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Maronan Metals Ltd

Economist Peter Schiff called Tesla&#8217;s investment in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) a &#8220;mistake,&#8221; predicting that the Elon Musk-founded tech giant will incur financial losses.
What Happened: While congratulating Musk on his X (formerly Twitter) takeover, Schiff made a Freudian slip by writing Bitcoin instead of X on Wednesday.
After being pointed out by other users, the Bitcoin critic accepted his mistake but refused to delete the post. 
Instead, he used it as an opportunity to question Tesla&#8217;s Bitcoin acquisition. &#8220;That was a mistake and Tesla will lose money on that purchase,&#8221; Schiff argued.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">That&#39;s funny. I meant to type X but I wrote Bitcoin. I didn&#39;t realize that until I read the comments. I would normally just erase the post. But I&#39;m going to leave it as is. Ironically, Elon also bought Bitcoin. That was a mistake and Tesla will lose money on that purchase.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1818836754176078095?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40056589/trump-odds-tumble-sharply-after-bidens-withdrawal-on-crypto-betting-platform-polymarket-tr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Odds Tumble Sharply After Biden&#8217;s Withdrawal On Crypto Betting Platform; Polymarket Trader Down $72,000 After Betting On Former President</a>
Tesla&#8217;s Bitcoin holdings r<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m">emained unchanged in the second quarter</a>, according to its earnings report released last week. The EV giant reported its net digital assets at $184 million, unchanged since the fourth quarter of 2022.
At a cost basis of $336 million, Tesla has amassed an unrealized gain of 118% on its Bitcon investment, according to data from <a href="https://www.coingecko.com/en/public-companies-bitcoin">CoinGecko</a>. 
Why It Matters: Schiff&#8217;s comments come in the wake of his <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40057380/peter-schiff-hits-out-at-michael-saylor-slams-trend-of-having-bitcoin-on-balance-sheets-co">recent criticism of companies using Bitcoin as a treasury asset</a>. He argued that such a move is akin to gambling with shareholder&#8217;s funds.
Schiff also slammed former President&nbsp;Donald Trump's&nbsp;endorsement of Bitcoin at a recent conference,&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39975390/trumps-bitcoin-support-a-political-no-brainer-to-garner-votes-says-peter-schiff-promise-to" target="_blank" rel="noreferrer noopener">calling it a strategic move to gain political support</a>&nbsp;rather than a genuine commitment to make it a reserve asset.
Price Action: At the time of writing, Bitcoin is exchanging hands at $$63,969.30, shrinking 3.39% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Photo Courtesy: Wikimedia Commons
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Disclaimer:&nbsp;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.<a href="https://benzinga.com/apis" rel="noreferrer noopener" target="_blank"></a>

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

Cryptocurrency

News

Markets

$BTC

Elon Musk's Tesla Will Lose Money On Bitcoin Purchase, Predicts Peter Schiff: 'That Was A Mistake'

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg has expressed satisfaction with the company&#8217;s social media platform, and Facebook&#8217;s progress among young adults, contradicting the prevailing public narrative.
What Happened: On Wednesday, during <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">Meta&#8217;s second-quarter earnings</a> call, Zuckerberg highlighted the growth of Meta&#8217;s user base, which now exceeds 3.2 billion daily users across its apps. 
He spoke about the company&#8217;s success in the U.S., with WhatsApp reaching over 100 million monthly active users and&nbsp;year-over-year growth across Facebook, Instagram,&nbsp;and Threads.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/40003033/elon-musk-blocked-vampires-fame-james-wood-for-slamming-his-blocking-ban-now-the-actor-cant-stop-sin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Blocked &#8216;Vampires&#8217; Fame James Woods For Slamming His Blocking Ban, Now The Actor Can&#8217;t Stop Singing Praises Of The X Owner: &#8216;He Is A Champion Of Free Speech&#8217;</a>
&#8220;I&#8217;m particularly pleased with the&nbsp;progress that we&#8217;re making with&nbsp;young adults on Facebook. The&nbsp;numbers we are seeing, especially&nbsp;in the U.S., really go&nbsp;against the public narrative around&nbsp;who&#8217;s using the app,&#8221; Zuckerberg said.
Meta&#8217;s CFO Susan Li also noted the company&#8217;s&nbsp;healthy growth in young adult&nbsp;app usage in the U.S.&nbsp;and Canada. She pointed out that features&nbsp;like Groups and Marketplace have&nbsp;gained particular traction with this demographic.
&#8220;Building products with young adults in mind has been a core priority area for the Facebook team in recent years, and we&#8217;ve been very encouraged to see these efforts translate into engagement growth with this cohort,&#8221; she stated.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Meta reported revenue of $39.07 billion, surpassing analyst estimates of $38.31 billion in the second quarter. This marked the sixth consecutive quarter where Meta beat analyst estimates on the top and bottom lines.
Earlier in the year, Tesla CEO Elon Musk had mocked Meta&#8217;s advertising system, likening sharing a Facebook link to using an AOL email address. This was in response to reports about advertisers <a href="https://www.benzinga.com/news/24/04/38194784/elon-musk-mocks-facebook-again-likens-its-links-to-aol-email-address-as-zuckerbergs-meta-struggles-w">complaining about glitches on Meta&#8217;s platform</a>.
Musk&#8217;s criticism of Facebook began long before he acquired Twitter in 2022. He has previously voiced his disdain for Facebook and urged people to delete their accounts.
However, in a surprising turn of events, Musk&#8217;s company <a href="https://www.benzinga.com/news/24/03/37908129/facebook-isnt-lame-for-musk-anymore-tesla-rejoins-zuckerbergs-social-media-platform-after-ghosting-i">Tesla reactivated its presence</a> on Facebook after a six-year absence in March 2024.
Price Action: Meta shares jumped 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday ended with a 2.51% increase, closing at $474.83, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photos courtesy: Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/40003714/first-iphone-16-models-may-not-have-apple-intelligence-features-as-cupertino-delays-ai-integration-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">First iPhone 16 Models May Not Have Apple Intelligence Features As Cupertino Delays AI Integration For iOS 18 Overhaul: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Tech

Mark Zuckerberg Takes A Veiled Swipe At Elon Musk? Meta CEO Says He Is Pleased With The Progress Facebook Is Making With Young Adults Despite The 'Public Narrative'

Economist Claudia Sahm has challenged the stance of Federal Reserve Chair Jerome Powell on the &#8216;Sahm Rule&#8217; and has called for immediate action to address inflation.
What Happened: Sahm, known for developing the Sahm Rule, which predicts a recession, took to X to express her views. She emphasized the need for immediate easing to combat inflation.
Her comments come after Powell&#8217;s recent dismissal of the Sahm Rule during a press conference following the Federal Reserve&#8217;s two-day policy meeting. 
Powell was asked about the rising unemployment rate and its potential to trigger the Sahm Rule. Powell responded, &#8220;We are monitoring the situation very closely. However, these are not economic rules dictating what must happen.&#8221;
She also lauded Nobel Prize-winning economist Paul Krugman for <a href="https://www.benzinga.com/news/24/07/40062132/paul-krugman-warns-of-pre-recession-signals-says-sahm-rule-is-currently-sending-the-right-cautionary">summarizing her theory</a>. Sahm argued that the Fed should not wait until a recession to implement fiscal measures, as the Sahm Rule is a trigger within a recession.
When asked about the potential impact of rising unemployment on the Sahm Rule and the rate-cutting process, Powell emphasized that the Fed was closely monitoring the situation. He also cautioned against assuming that past patterns would repeat exactly, given the unique circumstances of the current inflationary period.
Powell said, &#8220;We believe we&#8217;re seeing a normalizing labor market, but we&#8217;re watching carefully for any signs of more significant changes. If such signs emerge, we are prepared to respond.&#8221;
Sahm, however, believes that the Fed should have initiated easing measures to address inflation without waiting for recession risks. She wrote, &#8220;Back to Powell&#8230; the Fed is not Congress. The Sahm rule is a trigger &#x2A;in&#x2A; a recession to start fiscal. The Fed waiting that long is waiting too long. They know that. My &#8216;thing&#8217; was not for them. Today was the day to start easing, not on recession risks but on inflation down.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Back to Powell &#8230; the Fed is not Congress. The Sahm rule is a trigger &#x2A;in&#x2A; a recession to start fiscal. The Fed waiting that long is waiting too long. They know that. My &quot;thing&quot; was not for them. Today was the day to start easing, not on recession risks but on inflation down. <a href="https://t.co/QLohXWF4zx">pic.twitter.com/QLohXWF4zx</a>
&mdash; Claudia Sahm (@Claudia_Sahm) <a href="https://twitter.com/Claudia_Sahm/status/1818783151721681340?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/07/40003111/potential-kamala-harris-vp-pick-pete-buttigieg-says-voters-are-worried-about-age-and-acuity-of-presi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Potential Kamala Harris VP Pick Pete Buttigieg Says &#8216;Voters Are Worried About Age And Acuity Of President Trump&#8217;</a>
Why It Matters: The Sahm Rule, named after economist Claudia Sahm, is a key indicator used to predict the onset of a recession. It suggests that a recession may be underway if the average unemployment rate over the past three months has risen by 0.5 percentage points from its most recent low. This rule has been a topic of discussion in recent months, with economists like Krugman <a href="https://www.benzinga.com/news/24/07/40062132/paul-krugman-warns-of-pre-recession-signals-says-sahm-rule-is-currently-sending-the-right-cautionary">warning of potential pre-recessionary signals</a>.
The Federal Reserve&#8217;s recent policy meeting saw the central bank <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40077882/fed-holds-interest-rates-steady-as-predicted-offers-no-clues-on-potential-septemb">keeping the policy interest rate unchanged</a> at 5.25%-5.5% and offering no clues on a potential interest rate reduction in September. However, Powell <a href="https://www.benzinga.com/news/large-cap/24/07/40080168/jerome-powell-finally-concedes-rate-cut-could-be-on-the-table-in-september-stocks-gold-rise-dollar">hinted at a possible rate cut in September</a> if inflation and the labor market perform as expected.
Meanwhile, some economists, including Bill Adams, the chief economist for Comerica Bank, have suggested that the Federal Reserve should <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40082584/federal-reserve-should-take-the-foot-off-the-brake-and-cut-rates-economist-says">consider cutting rates</a> to address the softening economy and inflation trends.
Read Next: 
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</ul>
Photo courtesy of the Federal Reserve
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Global

Economics

Federal Reserve

Fed Chair Jerome Powell's Stance On 'Sahm Rule' Challenged By Recession Indicator's Developer Claudia Sahm: 'Today Was The Day To Start Easing'

Future Fund managing partner Gary Black has commended Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) for its <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">strong second-quarter performance</a> and the leadership of CEO Mark Zuckerberg. This praise comes as the company&#8217;s stock significantly surged after-hours trading.
What Happened: Black, who is also known for his bullish stance on Tesla Inc. lauded the Meta CEO, stating, &#8220;Say what you want about Zuck: You have to admire his drive, focus, and ability to execute,&#8221; and praised the company&#8217;s impressive financials in a series of posts on X. 
He noted that Meta&#8217;s stock had seen a 41% year-to-date increase and a 220% rise over the past two years, including an over 7% gain in after-hours trading.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Say what you want about Zuck: You have to admire his drive, focus, and ability to execute. <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> +41% YTD and +220% over the past two years, including tonight's +7% gain.
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1818775591262601662?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
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Black pointed out that Meta had outperformed across all second-quarter metrics, with a 22% year-over-year increase in revenue, surpassing the estimated 20% year-over-year. He anticipated analysts would raise their FY&#8217;24 Meta estimates by approximately 5% following this performance. Despite a 34% year-to-date increase, Meta&#8217;s 2024 P/E ratio remains reasonable at 23x, considering the expected revenue growth of 14% (1.6x PEG).
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/40027583/nvidia-microsoft-crowdstrike-sofi-tesla-why-these-5-stocks-are-on-investors-radars-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NVDA, MSFT, CRWD, SOFI, TSLA: Top 5 Trending Stocks Today</a>
Why It Matters: Meta&#8217;s second-quarter performance has been impressive, with the company <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">beating analyst estimates</a> on both revenue and EPS. This marks the sixth consecutive quarter of surpassing expectations. 
The company reported a revenue of $39.07 billion, surpassing the estimated $38.31 billion, and an adjusted EPS of $5.16, beating the estimated $4.73.
Despite this strong financial performance, Meta has faced criticism for allegedly <a href="https://www.benzinga.com/news/24/07/40070716/meta-slammed-for-reportedly-profiting-from-ads-promoting-illegal-drugs">profiting from ads</a> promoting illegal drugs on its platforms. 
The company has also been under scrutiny for its AI assistant&#8217;s false denial of an attempted assassination on former President Donald Trump, which Meta attributed to &#8220;hallucinations,&#8221; a <a href="https://www.benzinga.com/news/24/07/40059421/mark-zuckerbergs-meta-blames-hallucination-for-ai-assistant-incorrectly-denying-trump-assassination">common issue in generative AI</a> systems.
However, Meta has been working to integrate AI into its consumer products, as seen in the recent <a href="https://www.benzinga.com/news/24/07/40030481/mark-zuckerberg-announces-metas-ai-studio-roll-out-at-siggraph-2024-now-create-custom-chatbots-for-y">introduction of AI Studio</a>, a feature that allows users to create custom AI chatbots for their profiles. This move is part of Meta&#8217;s efforts to attract creators and integrate AI into its products.
Price Action:&nbsp;Meta shares surged by 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday concluded with a 2.51% increase, closing at $474.83, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40032973/if-you-invested-1000-in-bitcoin-when-trump-said-its-value-is-based-on-thin-air-heres-how-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1000 in Bitcoin When Trump Said Its Value Is &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much It&#8217;d Be Worth When He Said &#8216;Never Sell Your BTC&#8217;</a></li>
</ul>
Image via Threads
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Analyst Ratings

Mark Zuckerberg's Leadership Gets Praise By Gary Black After Meta's Strong Q2 Performance, Tesla Bull Hails Facebook Founder's 'Drive, Focus, And Ability To Execute'

On Wednesday, major U.S. indices closed in positive territory. The Dow Jones Industrial Average rose 0.2%, finishing at 40,842.79, while the S&amp;P 500 surged 1.6% to 5,522.30. The Nasdaq experienced a significant gain, jumping 2.6% to 17,599.40. Federal Reserve Chair Jerome Powell indicated that a <a href="https://www.benzinga.com/news/large-cap/24/07/40080168/jerome-powell-finally-concedes-rate-cut-could-be-on-the-table-in-september-stocks-gold-rise-dollar">rate cut might happen</a> in September if inflation and the labor market meet expectations. The Fed held the interest rate steady at 5.25-5.5% in July, with Powell noting increased confidence in achieving the 2% inflation target.
Let&#8217;s dive into the top trending stocks of the day:
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)
Meta Platforms closed the day with a 2.51% increase, ending at $474.83. The stock hit an intraday high of $476.5 and a low of $466.75. The company&#8217;s 52-week range is $274.39 to $542.79. The Mark Zuckerberg-led company reported a <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">strong second-quarter earnings</a>, beating both top and bottom-line analyst estimates.
NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia&#8217;s stock soared by 12.81%, closing at $117.02. The intraday high and low were $118.34 and $110.88, respectively, with a 52-week range of $39.23 to $195.95. Notably, former House Speaker Nancy Pelosi (D-Calif.) disclosed the purchase of <a href="https://www.benzinga.com/general/politics/24/07/40074372/nancy-pelosi-loads-up-on-more-nvidia-shares-sells-part-of-microsoft-stake-before-q4-earnings">additional Nvidia shares</a> this week.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/40033296/trumps-son-in-law-backed-software-giant-qxo-drops-80-in-pre-market-valuation-nosedives-from-90b-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Son-In-Law-Backed Software Giant QXO Drops 80% In Pre-Market, Valuation Nosedives From $90B To $8</a>
Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>)
Arm Holdings saw an 8.43% rise in its stock, closing at $144.17. The stock&#8217;s intraday high was $145.48 and the low was $138.94. Its 52-week range is $46.50 to $188.75. Despite a 10.5% fall in share price in the after-hours session after the<a href="https://www.benzinga.com/news/earnings/24/07/40081906/arm-holdings-stock-falls-after-q1-results-weak-q2-guidance-details"> first-quarter results</a> were revealed, the company reported strong growth in royalty revenue.
Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>)
Qualcomm&#8217;s stock increased by 8.39%, ending the day at $180.95. The stock&#8217;s intraday high and low were $181.08 and $173.41, respectively, and its 52-week range is $104.33 to $230.63. The company reported a <a href="https://www.benzinga.com/news/earnings/24/07/40080595/qualcomm-q3-earnings-highlights-revenue-beat-eps-beat-strong-execution-of-our-growth-and-diversific">revenue beat in its third-quarter earnings</a>, marking an 11% year-over-year increase.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock rose by 4.25%, closing at $232.08. The intraday high and low were $234.68 and $226.79, respectively, with a 52-week range of $138.80 to $278.97. CEO Elon Musk recently <a href="https://www.benzinga.com/startups/24/07/40072764/elon-musk-says-tesla-now-in-a-similar-position-nvidia-was-in-before-its-stock-went-bananas-thinks-st">compared Tesla&#8217;s current position</a> to Nvidia&#8217;s before its stock surge.
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
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</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

NVDA

QCOM

TSLA

Meta Platforms, Nvidia, Arm Holdings, Qualcomm, Tesla: Why These 5 Stocks Are On Investors' Radars Today

On Wednesday, Cathie Wood-led Ark Invest made significant trades in Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Pinterest Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>). Ark is known for its focus on disruptive innovation.
The AMD Trade
Ark Invest purchased 328,527 shares in AMD across its ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>). The transaction was valued at $47.46 million. AMD shares ended Wednesday&#8217;s regular session higher by 4.4% at $144.48.
This move came after AMD&#8217;s second-quarter earnings report, which exceeded expectations and led to a rebound in the company&#8217;s shares. AMD&#8217;s quarterly numbers showed a <a href="https://www.benzinga.com/news/earnings/24/07/40051646/amd-shares-rebound-after-chipmaker-posts-q2-beat-guidance-tops-expectations-ceo-lisa-su-says-ai-bus">year-over-year increase</a> in earnings and revenue, primarily driven by strength in data center revenue and positive performance in the client business.
AMD&#8217;s stock price surged significantly after the earnings report, <a href="https://www.benzinga.com/markets/equities/24/07/40057114/amds-results-proved-our-plan-to-reinvest-in-the-stock-was-right-says-jim-cramer-who-credits-lisa">validating the decision</a> of prominent investors to reinvest in the chipmaker. The company&#8217;s new artificial intelligence chip, the MI300X, played a pivotal role in this performance.
The PINS Trade
Ark Invest also increased its stake in Pinterest across its Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARKK, and ARKW ETFs. The total number of shares purchased was 398,257. The value of the PINS purchase, based on the closing price of $31.95, is approximately $12.72 million.
This decision followed Pinterest&#8217;s second-quarter earnings report, which beat revenue and EPS estimates. However, <a href="https://www.benzinga.com/news/earnings/24/07/40051745/pinterest-q2-earnings-revenue-eps-beat-but-weak-guidance-weighs-on-shares">Pinterest&#8217;s weak guidance</a> for the third quarter weighed on its shares. Despite this, Ark Invest&#8217;s move suggests confidence in the company&#8217;s long-term prospects.
Notably, the trade came on the same day Pinterest rival, the Mark Zuckerberg-led Meta Platforms Inc. revealed its <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">strong second-quarter numbers.</a>
The COIN Trade
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002999/bitcoin-ethereum-dogecoin-move-sideways-as-trump-raises-pro-crypto-pitch-why-does-this-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Move Sideways As Trump Raises Pro-Crypto Pitch</a>
Ark Invest sold 12,077 shares in Coinbase from its ARKW ETF. The total value of the COIN sale, based on the closing price of $224.36, is approximately $2.7 million.
The sale occurred ahead of Coinbase&#8217;s second-quarter earnings report, which is expected to show the impact of the approval of Bitcoin and Ethereum ETFs on demand for the top two cryptocurrencies — Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
Bitcoin dropped from $66,500 to the early $64,000 level after Iran's supreme leader ordered a direct strike on Israel, causing a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40088529/bitcoin-ethereum-dogecoin-slip-amid-flare-up-of-iran-israel-tensions-analyst-says-a-big-mo">dramatic shift in market sentiment</a> and widespread liquidations.
Other Key Trades: 
Ark Invest sold shares in Zoom Video Communications Inc (ZM) and Teladoc Health Inc (TDOC) from its ARKK ETF. 
Ark Invest bought shares in Guardant Health Inc (GH) and Intellia Therapeutics Inc (NTLA) from its ARKG ETF. Ark Invest sold shares in Veracyte Inc (VCYT) from its ARKW ETF.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/07/40084635/crude-oil-records-biggest-1-day-surge-since-october-2023-as-iran-vows-retaliation-against-israel-un">Crude Oil Records Biggest 1-Day Surge Since October 2023 As Iran Vows Retaliation Against Israel: UN Holds Emergency Meeting</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

$ETH

ARKF

ARKK

ARKW

COIN

PINS

Cathie Wood-Led Ark Invest Buys $47.5M Of AMD Shares And $12.7M of This Meta Platforms Rival's Stock — Reduces Coinbase Exposure Amid Bitcoin Drop

Leading cryptocurrencies slid sharply amid a significant escalation in geopolitical tensions in the Middle East.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.85%</td>
<td>$64,419.21</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.43%</td>
<td>$3,215.23</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-2.61%</td>
<td>$0.1226</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin tumbled from $66,500 to the early $64,000s late afternoon after <a href="https://www.benzinga.com/etfs/sector-etfs/24/07/40081661/irans-supreme-leader-orders-direct-strike-on-israel-in-retaliation-for-hamas-leaders-killing-rep">Iran's supreme leader ordered a direct strike</a> on Israel.&nbsp;
The apex cryptocurrency was little changed earlier in the day, despite Federal Reserve Chair Jerome Powell's <a href="https://www.benzinga.com/news/large-cap/24/07/40080168/jerome-powell-finally-concedes-rate-cut-could-be-on-the-table-in-september-stocks-gold-rise-dollar">indication of a potential rate cut in September</a>.&nbsp;
Bitcoin's slide caused other altcoin majors to slip, with Ethereum and Dogecoin recording sharp 24-hour declines.
The slump resulted in the liquidation of $177.17 million over the last 24 hours, including a wipeout of $144 million in bullish bets.
Bitcoin's Open Interest plunged 5.66% in the last 24 hours, indicating the forced closure of bullish longs.
The market mood flipped dramatically from "Greed" to "Neutral," according to Cryptocurrency Fear &amp; Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9 p.m. EDT)</td>
</tr>
<tr>
<td>Beam (BEAM)</td>
<td>+6.35%</td>
<td>$0.01885</td>
</tr>
<tr>
<td>Kaspa (KAS)</td>
<td>+5.07%</td>
<td>$0.2065</td>
</tr>
<tr>
<td>Lido DAO (LDO)</td>
<td>+1.62%</td>
<td>$1.62</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.32 trillion, falling 2.39% in the last 24 hours.
In contrast to cryptocurrencies, stocks surged on Jerome Powell's dovish guidance. The broad market index, the S&amp;P 500, surged 85.86 points. or 1.58%, to close at 5,522.30. The tech-heavy Nasdaq Composite jumped 2.64% to close at 17,599.40. Both indexes recorded their best session since February.
The Dow Jones Industrial Average added 0.24% to finish at 40,842.79.
Private job growth <a href="https://www.benzinga.com/24/07/40066427/us-private-employment-rises-by-122-000-in-july-misses-estimates-if-inflation-goes-back-up-it-wont-be">slowed further in July</a>, according to a report published Wednesday, boosting expectations of monetary easing.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency analyst Max noted a "Bollinger Squeeze" on Bitcoin's weekly time frame.
"The implication of Bollinger Bands squeezing this tight? A big move is coming soon," the analyst remarked, citing previous such instances during April 2016 and August 2023.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> weekly time frame Bollinger Bands have only squeezed this tight 2 other times EVER&#8230;. April of 2016 &amp; August of 2023! The implication of Bollinger Bands squeezing this tight? A big move is coming soon. April of 2016 kicked off the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> bull market &amp; August of… <a href="https://t.co/knFr0l10qL">pic.twitter.com/knFr0l10qL</a>
&mdash; Max (@MaxBecauseBTC) <a href="https://twitter.com/MaxBecauseBTC/status/1818809640194375830?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another trader, Micro2Macr0, predicted King Crypto's downfall to the $61,000–$62,500 range. Yet he said, "I&#8217;m prepared to buy the dip."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> could totally drop towards the $61,000-$62,500 range. I&#39;m prepared to buy the dip. Are you? <a href="https://t.co/N88r7D4pPK">pic.twitter.com/N88r7D4pPK</a>
&mdash; Micro2Macr0 (@Micro2Macr0) <a href="https://twitter.com/Micro2Macr0/status/1818804650104995847?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by CMP_NZ on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40076664/trump-launches-limited-edition-bitcoin-themed-sneakers-following-bitcoin-2024-keynote-repo">Trump Launches Limited Edition Bitcoin-Themed Sneakers Following Bitcoin 2024 Keynote: Report</a></li>
</ul>

Movers

Trading Ideas

$DOGE

Bitcoin, Ethereum, Dogecoin Slip Amid Flare-Up Of Iran-Israel Tensions: Analyst Says 'A Big Move Is Coming Soon' For King Crypto

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg on Wednesday said that his company&#8217;s $405 billion model, Llama 3.1, has &#8220;better cost performance&#8221; compared to leading closed models, possibly referring to OpenAI&#8217;s ChatGPT.
What Happened: During <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">Meta&#8217;s second-quarter earnings</a> call, Zuckerberg stated, &#8220;I think we are going to look back at Llama 3.1 as an inflection point in the industry where open-source AI started to become the industry standard, just like Linux is.&#8221; 
He went on to explain his bullish stance on open source, stating it enables faster innovation, creates shared prosperity, and is safer. &#8220;My view is that Open Source will be safer, will enable innovation that improves all of our lives faster, and we&#8217;ll also create more shared prosperity.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/40031960/microsofts-windows-reportedly-warns-users-to-backup-their-data-in-the-cloud-to-have-peace-of-mind-bu?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft&#8217;s Windows Reportedly Warns Users To Backup Their Data In The Cloud To Have &#8216;Peace Of Mind&#8217; — But At What Price?</a>
Zuckerberg also highlighted Meta&#8217;s successful track record with open source, citing billions of dollars saved through the open compute project and real benefits derived from open-sourcing tools like PyTorch and React.
The Meta CEO also revealed that work has already begun on Llama 4, which is expected to be the most advanced model in the industry next year.
&#8220;The amount of compute needed to train Llama 4 will likely be almost 10 times more than what we used to train Llama 3, and future models will continue to grow beyond that,&#8221; he stated.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this month, during a fireside chat at SIGGRAPH 2024, Zuckerberg <a href="https://www.benzinga.com/news/24/07/40027527/mark-zuckerberg-gets-triggered-by-closed-ai-models-at-siggraph-2024-drops-f-bomb-while-talking-with">expressed his frustration</a> with closed platforms. 
He said, &#8220;There have just been too many things I've tried to build and told ‘nah, you can't really build that' by the platform provider, that at some level I'm just like, ‘Nah, f&#x2A;&#x2A;&#x2A; that.'&#8221;
His stance on open-source AI models was supported by Tesla CEO and xAI founder Elon Musk, who <a href="https://www.benzinga.com/news/24/07/39925842/elon-musk-agrees-with-arch-rival-mark-zuckerberg-after-meta-ceo-slams-closed-providers-like-openai-f">publicly expressed</a> his agreement with Zuckerberg&#8217;s views.
Previously, <a href="https://www.benzinga.com/news/24/07/39930463/zuckerberg-says-sam-altman-deserves-a-lot-of-credit-but-highlights-the-irony-in-his-firm-named-opena">Zuckerberg also acknowledged</a> the contributions of Sam Altman to OpenAI's development but pointed out the irony in his company leading closed AI models while having the word &#8220;open&#8221; in its name.
Meanwhile, on Wednesday, Meta reported second-quarter revenue of $39.07 billion, surpassing analyst predictions of $38.31 billion. The company also reported adjusted earnings of $5.16 per share for the second quarter, exceeding the estimated $4.73 per share.
Price Action: Meta shares surged by 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday concluded with a 2.51% increase, closing at $474.83, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/40066966/epic-games-tim-sweeney-slams-apples-find-my-anti-theft-feature-calls-it-super-creepy-surveillance-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Epic Games&#8217; Tim Sweeney Slams Apple&#8217;s &#8216;Find My&#8217; Anti-Theft Feature, Calls It &#8216;Super Creepy Surveillance Tech&#8217; That Should Not Exist</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Mark Zuckerberg Says Meta's $405B Model Llama 3.1 Has Better Cost Performance Than OpenAI's ChatGPT: This Is An 'Inflection Point In The Industry'

In a recent episode of CNBC&#8217;s &#8220;Mad Money,&#8221; host Jim Cramer suggested that three media stocks are likely to perform well in the lead-up to the upcoming presidential election.
What Happened: Cramer, who is known for his stock recommendations, highlighted Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), The New York Times Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYT#NYSE">NYT</a>), and Nexstar Media Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXST#NASDAQ">NXST</a>) as potential winners in the media sector, CNBC <a href="https://www.cnbc.com/2024/07/31/jim-cramer-recommends-three-media-stocks-in-the-run-up-to-the-election.html">reported</a> on Wednesday.
He pointed out that the upcoming election could significantly impact these companies, with increased viewership and political ad spending likely to boost their revenues.
"As much as I really do loathe talking politics on the show, I think the suddenly close election gives you an opportunity to try to profit from some of the media stocks that are about to be inundated with both viewers and political ad dollars," he said.
Regarding Fox, Cramer emphasized the potential growth from its live programming, particularly sports and news, due to its extensive deals with the NFL and college football. He also predicted a surge in viewership for Fox News in the months leading up to the November election.
He also recommended The New York Times, suggesting that a close election or a win by former President Donald Trump would further boost the company&#8217;s stock. Cramer noted that Trump&#8217;s presidency had driven increased news engagement and subscriber growth for the Times.
As for Nexstar, Cramer highlighted the company&#8217;s local TV stations, which could generate significant advertising revenue as candidates and super PACs invest in commercials over the next three months, particularly in battleground states.
However, Cramer cautioned that Nexstar is more of a trade than an investment and could face challenges post-election, similar to many traditional TV companies.
"When you look at the polling, suddenly we've got a close race," Cramer said. "Putting aside the polling, what really matters are the expectations, because Wall Street's an expectations machine."
See Also: <a href="https://www.benzinga.com/news/earnings/24/07/40004774/dow-jumps-over-650-points-following-inflation-data-fear-greed-index-moves-to-neutral-zone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dow Jumps Over 650 Points Following Inflation Data: Fear &amp; Greed Index Moves To &#8216;Neutral&#8217; Zone</a>
Why It Matters: The media landscape is poised for significant changes as the 2024 presidential election approaches. Cramer has previously suggested that a second term for Trump could positively impact the stock market, as Trump's policies might favor market growth. 
Cramer pointed out that Trump&#8217;s reliance on stock market performance to gauge his success could <a href="https://www.benzinga.com/markets/equities/24/06/39562285/jim-cramer-says-trumps-return-to-white-house-could-be-good-for-your-portfolio-hate-him-or-like-h">lead to bullish measures</a>.
Additionally, Cramer has identified stocks that could <a href="https://www.benzinga.com/markets/equities/24/07/39785609/jim-cramer-says-these-stocks-could-soar-or-sink-if-trump-wins-2024-election">soar or sink if Trump wins</a> the 2024 election. He noted that the recent assassination attempt on Trump has intensified speculation about his chances of reelection. Cramer remarked, &#8220;After this weekend, it sure seems like the Trump stocks are back,&#8221; but he also warned that market dynamics can shift rapidly.
The race between Vice President Kamala Harris and Trump is particularly tight, with recent polls showing a narrow lead for Trump, <a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate">according to a survey</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002999/bitcoin-ethereum-dogecoin-move-sideways-as-trump-raises-pro-crypto-pitch-why-does-this-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Move Sideways As Trump Raises Pro-Crypto Pitch &#8211; Why Does This Analyst Think Longing King Crypto Could Soon Be A Good Option?</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Media

FOXA

NXST

Jim Cramer Selects 3 Media Stock Winners As Tight Race Between Trump And Kamala Harris Unfolds: 'About To Be Inundated With Both Viewers And Political Ad Dollars'

Former Secretary of State Hillary Clinton recently took to X to highlight the contradictions in the Trump campaign&#8217;s stance on Project 2025.
What Happened: On Wednesday, Clinton said, &#8220;The Trump campaign is so distanced from Project 2025, his VP literally wrote the foreword to the book.&#8221; This tweet comes in the wake of former President Donald Trump&#8217;s public disassociation from Project 2025.
<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">The Trump campaign is so distanced from Project 2025, his VP literally wrote the foreword to the book. <a href="https://t.co/EiAFqYgWTw">https://t.co/EiAFqYgWTw</a>
&mdash; Hillary Clinton (@HillaryClinton) <a href="https://twitter.com/HillaryClinton/status/1818658543714627600?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/general/politics/24/07/40070258/trump-vs-harris-election-forecaster-with-9-out-of-10-accurate-predictions-gives-this-candidate-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Election Forecaster With 9 Out Of 10 Accurate Predictions Gives This Candidate The Edge</a>
Clinton was referring to a report that Trump&#8217;s running mate Sen. J.D. Vance (R-Ohio) had been linked to a foreword of an upcoming book by Heritage Foundation President Kevin Roberts titled &#8220;Dawn&#8217;s Early Light.&#8221;
&#8220;Never before has a figure with Roberts's depth and stature within the American Right tried to articulate a genuinely new future for conservatism,&#8221; wrote Vance, praising Roberts who spearheads the organization linked with Project 2025.
&#8220;The Heritage Foundation isn't some random outpost on Capitol Hill; it is and has been the most influential engine of ideas for Republicans from Ronald Reagan to Donald Trump,&#8221; <a href="https://apnews.com/article/jd-vance-foreword-heritage-foundation-project-2025-a34d091fd401056c938c8897c1ebabd6">reported</a> The Associated Press.
Why It Matters: Earlier, at a Michigan rally, Trump had described Project 2025 as &#8220;far-right&#8221; and &#8220;extreme,&#8221; distancing himself from the contentious agenda. Project 2025, a supposed &#8220;governing agenda,&#8221; was devised by a number of right-wing groups, including some former Trump White House officials.
The post by Clinton points to the contradictions within the Trump campaign. Furthermore, Trump&#8217;s niece, Mary Trump, has <a href="https://www.benzinga.com/news/24/07/39761289/trumps-niece-accuses-him-of-lying-about-involvement-in-controversial-project-2025-my-uncle-likes-to">accused him of lying</a> about his knowledge and participation in the project, arguing that evidence points to his ties with the project.
These contradictions have added to the controversy surrounding Project 2025, which was reportedly devised by insiders from the Trump administration and the Heritage Foundation to reshape the federal government.
Did You Know?
Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent073124">With Our Easy-to-Use Tool</a>.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

Hillary Clinton Questions Trump Campaign's Efforts To Distance Itself From Project 2025: JD Vance 'Literally Wrote The Foreword To The Book'

Senator Cynthia Lummis (R-Wyo.) officially introduced legislation to establish a U.S. strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve, aiming to enhance the U.S. dollar&#8217;s strength and address the national debt.&nbsp;
What Happened: Sharing details of the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, or simply the BITCOIN Act, Lummis wrote on X, "The wait is over. This is our Louisiana Purchase moment."
<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">The wait is over. This is our Louisiana Purchase moment. Read the text for my BITCOIN Act below &#x2b07;&#xFE0F;&#x2b07;&#xFE0F;<a href="https://t.co/mSYJVwn1wI">https://t.co/mSYJVwn1wI</a>
&mdash; Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1818743912951169025?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
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The proposed law includes creating a strategic reserve in Bitcoin to support America&#8217;s balance sheet, establishing secure Bitcoin vaults managed by the Department of Treasury, and implementing a $1 million purchase program to acquire 5% of the total supply of the apex cryptocurrency over a 5-year period.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40056589/trump-odds-tumble-sharply-after-bidens-withdrawal-on-crypto-betting-platform-polymarket-tr">Trump Odds Tumble Sharply After Biden&#8217;s Withdrawal On Crypto Betting Platform; Polymarket Trader Down $72,000 After Betting On Former President</a>
The bill outlines a minimum holding period of 20 years, and no Bitcoins held in the reserve should be sold or auctioned.
The funding for Bitcoin purchases will be through diversifying existing Federal Reserve and Treasury funds.
"Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation," Lummis stated.&nbsp;
Why It Matters: Lummis' official proposal comes days after she verbally advocated for a similar policy at the recent Bitcoin 2024 conference.&nbsp;
Republican presidential nominee Donald Trump was the biggest draw at the event, as he advocated for a national Bitcoin stockpile and vowed to make the U.S. the "crypto capital of the planet."&nbsp;
The former president raised <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40070328/trump-raises-25m-at-bitcoin-conference-in-nashville-second-highest-fundraiser-across-campa">$25 million by participating in the conference</a>, making it his second-highest fundraiser across his three presidential campaigns.
Nobel laureate and renowned economist Paul Krugman <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40060902/paul-krugman-slams-trumps-bitcoin-advocacy-nobel-laureate-calls-it-government-bailout-of-a">blasted the Republican Party&#8217;s push for a strategic Bitcoin reserve</a>, calling it a &#8220;government bailout of a scandal-ridden, value and environment-destroying industry.&#8221;
Price Action: At the time of writing, Bitcoin is exchanging hands at $64,583.30, down 2.66% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Photo Courtesy: Wikimedia Commons
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Cynthia Lummis Unveils Strategic Bitcoin Reserve Legislation: 'This Is Our Louisiana Purchase Moment'

The United Auto Workers (UAW) union has thrown its weight behind Vice President Kamala Harris in her quest for the U.S. presidency. This endorsement could potentially enhance her campaign in Michigan, a crucial swing state.
What Happened: As reported by Reuters on Wednesday, the UAW&#8217;s executive board voted to endorse Harris, following their endorsement of President Joe Biden earlier this year. Biden withdrew from the race on July 21.
UAW President Shawn Fain praised Harris&#8217;s track record of supporting the working class and her commitment to combating corporate greed. He mentioned her participation in the picket line with striking auto workers in 2019.
Harris expressed her gratitude for the endorsement on X, stating, &#8220;I am honored to receive the endorsement of the United Auto Workers. From walking picket lines to taking on big banks, I have spent my entire career fighting for unions and working families—and, as President, I will continue to deliver for organized labor.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am honored to receive the endorsement of the United Auto Workers. From walking picket lines to taking on big banks, I have spent my entire career fighting for unions and working families—and, as President, I will continue to deliver for organized labor. <a href="https://t.co/CQc4K0YOBW">https://t.co/CQc4K0YOBW</a>
&mdash; Kamala Harris (@KamalaHarris) <a href="https://twitter.com/KamalaHarris/status/1818795213483134995?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
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According to Fain, Harris is scheduled to rally with UAW members in Detroit on August 7. The endorsement could prove significant, given the large number of UAW members based in Michigan, a key battleground state.
See Also: <a href="https://www.benzinga.com/news/24/07/40031185/after-trumps-taiwan-comments-president-lai-ching-te-says-chinas-threat-to-any-individual-country-is?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Trump&#8217;s Taiwan Comments, President Lai Ching Te Says &#8216;China&#8217;s Threat To Any Individual Country Is A Threat To The World&#8217;</a>
Why It Matters: The UAW&#8217;s endorsement of Harris comes after a series of events that have shaped the union&#8217;s political stance. In January, the UAW had <a href="https://www.benzinga.com/news/24/01/36771258/joe-biden-gets-united-auto-workers-backing-shawn-fain-says-donald-trump-blamed-the-american-worker">endorsed</a> President Joe Biden praising his support during the union's recent strike against major automakers. 
However, concerns about Biden&#8217;s re-election chances against Donald Trump surfaced in July, <a href="https://www.benzinga.com/news/24/07/39748499/uaw-president-shawn-fain-worried-about-bidens-re-election-chances-against-trump-report">leading to discussions</a> on the union's potential strategies. Amid these developments, UAW President Fain was also under investigation for <a href="https://www.benzinga.com/news/24/07/39707474/uaw-president-shawn-fain-probed-for-alleged-demands-to-benefit-his-domestic-partner">alleged demands</a> to benefit his domestic partner.
Photo: Lev Radin via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Kamala Harris Says Proud To Recieve UAW Endorsement: 'Spent Entire Career Fighting For Unions And Working Families'

North Korea has indicated a willingness to re-engage in nuclear discussions with the United States, provided Donald Trump secures a second term in office. This information comes from Ri Il Gyu, a senior North Korean diplomat who defected to South Korea.
What Happened: Ri, a high-ranking North Korean diplomat who recently defected to South Korea from Cuba, disclosed that North Korea is formulating a new negotiation strategy, as reported by Reuters on Saturday. The strategy aims to lift sanctions on North Korea&#8217;s weapons programs, remove its label as a state sponsor of terrorism, and secure economic aid.
Ri&#8217;s remarks represent a significant departure from North Korea&#8217;s previous position, which ruled out dialogue with the U.S. and suggested the possibility of armed conflict. Ri partly blamed the failure of the 2019 Vietnam summit between North Korean leader Kim Jong Un and Trump on Kim&#8217;s decision to entrust &#8220;inexperienced, clueless&#8221; military commanders with nuclear diplomacy.
&#8220;Kim Jong Un doesn&#8217;t know much about international relations and diplomacy, or how to make strategic judgment,&#8221; said Ri.
North Korea has enhanced its bargaining power against Washington by strengthening ties with Russia, which has provided assistance with missile technology and economic support. Ri also noted that Kim is open to a summit with Japan, seeking economic aid in exchange for concessions on the issue of Japanese nationals kidnapped by North Korea in the 1970s and 80s.
See Also: <a href="https://www.benzinga.com/news/24/07/40027252/trump-white-house-official-john-bolton-says-jd-vance-may-have-youth-factor-but-highlights-ex-preside?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump White House Official John Bolton Says JD Vance May Have &#8216;Youth Factor&#8217; But Highlights Ex-President&#8217;</a>
Why It Matters: This development follows a series of events that have shaped the current situation. Earlier this month, Ri defected from North Korea to South Korea, <a href="https://www.benzinga.com/news/24/07/39809871/kim-jong-uns-cuba-expert-fled-north-korean-regime-ends-up-in-south-korea">expressing his disillusionment</a> with North Korea&#8217;s political system. Around the same time, former U.S. diplomat Richard Grenell suggested that Trump might renew diplomatic ties with North Korea if re-elected, according to another <a href="https://www.benzinga.com/news/24/07/39860142/trump-would-pursue-diplomacy-with-any-nation-if-re-elected-says-former-diplomat-citing-engagement-wi">Benzinga</a> article.
However, North Korea initially dismissed Trump&#8217;s claims of a <a href="https://www.benzinga.com/news/24/07/39925959/kim-jong-un-rejects-donald-trumps-friendship-claims-north-korea-says-we-do-not-care-expresses-nuclea">friendly relationship</a> with Kim and maintained its readiness for any U.S. leader. Furthermore, North Korea&#8217;s recent <a href="https://www.benzinga.com/news/24/07/40004935/after-kim-jong-uns-defense-pact-with-russia-global-economy-could-lose-4-trillion-if-war-erupts-betwe">defense pact</a> with Russia, as reported by Benzinga, has added another layer of complexity to the situation.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Kim Jong Un Reportedly Willing To Resume Nuclear Talks If Trump Returns To White House, Reveals North Korean Diplomat Who Switched Sides

In a recent event at the National Association of Black Journalists convention in Chicago, former President Donald Trump made unfounded allegations about Vice President Kamala Harris&#8217; racial identity.
What Happened: Trump falsely insinuated that Harris, who is the first Black woman and Asian American to hold the vice presidency, had only identified as Indian in the past. "I didn't know she was Black until a number of years ago when she happened to turn Black and now she wants to be known as Black. So, I don't know, is she Indian or is she Black?" Trump questioned during his speech at the convention, <a href="https://apnews.com/article/trump-black-journalists-convention-nabj-1e96aa530e88013ed6f577feaf89ccb6">reported</a> AP News.
Michael Tyler, the communications director for Harris' campaign, condemned Trump&#8217;s comments, stating, "the hostility Donald Trump showed on stage today is the same hostility he has shown throughout his life, throughout his term in office, and throughout his campaign for president as he seeks to regain power."
See Also: <a href="https://www.benzinga.com/news/24/07/40031185/after-trumps-taiwan-comments-president-lai-ching-te-says-chinas-threat-to-any-individual-country-is?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Trump&#8217;s Taiwan Comments, President Lai Ching Te Says &#8216;China&#8217;s Threat To Any Individual Country Is A</a>
White House press secretary Karine Jean-Pierre, who is Black, labeled Trump&#8217;s comments as "repulsive" and stated, "It's insulting and no one has any right to tell someone who they are how they identify."
Trump has a track record of racially charged attacks on his opponents and critics. He gained notoriety in Republican politics by spreading false theories that President Barack Obama, the first Black president of the nation, was not born in the United States.
Why It Matters: Trump's unfounded claims come in the wake of a <a href="https://www.benzinga.com/news/24/07/39947274/trump-takes-aim-at-kamala-harris-in-first-rally-post-bidens-exit-calls-her-a-radical-left-lunatic-vp">series of attacks</a> on Harris, which started after President Joe Biden announced he would not seek re-election. Trump has been targeting Harris on various issues, including her prosecutorial record and her stance on immigration and inflation.
Trump and Harris are likely to face each other in the 2024 presidential election, with polls showing a <a href="https://www.benzinga.com/general/politics/24/07/40055183/trump-vs-harris-vice-president-leads-2024-election-by-1-point-hits-records-for-net-buzz-net-favo">close race</a> between the two.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Gets Slammed For Falsely Questioning Kamala Harris' Race: 'It's Insulting...'

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In less than four months, voters will head to the polls to vote between Kamala Harris and Donald Trump in the<a href="https://www.benzinga.com/topic/2024-election"> 2024 presidential election.</a>
A close race is expected between the two candidates, with the potential for swing states and key demographics to play an increasingly important role in the election.
A new election poll shows Harris gaining steam in these key areas.
What Happened: Vice President Harris has <a href="https://www.benzinga.com/general/politics/24/07/40070258/trump-vs-harris-election-forecaster-with-9-out-of-10-accurate-predictions-gives-this-candidate-t">been gaining support </a>in new election polls since President Joe Biden dropped out of the 2024 presidential election race.
A new Morning Consult poll of nationally registered voters showed Harris <a href="https://www.benzinga.com/general/politics/24/07/40055183/trump-vs-harris-vice-president-leads-2024-election-by-1-point-hits-records-for-net-buzz-net-favo">with a one-point lead </a>over Trump.
While the national vote matters, attention could be shifting to the swing states that have been close in past elections and could sway the election results.
A new Bloomberg News/Morning Consult <a href="https://www.bloomberg.com/news/features/2024-07-30/kamala-harris-erases-trump-s-swing-state-lead-in-2024-election-poll">poll </a>of registered voters shows how residents in swing states would vote if the election were held today.
Overall, Harris won the latest swing state poll with 48% support compared to Trump's 47%. Biden trailed Trump by two points in the last swing state poll before dropping out.
Here are the state-by-state results:
<ul>
<li>Arizona: Harris 49%, Trump 47%</li>
<li>Georgia: Harris 47%, Trump 47%</li>
<li>Michigan: Harris 53%, Trump 42%</li>
<li>Nevada: Harris 47%, Trump 45%</li>
<li>North Carolina: Trump 48%, Harris 46%</li>
<li>Pennsylvania: Trump 50%, Harris 46%</li>
<li>Wisconsin: Harris 49%, Trump 47%</li>
</ul>
Harris has now taken the lead away from Trump in Arizona and Nevada which he had once over Biden and she doubled the lead Biden once had in the state of Michigan, according to the report.
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Why It's Important: While the headline figures are great for Harris and troublesome for Trump and the Republicans, another statistic from the poll could also factor in.
Over one-third of voters polled said they are more likely to vote in the 2024 presidential election now that Biden has dropped out. This could be a positive for the Democrats with some voters likely planning to avoid the election with Biden running once again.
The positives for Trump in the poll are immigration and the economy still ranking as top issues among voters in the swing states with the former president favored to handle both key issues versus Biden previously and now Harris.
These&nbsp;<a href="https://www.benzinga.com/general/politics/24/03/37884006/trump-vs-biden-key-swing-states-arizona-nevada-michigan-wisconsin-show-close-races-heres-the-rol" target="_blank" rel="noreferrer noopener">seven swing states&nbsp;</a>together represent 93 electoral votes in the 2024 election. Six of the seven swing states were won by Biden in the 2020 election, with Trump winning North Carolina. Five of the seven swing states won by Biden in 2020 flipped from Trump&#8217;s win in 2016.
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Photo: Shutterstock

Harris Vs. Trump: Vice President Has Passed Former President In Swing States, Could Biden Stepping Down Secure Victory In Battleground Territories?

The escalation in Venezuela after <a href="https://www.benzinga.com/news/24/07/40012327/us-expresses-serious-concern-as-both-venezuelan-president-nicolas-maduro-and-opposition-claim-electi">a disputed election vote</a> could lead to billionaire Elon Musk and the leader of the country fighting.
Here's the latest.
What Happened: In 2023, an ongoing feud between Tesla Inc CEO Musk and Meta Platforms CEO Mark Zuckerberg led to a challenge to turn the battle<a href="https://www.benzinga.com/general/entertainment/24/03/37759876/musk-vs-zuckerberg-billionaire-battle-could-heat-up-with-meta-platforms-ceo-2-billion-away-"> into a cage fight.</a>
While both parties never met in the cage, Musk has taken on a new fight challenge.
A disputed election in Venezuela that current President Nicolas Maduro claimed victory led to <a href="https://www.benzinga.com/news/24/07/40003819/elon-musk-calls-venezuela-elections-a-travesty-as-nicolas-maduro-wins-third-term-amid-fraud-allegati">Musk accusing the </a>world leader of "major election fraud."
Maduro did not take kindly to the fraud allegations and <a href="https://www.benzinga.com/news/24/07/40027649/nicolas-maduro-challenges-elon-musk-as-both-exchange-heated-words-after-venezuela-election-results-s">issued a fight challenge.</a>
"Do you want to fight? Let's do it. Elon Musk, I'm ready. I'm not afraid of you Elon Musk. Let's fight, where you want," Maduro said on national television.
Maduro accused Musk of potentially invading Venezuela based on comments the billionaire made.
On Wednesday, Musk replied to the fight challenge.
"I accept," Musk <a href="https://x.com/elonmusk/status/1818683475530334368">tweeted</a>.
A proposed fight between Zuckerberg and Musk gained steam thanks to posts on social media platform X. The role of social media and this past fight idea wasn't lost on Musk Wednesday.
"All three of us enter the ring, only one comes out," Musk <a href="https://x.com/elonmusk/status/1818698395646935476">said </a>to a potential fight with Maduro and Zuckerberg.
While X users were quick to say Musk would beat Maduro in a fight, the Tesla CEO gave <a href="https://x.com/elonmusk/status/1818700101520703898">props </a>to the Venezuelan leader.
"Maduro is a big guy himself and probably knows how to fight, so this would be a real fight. Zuck is a little fella, so that would be a short fight lol."
Musk also <a href="https://x.com/elonmusk/status/1818699112134721953">offered </a>up the potential stakes of the fight in a tweet.
"If I win, he resigns as dictator of Venezuela. If he wins, I give him a free ride to Mars."
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Why It's Important: Venezuela's election held Sunday saw a reported 51% vote for Maduro and 44% vote for opposition leader Edmundo Gonzalez. Exit polls pointed to a different outcome with Gonzalez receiving 65% and Maduro receiving 31%.
Election results have been contested and residents of Venezuela have been marching in the country in protest with Maduro claiming victory and a third term as president and the continued Socialist rule of the country.
World leaders including Argentine President Javier Milei and U.S. Secretary of State Anthony Blinken are among those who have expressed concern over the election results.
Maduro is now asking the country's top court to certify his victory despite the opposition saying they have proof he lost the election, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-31/maduro-asks-friendly-venezuela-court-to-verify-his-election-win?srnd=phx-latest&amp;sref=TBDibEcD">reported</a>. The election "cannot be considered democratic," The Carter Center said after monitoring the election.
The court is controlled by loyalists who have previously issued favorable decisions on issues against the opposition parties, the report said.
Venezuela currently has economic sanctions from the U.S., which will likely continue with the disputed election.
While a fight with Maduro may not happen, Musk recently <a href="https://www.benzinga.com/news/24/07/39947719/elon-musk-says-he-will-fight-mark-zuckerberg-any-place-any-time-any-rules-cage-match-vibes-anyone">threw down a fight challenge </a>to Zuckerberg once again.
"I'll fight Zuckerberg any place, any time, and rules," Musk said in response to the ongoing fight challenge.
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Photos: Shutterstock

Move Over Zuckerberg, Musk Now Has A Fight With Venezuela President Maduro On His Mind: 'If I Win, He Resigns … If He Wins, I Give Him A Free Ride To Mars'

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