KraneShares Trust KraneShares Global Luxury Index ETF (ARCA: KLXY)

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The Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index.

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KraneShares Trust KraneShares Global Luxury Index ETF

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Estee Lauder reported 7% sales growth, with Skin Care leading the way. Adjusted EPS beat estimates. CEO to retire, company expects declines in China but plans for growth in other markets. 

Weak China Sales Hit Estee Lauder&#39;s Q4, CEO To Retire

Renowned economist Peter Schiff mocked Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investors for their indifference toward the leading cryptocurrency&#8217;s declining value against gold, despite the disproportionate media attention.
What Happened: On Thursday, Schiff questioned Bitcoin enthusiasts on X about the worrying trend. 
&#8220;Are any Bitcoin HODLers concerned that Bitcoin is now down 35% priced in gold since hitting its record high back in Nov. 2021? That&#8217;s almost three years ago,&#8221; Schiff asked. 
The staunch Bitcoin critic said the underperformance came despite heavy advertising, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40070328/trump-raises-25m-at-bitcoin-conference-in-nashville-second-highest-fundraiser-across-campa">conferences</a>, hype around <a href="https://www.benzinga.com/top-stories/24/09/41049391/bitcoin-taps-65k-after-etfs-extend-inflow-hot-streak-to-5-days-heres-what-technical-analysis-is-sayi">spot exchange-traded funds</a>, NFTs, MicorStrategy&#8217;s <a href="https://www.benzinga.com/partner/cryptocurrency/24/09/41000578/microstrategy-a-potential-bitcoin-proxy-now-you-can-trade-its-moves-with-leveraged-mstr-et">Bitcoin holdings</a>, and El Salvador&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40330518/nayib-bukeles-bitcoin-city-project-in-el-salvador-attracts-1-6b-investment-from-turkey-bas">pioneering embrace</a>.
Schiff even added a poll to capture Bitcoin maxis&#8217; sentiment. As of this writing, the &#8220;What, me worry?&#8221; option was leading overwhelmingly with 77% votes, while &#8220;Yes, I&#8217;m a bit concerned&#8221; garnered 22.8% votes.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Are any Bitcoin <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw">#HODLers</a> concerned that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is now down 35% priced in <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> since hitting its record high back in Nov. 2021? That&#39;s almost three years ago. This is despite all the constant media hype, advertising, conferences, Wall Street ETFs, NFTs, MSTR, and El Salvador.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1839445251611877562?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41053101/maxine-waters-says-crypto-is-inevitable-other-countries-are-way-ahead-of-the-united-states">Maxine Waters Says &#8216;Crypto Is Inevitable,&#8217; Other Countries Are &#8216;Way Ahead&#8217; Of The United States</a>
Several X users countered Schiff on the narrative, reminding him that Bitcoin hit an all-time high earlier in March. However, Schiff remained fixated on the gold-priced value, rather than dollar-priced.
Why It Matters: Earlier this week, Schiff expressed displeasure at investors disregarding gold's record highs while focusing too much on Bitcoin.
His skepticism came at a time when Bitcoin&#8217;s popularity was soaring, with many investors and experts viewing it as a viable alternative to traditional assets. Global asset manager BlackRock <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40950912/bitcoins-reserve-asset-appeal-increased-due-to-state-of-us-federal-deficit-and-debt-says-b">advocated for Bitcoin</a> as a safeguard against possible future events affecting the U.S. dollar and economy.
Furthermore, Luke Gromen, president and founder of research firm Forest For The Trees, warned that the U.S. dollar-centric global monetary system is breaking down, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41005694/bitcoin-is-gold-with-a-leverage-says-expert-who-sees-us-government-in-big-trouble-over-deb">adding that both gold and Bitcoin</a> are well-positioned assets in this scenario. 
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,867.96, up 2.47% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, King Crypto has risen 47%, while gold has gained 29%.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41050565/bitcoin-shines-as-hedge-against-major-geopolitical-events-says-research-firm">Bitcoin Shines As Hedge Against &#8216;Major Geopolitical Events,&#8217; Says Research Firm</a></li>
</ul>

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

Cryptocurrency

Markets

$BTC

Peter Schiff Wants To Know If Bitcoin Fans Really Care About King Crypto Underperforming Gold — Overwhelming Majority Said This

While Tesla and SpaceX CEO Elon Musk&#8217;s legal and <a href="https://www.benzinga.com/news/24/09/40748476/fcc-chief-defends-elon-musks-x-and-starlink-amid-brazils-punitive-actions-warns-business-leaders-are">operational difficulties</a> in Brazil are ongoing,&nbsp;Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has made progress in the country by pledging a $2.7 billion investment.
What Happened: On Thursday, Wedbush analyst Dan Ives highlighted this news that Microsoft&#8217;s investment, the largest single commitment by the company in Brazil, is intended to nurture the AI ecosystem&nbsp;in Latin America&#8217;s largest economy.&nbsp;
Ives shared a post by a user named Evan on X, formerly Twitter. The post highlighted that Microsoft&#8217;s investment will span over the next three years and focus on the development of the AI ecosystem in the region.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Microsoft <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> today announced plans to invest $2.7 Billion in Brazil &#x1f1e7;&#x1f1f7; over the next 3 years to foster the development of an artificial intelligence ​​ecosystem &#8211; SA
&mdash; Evan (@StockMKTNewz) <a href="https://twitter.com/StockMKTNewz/status/1839377829043355865?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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According to a study commissioned by the Satya Nadella company, widespread AI adoption in Brazil could boost the country's GDP growth by 4.2 percentage points by 2030.
Brazil currently has a population of more than 220 million people, with at least 177 million internet users as of 2023. According the Statista, the number of internet users in Brazil is projected to grow by 34.2 million between 2024 and 2029.
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: While Microsoft is advancing&nbsp;in Brazil, Musk&#8217;s companies, particularly X and Starlink, are encountering substantial legal and operational hurdles.
Access to X has been&nbsp;blocked in <a href="https://www.benzinga.com/news/24/08/40664929/brazil-judge-bans-x-after-months-long-feud-threatens-fines-of-nearly-9k-per-day-on-users-who-try-to">Brazil since late&nbsp;August 2024</a>, following the company&#8217;s failure&nbsp;to comply with orders to block certain accounts accused of&nbsp;spreading misinformation and hate speech.
This decision came after&nbsp;a protracted dispute between Musk&nbsp;and Justice Alexandre de Moraes.
Brazil&#8217;s Supreme Court has now also <a href="https://www.benzinga.com/24/09/40864550/brazils-supreme-court-lifts-freeze-on-starlink-and-xs-finances-after-elon-musks-companies-cough-up-3">unfrozen Musk&#8217;s companies&#8217;</a> bank accounts&nbsp;after they transferred approximately $3.3&nbsp;million&nbsp;to cover fines owed by&nbsp;X.
X is now seeking to&nbsp;restore its services in Brazil&nbsp;by appointing a legal representative&nbsp;and complying with other court&nbsp;orders.
Previously, Brazilian President Luiz Inácio Lula da Silva also <a href="https://www.benzinga.com/news/24/09/40678732/just-because-elon-musk-is-rich-the-world-doesnt-have-to-put-up-with-his-far-right-ideology-says-braz">criticized Musk&#8217;s ideological</a> stand and stated, &#8220;The world is not obliged to put up with Musk&#8217;s far-right ideology just because he is rich.&#8221;
Photo Courtesy: Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40973399/apples-former-design-maestro-jony-ive-confirms-hes-joined-forces-with-openais-sam-altman-for-a-new-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Former Design Maestro Jony Ive Confirms He&#8217;s Joined Forces With OpenAI&#8217;s Sam Altman For A New AI Hardware Project</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Tech

MSFT

Elon Musk's Raging Feud Aside, Brazil Attracts $2.7B Investment From Microsoft To Boost AI Ecosystem

U.S. markets closed higher on Thursday, with the Dow Jones Industrial Average climbing 0.6% to 42,175.11 and the S&amp;P 500 gaining 0.4% to finish at 5,745.37. The Nasdaq also advanced 0.6%, reaching 18,190.29.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)
Alibaba&#8217;s stock closed with a 10.07% increase at $105.07, hitting an intraday high of $105.97 and a low of $101.76. The 52-week range for the stock is $66.63 to $105.97. Alibaba recently made waves in the tech world by <a href="http://Image via Shutterstock">launching over 100 open-source AI models</a>. This ambitious move, dubbed Qwen 2.5, covers a range of industries and signifies Alibaba&#8217;s bold steps to outpace rivals.
Costco Wholesale Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>)
Costco&#8217;s stock closed down 0.77% at $901.44, with an intraday high of $909.24 and a low of $898.13. The 52-week range for the stock is $540.23 to $923.83. Despite missing <a href="https://www.benzinga.com/news/earnings/24/09/41056967/costco-q4-earnings-revenue-miss-eps-beat-comps-climb-5-4-shares-slide">fourth-quarter revenue estimates</a>, Costco beat EPS estimates and reported a 5.4% climb in comparable sales. 
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/41012794/gov-newsoms-hemp-ban-goes-into-effect-consequences-for-industry-investors-patients?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">California Governor&#8217;s Ban On Hemp Is Live: Consequences</a>
BlackBerry Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>)
BlackBerry&#8217;s stock closed up 6.28% at $2.54, hitting an intraday high of $2.56 and a low of $2.4. The 52-week range for the stock is $2.01 to $4.94. BlackBerry&#8217;s second-quarter earnings report showed <a href="https://www.benzinga.com/news/earnings/24/09/41057601/blackberry-q2-earnings-revenue-eps-beat-estimates-driven-by-strength-in-iot-cybersecurity">strength in IoT and cybersecurity</a>, beating revenue and EPS estimates. 
JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>)
JD.com&#8217;s stock closed up 14.39% at $37.99, with an intraday high of $38.18 and a low of $36.93. The 52-week range for the stock is $20.82 to $38.18. The stock enjoyed a lift following China&#8217;s announcement of a <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/41050711/stocks-rise-as-china-signals-more-stimulus-billionaire-david-tepper-bets-big-on-everythi">monetary stimulus</a> earlier this week. 
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock closed down 1.09% at $254.22, hitting an intraday high of $261.75 and a low of $251.53. The 52-week range for the stock is $138.8 to $271. Tesla recently sent out invites for its <a href="https://www.benzinga.com/news/24/09/41040380/tesla-sends-out-invites-for-robotaxi-event-heres-everything-you-need-to-know">much-anticipated robotaxi</a> unveiling event scheduled for October 10. 
Image via Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40993998/mark-cuban-says-trumps-lack-of-understanding-business-is-insane-slams-200-tariff-threat-on-john-deer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Trump&#8217;s Lack Of Understanding Business Is &#8216;Insane&#8217; — Slams 200% Tariff Threat On John Dee</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

BABA

COST

TSLA

Alibaba, Costco, BlackBerry, JD.Com, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Safety investigators have recently issued urgent recommendations to Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and the Federal Aviation Administration following the discovery of a potential safety issue with the 737 Max jets. The issue pertains to the pedals used by pilots to steer the aircraft on runways, which can reportedly become jammed due to moisture leakage.
What Happened: The National Transportation Safety Board has discovered that moisture can seep into the rudder assembly and freeze, causing the pedals to jam. This finding was the result of an investigation into an incident involving a United Airlines Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) plane earlier this year.
The NTSB has found that the faulty work affected at least 353 actuators installed on some Max jets and older 737s. The NTSB has advised Boeing to modify flight manuals to eliminate advice that pilots use maximum pedal force to overpower a jammed rudder, as this could cause sudden rudder movement and potentially lead the plane to go off the runway.
See Also: <a href="https://www.benzinga.com/news/24/09/40973164/nba-star-shaquille-oneal-threw-tim-walz-out-from-his-big-chicken-restaurant-and-said-dont-come-back?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NBA Star Shaquille O&#8217;Neal Threw Tim Walz Out From His Big Chicken Restaurant And Said, &#8216;Don&#8217;t Come Back&#8217; — Fact Or Fiction</a>
Why It Matters: This latest safety concern adds to the list of issues that have plagued the 737 Max jets. The aircraft were grounded worldwide in March 2019 following two fatal crashes that claimed 346 lives. The planes were allowed to return to service in November 2020 after Boeing made <a href="https://www.benzinga.com/startups/24/09/40960505/boeing-in-a-death-spiral-of-their-own-making-according-to-a-consultant-as-employees-already-have-a-d">significant changes to the flight control system</a>. 
Price Action: Boeing Co&#8217;s stock closed at $154.58 on Thursday, up 1.55% for the day. In after-hours trading, the stock slightly increased 0.0065%. However, year to date, Boeing&#8217;s stock has decreased by 38.60%, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/41049170/harris-vs-trump-55-cfos-believe-vice-president-likely-to-win-election-although-ex-president-is-bette?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Harris Vs Trump: 55% CFOs Believe Vice-President Likely To Win Election, Although Ex-President Is Better For Economy</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Boeing 737 Max Jets Face New Safety Concerns Over Jamming Pedals As Investigators Point Out Moisture Leakage Risks

Leading cryptocurrencies pumped Thursday, aided by favorable economic data, and sharp inflows in spot exchange-traded funds (ETFs).
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<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+3.58%</td>
<td>$65,137.24</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+2.33%</td>
<td>$2,631.84</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+10.52%</td>
<td>$0.1187</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin entered the $65,000 region for the first time since Aug. 1, as ETFs tracking the leading cryptocurrency's spot price <a href="https://www.benzinga.com/top-stories/24/09/41049391/bitcoin-taps-65k-after-etfs-extend-inflow-hot-streak-to-5-days-heres-what-technical-analysis-is-sayi">continued to witness strong inflows</a>.&nbsp;
Since the Federal Reserve's rate cut last week, the funds have recorded five consecutive days of net inflows.&nbsp;
Ethereum ETFs have also registered two straight days of inflows after bleeding for the first trading day of the week, according to <a href="https://sosovalue.xyz/assets/etf/Total_Crypto_ETH_ETF_Fund_Flow?page=usETH">data </a>from SoSo Value.&nbsp;
A similar downtrend was observed for Ethereum which fell below $2,600 in midday trading, only to consolidate in the higher $2,500 region for the rest of the day.
Total cryptocurrency liquidations hit $141 million in the last 24 hours, with the rally wiping out nearly $95 million in downside bets.
Bitcoin's Open Interest moved northward by 2.31%, signaling an influx of fresh money into the derivatives market.
The market sentiment flipped dramatically from "Neutral" to "Greed," according to the popular Cryptocurrency Fear &amp; Greed Index, indicating a potential surge in buying pressure.
Top Gainers (24-Hours)
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:30 p.m. EDT)</td>
</tr>
<tr>
<td>Shiba Inu (SHIB)</td>
<td>+27.68%</td>
<td>$0.00001923</td>
</tr>
<tr>
<td>Wormhole (W)</td>
<td>+20.60%</td>
<td>$0.3003</td>
</tr>
<tr>
<td>Brett (Based) (BRETT)</td>
<td>+20.17%</td>
<td>$0.1023</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market surged 3.60% to $2.29 trillion in the last 24 hours.
Stocks bounced back strongly Thursday. The S&amp;P 500 lifted 23.11 points, or 0.40%, to close at a record high of 5,745.37. The Dow Jones Industrial Average climbed 0.62% to end at 42,175.11, shy of its record close set earlier in the week. The tech-heavy Nasdaq Composite closed 0.60% higher at 18,190.29.
Investors weighed in <a href="https://www.benzinga.com/news/econ-s/24/09/41046484/weekly-jobless-claims-lower-than-expected-suggesting-labor-market-strength-wall-street-set-for-highe">lower-than-expected jobless claims data</a> for the week ending Sept. 21. Additionally, the U.S. real gross domestic product grew by 3% in the second quarter, up from the 1.4% growth seen in the first quarter.&nbsp;
These macroeconomic indicators appeared to support the Fed's soft landing goal after the central bank slashed interest rates for the first time in more than four years last week.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular on-chain analytics firm Santiment noted the contribution by large investors in aiding Bitcoin's latest rally.
"Continued whale and shark accumulation has undeniably been a factor, preventing BTC from seeing sustained drops. $4.08 billion in BTC has been accumulated by 10+ BTC wallets in 6 months," Santiment stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f433;&#x1f4c8; Bitcoin has officially reached a $65K market value for the first time since August 1st. Continued whale and shark accumulation has undeniably been a factor, preventing BTC from seeing sustained drops. $4.08B in BTC has been accumulated by 10+ BTC wallets in 6 months. <a href="https://t.co/9qGcVqtfZT">pic.twitter.com/9qGcVqtfZT</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1839320661132751234?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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Widely-followed cryptocurrency influencer and trader Scott Melker stated that King Crypto was attempting its first higher high since its March peak.&nbsp;
"A close above $65,000 (some would say it is already confirmed with the break above) would begin a new uptrend off of the $50,000 lows from August. A low, high, higher low, higher high," the investor remarked.
Melker also observed a flip from a bearish market structure to bullish one.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Is this the beginning of the parabolic bull run?<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is currently attempting to confirm its first higher high since topping at $74,000 in March. A close above $65,000 (some would say it is already confirmed with the break above) would begin a new uptrend off of the $50,000… <a href="https://t.co/TCBI6nQ09y">pic.twitter.com/TCBI6nQ09y</a>
&mdash; The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1839331007280861193?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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</figure>
Photo by SvetlanaParnikova on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41053347/sec-chair-gensler-says-crypto-will-not-persist-without-investor-protection-the-automobile-">SEC Chair Gensler Says Crypto Will Not Persist Without Investor Protection: &#8216;The Automobile Wouldn&#8217;t Have Survived If You Didn&#8217;t Have Traffic Lights&#8217;</a></li>
</ul>

$DOGE

$ETH

Dogecoin Rips, Bitcoin And Ethereum Surge Amid Strong ETF Inflows And Supportive Economic Data: King Crypto's 'New Uptrend' Anticipated After Close Above $65K

United Atlantic Ventures <a href="https://www.benzinga.com/general/social-media/24/09/41045271/trumps-djt-stock-rallies-after-sharp-sell-off-but-technicals-signal-tough-times-ahead">sold over seven million shares</a> of Trump Media &amp; Technology Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) on Thursday, according to the company&#8217;s regulatory filing with U.S. Securities and Exchange Commission. 
What Happened: UAV, an investment partnership of former &#8220;The Apprentice&#8221; contestants Andrew Litinsky and Wes Moss, now retains just 100 shares in the company. The sale was made possible after a <a href="https://www.benzinga.com/news/24/09/40939390/trump-media-technology-group-stock-slides-as-lockup-expiration-looms-whats-going-on">lock-up agreement expired on Sep. 19</a>.
UAV is the only known insider to have sold shares since the lock-up period ended. The company had previously owned a 5.4% stake in Trump Media, which operates the Truth Social app.
Litinsky and Moss initially co-founded Trump Media with former President Donald Trump in 2021 but later had legal disputes over their shares. Trump, who owns over 56% of Trump Media, stated on Sep. 13 that he has <a href="https://www.benzinga.com/general/social-media/24/09/40860859/trump-media-technology-shares-surge-former-president-says-hes-not-selling-or-leaving-truth-s">no plans to sell his shares</a>. 
According to SEC filings, UAV held 7.53 million shares of Trump Media as of Mar. 25. It was later awarded an additional 3.44 million shares &#8220;for no additional consideration based on the performance of our Common Stock,&#8221; per a Trump Media <a href="https://s3.amazonaws.com/sec.irpass.cc/2660/0001140361-24-040230.pdf">filing</a> on Sep. 5. 
Though the sale price wasn&#8217;t disclosed, DJT closed at $13.80 last Friday. Based on that closing price, Benzinga estimates UAV&#8217;s sale to be approximately $151.32 million.
See Also: <a href="https://www.benzinga.com/news/24/09/40993998/mark-cuban-says-trumps-lack-of-understanding-business-is-insane-slams-200-tariff-threat-on-john-deer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Trump&#8217;s Lack Of Understanding Business Is &#8216;Insane&#8217; — Slams 200% Tariff Threat On John Deere: &#8216;Good Way To Destroy A Legendary American Company&#8217;</a>
Why It Matters: The sale of nearly 11 million shares by UAV comes at a critical time for Trump Media. 
Trump could potentially cash out his shares while <a href="https://www.benzinga.com/general/social-media/24/09/40943414/donald-trump-can-cash-out-his-trump-media-technology-stock-keep-company-control-heres-how-ma">maintaining control of the company</a>. Trump holds a significant stake of 114,750,000 shares, valued at $1.7 billion as of the lock-up expiration date.
Additionally, concerns about <a href="https://www.benzinga.com/general/politics/24/09/40964812/trumps-stake-in-media-group-raises-ethics-concerns-ahead-of-2024-election-report">ethics and conflicts of interest</a> have been raised ahead of the 2024 presidential election. Trump&#8217;s ownership of Trump Media could pose potential conflicts if he were to win the election, as watchdogs worry about who might buy his shares or how his ownership might influence the media landscape.
Meanwhile, political figures like Rep.&nbsp;Marjorie Taylor Greene&nbsp;(R-Ga.)&nbsp; have <a href="https://www.benzinga.com/government/24/09/41031499/marjorie-taylor-greene-stays-loyal-to-trump-keeps-djt-stock-buys-into-warren-buffetts-berkshire-in-l">shown loyalty to Trump by retaining their investments</a> in Trump Media. Greene recently disclosed her stock transactions, which included maintaining her stake in Trump Media while also investing in other companies.
Price Action: Trump Media &amp; Technology Group Corp&#8217;s stock closed at $13.98 on Thursday, down 1.06% for the day. In after-hours trading, the stock declined further by 1.29%. Year to date, the stock has fallen by 19.89%, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40975105/general-motors-to-lay-off-about-1700-employees-ahead-of-chevrolet-malibu-phase-out-and-re-tooling-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">General Motors To Lay Off About 1700 Employees Ahead Of Chevrolet Malibu Phase-Out And Re-Tooling For EV</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

Trump Media Shareholder UAV Sells Over 7M Shares Following Lock-Up Expiration, Retains Minimal Stake

Former President Donald Trump has reported threats on his life by Iran, while expressing gratitude to Congress for unanimously approving increased funding for the Secret Service.
What Happened: On Thursday, Trump took to X to reveal that Iran has made unsuccessful attempts on his life. He stated, &#8220;Big threats on my life by Iran. The entire U.S. Military is watching and waiting. Moves were already made by Iran that didn't work out, but they will try again.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Big threats on my life by Iran. The entire U.S. Military is watching and waiting. Moves were already made by Iran that didn't work out, but they will try again. Not a good situation for anyone. I am surrounded by more men, guns, and weapons than I have ever seen before. Thank you…
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1838802596066209994?ref_src=twsrc%5Etfw">September 25, 2024</a></blockquote>
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&#8220;I am surrounded by more men, guns, and weapons than I have ever seen before,&#8221; wrote Trump. He warned, &#8220;An attack on a former President is a Death Wish for the attacker!&#8221;
He also thanked Congress for unanimously <a href="https://www.benzinga.com/government/24/09/41038949/chuck-schumer-hails-passage-of-funding-bill-in-congress-sans-trump-backed-voting-plan-the-government">approving increased funding</a> for the Secret Service, stating, &#8220;Thank you to Congress for unanimously approving far more money to Secret Service &#8211; Zero "NO" Votes, strictly bipartisan.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/09/40973164/nba-star-shaquille-oneal-threw-tim-walz-out-from-his-big-chicken-restaurant-and-said-dont-come-back?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NBA Star Shaquille O&#8217;Neal Threw Tim Walz Out From His Big Chicken Restaurant And Said, &#8216;Don&#8217;t Come Back&#8217;</a>
Why It Matters: This comes after U.S. intelligence agencies revealed that Iran <a href="https://www.benzinga.com/news/24/09/40933501/us-intel-agencies-reveal-iran-tried-to-share-hacked-trump-campaign-data-with-team-biden-fbi-says-no">attempted to share</a> hacked information from Trump&#8217;s campaign with President Joe Biden&#8217;s campaign. Benzinga has previously reported that Iran had issued <a href="https://www.benzinga.com/news/24/09/40933501/us-intel-agencies-reveal-iran-tried-to-share-hacked-trump-campaign-data-with-team-biden-fbi-says-no">arrest warrants</a> against Trump over the killing of General Qasem Soleimani, the commander of the Islamic Revolution Guard Corps.
Trump had previously <a href="https://www.benzinga.com/government/22/09/28860521/trump-feared-assassination-attempt-by-iran-despite-public-bravado-following-killing-of-iranian-gener">expressed fear</a> of an assassination attempt by Iran as payback for Soleimani&#8217;s killing, according to a book by New York Times correspondent Peter Baker and New Yorker staff writer Susan Glasser.
Earlier this month, Trump survived a reported assassination attempt near his Florida property, vowing to &#8220;never surrender&#8221; after the incident. The Secret Service and the Palm Beach County Sheriff&#8217;s Office have <a href="https://www.benzinga.com/news/24/09/40870455/trump-vows-to-never-surrender-after-surviving-second-assassination-attempt">launched an investigation</a> into the matter.
Image via Shutterstock
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Politics

General

Trump Says Big Threats To His Life From Iran: 'An Attack On A Former President Is A Death Wish For The Attacker!'

&#8220;Shark Tank&#8221; fame entrepreneur Mark Cuban recently disputed former President Donald Trump&#8217;s claims regarding violent victimization rates, providing a different perspective on the issue.
What Happened: On Sunday, Cuban took to X to challenge Trump&#8217;s narrative on violent victimization rates. The billionaire bolstered his arguments with &#8220;facts&#8221; shared by noted Australian economist Justin Wolfers.
In a separate post using data from the Bureau of Justice Statistics, he stated that the rates have remained within a limited range over the past decade, excluding the pandemic period. This, according to Cuban, contradicts Trump&#8217;s assertion of a significant increase.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For those who prefer facts <a href="https://t.co/sYEBsCYsMV">https://t.co/sYEBsCYsMV</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1839443002877722701?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/09/40993833/irans-president-says-we-dont-want-to-fight-but-israel-wants-to-drag-everyone-into-war-and-destabiliz?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Iran&#8217;s President Says &#8216;We Don&#8217;t Want To Fight&#8217; But Israel &#8216;Wants To Drag Everyone Into War And Destabiliz</a>
In a separate post, he stated that the rates have remained within a limited range over the past decade, excluding the pandemic period. This, according to Cuban, contradicts Trump&#8217;s assertion of a significant increase.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Not quite. What they did was start calculating in 2019, the first down year for Trump. In reality his first 2 yrs were up considerably over the Obama years. This last year, the victimization rate was 22.5,lower than last yr and lower than the 23.2 Trump had in 2018 The right… <a href="https://t.co/FXu6FiOgxB">https://t.co/FXu6FiOgxB</a> <a href="https://t.co/HlGVaEvEUw">pic.twitter.com/HlGVaEvEUw</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1839457365994918171?ref_src=twsrc%5Etfw">September 27, 2024</a></blockquote>
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The billionaire investor pointed out that the rate was 22.5 last year, lower than the previous year and lower than Trump&#8217;s 23.2 in 2018.
Why It Matters: Cuban&#8217;s comments provide a different perspective on the issue, which has been a point of contention in the political sphere. The entrepreneur, who has <a href="https://www.benzinga.com/general/entertainment/24/09/41052701/mark-cuban-compares-kamala-harris-rise-in-2024-election-polls-betting-odds-to-new-ceo-that-">publicly endorsed</a> Vice President Kamala Harris for president, has been vocal about his views on various Trump policies, <a href="https://www.benzinga.com/news/24/09/40765551/mark-cuban-asks-trump-advisor-done-any-modeling-of-the-financial-impact-of-deporting-20-million-peop">including immigration and tariff policies</a>. 
Previously, Cuban has also questioned Trump&#8217;s <a href="https://www.benzinga.com/news/24/09/40869372/mark-cuban-calls-out-trumps-investment-record-which-startups-has-trump-ever-invested-in-that-didnt-i">track record</a> of investing in startups outside his family businesses. He has <a href="https://www.benzinga.com/news/24/03/38013062/mark-cuban-reveals-the-one-reason-he-wont-vote-for-donald-trump-and-why-joe-biden-is-the-better-lead">likened the role</a> of the U.S. presidency to that of a CEO, emphasizing the importance of stability and loyalty within an administration. 
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Mark Cuban Cites Noted Economist To Dish Out 'Facts' On Violent Crime: 'That Makes Trump Wrong'

Following several high-profile departures, <a href="https://www.benzinga.com/news/24/09/41037848/openai-cto-mira-murati-steps-down-i-want-to-create-the-time-and-space-to-do-my-own-exploration-elon">with the latest being</a> OpenAI CTO Mira Murati, CEO Sam Altman has taken to social media to address the concerns and criticisms raised.
What Happened: On Thursday, Altman took to X, formerly Twitter, and defended the exits of Ilya Sutskever, Greg Brockman, Murati, and others from the company.
He Altman justified the leadership changes as a natural part of the evolution of rapidly growing companies.
&#8220;Leadership changes are a natural part of companies, especially companies that grow so quickly and are so demanding,&#8221; Altman stated.
He also acknowledged the abruptness of the situation, stating, &#8220;Obviously won't pretend it's natural for this one to be so abrupt, but we are not a normal company.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/09/40998105/marques-brownlee-reviews-apples-iphone-16-and-launches-new-app-this-is-the-most-unfinished-ive-ever?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marques Brownlee Reviews Apple&#8217;s iPhone 16 And Launches New App: &#8216;This Is The Most Unfinished I&#8217;ve Ever Seen A New iPhone Launch&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">i just posted this note to openai: Hi All– Mira has been instrumental to OpenAI's progress and growth the last 6.5 years; she has been a hugely significant factor in our development from an unknown research lab to an important company. When Mira informed me this morning that…
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1839096160168063488?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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The CEO&#8217;s statement appears to be in response to an old image of him with the now-departed members, marked with crosses to signify their exit, being circulated on social media.
Tesla and SpaceX CEO Elon Musk also reacted to this image. The <a href="https://www.benzinga.com/news/24/06/39283661/elon-musk-drops-openai-lawsuit-involving-sam-altman-greg-brockman-a-day-after-blasting-apple-for-par">tech mogul co-founded</a> OpenAI in 2015 but left the company in 2018 over some differences.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The leadership shakeup at OpenAI comes at a time when the company is reportedly transitioning from a non-profit to a for-profit benefit corporation.
This shift is aimed at making the AI startup more appealing to potential investors. The restructuring could potentially value the company at $150 billion and result in a <a href="https://www.benzinga.com/news/large-cap/24/09/41053431/openai-ceo-says-leadership-shakeup-aims-to-flatten-structure-elevate-new-leaders">significant financial gain for Altman</a>.
Previously, it was reported that the transition to a for-profit model could pave the <a href="https://www.benzinga.com/news/24/09/41043358/sam-altman-poised-for-10-5b-payday-as-openai-transitions-to-for-profit-model-with-150b-valuation-on">way for an initial public offering</a> (IPO) in the future. However, this move has not been without controversy.
Musk has already <a href="https://www.benzinga.com/news/24/09/41039287/elon-musk-isnt-pleased-that-sam-altman-likely-to-get-7-stake-after-chatgpt-parents-planned-for-profi">expressed his displeasure</a> over the transition, particularly over the possibility of Altman receiving a 7% stake in the company.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/41034882/billionaire-tech-ceo-makes-cameo-in-zuckerbergs-meta-connect-show?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Billionaire Tech CEO Makes Cameo In Zuckerberg&#8217;s Meta Connect Show</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Sam Altman Hits Back At Trolls After Mira Murati's OpenAI Exit, Explains Executive Drain As Natural: 'We Are Not A Normal Company'

Shytoshi Kusama, the mysterious lead developer of the Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), shared a GIF, purportedly celebrating the breakout rally of the ecosystem's top cryptocurrencies.
What happened:  On Thursday, the pseudonymous lead posted a meme on X, showing Vegeta, a character in the popular anime series Dragon Ball, smirking after looking at a device.
The media possibly reflected Kusama's own sentiment after watching tokens like SHIB and Bone ShibaSwap (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONE</a>) rally sharply over the day.
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&mdash; Shytoshi Kusama&#x2122; (@ShytoshiKusama) <a href="https://twitter.com/ShytoshiKusama/status/1839416997857083559?ref_src=twsrc%5Etfw">September 26, 2024</a></blockquote>
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SHIB, the ecosystem's biggest cryptocurrency by market capitalization, soared nearly 29% in the last 24 hours, rising to levels not seen since mid-June.&nbsp;
The coin's trading volume more than tripled to $1.2 billion in the 24-hour period,&nbsp;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41053101/maxine-waters-says-crypto-is-inevitable-other-countries-are-way-ahead-of-the-united-states">Maxine Waters Says &#8216;Crypto Is Inevitable,&#8217; Other Countries Are &#8216;Way Ahead&#8217; Of The United States</a>
Additionally, BONE, the token widely used in decentralized exchange, ShibaSwap, and Layer-2 blockchain Shibarium, also bounced nearly 15%.
Why It Matters: The rally came after Shiba Inu's marketing lead, Lucie, teased details about the ecosystem's own stablecoin SHI, which was in the works.
First introduced by the project's founder, Ryoshi, in 2021, Lucie informed that SHI is a "crucial development" and its introduction was aimed at enhancing the features of Shibarium.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The SHI Stablecoin: A Key Development for Stability and Utility in the Shibarium Ecosystem The SHI stablecoin is a crucial development within the Shib ecosystem, currently in the works and not yet released. Its introduction is expected to significantly enhance the Shibarium… <a href="https://t.co/UyrJgnYR45">pic.twitter.com/UyrJgnYR45</a>
&mdash; 
</blockquote></div></figure>

$BONE

$SHIB

Shiba Inu Soars 29% On SHI Stablecoin Update: Lead Developer Shytoshi Kusama Teases Breakout With Dragon Ball Meme — Burn Rate Soars 33818%

Former President Donald Trump has revealed plans to meet with Ukrainian President Volodymyr Zelenskyy in New York. This comes despite recent Republican backlash against Zelenskyy&#8217;s lobbying activities in the United States.
What Happened: Zelenskyy has been striving to appease U.S. Republicans, including Trump and House Speaker Mike Johnson (R-La.), who were upset by his outreach to Democrats. The Ukrainian president&#8217;s efforts are aimed at securing more support for Ukraine&#8217;s position against Russia, <a href="https://www.ft.com/content/401e6019-4d52-4af9-919f-c1a133badd3d">reported</a> Financial Times.
Trump announced at a New York press conference that he would meet Zelenskyy on Friday morning at Trump Tower. This follows a letter from Zelenskyy to Trump requesting a meeting to discuss Ukraine&#8217;s pursuit of a &#8220;just peace&#8221;.
Zelenskyy&#8217;s outreach to Trump comes in the wake of Republican backlash over his focus on Democratic politicians during the U.S. election campaign. This occurred despite an $8 billion aid package for Ukraine, backed by Republicans.
The GOP backlash has evoked concern in Kyiv with allies of the Ukranian President saying that his U.S. trip was not managed properly. 
&#8220;It looks like the Republicans were looking for ways to create a scandal but we should have avoided giving them the opportunity. The Republicans will still be strong in Washington. They can block everything,&#8221; said a former Ukrainian official, according to FT.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40979752/elon-musk-says-buses-wont-be-needed-once-tesla-robotaxis-start-operating-will-take-people-point-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Buses Won&#8217;t Be Needed Once Tesla Robotaxis Start Operating: &#8216;Will Take People Point To Point For A Similar Cost&#8217;</a>
Why It Matters: The Friday meeting comes after a series of events that have strained relations between the two leaders. According to a previous Benzinga report Trump claimed that Zelenskyy <a href="https://www.benzinga.com/news/24/09/40998738/trump-says-ukrainian-president-backs-kamala-harris-for-white-house-zelenskyy-is-the-greatest-salesma">prefers Democrats</a> to win the upcoming 2024 U.S. election. 
On Thursday, Trump criticized Zelenskyy after a canceled meeting, accusing him of <a href="http://Trump Zelensky https://www.benzinga.com/news/24/09/41040076/trump-accuses-zelenskyy-of-making-nasty-little-dispersions-after-canceled-meeting-we-continue-to-giv">refusing to negotiate peace</a> and wasting U.S. funds. Trump claimed Zelenskyy insulted him and expressed frustration over continued U.S. financial support for Ukraine.
Zelensky&#8217;s recent U.S. visit, including a munitions factory tour in Pennsylvania, has sparked GOP outrage, with Speaker Johnson and House Oversight Chair James Comer (R-Ky.) calling it a <a href="https://www.benzinga.com/news/24/09/41037745/mike-johnson-lashes-out-over-weapons-factory-tour-snub-cries-election-interference-to-ukraine-presid">politically motivated</a> event supporting Vice President Kamala Harris. They've launched an investigation, demanding the dismissal of Ukraine&#8217;s U.S. ambassador for alleged election interference. Democrats dismissed the claims, viewing Zelensky's visit as a show of gratitude.
Image via Flickr
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Set To Meet Ukraine's President Amid Growing Kyiv Concerns Over Botched Visit: 'Republicans Were Looking For Ways To Create A Scandal'

Will Smith&nbsp;once had to address the allegations made by his wife,&nbsp;Jada Pinkett Smith, that he tends to ask strangers for money. The &#8220;Fresh Prince of Bel-Air&#8221; then narrated his side of the tale during a late-night talk show.
What Happened: In December 2017, Will Smith contradicted his wife&#8217;s version of an event where he supposedly asked a stranger for money. Jada had initially narrated this incident during a May 2017 appearance on &#8220;Jimmy Kimmel Live.&#8221;
Will Smith explained that the incident took place after the launch day of their company, Just Water.
&#8220;So it was the first day, and we're walking down the street in New York, and I see the first pallet coming into the Whole Foods,&#8221; he said.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40998105/marques-brownlee-reviews-apples-iphone-16-and-launches-new-app-this-is-the-most-unfinished-ive-ever?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marques Brownlee Reviews Apple&#8217;s iPhone 16 And Launches New App: &#8216;This Is The Most Unfinished I&#8217;ve Ever Seen A New iPhone Launch&#8217;</a>
However, the couple found themselves without cash to purchase their own product. At that moment, Will Smith proposed asking a passerby for a few dollars.
&#8220;[Jada said] there's no way that we're going to walk up to strangers and ask for money,&#8221; the &#8220;The Pursuit of Happyness&#8221; star recalled, adding, &#8220;And I was like, &#8216;Babe, they would like it. It would be fun for them to say Will and Jada borrowed $2.&#8217; She was like, &#8216;They aren't going to say Will and Jada did nothing.'&#8221;
&#8220;She made us walk four blocks to go and get $2 and then four blocks back to get the water, at which point it was good because I was parched,&#8221; he concluded.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Will Smith Asks Strangers for Money" width="500" height="281" src="https://www.youtube.com/embed/9mwM1VB9qs0?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>
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</figure>
Why It Matters: Earlier that year, in May, when Jada appeared on the show, Kimmel recalled a story Will Smith had shared. As per the story, Will once found himself at a gas station without his wallet, low on gas, and asked a passerby for $10.
The person was shocked that Will Smith was asking for money but gave it to him nonetheless.
Jada confirmed that this wasn't an isolated incident, explaining that Will frequently pulls similar stunts, especially when she's around.
Kimmel jokingly referred to Will as "the world's most famous panhandler," to which Jada laughed and agreed.
<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="Jada Pinkett Smith Hates When Husband Will Asks People for Money" width="500" height="281" src="https://www.youtube.com/embed/mSGt4zK75v4?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>
Just Water was founded by Jaden Smith, with the help of his parent Will and Jada. The eco-friendly water startup was inspired by Jaden&#8217;s concern for the environment and the impact of plastic waste on the oceans.
In 2019, the company that offers responsibly sourced water from upstate New York, packaged in a bottle made from 82% renewable materials, hit a $100 million <a href="https://www.fastcompany.com/90398045/jaden-smiths-just-water-just-hit-100-million-valuation">valuation</a>.
Photo Courtesy: Shutterstock.com
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Entertainment

Jada Smith Once Said Will Smith Hits Up Strangers For Money, But The 'The Fresh Prince Of Bel-Air' Claims Otherwise: 'She Made Us Walk Four Blocks To Go And Get $2' Just To Buy A Bottle Of Water

Kentucky awarded the state&#8217;s first business license under its new<a href="https://www.benzinga.com/markets/cannabis/24/09/40784828/kentuckys-massive-cannabis-licensing-response-5-000-applications-filed-before-deadline"> startup program </a>on Thursday. 
KCA Labs, a hemp-testing facility based in Nicholasville, was selected to ensure that all products are tested before reaching patients, Yahoo Finance <a href="https://ca.finance.yahoo.com/news/kentucky-awards-first-business-license-200326528.html?guccounter=1">reported.</a>
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40660012/10-years-ago-alcohol-was-banned-in-kentucky-now-theyre-voting-to-legalize-cannabis">10 Years Ago, Alcohol Was Banned In Kentucky, Now They&#8217;re Voting To Legalize Cannabis</a>
&#8220;I love that the first license is going to an entity that helps us do this safely,&#8221; Governor Andy Beshear (D) said during a press conference in Frankfort. "Our mission is to ensure Kentuckians with serious medical conditions have access to safe and high-quality, tested medical cannabis products. That's exactly what KCA is going to help us do."
<h3 class="wp-block-heading">KCA Labs Leading Safety Compliance</h3>
KCA Labs, which previously specialized in hemp testing, is now set to lead the charge in ensuring product quality for Kentucky's medical marijuana program.
CEO Jonathan Thompson expressed confidence in their readiness: "KCA's vast knowledge and experience with testing hemp products will translate neatly into Kentucky's new medical cannabis program."
Safety compliance facilities, such as KCA Labs, will play a pivotal role in testing every product to ensure they meet strict medical standards before being made available to eligible patients.
While the state will use a lottery system to grant licenses to businesses looking to grow, process or sell medical cannabis, there's no limit on the number of safety compliance licenses.
<h3 class="wp-block-heading">Licensing For Cultivators And Dispensaries</h3>
Kentucky is preparing for its next phase: awarding licenses to cultivators and processors via a lottery system scheduled for Oct. 28. A separate lottery for dispensary licenses is expected to follow in November. This method, according to Beshear, ensures a fair opportunity for applicants who successfully navigate the initial screening process.
The governor explained the reasoning behind this approach. "Caps on those licenses are meant to avoid flooding the market with products and exceeding demand." With nearly 5,000 applications submitted, the lottery system helps regulate supply, ensuring the market remains balanced and sustainable.
<h3 class="wp-block-heading">Overcoming Legislative Hurdles</h3>
Kentucky's medical marijuana program has overcome numerous legislative challenges to get to this point. After years of delays, state lawmakers passed the bill in 2023 to legalize medical cannabis for individuals with severe conditions, including cancer, multiple sclerosis, chronic pain, epilepsy, chronic nausea and post-traumatic stress disorder (PTSD).
In April of this year, Beshear signed follow-up legislation accelerating the licensing timeline by six months, allowing the program to begin awarding licenses in 2024 instead of 2025.
Read Next:
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</ul>

Cannabis

Legal

Kentucky Moves Closer To Medical Cannabis Rollout With First License Awarded To Testing Lab

Today, the U.S. Food and Drug Administration approved Cobenfy (xanomeline and trospium chloride) capsules for oral use for the treatment of schizophrenia in adults. It is the first antipsychotic drug approved to treat schizophrenia that targets cholinergic receptors as opposed to dopamine receptors, which has long been the standard of care.

FDA Earlier Announced Approval Of Bristol-Myers Squibb's Cobenfy With New Mechanism Of Action For Treatment Of Schizophrenia

SEEL

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

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Offerings

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Starwood Property Trust Prices Private Offering Of $400M Of Its 6.000% Unsecured Senior Notes Due 2030

WIIM

SAVA

Cassava Sciences shares are trading lower after the SEC charged the company, two former executives for misleading claims about Alzheimer's clinical trial.

SEC announced Cassava Sciences, Inc., its founder and former CEO, Remi Barbier, and its former Senior Vice President of Neuroscience, Lindsay Burns, will pay more than $40 million to settle charges related to misleading statements made in September 2020 about the results of a Phase 2 clinical trial for the company&rsquo;s purported therapeutic for the treatment of Alzheimer&rsquo;s disease.
Without admitting or denying the allegations, Cassava, Barbier, and Burns consented to civil injunctions against future violations and agreed to pay civil penalties of $40 million, $175,000, and $85,000, respectively. Barbier and Burns agreed to be subject to officer-and-director bars of three and five years, respectively. The settlements are subject to court approval.

SEC Charges Cassava Sciences, Two Former Executives For Misleading Claims About Alzheimer's Clinical Trial; Company To Pay Civil Penalty Of $40M

2024 Luxury Outlook: A Tale Of 2 Halves And New Catalysts

Estee Lauder Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>) shares are trading slightly lower after the company reported<a href="https://www.benzinga.com/pressreleases/24/08/b40436715/the-est-e-lauder-companies-reports-fiscal-2024-results" target="_blank" rel="noreferrer noopener"> its fourth-quarter results</a>. 



The company reported&nbsp;sales growth of&nbsp;7%&nbsp;Y/Y to&nbsp;$3.87 billion, beating the analyst consensus estimate of&nbsp;$3.83 billion.



Organic net sales grew 8% Y/Y, fueled by broad-based gains across all product categories, with Skin Care leading the way, driven by the company&#8217;s global travel retail segment.



Organic net sales in the Americas declined 5%, with sales in Europe, Middle East &amp; Africa climbed&nbsp;32% and Asia/Pacific fell 4%.



Organic net sales from&nbsp;Skin Care&nbsp;grew&nbsp;15%,&nbsp;Makeup&nbsp;grew 1%,&nbsp;Fragrance&nbsp;rose 1%, and&nbsp;Hair Care&nbsp;increased&nbsp;2% in the quarter.



Gross profit increased 14% Y/Y to $2.78 billion, with the margin expanding to 71.8% from 67.8% in the quarter. Operating expenses rose 23% Y/Y to $3.01 billion, while the operating expense margin was 77.8% vs. 67.9% last year.



Estee Lauder&#8217;s operating loss was&nbsp;$233 million, compared to a $5 million loss&nbsp;last year. Adjusted EPS of&nbsp;$0.64&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beat the analyst consensus estimate of&nbsp;$0.27.</a>



The company held&nbsp;$3.4 billion&nbsp;in cash and cash equivalents as of June 30, 2024.



Dividend: The company will pay a quarterly dividend of&nbsp;$0.66&nbsp;per share, payable on September 16&nbsp;to stockholders of <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40436714/the-est-e-lauder-companies-inc-declares-quarterly-dividend-of-66-per-share" rel="noreferrer noopener">record on August 30</a>.



CEO Retirement: Estée Lauder announced that President and CEO Fabrizio Freda<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40436516/the-est-e-lauder-companies-president-ceo-fabrizio-freda-announces-intention-to-retire-at-the-end-o" rel="noreferrer noopener"> will retire at the end of FY25</a>.



The company said its Board is well advanced in its CEO succession planning process, considering internal and external candidates.&nbsp;



Outlook: Estee Lauder expects an FY25 adjusted EPS&nbsp;outlook&nbsp;of $2.75-$2.95 (vs. consensus of&nbsp;$4.02) and organic &amp; <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">reported revenue growth (1)% to&nbsp;2%</a>.



For the first quarter, Estee Lauder expects adjusted EPS of&nbsp;$0.02-$0.10 (vs. the consensus of&nbsp;$0.66) and organic and reported net sales&nbsp;growth of&nbsp;(5)% &#8211; (3)%.



Fabrizio Freda, President and CEO, said, &#8220;For fiscal 2025, we anticipate continued declines in the prestige beauty segment in China, mainly reflecting persistent weak sentiment among Chinese consumers.&#8221;



&#8220;In the rest of our business, we are planning to deliver improved performance across both developed and emerging markets. To fuel this, our priorities are reigniting Skin Care, capitalizing on the multiple growth drivers of high-end Fragrance, moving faster in leveraging winning channels, launching accretive innovation inclusive of new, big opportunities, and enhancing our precision marketing capabilities.&#8221;



&#8220;For fiscal 2025, the Profit Recovery and Growth Plan enables us to offset the pressure to profitability driven by the prestige beauty segment&#8217;s ongoing softness in China, yielding a more moderate pace of operating margin expansion than we&#8217;d previously expected.&#8221;



&#8220;While our sales and profit outlook for fiscal 2025 is disappointing, this year we will make important strides, as we implement our strategy reset to continue rebalancing regional growth, deliver improved annual profitability, and strengthen go-to-market and innovation capabilities to elevate our execution in response to a more competitive market.&#8221;



&#8220;These efforts, coupled with the strengths of our brands, product portfolio, and talented teams around the world, will position us to both outperform prestige beauty in fiscal 2026 and accelerate profitability expansion.&#8221;



Investors can gain exposure to the stock via&nbsp;KraneShares Trust KraneShares Global Luxury Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLXY#NYSE">KLXY</a>) and VanEck ETF Trust VanEck Morningstar Wide Moat Growth ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MGRO#BATS">MGRO</a>).



Price Action: EL shares are down 0.47% at $94.52 premarket at the last check Monday.



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Image via Estee Lauder



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Monday, August 19, 2024