMmzq">pic.twitter.com/Ex3ypFMmzq</a>
&mdash; Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1816819168617824402?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Bernard Arnault&#8217;s advice to Steve Jobs came from his extensive experience in the luxury retail sector. His success with Vuitton is a testament to his understanding of the retail landscape.
The French luxury mogul currently has a net worth of $188 billion, making him the third wealthiest individual in the world, according to the Bloomberg Billionaire <a href="https://www.bloomberg.com/billionaires/">Index</a>. However, Arnault&#8217;s fortune has seen a <a href="https://www.benzinga.com/news/large-cap/24/07/39920045/arnaults-fortune-falls-as-lvmh-misses-on-earnings-zuckerberg-now-eyes-third-spot-on-billionaires-l">significant drop recently</a>. 
Earlier this week, it was reported that nearly half of Arnault's wealth is tied to his stake in LVMH-Moët Hennessy Louis Vuitton, which saw a nearly 5% decline in over-the-counter shares after earnings fell short of expectations.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39947719/elon-musk-says-he-will-fight-mark-zuckerberg-any-place-any-time-any-rules-cage-match-vibes-anyone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says He Will Fight Mark Zuckerberg &#8216;Any Place, Any Time, Any Rules&#8217; — &#8216;Cage Match&#8217; Vibes Anyone?</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

Steve Jobs Once Consulted Bernard Arnault When Apple Was Opening Its First Retail Store: French Luxury Tycoon Says 'It Proved To Be A Fantastic Success. When At The Time Many Of His Competitors…Saying It Would Never Work.'

IR-MED appoints Tzur Di-Cori as CEO

IR-Med (IRME) has released an update. Inna Martin has resigned from her position on the board of directors at IR-Med, Inc., effective immediately a...

Inna Martin Resigns from IR-Med Board of Directors

IR-Med (IRME) has provided an update. IR-Med, Inc. has recently undergone significant changes with the immediate termination of Tzur Di-Cori as CEO...

IR-Med Leadership Overhaul and Operational Downscaling

IR-Med (IRME) has provided an announcement. Aharon Klein, a seasoned medical device and biotech expert with a strong clinical background, has been ...

IR-Med Announces Aharon Klein as Interim CEO

IR-Med (IRME) has shared an announcement. IR-Med, Inc. has successfully completed a private placement offering, selling 715,000 common shares and i...

IR-Med Expands Board and Increases Capital through Private Placement

The latest update is out from IR-Med (IRME). IR-Med, Inc. has updated its consulting agreements with key executives, increasing monthly compensatio...

IR-Med Revises Executive Pay Agreements for CEO and CSO

Press Releases

IR-MED Appoints Richard Serbin, Esq. to its Advisory Board

IR-MED to Conduct Usability Study with Methodist Healthcare of San Antonio for its PressureSafe Device Which is Slated for U.S. Launch in H1 2024

IR-MED Appoints Healthcare Executive and Entrepreneur Tzur Di-Cori as Chief Executive Officer

IR-MED Granted Patent in Israel for its AI-Driven Platform Technology: Non-Invasive Analysis of Subcutaneous Tissue

IR-MED Awarded Most Innovative Non-Invasive Diagnostics Technology Developer 2023 by Corporate Vision Magazine

IR-MED to Report New Clinical Efficacy Data for Detection of Pressure Injuries with its AI- Based PressureSafe™ Device at NPIAP 2024 Annual Conference on February 16

IR-MED Reports 92% Efficacy for PressureSafe™ in Early, Non-Invasive, Skin Color Agnostic Detection of Pressure Injuries

IR-MED's PressureSafe™ Receives FDA Listing for the Indication of Decision Support Device for Pressure Injuries

IR-MED's PressureSafe™ Reduced Pressure Injuries by 50% During a Usability Study with Clalit, Israel's Largest HMO

IR-MED Receives $500,000 Grant from the Israel Innovation Authority to Develop its Platform Technology for the Early Detection of Diabetic Foot Ulcers

IR-Med

By Thomas Kerr, CFA

IR-Med (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IRME#OTC">IRME</a>) released its annual 10-K filing on April 1, 2024 and the results were largely in line with expectations. The company recorded no revenues in 2023 and research and development expenses increased to $2.1 million from $1.9 million in 2022. Marketing expenses were $822,000 in 2023 compared to $759,000 in the prior year period. General and administrative expenses decreased slightly to $2.0 million compared to $2.1 billion in 2022. The net loss for the year was ($4.9) million compared to ($4.7) million in the prior year period.

The company raised $1.0 million in proceeds in 2023 from the sale of common stock and warrants. The company used ($3.3) million in cash during the full year. Cash balances as of December 31, 2023 were $767,000 and net working capital was $375,000.

The company announced that the Israeli innovation authority has recently approved a support plan in the amount of approximately $1.0 million to bring innovative products to market. 50% of this amount is in the form of a grant.

FDA Listing

On April 5, 2024, the company announced that its PressureSafe decision support device has received U.S. Food and Drug Administration (FDA) listing for the indication of pressure injuries. PressureSafe is classified as a Class I device and is exempt from 510(k) premarket submission.

Ronnie Klein, CTO and Interim CEO stated, &quot;This regulatory milestone is a major step towards the commercial launch in the U.S. and signifies our commitment to advancing patient care and safety through cutting-edge medical devices. Following our successful usability studies for PressureSafe&trade; in Israel, we are expanding these studies into the U.S. and expect to commence with a major hospital network in 2024.&quot;

PressureSafe achieved 92% efficacy in the early, non-invasive detection of pressure injuries, regardless of skin color, in a study conducted in Israel with the world&#39;s second largest HMO, Clalit. Nearly 1,500 scans were performed on 154 body locations.

In the U.S. alone, 60,000 patients die every year as a direct result of pressure injuries. Patient care cost per pressure injury ranges from $20,900 up to $151,700, for the 2.5 million patients per year who develop pressure injuries. Pressure injuries are one of the five most common harms experienced by patients and the second most common claim for lawsuits after wrongful death. Registration of a device establishment or assignment of a registration number does not necessarily denote approval of the establishment or its products.

New Clinical Efficacy Data for Detection of Pressure Injuries 

On February 20, 2024, the company announced highly favorable proof of efficacy data for PressureSafe, its decision support device which uses infra-red spectroscopy combined with an AI-based algorithm for the early, non-invasive, and skin color agnostic detection of pressure injuries.

Data from the study was collected at two medical centers owned by Clalit, the world&#39;s second largest health maintenance organization and the largest in Israel, Beit Rivka Hospital and Rabin Medical Center. The results were presented at the National Pressure Injury Advisory Panel (NPIAP) 2024 Annual Conference on February 16 and 17, 2024 in San Antonio, Texas. Dr. Gal Maydan of Beit Rivka Hospital Geriatric Rehabilitation Center, and Principal Investigator of the study, presented the data in a poster titled &quot;Near Infra-Red Spectroscopy for early detection of stage 1 pressure injury and deep tissue injury &ndash; clinical study results&quot;.

While the current standard of care for the detection of pressure injuries is visual and tactile clinical evaluation, physiological changes below the skin&#39;s surface, including inflammation and interstitial fluids happen before changes on the surface. The objective of the study was to evaluate the sensitivity, specificity, and usability of PressureSafe to detect early-stage pressure injuries Stage 1 / suspected deep tissue injuries before skin breakage, compared to the current standard of care. PressureSafe detected biomarkers and changes in tissue structures under the skin&#39;s surface related to pressure injuries.

The 14-day efficacy portion of the single arm, bi-center study evaluated 38 patients at high risk of pressure injury development. A total of 924 scans were conducted on 154 body locations. Nurses conducting the scans were blinded to PressureSafe&#39;s results, which were encrypted. PressureSafe detected Stage 1 / sDTI pressure injuries with 92% sensitivity and 88% specificity. Additional portions of the study evaluated safety, as well as device calibration and validation. Total data from 66 patients was obtained for safety analysis and no significant safety signals were identified in 1,493 scans. Based on this data, the study concluded that PressureSafe is a safe, efficient, and valuable method for early detection of pressure injuries.

Dr. Maydan stated, &quot;This data demonstrates that PressureSafe, an IR-spectroscopy scanner combined with an AI- based algorithm, provides a very good option for detection of early stage pressure injuries - hence facilitating early treatment that is crucial for prevention of complications. This is especially important in diagnosis of people with darker skin colors, where visual and tactile inspection alone may miss early detection. Our medical staff, including nurses, found the device very easy to use. During the study period the incidence of pressure injuries was reduced by approximately 50% compared to the same period before the study. It is time to integrate advanced technology to augment standard human visual and tactile perception in order to minimize the harmful consequences of pressure injuries. PressureSafe is a device that I can see being used for exactly this purpose.&quot;

The company plans to start a usability study for PressureSafe in the U.S. in collaboration with Methodist Healthcare of San Antonio in the coming months. This study aims to enroll approximately 50% of patients with darker skin tones in order to produce comparative data for PressureSafe&#39;s accuracy as a decision support device in people with lighter and darker skin tones. Published studies show black patients in the U.S. suffer disproportionally from pressure injuries, which are harder to detect visually in darker skin tones.

Valuation and Estimates

The global market for Pressure Injury solutions is estimated to be $600 million in the U.S. and $2.9 billion on a global basis. Once FDA registration is received and commercialization commences, we expect the company&#39;s revenues to grow at solid double-digit rates for at least the next 5 years. We expect gross margins to exceed 50% once widespread commercialization occurs.

Our primary valuation tool utilizes a Discounted Cash Flow process. Under the scenario described above, our DCF based valuation target is approximately $3.00 per share. Our target price may be conservative as it utilizes a high discount rate of 15%.

Our 2024 full year revenue estimate is approximately $1.0 million, and our 2024 EPS estimate is a loss of ($0.07). We expect the first full year of meaningful revenue generation to occur in 2025, which we predict will be approximately $15.3 million. Our 2025 EPS estimate is $0.06.

We are maintaining our price target of $3.00 per share.

The Only Monthly Membership With a Positive ROI!

-

-

-

-

-

-

-

The Only Monthly Membership With a Positive ROI!

-

-

-

-

-

-

-

Comments

IR-Med

News

Latest news for IR-Med (OTC:IRME) Stock

Friday, April 12, 2024