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	Forza X1, Inc.  (NASDAQ: FRZA) shares rose 85.6% to $2.32 in pre-market trading after the company tweeted Friday &#39;Get ready for something extraordinary! Stay tuned!&#39;


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U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping over 100 points on Tuesday.

The Dow traded down 0.61% to 33,081.92 while the NASDAQ fell 1.13% to 12,576.82 The S&amp;P 500, also fell, dropping, 1.06% to 4,148.20.

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Kaspien Holdings Inc

Billionaire entrepreneur Mark Cuban is well known for investing in cash-hungry startups on the popular television show &#8220;Shark Tank.&#8221; Interestingly enough, if you really want to make the &#8220;big bucks,&#8221; Cuban says you shouldn&#8217;t be <a href="https://www.benzinga.com/news/23/01/30510598/mark-cuban-has-4-rules-for-making-money-how-you-can-succeed-and-become-a-millionaire-1">raising capital for your business</a>. 
Instead, you should be trying to launch a business &#8220;with as little money as possible,&#8221; Cuban said at the 2023 SXSW Conference,&nbsp;<a href="https://www.cnbc.com/2023/04/09/mark-cuban-best-way-to-start-a-business-is-with-little-to-no-money.html#Echobox=1681052365">per&nbsp;</a>CNBC.
Cuban&#8217;s Advice: Although Cuban spends a lot of time investing in startups, he doesn&#8217;t recommend that entrepreneurs take on investors if they really want to make the &#8220;big bucks.&#8221;
&#8220;The more of your equity that you can retain and control, the more the upside,&#8221; Cuban said.
The thing that people forget is that when you raise money from someone, that person expects a return, he said, adding&nbsp;you are actually better off using your own personal savings and letting that money take you as far as you can.
Check This Out: <a href="https://www.benzinga.com/news/24/11/41865587/mark-cuban-planned-to-retire-by-age-35-he-says-theres-only-one-reason-he-didnt">Mark Cuban Planned To Retire By Age 35: He Says There&#8217;s Only One Reason He Didn&#8217;t</a>
There are plenty of examples of people who have sold companies for billions of dollars, but didn&#8217;t&nbsp;end up with nearly as much profit as you would think, Cuban said: &#8220;They own 2% of the company, when it was all said and done.&#8221;
Fresh out of college, Cuban founded&nbsp;software consulting business&nbsp;MicroSolutions. He sold the company for $6 million by the time he turned 32, pocketing around $2 million in profit.
A few years later, he bought a small audio network startup and turned it into Broadcast.com, which he went on to sell to Yahoo!&nbsp;<a href="https://www.benzinga.com/news/23/02/31092598/mark-cuban-celebrates-closing-5-7b-deal-with-middle-seat-flight-to-vegas-this-is-just-perfect-1">for $5.7 billion</a>.
&#8220;If you look at people with a B next to their name, it's because they own all that equity in their company,&#8221;&nbsp;Cuban said.
Read Next:
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<li><a href="https://www.benzinga.com/startups/24/11/41869153/mark-cuban-reveals-regrettable-shark-tank-deal-that-drives-him-crazy-was-a-chocolate-covered-pretzel-company-who-offered-free-shipping">Mark Cuban Reveals Regrettable Shark Tank Deal That &#8216;Drives Him Crazy&#8217; Was A Chocolate Covered Pretzel Company Who Offered Free Shipping</a></li>
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Some elements of this story were previously reported by Benzinga and it has been updated.
Photo: courtesy of ABC.

Entrepreneurship

Startups

General

Mark Cuban Says Most Entrepreneurs Make The Same Critical Mistake When Starting A Business

Corvain Cooper, co-founder of the social initiative and cannabis brand 40 Tons, has a story marked by injustice and redemption.
"Trump, in his last two minutes in office, gave me clemency and I got my life back," says Cooper, who went from facing life imprisonment for allegedly transporting 40 tons of cannabis to becoming a vocal advocate for industry reform and a champion for those most affected by the war on drugs.
"I want to use this second chance for a purpose," he said during an interview at the latest <a href="https://cannabismarketspotlight.com/california/anaheim-november-12/">Benzinga Cannabis Market Spotlight</a> event in California.
<h3 class="wp-block-heading">40 Tons: A Multidimensional Effort For Justice And Support</h3>
Cooper has dedicated his new chapter to assisting individuals still caught in the justice system for cannabis-related offenses. 
"I want to give back everything that was taken from me and try to restore another person's life the way mine was restored," he says. Through 40 Tons, Cooper backs initiatives like the &#8220;<a href="https://www.benzinga.com/markets/cannabis/22/10/29343352/mission-green-petitions-president-to-release-parker-coleman-who-is-serving-60-years-for-marijuan">Free Parker Coleman</a>&#8221; campaign. Coleman served 23 years of a 60-year sentence in federal prison on a nonviolent marijuana conspiracy charge. The organization also hosts events like CannaChristmas to raise funds for people still imprisoned on cannabis-related convictions.
The efforts of 40 Tons extend beyond advocacy. The organization also runs career fairs, offering resume writing, haircuts and LinkedIn support to help participants connect with job opportunities. They actively push for public campaigns to secure pardons before the current administration changes in the hope that what happened to Cooper might happen to others.
"We pray that Biden stands on his word and gets our POWs, ‘prisoners of war,' back home with their families," Cooper says.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/02/37084761/exclusive-40-tons-founder-says-cannabis-company-a-force-for-social-change">EXCLUSIVE: 40 Tons Founder Says Cannabis Company &#8216;A Force For Social Change&#8217;</a>
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<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="&#039;TRUMP Gave Me MY LIFE BACK': JUSTICE IN CANNABIS and Corvain Cooper's Fight" width="500" height="281" src="https://www.youtube.com/embed/saNGgxw4wdQ?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">Addressing Inequities In The Cannabis Industry</h3>
Having attended <a href="https://www.benzinga.com/markets/cannabis/23/07/33208271/what-does-it-mean-to-be-a-social-impact-cannabis-brand-40-tons-ceo-breaks-it-down">numerous</a> Benzinga events, Cooper sees these conferences as key opportunities to bridge the gap between diverse communities and investors, who are often underrepresented in such spaces and reluctant to participate.
"I want to bring people of color and folks like me and show them who to pitch to; this is where the money's at," he says. His goal is not only to secure investments but also to learn and share valuable knowledge with his community, aiming to expand the reach of the 40 Tons brand globally.
When discussing the hurdles of the <a href="https://www.benzinga.com/topic/california-cannabis">California cannabis market</a>, a major base of operations for 40 Tons, Cooper is straightforward in his critique. "It's a serious mess," he says, comparing the state&#8217;s cannabis market unfavorably to those of New York and Minnesota, which he believes are better managed, offering timely payments and higher wages. "It's hard to get off the ground when you're getting paid every 90 days," he adds.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/news/events/24/11/41997980/glass-house-ceo-calls-for-unity-in-california-cannabis-market-optimistic-about-federal-reform">Glass House CEO Calls For Unity In California Cannabis Market, Optimistic About Federal Reform</a></li>
</ul>

Cannabis

Events

40 Tons: The Social Initiative And Brand Empowering Communities Impacted By Cannabis Prohibition

After Donald Trump won the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">U.S. presidential election</a>, many Americans considered moving abroad. On Nov. 6, Google Trends showed a spike in searches from the United States for phrases like "moving abroad" and "foreign citizenship." Websites for expats – people who live outside their native country – have seen large jumps in traffic since the election.&nbsp;
Don't Miss:
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<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/red-ventures"> The percentage may shock you</a>.</li>
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<li><a href="https://www.benzinga.com/money/cd-valet-growth">CD Popularity Soars: Over 50 Million Americans Embrace Safe Savings with 5–10% Annual Growth</a></li>
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A survey from Casino.org, taken before the election, found about 20% of Americans would consider moving abroad if the election results were unfavorable. However, among those surveyed, 60% said they would be "very unlikely" to move and only 2.6% said they would be "very likely" to pack up and go.&nbsp;
For Americans contemplating the leap, <a href="https://www.benzinga.com/personal-finance/24/08/40429893/thinking-of-retiring-abroad-heres-the-expense-most-americans-regret-when-they-move">moving abroad</a> can be more than a romanticized escape – it's a substantial financial commitment. Costs vary greatly depending on the country, but potential expats need to factor in key expenses and legal requirements.
Casino.org's survey reveals the countries Americans most desire to move to postelection are Canada, the United Kingdom and Japan. Here's a closer look at what it would take to move to each destination.&nbsp;
Trending: Studies show 50% of consumers think Financial Advisors cost much more than they do –<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a>
<h2 class="wp-block-heading">Moving to Canada</h2>
With its proximity to the U.S. and cultural similarities, <a href="https://www.benzinga.com/24/11/41867032/trumps-tariff-plans-on-canadian-goods-would-inevitably-hurt-american-workers-warns-justin-trudeau">Canada</a> seems like a natural choice. There are a few primary visa options for Americans looking to move north. One is the Express Entry program, a points-based system targeting skilled workers. Applicants must qualify based on age, education, language proficiency (French) and work experience to be eligible. Application fees are around CAD 2,300 (USD 1,700) for a single applicant and CAD 4,500 (USD 3,200) for a couple.&nbsp;
Immigrants to Canada through Express Entry must also show they are financially stable and have sufficient funds in their bank accounts. For a single person, this amount is CAD 14,690 (USD 10,500).&nbsp;
Another visa option in Canada is the startup Visa Program, which requires a minimum investment and sponsorship by an approved organization. Without a visa, most Americans can stay in Canada for up to 180 days before they must leave.&nbsp;
Trending: <a href="https://www.benzinga.com/money/100k-cd">$100K Sitting In A CD Account, Should I Move Money Into The Stock Market?</a>
<h2 class="wp-block-heading">Leaving for the UK</h2>
The United Kingdom, another popular destination, has complex visa fees and regulations. U.S. citizens can stay in the UK for up to six months without a visa. Beyond that, Americans looking to move permanently must apply for a work visa if they have a job offer from a UK-based employer or try for a student visa if they are pursuing education.&nbsp;
The visa application fee for skilled workers starts at around £719 (USD 910), with additional costs for health care coverage under the Immigration Health Surcharge, which runs around £1,035 (USD 1,310) per year. Those without job offers may find the Global Talent Visa appealing, especially if they are leaders in science or the arts. The UK has no straightforward retirement visa for retirees, making it difficult for those no longer working.
Trending: Many are using this retirement income calculator to check if they&#8217;re on pace –<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on how on what&#8217;s behind this formula.</a>
<h2 class="wp-block-heading">Migrating to Japan</h2>
<a href="https://www.benzinga.com/government/regulations/24/11/41939018/japan-increases-semiconductor-funding-as-us-trade-policies-pressure-taiwan-semiconductor">Japan</a> presents unique options and challenges for Americans considering an international move. Americans can stay in Japan for up to 90 days without a visa. Japan offers a digital nomad visa that allows visitors to work remotely and stay for six months (with no extensions), though it has an annual income requirement of JPY 10 million (around USD 64,000).&nbsp;
For those wanting a longer-term stay, a work visa is generally required and they must have a job offer from a Japanese employer to obtain one.&nbsp;
<a href="https://www.benzinga.com/money/best-online-financial-advisors">Financial planning</a> for an international move is necessary regardless of destination. Beyond visa application fees, Americans should consider moving costs, whether shipping personal belongings or buying everything anew in their new location. Living costs vary by country – countries like the UK and Japan have higher living costs than many places in the U.S. and may require a larger financial cushion to get started.&nbsp;
Read Next:
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<li><a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a></li>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
</ul>

Personal Finance

After The Election, Americans Are Exploring Life Abroad – But What Are The Financial Costs?

Article via <a href="https://elplanteo.com/cannabis-medicinal-cocaina-legal-paraguay-chile-piero-liebman/">El Planteo</a>
<a href="https://elplanteo.com/viajar-con-cannabis-legal-piero-liebman/">Piero Liebman</a> has a clear goal: to prove that access to <a href="https://www.benzinga.com/cannabis">medical cannabis</a> should be a universal right, transcending borders. On his relentless mission, he has traveled across countries in Europe and Latin America, armed with proper documentation and a powerful message. Along the way, he has encountered surprising curiosities, like a permit in Paraguay that also included cocaine, and complex challenges such as the journey of Tierra del Fuego (an Argentine province) residents navigating through Chile.
These experiences not only reflect the progress in medical cannabis regulations but also highlight the contradictions and challenges that still persist in the region.
<h2 class="wp-block-heading">Paraguay And Legal Cocaine: A Surprising Authorization</h2>
One of the most unexpected moments of Piero's journey occurred in <a href="https://elplanteo.com/noticias/latinoamerica/paraguay/">Paraguay</a>. There, the National Directorate of Health Surveillance (DINAVISA) granted him a permit that, in addition to allowing the entry of 10 grams of medical cannabis, also included 2 grams of opioids and 2 grams of <a href="https://www.benzinga.com/markets/cannabis/24/02/36888515/amsterdam-mayor-advocates-cocaine-legalization-to-curb-organized-crime-people-have-a-need-for-st">cocaine</a>. According to DINAVISA, this authorization was due to a condition of "addiction." While Piero did not use the permit to transport the other substances, this case illustrates the contradictions in drug regulations across the region.
See also: <a href="https://www.benzinga.com/general/travel/24/11/41951409/traveling-the-world-with-legal-cannabis-fascinating-case-of-lawyer-who-carries-marijuana-in-his-luggage">Traveling The World With Legal Cannabis: Fascinating Case Of Lawyer Who Carries Marijuana In His Luggage</a>
"It's a curiosity. It's an example of how laws sometimes take unusual turns without truly considering patients' needs," reflects Piero. This case underscores the necessity for more specific and coherent regulatory frameworks focused on people's well-being rather than ambiguous interpretations.
<h2 class="wp-block-heading">Chile: When Borders Become Obstacles</h2>
Chile presents a different but equally significant challenge. For residents of the southernmost province in Argentina, Tierra del Fuego, crossing into mainland Argentina by land means passing through Chile. What should be a straightforward process often turns into a nightmare for those transporting medical cannabis authorized by <a href="https://elplanteo.com/como-inscribirse-en-reprocann/">Reprocann</a>, Argentina's patient registry. Chilean authorities frequently seize or confiscate these products, leaving many patients without their essential medicine.
See also: <a href="https://www.benzinga.com/news/retail-sales/24/11/41949918/landmark-case-paves-way-for-cannabis-distribution-to-marthas-vineyard-and-nantucket-islands">Landmark Case Paves Way For Cannabis Distribution To Martha&#8217;s Vineyard And Nantucket Islands</a>
"It's an absurd situation and a matter of sovereignty. These individuals are Argentine citizens but are forced to traverse a neighboring country that doesn't respect their right to health," explains Piero. This issue highlights the lack of coordination in cross-border policies and underscores the urgency of regional agreements to protect patients.
<h2 class="wp-block-heading">Next Steps: Regional Integration In Healthcare</h2>
Despite his significant progress, Piero acknowledges there is much work to be done. Cases like Chile's serve as a reminder that laws must adapt to patients' realities. "We need to work together as a region. Health should not be limited by borders," he emphasizes.
Piero continues to advocate for regional integration that harmonizes regulations and facilitates safe and legitimate access to medical treatments. His mission aims not only to solve individual problems but also to lay the groundwork for structural change in Latin America.
<h2 class="wp-block-heading">Documentation: The Key To Piero&#8217;s Advocacy</h2>
Every step of his journey is backed by official documentation. Specific permits, court rulings and authorizations are always on hand, ready to share with those interested in understanding the intricacies of his mission. "Transparency is fundamental in this work. Everything is documented, from permits to legal processes. That's what gives legitimacy to what we do," Piero says.
Piero Liebman's crusade for access to medical cannabis highlights both the advances and challenges in Latin America. From the peculiar authorization in Paraguay to the sovereignty issues with Chile, his experience underscores the urgent need to harmonize laws and ensure all patients can access their treatments without complications.
In a continent full of contrasts, Piero's story serves as a reminder that change is possible but requires perseverance, coordination, and a human-focused approach to healthcare policies.
Cover image made with AI

Latin America

Psychedelics

Interview

Medical Cannabis And Legal Cocaine: The Unusual Permit That Puts Border Laws In Check

An endorsement of Donald Trump by Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk angered some existing owners of vehicles made by the <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">electric vehicle company</a>.
People who are embarrassed to be driving Tesla vehicles after the 2024 election are buying bumper stickers to show their anger of the Trump endorsement.
What Happened: Tesla owners may <a href="https://www.benzinga.com/news/24/07/39804113/exclusive-elon-musk-is-burning-his-own-blue-bridges-by-donating-to-trump-says-market-expert">disagree with Musk</a> many times throughout the year, whether it's his posts on X, views on cryptocurrency or his recent increased political campaigning and funding.
The endorsement of Trump in the 2024 election may have been the final straw for some Tesla owners. While some Tesla owners may decide to sell their vehicle in protest and get a different vehicle, some are likely to keep the vehicle due to Tesla's advanced technology.
Those who love their Tesla vehicles, but are mad at Musk have turned to a solution of plastering anti-Elon Musk bumper stickers on their vehicle.
Matthew Hiller of Hawaii has a sticker business <a href="https://www.etsy.com/shop/MadPufferStickers">called </a>Mad Puffer Stickers on Etsy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) that has been among the places where Tesla owners are turning after the election.
Hiller shared with <a href="https://heatmap.news/electric-vehicles/anti-elon-bumper-sticker-tesla">Heatmap </a>that the sticker business is his side hustle to a full-time job at an aquarium. As a fan of making fish stickers and other designs, Hiller used his personal experience of wanting to buy a Tesla in early 2023, but not agreeing with everything Musk stood for.
"When he bought Twitter, he started extreme censoring of information, taking verification marks off The New York Times and things like that to sow discontent, disinformation, and push his agenda. And it was ugly," Hiller said.
Hiller realized that there were likely many people who were now embarrassed to be driving their Teslas around.
"So I made the fist sticker, which said, ‘I bought this before we knew Elon was crazy.'"
Hiller printed up a small run and after a slow initial time to see some sales, the stickers went viral a couple of times. Eventually Hiller was selling five to seven stickers a day and some days he would sell 50 because of a picture going viral.
"And now, at this point, it's gone insane."
Hiller told Heatmap his sales have been "unbelievable" since the 2024 election.
After the election, Hiller said he sold between 250 and 300 in one day and said the sales have "been steady ever since."
"I can barely keep up."
You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/entertainment/24/10/41187322/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five </a><a href="https://www.benzinga.com/general/space/24/11/42013739/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-43">stocks </a><a href="https://www.benzinga.com/general/entertainment/24/10/41187322/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">flying under the radar that deserve your attention.</a>
The sticker entrepreneur said he can barely keep up with the momentum and comes home from the aquarium to start packing stickers until night.
Hiller estimates that he's sold around 10,000 stickers since he started on Etsy and he is currently selling around 180 total stickers per day, a total that doesn't just include anti-Elon Musk stickers.
The most popular sticker sold by Hiller is the "I bought this before we knew Elon was crazy," which he said is by far the top seller. &nbsp;
Along with being a popular seller on Etsy, the anti-Musk bumper stickers are also among the top sellers on <a href="https://www.amazon.com/Tesla-Bumper-Sticker-Bought-Accessories/dp/B0C4KHKN4S/ref=zg_bs_g_268880011_d_sccl_3/142-4678181-8008934?psc=1">Amazon </a>with Hiller's most popular design ranked among the top five bumper stickers on the e-commerce site, sometimes hitting number one in the category.
"That's insane. People hate Elon more than they love Trump or Kamala?" Hiller added.
Read Next: 
<a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">If Tesla Stock Hits All-Time Highs In 2025, Will It Be Driven By Trump-Musk Relationship? Benzinga Readers Say This</a>

Success Stories

ETSY

TSLA

Tesla Owners Who Don't Like Musk Are Letting Bumper Stickers Do The Talking

<h2 class="wp-block-heading">Man Sentenced To 12 ½ Years For Bitcoin Money Laundering On The Darknet&nbsp;</h2>
Roman Sterlingov was sentenced <a href="https://www.justice.gov/opa/pr/bitcoin-fog-operator-sentenced-money-laundering-conspiracy">last Friday</a> to 12 years and six months in prison for his operation of the longest-running Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) money laundering service on the darknet. 
Sterlingov was also ordered to pay a forfeiture money judgment in the amount of $395,563,025.39 and forfeiture of seized cryptocurrencies and monetary assets valued at approximately $1.76 million. Additionally, he was ordered to forfeit his interest in the Bitcoin Fog wallet, totaling approximately 1,345 bitcoin and currently valued at more than $103 million.
Read Next: <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a>
According to court documents and evidence presented at trial, from 2011 through 2021, Sterlingov was involved in operating Bitcoin Fog, the darknet's longest-running cryptocurrency "mixer." Bitcoin Fog became known as a money laundering service for criminals and processed transactions involving over 1.2 million bitcoin, valued at approximately $400 million at the time the transactions occurred.&nbsp;
"Roman Sterlingov ran the longest-running bitcoin money laundering service on the darknet, and today he paid the price," said Deputy Attorney General Lisa Monaco.&nbsp;
"In the deepest corners of the internet, he provided a home for criminals of all stripes, from drug traffickers to identity thieves, to store hundreds of millions of dollars in illicit proceeds," Monaco said.&nbsp;
<h2 class="wp-block-heading">Man Pleads Guilty To Conspiracy To Launder Cryptocurrency Scam Proceeds</h2>
Daren Li, a dual citizen of China and St. Kitts and Nevis, pleaded guilty <a href="https://www.justice.gov/opa/pr/foreign-national-pleads-guilty-laundering-millions-proceeds-cryptocurrency-investment-scams">on Tuesday </a>to one count of conspiracy to commit money laundering for his role in a scheme to launder millions of dollars in proceeds of cryptocurrency investment scams.
According to court documents, Li admitted that he conspired with others to launder funds obtained from victims through cryptocurrency scams and related fraud. Li instructed co-conspirators to open U.S. bank accounts on behalf of shell companies and would then monitor the receipt interstate and international wire transfers of victim funds.&nbsp;
Read More: <a href="https://www.benzinga.com/general/social-media/24/11/41993328/trump-media-insiders-sell-more-than-16-million-in-djt-stock">Trump Media Insiders Sell More Than $16 Million In DJT Stock</a>
Li and his co-conspirators received victim funds in financial accounts they controlled, and then monitor the conversion of victim funds to virtual currency, specifically Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), and the eventual distribution of the virtual currency to cryptocurrency wallets controlled by Li and his co-conspirators.
"Financial criminals and the money launderers who enable them wreak untold harm, ruining lives in the process," said United States Attorney Martin Estrada for the Central District of California.&nbsp;
"Investors should be diligent and on guard against anyone offering quick riches via new, exotic investments. A healthy dose of skepticism could prevent financial ruin down the road," Estrada said.&nbsp;
<h2 class="wp-block-heading">SEC Charges Invesco Advisers For Misleading Statements About ESG Investments</h2>
Last Friday, the Securities and Exchange Commission (SEC) charged Invesco Advisers, Inc. for making <a href="https://www.sec.gov/newsroom/press-releases/2024-179">misleading statements</a> about the percentage of company-wide assets under management that integrated environmental, social, and governance (ESG) factors in investment decisions.&nbsp;
According to the SEC's order, from 2020 to 2022, Invesco told clients and stated in marketing materials that between 70% and 94% of its parent company's assets under management were "ESG integrated." However, these percentages included a substantial amount of assets that were held in passive ETFs that did not consider ESG factors in investment decisions. The SEC's order also found that Invesco lacked any written policy defining ESG integration.
"As stated in the order, Invesco saw commercial value in claiming that a high percentage of company-wide assets were ESG integrated. But saying it doesn't make it so," said Sanjay Wadhwa, Acting Director of the SEC's Division of Enforcement.&nbsp;
"Companies should be straightforward with their clients and investors rather than seeking to capitalize on investing trends and buzzwords," Wadhwa added.&nbsp;
Invesco agreed to cease and desist from violations of the charged provisions, be censured and pay a $17.5 million civil penalty to settle the SEC's charges.&nbsp;
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</ul>
Image: NoName_13 from Pixabay

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

Cryptocurrency

Legal

$BTC

$USDT

Financial Crime Weekly: Darknet Money Laundering, Crypto Scams, Invesco Pays $17.5M SEC Penalty

Sean Parker, the Napster co-founder and Facebook's (now called Meta Platforms) first president, has reached $3 billion in net worth, as <a href="https://www.forbes.com/profile/sean-parker/">per</a> Forbes.
A teenage hacker turned billionaire entrepreneur, Parker's career spans revolutionary tech ventures, philanthropy, and political donations.
A defining quote from him encapsulates his entrepreneurial mindset: &#8220;Your biggest challenge as an entrepreneur is not concealing your idea from others or keeping your idea secret. It's actually convincing people that you're not crazy and that you can pull it off.&#8221;
Here&#8217;s a look at his journey:
Early Days: From Hacker To Napster
Born in Herndon, Virginia, Parker's journey began with hacking. By his teenage years, he had broken into systems of universities and Fortune 500 companies, though this led to community service after an FBI investigation.&nbsp;
At 19, he <a href="https://www.benzinga.com/news/12/06/2644261/facebook-and-napster-men-to-launch-airtime">co-founded Napster with</a> Shawn Fanning in 1999, a file-sharing platform that revolutionized music consumption. Despite its eventual shutdown after lawsuits, Napster cemented Parker's reputation as a tech innovator.
See Also: <a href="https://www.benzinga.com/markets/24/11/41997920/if-you-dropped-1000-on-spotify-when-joe-rogans-show-became-an-exclusive-heres-how-much-youd-have-today">If You Dropped $1,000 On Spotify When Joe Rogan&#8217;s Show Became An Exclusive, Here&#8217;s How Much You&#8217;d Have Today</a>
Facebook And Beyond
In 2004, Parker <a href="https://www.benzinga.com/media/17/11/10754929/sean-parker-on-social-media-god-only-knows-what-its-doing-to-our-childrens-brai">joined Facebook as its first president</a> at age 24. He was pivotal in securing early investments and shaping the platform's trajectory.
Parker's early 4% stake in Facebook skyrocketed in value after the company's IPO in 2012, solidifying his financial standing.
Despite stepping down in 2005 following a controversial arrest, Parker's influence on Facebook persisted.
Beyond Facebook, Parker's investments have been instrumental in maintaining his fortune. In 2010, he invested $15 million in a 5% stake in Spotify Inc. and <a href="https://www.benzinga.com/news/24/10/41137657/spotify-ceo-daniel-ek-says-he-stays-away-from-sports-competition-with-facebook-co-founder-mark-zucke">served on its board until 2017</a>.
Earlier this year in June, he joined Stability AI, a generative AI company, as executive board chairman, signaling his continued belief in transformative technologies.
Philanthropy And Political Impact
Now 44, Parker channels his wealth into philanthropy and politics. In 2015, he launched the Parker Foundation with $600 million to support life sciences, global health, and civic engagement.
Notable initiatives include the Parker Institute for Cancer Immunotherapy and funding for allergy research at Stanford.
Politically, Parker has donated millions to candidates across party lines and played a key role in the Opportunity Zones provision of the 2017 Jobs Act to boost investment in underprivileged U.S. communities.
Lavish Lifestyle And Cultural Impact
Parker is known for his extravagant lifestyle, including properties worth over $100 million, and his Tolkien-themed wedding in 2013, which cost $4.5 million.
Despite criticism over its ecological impact, the event underscored his penchant for luxury.
Hollywood also immortalized Parker's influence. Justin Timberlake portrayed him in "The Social Network," though Parker dismissed the character as a fictional exaggeration.
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</ul>
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.
Photo courtesy: Wikimedia

Tech

Sean Parker's Net Worth Touches $3B: From Launching Napster To Becoming Facebook Billionaire, The Story Of Teenage Hacker Turned Entrepreneur

OpenAI CEO Sam Altman has responded to Elon Musk's ongoing criticism of OpenAI&#8217;s ChatGPT's alleged left-wing bias, specifically in the context of the billionaire&#8217;s own AI chatbot, Grok.
What Happened: On Friday, Altman took to X, formerly Twitter, to refute Musk&#8217;s claims of political bias in ChatGPT.
He compared the responses of&nbsp;ChatGPT and Musk&#8217;s AI chatbot,&nbsp;Grok, to a political query, subtly challenging Musk&#8217;s accusations. &#8220;Which&nbsp;one is supposed to be&nbsp;the left-wing propaganda machine again?&#8221;&nbsp;Altman wrote.
The OpenAI CEO then underscored the neutrality of ChatGPT, stating, &#8220;We&nbsp;are proud of how consistently&nbsp;ChatGPT scores as the least biased AI in evals.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/11/41932289/ai-capabilities-plateauing-say-andreessen-horowitz-founders-echoing-concerns-of-openai-co-founder-ilya-sutskever?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Capabilities Plateauing, Say Andreessen Horowitz Founders, Echoing Concerns Of OpenAI Co-Founder Ilya Sutskever</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">we are proud of how consistently chatgpt scores as the least biased ai in evals. that is an important default (and then users should have lots of choice to customize).
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1857571064882368664?ref_src=twsrc%5Etfw">November 15, 2024</a></blockquote>
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Following Altman&#8217;s post, Musk replied by saying, &#8220;Swindly Sam is at it again.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Swindly Sam is at it again … <a href="https://t.co/g86nws9g9h">https://t.co/g86nws9g9h</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857590183215948116?ref_src=twsrc%5Etfw">November 16, 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: Musk co-founded OpenAI with&nbsp;Altman and Greg Brockman in&nbsp;2015 but left&nbsp;in 2018 due to disagreement over the company&#8217;s direction.
The tech mogul has since&nbsp;filed a lawsuit against OpenAI,&nbsp;accusing it of prioritizing commercial interests over public good and&nbsp;attempting to undermine competitors like&nbsp;his own company xAI.
In September earlier this year, Musk expressed his displeasure over&nbsp;reports about <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">OpenAI&#8217;s transition to a for-profit entity</a>, which could potentially give Altman a 7% stake in the company.
Despite their strained relationship, Altman acknowledged Musk&#8217;s early contribution to <a href="https://www.benzinga.com/24/11/41893707/openai-ceo-sam-altman-thanks-elon-musk-for-early-support-in-chatgpts-rise-and-shares-advice-hed-give-his-younger-self-at-stanford">OpenAI in an interview</a> earlier this month. The OpenAI CEO called Musk&#8217;s early contribution &#8220;very helpful.&#8221;
OpenAI&#8217;s valuation soared to $157 billion in October, following a <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">funding round</a> that secured more than $6.5 billion. Meanwhile, Musk&#8217;s xAI fetched a $24 billion valuation in May after securing <a href="https://www.benzinga.com/news/24/05/39025708/elon-musk-cheers-funding-after-xai-secures-6b-from-sequoia-andreessen-horowitz-saudi-prince-alwaleed">$6 billion in a funding round</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/general/social-media/24/11/42022443/ibm-disney-and-other-large-advertisers-return-to-elon-musks-x-after-a-year-long-boycott-we-super-appreciate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">IBM, Disney And Other Large Advertisers Return To Elon Musk&#8217;s X After A Year-Long Boycott: &#8216;We Super Appreciate&#8217;</a></li>
</ul>
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.
Photos courtesy: Shutterstock

OpenAI Co-Founders, Now Rivals Sam Altman And Elon Musk Clash Over ChatGPT And xAI's Grok Chatbots Again

Jake Paul, a YouTuber-turned-boxer, defeated boxing legend Mike Tyson in the <a href="https://www.benzinga.com/news/24/11/42017511/netflix-streams-mike-tyson-vs-jake-paul-the-fight-everyones-talking-about">first live boxing event</a> hosted by Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>).
What Happened: The event took place at the AT&amp;T&nbsp;Stadium in Arlington, Texas, on&nbsp;Friday, where Paul, 27, won over 58-year-old Tyson&nbsp;in an eight-round heavyweight match&nbsp;via unanimous decision.
The match,&nbsp;sanctioned by the Texas Department&nbsp;of Licensing and Regulation, saw both fighters wearing 14-ounce gloves, a deviation from the standard 10-ounce gloves typically used in heavyweight fights.
The judges&#8217; scores were overwhelmingly in Paul&#8217;s favor, with tallies of 80-72, 79-73, and 79-73.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41963342/elizabeth-warrens-sarcastic-take-on-doges-split-leadership-gets-slammed-by-elon-musk-unlike-you-neither-of-us-are-being-paid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren&#8217;s Sarcastic Take On DOGE&#8217;s Split Leadership Gets Slammed By Elon Musk</a>
The fight was initially scheduled for July 20 but was postponed due to Tyson requiring medical attention&nbsp;for an ulcer flareup.
Tyson last competed professionally in 2005 but returned to the ring in a notable exhibition bout against Roy Jones Jr. in 2020, which concluded in a split draw.
Tensions escalated during the weigh-in when Tyson struck Paul.
Why It Matters: This event is a <a href="https://www.benzinga.com/news/24/11/42017511/netflix-streams-mike-tyson-vs-jake-paul-the-fight-everyones-talking-about">significant milestone for Netflix</a> in its endeavor to expand into live sports content, supplementing its existing portfolio of&nbsp;live comedy stand-ups, award shows,&nbsp;and special events.
The streaming giant currently has over 282 million global paid subscribers, with its ad-supported plan recently reaching 70 million subscribers.
Last month, Netflix reported strong third-quarter financial results. The <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">company&#8217;s revenue was $9.825 billion</a>, a 15% increase year-over-year, beating the Street consensus estimate of $9.769 billion.
This successful foray into live sports content could potentially boost Netflix&#8217;s subscriber base and revenue in the future.
Price Action: Netflix shares ended Friday's trading session down 1.57%, closing at $823.96. In after-hours trading, the stock edged up slightly to $825.50 as of this writing, according to&nbsp;<a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
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</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Netflix

Entertainment

Sports

NFLX

Mike Tyson Vs. Jake Paul: Netflix's Explosive Boxing Event Ends With Paul's Victory

Cryptocurrency enthusiasts are closely watching as both Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) near critical buying levels, according to renowned analyst Michael van de Poppe.
What Happened: Van de Poppe has identified that Bitcoin and Ethereum are approaching levels where purchasing on dips could prove beneficial.
Van de Poppe stressed the significance of &#8220;dip buying&#8221; for Bitcoin, which is currently trading at $89,250. He pointed out that Bitcoin is nearing its first major point of interest for traders.
Meanwhile, Ethereum, priced at $3,040, is also nearing an optimal entry point.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Dip buying, that&#39;s what we want with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. Getting close to the first point of interest, and, in the meantime, <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is getting close towards an optimal entry as well. <a href="https://t.co/H5jEp4QHZA">pic.twitter.com/H5jEp4QHZA</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1857340263305281936?ref_src=twsrc%5Etfw">November 15, 2024</a></blockquote>
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"Dip buying, that's what we want with Bitcoin. Getting close to the first point of interest, and, in the meantime, ETH is getting close towards an optimal entry as well."
"The general plan for the upcoming period is to buy the dip."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The general plan for the upcoming period is to: &#8211; Buy the Dip. It&#39;s as easy as it is. <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> are likely breaking out left and right in the upcoming weeks and you&#39;d want to maximize that through buying those 20-50% dips.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1857128111865045060?ref_src=twsrc%5Etfw">November 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41987257/elon-musks-hedgehog-meme-coin-shrub-outpaces-dogecoin-shiba-inu-gains-surges-3000-in-a-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Hedgehog Meme Coin &#8216;SHRUB&#8217; Outpaces Dogecoin, Shiba Inu Gains, Surges 3,000% In A Week</a>
The analyst also highlighted opportunities in other altcoins, advising traders to watch for entry points in these digital assets in the coming weeks.
Van de Poppe&#8217;s strategy for the near future involves buying dips, with altcoins expected to see significant breakouts.
He recommended maximizing potential gains by purchasing altcoins during 20-50% dips, allowing traders to capitalize on anticipated market movements in the cryptocurrency sector.
Why It Matters: The cryptocurrency market has been experiencing fluctuations, with recent events adding complexity to the trading landscape. Earlier this week, <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41998395/bitcoin-ethereum-dogecoin-take-a-u-turn-as-jerome-powells-statements-dampen-rate-cut-expectations-analytics-firm-explains-why-btc-bull-market-has-not-yet-ended">Federal Reserve Chair Jerome Powell&#8217;s remarks</a> dampened hopes for rate cuts, causing Bitcoin to dip below $88,000 after initially surpassing $91,000. Ethereum also saw a decline, dropping from $3,240 to $3,040.
Despite these setbacks, optimism remains. On November 15, Ark Invest's Cathie Wood projected Bitcoin&#8217;s price <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42019038/bitcoin-to-hit-up-to-1-5-million-by-2030-says-cathie-wood">could reach up to $1.5 million</a> by 2030, citing regulatory relief and growing institutional interest.
Additionally, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41930918/trumps-high-inflation-regime-will-weaken-the-dollar-and-push-bitcoin-to-1m-says-arthur-hayes-get-long-and-stay-long">Arthur Hayes</a> suggested that policies under President-elect Donald Trump might weaken the dollar, boosting Bitcoin&#8217;s value.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Analyst Color

$ETH

Michael Van De Poppe Says Bitcoin, Ethereum And Altcoins Close To The Point Where Investors Can 'Buy The Dip'

Cathie Wood, CEO of ARK Invest, has publicly backed Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Elon Musk's appointment to lead the <a href="https://www.benzinga.com/topic/department-of-government-efficiency">Department of Government Efficiency (DOGE)</a>.
What Happened:&nbsp;In an <a href="https://www.cnbc.com/video/2024/11/15/watch-cnbcs-full-interview-with-ark-invest-ceo-cathie-wood.html">interview</a> with CNBC on Friday, Wood said that Musk's understanding of technology and data will be key in his new role at DOGE.
DOGE, named after the cryptocurrency Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), aims to minimize waste, eliminate unnecessary regulations, and reorganize agencies to enhance efficiency.
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42010539/whats-going-on-with-palantir-technologies-stock-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Palantir Technologies Stock Today?</a>
Wood stated that Musk's companies, including X, formerly Twitter, Neuralink, and SpaceX, gather vast amounts of data, putting him in a unique position to improve government operations.
&#8220;The way we're looking at this is, Elon understands we are at the threshold of a convergence among many technologies,&#8221; she stated.
Adding, &#8220;AI being at the center of it, and proprietary data is winning. So he has more proprietary data from all of these companies than I think any other CEO.&#8221;
Musk, who was appointed by President-elect Donald Trump, will spearhead the commission aimed at reducing the U.S. federal budget, to cut up to $2 trillion.
Vivek Ramaswamy, a former Republican primary candidate, will co-direct the group with Musk.
Why It Matters:&nbsp;On Thursday, the official X, formerly Twitter, account of DOGE called for high-IQ candidates willing to <a href="https://www.benzinga.com/news/24/11/41998717/elon-musk-and-vivek-ramaswamy-are-looking-for-high-iq-small-government-revolutionaries-who-are-willing-to-put-in-80-hours-at-doge">work 80+ hours a week</a> to streamline government spending and cut bureaucracy.
This criterion is similar to Musk's well-known 2022 late-night email to Twitter employees, where he encouraged them to be "extremely hardcore" and commit to "long hours at high intensity."
However, analysts have warned that Musk&#8217;s efficiency plans should not be underestimated, but it will <a href="https://www.benzinga.com/news/24/11/41961033/gene-munster-says-elon-musks-doge-efficiency-plans-should-not-be-underestimated-but-warns-itll-likely-take-many-years-to-achieve-2-trillion-in-government-spending">likely take many years</a> to achieve $2 trillion in government spending cuts.
Trump has previously stated that the work of the DOGE department is expected to be completed by July 4, 2026, at the latest.
Price Action: Dogecoin is currently priced at $0.378, reflecting a 4.14% rise in the last 24 hours. However, its trading volume has dropped by 37.06%, reaching $10.12 billion as of this writing.
Tesla shares closed Friday's trading up 3.07%, ending at $320.72. In after-hours trading, the stock saw a slight increase, reaching $320.74 at the time of writing, according to&nbsp;<a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
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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.
Photo courtesy: World Economic Forum

Politics

Media

$DOGE

Cathie Wood Backs Elon Musk's $2 Trillion DOGE Initiative, Says Tesla CEO's Access To 'Proprietary Data' And AI Gives Him An Edge

The United States has agreed to provide up to $6.6 billion in direct funding to Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) to build advanced chip facilities in the U.S.
The deal aims to enhance domestic semiconductor production and bolster national security by reducing reliance on foreign suppliers, Barron's <a target="_blank" href="https://www.barrons.com/news/us-finalizes-up-to-6-6-bn-funding-for-chip-giant-tsmc-65252814" rel="noreferrer noopener">reports</a>.
The Biden administration announced that Taiwan Semiconductor's investment will attract $65 billion in private capital to establish three state-of-the-art plants in Arizona.
Don&#8217;t Miss:
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The announcement comes just before President-elect Donald Trump assumes office. Trump had previously attacked Taiwan for allegedly undermining the U.S. chip industry and <a target="_blank" href="https://www.benzinga.com/government/regulations/24/11/41845483/taiwan-semiconductor-us-expansion-plans-unfazed-by-trump-win-report" rel="noreferrer noopener">criticized the U.S. Chips Act</a>.
The first of Taiwan Semiconductor's facilities will likely commence operations by early 2025, focusing on producing cutting-edge logic chips. These chips will power next-generation technologies, including 5G/6G smartphones, autonomous vehicles, and AI applications.
Early production at the Arizona plant reportedly matches the quality of Taiwan Semiconductor's facilities in Taiwan, showcasing <a target="_blank" href="https://www.benzinga.com/government/24/10/41545709/usa-scores-big-win-taiwan-semiconductor-arizona-plant-sees-good-production-yields" rel="noreferrer noopener">strong initial yields</a>.
Commerce Secretary Gina Raimondo told Barron's the importance of manufacturing these advanced chips domestically, emphasizing their role in AI, quantum computing, and military hardware.
The initiative aims to mitigate risks associated with overseas supply chains by producing these chips on U.S. soil, addressing a critical national security concern.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
In addition to the direct funding, the U.S. government is extending up to $5 billion in proposed loans to support Taiwan Semiconductor's Arizona project.
The investment will likely generate approximately 6,000 direct manufacturing jobs. A senior U.S. official told Barron's that at least $1 billion of the allocated funding could be distributed to Taiwan Semiconductor this year, contingent on meeting specific milestones.
Meanwhile, Taiwan Semiconductor remains focused on consolidating its moat while diversifying its footprint beyond Taiwan as global governments dole out attractive subsidies.
The contract chipmaker has <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/24/11/41951575/taiwan-semi-boosts-advanced-chipmaking-with-record-euv-expansion-grabs-56-global-share" rel="noreferrer noopener">ramped up its</a> deployment of extreme ultraviolet (EUV) lithography systems, a vital technology in semiconductor production, even with the substantial expense involved.
Each EUV machine costs more than $100 million, making them some of the most costly assets in the chip manufacturing sector.
Industry analysts suggest that TSMC has significantly boosted its EUV capacity, increasing its share of global EUV installations from 50% in 2020 to 56% by 2023.
In Asia, Japan has also earmarked over $64.9 billion to <a target="_blank" href="https://www.benzinga.com/government/regulations/24/11/41939018/japan-increases-semiconductor-funding-as-us-trade-policies-pressure-taiwan-semiconductor" rel="noreferrer noopener">boost the semiconductor and AI</a> sectors. Taiwan Semiconductor is eyeing a second facility in Japan's Kumamoto region, considering a $13.5 billion investment after its first $8.6 billion wafer factory there.
Additionally, the company intends to establish a third advanced chip plant valued at $20 billion in Kumamoto to produce 3-nanometer chips.
Taiwan Semiconductor stock is up 86% year-to-date.
Price Actions: TSM stock is down -2.57% at $186.01 at the last check on Friday.
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Image via Shutterstock

Government

Regulations

Just Before Biden's Term Ends, Taiwan Semiconductor Lands $6.6 Billion in US Funding to Build Advanced Chip Plants

Elon Musk has expressed gratitude as major brands, including IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Comcast (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), and Warner Bros.&nbsp;Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>), resumed advertising on X, formerly Twitter.
What Happened: On Friday, Musk took to X and expressed his appreciation to companies for recommencing advertising on X following a <a href="https://www.benzinga.com/news/23/12/36056462/elon-musks-standoff-with-apple-disney-and-other-big-advertisers-forces-x-to-turn-to-smaller-ones">year-long boycott due to brand safety concerns</a>.
This information was shared by social media personality Mario Nawfal on X.
Musk responded to Nawfal's post,&nbsp;saying,&nbsp;&#8220;Just want to say that&nbsp;we super appreciate&nbsp;major brands resuming advertising on&nbsp;our platform!&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/41872302/taylor-swift-fans-abandon-elon-musks-x-for-bluesky-how-trumps-election-victory-triggered-swifties-uprising?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Taylor Swift Fans Abandon Elon Musk&#8217;s X For Bluesky, Says Report: How Trump&#8217;s Election Victory Triggered Swifties Uprising</a>
He also expressed&nbsp;his gratitude to&nbsp;X CEO Linda Yaccarino and&nbsp;the entire X team&nbsp;for restoring&nbsp;advertisers&#8217; confidence.
<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">Just want to say that we super appreciate major brands resuming advertising on our platform! Thanks <a href="https://twitter.com/lindayaX?ref_src=twsrc%5Etfw">@lindayaX</a> and the whole &#120143; team for your hard work in restoring confidence in our platform and ensuring that advertising content only appears where advertisers want it shown. <a href="https://t.co/e508KrMo9g">https://t.co/e508KrMo9g</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857471850676367646?ref_src=twsrc%5Etfw">November 15, 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: In September, it was reported that more companies were <a href="https://www.benzinga.com/news/24/09/40762349/x-faces-major-advertiser-exodus-amid-string-of-elon-musk-controversies">considering pulling ads from X</a> next year due to concerns that their <a href="https://www.benzinga.com/news/23/11/35842015/ibm-pulls-adverts-from-elon-musks-x-following-antisemitic-content-allegations">brands could be harmed by the platform&#8217;s content</a>.
A Kantar survey also&nbsp;revealed that 26% more marketers&nbsp;plan to decrease their spending&nbsp;on X ads in 2025,&nbsp;marking the largest recorded decline&nbsp;in ad spending for any major global platform.
However, following the U.S. 2024 Presidential election, it was reported that some advertisers are contemplating a return to X to gain favor with Musk and President-Elect Donald Trump.
This development also comes as&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <a href="https://www.benzinga.com/general/social-media/24/11/41963996/mark-zuckerbergs-meta-eyes-2025-to-introduce-ads-on-threads-as-elon-musks-x-loses-favor-with-major-brands-report">plans to introduce ads</a> on its Threads early next year, potentially capitalizing on X&#8217;s loss of favor with major brands.
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>.
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Photo courtesy: Shutterstock

Social Media

CMCSA

IBM, Disney And Other Large Advertisers Return To Elon Musk's X After A Year-Long Boycott: 'We Super Appreciate'

The global plant-based Active Pharmaceutical Ingredient (API) market is projected to grow at a steady pace, reaching a valuation of $52.1 billion by 2034, according to a <a href="https://www.futuremarketinsights.com/reports/plant-based-api-market">new report</a> by Future Market Insights. The industry is expected to expand at a Compound Annual Growth Rate (CAGR) of 5.6%, fueled by rising demand for natural and sustainable pharmaceutical solutions, including <a href="https://www.benzinga.com/markets/psychedelics">psychedelics</a> and <a href="https://www.benzinga.com/topic/cannabis-products">cannabis-derived</a> compounds.
<h3 class="wp-block-heading">Rising Demand For Psychedelic And Cannabis-Based Ingredients</h3>
A significant driver of market growth is the increasing use of psychoactive and plant-derived substances in modern pharmacology. Psychedelics like <a href="https://www.benzinga.com/topic/psilocybin">psilocybin</a> and cannabinoids such as <a href="https://www.benzinga.com/topic/cbd">CBD</a> and <a href="http://v">THC</a> are gaining attention for their <a href="http://v">therapeutic potential</a> in mental health and oncology. The U.S., a key player in the market, is leveraging biotechnological advances like <a href="https://www.genome.gov/genetics-glossary/CRISPR#:~:text=CRISPR%20(short%20for%20%E2%80%9Cclustered%20regularly,editing%20systems%20found%20in%20bacteria.">CRISPR</a> and synthetic biology to scale production of these high-demand APIs, contributing to a 4.2% CAGR.
"The global shift toward sustainable, plant-based solutions reflects both consumer interest in natural medicine and the pharmaceutical industry's focus on alternative therapies," said Sabyasachi Ghosh, associate VP at Future Market Insights. The market&#8217;s rapid expansion underscores the increasing acceptance of psychedelics and cannabis as mainstream pharmaceutical ingredients.
<h3 class="wp-block-heading">Therapeutic Applications And Key Botanical Sources</h3>
Plant-based APIs are harnessed from well-documented medicinal plants such as cannabis, ginseng, turmeric and cinchona. These natural sources contain bioactive compounds like flavonoids, terpenes and alkaloids, offering various therapeutic benefits. Major applications of plant-based APIs include pain management, anti-inflammatory treatments and oncology therapies.
The incorporation of cannabinoids, particularly CBD and THC, into pharmaceutical formulations is reshaping the landscape of pain and anxiety treatments. Similarly, psychoactive compounds from plants like Syrian rue and Psilocybe mushrooms are being explored for treating mental health disorders like depression and PTSD.
<h3 class="wp-block-heading">Regional Growth And Market Segmentation</h3>
The report highlights robust growth in Asian markets, with India leading at an 8.8% CAGR, followed closely by China (8.7%) and South Korea (8.6%). These regions are investing heavily in agricultural biotechnologies and expanding their capabilities in plant-based pharmaceutical production.
The market segments by product type, covering alkaloids, cannabinoids, <a href="https://www.benzinga.com/markets/cannabis/24/05/39064102/cannabis-terpenes-alleviate-chemo-induced-neuropathic-pain-study-shows-added-benefits-with-morph">terpenes</a>, flavonoids and polyphenols. It also includes API forms like extracts, powders and resins from botanicals such as opium poppy, turmeric, ginseng and cannabis.
<h3 class="wp-block-heading">Competitive Landscape: Psychedelics And Cannabis Companies Lead the Charge</h3>
The plant-based API sector is experiencing intense competition, particularly in the cannabis and psychedelics segments. Companies are rapidly scaling production and forming key partnerships to meet the rising demand for plant-based, pharmaceutical-grade ingredients.
Recent developments include Bright Green Corporation's agreement to supply <a href="https://www.benzinga.com/24/02/37292778/dea-clears-this-nasdaq-traded-plant-touching-firm-to-research-and-produce-schedule-i-and-ii-plant-ba">DEA-approved marijuana</a> extracts and psychedelic compounds to Benuvia Operations. Indena's authorization from Italian regulators to produce pharmaceutical-grade CBD further illustrates the expanding global footprint of cannabis-derived APIs.
Key players in the industry include the Illinois-based Abbott (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), New Mexico&#8217;s Bright Green Corporation, Indena S.p.A., headquartered in Milan, Italy, Alchem International Pvt. Ltd., based in India, Israeli Teva Pharmaceutical Industries Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>); Roquette Frères, based in Lestrem, France; and Sami-Sabinsa Group, based in New Jersey.
<h3 class="wp-block-heading">The Future Of Plant-Based APIs: Sustainable And Psychedelic Solutions</h3>
The growing demand for sustainable, natural treatments will likely position the plant-based API market at the forefront of global healthcare. As pharmaceutical companies continue to explore the therapeutic potential of bioactive compounds from plants, the integration of psychedelics and cannabis-derived APIs is likely to play a pivotal role in shaping the next decade of medicine.
Cover image made with AI

Market Summary

TEVA

Plant-Based API Market Poised To Hit $52 Billion By 2034, Driven By Psychedelics And Cannabinoids

SpaceX, under the leadership of Elon Musk, is reportedly preparing to initiate a tender offer next month.
What Happened: SpaceX's tender offer will allow the sale of existing shares at $135 each, valuing the company at over $250 billion, as reported by Reuters.
Musk&#8217;s ambition for human Mars exploration could become a national priority under Trump&#8217;s administration. The NASA Artemis program, which intends to use SpaceX&#8217;s Starship for lunar missions as a precursor to Mars expeditions, is anticipated to shift focus towards Mars with uncrewed missions targeted this decade.
SpaceX might push for relaxed regulations on worker and participant safety in private space flights under Trump&#8217;s presidency.
An investigation last year revealed over 600 worker injuries at SpaceX facilities, <a href="https://www.benzinga.com/news/24/04/38374353/elon-musks-spacex-injury-rates-exceed-industry-average-again-raising-concerns-for-nasa-and-clients-r">exceeding the industry average</a>, raising concerns about the company&#8217;s adherence to safety standards.
See Also: <a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If Tesla Stock Hits All-Time Highs In 2025, Will It Be Driven By Trump-Musk Relationship?</a>
Why It Matters: SpaceX&#8217;s valuation has seen a significant increase over the past year. In June, the company was reportedly set for a <a href="https://www.benzinga.com/news/24/06/39516906/elon-musks-spacex-set-for-record-210b-valuation-in-tender-offer-but-still-valued-less-than-tiktok-re">record $210 billion</a> valuation in a tender offer, surpassing its previous $200 billion estimate. This was driven by substantial investor demand.
However, Musk has <a href="https://www.benzinga.com/news/24/06/39519229/elon-musk-dismisses-rumors-of-spacex-ipo-as-it-reportedly-seeks-210b-valuation-pressure-for-short-te">previously dismissed</a> the possibility of a SpaceX initial public offering (IPO), citing the intense pressure for short-term results faced by publicly listed companies.
SpaceX&#8217;s dominance in the space sector is further highlighted by its control over <a href="https://www.benzinga.com/news/24/09/40869627/elon-musk-now-controls-two-thirds-of-the-planets-satellites-and-spacex-is-just-getting-started-with">two-thirds of the planet&#8217;s satellites</a>, thanks to the rapid expansion of its Starlink satellite network.
As of September, SpaceX&#8217;s Starlink service <a href="https://www.benzinga.com/news/24/09/41061483/spacexs-starlink-now-connects-4m-customers-with-more-than-6k-operational-satellites-adds-a-million-u">connects over 4 million customers</a> worldwide, demonstrating the company&#8217;s significant impact on global connectivity.
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SPACE

SpaceX To Launch Tender Offer, Valuing Company At Over $250 Billion: Report

A major cyber-espionage operation linked to Chinese intelligence has reportedly infiltrated T-Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and other telecom giants, including rivals AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) <a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit">suffered a similar breach</a>, raising significant national security concerns.
What Happened: T-Mobile&#8217;s network was compromised in a large-scale cyber-espionage operation attributed to Chinese hackers, according to a <a href="https://www.wsj.com/politics/national-security/t-mobile-hacked-in-massive-chinese-breach-of-telecom-networks-4b2d7f92">report</a> by The Wall Street Journal.
This breach, which also affected other U.S. and international telecom companies, targeted cellphone communications of high-value intelligence targets.
The extent of the data compromised from T-Mobile customers remains uncertain.
"T-Mobile systems and data have not been impacted in any significant way, and we have no evidence of impacts to customer information," said a T-Mobile spokesperson, according to the report.
See Also: <a href="https://www.benzinga.com/news/global/24/11/41939983/microsoft-president-warns-beijings-tech-progress-is-catching-up-with-the-west-people-who-dont-go-to-china-too-often-assume-theyre-behind?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft President Warns Beijing&#8217;s Tech Progress Is Catching Up With The West</a>
The breach, linked to the Salt Typhoon group, is considered historic in its scope and severity by some U.S. officials. AT&amp;T, Verizon, and Lumen Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) were also reportedly affected.
Hackers exploited vulnerabilities in Cisco Systems routers and possibly used AI or machine learning to enhance their operations, accessing cellphone lines of senior U.S. government and political figures.
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: This breach is part of a series of cyberattacks attributed to Chinese hackers, raising alarms about national security.
In April, FBI Director Christopher Wray warned about <a href="https://www.benzinga.com/news/24/04/38330156/fbi-chief-warns-xi-jinpings-ccp-linked-chinese-hackers-are-planning-to-physically-wreak-havoc-on-us">China&#8217;s potential to disrupt U.S. infrastructure</a>, highlighting the targeting of sectors like telecommunications, energy, and water.
In May, a <a href="https://www.benzinga.com/news/24/05/38659657/major-hacking-incident-exposes-data-of-military-personnel-in-uk-ministry-of-defence-breach-is-china">major hacking incident</a> exposed data of U.K. military personnel, with China suspected as the perpetrator.
The recent breach of T-Mobile and other telecom giants underscores the ongoing threat posed by state-sponsored cyber-espionage, emphasizing the need for heightened cybersecurity measures.
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>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

LUMN

TMUS

T-Mobile Hit By Chinese Hackers After Rivals AT&T, Verizon Suffer Breach: Report

ARC Global Investments, a major investor in&nbsp;Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), has drastically reduced its stake in the company.
What Happened: According to a regulatory filing on Friday, ARC Global and its manager, Patrick Orlando, now hold a mere 0.01% stake in Trump Media, the parent company of&nbsp;Truth Social.
This is a significant decrease from their previous holding of over 5% or more than&nbsp;11 million shares in September.
Orlando, the former CEO of Digital World Acquisition Corp., the SPAC that took Trump Media public, was <a href="https://www.benzinga.com/news/23/03/31451246/trump-linked-spac-digital-world-boots-out-ceo-as-it-looks-to-bring-in-new-management-to-tackle-unpre">removed from his role</a> before the deal was completed.
See Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/24/11/41927985/bitcoin-ethereum-consolidate-dogecoin-surges-as-election-rally-takes-a-breather-analyst-says-pullback-typical-for-healthy-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Consolidate, Dogecoin Surges As Election Rally Takes A Breather: Analyst Says Pullback &#8216;Typical&#8217; For Healthy Market</a>
In July, the U.S. Securities and Exchange Commission (SEC) sued Orlando, <a href="https://www.benzinga.com/news/24/07/39829953/trump-linked-digital-worlds-former-ceo-sued-by-sec-for-securities-fraud">alleging securities fraud</a> for false and misleading statements as CEO of Digital World Acquisition.
In September, a Delaware judge ruled that Trump Media had violated an agreement with ARC Global. The ruling stated that the fund should receive over&nbsp;half a million additional shares&nbsp;before the expiration of&nbsp;a lock-up on insider sales.
Why It Matters: President-elect Donald Trump&nbsp;currently holds&nbsp;a <a href="https://www.benzinga.com/markets/equities/24/11/41878254/trumps-djt-surges-26-in-past-month-boosting-investors-wealth-by-over-1b-as-ex-president-returns-to-white-house-for-a-second-term">57% stake in&nbsp;Trump Media</a>.
On Election Day, Trump Media reported a 6% year-over-year decrease in its <a href="https://www.benzinga.com/news/earnings/24/11/41760961/djt-stock-volatile-on-election-day-donald-trumps-media-company-reports-q3-earnings-growth-initiativ">third-quarter net sales</a>, which stood at $1.01 million, with all revenue coming from advertising on the Truth Social platform.
Earlier this month, Trump announced that he had no plans to <a href="https://www.benzinga.com/media/24/11/41853221/trump-says-he-wont-sell-trump-media-stock">sell his stake in the Truth Social parent</a>, causing the company&#8217;s stock to soar.
Meanwhile, on Wednesday, it was reported that <a href="https://www.benzinga.com/general/social-media/24/11/41993328/trump-media-insiders-sell-more-than-16-million-in-djt-stock">Trump Media&#8217;s CFO</a> and two other insiders sold millions of dollars worth of shares following the election.
Price Action: DJT shares ended Friday up 4.11%, closing at $28.10. However, in after-hours trading, the stock dipped 0.57% to $27.94 at the time of writing, according to <a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Major Investor In Trump Media Offloads Most Of Its Stake In DJT Stock

Elon Musk&#8217;s artificial intelligence venture, xAI, is reportedly in the process of raising up to $6 billion. The funds are intended for purchasing 100,000 Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chips.
What Happened: xAI's latest funding round is expected to close early next week, as reported <a href="https://www.cnbc.com/2024/11/15/elon-musks-xai-raising-up-to-6-billion-to-purchase-100000-nvidia-chips-for-memphis-data-center.html">by</a> CNBC on Friday. It includes $5 billion from Middle Eastern sovereign funds and an additional $1 billion from other investors. Some of these investors may be looking to increase their stakes.
This fundraising would value Musk's AI startup at $50 billion, more than doubling the $24 billion valuation in its <a href="https://www.benzinga.com/news/24/05/39025708/elon-musk-cheers-funding-after-xai-secures-6b-from-sequoia-andreessen-horowitz-saudi-prince-alwaleed">previous round of funding in May</a>.
The chips are crucial for the new Memphis supercomputer, which will support Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Full Self-Driving (FSD) technology.
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xAI, launched in July 2023, aims to &#8220;understand the true nature of the universe,&#8221; according to its website.
Last year, xAI introduced a chatbot named Grok, inspired by &#8220;The Hitchhiker&#8217;s Guide to the Galaxy.&#8221; The chatbot was designed to compete with OpenAI&#8217;s ChatGPT, Google&#8217;s Gemini, and Anthropic&#8217;s Claude.
See Also: <a href="https://www.benzinga.com/24/11/41872302/taylor-swift-fans-abandon-elon-musks-x-for-bluesky-how-trumps-election-victory-triggered-swifties-uprising?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Taylor Swift Fans Abandon Elon Musk&#8217;s X For Bluesky, Says Report</a>
Why It Matters: Earlier this year, <a href="https://www.benzinga.com/news/24/05/39027735/elon-musks-xai-raises-6b-heres-where-it-stands-against-openai-anthropic-and-other-ai-rivals">xAI raised $6 billion</a> in its Series B funding round, catapulting its valuation to $24 billion.
This positioned xAI among the world&#8217;s most valuable AI startups, alongside giants like Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI and Anthropic. Despite this, xAI is not yet the largest AI startup in terms of valuation.
The <a href="https://www.benzinga.com/news/24/06/39199007/elon-musks-xai-to-take-on-tech-giants-microsoft-google-and-openai-with-planned-memphis-supercomputer">planned Memphis supercomputer</a>, a key component of xAI&#8217;s strategy, is set to enhance its AI capabilities. The project, located at a former manufacturing site, is awaiting approval from local authorities. Discussions with city officials began in March, underscoring the competitive nature of securing such high-profile projects.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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Elon Musk's xAI Seeks $6B At $50B Valuation To Acquire 100K Nvidia Chips For Memphis Data Center

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KSPN Stock Earnings: Kaspien Hldgs Reported Results for Q3 2023

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