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Kuaishou Technology is a social media platform on which users can share short-form videos that are up to 5 minutes long. The audience engages with the platform by looking at different videos on demand at any time, similar to TikTok. About 53% of revenue is generated from advertising, mainly in the form of targeted ads related to the video content—known as closed-loop ads—but also from outside unrelated brands. Kuaishou also generates livestream revenue by selling virtual gifts to fans that are donated to performers. It also has livestreaming e-commerce, where users purchase products related to the video, generating commission from each transaction. Kuaishou competes mainly with ByteDance's Douyin, as both are short-form video platforms. Tencent owns 19% of Kuaishou.

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Elon Musk and BBC Reporter Clash In Twitter Spaces, Get Paid To Hack OpenAI, US States Stockpile Alternative Abortion Pill: Today&#39;s Top Stories

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Alibaba&#39;s Restructuring Pays Off: Cloud And Cainiao Divisions Attract Investor Attention With High Post-Restructuring Valuations

Douyin&#39;s Power Move: TikTok Rival Inks Deal with Tencent to Boost Video Exposure

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The Enhanced Games, an Olympics-style event permitting doping and supported by billionaire <a target="_blank" href="https://www.benzinga.com/topic/peter-thiel" rel="noreferrer noopener">Peter Thiel</a>, is reportedly in discussions to secure <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/07/39569413/billionaire-peter-thiel-voices-skepticism-on-bitcoins-future-growth-im-not-sure-its-going-" rel="noreferrer noopener">approximately $300 million in funding.</a>
Thiel <a target="_blank" href="https://www.forbes.com/profile/peter-thiel/" rel="noreferrer noopener">cofounded</a> Palantir Technologies Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>).
Christian Angermayer, co-founder of the London-based company, revealed in an interview that they have engaged in preliminary discussions with various investors, including sovereign wealth funds, to secure a blend of debt and equity financing for their inaugural competition scheduled for next year, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-05/peter-thiel-s-pro-doping-olympics-alternative-seeks-to-raise-300-million?sref=TBDibEcD" rel="noreferrer noopener">reported</a> Bloomberg.
Angermayer declined to disclose additional specifics regarding the terms.
In 2023, the Enhanced Games made a high-profile debut, announcing an annual event where athletes can use performance-enhancing drugs, Bloomberg aded.
Also Read: <a href="https://www.benzinga.com/news/24/07/39569675/palantirs-peter-thiel-says-its-very-strange-that-most-money-in-ai-is-being-made-by-only-one-company" target="_blank" rel="noreferrer noopener">Palantir&#8217;s Peter Thiel Says It&#8217;s &#8216;Very Strange&#8217; That Most Money In AI Is Being Made By Only One Company: &#8216;…Which Silicon Valley Doesn&#8217;t Even Know Much About Anymore&#8217;</a>
The organization, supported by Balaji Srinivasan, a crypto investor and former Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) executive, features sports like track and field, swimming and weightlifting.
The concept has faced criticism from the International Olympic Committee and anti-doping authorities for its disregard of fair play and potential risks to athletes&#8217; health.
Performance-enhancing drugs are prohibited in most sports leagues and federations worldwide.
According to Angermayer, all competitors will undergo medical screenings and are limited to substances approved by the U.S. Food and Drug Administration, including anabolic steroids and growth hormones.
&#8220;I believe science is on my side,&#8221;&nbsp;Angermayer remarked, citing anonymous surveys indicating widespread doping among athletes in competitive sports.
A prolific investor, Angermayer has supported various companies through his family office, Apeiron Investment Group, focusing on biotech, longevity, and psilocybin-based therapeutics.
Apeiron has also invested in Venezia FC and partnered with Didier Drogba&#8217;s E1 Series team through its sports investment group Chiron.
The Enhanced Games started with approximately $10 million in initial capital.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Photo: <a href="https://flickr.com/photos/gageskidmore/">Gage Skidmore</a> via flickr

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Palantir Chair Peter Thiel's Pro-Doping Enhanced Games Aims To Raise $300M: Report

Personal finance expert <a href="https://www.benzinga.com/personal-finance/24/06/39563642/woman-working-3-jobs-struggling-with-a-lifetime-of-overdrafts-receives-an-unexpected-gift-from-d">Dave Ramsey</a> is known for his blunt advice. He has told people they need to work beyond their wages if they don't want to be broke. Here's what went down on an episode of "The Dave Ramsey Show."&nbsp;
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During an episode of the personal finance help show, Ramsey was joined by team member Jade Warshaw as they discussed all things money. Ramsey is known for his hard-hitting advice, often delivered bluntly, and this advice he gave about broke people is certainly one of his bluntest. The episode was shared on Ramsey's social media account on X, formerly known as <a href="https://www.benzinga.com/news/24/07/39611906/ex-twitter-executive-steers-ai-startup-abnormal-security-to-5b-valuation-in-latest-funding-round-rep">Twitter</a>, and he wrote, "Most people are broke. They spend more than they have coming in." He's not wrong, as the latest findings have revealed that Americans are carrying record numbers of household debts from last year.&nbsp;
A study by MarketWatch found that at the start of 2024, household debt was at a record high of $17.3 trillion. This household debt includes auto loans, student loans, credit card loans and revolving debt. Out of all these, credit card debt increased the most between 2022 and 2023, and the state with the highest credit card debt is the District of Columbia. <a href="https://www.newyorkfed.org/newsevents/news/research/2024/20240514">The Federal Reserve Bank of New York's Center for Microeconomic Data</a> released its report on the rising debt, and Joelle Scally, Regional Economic Principal within the Household and Public Policy Research Division, said in the report, "An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households."&nbsp;
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Ramsey and Warshaw spoke about being broke and how more people are broke because of bad spending habits. During the episode, Ramsey told Warshaw, "You make $30,000, $40,000, $50,000 per year in America today, and you do rich people stuff for the next decade, you will not be poor anymore." Ramsey has often told people that the best way to build wealth is to start thinking like rich people. At first, you may think this means spending lots of money on luxuries, but this is inaccurate. For Ramsey, thinking and acting like the rich means being smart with your money and acting your wage.&nbsp;
Some ways to live like the rich include "Paying cash for things" and avoiding spending money on your credit card, as that's money you don't have. Ramsey once said on his show, "Think, think, think. Seriously, so credit cards — stupid, stupid."&nbsp;
Ramsey also encourages buying used cars instead of new ones. During an episode of his show in January, Ramsey called out car payments, saying they're stupid. He explained that people have so many loans and are in debt because they've wasted their money on a "stupid car payment to impress somebody at a stop light that you will never meet. And the thing&#8217;s going down in value like a rock." He called these car payments "stupid on steroids."&nbsp;&nbsp;&nbsp;&nbsp;
In addition to buying used cars, Ramsey urges viewers to avoid leasing stuff and not to "finance your freaking vacations," and to "stay out of the timeshare office." Thinking like rich people also means having long-term financial plans for themselves and their children. It also means living on less than you earn, prioritizing saving for your future, investing your money in things you understand, and avoiding more debt.&nbsp;
His biggest advice is to act on your wage: "If you don't want to be broke anymore, figure out what most people are doing and run in the other direction."&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
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Personal Finance

Dave Ramsey Lays Down The Law And Tells People If They Want Not To Be Broke, They Have To 'Act Their Wage'

When Klew Yeh Mori&#8217;s son entered his junior year at the University of Portland, she made an unconventional decision. Instead of writing another check for a dorm room or off-campus apartment, the Salt Lake City real estate agent bought a house.
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"I don&#8217;t have to waste money on rent anymore," Mori was quoted in a Realtor.com report. "Now we&#8217;re collecting rental income from his roommates to help with household expenses. It&#8217;s a win-win for me." 
Mori is part of a growing cohort of parents who are purchasing properties for their college-age children to live in. They view this as an investment strategy that can pay dividends both during and after their offspring&#8217;s academic careers. 
While not new, the trend has gained momentum as housing costs in many college towns have surged. Parents see an opportunity to build equity instead of paying for increasingly expensive dorms or rentals. "It&#8217;s almost certain that the demand will be there for rental properties in a college town," Samantha Sousa, a real estate broker, said in the Realtor report. "With college towns, property values historically rise, so if parents decide to sell after a few years, they will likely benefit from the equity built."
Trending: Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US.<a href="https://www.benzinga.com/money/miami-take-new-yorks-place-financial-capital"> Investing in its booming real estate market has never been more accessible.</a>
The strategy isn&#8217;t without risks, though. Parents essentially become landlords, responsible for maintenance and potential property issues. The home can also become a party house if students aren&#8217;t mature enough to handle the responsibility. 
Jay Voorhees, founder of JVM Lending in Walnut Creek, California, has seen the strategy pay off. "I have seen investors make hundreds of thousands of dollars buying properties for their college-age kids to both live in and rent out to roommates," he said. 
In a blog post, Voorhees noted that parents can access more favorable owner-occupied financing rates if their child is on a loan. "A kid does not need any income to be on the loan, but she does need decent credit," he said. 
To that end, some parents are establishing their children&#8217;s credit early. "Heejin, my wife and co-founder, established her daughter&#8217;s credit immediately after high school by getting her credit cards and adding her as an authorized user to several of our cards," Voorhees said. "By the time she was a sophomore in college, she had sky-high credit scores."
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The strategy can have long-term benefits beyond the college years. Mori plans to keep the property as a rental after her son graduates. "When we sell it, Shoji and I can each pocket up to $250,000 profit without paying Uncle Sam," she said, referring to capital gains tax exemptions on primary residences. 
For Shoji, Mori&#8217;s 22-year-old son, managing the property has been an education. "I run the household, collect the rent, and pay all the house bills out of a designated account," he told Realtor.com. "I&#8217;m doing things like changing the garbage disposal, staining the deck, and fixing the dishwasher. This situation forced me to put on my big-boy pants and figure stuff out." 
Not all markets are equally suited for this strategy. Jameson Tyler Drew, president of Anubis Properties in Whittier, California, points to Muncie, Indiana, where a house near Ball State University can be purchased for under $150,000. "After taxes and fees, this comes out to about an $860 payment with 20% down. Or you could rent the home next door for $850 a month," Drew said. "For those who can afford it, it&#8217;s a no-brainer." 
However, the calculus is different in more expensive markets like Portland, where Mori bought. In 2022, she paid $970,000 for the property, winning a bidding war for a home initially priced at $820,000.
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Real Estate

College Students And Parents Are Opting For Real Estate Investments Over Dorms — 'For Those Who Can Afford It, It's A No-Brainer.'

President Joe Biden&#8217;s own party members, his ardent backers and Democratic megadonors have stepped up calls for him to quit the race following his <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39625294/2024-election-betting-odds-react-to-biden-debate-disaster-trump-odds-hit-all-time-high-kam">abysmal debate performance</a>, reportedly sending a private letter on Friday urging him to do so.
What Happened: In the letter, which was organized by the &#8220;Leadership Now Project,&#8221; a prominent group of political donors, civic leaders and business executives said, &#8220;We respectfully urge you to withdraw from being a candidate for reelection for the sake of our democracy and the future of our nation,&#8221; <a href="https://www.washingtonpost.com/politics/2024/07/05/letter-biden-withdraw-leadership-now-project/">according</a> to the Washington Post.
The letter was signed by 168 people and continued to gain signatures even after its delivery to senior White House officials, the report said. It was reportedly delivered to multiple White House advisers.
Leadership Now Project, founded in 2018, works toward mitigating threats to democratic norms as well as &#8220;protect and renew American democracy.&#8221;
The signatories include:
<ul>
<li>Christy Walton, the billionaire daughter-in-law of Walmart's founder Sam Walton</li>
<li>Retired NFL Commissioner Paul Tagliabue</li>
<li>Billionaire investor Mike Novogratz</li>
<li>Ex-Google executive Ning Mosberger-Tang</li>
<li>Warburg Pincus Managing Director Harsha Marti</li>
<li>Harvard Law School professor Lawrence Lessig</li>
<li>New York University professor and podcaster Scott Galloway</li>
<li>Weyco Group CEO Tom Florsheim</li>
<li>Former Army secretary Louis Caldera</li>
<li>Hedge fund investor Kevin Brennan of Bridgewater Associates</li>
<li>Vicky Hausman, the CEO of Forward Majority, a group that supports Democrats in state legislative elections</li>
</ul>
See Also: <a href="https://www.benzinga.com/news/24/07/39630382/paul-krugman-says-trump-tariffs-will-hurt-80-of-americans-benefit-only-the-top-1-burden-would-fall-o">Paul Krugman Says Trump Tariffs Will Hurt 80% Of Americans, Benefit Only The Top 1%: &#8216;Burden Would Fall On…Working Class And The Poor&#8217;</a>
Daniella Ballou-Aares, the CEO of the Leadership Now Project, <a href="https://x.com/LastCallCNBC/status/1809369796611342468">said</a> in an interview with CNBC that the organization&#8217;s primary concern is the risk that Trump presents and the potential of him returning to the White House. 
&#8220;Unfortunately, I think the president's debate performance was not an anomaly,&#8221; she said.
&#8220;We should do everything possible to see the new nominee, for him to pass the torch to the very capable bench of Democratic candidates,&#8221; she added.
In the letter, the signatories called upon Biden to cement his legacy by passing the torch just as George Washington did.
Opposition Brewing In Democratic Camp: Sen. Mark Warner (D-Va.) is striving to mobilize some likeminded Democratic senators to ask Biden to exit the presidential race, a separate Washington Post report <a href="https://www.washingtonpost.com/politics/2024/07/05/mark-warner-joe-biden-exit-race-democratic-senators/">said</a>, citing people with direct knowledge of the effort.
The senator reportedly told his colleagues that the president can no longer be in contention due to his faltering debate performance. He told them that he was deeply concerned that Biden has not been able to run a campaign to effectively challenge Trump, the report said.
Biden told reporters that he spoke with 20 Congress members, all of whom supported him staying in the campaign, with Warner being the sole member advocating for him to end it.
&#8220;There's a growing consensus among Senate Democrats that the situation with Biden at the top of the ticket is untenable, and senators are trying to determine the best way to relay that message to an insulated president,&#8221; the Washington Post noted. Senate Majority Leader Chuck Schumer (D-N.Y.) has reportedly told senators to try to wait to make any moves <a href="https://www.benzinga.com/news/24/07/39611807/biden-trump-deadlock-ends-after-debate-new-poll-indicates-defection-of-voter-category-that-should-wo">until there is more polling data about Biden and the Democrats' standing among voters.</a>
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Photo: Shutterstock

Politics

Biden Under The Microscope As Donors, Business Leaders Step Up Call For Him To End Race: 'Unfortunately ... The President's Debate Performance Was Not An Anomaly'

<a href="https://www.benzinga.com/topic/robert-f-kennedy-jr" target="_blank" rel="noreferrer noopener">Robert F. Kennedy Jr</a>., an independent presidential candidate known for promoting conspiracy theories, plans to address questions about the Sept. 11, 2001 terrorist <a href="https://www.benzinga.com/news/24/07/39610867/robert-kennedy-jr-acknowledges-skeletons-in-my-closet-amid-sexual-assault-allegation-i-am-not-a-chur" target="_blank" rel="noreferrer noopener">attacks by promising to &#8220;open the files.&#8221;</a>
Kennedy explained in several X posts that his comments on Sept. 11 were prompted by a recent &#8220;60 Minutes&#8221; report revisiting speculation about Saudi government&#8217;s foreknowledge of the terrorist plot, <a href="https://www.politico.com/news/2024/07/05/rfk-jr-911-attacks-00166671" target="_blank" rel="noreferrer noopener">reported</a> Politico. He noted the difficulty in discerning between conspiracy theories and reality and attributed the uncertainty to dishonesty within the U.S. government.
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&#8220;As President I won&#8217;t take sides on 9/11 or any of the other debates. But I can promise is that I will open the files and usher in a new era of transparency,&#8221; Kennedy <a href="https://x.com/RobertKennedyJr/status/1809219969537962423" target="_blank" rel="noreferrer noopener">said</a> in a post on X. 
The remarks surfaced during a challenging period for the candidate, following a Vanity Fair profile that delved into his history of drug use, allegations of sexual assault against a nanny in the late 1990s and a controversial claim of eating dog meat.
In a subsequent interview, Kennedy denied consuming dog meat but avoided addressing questions about the assault, acknowledging a troubled personal history instead, Politico added.
In his social media post, Kennedy highlighted a mounting distrust in government.
&#8220;Speculation about what our government may be covering up is rife outside the mainstream of our political culture,&#8221; Kennedy wrote. &#8220;Trust it government is at an all-time low. The way to restore that trust is through honesty and transparency.&#8221; 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Equities

Robert F. Kennedy Jr. Stirs Controversy By Promising To 'Open The Files' On Pivotal Moment In US History

Supporters of <a href="https://www.benzinga.com/topic/stormy-daniels" target="_blank" rel="noreferrer noopener">Stormy Daniels</a> have reportedly raised over $900,000 to assist her in relocating to a safe location and covering legal expenses following her testimony in the criminal trial that resulted in<a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener"> Donald Trump&#8217;s</a> conviction <a href="https://www.benzinga.com/general/politics">on 34 charges.</a>
Funds from an online GoFundMe campaign initiated by a friend and former manager of Stormy Daniels have poured in, <a target="_blank" href="https://www.theguardian.com/us-news/article/2024/jul/06/stormy-daniels-gofundme-alleged-threats-" rel="noreferrer noopener">reported</a> The Guardian. Daniels, an adult film actor, recently appeared on MSNBC where she described enduring relentless social media harassment from Trump supporters amid his bid for a second presidency.
She recounted receiving threats aimed at raping and murdering her daughter and other family members.
&#8220;It&#8217;s become unsafe for her family and her pets,&#8221; the fundraiser&#8217;s organizer, Dwayne Crawford, wrote on the page for the campaign, which set a goal of $1 million.
&#8220;Stormy needs help to relocate her family to somewhere they can feel safe and live on their terms. She needs assistance to be able to continue to pay the mounting fees so that Trump doesn&#8217;t just win because his pocketbook seems endless,&#8221; Crawford wrote. 
Also Read: <a href="https://www.benzinga.com/news/24/06/39540367/biden-accuses-trump-of-having-sex-with-a-porn-star-when-melania-was-pregnant-during-the-debate-you-h">Biden Accuses Trump Of Having Sex With A Porn Star When Melania Was Pregnant During The Debate: &#8216;You Have The Morals Of An Alley Cat&#8217;</a>
The &#8220;I Stand with Stormy Daniels&#8221; campaign, which had garnered over $940,000 from approximately 17,600 donors as of last Friday, originates from her involvement in Trump&#8217;s late May conviction for falsifying business records.
Daniels, whose real name is Stephanie Clifford, received $130,000 to maintain confidentiality about an alleged extramarital sexual encounter with Trump a decade before his 2016 presidential win. Prosecutors stated that the payment to Daniels was inaccurately classified as legal fees.
Daniels&#8217; testimony contributed to the successful prosecution of Trump in a New York court.
On Tuesday, Daniels <a href="https://www.msnbc.com/rachel-maddow/watch/exclusive-stormy-daniels-shares-new-details-of-her-traumatic-encounter-with-donald-trump-214129733677" target="_blank" rel="noreferrer noopener">revealed</a> to MSNBC&#8217;s Rachel Maddow that she had been flooded with Facebook messages filled with threats &#8220;to rape everybody in my family, including my young daughter, before they killed them.&#8221;
&#8220;I&#8217;ve lost … mostly my peace, mostly my daughter&#8217;s privacy, and time – time I&#8217;ll never get back with her,&#8221; Daniels said, referring to her involvement in the prosecution against Trump.
She also explained that she faces $500,000 in attorneys&#8217; fees, which she can&#8217;t afford to pay, stemming from a civil defamation lawsuit she filed against Trump in 2018.
Among those who expressed support for Daniels after her interview with Maddow was writer E. Jean Carroll, who sued Trump over allegations of rape and defamation, winning nearly $90 million in civil penalties from him.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Trump Accuser Stormy Daniels Says Ex-President's Supporters Have Flooded Her With Threats Since His Conviction: 'I've Lost ... Mostly My Peace'

Yesterday, <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> sought to leverage the U.S. Supreme Court&#8217;s decision granting extensive<a href="https://www.benzinga.com/news/24/07/39654177/trump-distances-himself-from-project-2025-amid-rising-controversy-i-know-nothing" target="_blank" rel="noreferrer noopener"> immunity to the former president.</a>
He urged the federal judge overseeing his criminal case for retaining classified documents to carefully scrutinize charges involving &#8220;official&#8221; acts that may be exempt from prosecution, <a href="https://www.theguardian.com/us-news/article/2024/jul/05/trump-documents-case-immunity-ruling" target="_blank" rel="noreferrer noopener">reported</a> The Guardian.
This week, the Supreme Court ruled that former presidents have limited immunity from criminal prosecution for certain actions taken while in office.
This also means evidence related to immune acts cannot be used in trials, even if they are not part of the charges.
Also Read: <a href="https://www.benzinga.com/news/24/07/39638541/trumps-unfounded-claims-kamala-harris-stir-controversy-shes-so-bad-shes-so-pathetic" target="_blank" rel="noreferrer noopener">Trump&#8217;s Unfounded Claims About Kamala Harris Stir Controversy: &#8216;She&#8217;s So Bad, She&#8217;s So Pathetic&#8217;</a>
According to the ruling, the framework of criminal accountability for former presidents includes three categories: core presidential functions with absolute immunity, official acts of the presidency with presumptive immunity and unofficial acts with no immunity.
Trump&#8217;s lawyers did not specify which parts of the indictment they viewed as immune official conduct.
If Judge Aileen Cannon agrees to review the charges in the classified documents case, it could significantly prolong the case, according to The Guardian.
The filing underscores the broad impact of the immunity ruling, which is affecting Trump&#8217;s documents case in Florida, even though the ruling stemmed from an appeal in the former president&#8217;s 2020 election subversion case in Washington, D.C.
It also highlights Trump&#8217;s strategy to undermine the substance of the classified documents case.
In a 10-page filing, Trump&#8217;s lawyers requested Cannon&#8217;s permission to submit new briefs, asserting that the immunity ruling undermines the prosecution&#8217;s argument and highlights its politically motivated stance, labeling the motion as &#8220;frivolous.&#8221; Additionally, Trump&#8217;s filing seeks to halt all other proceedings until Cannon determines the authority of special counsel Jack Smith and his team to initiate the case.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/general/politics/24/07/39654867/who-is-the-uks-new-prime-minister-keir-starmer-and-what-does-he-stand-for" target="_blank" rel="noreferrer noopener">Who Is The UK&#8217;s New Prime Minister Keir Starmer And What Does He Stand For?</a></li>
</ul>
Photo: Shutterstock

Trump Seeks Further Delay In Classified Documents Case, Citing Supreme Court's Immunity Ruling

In the unfolding drama between Governor <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis</a> (R) and prominent Florida attorney <a href="https://www.benzinga.com/markets/cannabis/24/06/39125487/pot-daddy-john-morgan-joins-floridas-cannabis-legalization-campaign-hints-hell-go-after-desantis">John Morgan</a>, the battle lines are being sharply drawn over the issue of <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">recreational marijuana legalization</a> in Florida. 
Morgan, a major Democratic fundraiser and longtime advocate for marijuana reform, has ramped up his efforts by spearheading a well-funded <a href="https://www.benzinga.com/markets/cannabis/24/06/39125487/pot-daddy-john-morgan-joins-floridas-cannabis-legalization-campaign-hints-hell-go-after-desantis">advertising campaign</a> for the legalization initiative, known as <a href="https://www.benzinga.com/markets/cannabis/24/06/39492507/desantis-says-cannabis-legalization-amendment-will-protect-weed-rights-better-than-1st-2nd-amend">Amendment 3</a>, which will appear on the ballot in the <a href="https://www.benzinga.com/topic/2024-election">November 2024 elections</a>.
The controversy got even hotter when Morgan implied that opposition from the pharmaceutical and liquor industries is fueling DeSantis&#8217; stance against the amendment. Morgan argues that these industries see marijuana as a direct threat to their profits, which, as it turns out, <a href="https://www.benzinga.com/markets/cannabis/24/03/37487875/is-cannabis-replacing-beer-canadian-study-links-weed-legalization-to-drop-in-alcohol-sales">is true</a>.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39651496/will-uk-cannabis-laws-change-under-new-labour-government-doesnt-look-that-way-just-yet">Will UK Cannabis Laws Change Under New Labour Government? Doesn&#8217;t Look That Way Just Yet</a>
<h2 class="wp-block-heading">Is There A Governor's Challenge In The Mix?</h2>
Morgan, who is considering a third-party gubernatorial run in 2026, has also accused DeSantis of perpetuating falsehoods about the <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">cannabis amendment</a> when he claimed on numerous occasions that it would lead to <a href="https://www.benzinga.com/markets/cannabis/24/03/37588620/gops-desantis-takes-issue-with-cannabis-odor-in-public-places-says-legalization-proposal-should-">widespread marijuana odors</a> across the state &#8211; a statement Morgan calls a lie. 
A much sought after trial attorney, Morgan said, "Maybe I should run for Governor… as an independent," after DeSantis opposed a $15 an hour minimum wage hike in January. Since then, Morgan has has made similar remarks. According to a June <a href="https://www.foxnews.com/official-polls/fox-news-poll-trump-holds-4-point-edge-florida-rematch-majority-says-conviction-wont-matter-vote" target="_blank" rel="noreferrer noopener">Fox News poll</a>, the cannabis amendment enjoys greater popularity than DeSantis.
Following DeSantis' sweeping cuts to the state's arts and culture grants, another wealthy Floridian has spoken out. Billionaire real estate mogul and arts patron Jorge Pérez slammed DeSantis for chopping all $32 million from a state program that provides grants for music, theater and culture. 
"This is just a horrible message to send," <a href="https://www.bloomberg.com/news/articles/2024-07-03/miami-condo-king-slams-desantis-for-defunding-arts-as-transplants-seek-more?utm_source=website&amp;utm_medium=share&amp;utm_campaign=twitter?sref=xaSIhnlc&amp;embedded-checkout=true">said</a> Pérez in an interview with Bloomberg.
Meanwhile, Morgan, a spokesperson for <a href="https://www.benzinga.com/markets/cannabis/24/06/39236840/desantis-is-less-popular-than-floridas-legal-cannabis-amendment-new-poll-that-also-shows-biden-g">Smart and Safe Florida</a>, the group behind Florida&#8217;s ballot measure, <a href="https://www.benzinga.com/markets/cannabis/24/06/39125487/pot-daddy-john-morgan-joins-floridas-cannabis-legalization-campaign-hints-hell-go-after-desantis">is appearing in ads across the state</a> in support of Amendment 3. In one, he starts off by saying, "If I was your governor&#8230;"
He goes on to say, "I would free or parole every person in jail for possession and then expunge everyone's record. Amendment 3 will put a stop to this and let the cops fight real crime, not fake crime. I'm tired of people being thrown in jail for something that is less harmful than alcohol or opioids.&#8221;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Listen to John's radio ad "Independence" endorsing #YesOn3." width="500" height="281" src="https://www.youtube.com/embed/KZJG-b3QEAw?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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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39652370/social-workers-call-on-biden-to-fully-decriminalize-marijuana">Social Workers Call On Biden To Fully Decriminalize Marijuana</a></li>
</ul>
Photo:&nbsp;Visit Florida Postcard,&nbsp;Shutterstock

Cannabis

Regulations

Legal

DeSantis Is Less Popular Than Florida's Cannabis Amendment, Wealthy Attorney John Morgan Eyes Gubernatorial Run

The <a href="https://www.benzinga.com/markets/equities/24/06/39541774/heres-how-betting-odds-changed-financial-markets-fared-following-first-presidential-debate-as-bi">first presidential debate held on June 27</a> has apparently shifted the 2024 race slightly in favor of Donald Trump, assuming the contest will be between him and President Joe Biden, according to results from a swing-state poll released last week.
The 2-Way Matchup: Trump leads Biden by three points across battleground states that include Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin. The finding was based on a<a href="https://www.scribd.com/document/747554214/cbsnews-20240702-wed"> survey </a>of 2,826 registered voters nationwide by CBS News/YouGov between June 28 and July 2. The margin of sampling error was +/- 2.3 points.
For Trump, this marked an improvement from last month, when he trailed Biden by a point. 
Nationally, Trump leads Biden by two points among likely voters, at 50% to 48%. The reversal in fortunes came after the presidential debate in which the president put up a dismal performance.
The fact that the lead is still with the margin of error reflects heavy partisanship. The poll found that over 90% of both Biden and Trump supporters said they will never even consider the other candidate even after Biden&#8217;s poor showing at the debate.
That said, Trump has an electoral college advantage, the poll found.
See Also: <a href="https://www.benzinga.com/news/24/07/39628794/biden-vs-trump-new-poll-shows-president-still-very-much-in-race-despite-debate-fiasco-but-final-outc">Biden Vs. Trump: New Poll Shows President Still Very Much In Race Despite Debate Fiasco But Final Outcome Hinges On This Key Voter Group</a>
Multi-Candidate Ballot: When independent candidates Robert Kennedy Jr. and Cornel West and Green Party candidate Jill Stein were added to the nationwide ballot, Trump&#8217;s lead over Biden rose to four points. Forty-four percent of respondents backed Trump compared to 40% support for Biden, while Kennedy took away 11% of the votes. Stein and West received 3% and 2% support, respectively.
Kennedy took away roughly equal share of support from both mainstream candidates, while Stein and West snagged more votes from Biden than Trump.
Biden Voters Switch Allegiance? The survey found that half of Biden&#8217;s 2020 voters do not think he should run for office. These voters are more likely to pick someone else, either Trump or other candidates, and less likely to say they will turn out in 2024.
The debate has cemented Trump&#8217;s support among his 2020 voters. They said they are more likely to vote. Among independents, the contest is very close, with Trump just edging ahead of Biden.
Age Isn&#8217;t Just Number: The plurality of voters (46%) are concerned about the ages of both candidates. Biden, at 81 years old, is older than Trump by merely three years.
When asked whether they want Biden to run for office regardless of whether they would or would not vote for Biden, 69% said the president shouldn&#8217;t be running. 
Following the debate, 9% said it made them think better of Biden, 53% said it worsened their opinion about him and 38% said it did not alter their opinion. Twenty-five percent, 27% and 48%, respectively, felt the same about Trump.
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Photo: Shutterstock

Biden Vs. Trump: Debate Performance Hurts President But This Factor Could Still Keep Him In Contention

The night before a major event for a company he founded, billionaire&nbsp;Richard Branson&nbsp;was woken up by&nbsp;Elon Musk. Here's the strange but true story connecting two key figures in<a href="https://www.benzinga.com/topic/space-stocks"> the space sector. </a>
What Happened:&nbsp;In July 2021, Richard Branson went to space at the age of 71, hitting the milestone aboard a spacecraft from&nbsp;Virgin Galactic&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPCE#NYSE">SPCE</a>), a company he co-founded. The flight beat fellow billionaire&nbsp;Jeff Bezos&nbsp;to space in a race&nbsp;<a href="https://www.benzinga.com/news/21/07/21928912/richard-branson-traveled-to-the-edge-of-space-heres-how-you-could-get-a-future-ticket-with-a-5-donat" target="_blank" rel="noreferrer noopener">between their respective space companies.</a>
The night before his space flight, Branson abruptly woke&nbsp;up to the sight of Musk&#8217;s barefoot in his kitchen at 2:30 a.m. local time at his New Mexico home. A member of Branson's family let Musk enter the home.
"Elon had decided to surprise us," Branson&nbsp;<a href="https://www.thetimes.co.uk/article/richard-branson-i-woke-to-find-elon-musk-in-my-kitchen-at-2am-f0s70gq8l" target="_blank" rel="noreferrer noopener">said</a>, recalling the visit to The Sunday Times magazine. "He was there with his baby. Basically, he's a night animal."
Musk came to give his well wishes to Branson in person ahead of his trip to space.
"I woke up two hours earlier than I was meant to and jumped out of bed, and then actually realized I'd got the wrong time, but by then I was wide awake."
According to a new story from Branson, he shared a night with Musk drinking tea "under the stars."
"He doesn't really sleep at night and gets his sleep in the daytime. We made a pot of tea and sat outside under the stars and caught up."
<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">Big day ahead. Great to start the morning with a friend. Feeling good, feeling excited, feeling ready. Watch <a href="https://twitter.com/hashtag/Unity22?src=hash&amp;ref_src=twsrc%5Etfw">#Unity22</a> launch and livestream TODAY at 7:30 am PT &#x7C; 10:30 am ET &#x7C; 3:30 pm BST.<a href="https://twitter.com/virgingalactic?ref_src=twsrc%5Etfw">@virgingalactic</a> <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> <a href="https://t.co/1313b4RAKI">https://t.co/1313b4RAKI</a> <a href="https://t.co/FRQqrQEbH8">pic.twitter.com/FRQqrQEbH8</a>
&mdash; Richard Branson (@richardbranson) <a href="https://twitter.com/richardbranson/status/1414199651037716485?ref_src=twsrc%5Etfw">July 11, 2021</a></blockquote>
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Musk also traveled to the spaceport in New Mexico to watch Branson travel to space aboard the Virgin Galactic vehicle.
Musk and Branson first met at the wedding of Google co-founder&nbsp;Larry Page,&nbsp;which was held on Necker Island, the private island owned by Branson.
The surprise meeting between Branson and Musk wasn't the first, either. Branson also recalls a time in 2008 when he was snow skiing with his family in Switzerland. Musk showed up unexpectedly with a Tesla sports car.
"Elon had just built his first car and shipped it over and drove up to show it to us. We went for a drive in it, and it was extraordinarily comfortable and nice."
Branson says he suspected that Musk was looking for an investment in&nbsp;Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) at the time, which Branson said was "quite little" at the time.
"Elon is tremendously smart and even more driven. He has been inches from failure on many, many occasions and kept pushing. He's the Henry Ford of his generation."
Read Also:<a href="https://www.benzinga.com/news/21/07/21928049/richard-branson-hangs-out-with-elon-musk-before-historic-spaceflight" target="_blank" rel="noreferrer noopener">&nbsp;Richard Branson Hangs Out With Elon Musk Before Historic Spaceflight&nbsp;</a>
Why It's Important:&nbsp;Over the years, the race to space has been a major story. For decades, it was a battle between the U.S. and Russia for getting the first person into space and the first person on the moon.
Decades later, a&nbsp;battle was heating up between Virgin Galactic and&nbsp;Blue Origin, the company founded by Bezos. The Amazon founder has also been in competition with Musk's own SpaceX over the years, including several lawsuits involving NASA.
Branson beat Bezos to space by nine days, and being cheered on by Musk might speak volumes of their friendship in the midst of&nbsp;the competitive nature of the space companies.
As&nbsp;<a href="https://www.benzinga.com/news/21/07/21945008/spacex-ceo-elon-musk-books-a-flight-with-richard-bransons-virgin-galactic" target="_blank" rel="noreferrer noopener">Benzinga previously reported,</a>&nbsp;Musk has placed a reservation to take a trip aboard a Virgin Galactic flight to space. Other notable names on the Virgin Galactic reservation logs include&nbsp;Leonardo DiCaprio, Angelina Jolie&nbsp;and&nbsp;Justin Bieber.
Branson joked that Musk's astronaut training is necessary for the Virgin Galactic flight, and his flight may be postponed due to his takeover of Twitter.
"I would be delighted to see him aboard, but he's obviously got his hands full at the moment," Branson said.
For Branson and Musk, their space companies have seen different paths over the last five years. Musk&#8217;s SpaceX was recently valued at a reported $210 billion valuation, soaring in value over the last several years. The Branson founded Virgin Galactic has struggled with shares down 96% over the last five years, as seen in the <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070524&amp;t=be2bearmibe3na1">Benzinga Pro chart </a>below. 
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="993" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39.png" alt="" class="wp-image-421865" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39.png 993w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39-768x396.png 768w" sizes="(max-width: 993px) 100vw, 993px" /></a></figure>
Branson has also said he&nbsp;<a href="https://www.benzinga.com/news/22/04/26510288/space-swap-richard-branson-wants-trip-with-spacex-suggests-elon-musk-flies-with-virgin-galactic" target="_blank" rel="noreferrer noopener">hopes to someday</a>&nbsp;go further into space aboard a SpaceX vehicle from Musk.&nbsp;
Virgin Galactic space trip tickets are currently priced at $450,000 and over 60 passengers and crew members have gone to space aboard the company&#8217;s vehicles. 
Branson has also booked future flights to space with Virgin Galactic for his 80th, 90th and 100th birthday.
"Most likely I'll book for my 110th birthday as well because I'm forever an optimist. I hope that on at least one of those trips the children and grandchildren come."
You may be wondering if there are perks of being friends with Branson or showing up at his house in the middle of the night to sip tea under the stars.
"We haven't done any discounts for space, not even for Elon."
This article was previously published by Benzinga and has been updated.
Photo: Shutterstock

SPACE

Education

SPCE

Billionaire Wakes Up To Find Elon Musk Barefoot In His Kitchen: 'We Made A Pot Of Tea And Sat Outside Under The Stars'

<h3>Legal Action Against Meta</h3>
Former Arkansas Governor Mike Huckabee (R)has initiated a lawsuit against Meta Platforms Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), the parent company of Facebook, in the U.S. District Court in Delaware.
The lawsuit addresses unauthorized advertisements on Facebook that falsely utilized Huckabee&#39;s name and likeness to promote CBD gummies.
These ads claimed that Huckabee was abandoning his television hosting duties to endorse these products and attributed fabricated statements to him concerning the <a href="https://www.benzinga.com/general/biotech/23/05/32211701/cbd-oils-health-benefits-are-reportedly-locked-behind-poor-absorption-rates-this-pressure-based-t">medicinal benefits of CBD</a>.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39618720/its-unconstitutional-hemp-businesses-sue-wyoming-governor-over-law-banning-delta-8-and-similar-s">It&#39;s Unconstitutional: Hemp Businesses Sue Wyoming Governor Over Law Banning Delta-8 And Similar Substances</a>
<h3>Misuse Of Identity And Image</h3>
The <a href="https://www.mediapost.com/publications/article/397401/mike-huckabee-sues-meta-over-phony-cbd-endorsement.html">complaint details</a> that some of the disputed advertisements linked to a counterfeit Fox News website, erroneously reporting that Huckabee had been cured of an autoimmune disease through CBD use.
These ads ran from early April to at least June 6, 2024, associating Huckabee with marijuana products against his will and beliefs.
Huckabee&#39;s legal action accuses Meta of violating the <a href="https://www.benzinga.com/topic/arkansas-cannabis">Arkansas</a> Frank Broyles Publicity Rights Protection Act, along with charges of invasion of privacy and unjust enrichment.
<h3>Broader Implications</h3>
The&nbsp;case highlights ongoing issues with false endorsements and the misuse of public figures&#39; identities in advertising.
Huckabee&#39;s complaint also mentions similar misleading advertisements that have targeted other media personalities, misleading fans and consumers.
The lawsuit seeks both punitive and compensatory damages, emphasizing <a href="https://www.benzinga.com/markets/cannabis/24/03/37767225/do-meta-and-other-platforms-play-a-role-in-illicit-drug-sales-us-prosecutors-are-investigating">the need for tighter controls and accountability</a> in digital advertising practices.
Huckabee&#39;s legal challenge against Meta could set a significant precedent regarding the responsibilities of social media platforms in preventing and managing fraudulent advertising content.
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39627110/minnesota-ag-ellison-asks-judge-to-dismiss-lawsuit-by-cannabis-home-growers-who-want-to-sell-the">Minnesota AG Ellison Asks Judge To Dismiss Lawsuit By Cannabis Home Growers Who Want To Sell Their Excess Marijuana Without A License</a>
Photo: AI-Generated Image.&nbsp;

Facebook Parent Company Meta Sued By Former Arkansas Gov Huckabee Over Weed Product Ad Misuse

The U.S. economy showcased robust job growth in June&nbsp;with 266,000 new jobs added, exceeding forecasts. Despite this positive indicator, the unemployment rate edged up slightly to 3.7%. Wage growth was relatively tame at 0.2% month-over-month and 4.3% year-over-year, <a href="https://www.benzinga.com/markets/equities/24/07/39646053/mixed-picture-for-fed-june-payrolls-rise-more-than-expected-unemployment-rate-ticks-up-wage-grow">suggesting a potential slowdown</a> in the previously overheated job market.
In contrast to the broader economic trends, the cannabis industry experienced a year-over-year revenue increase of 10.3%, reaching $28.8 billion in 2023. This represents a rebound from a decline seen in 2022, hinting at stabilization within the sector. However, the performance across states varied significantly due to differing market maturities and regulatory environments.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/02/37344603/cannabis-job-market-will-rebound-in-2024-nearly-90-of-weed-businesses-plan-on-hiring-new-workfor">Cannabis Job Market Will Rebound In 2024: Nearly 90% Of Weed Businesses Plan On Hiring New Workforce.</a>&nbsp;
<h3>Regional Market Variations</h3>
Data from the <a href="https://app.vangst.com/blog/live-now-the-vangst-2024-cannabis-jobs-report">Vangst Jobs Report 2024</a> indicates vibrant growth in newer markets such as Michigan, Missouri&nbsp;and Illinois, where cannabis-related employment surged by 5.4% year-over-year, adding 22,952 new jobs.
Mature markets like California and Colorado faced challenges such as price compression and intense competition, leading to a downturn in sales and <a href="https://www.benzinga.com/topic/cannabis-jobs">job </a>losses. For instance, California saw a reduction of nearly 5,000 jobs despite being a longstanding hub for cannabis activity.
<h3>Salaries and Employment Trends</h3>
The Vangst<a href="http://app.vangst.com/reports/salary-guide"> 2024 Salary Guide </a>highlights an optimistic outlook for <a href="https://www.benzinga.com/markets/cannabis/23/03/31367867/top-5-highest-paying-jobs-in-the-cannabis-industry-unveiled-by-leading-weed-brand-platform">cannabis salaries</a>, spurred by anticipated federal regulatory changes. Top-tier cannabis salaries increased by 4.7% over the past year, outpacing the average increase across non-cannabis industries.
Directors of Cultivation now earn between $90k and $140k, while retail positions such as Budtenders earn between $14 and $22 per hour, reflecting the sector&#39;s growing professionalization and competitive compensation structures.
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/01/36547347/cannabis-jobs-in-2024-career-opportunities-key-players-and-industry-trends-for-job-seekers">Cannabis Jobs In 2024: Career Opportunities, Key Players And Industry Trends For Job Seekers.</a>&nbsp;
Photo: AI-Generated Image.&nbsp;

Market Summary

Emerging Markets

Economics

U.S. Jobs Surge In June, Can Cannabis Keep Up? Salaries Might Tempt You To Switch Careers

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plummeted to an intraday low of $53,717.38, marking the lowest in more than four months, on Friday amid <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652732/bitcoin-ethereum-dogecoin-struggle-as-mt-gox-repayments-begin-crypto-analyst-says-btc-coul">concerns about supply from failed Tokyo-based cryptocurrency exchange Mt. Gox.</a> In the aftermath of the plunge, gold bull Peter Schiff suggested that the downtrend will likely accelerate.
What Happened: Seventy percent of those who bought spot Bitcoin ETFs are losing money when the apex crypto trades at $54,000 level, said Schiff in a post on X, formerly Twitter. A decline below $38,000 will push &#8220;100% of Bitcoin ETF buyers&#8221; into the red, he said.
&#8220;That&#8217;s when I expect the real selling to start, as most #crypto ETF speculators will throw in the towel for good,&#8221; the economist said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">At $54K my guess is that over 70% of those who bought <a href="https://twitter.com/hashtag/BitcoinETFs?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETFs</a> are losing money. When <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> trades below $38K, 100% of Bitcoin ETF buyers will be losing money. That&#39;s when I expect the real selling to start, as most <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> ETF speculators will throw in the towel for good.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1809093670450221369?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">When a social media user flagged that MicroStrategy&#8217;s Michael Saylor borrowed $1 billion in April to buy Bitcoin at $66,000, Schiff said the Bitcoin bull may have to borrow even more money to buy the crypto to support its price.</figcaption></figure>
As Bitcoin recovered from Friday&#8217;s lows, Schiff said it appeared that Bitcoin ETF buyers were still &#8220;HODLing&#8221; and there was no sign of panic. 
&#8220;It will likely take a much larger drop in #Bitcoin before they finally capitulate. That may come as soon as next week, especially after another big selloff this weekend,&#8221; he added.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-bitcoin-btc">How To Buy Bitcoin (BTC)</a>
Why It&#8217;s Important: Bitcoin&#8217;s downtrend was in defiance of the equity market rally, which has pushed the major U.S. indices to record highs. Some analysts attribute the pullback to the U.S. election uncertainty, with both major parties not too crypto-friendly. 
Bitcoin scaled a high of $73,750.07 on March 14 amid a renewed push higher after a soft patch in the aftermath of the <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36595770/spot-bitcoin-etf-approval-drives-bitcoin-past-48-000-mark-etf-total-trading-volume-peaks-2">spot Bitcoin ETF approval. </a>
Crypto analyst Ali Martinez said in a post on Friday that the apex crypto currently lacks significant support. 
&#8220;The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000,&#8221; he said.
At last check, Bitcoin climbed 2.42% to $56,806.82, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652199/impact-of-mt-gox-germany-sales-on-bitcoin-lettuce-hands-are-flushed-out">Impact Of Mt Gox, Germany Sales On Bitcoin: &#8216;Lettuce Hands Are Flushed Out&#8217;</a></li>
</ul>
Photo: Shutterstock

Analyst Color

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

Cryptocurrency

$BTC

Peter Schiff Says Bitcoin ETF Buyers 'HODLing' Amid King Crypto's Plunge But Warns 'Much Larger Drop ... May Come As Soon As Next Week'

The cannabis industry may be on the verge of significant financial relief with the <a href="https://www.benzinga.com/markets/cannabis/24/05/38880719/biden-announces-monumental-marijuana-rescheduling-doj-to-take-next-steps" target="_blank" rel="noreferrer noopener">Biden administration's proposal</a> to reclassify cannabis to <a href="https://www.benzinga.com/markets/cannabis/24/02/36916329/is-marijuana-a-controlled-substance-wait-what-is-a-controlled-substance" target="_blank" rel="noreferrer noopener">Schedule III of the Controlled Substances Act</a>. This reclassification would eliminate the oppressive restrictions of Section 280E of the Internal Revenue Code, which prevents <a href="http://benzinga.com/cannabis" target="_blank" rel="noreferrer noopener">cannabis</a> businesses from deducting typical business expenses.
<h3 class="wp-block-heading">Potential Profit Boost From Cannabis Reclassification</h3>
The proposed rescheduling could change the landscape dramatically. <a href="https://mjbizdaily.com/what-marijuana-tax-deductions-will-be-available-if-280e-is-gone/" target="_blank" rel="noreferrer noopener">According</a> to MJBizDaily guest columnists Neil Prasad and Martin Martinez, both part of Marcum LLP, reclassification would allow cannabis companies to deduct business expenses, aligning them with businesses in other industries. This shift could lead to increased profitability through reductions in taxable income, potentially lowering prices for consumers and making medical cannabis more accessible.
<h3 class="wp-block-heading">Tax Changes Could Propel Cannabis Industry Growth</h3>
Moreover, as Prasad and Martinez note, if cannabis is rescheduled these companies could claim a full spectrum of business deductions, aligning their tax treatment with that of other industries. The potential for deducting ordinary business expenses would transform the economic landscape for cannabis companies, allowing for:
<ul>
<li>Reinvestment In Operations: Freed funds could be channeled back into business expansion, research and development, and innovation, driving further growth in the sector.</li>
<li>Lower Consumer Prices: Reductions in operational costs could be passed on to consumers, potentially making medical cannabis more accessible and affordable.</li>
<li>Improved Financial Services: With reduced stigma, cannabis companies might find it easier to obtain loans, credit lines, and banking services.</li>
<li>Competitive Market Pricing: Enhanced tax relief could foster more competitive pricing, decreasing the allure of the illicit market.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39561566/will-bidens-shaky-debate-performance-affect-cannabis-reform-how-a-trump-return-could-reshape-mar" target="_blank" rel="noreferrer noopener">Will Biden&#8217;s Shaky Debate Performance Affect Cannabis Reform? How A Trump Return Could Reshape Marijuana Policy</a>
<h3 class="wp-block-heading">IRS Maintains Tax Rules For Now</h3>
The IRS has reiterated that <a href="https://www.benzinga.com/markets/cannabis/24/06/39560744/irs-confirms-no-federal-tax-deductions-for-marijuana-businesses-until-rescheduling-is-finalized" target="_blank" rel="noreferrer noopener">current tax rules remain in place until the final rescheduling rule is published</a>. Businesses filing amended returns seeking refunds for taxes paid under 280E have been denied. Major operators like Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), TerrAscend Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTC">TSNDF</a>) and Ascend Wellness Holdings Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>) have already filed for substantial refunds, highlighting the industry&#8217;s eagerness for tax relief.
The potential financial benefits of this tax code change could be a game-changer, marking a significant step towards financial parity with other sectors and <a href="https://www.benzinga.com/markets/cannabis/24/06/39388679/why-the-time-to-invest-in-u-s-cannabis-stocks-is-right-now" target="_blank" rel="noreferrer noopener">contributing to the overall stability and growth of the cannabis industry</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39647075/is-now-the-time-to-invest-in-cannabis-stocks-trends-and-long-term-predictions-from-industry-expe" target="_blank" rel="noreferrer noopener">Is Now The Time To Invest In Cannabis Stocks? Trends And Long-Term Predictions From Industry Experts</a></li>
</ul>
<div style="height:15px" aria-hidden="true" class="wp-block-spacer"></div>
<hr class="wp-block-separator has-alpha-channel-opacity" />
Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

AAWH

TCNNF

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End Of IRS' 280E On The Horizon? What Cannabis Rescheduling Means For Business Tax Deductions

Most electric vehicle stocks advanced in the week that ended on July 5, led by market leader Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), with the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652289/stocks-rally-to-record-highs-as-investors-eye-interest-rate-cuts-labor-market-cools-tesla-">broader market strength also contributing to the upside.</a> Tesla shares are now in the green after the company reported better-than-feared deliveries.
Here are the key events that happened in the EV space during the week:
Tesla Knocks Off Lowered Number: After prolonged weakness, Tesla shares turned the corner, thanks to a <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">second-quarter deliveries report that came in better than expectations</a>. Analysts attributed the positive number to the lavish financing options facilitated by the company. Skeptics weren&#8217;t impressed as they pointed to the sharply lowered estimate ahead of the report and the year-over-year sales decline.
Tesla has moved past one of its key catalytic events unscathed, and all eyes are now focused on the second-quarter earnings report that is due on July 23.
Tesla continues to find favor with authorities in China. A CnEVPost report <a href="https://cnevpost.com/2024/07/05/multiple-state-owned-firms-in-shanghai-buy-tesla-model-y/">said</a> multiple state-owned enterprises in Shanghai have purchased Model Ys as part of the city&#8217;s efforts to optimize the business environment and demonstrate equal treatment for domestic and foreign companies.
On the other hand, the company&#8217;s progress in China&#8217;s neighbor, India, hasn&#8217;t been encouraging. A Bloomberg report <a href="https://www.bloomberg.com/news/articles/2024-07-04/india-s-hopes-for-tesla-investment-cool-as-musk-ceases-contact">said </a>Tesla executives have stopped contacting Indian officials regarding the company&#8217;s proposed expansion into India. Citing people familiar with the development, the report said officials in New Delhi were informed that Tesla has capital issues and that it wasn&#8217;t planning fresh investment in India in the near future.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Rivian&#8217;s Volkswagen Partnership Limited To Software: Irvine, California-based Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) told Reuters that the company does not plan to produce vehicles with Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>). The clarification came after a German media report said the two would be extending their previously announced partnership beyond software to include EV manufacturing.
Separately, Rivian reported second-quarter deliveries that exceeded its pre-announced number. The company said it sold 13,790 EVs in the second quarter, ahead of the 13,000-13,300 units it forecast at its Investor Day held in June. The company manufactured 9,162 units and reaffirmed its 2024 guidance of 57,000 units.
Canoo Snags New Orders: Lifestyle EV manufacturer Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>) announced that logistics company Go2 Delivery has signed a definitive agreement to purchase five of its fully-electric commercial delivery vans, with the potential to purchase up to an additional 85 vans. The Class 1 LDV130 will be integrated into Go2&#8217;s delivery fleet as it accelerates its commitment to becoming the leading carbon-free logistics company to meet the last mile and other delivery transportation needs of its customers in Virginia and the Chesapeake Bay area.
Ford Reports Solid Q2 EV Sales: Legacy automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) reported strong second-quarter EV sales, with its pureplay EV models recording double-digit growth. EV sales jumped 61% year-over-year as the Blue Oval toppled crosstown rival General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) to be the second-largest U.S. EV maker.
F-150 Lightning sales climbed 77% to 7,902 units, Mustang Mach-E sales rose 46% to 12,645 units and E-Transit van deliveries surged up 96% to 3,410&nbsp;units.
Nio Announces CFO Departure: Chinese EV startup Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) its CFO Steven Feng has announced his decision to quit, effective July 5, citing personal and family reasons. The board approved the promotion of Senior Vice President of Finance Stanley Qu as Feng&#8217;s replacement. Feng&#8217;s resignation came close on the heels of the <a href="https://www.benzinga.com/news/24/07/39574028/whats-going-on-with-chinese-ev-stocks-nio-li-auto-xpeng-on-monday">Shanghai-based company reporting robust deliveries for June.</a>
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session down 1.02% at $20.21 according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF advanced 4.23%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39639428/this-tesla-bull-wont-blindly-change-his-position-and-resume-buying-the-stock-despit">This Tesla Bull Won&#8217;t &#8216;Blindly Change&#8217; His Position And Resume Buying The Stock Despite Recent Upside: &#8216;We&#8217;d Wait Until After…&#8217;</a></li>
</ul>
EV Stock Performances This Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+27.11%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>+11.06%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+8.05%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+14.43%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-14.65%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+0.97%</td>
</tr>
<tr>
<td>Canoo</td>
<td>-0.47%</td>
</tr>
<tr>
<td>Rivian </td>
<td>+10.21%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>+12.26%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>)</td>
<td>-21.04%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>+9.77%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>+0.47%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

FFIE

GOEV

HYZN

KARS

LCID

NKLA

RIVN

VWAGY

WKHS

XPEV

Tesla Stock At 6-Month High, Orders Trickle In For Canoo, Nio CFO Departs And More: Biggest EV Stories Of The Week

Twenty-nine National Basketball Association teams will attempt to ruin the back-to-back championship ambitions of the <a href="https://www.benzinga.com/general/sports-betting/24/06/39382135/portnoy-wins-big-with-boston-celtics-nba-championship-rapper-drake-loses-500k-and-could-lo">reigning champ Boston Celtics.</a>
After free agency, several teams saw their betting odds improve, including one NBA team that is publicly traded.
What Happened: While many struggling NBA teams looked to turn their fortunes around with the <a href="https://www.benzinga.com/general/sports-betting/24/06/39513625/2024-nba-draft-no-clear-no-1-favorite-bronny-james-shakes-up-odds-people-are-always-intrig">2024 NBA Draft</a>, several key NBA championship contenders took to free agency to land new signings or utilized trades to send draft picks for assets that could help them win now.
The Celtics are heavy favorites to win back-to-back NBA championships. Here's a look at the current odds from DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) and the betting odds prior to the NBA Draft and start of free agency:
Boston Celtics: +295 (+290)
Philadelphia 76ers: +800 (+1,300)
Oklahoma City Thunder: +850 (+850)
Denver Nuggets: +850 (+800)
New York Knicks: +950 (+1,000)
Minnesota Timberwolves: +1,000 (+1,000)
Dallas Mavericks: +1,000 (+1,100)
Milwaukee Bucks: +1,100 (+1,000)
Los Angeles Lakers: +3,000 (+3,000)
Phoenix Suns: +3,500 (+3,000)
The Celtics are currently the best preseason favorite to win an NBA championship since the 2017-2018 season, when the Golden State Warriors were listed at -180. The Warriors won a title that season, and nine of the last 16 preseason favorites have won the NBA title, as <a href="https://www.espn.com/nba/story/_/id/40375142/celtics-enter-offseason-clear-cut-favorite-repeat">ESPN</a> reported.
To challenge the Celtics, several teams made big moves. The 76ers added Paul George in free agency to give the team a "Big 3" of George, Joel Embiid and Tyrese Maxey.&nbsp; The Thunder added Isaiah Hartenstein in free agency and acquired Alex Caruso via trade. The Mavericks added Klay Thompson in free agency.
One of the biggest offseason transactions was the Knicks trading multiple draft picks to get Mikal Bridges from the Brooklyn Nets. Bridges averaged 19.6 points, 4.5 rebounds and 3.6 assists in 82 games last season, tying his career highs for average rebounds and assists per game.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/06/39436993/sportonomics-why-investing-in-american-sports-franchises-has-doubled-the-returns-of-th">Sportonomics: Why Investing in American Sports Franchises Has Doubled The Returns Of The Market</a>
Why It's Important: The Knicks are now one of the favorites to win the NBA championship, which comes a season after finishing second in the Eastern Conference.
Along with bettors backing the Knicks, investors can also support the team, as the Knicks are owned by the publicly traded Madison Square Garden Sports (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGS#NYSE">MSGS</a>).
The Knicks are one of the most valuable NBA teams, ranked second at $6.6 billion by <a href="https://www.forbes.com/lists/nba-valuations/">Forbes</a>, and have a large fan base.
When it comes to postseason success, the team has struggled, last winning an NBA title in 1973 and last reaching the NBA Finals in 1999.
The Knicks have made the playoff in three of the last four seasons, ending a seven-season drought in 2021, but have not advanced past the second round since 2000.
With Bridges on the team, bettors and Knicks fans have high hopes for the upcoming season. A championship could boost the overall valuation of the team and likely its stock.
Shares of the publicly traded Atlanta Braves Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BATRA#NASDAQ">BATRA</a>), for example, now trade higher than they did when the MLB team <a href="https://www.benzinga.com/news/21/11/23856231/atlanta-braves-win-their-first-world-series-title-since-1995-what-investors-should-know">won their last championship in 2021</a> and ended a 26-year title drought.
Along with the Knicks being a strong betting choice for the NBA championship, the NHL's New York Rangers are ranked fifth in betting odds to win the next Stanley Cup at +1,300, compared to the leading Edmonton Oilers at +850.The Rangers are also owned by Madison Square Garden Sports.
Read Next: <a href="https://www.benzinga.com/general/sports/24/06/39420329/could-red-bull-join-the-nba-austrian-company-circles-sin-city-team-new-report-says">Could Red Bull Join The NBA? Austrian Company Circles Sin City Team, New Report Says</a>
Photo: Shutterstock

Sports Betting

Sports

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NBA Betting Odds Change Dramatically After Free Agency — Here's The Publicly Traded Sports Team For Investors To Watch

In a recent shareholder Q&amp;A, Nintendo ADR&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) President Shuntaro Furukawa addressed the issue of generative artificial intelligence (AI) in video game development, a hot topic that has stirred significant debate within the <a href="https://www.benzinga.com/general/gaming">industry.</a>
<h3 class="wp-block-heading">The Mixed Blessing Of AI</h3>
<a href="https://www.ign.com/articles/nintendo-says-generative-ai-can-be-used-in-creative-ways-but-highlights-ip-issues">According</a> to IGN, Furukawa acknowledged the potential benefits of generative AI, noting it could be used "in creative ways." However, he also highlighted the risks, particularly regarding intellectual property rights.
See Also:<a href="https://www.benzinga.com/24/05/39013083/sony-executive-ai-enhances-personal-connections-in-video-games-for-gen-z-gen-alpha"> Sony Executive: AI Enhances Personal Connections In Video Games For Gen Z, Gen Alpha</a><a href=""></a>
&#8220;Generative AI, which is becoming a big topic recently, can be used in creative ways, but we recognize that it may also raise issues with intellectual property rights,&#8221; he said. 
<h3 class="wp-block-heading">Nintendo's Stance On Technological Advancements</h3>
As Nintendo prepares to unveil its next-generation console, Furukawa stressed the company&#8217;s commitment to leveraging technological advancements while maintaining its unique creative identity. 
&#8220;We have decades of know-how in creating the best gaming experiences for our players. While we are open to utilizing technological developments, we will work to continue delivering value that is unique to Nintendo and cannot be created by technology alone,&#8221; he said.
<h3 class="wp-block-heading">Industry Perspectives On AI</h3>
Nintendo&#8217;s cautious yet open stance contrasts with the approaches of its competitors. Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is reportedly developing an AI chatbot for Xbox to automate support tasks, including game refunds and subscription issues.
Meanwhile, Sony Group Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NASDAQ">SONY</a>) PlayStation Productions&#8217; head Asad Qizilbash highlighted AI&#8217;s potential to enhance player experiences through personalized interactions.
&#8220;For instance, non-player characters in games could interact with players based on their actions, making it feel more personal," Qizilbash said. "This is important for the younger Gen Z and Gen Alpha audiences, who are the first generations that grew up digitally and are looking for personalization across everything, as well as looking for experiences to have more meaning.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/03/37798791/survey-reveals-87-of-game-developers-embrace-open-source-amid-ai-concerns-layoff-fears">Survey Reveals 87% Of Game Developers Embrace Open-Source Amid AI Concerns, Layoff Fears</a></li>
<li><a href="https://www.benzinga.com/general/gaming/24/05/38952304/microsofts-ai-to-power-minecraft-and-other-xbox-pc-games">Microsoft&#8217;s AI To Power Minecraft And Other Xbox, PC Games</a></li>
</ul>
Photo by <a href="https://unsplash.com/es/@claudiolcastro?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Cláudio Luiz Castro</a> on <a href="https://unsplash.com/es/fotos/figura-de-super-mario-sobre-superficie-marron-_R95VMWyn7A?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Unsplash</a>

Gaming

MSFT

NTDOY

Sony Group Corporation American Depositary Shares

SONY

Nintendo's President Says AI Can Be 'Creative,' But Raises Intellectual Property Concerns

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
U.S. stocks hit all-time highs during the shortened Independence Day trading week, buoyed by economic data that raised hopes the Federal Reserve might start cutting interest rates. The Nasdaq Composite surged 3.5%, the S&amp;P 500 rose nearly 2%, and the Dow lagged slightly with a 0.7% increase. 
Despite a stronger-than-expected job market report for June, revisions for prior months and a slight rise in the unemployment rate suggested a cooling economy. Additional signs of an economic slowdown emerged from the Institute for Supply Management Services PMI, which fell to its lowest <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652289/stocks-rally-to-record-highs-as-investors-eye-interest-rate-cuts-labor-market-cools-tesla-">level since May 2020.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39581531/trump-winning-the-election-would-be-major-catalyst-for-crypto-to-surge-says-investment-exp">Trump Winning The Election Would Be &#8216;Major Catalyst&#8217; For Crypto To Surge, Says Investment Expert</a>,&#8221; by <a href="https://www.benzinga.com/author/murtuza-merchant">Murtuza Merchant</a>, explains how Donald Trump&#8216;s potential election victory could boost the cryptocurrency market, including 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>), according to an investment expert.
&#8220;<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39582335/momentum-investor-praises-palantir-as-ai-halo-play-highlights-datadog-as-software-bottom">Momentum Investor Praises Palantir As AI Halo Play, Highlights Datadog As Stoware &#8216;Bottoming Process&#8217; Sets In</a>,&#8221; by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, discusses a momentum investor&#8217;s positive outlook on Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) due to its strong position in AI, while also noting Datadog Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) as a promising investment at its current lows. 
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39647203/dogecoin-dumps-as-whales-move-400-million-coins-trader-predicts-next-will-be-a-huge-reboun">Dogecoin Dumps As Whales Move 400 Million Coins, Trader Predicts &#8216;Next Will Be A Huge Rebound,&#8217;</a>&#8221; by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, reports on significant whale activity amid Dogecoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) price drop, but one trader predicts a major rebound as large holders have moved 400 million DOGE.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper">EXCLUSIVE: Tesla Shorts Were Profitable This Year Until Shareholders Approved Musk&#8217;s Pay Package, Expert Says</a>
<a href="https://www.benzinga.com/news/24/07/39604334/sofis-transaction-revenue-skyrockets-analyst-foresees-major-growth-higher-valuation">SoFi&#8217;s Transaction Revenue Skyrockets: Analyst Foresees Major Growth, Higher Valuation</a>
<a href="https://www.benzinga.com/news/24/07/39587744/nvidia-and-jensen-huang-fueling-tech-sector-boom-says-wedbush-analyst-dan-ives-for-every-1-spent-on">Nvidia And Jensen Huang Fueling Tech Sector Boom, Says Wedbush Analyst Dan Ives: &#8216;For Every $1 Spent On…&#8217;</a>
The Bears
&#8220;<a href="https://www.benzinga.com/news/24/07/39569902/tesla-fsd-training-hits-a-snag-elon-musk-says-new-version-rollout-delayed-due-to-driving-smoothness">Tesla FSD Training Hits a Snag, Elon Musk Says New Version Rollout Delayed Due to Driving Smoothness</a>,&#8221; by <a href="https://www.benzinga.com/author/anan-ashraf">Anan Ashraf</a>, reports that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk announced delays in the rollout of Full Self-Driving (FSD) version 12 due to issues with driving smoothness, pushing back the deployment timeline despite significant advancements​.
&#8220;<a href="https://www.benzinga.com/markets/equities/24/07/39572952/gamestop-shares-take-a-hit-after-roaring-kitty-discloses-6-6-stake-in-chewy-and-faces-a-manipula">GameStop Shares Take a Hit After &#8216;Roaring Kitty&#8217; Discloses 6.6% Stake In Chewy And Faces A Manipulation Probe</a>,&#8221; by <a href="https://www.benzinga.com/author/pooja-rajkumari">Pooja Rajkumari</a>, discusses how GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares fell following Keith Gill&#8216;s 6.6% investment in Chewy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) and subsequent manipulation allegations​.
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39654001/nvidia-gets-rare-downgrade-over-concerns-that-demand-is-normalizing-in-line-with-ex">Nvidia Gets Rare Downgrade Over Concerns That Demand Is Normalizing &#8216;In Line With Expectations,&#8217;</a>&#8221; by <a href="https://www.benzinga.com/author/rounak-jain">Rounak Jain</a>, notes Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) faced a rare downgrade due to concerns about normalizing demand, despite its strong position in AI and data centers. 
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/markets/bonds/24/07/39600702/fed-chair-powell-warns-of-unsustainable-us-debt-path-downplays-risks-of-possible-trump-attacks-on-c">Fed Chair Powell Warns Of &#8216;Unsustainable&#8217; US Debt Path, Downplays Risks Of Possible Trump Attacks On Central Bank Independence</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39637474/ai-has-the-hallmarks-of-an-inflating-bubble-warns-veteran-wall-street-investor">AI Has &#8216;The Hallmarks Of An Inflating Bubble,&#8217; Warns Veteran Wall Street Investor</a>
<a href="https://www.benzinga.com/government/24/07/39625439/boeing-faces-high-stakes-decision-accept-plea-deal-or-risk-trial-over-737-max-safety-violations">Boeing Faces High-Stakes Decision: Accept Plea Deal Or Risk Trial Over 737 MAX Safety Violations</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image created using artificial intelligence vid Midjourney.

Long Ideas

Short Ideas

$DOGE

$ETH

CHWY

DDOG

Benzinga Bulls And Bears: Tesla, Nvidia, Palantir And Trader Predicts 'Huge Rebound' For Dogecoin

A landslide victory by the Labour Party in the U.K. has put the left-center group back in control of the government for the <a href="https://www.benzinga.com/news/24/07/39640147/keir-starmer-to-become-uk-prime-minister-as-labour-wins-big-over-rishi-sunaks-conservatives-mohamed">first time in 14 years</a>.
Keir Starmer, the party's leader — and as of Friday, the U.K.'s new prime minister — is a voice of moderation within the traditionally leftist party.
Starmer, 61, is viewed by some as a much-needed step toward the center of the political spectrum, necessary to win back the hearts of the U.K. electorate. For others, and especially to the party's most left-leaning figures, Starmer's concessions are pulling the party too far from the banners of social justice it has traditionally represented.
<a href="https://www.benzinga.com/etfs/specialty-etfs/24/07/39649841/united-kingdom-stocks-etfs-to-watch-after-keir-starmer-labour-party-win">British stocks and ETFs experienced a slight uptick</a> after the results of the election were announced.
<h3 class="wp-block-heading">Who Is Keir Starmer And How Did He Rise To Power?</h3>
Starmer's early years crystallized the leader as a poster child for Labour values.
The son of a nurse who worked for the NHS, the U.K.'s public health service, and a toolmaker, Starmer was the first in his family to reach a college title, graduating from the University of Oxford with a law degree.
Throughout his political career, Starmer has repeatedly made mention of his working class background as a way to legitimize his quest for social justice.
During his formative years, which coincided with the final years of the Cold War, he displayed clear tendencies toward the far left, serving as editor for Socialist Alternatives, a Trotskyist radical magazine in the U.K.
Starmer became a lawyer in 1987 and began a career "defending ordinary people against the powerful," as the official Labour Party site states in his biography.
This meant representing labor unions against corporations and working on high-profile human rights cases, which included defending convicts sentenced for death penalty.
In 2008, he was appointed director of public prosecutions by the Crown, launching his public servant career. This position is the third most senior public prosecutor position in England and Wales, behind only the attorney general and solicitor general.
During seven years in this position he enjoyed public exposure, becoming the main prosecutor in high-profile cases which included the trials of several MPs found guilty in a parliamentary expenses scandal.&nbsp;
He was knighted for his contributions to law and order in 2014.
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His political career is short-lived, compared to other MPs. He was appointed as a candidate for Parliament in late 2014, less than 10 years ago. In 2015 he became a member of the House of Commons for Labour. 
He was named Shadow Brexit Minister, a position within the opposition that centralized his party's opinions on Brexit, one of the most cataclysmic events in recent U.K. history.
Jump to 2020, and Starmer had risen to opposition leader within the Labour Party, after previous leader Jeremy Corbyn lost by a landslide against Conservative Boris Johnson in the 2019 elections.
<h3 class="wp-block-heading">What Does Keir Starmer Stand For?</h3>
At 61 years old, Starmer seems to have pulled away from his Marxist background for more moderate centrist position that seeks to bring back credibility to the Labour Party.
His calm, managerial and unassuming public personality has been deemed "boring," yet it might be exactly the face that the U.K. government needs today to counteract a credibility crisis that has taken it to the lowest approval levels in decades. Only 27% of the population said they trusted the government in March, as per the Office for National Statistics.
"A vote for Labour is a vote for stability — economic and political," Starmer said during his most recent campaign.
Over the five years that went by since Labour's dramatic loss to the Conservatives in 2019, Starmer has worked to weed out the far-left elements of his party. A symbolic step in this direction occurred in 2020 when former leader Corbyn was ousted following his reaction to claims of antisemitism within the party.
Corbyn won a seat in the Parliament as an independent in this year's election. But his expulsion from the party also meant a break with some of his most leftist policies.
Starmer's concessions toward a more moderate stance — which arguably got him elected — include dialing back on Labour's most extreme proposals, like increasing the income tax or dropping university tuition fees, as The Guardian has <a href="https://www.theguardian.com/commentisfree/2023/may/03/labour-tuition-fees-keir-starmer-political-party-british-democratic-history">reported</a>. Several plans to nationalize public services have also been taken out of the Labour conversation.
Starmer's main quest is one of consensus and order. He said during his campaign he won't commit to promises that he can't fulfill, putting the focus on fixing the country's housing crisis and its decaying public health system. This is a challenging task, as the new MP has vowed not to increase taxes for the general population or deepen public debt.
UK-US Relations Under Starmer: Politically, Starmer's government is more aligned with U.S. Democrats. This means that the future of international relations across the Atlantic depends widely <a href="https://www.benzinga.com/news/24/07/39618327/economics-will-define-2024-election-comparing-trump-and-biden-presidencies">on the results of November's election in the U.S.</a>
If Joe Biden — <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611479/odds-of-kamala-harris-replacing-joe-biden-as-democratic-presidential-candidate-raised-by-c">or another Democratic candidate</a> — were to win, that would likely bring about a brighter future for U.K.-U.S. relations than if Donald Trump is elected president.
Read Next:
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<li><a href="https://www.benzinga.com//node/39585183">One To The Right, One To The Left: France&#8217;s National Rally Set For Record Win As The UK&#8217;s Labour Party Regains Support</a></li>
</ul>
Picture: Official portrait of Keir Starmer, taken in June 2017, via Wikimedia Commons.

Global

Who Is The UK's New Prime Minister Keir Starmer And What Does He Stand For?

In defiance of the market&#8217;s downturn, a memecoin built on the Solana blockchain, Billy (CRYPTO: BILLY), has experienced a significant surge, with its value increasing by nearly 147% in the last week.
What Happened: The value of Billy, a memecoin with a dog theme, has surged by nearly 147% in the last week, reaching $0.182. This surge in value comes after several cryptocurrency exchanges, including Bittrue, Bitget, MEXC, and Gate.io, added support for the coin, <a href="https://dailyhodl.com/2024/07/05/solana-based-memecoin-defies-market-downturn-jumps-over-30-in-24-hours-amid-listing-on-multiple-exchanges/">reported</a> The Daily Hodl.
Billy, which was launched in June, features a puppy image and has outperformed other popular meme coins during the current market consolidation phase, which has led to significant declines across the board, the report noted. 
Despite the market&#8217;s downturn, Billy&#8217;s market cap is currently at $181.8 million, with a 24-hour trading volume of $55.3 million, according to data from CoinMarketCap.
Why It Matters: Despite their often whimsical nature, meme coins have been gaining traction and demonstrating significant market resilience.
Other dog-theme assets such as Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) are trading at $0.00001538 and $0.1081 respectively as of the time of writing this article.
Other top-tier cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) have come under selling pressure over the past week &#8211; while Bitcoin has fallen over 7%, Ethereum declined by over 11%.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39653852/elon-musk-pegs-fifth-starship-launch-for-first-week-of-august-spacex-expected-to-attempt-a-booster-l" target="_blank" rel="noreferrer noopener">Elon Musk Pegs Fifth Starship Launch For First Week Of August: SpaceX Expected To Attempt A Booster Landing This Time</a></li>
</ul>
Photo courtesy: @billydogsolana
 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/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

$SHIB

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Identifying the right <a href="https://investorplace.com/industries/communications/media/">media stocks</a> to buy can offer long-term portfolios both growth and diversification. Streaming services continue to transform the media consumption landscape, as streaming content currently accounts for the <a href="https://www.nielsen.com/insights/2024/streaming-unwrapped-streaming-viewership-goes-to-the-library-in-2023/">biggest driver of TV usage</a>. Research suggests consumer dissatisfaction with paying for unused TV channels has <a href="https://www.ey.com/en_us/insights/media-entertainment/media-and-entertainment-industry-trends-2024">accelerated the rise of streaming services</a>. Many households now customize their content and, in some cases, even reduce costs. With more viewers shifting toward on-demand content, <a href="https://digitalcontentnext.org/blog/2024/04/02/most-people-opt-for-free-ad-supported-streaming/#">nearly every U.S. household</a> currently subscribes to one or more streaming platforms.



However, leading streamers face significant challenges in acquiring new subscribers, as they need to spend vast sums on content generation to retain subscriber growth. Yet, some streamers are better positioned than others to maintain their lead in this competitive industry.&nbsp;Personalized viewing experiences and global accessibility continue to propel streaming platforms forward. As a result, the focus is increasingly on companies in charge of content creation and distribution. With that information, here are the most compelling media stocks to buy in the second half 2024.



<h2>Global X Social Media ETF&nbsp;(SOCL)</h2>



<div><img width="300" height="165" src="https://investorplace.com/wp-content/uploads/2014/07/28-300x165.jpg" alt=""><div>Source: &copy;iStock.com/Melpomenem</div></div>We start discussing media stocks to buy with the Global X Social Media ETF (NASDAQ:<a href="https://investorplace.com/stock-quotes/socl-stock-quote/">SOCL</a>). This exchange-traded fund offers investors a unique opportunity to tap into the dynamic growth of the social media sector. SOCL aggregates a diverse portfolio of companies that play a key role in shaping online communication, streaming, advertising and media sharing. These businesses are primed to benefit from artificial intelligence (AI), e-commerce and advanced data analytics. These tools are helping management teams create new revenue streams that enhance user interaction and platform development.



The&nbsp;fund, which currently invests in 47 <a href="https://investorplace.com/industries/communications/media/social-media/">social media stocks</a> worldwide, was first listed in November 2011. Regarding sectoral allocation, communication services shares account for 96% of the fund. Then, we see several names from information technology, consumer discretionary and financial sectors.



The top 10 stocks comprise around two-thirds of $147 million in net assets. Among the leading holdings in the fund are&nbsp;the <a href="https://investorplace.com/2024/05/the-3-most-undervalued-chinese-stocks-to-buy-in-may-2024/">China-headquartered Tencent</a>&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/tcehy-stock-quote/">TCEHY</a>),&nbsp;Pinterest (NYSE:<a href="https://investorplace.com/stock-quotes/pins-stock-quote/">PINS</a>), Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>),&nbsp;Naver&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/nhncf-stock-quote/">NHNCF</a>), Kuaishou Technology (OTCMKTS:<a href="https://investorplace.com/stock-quotes/kuasf-stock-quote/">KUASF</a>) and&nbsp;Snap&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/snap-stock-quote/">SNAP</a>).



SOCL is up nearly 10% year-to-date (YTD). Meanwhile, trailing price-to-earnings (P/E) and price-to-book (P/B) ratios stand at 20.2x and 2.4x. Investors who expect global streaming and digital advertising spending to remain strong could consider buying the dip in the SOCL ETF.



<h2>Netflix (NFLX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/06/nflx1600-300x169.png" alt="Netflix (NFLX) stock index is seen on a smartphone screen. It is an American subscription streaming service and production company"><div>Source: TY Lim / Shutterstock.com</div></div>Next up on our list of media stocks to buy is Netflix (NASDAQ:<a href="https://investorplace.com/stock-quotes/nflx-stock-quote/">NFLX</a>). With its pioneering model and continuous innovation, Netflix has maintained its position at the <a href="https://investorplace.com/2024/05/why-netflix-stock-is-on-track-to-double-by-2030/">forefront of the streaming wars</a>. The company boasts a massive subscriber base of over 270 million paid memberships across more than 190 countries.



Analysts were pleased with the <a href="https://s22.q4cdn.com/959853165/files/doc_financials/2024/q1/FINAL-Q1-24-Shareholder-Letter.pdf">first quarter fiscal 2024 results</a>, which surpassed expectations, highlighting Netflix&rsquo;s significant pricing power in the streaming space. Revenue jumped 15% year-over-year (YOY) to $9.4 billion. In addition, Netflix added 9.3 million paid memberships, pushing its global subscriber base to 270 million.&nbsp;Operating income also jumped 54% YOY, while earnings per share (EPS) skyrocketed 83% to $5.28.&nbsp;



Apart from cutting costs, the crackdown on password sharing and introducing an ad-supported tier have effectively monetized its extensive user base and diversified revenue streams. The ad-supported tier delivered 65% quarter-over-quarter membership growth as consumers shifted towards cheaper options to use their streaming services.



Netflix management&rsquo;s focus on diverse content, strategic international expansions and ventures into new entertainment formats like gaming and live sports make NFLX stock a compelling long-term investment. Management guided robust revenue growth and profitability in fiscal year 2024, anticipating operating margin expansion in the second quarter.



Year-to-date, NFLX stock is up 27%.&nbsp;Yet, shares are priced at a premium valuation of 33.5 times forward earnings and 7.7 times trailing sales. Meanwhile, analysts&rsquo; 12-month average price target suggests <a href="https://edition.cnn.com/markets/stocks/nflx">an upside potential of 6%</a> from current levels.



<h2>Spotify (SPOT)</h2>



We discuss media stocks to buy with the audio-streaming giant Spotify (NYSE:<a href="https://investorplace.com/stock-quotes/spot-stock-quote/">SPOT</a>). Many on Wall Street concur that the company has redefined digital music streaming, holding more than 30% of the market share in this space.



The audio-streaming company reported solid <a href="https://s29.q4cdn.com/175625835/files/doc_financials/2024/q1/Q1-2024-Shareholder-Deck-FINAL.pdf">first-quarter fiscal 2024 results</a> thanks to Spotify&rsquo;s leadership in audio content. Revenue increased 20% YOY to 3.6 billion euros, driven by an increase in premium subscribers and an effective cost management strategy. Operating margin expanded by 243 basis points, while EPS jumped 162% YOY to 97 euro cents.



Spotify continues to diversify its revenue streams through strategic price adjustments and expansion into new markets. Planned price hikes in key markets and introducing new subscription tiers are expected to boost revenue growth and market share. Meanwhile, Spotify is expanding beyond the North American and European markets. Users outside these core regions account for 54% of total monthly active users.



Improved margins and increased focus on efficiency contribute to Spotify&rsquo;s robust earnings backdrop in 2024.&nbsp;Analysts forecast strong momentum in premium subscriptions to accelerate earnings growth. Premium subscribers grew 14% YOY in the first quarter to 239 million subscribers worldwide.



SPOT stock has doubled in value over the past year, with a notable 58% increase YTD.&nbsp;As a result, shares command a premium valuation at 59 times forward earnings and 3.8 times trailing sales. Nonetheless, Wall Street still <a href="https://edition.cnn.com/markets/stocks/spot">remains optimistic</a>, with an average price target of $352, an upside potential of over 16%.



On the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Tezcan Gecgil, PhD, began contributing to InvestorPlace in 2018. She brings over 20 years of experience in the U.S. and U.K. and has also completed all 3 levels of the Chartered Market Technician (CMT) examination. Publicly, she has contributed to <a href="https://www.investing.com/">investing.com</a> and the U.K. website of <a href="https://www.fool.com/">The Motley Fool.</a></div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/05/stream-dream-team-3-media-stocks-conquering-the-content-cosmos/">Stream Dream Team: 3 Media Stocks Conquering the Content Cosmos</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Stream Dream Team: 3 Media Stocks Conquering the Content Cosmos

Weibo cut to Underweight as Morgan Stanley expects weak growth to continue

Kuaishou Technology reports Q1 results

Kuaishou Technology (KUASF) Q1 2024 Earnings Call Transcript

Chinese stocks with improving earnings momentum and expectations of margin expansion - SG

The best of breed global stocks for 3Q2024 - BofA

Kuaishou: Short-Term Uncertainty, Long-Term Potential

ACWI

ALMMF

ANPDY

ATHM

ATLKY

BABAF

BAIDF

BIDU

BILI

BKRKY

BLBLF

CHHQF

CQQQ

CSCO

CTOWY

GOOG

GOOGL

IMYCF

ISRG

JDLGF

KGBLF

KGBLY

KGDEF

KGDEY

KSFTF

MCHI

MNST

MSTR

NETTF

NFLX

NHNCF

NTES

PINS

RCRRF

SHOP

SMCAY

SMCI

SNAP

SNPTF

SOCL

SOTGY

SPOT

STLA

TCHI

TCTZF

TOELY

TSGTF

VEEV

VIPS

WEICF

XDNCF

Kuaishou Tech

Benzinga

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31764676/elon-musk-bbc-reporter-clash-in-twitter-spaces-over-hate-speech-layoffs-and-covid-19" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Elon Musk, BBC Reporter Clash In Twitter Spaces Over Hate Speech, Layoffs, And COVID-19</a>

<ul>
	<li>On Tuesday night,&nbsp;Twitter&nbsp;and&nbsp;Tesla&nbsp;CEO&nbsp;Elon Musk&nbsp;was interviewed by&nbsp;James Clayton, the technology reporter for BBC North America. During the course of the interview, conducted on Twitter Spaces, the billionaire entrepreneur turned the tables and, for a time, became the interviewer.</li>
	<li>Clayton raised several questions surrounding layoffs at Twitter and the issues of hate speech and misinformation on the platform.</li>
	<li>Addressing freedom of speech over misinformation. &quot;Who is to say something is misinformation, is it the BBC?&quot;</li>
</ul>

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31763198/get-paid-to-hack-openai-chatgpt-parent-launches-20k-bug-bounty-program" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Get Paid To Hack OpenAI: ChatGPT Parent Launches $20K Bug Bounty Program</a>

<ul>
	<li>Following the ban in Italy,&nbsp;OpenAI, the company responsible for the popular chatbot&nbsp;chatGPT, has invited users to discover flaws in its artificial intelligence systems, offering a maximum reward of $20,000.&nbsp;</li>
	<li>The OpenAI&nbsp;Bug Bounty Initiative&nbsp;compensates individuals according to the severity of the bugs they report. The program commences with a base reward of $200 to $6,500 for each identified vulnerability.&nbsp;</li>
</ul>

<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/04/31765540/us-losing-edge-in-crypto-industry-due-to-regulatory-issues-a16z-report-shows" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Losing Edge In Crypto Industry Due To Regulatory Issues, a16z Report Shows</a>

<ul>
	<li>As regulatory scrutiny of digital asset firms continues to escalate in the U.S., there has been a decline in America&#39;s leadership position in the crypto industry, according to a new report released by venture capital firm&nbsp;Andreessen Horowitz, also known as &#39;a16z.&#39;</li>
	<li>The report&#39; State of Crypto&#39; cited a steady stream of enforcement actions and court cases linked to this decline.</li>
</ul>

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31763503/walmart-closes-four-chicago-stores-as-losses-run-in-millions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Walmart Closes Four Chicago Stores As Losses Run In Millions</a>

<ul>
	<li>Walmart Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) said it has decided to close four of its stores in Chicago.</li>
	<li>The retailer said the Chicago stores have not been profitable since the first store was opened nearly 17 years ago.</li>
	<li>The stores, collectively, have been losing tens of millions of dollars a year, and the annual losses nearly doubled in just the last five years.</li>
</ul>

<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/04/31764923/emerson-electric-in-talks-to-acquire-national-instruments-for-8b-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Emerson Electric Acquires National Instruments For $8.2B</a>

<ul>
	<li>Emerson Electric Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>) has entered into a definitive agreement to acquire&nbsp;National Instruments Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NATI#NASDAQ">NATI</a>) after a long quest for the maker of measurement systems.</li>
	<li>Emerson will acquire NI for $60 per share in cash at an equity value of $8.2 billion.</li>
	<li>The $60 per share deal price represents a 49% premium to NI&#39;s closing share price as of Jan. 12, 2023, the day before NI&#39;s public announcement of a strategic review.</li>
</ul>

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31763931/boeings-q1-deliveries-reach-130-planes-surpassing-airbus" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Boeing&#39;s Q1 Deliveries Reach 130 Planes, Surpassing Airbus</a>

<ul>
	<li>Boeing Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) announced 130 deliveries across its commercial and defense operations for 1Q23, an increase from 95 deliveries last year. The 1Q23 deliveries included 111 deliveries of 737 MAX.</li>
	<li>Airbus SE&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSY#OTC">EADSY</a>) recently reported 1Q23 deliveries of 127, down 11% Y/Y, falling short of Boeing&#39;s 130.</li>
	<li>For March, deliveries totaled 64, an increase of 36% Y/Y, which included 52 deliveries for 737 MAX jets.</li>
</ul>

&nbsp;

Financial Times

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31762813/softbank-ceo-masayoshi-son-set-to-finalize-arm-semiconductor-listing-deal-for-ipo-by-this-week" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Softbank CEO Masayoshi Son Set To Finalize Arm Semiconductor Listing Deal for IPO by This Week</a>

<ul>
	<li>Softbank Group Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/sftbf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SFTBF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/sftby#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SFTBY</a>) chief&nbsp;Masayoshi Son&nbsp;prepares to reach a deal with Nasdaq to list chip designer&nbsp;Arm Ltd&nbsp;by this week.</li>
	<li>Softbank and the New York Exchange reached a tentative agreement over Arm&#39;s proposed listing on Monday.</li>
	<li>The move represents the first formal step in the IPO process likely to end speculation over Son&#39;s plans for the Cambridge-based company after a deal to sell it to rival&nbsp;Nvidia Corp&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nvda#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NVDA</a>) collapsed in early 2022.</li>
</ul>

&nbsp;

Bloomberg

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31763322/tencent-suffers-heavy-losses-on-news-of-largest-shareholders-stock-sale" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tencent Shares Suffer Maximum Decline Over Reports Of Stake Sale By Largest Shareholder</a>

<ul>
	<li>Tencent Holdings Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) shares saw the most significant declines over two months amid speculation that its largest shareholder&nbsp;Prosus NV&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/prosy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">PROSY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/prosf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">PROSF</a>) speeding up the selling of the Chinese gaming company&#39;s stock.</li>
	<li>Tencent&#39;s shares lost 5.2% to HK$357.2 in Hong Kong, the most since late January, after reports of Prosus&#39; plans to deposit an additional 96 million shares into the city&#39;s stock clearing system.</li>
	<li>Prosus&#39; move, typically a precursor to selling stock, raised concerns among traders about the company&#39;s outlook and ability to extend recent gains.</li>
</ul>

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31763994/ubs-mulls-keeping-credit-suisse-private-wealth-unit-targeting-indias-wealthy-diaspora" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">UBS Mulls Keeping Credit Suisse Private Wealth Unit Targeting India&#39;s Wealthy Diaspora</a>

<ul>
	<li>UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) is reportedly looking to retain&nbsp;Credit Suisse Group AG&#39;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CS#NYSE">CS</a>) private banking unit in India, making way for a potential return to the market.</li>
	<li>In recent weeks, Iqbal Khan, global head of wealth management at UBS, met with counterparts at Credit Suisse, including the lender&#39;s local wealth head Puneet Matta in Singapore.</li>
	<li>The move would give the Swiss lender a stronger foothold among the growing ranks of Indian billionaires while underscoring a return for Khan, who steered the private wealth business during his time at Credit Suisse before joining UBS in 2019.&nbsp;</li>
</ul>

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31762619/alibabas-restructuring-pays-off-cloud-and-cainiao-divisions-attract-investor-attention-with-high-pos" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba&#39;s Restructuring Pays Off: Cloud And Cainiao Divisions Attract Investor Attention With High Post-Restructuring Valuations</a>

<ul>
	<li>Investors said the&nbsp;Alibaba Group Holding Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) division&#39;s shares waiting for public listing would likely be in high demand as the breakup unlocks value in the wake of regulatory crackdown.</li>
	<li>Interest in the units will likely draw high demand despite the slump in shares of Chinese tech firms like&nbsp;DiDi Global Inc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/didiy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">DIDIY</a>) and&nbsp;Kuaishou Technology&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/kshty#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">KSHTY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/kuasf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">KUASF</a>), given the timing and the difference in their assets.</li>
</ul>

&nbsp;

Wall Street Journal

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31763418/carrier-global-eyes-separation-of-fire-unit-on-demand-issues-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Carrier Global Eyes Separation Of Fire Unit On Demand Issues</a>

<ul>
	<li>Carrier Global Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>) reportedly plans to sell or spin off its Fire &amp; Security business segment, which accounts for about 17% of its sales.</li>
	<li>The process is in an early stage with no guarantee that the company will follow through.</li>
	<li>The Fire &amp; Security business accounted for $3.57 billion (previous year: $5.51 billion) of Carrier Global&#39;s total sales of $20.4 billion in 2022.</li>
</ul>

&nbsp;

CNBC

<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/04/31766180/new-york-and-california-prepare-for-potential-mifepristone-ban-in-texas-with-stockpiling-of-alter" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">New York and California Prepare For Potential Mifepristone Ban In Texas With Stockpiling Of Alternative Abortion Medications</a>

<ul>
	<li>New York and California are stockpiling an alternative abortion medication in case a Texas judge&#39;s order suspending the FDA approval of the primary drug, mifepristone, goes into effect later this week.</li>
	<li>The alternative option, misoprostol, is FDA-approved to treat gastric ulcers. But the use of misoprostol alone to induce abortions is endorsed by the World Health Organization and is used in countries where mifepristone is unavailable.</li>
	<li>More than half of abortions in the U.S. use a combination of mifepristone and misoprostol.</li>
</ul>

&nbsp;

New York Times

<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31765535/metas-restructuring-efforts-spark-job-stability-concerns-among-employees-amid-layoffs-and-absence-of" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Meta&#39;s Restructuring Efforts Spark Job Stability Concerns Among Employees Amid Layoffs and Absence of Leaders at Headquarters</a>

<ul>
	<li>Meta Platforms Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) job cuts and the viability of its metaverse focus have fueled employee concerns regarding job stability.</li>
	<li>Some of Meta&#39;s top executives have migrated. They are operating from their new homes in places like London and Tel Aviv despite CEO Mark Zuckerberg&#39;s repeated requests to resume regular office at its headquarters.</li>
	<li>He has conducted two cuts over the past six months, eliminating more than 26,000 people, or nearly 30% of his company&#39;s workforce.</li>
	<li>The layoffs, absentee leadership, and concerns that Zuckerberg is making a bad bet on the future have devastated employee morale at Meta.</li>
</ul>

Photo via Wikimedia Commons

Elon Musk and BBC Reporter Clash In Twitter Spaces, Get Paid To Hack OpenAI, US States Stockpile Alternative Abortion Pill: Today's Top Stories

<ul>
	<li>Investors said the&nbsp;Alibaba Group Holding Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) division&#39;s shares waiting for public listing would likely be in high demand as the breakup unlocks value in the wake&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31549742/alibabas-restructuring-likely-to-unlock-significant-value-morgan-stanley-sees-over-100-upside-in-bul" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">of regulatory crackdown</a>.</li>
	<li>In March, Alibaba shared&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31603638/jack-ma-plays-key-role-in-alibabas-business-split" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">plans to split</a>&nbsp;its $220 billion empire into six business units.</li>
	<li>Interest in the units will likely draw high demand despite the slump in shares of Chinese tech firms like&nbsp;DiDi Global Inc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/DIDIY#OTC">DIDIY</a>) and&nbsp;Kuaishou Technology&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/KSHTY#OTC">KSHTY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KUASF#OTC">KUASF</a>), given the timing and the difference in their assets, Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-04-11/alibaba-unit-ipos-seen-in-high-demand-as-regulatory-woes-fade?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">cites</a>&nbsp;investors.</li>
	<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31737812/chatgpt-rivalry-gets-bigger-alibaba-plans-to-integrate-chatbot-across-products-at-low-cost" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ChatGPT Rivalry Gets Bigger: Alibaba Plans to Integrate Chatbot Across Products at Low Cost</a></li>
	<li>Industry specialists expect the spin-offs from proven companies with compelling track records to attract high demand akin to&nbsp;JD Logistics,&nbsp;JD Health, and&nbsp;Ant Group.&nbsp;</li>
	<li>They also saw the split unlocking value by offering greater flexibility to focus on the individual businesses and offer freedom to the talents to explore their potential under the new structure. The breakup signaled ease in the sweeping regulatory crackdown, per the experts.</li>
	<li>The experts included Ben Harburg, managing partner at&nbsp;Magic Stone Alternative Investment Ltd&nbsp;in Beijing, Jason Hsu, chief investment officer at&nbsp;Rayliant Global Advisors Ltd, Phillip Wool, a managing director at Rayliant, and Sandy Mehta, chief investment at&nbsp;Value Investment Principals Ltd.</li>
	<li>Alibaba&#39;s Cainiao logistics unit could be worth $20 billion, said Wool. Cloud&#39;s valuation could be in the order of $50 billion but came with higher regulatory risks and a slowdown in cloud spending, he added.</li>
	<li>Experts expect interest in the units&#39; shares likely coming from long-only and hedge funds and arbitrage-type investors, acting as a catalyst for the group.</li>
	<li>Price Action:&nbsp;BABA shares traded lower by 1.24% at $98.52 premarket on the last check Wednesday.</li>
</ul>

Alibaba's Restructuring Pays Off: Cloud And Cainiao Divisions Attract Investor Attention With High Post-Restructuring Valuations

<ul>
	<li>ByteDance Ltd&nbsp;owned <a href="https://www.benzinga.com/topic/tiktok">TikTok</a> counterpart&nbsp;Douyin&nbsp;and&nbsp;Tencent Holding Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), agreed to explore the joint promotion of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/21/11/24067354/tencent-allows-chinese-tiktok-to-show-copyrighted-films-tv-shows" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">short and long videos</a>&nbsp;keeping their bitter relations marked by lawsuits and public brawls at bay.</li>
	<li>Users of platforms in the Douyin Group, including Douyin, Xigua Video, and Toutiao, can create short videos using the content in long videos on Tencent platforms, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/technology/rivals-bytedances-douyin-tencent-reach-cooperation-agreement-2023-04-07/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>.</li>
	<li>Tencent was at loggerheads with Douyin users for creating short videos using copyrighted material in long videos without obtaining approval.</li>
	<li>&quot;The latest development not only helps to settle the ongoing IP disputes but also helps to lay a framework for future collaborations between the two video platforms,&quot;&nbsp;MorningStar&nbsp;analyst Ivan Su said.</li>
	<li>Chinese regulators called out the domestic tech giants for&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/21/11/24326153/tencent-further-opens-up-its-walled-gardens-to-alibaba" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">creating &quot;walled gardens&quot;</a>&nbsp;that prevent rivals&#39; links and services from being shared on their platforms.</li>
	<li>Tencent saw advertising in its nascent short video platform becoming a potential revenue driver.</li>
	<li>The new focus puts it in&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/08/28546254/tencent-targets-tiktok-way-to-drive-growth-intensifying-rivalry-with-the-short-video-specialist-repo" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">direct competition with</a>&nbsp;China&#39;s leading short video players Douyin and&nbsp;Kuaishou Technology&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/KUASF#OTC">KUASF</a>).</li>
	<li>Price Action:&nbsp;TCEHY shares closed higher by 1.75% at $49.29 on Friday.</li>
</ul>

Douyin's Power Move: TikTok Rival Inks Deal with Tencent to Boost Video Exposure

<ul>
	<li>Chinese gaming giant&nbsp;Tencent Holding Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) saw advertising in its nascent short video platform becoming a potential revenue driver,&nbsp;<a class="editor-rtfLink" href="https://www.cnbc.com/2022/08/18/tencent-looks-to-short-video-ads-to-boost-revenue-amid-gaming-slump.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CNBC reports</a>.</li>
	<li>The new focus puts it in direct competition with China&#39;s leading short video players,&nbsp;ByteDance&#39;s&nbsp;Douyin, the Chinese cousin of TikTok and&nbsp;Kuaishou Technology&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/kuasf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">KUASF</a>).</li>
	<li>Tencent&#39;s foray into a short video is relatively new and looked to step up the challenge to Douyin and Kuaishou.</li>
	<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/08/28539124/amazon-succumbs-to-tiktok-fever-after-meta-youtube-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Amazon Succumbs To TikTok Fever After Meta, YouTube</a></li>
	<li>Revenue from short-form video accounts for around 39% of China&#39;s total digital ad revenue, marking the most significant single ad revenue category ahead of categories like social networking and news.</li>
	<li>Tencent&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/22/08/28536474/heres-why-tencent-shares-are-trading-higher-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported its first</a>&nbsp;ever year-on-year quarterly revenue decline due to gaming business headwinds.&nbsp;</li>
	<li>China&#39;s sweeping tech crackdown, Covid&#39;s resurgence, and the subsequent economic weakness has weighed on the company.</li>
	<li>Tencent and the other leading gaming giants&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/08/28292281/heres-why-tencent-netease-shares-are-trading-lower-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">failed to make</a>&nbsp;it to China&#39;s final cut for gaming licensing. As a result, it&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27875708/tencent-targets-metaverse-after-overseas-opportunities-ev-to-drive-growth" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">explored alternative avenues</a>&nbsp;like overseas expansion, electric vehicles, and metaverse to drive growth.</li>
	<li>Tencent devoted a significant part of the earnings call explaining the potential of video ads and their importance to the revenue stream.</li>
	<li>Tencent saw video ads eventually grow into a substantial revenue source over time.</li>
	<li>Tencent acknowledged e-commerce live streaming as an &quot;opportunity,&quot; but it &quot;will take some time.&quot;</li>
	<li>Tencent aims to build awareness of the video product, then onboard merchants and advertisers.</li>
	<li>Price Action:&nbsp;TCEHY shares closed higher by 3.89% at $39.80 on Wednesday.</li>
</ul>

Tencent Targets TikTok Way To Drive Growth, Intensifying Rivalry With The Short Video Specialist

<ul>
	<li><a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/22/06/n27779670/annual-618-shopping-festival-shows-chinese-e-commerce-is-roaring" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">China&#39;s shopping extravaganza&nbsp;</a>&quot;618&quot; (from May 31 to June 18) registered a GMV of 695.9 billion RMB from the major e-commerce platforms, including traditional e-commerce platforms and live-streaming e-commerce platforms.&nbsp;</li>
	<li>The GMV of traditional e-commerce platforms was 582.6 billion, led by&nbsp;Alibaba Group Holding Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) Tmall platform as per a data service provider.</li>
	<li>JD.com, Inc&#39;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) rose 10.3%, missing the 2021 event&#39;s growth of 27.7% amid China&#39;s&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/06/27734949/chinas-crackdown-on-alibaba-and-others-covid-regulations-are-taking-a-toll-on-its-tech-workers-read" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">intense tech crackdown</a>, economic slowdown further perpetrated by the Covid lockdowns,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/markets/asia/chinas-jdcom-posts-slowest-growth-ever-618-shopping-event-2022-06-19/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters reports</a>.</li>
	<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/06/27622185/alibaba-hands-out-bulk-of-2021s-antitrust-penalty-china-signals-ease-in-crackdown-as-it-continue-to" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba Hands Out Bulk Of 2021&#39;s Antitrust Penalty; China Signals Ease In Crackdown As It Continues To Monitor Tech Sector</a></li>
	<li>Chinese shoppers purchased 379.3 billion yuan ($56.48 billion) of goods on JD&#39;s platform.</li>
	<li>Major e-commerce platforms offered attractive discounts to lure customers, while some companies reportedly scaled down participation.</li>
	<li>Livestreaming e-commerce platforms posted a GMV of 144.5 billion.&nbsp;</li>
	<li>New retail platforms clocked a GMV of 22.4 billion yuan, and community group buying platforms posted a GMV of 15.3 billion yuan.&nbsp;</li>
	<li>Internet platforms and offline stores joined, including Douyin and&nbsp;Kuaishou Technology&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/KUASF#OTC">KUASF</a>).</li>
	<li>Household appliances remained one of the popular categories, with a GMV of 87.9 billion RMB.</li>
	<li>Alibaba saw the slowest ever sales growth of just 8.5% during China&#39;s most popular shopping event, Singles Day, last November as a precursor to the 618.</li>
	<li>Price Action:&nbsp;BABA shares traded 0.07% lower at $102.55 premarket on the last check Tuesday.</li>
</ul>

Here's How Alibaba And Others Fared In China's June Shopping Extravaganza

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