Magellan Financial Group Stock (OTC: MFGGF)

Latest news for Magellan Financial Group (OTC:MFGGF) Stock

Magellan Financial Group is an Australia-based niche funds manager. Established in 2006, the firm specializes in the management of equity and infrastructure funds for domestic retail and institutional investors. Magellan has historically been particularly successful in winning mandates from global institutional investors. Current FUM is split across global equities, infrastructure and Australian equities.

MAGELLAN FINCL GRP OPT 27 by Magellan Financial Group Ltd.

Magellan Financial Group Ltd

Brazil's first Lady Rosangela da Silva reportedly swore at Tesla Inc CEO Elon Musk at an event in Rio de Janeiro on Saturday.
What Happened: "F&#8212; you, Elon Musk," she said while talking about the need to regulate social media, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-17/lula-s-wife-curses-out-elon-musk-on-eve-of-brazil-s-g-20?srnd=homepage-canada">reported</a>. 
Musk responded to the snippet of the First Lady&#8217;s speech on social media platform X and said, &#8220;They will lose the next election.&#8221;
Rosangela da Silva is the wife of President Luiz Inacio Lula da Silva of the Workers&#8217; Party who won against Jair Bolsonaro in 2022. Brazil&#8217;s next Presidential election is slated for 2026.
Why It Matters: Brazil <a href="https://www.benzinga.com/news/24/09/40680467/after-x-ban-elon-musks-starlink-defies-brazilian-court-order-to-block-social-media-platform">banned Musk-owned social media platform X</a> earlier this year after it failed to ban profiles that the government claimed were spreading misinformation. 
Musk subsequently resorted to namecalling Brazilian Supreme Court Justice&nbsp;Alexandre de Moraes on X, referring to him as a &#8220;criminal wearing judges robes like a Halloween costume.&#8221;
"The world is not obliged to put up with Musk&#8217;s far-right ideology just because he is rich," President&nbsp;da Silva<a href="https://www.benzinga.com/news/24/09/40678732/just-because-elon-musk-is-rich-the-world-doesnt-have-to-put-up-with-his-far-right-ideology-says-braz"> said in September about Musk. </a> 
X was restored in Brazil in October after X complied with the judge&#8217;s demands. 
Read Next:
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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" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday</a></li>
</ul>
Image via Shutterstock

News

Politics

General

Elon Musk Reacts After Brazilian President's Wife Swears At Tesla CEO:  'They Will Lose The Next lection'

The week was filled with noteworthy events in the world of cryptocurrencies. From the rise of new meme coins to ambitious price forecasts, the crypto market continues to surprise and intrigue. Here&#8217;s a quick recap of the top stories that made headlines.
Trump&#8217;s AG Pick Gaetz Suggested Bitcoin for Federal Income Taxes
President-elect Donald Trump&#8217;s nominee for attorney general, Rep. Matt Gaetz, is known for his unconventional ideas, particularly concerning cryptocurrencies. Earlier this year, Gaetz proposed a bill that would allow federal income tax payments to be made in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), potentially revolutionizing the way taxes are collected in the U.S. <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">Read the full article here.</a>
Musk&#8217;s Hedgehog Meme Coin &#8216;SHRUB&#8217; Skyrockets
Elon Musk&#8217;s latest pet, a hedgehog named Shrub (CRYPTO: SHRUB), has inspired a new meme coin. Shrub saw a staggering increase of over 3,300% in just one week as of Thursday, with its valuation soaring past $100 million. This surge followed a tweet by Musk introducing his pet hedgehog to the world. <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41987257/elon-musks-hedgehog-meme-coin-shrub-outpaces-dogecoin-shiba-inu-gains-surges-3000-in-a-week">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/general/education/24/11/41946785/if-you-invested-100-in-pepe-coin-at-launch-heres-how-much-youd-have-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $100 In Pepe Coin At Launch, Here&#8217;s How Much You&#8217;d Have Today</a>
Cathie Wood&#8217;s Bitcoin Price Target for 2030
Ark Invest CEO Cathie Wood has been a long-time advocate for Bitcoin. She recently shared her price target for the leading cryptocurrency, predicting it could reach as high as $3.8 million by 2030. If her forecast comes true, a small investment in Bitcoin today could yield significant returns in the future. <a href="https://www.benzinga.com/general/education/24/11/42017619/heres-how-much-100-in-bitcoin-could-be-worth-in-2030-if-cathie-woods-price-target-is-reached">Read the full article here.</a>
Millionaire BONK, DOGE Trader Shares Insights
Known as the &#8216;BONK guy,&#8217; millionaire trader Unipcs recently shared his journey in meme coin trading. He emphasized that trading meme coins isn&#8217;t as easy as it&#8217;s often portrayed, requiring patience and conviction to withstand extreme volatility. His long-term position in Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>) and successful trades with Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) are a testament to his strategy. <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41879587/from-16000-to-18-million-in-unrealized-gainsmillionaire-bonk-doge-trader-shares-update-if-you-cant-hold-you-wont-be-rich">Read the full article here.</a>
Industry Expert Predicts &#8216;Euphoria&#8217; Stage for Crypto Market
Jason Yanowitz, co-founder of Blockworks, believes the cryptocurrency market is about to enter the &#8216;Euphoria&#8217; stage, the most exciting phase of a four-stage bull market. This phase could see some coins nearing their all-time highs. <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41912787/buckle-up-for-the-bull-markets-most-fun-phase-says-industry-expert-bitcoin-ethereum-dogecoin-about-to-enter-the-euphoria-stage">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/general/education/24/11/42017619/heres-how-much-100-in-bitcoin-could-be-worth-in-2030-if-cathie-woods-price-target-is-reached?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s How Much $100 In Bitcoin Could Be Worth In 2030 If Cathie Wood&#8217;s Price Target Is Reached</a>
Image Via Shutterstock
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

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

Cryptocurrency

Markets

$BONK

$BTC

$DOGE

Elon Musk's Hedgehog Meme Coin 'SHRUB' Skyrockets, Cathie Wood Sets Ambitious Bitcoin Price Target, Industry Expert Predicts 'Euphoria' Stage For Market And More: Top Crypto Updates This Week

President-elect Donald Trump&#8216;s transition team is reportedly considering several individuals, including a former Uber executive and three Republican congressmen, for the position of U.S. Department of Transportation chief.
What Happened: The team is considering Emil Michael, a former Uber executive and Trump donor, and three current or former Republican congressmen: Sam Graves, Garret Graves, and Sean Duffy to head the Department of Transportation, Reuters reported, citing multiple sources familiar with the matter.
Michael, known for his social connections with billionaire and Trump supporter Elon Musk, is reportedly a strong contender for the role. Other tech executives who backed Trump have also advocated for Michael, the report said, while adding that other contenders could also emerge for the role. 
Why It Matters: According to Reuters, Musk is expected to exert influence on the pick of Transportation Department chief. 
The billionaire contributed millions to a super PAC that supported Trump&#8217;s presidential campaign and also actively campaigned for the President-elect in the swing state of Pennsylvania, sealing his position as a major player in Trump&#8217;s campaign and circle. 
The Department of Transportation has several departments under it which regulate Musk&#8217;s companies including SpaceX and EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). While the Federal Aviation Administration <a href="https://www.benzinga.com/news/24/09/41041586/spacex-ceo-elon-musk-calls-for-resignation-of-faa-administrator-mike-whitaker">licenses commercial space launch facilities</a> and private sector launches, the National Highway Traffic Safety Administration regulates automakers and determines regulations for autonomous vehicles.
Musk&#8217;s Tesla is actively working towards enabling autonomous driving with its full self-driving (FSD) driver assistance technology. However, FSD has often come under the NHTSA&#8217;s radar <a href="https://www.benzinga.com/news/24/10/41398764/nhtsa-opens-probe-into-2-4m-tesla-vehicles-after-reports-of-4-crashes-with-fsd-involved">over vehicle crashes where FSD was deployed</a>. 
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>
Read Next:
<ul>
<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" target="_blank" rel="noreferrer noopener">Elon Musk's SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday</a></li>
</ul>
Image via Pixabay

Tech

TSLA

Former Uber Executive And 3 Congressmen Contenders For Trump's Transportation Chief Role: Report

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has issued layoff notices to over 400 members of its professional aerospace labor union, as part of the company&#8217;s ongoing efforts to recover from<a href="https://www.benzinga.com/top-stories/24/08/40585703/boeing-737-aircraft-experiences-engine-trouble-during-alaska-airlines-flight-forced-to-turn-around"> financial and regulatory challenges.</a>
What Happened: The layoff notices were sent out last week to members of the Society of Professional Engineering Employees in Aerospace (SPEEA), <a href="https://apnews.com/article/boeing-layoffs-union-strike-4a3b21ba7696e2e945708f6a2cb74438">reported</a> AP News. The affected workers will remain on the payroll through mid-January.
In October, Boeing announced <a href="https://www.benzinga.com/markets/equities/24/10/41301576/boeing-announces-10-workforce-reduction-amidst-ongoing-struggles-impacting-nearly-17k-employees">plans to cut 10% of its workforce, </a>approximately 17,000 jobs, in the coming months. The company&#8217;s CEO, Kelly Ortberg, stated that the company must &#8220;reset its workforce levels to align with our financial reality.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41987257/elon-musks-hedgehog-meme-coin-shrub-outpaces-dogecoin-shiba-inu-gains-surges-3000-in-a-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Hedgehog Meme Coin &#8216;SHRUB&#8217; Outpaces Dogecoin, Shiba Inu Gains, Surges 3,000% In A Week</a>
The layoffs have impacted 438 members of the SPEEA union, with the local chapter representing 17,000 Boeing employees, primarily based in Washington, with some in Oregon, California, and Utah. The affected workers will receive career transition services, subsidized health care benefits for up to three months, and severance pay.
Why It Matters: Boeing, based in Arlington, Virginia, has been grappling with financial and regulatory issues since an <a href="https://www.benzinga.com/markets/equities/24/04/38097239/compensation-package-boeing-assists-alaska-air-with-160m-amid-crisis">incident involving an Alaska Airlines plane in January.</a> Following the incident, the Federal Aviation Administration has limited the production of the 737 MAX to 38 planes per month, a target Boeing has yet to achieve.
The recent layoffs are part of Boeing&#8217;s broader efforts to navigate its financial challenges. The aerospace giant has been grappling with a series of setbacks, including a <a href="https://www.benzinga.com/startups/24/10/41552860/boeing-plans-to-sell-off-major-assets-as-the-company-scrambles-to-remain-profitable-and-stay-competi">tough market</a> and regulatory issues following a plane fuselage incident in January.
Earlier this month, Boeing&#8217;s unionized Machinists ended a <a href="https://www.benzinga.com/markets/equities/24/11/41736062/boeing-workers-end-seven-week-strike-by-accepting-new-contract-with-major-pay-increases">seven-week strike</a> by accepting a new contract with significant pay increases. This deal, supported by the Biden administration and facilitated by Acting U.S. Secretary of Labor Julie Su, marked a significant development in Boeing&#8217;s labor relations.
Price Action: Boeing stock ended 1.48% higher at $140.19, according to data from<a href="http://pro.benzinga.com"> Benzinga Pro.</a>
Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/42011035/just-before-bidens-term-ends-taiwan-semiconductor-lands-6-6-billion-in-us-funding-to-build-advanced-chip-plants?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Just Before Biden&#8217;s Term Ends, Taiwan Semiconductor Lands $6.6 Billion in US Funding to Build Advanced Ch</a>
Image Credit: Shutterstock

Equities

Boeing Issues Layoff Notices To Over 400 Aerospace Union Workers Amid Financial Struggles

Analyst John-Burr sees Dogecoin (DOGE/USD) price hitting the $3 mark by Jan. 20 and even touching $20 in the future, as per his analysis.
What Happened: &#8220;It&#8217;s eerie how DOGE is repeating its historical pattern,&#8221; Burr <a href="https://www.tradingview.com/chart/DOGEUSD/bWuO3L25-3-range-by-January-20/">wrote</a> on TradingView. &#8220;&#8230;there seems to be some temporal proximity to the Inauguration Day and the next bullish movement.&#8221;
Burr predicts Dogecoin to touch $3 by Inauguration Day. However, the analyst also acknowledged the possibility that he could be wrong, given the below-a-dollar price of Dogecoin now.
&#8220;But I am okay with that because I believe that this is the beginning of the bull run. I don&#8217;t care about the specific timing,&#8221; he wrote. 
While some estimate Dogecoin to touch $40 by next year, the more skeptical won&#8217;t predict it to go over $3, Burr said while adding that he believes Doge could touch $20. However, he is not sure. 
&#8220;I don&#8217;t know, tbh. The market is bigger than me, no matter the size of my portfolio, brain, or pedigree. Nevertheless, I bet my money on what I believe is the historical pattern,&#8221; Burr wrote. 
Why It Matters: Doge has been rising following Donald Trump&#8216;s landslide victory in the Presidential elections. Doge prices are up by over 160% over the past month and by over 50% over the past seven days, likely owing to expectations of <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42024635/scaramucci-trumps-crypto-support-could-push-bitcoin-to-150k">pro-crypto regulations under Trump.</a>
Trump has also named billionaire Dogecoin supporter Elon Musk to spearhead the Department of Government Efficiency together with former Republican presidential candidate Vivek Ramaswamy. The <a href="https://www.benzinga.com/news/24/11/41965420/elon-musk-vivek-ramaswamy-led-department-of-government-efficiency-opens-account-on-x-says-it-is-working-overtime">department&#8217;s acronym DOGE</a>, coupled with Musk&#8217;s support for Doge and Trump&#8217;s promise of establishing the U.S. as the "crypto capital of the planet&#8221; during his campaign this year likely drove the rally.
Price Action: At the time of writing, DOGE was down 7.42% in the last 24 hours. However, the cryptocurrency has gained over 50% in the past week, according to <a href="http://pro.benzinga.com">Benzinga Pro</a> data.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41963342/elizabeth-warrens-sarcastic-take-on-doges-split-leadership-gets-slammed-by-elon-musk-unlike-you-neither-of-us-are-being-paid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren&#8217;s Sarcastic Take On DOGE&#8217;s Split Leadership Gets Slammed By Elon Musk: &#8216;Unlike You, Neither Of Us Are Being Paid&#8217;</a>
Photo: Executium via Unsplash

Analyst Color

Dogecoin 'Repeating Its Historical Pattern,' Says Analyst: Meme Coin Set To Touch $3 By Trump's Inauguration Day 2025

Chinese President Xi Jinping has expressed China&#8217;s willingness to collaborate with the U.S. government, regardless of the administration in power. This statement comes amid the <a href="https://www.benzinga.com/news/global/24/11/41870809/china-may-benefit-from-trumps-return-to-white-house-despite-his-tariff-plans-says-expert-short-term-pain-but-potentially-long-term-strategic-gain">ongoing U.S.-China tensions </a>and the impending return of Donald Trump to the White House.
What Happened: In a meeting with President Joe Biden at the Asia-Pacific Economic Cooperation forum in Lima, Xi Jinping conveyed China&#8217;s readiness to work with the U.S. to maintain dialogue, expand cooperation, and manage differences for the benefit of both nations. 
"China is ready to work with the US government to maintain dialogue, expand co-operation and manage differences . . . for the benefit of the two peoples," Xi told Biden. 
Biden, in turn, acknowledged the importance of the U.S.-China relationship and emphasized the need to prevent competition from escalating into conflict. The meeting took place just two months before Trump&#8217;s return to the presidency.
"Our two countries cannot let any of this competition veer into conflict," Biden said. 
"Over the past four years I think we've proven it's possible to have this relationship."
See Also: <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>
Despite the recent tensions, Xi&#8217;s message was clear: China is willing to work with the U.S. government, regardless of the administration in power. 
Why It Matters: The U.S.-China relationship has been a focal point of global geopolitics, with potential implications for trade, technology, and security. The recent <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41902202/trumps-china-hawks-rumored-for-top-roles-yuan-hits-3-month-low">rumored appointments</a> of China hawks to top roles in the Trump administration have already had a significant impact on Chinese markets, with the yuan hitting a three-month low.
Despite these tensions, China has been actively seeking to <a href="https://www.benzinga.com/markets/equities/24/11/41867397/xi-jinping-courts-us-allies-to-counter-trumps-trade-threats-report">engage U.S. allies</a> to mitigate the potential impact of Trump&#8217;s proposed tariffs. Trump has expressed his intention to implement a "pro-American trade policy that uses tariffs to encourage production here and bring trillions and trillions of dollars back home."
Trump&#8217;s victory in the U.S. presidential election has also led to a decline in <a href="https://www.benzinga.com/government/24/11/41773691/us-listed-chinese-stocks-like-alibaba-jd-nio-fall-after-trumps-win-whats-going-on">U.S.-listed Chinese stocks</a>, with analysts warning of a potential escalation in U.S.-China tensions and its impact on trade policies. Major U.S.-listed Chinese stocks Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), JD.com, Inc. (NASDAQ: JD), Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), NIO Inc. (NYSE: NIO), Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) were trading lower in the U.S. after Trump's victory.
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 ‘Excess Government Spending' Causes Inflation: Here's What Experts Say</a>
Image Via shutterstock

BABA

BIDU

XPEV

Xi Jinping Tells Joe Biden: China Is 'Ready To Work With' Trump As Tariff Threat Looms

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>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42022920/sam-altman-slams-elon-musks-left-wing-bias-claims-over-chatgpt-responds-to-grok-vs-gpt-debate-with-bold-remarks-but-tesla-ceo-says-swindly-sam-is-at-it-again">OpenAI Co-Founders, Now Rivals Sam Altman And Elon Musk Clash Over ChatGPT And xAI&#8217;s Grok Chatbots Again</a></li>
</ul>
Image Credit: Netflix

Entertainment

Sports Betting

Sports

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

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>
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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

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.
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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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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

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.
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&#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.
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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.
Read Next
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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
<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39020792/bitcoin-to-hit-1-million-in-next-10-to-18-months-says-crypto-analyst-were-still-so-early-i" target="_blank" rel="noreferrer noopener">Bitcoin To Hit $1 Million In Next 10 To 18 Months, Says Crypto Analyst: ‘We're Still So Early In The Bitcoin Story'</a>

$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
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42014985/matt-gaetz-to-be-confirmed-as-attorney-general-in-a-trump-administration-not-so-fast-polymarket-traders-say">Matt Gaetz To Be Confirmed As Attorney General In A Trump Administration? Not So Fast, Polymarket Traders Say</a>
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
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done" target="_blank" rel="noreferrer noopener">Trump Aims To Make US ‘Crypto Capital Of The Planet': ‘We'll Get It Done'</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.
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.'"
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent111524">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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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;
Read Next: 
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<li><a href="https://www.benzinga.com/general/education/24/11/41752565/if-you-invested-1-000-in-tesla-stock-the-first-time-elon-musk-was-on-the-joe-rogan-podcast-here">If You Invested $1,000 In Tesla Stock The First Time Elon Musk Was On The Joe Rogan Podcast, Here&#8217;s How Much You&#8217;d Have Now</a></li>
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Image: YouTube

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