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Lotus Technology

Lotus Technology Inc is a battery electric vehicle (BEV) maker that designs, develops, and sells BEV lifestyle vehicles under the Lotus brand. The Group is also a distributor that sells luxury sports cars under the Lotus brand. It also provides other sales and ancillary services to customers.

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Lotto

Friday marked a &#8220;record-breaking&#8221; night for streaming platform Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) after 60 million households around the world watched the Jake Paul vs. Mike Tyson boxing event live, the company said on Saturday.
What Happened: Nearly 50 million households also tuned in live to watch the co-main event of Amanda Serrano vs. Katie Taylor, Netflix said. The audience gathered for the event held at the&nbsp;AT&amp;T&nbsp;Stadium&nbsp;in Arlington, Texas, included Evander Holyfield, Shaquille O&#8217;Neal, Sugar Ray Leonard, Jerry Jones, Charlize Theron, and Ralph Macchio, among others. 
&#8220;Paul vs. Tyson gate has surpassed $18 million, double the previous Texas gate record for combat sports in both boxing and MMA, topping Canelo Álvarez&#8217;s record of $9 million,&#8221; Netflix said while adding that 72.3k attendees gathered to witness the fights. 
Paul<a href="https://www.benzinga.com/general/sports/24/11/42022601/mike-tyson-vs-jake-paul-netflixs-explosive-boxing-event-ends-with-pauls-victory"> defeated Tyson</a> and Taylor won over Serrano on Friday. 
Why It Matters: Netflix is currently attempting to bolster its live content. While it has previously aired live comedy stand-ups, award shows, roasts, and other special events, Friday was the first time it aired a boxing event live. 
Last month, Netflix reported strong third-quarter financial results. The&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf" target="_blank" rel="noreferrer noopener">company's revenue was $9.825 billion</a>, a 15% increase year-over-year, beating the Street consensus estimate of $9.769 billion. The streaming service currently also boasts more than 282 million global paid subscribers.
The successful foray into live sports content could potentially boost Netflix's subscriber base and revenue in the future.
Price Action:&nbsp;Netflix shares ended Friday&#8217;s trading session down 1.57%, closing at $823.96. The stock is up by about 76% year-to-date, according to&nbsp;<a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
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</ul>
Image Credit: Netflix

Entertainment

Sports Betting

Sports

Tech

NFLX

Jake Paul Vs. Mike Tyson Boxing Match Sets 'Record-Breaking Night' For Netflix: Streaming Giant Says Nearly 60M Households Tuned In

The current stock market environment is reminiscent of the<a href="https://www.benzinga.com/markets/equities/24/07/39589689/ai-boom-spurs-nvidia-led-us-stock-market-rally-experts-draw-parallels-with-dotcom-bubble-no-one-"> dot-com bubble peak,</a> according to Rob Arnott, the founder and chairman of Research Affiliates. Arnott predicts a significant pullback in the near future.
What Happened: Arnott, who is known for his early predictions of bull market tops, sees parallels between the current market and the dot-com bubble peak, <a href="https://www.businessinsider.com/stock-market-crash-rob-arnott-warns-bear-market-tech-bubble-2024-11">reported</a> Business Insider. He does not anticipate an immediate significant pullback but foresees a substantial decline in the near future.
Arnott&#8217;s observations come as the S&amp;P 500, a large-cap index dominated by mega-cap growth firms, surged 5% within <a href="https://www.benzinga.com/trading-ideas/24/11/41977313/will-trumps-election-win-push-sp-500-even-higher-in-final-weeks-of-2024-over-75-say">a week following the election</a> of Donald Trump, closing above 6,000 for the first time. This rapid increase is the latest development in a 66% rally that has lasted over two years.
&#8220;This looks and feels like the year 2000 to me,&#8221; Arnott told the publication. 
&#8220;Are we likely to see a bear market in the next two years for large-cap growth? Yeah.&#8221;
The market&#8217;s record highs are driven by a strong economy and optimism about artificial intelligence and business-friendly policies from the future Trump administration. However, Arnott believes that the AI optimism, which has been the primary driver of the rally, is already fully priced in.
See Also: <a href="https://www.benzinga.com/markets/24/11/42017638/activist-hedge-fund-valueact-boosts-meta-stake-with-121m-bet-but-ceo-morfit-supports-mark-zuckerberg" target="_blank" rel="noreferrer noopener">Activist Hedge Fund ValueAct Boosts Meta Stake With $121M Bet, But CEO Morfit Supports Mark Zuckerberg's AI Vision: Here's What Investors Should Know</a>
Arnott points to the S&amp;P 500&#8217;s Shiller cyclically adjusted price-to-earnings ratio, which is at levels comparable to the dot-com bubble peak. At 37 times earnings, just below the late-2021 peak of 38, before the market fell by 25%, and the 2000 peak of 43, right before a 50% loss.
Arnott also highlights the potential threats to the market&#8217;s bullish narrative, such as the rise of competition for companies like Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and a slower-than-expected pace of AI adoption. However, he added that companies like Nvidia are expected to maintain their 90% market share even as competition intensifies and chip prices eventually decrease.
&#8220;Well, Intel is teetering perilously close to irrelevance, and Nvidia wasn&#8217;t on anyone&#8217;s radar screen five years ago. So disruptors get disrupted.&#8221;
Why It Matters: Arnott&#8217;s warning echoes concerns raised by other market experts. In October, Billionaire Jeremy Grantham warned that the current economy is <a href="https://www.benzinga.com/markets/24/10/41145356/billionaire-who-predicted-2008-crash-and-dot-com-bubble-calls-the-current-economy-the-most-vulnerabl">the most vulnerable market ever.</a> This was after the U.S. stock market&#8217;s surge, fueled by the promise of artificial intelligence, drew comparisons to the dot-com bubble of the late 1990s.
These concerns are particularly relevant given the recent performance of MicroStrategy Inc., whose shares<a href="https://www.benzinga.com/markets/equities/24/11/41892752/microstrategy-shares-hit-24-year-high-jumps-most-since-dot-com-bubble-as-bitcoin-trades-at-record-levels"> hit a 24-year high</a>, marking the highest level since the dot-com bubble in March 2000. This surge was fueled by the rise in Bitcoin (CRYPTO: Bitcoin), a crucial asset held by the company in its portfolio.
Price Action: The S&amp;P 500 Index closed at 5,870.62 points on Friday, it has yielded 23.78% on a year-to-date basis and 30.22% over the last year. The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) which tracks the S&amp;P 500 Index has had a similar momentum in 2024.
Read Next: <a href="https://www.benzinga.com/24/11/42025179/chamath-palihapitiya-regrets-this-3-or-4-billion-crypto-mistake-as-bitcoin-rises-above-90000-would-have-made-a-lot-more-money" target="_blank" rel="noreferrer noopener">Chamath Palihapitiya Regrets This &#8216;$3 Or $4 Billion&#8217; Crypto Mistake As Bitcoin Rises Above $90,000: &#8216;Would Have Made…A Lot More Money&#8217;</a>
Image via Unsplash

Equities

General

NVDA

Legendary Investor Rob Arnott Says Stock Market 'Looks And Feels Like The Year 2000' As Wall Street Rallies After Trump's Win: '...Likely To See A Bear Market'

Electric truck maker Nikola Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) is recalling 72 battery-electric trucks citing concerns that the instrument panel may fail to display critical safety information, the National Highway Traffic Safety Administration (NHTSA) said on Saturday.
What Happened: The recall population includes model year 2022- 2023 battery-electric trucks made by the company. The instrument panel in the vehicles may go black, preventing the driver from seeing necessary information such as speed and range and increasing the risk of a crash, the auto safety regulator said. 
As for a solution, the company&#8217;s dealers will replace the instrument panel, free of cost to the customer, it added. 
The company is not aware of any injuries or property damage associated with the issue.
Why It Matters: Nikola initially began delivering battery electric trucks before its hydrogen fuel cell electric trucks. However, following a few fire incidents, the BEV trucks&nbsp;<a href="https://www.benzinga.com/news/earnings/23/11/35585371/what-next-for-nikola-after-fire-riddled-recalls-bev-truck-maker-outlines-strategy" target="_blank" rel="noreferrer noopener">were subsequently recalled</a>&nbsp;in August 2023. The company is now returning the recalled battery electric trucks to customers with improved battery packs, renamed BEV 2.0.
Late last month, during Nikola&#8217;s third-quarter earnings call, company CFO&nbsp;<span style="box-sizing: border-box; border: 0px solid rgb(229, 231, 235); --tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-gradient-from-position: ; --tw-gradient-via-position: ; --tw-gradient-to-position: ; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgba(59,130,246,.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; --tw-contain-size: ; --tw-contain-layout: ; --tw-contain-paint: ; --tw-contain-style: ; font-weight: bolder; color: rgb(45, 45, 45); font-family: &quot;Helvetica Neue&quot;, Helvetica, OpenSans, Arial, sans-serif; font-size: 17.6px; white-space-collapse: collapse;">Tom Okray&nbsp;said that while the company has returned 78 trucks that were part of the recall back to customers and dealers, it is yet to deliver another 81 trucks that were part of the recall.
Nikola reported third-quarter&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41654395/nikola-q3-earnings-revenue-miss-eps-miss-88-fcevs-delivered-fleet-adoption-update-and-more" target="_blank" rel="noreferrer noopener">revenue of $25.18 million</a>, missing analyst&nbsp;estimates&nbsp;of $37.23 million. The EV maker reported a third-quarter adjusted loss of $2.75 per share, missing estimates for a loss of $2.35 per share.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/general/space/24/11/42025066/elon-musks-spacex-delays-starship-test-flight-next-attempt-now-set-for-tuesday">Elon Musk&#8217;s SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday</a></li>
</ul>
Image Courtesy of Nikola Corporation

NKLA

Nikola Recalls 72 Of Its Trouble-Ridden BEV Trucks As Display Failure Raises Crash Risk

In the wake of <a href="https://www.benzinga.com/general/market-summary/24/11/41968003/gold-drops-to-a-two-month-low-as-investors-turn-to-bitcoin-after-trumps-victory-but-this-economist-remains-confident-that-gold-will-surge">Bitcoin&#8217;s record-breaking</a> surge following President-elect Donald Trump&#8216;s victory, prominent venture capitalist Chamath Palihapitiya has voiced regret over his decision to sell his Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings.
What Happened: Palihapitiya, who once possessed a substantial amount of Bitcoin in his funds, expressed his remorse over the sale on the All In Podcast on Monday. &#8220;I actually think about all the Bitcoin I sold&#8230;that&#8217;s a, I don&#8217;t know, a three or four billion dollar mistake in growing now,&#8221; he stated.
See Also: <a href="https://www.benzinga.com/markets/24/11/42017638/activist-hedge-fund-valueact-boosts-meta-stake-with-121m-bet-but-ceo-morfit-supports-mark-zuckerberg" target="_blank" rel="noreferrer noopener">Activist Hedge Fund ValueAct Boosts Meta Stake With $121M Bet, But CEO Morfit Supports Mark Zuckerberg&#8217;s AI Vision: Here&#8217;s What Investors Should Know</a>
At the time, Palihapitiya&#8217;s partners opted to distribute Bitcoin, a decision that was profitable but, in retrospect, not as profitable as retaining the cryptocurrency. &#8220;Obviously I shouldn&#8217;t have sold it. Would have made them a lot more money,&#8221; Palihapitiya admitted.
<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">saturday special&#8230; besties are back! (0:00) bestie intros! (7:57) election impact on <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>, crypto, and fintech stocks (21:56) m&amp;a and ipos: what to expect in 2025 (39:52) pharma ads on cable tv: should it be allowed? is big pharma buying influence? (58:17) fbi raids… <a href="https://t.co/HBDXSVo7LD">pic.twitter.com/HBDXSVo7LD</a>
&mdash; The All-In Podcast (@theallinpod) <a href="https://twitter.com/theallinpod/status/1857835928343195777?ref_src=twsrc%5Etfw">November 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Bitcoin has made history by surpassing the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42017877/bitcoin-pushes-back-above-90000-ethereum-dogecoin-lag-to-end-a-record-week">$90,000 mark</a>, propelled by Trump&#8217;s pro-cryptocurrency stance and the prospect of a crypto-friendly Congress. The value of Bitcoin has risen by 90% in 2024, spurred by robust demand for dedicated U.S. exchange-traded funds and interest-rate reductions by the Federal Reserve.
Bitcoin&#8217;s surge, which reached new heights following the US election, has yielded returns that outstrip those from other investments such as stocks and gold.
In a previous episode of the All-In podcast, Palihapitiya discussed a significant shift in how <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41575679/chamath-palihapitiya-says-gen-z-has-decoupled-financial-freedom-from-traditional-9-5-jobs-">Gen Z approaches financial</a> independence. He noted that many young individuals no longer rely solely on their primary jobs to achieve financial freedom; instead, they engage in side activities such as trading cryptocurrencies like Bitcoin and options on platforms like Robinhood and Coinbase. 
Palihapitiya&#8217;s regret over selling his Bitcoin holdings comes at a time when the cryptocurrency market is experiencing significant growth. Anthony Scaramucci, the founder of Skybridge Capital, <a href="https://www.benzinga.com/24/11/42022585/michael-van-de-poppe-says-bitcoin-ethereum-and-altcoins-close-to-the-point-where-investors-can-buy-the-dip">anticipates a potential shift</a> towards a less politicized regulatory environment for cryptocurrencies under the upcoming U.S. administration, which could further boost Bitcoin&#8217;s value.
Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/42006530/tesla-ceo-and-doge-co-lead-elon-musk-says-excess-government-spending-causes-inflation-heres-what-experts-say" target="_blank" rel="noreferrer noopener">Tesla CEO And DOGE Co-Lead Elon Musk Says &#8216;Excess Government Spending&#8217; Causes Inflation: Here&#8217;s What Experts Say</a>
Photo by TechCrunch on Flickr

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

Cryptocurrency

$BTC

Chamath Palihapitiya Regrets This '$3 Or $4 Billion' Crypto Mistake As Bitcoin Rises Above $90,000: 'Would Have Made...A Lot More Money'

Elon Musk‘s rocket manufacturing company&nbsp;SpaceX&nbsp;on Friday postponed the sixth flight test of its Starship launch vehicle to November 19.
What Happened: Earlier this month, SpaceX pegged the sixth text flight of Starship for Nov. 18. However, the company postponed it by a day to Tuesday on Friday and said the 30-minute launch window would open at 4:00 pm CT. 
For the next test flight, the company aims to catch Starship's booster back at the launch site as on the last flight and splash down the upper stage in the Indian Ocean.
Past Flights:&nbsp;On Starship&#8217;s&nbsp;<a href="https://www.benzinga.com/news/24/10/41317860/elon-musk-went-from-examining-debris-from-falcon-1-flight-to-spacex-successfully-catching-booster-of" target="_blank" rel="noreferrer noopener">fifth flight test in October</a>, it lifted off from Starbase, and the booster returned to Earth after propelling Starship to space. The booster was subsequently caught by the launch tower at Starbase.
The Starship, meanwhile, went on to space and splashed down on target in the Indian Ocean.
The recovery of the booster was a key objective of the flight test and demonstrated the reusability of the Starship&#8217;s design. SpaceX is aiming to make the Starship a completely reusable spacecraft that can fly multiple times, thereby reducing the cost of spaceflight.
Why It Matters:&nbsp;Starship is key to NASA's dreams of taking humans back to the surface of the Moon.
NASA's Artemis 3 mission slated to launch no earlier than September 2026 is expected to enable humans to land back on the surface of the moon with the help of the Starship human landing system. The last time humans set foot on the Moon was in 1972&nbsp;<a href="https://www.benzinga.com/news/24/01/36692749/just-a-worse-version-of-apollo-elon-musk-baffled-by-nasa-veterans-push-to-ditch-spacex-blue-origin-a" target="_blank" rel="noreferrer noopener">with Apollo 17</a>. Since then, no crew has traveled beyond low-Earth orbit.
Musk, meanwhile, is eyeing&nbsp;<a href="https://www.benzinga.com/news/24/09/40770222/elon-musk-sets-2026-for-starships-first-uncrewed-mars-mission-targeting-successful-landing" target="_blank" rel="noreferrer noopener">taking humans to Earth's neighboring planet Mars</a>&nbsp;aboard the Starship. In September, he said that the first Starship launch to Mars is expected in 2026 and that it will not have a crew on board.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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</ul>
Image via Flickr

SPACE

Elon Musk's SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday

While <a href="https://www.benzinga.com/startups/24/11/41882908/640416">Jeff Bezos is enjoying the recent rise</a> in the stock market, his ex-wife, MacKenzie Scott, is making news for her generosity. She recently sold another $8 billion worth of Amazon shares and is using the money to help charities nationwide.
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Scott, who was previously married to Jeff Bezos, the founder of Amazon, has decided to use her money to try to change the world. Since their 2019 divorce, she has <a href="https://www.benzinga.com/startups/24/01/36830715/jeff-bezoss-ex-wife-mackenzie-scott-has-given-over-16-billion-to-charity-since-her-divorce-as-jeff-b">received a large amount</a> of Amazon shares, making her one of the wealthiest people on the planet. But unlike many other billionaires, she isn't keeping all that money for herself. Instead, she's <a href="https://www.benzinga.com/news/24/01/36817243/mackenzie-scott-offloaded-a-significant-portion-of-her-amazon-shares-last-year-heres-how-much-shes-w">giving it away quickly</a>, recently selling 11% of her Amazon shares to support nonprofits, per filings.
Since the divorce, Scott has sold or donated 255 million Amazon shares, worth about $37 billion. That's huge, especially since she has done it in less than six years. Instead of holding onto her wealth, Scott focuses on giving back by providing grants to organizations working on education, health, poverty and economic opportunities.
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> here's how there's a limited time opportunity to invest at $1,000 for only $0.50/share before closing date.</a>
After graduating from Princeton University, she <a href="https://www.benzinga.com/personal-finance/24/03/37892348/jeff-bezos-ex-wife-mackenzie-scott-had-an-excruciating-job-making-and-selling-sandwiches-to-pay-">moved to New York City</a> to follow her dream of becoming a writer. She had to take different jobs, like waitressing, just to pay her bills and these hard times taught her what it feels like to struggle with money, which made her want to help others in need.&nbsp;
Some groups that have received her donations include the Housing Trust Silicon Valley, which got $30 million to help make affordable housing and the Jewish Vocational Service in Boston, which received $7 million to help families become more financially stable. These donations are just a small part of her giving. Scott has already given more than $17 billion to over 2,300 nonprofits, making her one of the most generous people in the U.S.
See Also: ‘Scrolling Through UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">Valuation set to change next week but you can invest TODAY for just $0.25/share with a $1000 minimum</a>.
While Jeff Bezos' net worth keeps growing with Amazon's success, Scott's net worth is shrinking – but that's her goal. Forbes estimates that her wealth decreased from $59 billion in 2021 to about $30 billion in late September. She pledged to donate as much as she could over her lifetime when she joined The Giving Pledge in 2019.&nbsp;
Scott's way of giving is different from that of most billionaires. She focuses on smaller, community-based organizations, often giving them unrestricted funds – money they can use however they need without any conditions. For many of these groups, getting a donation from Scott is more than just the money. It is also a sign of trust, which can help them get more donations from others.
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<li>This rooftop wind turbine is taking on a market projected to reach over $900 billion by 2032 —<a href="https://www.benzinga.com/money/halcium"> With already over 40,000 users signing up to purchase, here's a chance to be an early investor today!</a></li>
</ul>

Startups

While Jeff Bezos Rides The Stock Market Boom, MacKenzie Scott Has Just Sold $8 Billion In Amazon Shares To Fund Charities Nationwide

President-elect Donald Trump has selected Chris Wright, a prominent figure in the fracking industry and a generous donor, to lead the Department of Energy.
What Happened: As per a <a href="https://thehill.com/policy/energy-environment/4994399-trump-taps-fracking-ceo-chris-wright-for-energy-secretary/">report</a> by The Hill, Trump lauded Wright&#8217;s vast experience in the energy sector. Wright, who is the CEO of&nbsp;Liberty Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBRT#NYSE">LBRT</a>), a company specializing in fracking and oilfield services, will require Senate approval to take up the position of energy secretary.
Trump said that Wright will be a part of the National Energy Council that will be headed by Interior Secretary-designate Doug Burgum, who is currently the governor of North Dakota. The council&#8217;s main objective will be to cut down regulations and increase investments to boost oil and gas production.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41964758/trumps-attorney-general-pick-matt-gaetz-once-proposed-collecting-federal-income-taxes-in-bitcoin-apart-from-co-sponsoring-bill-to-abolish-the-fed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Attorney General Pick Matt Gaetz Once Proposed Collecting Federal Income Taxes In Bitcoin, Apart</a>
In a video uploaded to LinkedIn last year, Wright said, "There is no climate crisis, and we're not in the midst of an energy transition either.&#8221;
Despite the U.S. setting oil production records under the Biden administration, Trump has expressed his desire to ramp up drilling activities once he assumes office. He has also been a vocal supporter of the fracking industry.
Why It Matters: The nomination of Wright, a key player in the fracking industry, signals Trump&#8217;s commitment to boost oil and gas production. The move could potentially lead to increased drilling activities and a greater focus on fracking, despite the U.S. already setting oil production records.
The implications of this decision could be far-reaching, impacting both the energy sector and the nation&#8217;s environmental policies.
Read Next: <a href="https://www.benzinga.com/news/24/11/41961033/gene-munster-says-elon-musks-doge-efficiency-plans-should-not-be-underestimated-but-warns-itll-likely-take-many-years-to-achieve-2-trillion-in-government-spending?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gene Munster Says Elon Musk&#8217;s DOGE Efficiency Plans Should Not Be Underestimated</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Wikimedia Commons

Politics

LBRT

Trump Taps Liberty Energy CEO Chris Wright For Energy Secretary

North Korean leader Kim Jong Un has supervised the testing of &#8220;exploding drones&#8221; and is now advocating for their mass production.
What Happened: The tests were conducted last week at an undisclosed location within North Korea. The drones, designed to explode upon impact with their targets, were showcased in state media images, which included a burning vehicle and destroyed tanks.
Kim expressed satisfaction with the development of these weapons and stressed the need to &#8220;build a serial production system as early as possible and go into full-scale mass production.&#8221; He highlighted the increasing significance of drones in contemporary warfare, reports Reuters.
The drone tests coincide with ongoing military exercises by the U.S., South Korea, and Japan in nearby international waters. These exercises involve advanced fighter jets and a U.S. aircraft carrier, demonstrating their defense posture against North Korea.
North Korea&#8217;s official Korean Central News Agency (KCNA) reported that the drones flew various routes and accurately struck targets. However, it did not specify if South Korea, which the North Korean drones are apparently designed to target, was directly mentioned by Kim.
Also Read: <a href="https://www.benzinga.com/news/24/11/41701460/kim-jong-uns-sister-ukraine-and-south-korea-are-bad-dogs-bred-by-us">Kim Jong Un&#8217;s Sister: Ukraine And South Korea Are &#8216;Bad Dogs&#8217; Bred By US</a>
&#8220;(Kim) underscored the need to build a serial production system as early as possible and go into full-scale mass production,&#8221; Reuters quoted the KCNA report.
&#8220;Such objective change urgently calls for updating many parts of military theory, practice and education,&#8221; KCNA quoted Kim as saying.
Previously, North Korea had accused South Korea of using drones to drop anti-North Korean propaganda leaflets over Pyongyang, threatening to respond with force if such flights occur again. South Korea&#8217;s military has not confirmed the truth of these claims.
Why It Matters The successful testing and potential mass production of exploding drones by North Korea could significantly alter the dynamics of regional security. Kim Jong Un&#8217;s emphasis on the importance of drones in modern warfare indicates a strategic shift in North Korea&#8217;s military approach.
This development comes at a time of heightened military exercises by the United States, South Korea, and Japan in nearby international waters, demonstrating a robust defense posture against North Korea. 
The introduction of these drones could potentially escalate tensions in the region.
Read Next
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Flickr

Global

Kim Jong Un Pushes Mass Production Of Exploding Drones

President-elect Donald Trump has made several key appointments to bolster U.S. <a href="https://www.benzinga.com/topic/energy" target="_blank" rel="noreferrer noopener">leadership in energy production</a>, with one of the most notable being Interior Secretary-designate Doug Burgum to head a newly created National Energy Council.
Politico <a href="https://www.politico.com/news/2024/11/15/doug-burgum-national-energy-council-trump-00189456" target="_blank" rel="noreferrer noopener">reports</a> that the selection of Burgum, currently governor of North Dakota, for the position underscores Trump&#8217;s commitment to revitalizing America&#8217;s energy sector and enhancing the country&#8217;s energy independence.
The Energy Department has always played a pivotal role in ensuring national security and economic stability, particularly as global energy demands rise. Trump has not yet named a nominee to head that department.
As energy consumption continues to rise, especially with the growing demand for electricity driven by emerging technologies like artificial intelligence (AI), maintaining a robust and reliable energy infrastructure is essential for economic growth and national security.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/esg/24/10/41621596/net-zero-by-2050-might-cost-the-world-78-trillion-wood-mackenzie-estimates" rel="noreferrer noopener">Net Zero By 2050 Might Cost The World $78 Trillion, Wood Mackenzie Estimates</a>
In his new role, Burgum will have a broad mandate, overseeing all forms of U.S. energy production and distribution. Trump has positioned him as an &#8220;energy czar&#8221; with direct access to the National Security Council, enabling a coordinated federal approach to energy policy across agencies.
Burgum&#8217;s task is to ensure the U.S. continues its path toward &#8220;energy dominance,&#8221; with a particular focus on fossil fuels, as well as expanding the country&#8217;s electricity grid to meet the needs of new AI data centers, Politico added.
The creation of the National Energy Council reflects Trump&#8217;s ambition to streamline energy policy, particularly around critical issues like permitting reform, which has been slow to gain bipartisan support in Congress.
This all-encompassing approach, supported by key allies like Sen. Kevin Cramer (R-N.D.), aims to eliminate bureaucratic hurdles and make U.S. energy policies more agile and responsive to modern demands.
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Media

Interior Pick Burgum Named Trump's Energy Czar

In a soon-to-be-published book, former President Bill Clinton recounts his experience watching President-elect Donald Trump on January 6, 2021. &#8220;Citizen: My Life After the White House&#8221; is set to hit the shelves on Tuesday.
What Happened: Clinton&#8217;s book includes his reflections on the events of January 6, the day Congress convened to certify Joe Biden&#8216;s 2020 election victory. The former president discusses Trump&#8217;s allegations of election fraud, which sparked a large, angry crowd to storm Capitol Hill.
In an opinion <a href="https://www.msnbc.com/opinion/msnbc-opinion/bill-clinton-watching-donald-trump-jan-6-rcna180364">piece</a> on MSNBC, Clinton draws a comparison between the January 6 events and the violence witnessed at the Unite the Right rally in Charlottesville a few years prior.
He recalls how Trump&#8217;s false claims fueled the crowd, comprising professionals, business owners, and law enforcement officers, leading them to attempt to disrupt the democratic process.
Clinton&#8217;s book also sheds light on the aftermath of the Capitol attack, noting that over 1,400 individuals have been charged and approximately 880 have been sentenced for related crimes. 
Also Read: <a href="https://www.benzinga.com/news/23/08/33806596/trump-refuses-to-pledge-compliance-with-judges-order-in-jan-6-case-the-whole-thing-is-a-fake">Trump Refuses To Pledge Compliance With Judge&#8217;s Order In Jan. 6 Case: &#8216;The Whole Thing Is A Fake&#8217;</a>
The Justice Department estimates that around 2,000 people committed crimes during the attack, with investigations still underway.
Clinton observes that many Republicans initially denounced the attacks but later altered their stance following Trump&#8217;s denial of the events. 
He cautions against the peril of disregarding facts and law for the sake of power, asserting that this is how democracy gradually crumbles from within.
Why It Matters: Clinton&#8217;s book provides a unique perspective on the events of January 6, offering insights from a former president who watched the events unfold. 
His observations on the role of misinformation and the response of political figures to the attack highlight the ongoing debates about the state of democracy in the U.S. 
The book&#8217;s release could further fuel these discussions and potentially influence public opinion and future political discourse.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Wikimedia Commons

Bill Clinton Recalls Trump's Actions On January 6

Skybridge Capital founder Anthony Scaramucci anticipates a significant increase in Bitcoin&#8217;s value, foreseeing a potential shift towards a less politicized regulatory environment for cryptocurrencies under <a href="https://www.benzinga.com/news/24/11/41866624/scaramucci-on-trump-win-i-got-it-wrong-im-not-going-to-whine-about-it">the upcoming U.S. administration</a>.
What Happened: Scaramucci, who will be a headline speaker at Benzinga's upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Tuesday, expressed optimism about U.S. crypto policy in a recent interview <a href="https://www.home.saxo/en-gb/insights/us-elections">with</a> Saxo.
Being a significant investor in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Scaramucci believes that a depoliticized regulatory landscape could fuel growth in the decentralized finance and blockchain sectors.
Scaramucci predicts Bitcoin&#8217;s value could surge to $150,000 if the regulatory issues are addressed. He also mentioned that ex-U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton and former Acting Comptroller of the Currency Brian Brooks are allegedly working on a &#8220;100-day plan&#8221; to revise stablecoin legislation and clarify asset classifications. 
According to Scaramucci, this move could greatly benefit the cryptocurrency sector.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39447328/anthony-scaramucci-says-crypto-will-soar-if-this-presidential-candidate-wins-the-election-">Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: &#8216;I Think We&#8217;ll See All-Time Highs For Bitcoin And Other Assets&#8217;</a>
Despite his endorsement of Vice President Kamala Harris over Donald Trump for the 2024 presidential race, Scaramucci recognized Trump&#8217;s positive stance on cryptocurrencies and expressed his readiness to contribute to shaping crypto regulations if given the opportunity. 
However, he cautioned that Trump&#8217;s isolationist policies could potentially impact the U.S. economy negatively.
&#8220;I think Bitcoin has been suppressed by U.S. faulty politicized regulation and so this is one of the good things about the Trump administration they're going to depoliticize the cryptocurrency regulations be very good for crypto,&#8221; he said during the interview. 
Why It Matters: The potential shift towards a less politicized regulatory environment for cryptocurrencies could lead to significant growth in the defi and blockchain sectors. 
This change, coupled with the proposed updates to stablecoin legislation and asset categorizations, could provide a more favorable environment for cryptocurrencies, potentially driving their values higher. 
Scaramucci&#8217;s prediction of Bitcoin reaching $150,000 reflects this optimism. However, the impact of political changes on the regulatory landscape remains to be seen.
Read Next
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$SOL

Scaramucci: Trump's Crypto Support Could Push Bitcoin To $150K

A witness has come forward alleging that Attorney General-designate Matt Gaetz had sexual relations with a minor back in 2017. This information was shared with the House Ethics Committee, as per the witness&#8217;s attorney.
What Happened: The unnamed woman&#8217;s testimony is part of an ongoing investigation into Gaetz&#8217;s conduct during his time in Congress. 
Gaetz resigned from his position after then President-elect Donald Trump expressed his intention to nominate him as the head of the Justice Department.
House Speaker Mike Johnson has chosen not to release the committee report, citing House precedent. However, the unnamed woman&#8217;s attorney, Joel Leppard, has stated that the public has a right to know his client&#8217;s account.
Leppard was quoted <a href="https://www.nbcnews.com/politics/politics-news/woman-told-house-ethics-committee-saw-gaetz-sex-minor-lawyer-says-rcna180435">by</a> NBC News saying, &#8220;My client testified to the House Ethics Committee that she witnessed Rep. Gaetz having sex with a minor at a house party in Orlando in 2017. The American people deserve to know the truth about the person slated to become the top law enforcement officer in the country.&#8221;
Also Read: <a href="https://www.benzinga.com/24/11/41997181/kevin-mccarthy-says-matt-gaetz-wont-get-confirmed-by-the-senate-and-everybody-knows-that">Kevin McCarthy Says Matt Gaetz Won&#8217;t Get Confirmed By The Senate And &#8216;Everybody Knows That&#8217;</a>
Gaetz, first elected to the House from Florida in 2016, has denied the allegations against him and has not faced any criminal charges. A representative for Gaetz told ABC News, &#8220;Merrick Garland's DOJ cleared Matt Gaetz and didn't charge him. Are you alleging Garland is part of a cover-up?&#8221;
It was reported by ABC that Leppard is representing two separate women who both testified before the ethics committee. 
Both women allegedly attended parties with Gaetz. Joel Greenberg, a former friend of Gaetz, is currently serving an 11-year prison sentence after pleading guilty to multiple federal crimes, including sex trafficking of a minor and introducing her to other adult men.
Why It Matters: The allegations against Gaetz are significant due to his previous role in Congress and his potential nomination as head of the Justice Department. 
The ongoing investigation and the testimonies of the women involved could have far-reaching implications for Gaetz&#8217;s future and for those who supported his nomination.
Read Next
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Lawyer: Ethics Committee Witness Says She Saw AG Nominee Gaetz 'Having Sex With A Minor'

In light of President-elect Donald Trump&#8216;s commitment to trim U.S. government expenditures, the World Bank, currently under investigation for the misplacement of $24 billion in climate funds, is bracing for <a href="https://www.benzinga.com/general/social-media/24/11/41869407/trump-says-he-wont-sell-truth-social-stock-calls-for-probe-on-rumors">substantial budget reductions</a>.
What Happened: Senior officials at the World Bank are expressing concern following Trump&#8217;s election win. The Washington-based financial institution, criticized for functioning like a bureaucratic slush fund despite its mission to fight poverty and climate change, is wary of the incoming administration&#8217;s fiscal austerity.
According to a report <a href="https://nypost.com/2024/11/15/business/world-bank-fears-donald-trumps-austerity-axemen-could-demand-spending-cuts-sources/">by</a> the New York Post, Elon Musk and Vivek Ramaswamy are poised to head a White House advisory body, the Department of Government Efficiency (DOGE), which could single out the World Bank for budgetary cutbacks.
An anonymous staffer told the outlet, &#8220;They have been running around like headless chickens since Trump won.&#8221;
One potential area for cost reduction is the World Bank&#8217;s lavish spending on air travel, which allows unelected officials to upgrade to business class for flights longer than five hours. 
Leaked documents show nearly $9,000 was spent on a round-trip business class ticket with a private suite from Washington Dulles airport to Baku, Azerbaijan.
Also Read: <a href="https://www.benzinga.com/markets/24/11/41869001/heres-how-trumps-policies-might-shape-the-markets-future">Here&#8217;s How Trump&#8217;s Policies Might Shape The Market&#8217;s Future</a>
During Trump&#8217;s previous term, World Bank officials made attempts to maintain a good relationship with the President, often inviting his daughter and then-advisor Ivanka Trump to speak at their conferences. 
However, following Trump&#8217;s victory over Kamala Harris, there is &#8220;lots of anxiety&#8221; within the global organization, a second World Bank source told The Post.
According to a World Bank spokesperson, a productivity savings initiative was launched last year, requiring each vice presidency to reduce its budget by 5% annually from less essential expenses. 
Ajay Banga, the Biden-nominated head of the World Bank, has set the lender &#8220;on a fast course to become better and more effective.&#8221;
Why It Matters: The World Bank&#8217;s anticipated budget cuts come at a time when the institution is already under scrutiny for mismanagement of funds. 
The potential cutbacks, coupled with the existing investigation, could significantly impact the World Bank&#8217;s ability to fulfill its mandate of combating poverty and climate change. 
The appointment of Musk and Ramaswamy to lead the DOGE could further intensify the scrutiny on the World Bank&#8217;s spending.
Read Next
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Wikimedia Commons

World Bank Worries Over Budget Cuts After $24B Mishap, Trump Win

Popular podcaster Joe Rogan hosted Donald Trump, J.D. Vance and Trump ally Elon Musk in separate interviews on his popular podcast during the campaign season, which may have helped Trump <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">win the presidential election</a>.
But a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41370777/trump-harris-consider-joe-rogan-podcast-could-spotify-ride-2024-election-wave-analy">proposed podcast between</a> Rogan and presidential candidate Kamala Harris never came to fruition and there are new details on why it didn&#8217;t happen.
What Happened: Rogan <a href="https://www.benzinga.com/news/24/11/41734989/joe-rogan-endorses-trump-as-elon-musk-presents-compelling-case-for-ex-president-heres-what-the-duo-d">endorsed Trump for president</a> and his conversations with Trump and Vance were viewed as long free-flowing conversations that may have helped voters have new views on the campaign team that ultimately won the 2024 election race.
A key driver of subscribers for Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), "The Joe Rogan Experience" podcast is one of the most listened to podcasts around the world and its popularity can help provide name awareness for people like political candidates.
In a recent episode of the podcast, Rogan said that one of the reasons the Harris team did not agree to the vice president appearing on the podcast was wanting to have stipulations on topics that were off-limits.
"I think they had requirements on things that she didn't want to talk about. She didn't want to talk about marijuana legalization, which I thought was hilarious," Rogan said on the recent episode. &nbsp;
Rogan alleged that Harris' team didn't want to upset progressive voters, as <a href="https://nypost.com/2024/11/13/us-news/joe-rogan-claims-harris-wanted-to-avoid-marijuana-legalization/">reported</a> by the New York Post.
The popular podcaster said Harris' team reached out to Rogan's team about a potential interview after news reports of Trump agreeing to a sit down with Rogan surfaced. Scheduling did not work out between Rogan's team and Harris' team, with the podcaster saying he wanted to shoot the episode at the studio in Texas.
Another demand from the Harris team was to limit the sit-down interview to around one hour, instead of the typical three hours for Rogan interviews. Not going to the studio in Texas is said to have been the dealbreaker for Rogan.
"They had, I don't know how many conversations with my folks, but multiple conversations giving different dates, different times, different this, different that, and we knew that she was going to be in Texas, so I said, ‘open invitation.'"
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Why It's Important: Harris <a href="https://www.benzinga.com/markets/cannabis/24/11/41752800/kamala-harris-promises-to-legalize-recreational-marijuana-in-groundbreaking-instagram-post">supported marijuana legalization </a>ahead of the 2024 presidential election, but her team may have worried where the conversation would lead and if progressive voters would be upset about the election issue.
Rogan's recent guest comedian Adrienne Iapalucci asked Rogan why her team wouldn't want to talk about cannabis.
"Because of her prosecuting record,&#8221; Rogan said. "She put a lot of people in jail for weed."
The comments were in reference to Harris' past time serving as the California attorney general and San Francisco district attorney.
While its unknown how many downloads the podcast with Trump has on Spotify, the video upload on YouTube has around 50 million views.
Harris may have not wanted to talk about marijuana on "The Joe Rogan Experience," but she did make reference to it during one of her appearance on "The Howard Stern Show."
Harris <a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg" target="_blank" rel="noreferrer noopener">told talk show host</a> Howard Stern that she attended a U2 concert at the Las Vegas Sphere with husband Doug Emhoff earlier this year.
&#8220;Oh my god, have you been to the Sphere?&#8221; Harris asked Stern. &#8220;It&#8217;s extraordinary. You&#8217;re sitting there and it&#8217;s almost like Disneyland or Disneyworld where things just start to change around you and you feel like you lose sense of gravity. It&#8217;s really phenomenal.&#8221;
Harris also encouraged anyone attending a concert or film at the Las Vegas Sphere to go in &#8220;with a clear head&#8221; and not to be high.
&#8220;There&#8217;s a lot of visual stimulation.&#8221;
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Image: YouTube

SPOT

Joe Rogan Says Harris Avoided Podcast Due To One Issue

Ukrainian President Volodymyr Zelensky has expressed confidence that the war with Russia will close &#8220;sooner&#8221; once <a href="https://www.benzinga.com/news/global/24/11/41865062/putin-congratulates-trump-on-2024-election-victory-russian-leader-said-president-elect-manly-for-how-he-handled-assassination-attempt" target="_blank" rel="noreferrer noopener">Donald Trump becomes US president</a>.
In a recent interview with Ukrainian media outlet Suspilne, Zelensky shared his belief that the incoming US administration&#8217;s policies would expedite the resolution of the ongoing conflict, <a target="_blank" href="https://www.bbc.com/news/articles/c0mzgv4x901o" rel="noreferrer noopener">reported</a> BBC.
While Zelensky did not divulge the specifics of his recent conversation with Trump after the latter&#8217;s victory in the US presidential election, he described the exchange as &#8220;constructive.&#8221; Zelensky noted that Trump had not made any demands contrary to Ukraine&#8217;s position, reinforcing his belief that Trump&#8217;s approach <a href="https://www.benzinga.com/markets/24/11/41866189/elon-musk-joined-trumps-call-with-zelenskyy" target="_blank" rel="noreferrer noopener">would lead to a quicker end to the war</a>.
Zelensky remarked that the war was likely to end sooner with the policies of the team set to lead the White House, implying that Trump&#8217;s administration would prioritize bringing the conflict to a swift conclusion as part of their commitment to their citizens, BBC added.
Also Read: <a target="_blank" href="https://www.benzinga.com/etfs/24/11/42018463/trumps-post-election-rally-fades-dollar-surges-to-over-1-year-highs-powell-puts-december-interest-rate-cut-into-question-this-week-in-the-market" rel="noreferrer noopener">Trump&#8217;s Post-Election Rally Fades, Dollar Surges To Over 1-Year Highs, Powell Puts December Interest Rate Cut Into Question: This Week In The Market</a>
Zelensky also emphasized Ukraine&#8217;s commitment to seeking a diplomatic resolution to the war, expressing that Ukraine must do everything possible to ensure the conflict ends the following year through diplomatic means.
The Ukrainian president acknowledged that the battlefield remains challenging, with Russian forces continuing to advance. Nevertheless, he expressed hope that international efforts, including those from the US, could help bring an end to the conflict.
The phone call between Zelensky and Trump comes amid heightened global attention on the war and the US&#8217;s role in supporting Ukraine.
Since the start of Russia&#8217;s invasion in February 2022, the U.S. has been Ukraine&#8217;s largest arms supplier, delivering military aid worth over $55 billion. This support, in the form of weapons and equipment, has been critical in bolstering Ukraine&#8217;s defense efforts.
Trump, who has repeatedly stated that his priority is to end the war and reduce the drain on US resources, has made clear his desire to bring about a peaceful resolution to the conflict.
However, his critics, particularly within the Democratic Party, have raised concerns about his stance on Russia. They argue that Trump&#8217;s rhetoric and past relationships with Russian President Vladimir Putin could potentially lead to policies that might undermine Ukraine&#8217;s sovereignty and security.
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Zelensky Sees Swift End To War With Trump As President

A <a href="https://www.youtube.com/watch?v=_GoUEO4sGrc">recent episode</a> of The Ramsey Show had hosts <a href="https://www.benzinga.com/personal-finance/24/09/40874922/rachel-cruze-shares-comparison-of-the-average-americans-finances-how-do-you-compare">Rachel Cruze</a> and George Kamel tackling a tough financial and relational dilemma. A caller, Jeremy from Ottawa, Canada, reached out for advice after taking a drastic pay cut and moving his family 3,000 miles to be closer to his partner's family. His income dropped from over $150,000 to under $50,000, leaving him struggling to cover bills and support his children.&nbsp;
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Jeremy asked, "I wanna know if it makes me a deadbeat father if I move back to my old job."
Despite his good intentions to move closer to his family, Jeremy made it clear that they are <a href="https://www.benzinga.com/personal-finance/24/10/41662332/financial-stress-why-women-and-gen-xers-are-feeling-the-pinch-more-than-others">struggling financially</a>. He also expressed that his partner has further reduced her hours at her job, lowering their income even further.&nbsp;
As Kamel and Cruze questioned Jeremy about his situation, it became clear that he and his partner approach finances very differently and separately. Jeremy handles major expenses like the mortgage and one of their cars, while his partner manages other costs independently from him. They don't combine their finances or share details about monthly expenses.&nbsp;
Cruze stated, "It's sounding more like a relationship issue, Jeremy. It sounds like you guys aren&#8217;t generally doing well as a couple." She noted that money concerns may be a symptom of their struggles, but a bigger problem within their relationship is not being addressed.&nbsp;
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Kamel suggested that Jeremy might need a "come to Jesus" conversation with his partner to address their <a href="https://www.benzinga.com/personal-finance/24/08/40429850/caller-at-wits-end-with-husbands-spending-the-ramsey-show-hosts-say-you-need-to-follow-safe-guid">financial and relationship strains</a>. He stated that they need to lay it all out, clarify that they are not doing well financially and come together to discuss a plan to move forward.&nbsp;
"That's what it's going to take," Kamel said. "And that's when we lay out the finances together, get on a budget together and figure out what the hole is and how we're getting out of it. And that might mean you need to find a higher paying job, she needs to work more hours, we need to combine bank accounts."
Cruze reiterated these points, encouraging Jeremy to sit down with his partner to determine their minimum income to cover bills and how they can best achieve that. Cruze and Kamel both stressed that if Jeremy wants to make his relationship work, he and his partner must come together to solve their financial struggles – ideally with him staying close rather than moving 3,000 miles away from his family.
On the topic of their relationship, Cruze said that Jeremy will have to make some difficult decisions and that his partner may not be the best for him long term if she can't recognize that she shares in this <a href="https://www.benzinga.com/personal-finance/24/10/41125098/suze-orman-says-the-personal-finance-of-americans-is-really-really-bad-even-though-the-stock-mar">financial responsibility</a>. "You both have to come to that understanding," she stated. "She is so in the clouds in that and she may not be a great partner long term."
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Jeremy and his partner aren't alone in their struggle to communicate about finances. Recent data from Fidelity shows that around half of couples don't make financial decisions jointly and two in five couples are not aligned on how often they discuss finances.&nbsp;
Fidelity also reports that couples who communicate well about their finances are more likely to rate their household's financial health as excellent or very good.&nbsp;
While the Ramsey Show hosts offer financial advice, they have clarified that finances can struggle when the relationship struggles and vice versa. Consider talking to a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> if you and your partner struggle to align on big financial decisions. They can help you understand the current state of your finances and offer advice tailored to your unique circumstances.&nbsp;
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Personal Finance

'It Sounds Like a Relationship Issue:' Ramsey Show Hosts On Father's $100K Paycut And 3,000-Mile Move

Goldman Sachs Research predicts a strong year for global economic growth in 2025, forecasting a 2.7% increase in global GDP on an annual average basis, <a href="https://www.benzinga.com/calendars/economic" target="_blank" rel="noreferrer noopener">just above the consensus</a>.
The US is expected to lead the way, with GDP growth of 2.5%, significantly surpassing the consensus of 1.9%, Goldman Sachs Research said in a report. The consensus forecast is done by economists surveyed by Bloomberg.
However, the euro area is projected to lag behind, with growth forecasted at just 0.8%, below the consensus of 1.2%. A key factor driving these disparities is the potential for new trade policies under President-elect Donald Trump, who is predicted to impose fresh tariffs, particularly on China and imported cars.
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Goldman Sachs Chief Economist Jan Hatzius highlights that global inflation has significantly declined over the past two years, which supports real income growth and allows central banks to normalize monetary policy.
The US Federal Reserve is expected to cut its policy rate to 3.25-3.5%, while the European Central Bank is anticipated to lower its rate to 1.75%. Despite these adjustments, inflation in the US is expected to slow to 2.4% by late 2025, although an across-the-board 10% tariff could push it higher.
The forecast for the US economy reflects continued strong productivity growth, which has outpaced other developed markets. Since 2019, US labor productivity has grown at an annualized rate of 1.7%, compared to just 0.2% in the euro area.
However, potential US trade policies could create headwinds. Tariffs are expected to subtract 0.4% from global GDP, with larger tariffs possibly having a more severe impact.
For the euro area and China, trade uncertainty could reduce GDP growth by up to 0.9% and 0.7%, respectively. Despite this, Goldman Sachs remains optimistic about global economic growth, assuming that trade tensions do not escalate further.
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Analyst Color

Macro Economic Events

Goldman Sachs: US To Dominate 2025 Growth With 2.5% GDP Boost, Euro Area Will Struggle

Jamie Dimon, the <a href="https://www.benzinga.com/news/24/09/40914747/jpmorgan-ceo-jamie-dimon-thinks-social-media-platforms-like-tiktok-and-facebook-are-a-total-stupid-w">outspoken CEO</a> of JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), isn&#8217;t pulling any punches regarding his feelings about U.S. financial regulations. In a fiery speech at a recent conference, Dimon made it clear that the banking industry is fed up with what he describes as overlapping, ill-conceived rules. He's had enough and it&#8217;s time, he says, to &#8220;fight back.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Jamie Dimon, CEO of JPMorgan Chase, says it&#39;s time for corporations to &quot;fight back&quot; against regulators. &quot;You know, if you&#39;re in a knife fight, you better damn well bring a knife &#8230; It&#39;s time to fight back.&quot; JPMorgan Chase made an astonishing $50 billion in profits last year. <a href="https://t.co/zWyERJ5LQm">pic.twitter.com/zWyERJ5LQm</a>
&mdash; More Perfect Union (@MorePerfectUS) <a href="https://twitter.com/MorePerfectUS/status/1851294825548763534?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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According to Dimon, regulations like capital requirements, card payments and open banking have gotten out of control. He thinks these <a href="https://www.benzinga.com/news/24/10/41586685/jamie-dimon-rips-stupid-calculations-in-proposed-banking-reforms-calls-for-regulatory-overhaul">regulations hurt companies, </a>particularly smaller ones and prevent growth rather than make the financial system safer. He stated that lower-paid people ultimately face the weight of limited access to financial services.
At the heart of his argument is a belief that banks are getting pushed around by regulators and that it&#8217;s time to push back. He compared the current situation to a knife fight, where bringing a knife is the only way to have a chance. For Dimon, that means not shying away from lawsuits and direct challenges to what he calls unfair regulations.&nbsp;
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One point of contention is the Basel III endgame – a set of proposed rules to align U.S. banking standards with the Basel Committee on Banking Supervision. While regulators argue that these changes will make the industry more resilient to economic shocks, Dimon sees things differently. To him, it's all about the details and he's not convinced that these tweaks are in the best interest of banks or their customers.
Dimon also criticized how card-issuing companies like American Express and Discover can charge more for debit card transactions, while banks face strict limits. To him, this is just another example of a regulation that's &#8220;grossly unfair.&#8221;
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Another target of Dimon&#8217;s criticism was the <a href="https://www.benzinga.com/24/10/41599526/new-consumer-financial-regulations-unlock-data-for-ai">Consumer Financial Protection Bureau</a> (CFPB). Although their recent decision to facilitate client switching between financial service providers sounds like a win for customers, to Dimon, it creates opportunities for fraud and data breaches. He's not against open banking in theory but he's ready to fight any policy that puts consumers at risk.
And while his name often gets thrown into the ring for top government roles like Treasury Secretary, Dimon has been clear that <a href="https://www.benzinga.com/government/24/11/41783392/jamie-dimon-doesnt-plans-to-join-trump-administration-affirms-commitment-to-jpmorgan">he&#8217;s not interested</a>. He's focused on leading JPMorgan Chase, which he's done for nearly two decades and fighting what he considers unnecessary and damaging regulations from the outside.
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'If You're In A Knife Fight, You Better Damn Well Bring A Knife' – JPMorgan CEO Jamie Dimon Calls For A Stand Against Regulation

Amid the transformative rise of digital currencies and blockchain technology, one project has captured global attention for its simplicity and ingenuity: Notcoin. Conceived by Sasha Plotvinov and his team at Open Builders, what began as a straightforward clicker game has blossomed into a viral phenomenon, drawing over 35 million users on Telegram in record time.
As the creative mind behind Notcoin, a wildly popular Telegram-based clicker game, Sasha and his team have redefined how people interact with blockchain.
In an exclusive interview with Benzinga, Sasha shares his goal on how to transform Notcoin into a vibrant, community-powered gaming ecosystem which can bridge the gap between entertainment and blockchain technology.
How was your journey with Notcoin from 70,000 users to 35 million users. Share with us the success story so far.
The journey is interesting. There is a saying that it&#8217;s not the station, it&#8217;s a journey, but maybe it&#8217;s who you become in this journey, right? So, the team transforms a lot right now, and I really like to see many things that happens right now that did not happen there at the time. And, I mean, every time a person creates something big, it changes them as well. So, imagine you as a developer, you always worked with applications that would have 100K users, that&#8217;s it, and then 10 million and it moved on further.
From my perspective, I want to not only build it, but also shape the vibe. I&#8217;m still doing all my Notcoin social media myself, just for fun. It&#8217;s just some kind of thing that I just don&#8217;t want to delegate to anyone. About new games, all the new projects that we&#8217;re working with, we help docs, for example, to basically, the core idea of the mining through your age in Telegram is something that we contributed in some part of the product as well.
You need to make sure that the games are new and authentic enough, so people are not bored before, because right now, it&#8217;s hard to attract people to top tier.
Share something about the Tap to Earn and why do you think this Tap to Earn model resonates so strongly with users?
In Tap to earn model, you just tap to the something, button, or a coin or something, and then you see how more and more coins are adding to your balance. Then you can, let&#8217;s say, spend these coins to some in-app boosts and so on and so on, and then you can compete with others. Basically, it&#8217;s more like, again, it&#8217;s just a simple mechanic that allows people to mine coins. You can do this in many ways. You cannot ask to tap. You can ask to open it.
So, I mean, it&#8217;s just different ways to do the same thing. Make a distribution of coins across millions of users while they&#8217;re doing some actions for that.
Which marketing strategies were most effective in building Not&#8217;s user base? 
I think if you&#8217;re talking about real practical advice and so on, I don&#8217;t see that purchasing traffic as a way because it&#8217;s just, you know, you&#8217;ll spend too much. And usually, if you need to spend too much money to traffic, that&#8217;s the smallest thing and not really engaging with your product. It doesn&#8217;t make any sense. It&#8217;s just wasting your money. So, in my opinion, Notcoin and all other successful apps, they&#8217;re doing just some mechanic within the game or app that basically using motivation that users have.
And then the horizontal layer is just going broad and that&#8217;s where it starts. It means that you just create a system when people are motivated enough to invite other people. Basically, that&#8217;s the pure advice, how to make whatever 10, 50 million user applications.
How does Notcoin manage technical challenges with such rapid user growth?
We have learned a lot. At the beginning, it was hard. Then we figured out how to do stuff. And then in couple of months we became professionals, we started advising other apps how to do that because we already knew many, many limitations, many, many ways how to optimize it and so on. So basically, there are two difficulties. First one is just data server and database and all this stuff. So, you can work with different backend language and stack. You can work with different databases.
You can work with different approaches, how to build these things. And because of that, some spikes might occur. So, you must be smart on building this in the remaining components. Another thing is the Telegram API, building on top of Telegram, obviously. So, Telegram has its own limitations. So, for example, you cannot send more than two million-ish notifications per day. If you&#8217;re building the app that gives 50 million people, like, it&#8217;s hard to engage them without any notification experience.
You must learn how to navigate through all these limitations. And the better you adjust, in general, the better you survive.
What strategies are in place to keep users engaged over the long term?
It&#8217;s the same how games work in general. You see, like, what kind of games usually people play for a long time? I think there are two types. First one is that when you have cycles, let&#8217;s say Tetris, you have a cycle. You start, the speed is growing up, then you got some score, you start again from scratch. Fortnite, the same thing. You are deploying with 100 people, the circle gets smaller, smaller, smaller, then you repeat again, once again, if you win or lose, it doesn&#8217;t matter.
So that kind of cycles, Counterstrike, everything. I mean, this is kind of games that people playing for many, many, many years. I think that&#8217;s one of the ways. Another way is to go with long, you know, kind of building a character, building a profile. Let&#8217;s say World of Warcraft, people are playing this for many, many years. EVE Online, like EVE Online is crazy.
It&#8217;s like 16% of people that played EVE Online on the first year, 10 years ago, are still playing the game, That&#8217;s quite huge. People are so stick to this game and all the new users are coming as well.
How does Notcoin plan to differentiate itself as more projects adopt similar models?
I think the only way is basically just to be ready for a change. So, it&#8217;s true. Everything that worked in April doesn&#8217;t work right now. Everything that worked on the summer doesn&#8217;t work right now.
Your advertisement model doesn&#8217;t work anymore because everyone can dump their price. Their community is more kind of, how to say that, like not that loyal, not that cool, not that wealthy. And they always will have lower price. You cannot fight and compete with them, right? So, we must learn and see, okay, what model we can use right now. Right now, we think our advantage is to build things with soul inside. Let&#8217;s say we help projects to build games that are really touching, nice games, that it&#8217;s not just make people addictive or something.
It&#8217;s more about real emotional experience that you have for some time. Again, Pixel Battle is a great example. Another one, Lost Dogs. I don&#8217;t see a big difference between TV show, game, book, because it&#8217;s all imagined, some worlds that are kind of existing in imagination and people, they can play and they can believe in this world. You literally start believing in this in-game economy as a real one because people can trade with each other, some things, some items, some goods and so on. It&#8217;s like, it&#8217;s really the whole markets that that exists within the game.
What's next for Notcoin as it continues to grow?
Two things. First one, we learn how to do these experiences, games, all those things. We just want to replicate it. We have some teams that are working right now on different stuff. We help them, we build together. We&#8217;re making sure that it&#8217;s not just a random clicker or something. It&#8217;s just interesting. Emotionally game creates emotional connection. This is the one thing; this is a really good side because we learned a lot in our experience right now. And we can really use this expertise to launch projects to 10, 20, 50 million people. That&#8217;s no brainer.
On the other side, we understood business part as well. So, we know how to right now to make a business from this. And also from our community side, what we do right now, we&#8217;re trying to put Notcoin community holders in the center of every single thing we&#8217;ve built. Let&#8217;s say we help game to go and be published through Notcoin. And we have agreement that 20% of the stock of this game will go to the Notcoin community. 
So that&#8217;s the way how we basically attract more and more value into the ecosystem. We do what we know how to do, and we just continue to grow the ecosystem. Sometimes I think we switch our tactical plans, but the strategy is the same.

Interview

Notcoin's Plotvinov On Making Blockchain Accessible Through Gaming: 'A Game Creates Strong Emotional Connection'

Emily Fisher, founder and CEO of Leafwell, took the stage at the recent Benzinga Cannabis Capital Conference to share groundbreaking insights from her company's latest research. She emphasized the importance of following the science in shaping the future of cannabis policy and healthcare, pointing to significant financial and societal impacts.
"We published a study a couple of weeks ago that looked at the impact of medical cannabis on U.S. healthcare and found that it could save U.S. healthcare $29 billion annually," Fisher said. Her remarks highlighted the untapped potential of cannabis in reducing healthcare costs and improving patient outcomes.
<h3 class="wp-block-heading">Key Findings From New Research</h3>
Fisher also unveiled preliminary results from another study conducted by Leafwell, involving over 15,000 patients. Half of the participants were new to cannabis use, while the other half had been using cannabis for more than a year. The findings were striking:
<ul>
<li>A 48% reduction in doctor visits among long-term cannabis users</li>
<li>A 50% reduction in emergency room visits</li>
</ul>
These reductions, Fisher explained, could have cascading benefits beyond the healthcare system. "What does that mean when you trickle it down into the workforce?" she asked. "It means fewer days off. It means a reduction in absenteeism. This is speaking directly to an employer's objectives."
<h3 class="wp-block-heading">A Call To Action</h3>
Fisher's presentation highlighted the early days of cannabis' integration into mainstream healthcare but also its growing importance as a tool for employers and policymakers. She called for a science-driven approach to cannabis advocacy and policy-making, emphasizing the broader economic and social benefits that legalization and medical adoption could bring.
"This could help many, many more people than it's already helping," Fisher said, urging the audience to consider the evidence and support further research.
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