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My City Builders Inc with its subsidiary focuses on real estate transactions, in which it buys and develops real estate for sale or rent of low-income housing. It also plans to invest in three sectors of the market by buying, refurbishing, and selling traditional foreclosures, buying, developing, and renting Land Banks that have an average pool of homes or lots, and buying, refurbishing, or developing and selling homes made available by the government through HECM pools.

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My City Builders Inc

OpenAI&#8216;s <a href="https://www.benzinga.com/news/24/05/38808197/despite-microsofts-13b-funding-openai-snubs-top-investor-launches-chatgpt-app-for-apple-macs-ahead-o">recently launched</a> ChatGPT macOS app for Apple Inc.&#8217;s Macs had a significant security vulnerability. The app was storing conversations in plain text, making them easily accessible to unauthorized users. OpenAI has since addressed and resolved this issue.
What Happened: The security flaw in the ChatGPT macOS app was brought to light by Pedro José Pereira Vieito. Vieito <a href="https://www.threads.net/@pvieito/post/C85NVV6hvF6?xmt=AQGz0o3JtBOwk1nfUgk8lvxQoIV8E92xz1vK1IP8VC6zhA">demonstrated</a> on the social media platform Threads how easy it was to access and read the conversations stored in plain text, <a href="https://www.theverge.com/2024/7/3/24191636/openai-chatgpt-mac-app-conversations-plain-text">reported</a> The Verge on Thursday.
&#8220;The OpenAI ChatGPT app on macOS is not sandboxed and stores all the conversations in plaintext in a non-protected location,&#8221; Vieito wrote.
This flaw could have potentially allowed unauthorized parties to access and read the conversations and the data within them, according to the report.
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After being alerted to the issue by The Verge, OpenAI took swift action and released an update that encrypts the chats. The company assured that it is committed to providing a user-friendly experience while maintaining high-security standards.
&#8220;We are aware of this issue and have shipped a new version of the application which encrypts these conversations," OpenAI spokesperson Taya Christianson said in a statement, according to the report. "We're committed to providing a helpful user experience while maintaining our high-security standards as our technology evolves."
According to the report, after downloading the update, conversations are no longer visible in plain text.
Read Also: <a href="https://www.benzinga.com/news/24/07/39590277/elon-musk-reacts-to-an-old-video-of-ai-godfather-geoffrey-hinton-saying-that-artificial-intelligence?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To An Old Video Of AI &#8216;Godfather&#8217; Geoffrey Hinton Saying That Artificial Intelligence Has Passed The &#8216;Turing Test&#8217;</a>
Why It Matters: This security flaw comes on the heels of significant developments between OpenAI and Apple Inc. In June, Apple <a href="https://www.benzinga.com/news/24/06/39304229/apple-and-openai-chatgpt-partnership-wont-include-cash-payments-for-now-but-does-it-mean-you-will-ne">announced a partnership</a> with OpenAI to integrate ChatGPT into its devices. This collaboration is part of Apple&#8217;s broader push into artificial intelligence, aiming to enhance Siri and introduce new writing tools.
However, this partnership has raised concerns within Microsoft Corp, a major investor in OpenAI. Microsoft CEO Satya Nadella met with OpenAI CEO Sam Altman to <a href="https://www.benzinga.com/news/24/05/39109729/openais-apple-deal-sparks-concerns-in-microsoft-could-shift-ai-market-dynamics">discuss the potential impact</a> of this deal on Microsoft&#8217;s AI ambitions.
Additionally, the <a href="https://www.benzinga.com/24/07/39611089/top-apple-executive-phil-schiller-to-join-openai-board-as-observer-giving-iphone-maker-equal-status">partnership is being further solidified</a>, with former Apple marketing chief Phil Schiller expected to join OpenAI&#8217;s board as an observer.
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.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39594885/elon-musk-reveals-the-staggering-amount-of-nvidia-h100-gpus-that-will-be-used-to-train-xai-chatbot-g?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reveals The Staggering Amount Of Nvidia H100 GPUs That Will Be Used To Train xAI Chatbot Grok</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>

News

Tech

OpenAI's ChatGPT App For Apple's Macs Had A Major Security Flaw, Allowing Malicious Parties To Snoop In On Conversations

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is now attempting to woo military personnel into purchasing their cars by <a href="https://www.benzinga.com/news/24/06/39471817/tesla-opens-up-fsd-transfers-yet-again-heres-how-long-you-have-to-save-up-to-8-000">offering them</a> $1,000 off on the purchase price of any of its cars but the Cybertruck.
What Happened: Military veterans, retirees, active duty members, and their spouses can now avail $1000 off on buying a Model 3, Model Y, Model S, and Model X. 
Eligible individuals just have to pick their vehicle and verify their military status to be eligible. There is no limit on the number of vehicles that can be purchased under the offer. 
The program, known as the Tesla Military Purchase Program, was announced on Wednesday, in time for the Fourth of July.
<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 most American-made cars are S3XY To honor those who have served our country, members of the US military + their spouses are eligible for the Tesla Military Purchase Program on a new Model S, 3, X or Y → <a href="https://t.co/86QHvajnjG">https://t.co/86QHvajnjG</a> <a href="https://t.co/n0NISCwUXM">pic.twitter.com/n0NISCwUXM</a>
&mdash; Tesla North America (@tesla_na) <a href="https://twitter.com/tesla_na/status/1808573554213949524?ref_src=twsrc%5Etfw">July 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Tesla also has a veteran program, aimed at allowing veterans to settle into civilian life and be part of the company&#8217;s battery and EV production. The program allows for veterans from any military branch to join the company in&nbsp;manufacturing, logistics, sales, IT,&nbsp;and more. 
The offer is also aimed at boosting the company&#8217;s sales which has been going down since the start of 2024. For the second quarter, the company delivered 443,956 vehicles globally <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">marking a 4.8% drop from last year</a> but still beating the consensus estimate. However, the delivery numbers are still better than in the first quarter when the company delivered just <a href="https://www.benzinga.com/news/24/04/38068997/elon-musk-dwells-on-wokeness-geopolitics-population-crisis-but-mostly-stays-silent-on-teslas-gloomy">386,810 vehicles. </a>
However, Tesla CEO Elon Musk is optimistic and said in April during the company&#8217;s first-quarter earnings call that the company will indeed have higher sales in 2024 as compared to last year when it delivered a total of 1.81 million vehicles. The company now has to sell about a million vehicles in the remaining half of the year if it is to meet the CEO&#8217;s expectations.
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 More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39628547/fisker-asks-bankruptcy-court-to-let-it-sell-thousands-of-ocean-evs-at-fraction-of-original-price">Fisker Asks Bankruptcy Court To Let It Sell Thousands Of Ocean EVs At Fraction Of Original Price</a></li>
</ul>
Photo courtesy: Shutterstock

TSLA

Tesla Rings Fourth Of July With $1,000 Discount For Military Personnel On New EV Purchases

Dearborn-based automaker Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) sold 23,957 EVs in the <a href="https://www.benzinga.com/markets/equities/24/07/39618985/ford-reports-q2-sales-growth-trucks-up-5-evs-surge-61-trails-tesla-in-volume">second quarter in the U.S.</a>, trumping rival General Motors Co&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) EV sales but lagging behind EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 
What Happened: Ford sold a total of 23,957 EVs from April to June, marking a 61.4% jump from the corresponding quarter of last year. 
The surge in sales was mostly due to the popularity of its Mustang Mach-E SUV of which the company sold 12,645 units. The F-150 Lightning electric pickup truck was the second best-selling EV from the company, followed by its E-transit electric vans. 
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Model</td>
<td>Q2 Sales In U.S.</td>
</tr>
<tr>
<td>Mustang Mach-E</td>
<td>12,645</td>
</tr>
<tr>
<td>F-150 Lightning</td>
<td>7,902</td>
</tr>
<tr>
<td>E-transit</td>
<td>3,410</td>
</tr>
<tr>
<td>Total</td>
<td>23,957</td>
</tr>
</tbody>
</table>
</figure>
The two best-selling Ford EVs are drawing customers from other brands with over 50% of sales in the first half of the year being new to Ford, the company said. As for the E-transit, three out of every four of its sales this year are from repeat customers, it added. 
However, EVs account for merely 4.5% of Ford&#8217;s total vehicle sales in the country. 
Comparing With Rivals: Detroit-based General Motors <a href="https://www.benzinga.com/news/24/07/39612749/60-000-cadillac-lyriq-drives-gms-q2-ev-sales-after-bolt-is-discontinued">sold only 21,930 EVs in the quarter</a> in the U.S. despite its larger EV lineup composed of 7 models. Ford trumped its EV sales with just three electric models.
However, both the legacy automakers continue to trail behind Tesla which delivered 443,956 vehicles in the second quarter globally, marking a 4.8% drop from last year but still beating the consensus estimate. Tesla does not segment its vehicle deliveries by geography.
Cheaper Prices Fail To Translate To More Sales: While the Mustang Mach-E is up against Tesla&#8217;s best-selling Model Y in the mass-market electric SUV segment, its Lightning is up directly against the Cybertruck in the EV truck segment. Both of these Ford EVs, however, are priced below their Tesla counterparts. 
While the base model of the Mach-E starts at around $40,000, the Model Y base version starts at around $45,000. 
The 2024 Lightning, meanwhile, has a base version starting at $62,995, much below the Cybertruck whose lower-priced version now starts at $79,990. While Tesla plans to introduce a lower-priced rear-wheel drive version of the Cybertruck starting at $60,990, it will only be available in 2025. 
However, the <a href="https://www.benzinga.com/trading-ideas/24/07/39609895/ford-ceo-farley-says-company-needs-to-move-past-monster-vehicles-to-be-profitable-in-ev-space-start">cheaper prices</a> are thus far unable to bring about larger customer interest in Ford vehicles as compared to corresponding Tesla offerings. 
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39615273/tesla-more-than-doubles-energy-storage-deployment-to-mark-its-best-quarter-yet-even-as-ev-demand-con">Tesla More Than Doubles Energy Storage Deployment To Mark Its Best Quarter Yet Even As EV Demand Concerns Persist</a></li>
</ul>
Photo courtesy: Shutterstock

Mustang Mach-E Drives Ford's Q2 EV Sales Ahead Of GM But It's Still Just A Fraction Of Elon Musk's Tesla

Presumptive Republican candidate Donald Trump is rumored to have told Republican lawmakers that he <a href="https://www.benzinga.com/news/24/02/37297217/you-screw-us-we-screw-you-trump-vows-to-impose-retaliatory-tariffs-against-china-or-any-other-countr">would replace taxes with tariffs</a>, and Nobel laureate and noted economist Paul Krugman on Tuesday weighed in on the ramifications of such a policy move.
Consumers To Bear Brunt? Much against claims by leading Republicans that tariffs are a tax on businesses and that they are paid by foreigners, they do hurt consumers, <a href="https://www.nytimes.com/2024/07/02/opinion/tariffs-trump-china-taxes.html">said</a> Krugman in a New York Times op-ed.
To make his case, Krugman referred to the situation that prevailed when Trump was in office. The former president imposed high tariffs on China in 2018 and 2019, with the average U.S. tariffs on imports from China climbing from about 3% to 21%, the economist said. At the same time, the average price of imports from China fell only around 2%, he said, adding that an 18-point rise in tariffs was offset by only a 2% decline in Chinese import prices, net of tariffs. 
&#8220;That sure looks as if American consumers bore the great bulk of the burden,&#8221; the economist said.
Ideally, if a big country like the U.S. imposed tariffs on a broad range of goods, it can improve the prices of its exports relative to its imports, provided the other countries do not respond with tariffs on U.S. exports, Krugman said. But in reality, the tariffs will work via a rise in the value of the dollar if the U.S. reduced imports, he said. This will lower the dollar price of the goods the U.S. imports, he added.
&#8220;And this effect wouldn't be confined to the prices of imports from the countries subject to high tariffs,&#8221; Krugman said.
The economist sees the scope of other countries retaliating if the U.S. imposed widespread tariffs.
See Also: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
Who&#8217;s Impacted: <a href="https://www.benzinga.com/markets/asia/24/07/39595146/trumps-trade-tariffs-would-be-highest-in-the-postwar-period-and-increase-inflation-says-goldman-sach">Trump&#8217;s economic program</a> calls for a combination of tax hikes in the form of higher tariffs and tax cuts for corporations and high-income individuals, Krugman noted. The former president&#8217;s idea of replacing income tax with tariffs isn't feasible, he added.
If Trump collected as much tariff revenue as possible while <a href="https://www.benzinga.com/money/what-is-income-tax">cutting income taxes</a> by the same amount, this combination would affect Americans at different levels, the economist said, citing an analysis by the Peterson Institute.
&#8220;The net effect would be negative for 80 percent of the population, especially for the bottom 60 percent, while extremely positive for the top 1 percent,&#8221; Krugman said. This is because lower-income families spend a higher share of their income than the rich, so they would be hurt more by what would amount to a large sales tax, he said.
The benefits of tax cuts would flow mainly to the top, Krugman said, adding that income taxes are disproportionately paid by the affluent. Around half the population doesn't pay income taxes at all, although they pay lots in other taxes, such as the payroll tax, he added.
It&#8217;s not China or foreigners in general who will pay the tariffs which Trump will certainly impose if he occupies the White House once more time, Krugman said. &#8220;Everything says that the burden would fall on Americans, mainly the working class and the poor,&#8221; he added.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/06/39488146/investors-worry-how-trump-tariffs-could-further-impact-companies-reliant-on-chinese-suppliers-vulner">Investors Worry How Trump Tariffs Could Further Impact Companies Reliant On Chinese Suppliers: Vulnerable Stocks &#8216;Have Underperformed&#8217; This Year</a></li>
</ul>
Photo courtesy: Shutterstock

Economics

Paul Krugman Says Trump Tariffs Will Hurt 80% Of Americans, Benefit Only The Top 1%: 'Burden Would Fall On…Working Class And The Poor'

President Joe Biden managed to close his gap <a href="https://www.benzinga.com/topic/donald-trump">with his predecessor</a> Donald Trump and get even with the latter, according to the results of a nationwide survey of voters published on Friday.
The Matchup: Biden and Trump shared honors, receiving 40% support each, a new Reuters/Ipsos poll conducted after a forgettable debate performance by the former showed. This marked an improvement for Biden from a June 11-12 poll, which showed him trailing his opponent by 2 percentage points.
The pollster contacted 1,070 U.S. adults for the survey that concluded on Tuesday and the margin of sampling error was 3.5 percentage points.
The poll found that one in five registered voters was like a cat on the wall. They were unsure for whom they would vote or pick a different candidate or would not vote at all. This leaves the Nov. 5 election wide open.
Biden&#8217;s performance in the latest poll comes despite an overwhelming majority (83% of the Democrats and 97% of the Republicans) agreeing <a href="https://www.benzinga.com/news/24/07/39610890/biden-blames-jet-lag-for-subpar-debate-performance-i-decided-to-travel-around-the-world-a-couple-tim">that he stumbled</a> and appeared to show his age. But only 58% of the Democrats and 11% of the Republicans said the same about Trump.
The pushback for Trump is his extreme MAGA stance and the criminal cases he is left to contend with. The former president is facing the prospect of jail time after a New York State Supreme Court found him guilty of 34 charges in the hush-money case.
See Also: <a href="https://www.benzinga.com/news/24/07/39568989/staunch-biden-supporter-paul-krugman-gives-up-on-president-after-debate-fiasco-we-need-to-recognize">Staunch Biden Supporter Paul Krugman Gives Up On President After Debate Fiasco? &#8216;We Need To Recognize Reality&#8217;</a>
Why It&#8217;s Important: The 2024 election is evolving as one of the most closely contested races despite voter discontent with both candidates. Rumors swirling around suggest the Democratic party <a href="https://www.benzinga.com/news/24/07/39613299/democrats-want-biden-to-quit-push-this-candidate-as-better-fit-to-rival-trump-in-2024-presidential-r">could replace Biden</a> with an alternative at the party&#8217;s convention in mid-August after his debate performance on June 27.
Reports also suggest that Biden told his campaign staff in a call that while he is not quitting the race, <a href="https://www.benzinga.com/general/politics/24/07/39620336/biden-contemplates-future-in-2024-race-after-poor-debate-showing-report">he acknowledged</a> that the next few days will be crucial if he has to stay in contention.
A slew of names, including Vice President Kamala Harris and several Democratic Governors, are floating around. The Reuters/Ipsos poll found that only former first lady Michelle Obama <a href="https://www.benzinga.com/news/24/07/39613299/democrats-want-biden-to-quit-push-this-candidate-as-better-fit-to-rival-trump-in-2024-presidential-r">had a better favorability rating among registered voters</a>, about 10 points more than both Biden and Trump. Obama has not yet announced her intention to run for office.
Read Next: 
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<li><a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a></li>
</ul>
Photos courtesy: Shutterstock

Politics

Media

Biden Vs. Trump: New Poll Shows President Still Very Much In Race Despite Debate Fiasco But Final Outcome Hinges On This Key Voter Group

Fisker is seeking the approval of the <a href="https://www.benzinga.com/news/24/06/39371181/troubled-ev-startup-fisker-files-for-bankruptcy-joining-lordstown-and-arrival-elon-musk-says-default">Delaware bankruptcy court judge</a> to sell 3,321 Ocean electric SUVs in its inventory at a significantly reduced price of around $14,000 per vehicle. 
What Happened: Fisker, which filed for bankruptcy protection in June, is looking for approvals to sell 3,321 Ocean SUVs to New York-based American Lease for an aggregate of $46.25 million, not including delivery charges. It would mean that the company would be selling each Ocean SUV at just around $14,000 if given the nod. 
The price point of $14,000 is significantly lower than the vehicle&#8217;s current price as listed on the company website. According to Fisker, the cheaper Ocean variant called Sport starts at around $39,000 with the more premium two variants starting at about $53,000 and $61,500, respectively. 
American Lease initially agreed to purchase just 2,100 EVs before Fisker filed for bankruptcy but later bumped the number up to purchase Fisker&#8217;s entire inventory of 3,321 Ocean vehicles, the EV maker said in a court filing. American Lease is a vehicle leasing company that serves the ride-share community in and around New York City. 
See Also: <a href="https://www.benzinga.com/news/24/06/39562595/elon-musk-reacts-to-footballer-isaiah-simmons-white-tesla-cybertruck-parked-up-in-manhattan-nice?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Footballer Isaiah Simmons&#8217; White Tesla Cybertruck Parked Up In Manhattan: &#8216;Nice&#8217;</a>
Why It Matters: Fisker&nbsp;filed for Chapter 11 bankruptcy&nbsp;and listed estimated assets in the range of $500 million to $1 billion and liabilities in the $100 million to $500 million range last month after potential investment talks with a major automaker collapsed in March. Its sole EV offering, the Ocean SUV, has been plagued by safety concerns and recalls. 
Fisker said in early June that it is recalling&nbsp;<a href="https://www.benzinga.com/news/24/06/39305632/nearly-bankrupt-fisker-to-recall-over-18-000-ocean-suvs-across-north-america-and-europe" target="_blank" rel="noreferrer noopener">18,000 of its&nbsp;Ocean SUV vehicles</a>&nbsp;in North America as well as Europe over software issues and non-compliance with safety standards. 
In late June, Fisker again issued a recall of 12,523 Ocean vehicles in the U.S., Canada, and Europe citing concerns that their outer door handles may stick, preventing customers from entering or exiting the car.
NHTSA is currently investigating multiple issues with the Ocean SUVs including concerns of unintended activation of its automatic emergency braking system.
Photo courtesy: Fisker
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39613049/tesla-ceo-elon-musk-divulges-his-publicly-traded-stock-portfolio-and-its-in-stark-contrast-to-that-o" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Divulges His Publicly Traded Stock Portfolio, And It&#8217;s In Stark Contrast To That Of Bill Gates</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Legal

Fisker Asks Bankruptcy Court To Let It Sell Thousands Of Ocean EVs At Fraction Of Original Price

Australia&#8217;s top-secret intelligence data will be migrated to the cloud under a $2 billion deal with Amazon.com Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) cloud service Amazon Web Services. This decision is expected to enhance the country&#8217;s defense force interoperability with the United States.
What Happened: The Australian Signals Directorate, the country&#8217;s national security agency, will also increase its use of artificial intelligence to analyze data as part of this transition. The plan includes the construction of top-secret data centers in Australia, reported Reuters on Thursday.
Defense Minister Richard Marles stated that the move to cloud services provided by Amazon will provide greater resilience to data supporting the defense force. This will ensure a common computing operating environment with the U.S. defense forces in the future.
&#8220;Artificial intelligence is an important game changer for all of us in the intelligence community, and we are working to embrace the use of it in an ethical, well governed and well understood manner, where we understand very carefully when we bring AI tools into our environment how are they being used, what are they doing to the data and do we understand how carefully they need to be governed?&#8221; The Director General of the Australian Signals Directorate, Rachel Noble, said in Canberra on Thursday.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39625271/bitcoin-ethereum-dogecoin-in-the-red-again-analyst-reveals-downside-target?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin In The Red Again, Analyst Reveals Downside Target</a>
Director-General of National Intelligence, Andrew Shearer, emphasized that interoperability with security partners such as the United States is a priority. Australian Prime Minister Anthony Albanese also highlighted the potential of the partnership to upgrade national security capabilities and create 2,000 local jobs.
Why It Matters: This move by the Australian government comes at a time when AWS has been expanding its presence in the Asia-Pacific region. In June, Amazon announced plans to <a href="https://www.benzinga.com/markets/asia/24/06/39284404/amazon-to-invest-billions-in-taiwan-cloud-infrastructure-expanding-aws-presence-in-asia">invest billions in Taiwan</a> to establish data centers and expand its cloud services. This was seen as a move to meet the region&#8217;s increasing demand for cloud services.
However, AWS has also faced criticism, with <a href="https://www.benzinga.com/news/24/06/39516038/amazon-cloud-conference-disrupted-protestors-demand-company-end-1-2b-contract-with-israel-shared-by">protesters demanding the termination</a> of a $1.2 billion contract with the Israeli government. The protest took place during a conference organized by Amazon&#8217;s cloud division, highlighting the increasing scrutiny on the company&#8217;s business practices.
Moreover, Tesla Inc. CEO Elon Musk recently expressed amazement at the <a href="https://www.benzinga.com/news/24/05/38542692/tesla-ceo-elon-musk-is-impressed-by-the-fact-that-jeff-bezos-aws-12-month-revenue-is-higher-than-466">revenue generated by AWS</a>, noting its trailing 12-month revenue of $94.4 billion, which surpasses that of 466 companies in the S&amp;P 500 index.
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</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>

Equities

Global

Markets

AMZN

Amazon Secures $2B Cloud Deal With Australia's Spy Agency To Shift Intelligence Data On AWS

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) analyst Ali Martinez has recently shared insights on the current state of the cryptocurrency market, suggesting that the recent price action could continue.
What Happened: Martinez, who is known for his analysis of on-chain and technical indicators, took to X to share his observations. Despite the recent market turbulence, Martinez pointed out that only $280.9 million in longs and $25.4 million in shorts have been liquidated.
He noted that previous mass liquidation events have seen over $1 billion wiped out. &#8220;This tells us either the $BTC dip is not over yet or shorts are about to get obliterated,&#8221; Martinez wrote. 
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<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> price action has been brutal, but only $280.9 million in longs have been liquidated and $25.4 in shorts. In the past, we have seen mass liquidation events of over $1 billion! This tells us either the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> dip is not over yet or shorts are about to get obliterated. <a href="https://t.co/PXoaKuWqfE">pic.twitter.com/PXoaKuWqfE</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1808688131362738584?ref_src=twsrc%5Etfw">July 4, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611479/odds-of-kamala-harris-replacing-joe-biden-as-democratic-presidential-candidate-raised-by-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Odds Of Kamala Harris Replacing Joe Biden As Democratic Presidential Candidate Raised By Crypto Bettors, Memecoin Themed On Her Surges 126%</a>
Why It Matters: The recent market volatility has been a topic of concern for many in the cryptocurrency space. Recently, influential crypto VC Andrew Kang <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39624017/bitcoin-faces-potential-retest-of-40-000-influential-crypto-vc-warns">warned of a potential retest</a> of the $40,000 support level, which could lead to a significant price correction for Bitcoin. 
However, the decoupling of Bitcoin and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) from tech stocks, as discussed by Bloomberg ETF analyst James Seyffart and macro trader Alex Krüger, could be a positive sign for the market, indicating a potential maturation and <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39624470/bitcoin-ethereum-decoupling-from-tech-stocks-is-positive-experts-claim">offering diversification benefits</a>.
Meanwhile, a report by 10x Research suggested that <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39621902/bitcoin-will-plummet-to-50k-if-this-key-support-breaks-10x-research">Bitcoin could plummet to $50,000</a> if it fails to maintain support above the crucial $60,000 level. 
Despite the market uncertainty, Mike Novogratz, CEO of Galaxy Digital, offered an <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39620095/mike-novogratz-were-going-to-get-positive-crypto-legislation-no-matter-who-wins">optimistic outlook for cryptocurrency</a> regulation in the United States, stating that positive legislation is likely regardless of the outcome of the next election.
Price Action: Bitcoin&#8217;s price is trading at $59,061 in last 24 hours, marking a decrease of 1.80%. Over the past month, the King Crypto has seen a significant decline of 16.27%. However, year-to-date, Bitcoin has shown strong performance with an increase of $14,889.10, representing a rise of 33.71%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39614811/why-is-bitcoin-down-to-60k-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Is Bitcoin Down To $60K Today?</a>
</blockquote>
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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

Cryptocurrency

$BTC

$ETH

DLTR

Bitcoin Dip Not Over Yet Or The Shorts Are About To Get 'Obliterated,' Says Ali Martinez

Future Fund Managing Partner Gary Black has defended the decision to reduce the fund&#8217;s stake in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), citing a shift in investment strategy and the electric vehicle maker&#8217;s performance.
What Happened: Black outlined the criteria for Future Fund&#8217;s sell discipline, in a post written on X on Wednesday, which includes reaching the price target, a change in the investment thesis, excessively high near-term expectations, or a change in strategy or CEO.
Black noted that the fund had trimmed its TSLA position from 12.2% in September 2022 to 3.6% currently, during which time TSLA stock fell 11% while the Nasdaq 100 rose 64%. He added that TSLA was replaced by NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) as the fund&#8217;s number two position, which contributed positively to its performance.
&#8220;We stand by our decision to trim $TSLA from a 12.2% position (#1) in Sept 2022 to 3.6% today (#6). During that period, $TSLA -11% vs NDX +64%, and $NVDA has replaced $TSLA as our #2 position, which has been additive to our performance,&#8221; Black wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Our sell discipline kicks in when: 1/ Stock reaches our price target 2/ Investment thesis changes 3/ Near-term expectations get too high 4/ Strategy change/CEO leaves We stand by our decision to trim <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> from a 12.2% position (#1) in Sept 2022 to 3.6% today (#6). During that… <a href="https://t.co/I27zxso7Hq">pic.twitter.com/I27zxso7Hq</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1808656540217528581?ref_src=twsrc%5Etfw">July 4, 2024</a></blockquote>
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Black also defended the fund&#8217;s conservative second-quarter TSLA delivery forecast, which was down 5% year-over-year actual versus down 10% year-over-year expected. He stated that clients expect the fund to adhere to its research and valuation disciplines.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39588207/jim-cramer-has-a-market-strategy-interest-rates-up-buy-mag-7-rates-down-buy-everything?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Has A Market Strategy: Interest Rates Up, Buy Mag 7; Rates Down, Buy Everything</a>
In a separate post, Black outlined the potential upsides and downsides of TSLA, including a potential 20-25% annual increase in electric vehicle adoption and the launch of the $25,000-$30,000 Next Gen vehicle. He also highlighted potential risks such as regulatory issues and earnings risks for fiscal years 2024 and 2025.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> Summary &#8211; 07/03/2024 Upside: 1/ EV adoption +20%-25% per yr 2/ EPS est trend likely to turn positive 3/ Fed starts cutting int rates in 2024 4/ Higher FSD take rates/licensing deal 5/ $25K-$30K Next Gen launch 6/ Optimus production begins FY'25 Downside: 1/ Judge…
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1808647871777886225?ref_src=twsrc%5Etfw">July 3, 2024</a></blockquote>
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Why It Matters: The decision by The Future Fund to reduce its holdings in Tesla Inc. comes amid a backdrop of significant market activity and analyst opinions. Recently, former Speaker of the House&nbsp;Nancy Pelosi&nbsp;(D-Calif.) also <a href="https://www.benzinga.com/etfs/specialty-etfs/24/07/39618512/nancy-pelosi-loads-up-on-more-nvidia-shares-sells-tesla-she-always-reports-right-before-a-hol">disclosed selling Tesla shares</a> while increasing her stake in NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), reflecting a broader trend among investors.
Additionally, Tesla&#8217;s stock has been a focal point for short sellers. Elon Musk <a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper">recently warned that Tesla shorts</a> &#8220;will be obliterated&#8221; after the company exceeded second-quarter delivery estimates, causing a surge in share prices.
Analysts like Dan Ives of Wedbush have highlighted Tesla&#8217;s potential, driven by its AI capabilities and <a href="https://www.benzinga.com/markets/equities/24/07/39628033/teslas-trillion-dollar-potential-is-driven-by-ai-says-wedbush-analyst-dan-ives-most-undervalued-">data-driven strategy</a>. Ives even raised Tesla's price target to $300, emphasizing its undervaluation in the AI market.
Analysts have praised Tesla&#8217;s potential AI boom and market share growth, with shares up 35% over the last month. Guggenheim analyst Ronald Jewsikow raised <a href="https://www.benzinga.com/24/07/39623354/tesla-energy-draws-attention-praise-from-analysts-with-potential-ai-boom-gaining-market-share-or-the">Tesla&#8217;s price target</a> from $126 to $134, despite maintaining a Sell rating.
Price Action: Tesla Inc. closed at $246.39 on Wednesday, up 6.54% for the day. In after-hours trading, the stock continued to rise, gaining an additional 0.86%. Year to date, Tesla's stock is down 0.82%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611479/odds-of-kamala-harris-replacing-joe-biden-as-democratic-presidential-candidate-raised-by-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Odds Of Kamala Harris Replacing Joe Biden As Democratic Presidential Candidate Raised By Crypto Bettors, Memecoin Themed On Her Surges 126%</a>
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Analyst Ratings

NVDA

Tesla Stake Cut Defended By Gary Black, Says Strategy Shift 'Additive To Our Performance' — Mega Bull Highlights Positives, Negatives Of Elon Musk's Auto Company

Nissan Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) and Honda Motor Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) are <a href="https://www.benzinga.com/markets/equities/24/03/37630247/nissan-honda-weigh-china-production-cuts-amid-ev-market-strain-report">contemplating a collaboration</a> in the development of automotive software and EV charging infrastructure to enhance their competitiveness in the electric vehicle market.
What Happened: The two Japanese automakers are considering a partnership to jointly develop operating systems and other automotive software, which could potentially reduce related costs, <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Nissan-and-Honda-weigh-tie-up-on-software-and-EV-charging2">reported</a> Nikkei on Wednesday. 
This move is intended to help the companies catch up in the EV market, where they have lagged behind competitors like Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and China&#8217;s BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
Software plays a crucial role in enhancing a vehicle&#8217;s basic functions and can be updated to continuously improve capabilities. The partnership could also extend to the development of EV charging infrastructure, a critical factor in the EV market.
See Also: <a href="https://www.benzinga.com/news/24/07/39594005/spacex-developing-tools-to-remove-heat-shield-tiles-on-starship-rather-than-manually-breaking-them-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SpaceX Developing Tools To Remove Heat Shield Tiles On Starship Rather Than Manually Breaking Them Away, Says CEO Elon Musk</a>
Earlier in March, Nissan and Honda announced that they were considering a comprehensive strategic partnership, which could include cooperation in six fields, including EV batteries. This potential collaboration in automotive software and EV charging infrastructure is a further step in this direction.
Why It Matters: The potential tie-up between Nissan and Honda comes at a time when Japanese automakers are facing increased competition in the EV market, particularly from Chinese manufacturers like BYD. In response, Nissan and Honda have been exploring various strategies to boost their EV capabilities.
In March, the two companies <a href="https://www.benzinga.com/news/24/03/37744148/honda-and-nissan-forge-alliance-to-boost-electric-car-tech">entered into a memorandum of understanding</a> for a strategic partnership in vehicle electrification and intelligence, including automotive software platforms and core components related to EVs. 
Nissan recently <a href="https://www.benzinga.com/news/24/04/38427099/japanese-automakers-toyota-nissan-partner-with-tencent-baidu-to-boost-ai-capabilities-in-china">teamed up with Chinese tech giants</a> Tencent and Baidu to enhance their AI capabilities in China, a crucial market for EVs.
Despite these efforts, the Japanese automakers have been facing challenges in the EV market. In March, it was reported that Nissan and Honda were considering <a href="https://www.benzinga.com/markets/equities/24/03/37630247/nissan-honda-weigh-china-production-cuts-amid-ev-market-strain-report">reducing production in China</a> due to increased competition from EV manufacturers like BYD. 
Read Next: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><a href="https://www.benzinga.com/trading-ideas/24/07/39609895/ford-ceo-farley-says-company-needs-to-move-past-monster-vehicles-to-be-profitable-in-ev-space-start?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ford CEO Farley Says Company Needs To Move Past &#8216;Monster Vehicles&#8217; To Be Profitable In EV Space: &#8216;Start To Get Back In Love With Smaller Vehicles&#8217;</a>
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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>

Asia

BYDDF

BYDDY

NSANY

Nissan And Honda Play Tesla Catchup — Considering EV Charging Tie-Up To Boost Competitiveness

On Wednesday, major U.S. indices showed mixed performance: the Dow Jones Industrial Average dipped slightly by 0.06% to 39,308, while the S&amp;P 500 climbed 0.5% to 5,537.02, and the Nasdaq increased by 0.9% to 18,188.30.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
The stock closed 4.57% higher at $128.28, with an intraday high and low of $128.28 and $121.36 respectively. The 52-week high and low stand at $140.76 and $39.23. Benzinga reported that Nvidia CEO Jensen Huang <a href="https://www.benzinga.com/markets/equities/24/07/39611550/nvidia-ceo-jensen-huang-sells-over-29m-worth-of-shares-as-companys-stock-shoots-up-155-in-2024-a">sold over $29 million</a> worth of shares amid the company's remarkable stock market performance.
Koss Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KOSS#NASDAQ">KOSS</a>)
Koss shares soared 143.81% to close at $10.63, with an intraday high and low of $18.73 and $5.22 respectively. The 52-week high and low are $18.73 and $2.27. The stock&#8217;s movement was <a href="https://www.benzinga.com/news/24/07/39618559/koss-corp-stock-is-ripping-higher-as-roaring-kitty-speculation-mounts-whats-going-on">driven by speculation</a> about recent moves from meme stock trader Keith Gill, also known as &#8220;Roaring Kitty&#8221;.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39582406/what-are-germans-rolling-in-their-joints-this-denver-cannabis-company-found-out-at-berlins-mary-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">This Cannabis Company Unveils Unique Findings At Germany</a>
Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)
Broadcom shares rose 4.33% to close at $1,729.22, with an intraday high and low of $1,729.22 and $1,664.46 respectively. The 52-week high and low are $1,851.62 and $795.09. The stock&#8217;s rise followed former Speaker of the House Nancy Pelosi&#8217;s <a href="https://www.benzinga.com/news/24/07/39620788/whats-going-on-with-broadcom-stock-wednesday">recent purchase</a> of call options in the semiconductor giant.
NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)
Nio shares traded 7.51% higher to close at $4.87, with an intraday high and low of $5.04 and $4.59 respectively. The 52-week high and low are $16.18 and $3.61. Benzinga reported that the shares moved higher amid <a href="https://www.benzinga.com/news/24/07/39621784/whats-going-on-with-ev-maker-nios-stock\">strength in Chinese markets</a> and a rally in the broader EV market after several companies reported strong EV delivery figures.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares rose 6.54% to close at $246.39, with an intraday high and low of $248.35 and $234.25 respectively. The 52-week high and low are $299.29 and $138.8. Benzinga noted that Tesla reported <a href="https://www.benzinga.com/markets/equities/24/07/39612719/teslas-q2-deliveries-beat-draws-mixed-reaction-from-analysts-early-independence-day-celebration-">above-consensus deliveries</a> for the second quarter, sending its stock up by over 10% to its highest level in nearly six months.
Photo by Phongphan on Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39588200/bill-gates-hired-steve-ballmer-as-the-first-business-manager-at-microsoft-and-now-is-behind-him-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Gates Hired Steve Ballmer As The First Business Manager At Microsoft And Now Is Behind Him On The Billionaire&#8217;s Index, Thanks To AI</a></li>
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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>

AVGO

KOSS

Nvidia, Koss Corp, Broadcom, Nio, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Wedbush analyst Dan Ives has expressed his belief that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is significantly undervalued due to its AI potential and data-driven approach.
What Happened: Ives highlighted Tesla&#8217;s ability to overcome sales challenges in China. He also noted that Wedbush has raised Tesla&#8217;s price target to $300 from $275. Ives said this in an interview with Bloomberg Radio. 
The analyst emphasized that Tesla&#8217;s Full Self-Driving feature positions it as the &#8220;most undervalued AI play in the market.&#8221; He predicted that Tesla&#8217;s trillion-dollar valuation will be driven by AI and a data-driven strategy. 
Ives also suggested that the anticipated autonomous robotaxi, to be unveiled by Tesla, will be a game-changer.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Great to be on <a href="https://twitter.com/BloombergRadio?ref_src=twsrc%5Etfw">@BloombergRadio</a> with <a href="https://twitter.com/tomkeene?ref_src=twsrc%5Etfw">@tomkeene</a> <a href="https://twitter.com/ptsweeney?ref_src=twsrc%5Etfw">@ptsweeney</a> discussing the AI Revolution and this 1995 Moment for tech stocks and why we view Tesla as the most undervalued AI play in this market <a href="https://twitter.com/bsurveillance?ref_src=twsrc%5Etfw">@bsurveillance</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&#x1f576;&#xFE0F;&#x1f386;&#x1f447; <a href="https://t.co/g2Yao7Y1Lf">https://t.co/g2Yao7Y1Lf</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1808565184421900293?ref_src=twsrc%5Etfw">July 3, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39627834/rich-dad-poor-dad-author-robert-kiyosaki-says-charts-indicate-biggest-crash-in-history-com">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Says Charts Indicate &#8216;Biggest Crash In History Coming&#8217; — Followed By A Bitcoin Bull Run In Which King Crypto &#8216;Easily&#8217; Touches $10M</a>
Why It Matters: Ives&#8217; comments come in the wake of a series of events that have put Tesla in the spotlight. On Tuesday, Ives <a href="https://www.benzinga.com/markets/equities/24/07/39610934/tesla-price-target-raised-to-300-by-wedbush-analyst-dan-ives-amid-1-trillion-tech-potential-the-">raised Tesla&#8217;s price target</a> to $300, with a bull case of $400, citing a positive shift in Tesla&#8217;s demand story for the second half of 2025. 
Simon Hale, a Senior Portfolio Manager at Wellington Altus Private Wealth, praised Rich Ross, a renowned technical analyst, and his predictions for Tesla&#8217;s future to <a href="https://www.benzinga.com/markets/equities/24/07/39611697/tesla-set-for-new-all-time-highs-as-wall-street-bigwigs-simon-hale-and-rich-ross-back-ev-maker-f">reach new all-time highs</a>. Hale&#8217;s comments come as Tesla&#8217;s stock continues to make headlines with its recent price target increase and Elon Musk&#8216;s <a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper">warning to short sellers</a>.
Meanwhile, Tesla is set to showcase its Cybertruck and Optimus Gen 2 at the World AI Conference in Shanghai, China, on Thursday, while <a href="https://www.benzinga.com/news/24/07/39624826/teslas-july-4th-plans-in-china-elon-musk-to-show-off-cybertruck-optimus-bot-at-world-ai-conference-t">America celebrates Independence Day</a>. The event will feature some of the biggest brands across the globe as leaders discuss technology advancements and industry trends.
Despite the positive sentiment around Tesla, not all investors are bullish. Former Speaker of the House Nancy Pelosi (D-Calif.) recently disclosed several new stock trades, <a href="https://www.benzinga.com/etfs/specialty-etfs/24/07/39618512/nancy-pelosi-loads-up-on-more-nvidia-shares-sells-tesla-she-always-reports-right-before-a-hol">including selling Tesla shares</a>, ahead of the Fourth of July holiday.
Price Action: Tesla Inc. closed at $246.39 on Wednesday, up 6.54% for the day. In after-hours trading, the stock continued to rise, gaining an additional 0.86%. Year to date, Tesla&#8217;s stock is down 0.82%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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</blockquote>
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Tesla's Trillion-Dollar Potential Is Driven By AI, Says Wedbush Analyst Dan Ives: 'Most Undervalued AI Play In The Market'

On Wednesday, Cathie Wood-led Ark Invest made a notable move by offloading a significant number of shares in Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), despite the recent rally driven by the company&#8217;s impressive second-quarter delivery numbers.
The Tesla Trade
Ark Invest reduced its stake in Tesla across its ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), selling 13,213 shares. This transaction came as a surprise, given that Tesla&#8217;s shares had recently soared 10.20% on Tuesday, marking the best intraday session since late April. Notably, on Tuesday, Ark Invest sold Tesla shares <a href="https://www.benzinga.com/markets/equities/24/07/39611275/cathie-woods-ark-invest-sells-tesla-shares-worth-14-5m-amid-rally-driven-by-q2-delivery-numbers-">worth $14.5 million.</a>
The boost was primarily driven by the Elon Musk-led company&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">second-quarter performance</a>. Tesla reported 443,956 deliveries, significantly exceeding the expected 439,000 vehicles. This upside surprise fueled a rally, propelling shares toward their 2024 high. The majority of sales came from the affordable Models 3 and Y, with only 21,551 units from the pricier Models X, S, and the new Cybertruck.
Based on the last closing price of $246.39, the value of the sold shares on Wednesday stands at approximately $3.25 million. For the day, Tesla stock shot up 6.5%.
Other Key Trades:
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39582406/what-are-germans-rolling-in-their-joints-this-denver-cannabis-company-found-out-at-berlins-mary-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">This Cannabis Company Unveils Unique Findings At Germany</a> 
<ul>
<li>Ark Invest&#8217;s ARKF fund sold shares of Teladoc Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>). </li>
<li>The ARKG fund bought 2,551 shares of Intellia Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTLA#NASDAQ">NTLA</a>) and sold shares of Verve Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERV#NASDAQ">VERV</a>). </li>
<li>The ARKK fund bought shares of Archer Aviation Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NASDAQ">ACHR</a>) and sold shares of Ginkgo Bioworks Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DNA#NYSE">DNA</a>). </li>
<li>The ARKQ fund sold shares of AeroVironment Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>). The ARKX fund bought shares of Blade Air Mobility Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDE#NASDAQ">BLDE</a>).</li>
</ul>
Read Next:
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<li> <a href="https://www.benzinga.com/markets/cannabis/24/06/39437268/the-rise-and-fall-of-pioneering-weed-markets-rip-california-and-colorado-cannabis-industries?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Rise And Fall Of Pioneering Weed Markets: RIP California And Colorado Cannabis Industries</a></li>
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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>

ETFs

ACHR

ARKK

AVAV

BLDE

NTLA

TDOC

VERV

Cathie Wood's Ark Invest Dumps Another $3.25M Worth Of Tesla Shares Amid Searing Q2 Deliveries Rally

The parent company of Saks Fifth Avenue has reportedly agreed to acquire its rival Neiman Marcus for $2.65 billion. The deal, which is expected to be announced imminently, will see the involvement of Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
What Happened: The acquisition, which has been approved by the boards of both companies, will result in the creation of a luxury retail powerhouse, <a href="https://www.wsj.com/business/deals/saks-owner-to-buy-neiman-marcuswith-help-from-amazon-f71a0fda?st=pdk11e57geot7j7&amp;mod=googlenewsfeed">reported</a> The Wall Street Journal, citing people familiar with the matter.
The deal is being financed by HBC, the holding company that purchased Saks in 2013. Amazon will take a minority stake in the new entity, to be named Saks Global, and provide it with technological and logistical support. Another minority shareholder is Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>).
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39566797/roaring-kitty-keith-patrick-gill-accused-of-gamestop-pump-and-dump-scheme-in-class-action-lawsui?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Roaring Kitty&#8217; Keith Patrick Gill Accused Of Gamestop Pump-And-Dump Scheme In Class Action Lawsuit: &#8216;Suffered Significant Losses And Damages&#8217;</a>
The combined company is expected to have annual sales of around $10 billion. Saks already has a business relationship with both Amazon and Salesforce, which the deal will further strengthen.
Luxury behemoth LVMH Moët Hennessy Louis Vuitton, owner of Louis Vuitton and numerous other brands, achieved sales of approximately $94 billion last year.
Saks Fifth Avenue, Neiman Marcus, and Amazon did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The acquisition is a significant development in the luxury retail sector, which has been facing challenges due to changing consumer behavior and the rise of direct-to-consumer sales by fashion brands.
Both Saks and Neiman Marcus have been struggling in recent years, with Neiman Marcus even filing for bankruptcy in 2020. The deal is seen as a strategic move to strengthen the companies&#8217; positions in the face of these challenges.
This acquisition comes after Neiman Marcus <a href="https://www.benzinga.com/m-a/23/12/36061506/neiman-marcus-turns-down-saks-fifth-avenues-3-billion-takeover-bid">rejected a $3 billion takeover bid</a> from Saks in 2023. The two companies have been in negotiations for a potential merger for years, and this deal is a culmination of those efforts.
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Saks Fifth Avenue's Parent Company To Buy Neiman Marcus For $2.65B, With Amazon's Help: Report

Amid <a href="https://www.benzinga.com/topic/joe-biden">rising speculation</a> and growing calls for President Joe Biden to step aside, Kentucky Governor <a href="https://www.benzinga.com/topic/andy-beshear">Andy Beshear</a> (D) addressed rumors about his own possible candidacy alongside VP <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611479/odds-of-kamala-harris-replacing-joe-biden-as-democratic-presidential-candidate-raised-by-c">Kamala Harris</a> for the Democratic presidential ticket.
Speaking to CNN, Beshear dismissed the likelihood of running as a vice-presidential candidate with Harris should she step into the fray and replace her boss. Though Beshear did say his fellow Democratic governors want to know how President Biden is doing.&nbsp;
In a Tuesday <a href="https://www.cnn.com/videos/politics/2024/07/03/kentucky-governor-andy-beshear-joe-biden-reaction-pamela-brown-full-intv-sitroom.cnn">interview</a> on CNN's "The Situation Room"&nbsp;with correspondent Pamela Brown, Beshear said seeking clarification about the president's health is not an attack on his candidacy, but something Americans would respond to positively.&nbsp;
"So, I don't think it's an attack on the White House or an attack on the president — who is a good man and a nice man — to just say, ‘Tell us a little bit more about how you're doing,'" Beshear told Brown.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;I don&#39;t think that there&#39;s anything wrong with asking the president to talk to the American people a little more about his health.&quot; <a href="https://twitter.com/GovAndyBeshear?ref_src=twsrc%5Etfw">@GovAndyBeshear</a> responds to calls within the Dem. party for transparency about Biden&#39;s health as the presumptive nominee on the <a href="https://twitter.com/CNNSitRoom?ref_src=twsrc%5Etfw">@CNNSitRoom</a>. <a href="https://t.co/P53a8lsx50">pic.twitter.com/P53a8lsx50</a>
&mdash; Pamela Brown (@PamelaBrownCNN) <a href="https://twitter.com/PamelaBrownCNN/status/1808286055340048649?ref_src=twsrc%5Etfw">July 2, 2024</a></blockquote>
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See also:<a href="https://www.benzinga.com/markets/cannabis/24/06/39561566/will-bidens-shaky-debate-performance-affect-cannabis-reform-how-a-trump-return-could-reshape-mar"> Will Biden&#8217;s Shaky Debate Performance Affect Cannabis Reform? How A Trump Return Could Reshape Marijuana Policy</a>
In terms of VP Harris, Beshear expressed satisfaction with joint efforts between himself and the vice president on several initiatives, most notably the <a href="https://www.benzinga.com/topic/cannabis-legalization">decriminalization of marijuana</a>. 
<h2 class="wp-block-heading">Biden Meets With Democratic Governors At White House</h2>
Biden met with Democratic governors Wednesday night as the White House and his reelection campaign are working tirelessly to shore up support for him following the president&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/06/39561566/will-bidens-shaky-debate-performance-affect-cannabis-reform-how-a-trump-return-could-reshape-mar">shaky performance</a> in last week's debate with Donald Trump.
Minnesota Gov. Tim Walz, chair of the Democratic Governors Association, was at the White House meeting, along with California Gov. Gavin Newsom, Illinois Gov. J.B. Pritzker, Michigan Gov. Gretchen Whitmer, New York Gov. Kathy Hochul, Maryland Gov. Wes Moore and Andy Beshear. Others attended virtually.
&#8220;Yes, he&#8217;s fit for office,&#8221; Walz told reporters outside the White House after the meeting. &#8220;…None of us are denying, Thursday night was a bad performance, it was a bad hit, if you will, on that, but it doesn&#8217;t impact what I believe, that he&#8217;s delivering.&#8221;
Wes Moore said the governors were honest with Biden about concerns they&#8217;re hearing regarding the debate, <a href="https://www.cbsnews.com/news/biden-democratic-governors-meeting-after-debate/">reported</a> CBS News.&nbsp;
&#8220;We were honest about the concerns that we were hearing from people. And we were also honest about the fact that, as the president continued to tell us and show us that he was all in, that we said we would stand with him,&#8221; Moore said.
Sources told CBS News that in a campaign call earlier on Wednesday, Biden said, &#8220;I am running. I&#8217;m the nominee of the Democratic Party. No one&#8217;s pushing me out. I&#8217;m not leaving.&#8221; &nbsp;
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Photo: Government issued

Cannabis

Government

Gov. Andy Beshear Addresses Rumors About Possible VP Slot If Kamala Harris Replaces Her Boss As Nervous Dems Consider Shake Up

Best-selling author Robert Kiyosaki, warns of an impending market crash, followed by a long-term bull run for gold, silver, and Bitcoin.
What Happened: On Wednesday, Kiyosaki, author of the popular book &#8220;Rich Dad Poor Dad&#8221;, took to X to express his views on the future of the market. He predicted a historic crash in the prices of real estate, stocks, bonds, gold, silver, and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
However, he also forecasted a subsequent bull market cycle starting in late 2025, which he believes will be a boon for gold, silver, and Bitcoin investors. He said the &#8220;patience&#8221; of such investors will be rewarded.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BOOM GOiNG BUST: Technical charts indicate biggest crash in history coming. Prices of real estate, stocks, bonds, gold, silver, &amp; Bitcoin crash. GREAT NEWS: Good time to buy bargains will follow. Technical charts indicate major long term bull market cycle will…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1808628936538271972?ref_src=twsrc%5Etfw">July 3, 2024</a></blockquote>
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Kiyosaki stated, &#8220;They know this long cycle bull market is coming because they know faith and confidence in &#8216;FAKE&#8217; money is dissolving.&#8221; He also suggested potential future prices for gold, silver, and Bitcoin, predicting they could reach $15,000 an ounce, $110.00 an ounce, and $10 million per coin respectively.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39588530/shiba-inu-lead-developer-shytoshi-kusama-stirs-up-crypto-world-with-mysterious-post-ive-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Lead Developer Shytoshi Kusama Stirs Up Crypto World With Mysterious Post: &#8216;I&#8217;ve Been Shy And Quiet These Past Few Years… But It&#8217;s Time That Changes&#8217;</a>
Why It Matters: Kiyosaki has previously warned of a market crash, stating that such downturns present unique opportunities for wealth accumulation. He has been a vocal critic of the devaluation of fiat currencies and has consistently advocated for investments in gold, silver, and Bitcoin.
Previously, Kiyosaki <a href="https://www.benzinga.com/real-estate/24/05/38615141/bad-news-the-crash-has-begun-warns-rich-dad-poor-dad-author-robert-kiyosaki-but-good-news-crashes-ar">warned of the crash</a>, but also highlighted that crashes are the best time to get rich. He has also <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38605659/rich-dad-poor-dad-author-robert-kiyosaki-unveils-his-bitcoin-strategy-amid-market-crash-th">unveiled his Bitcoin strategy</a> amid market crashes, emphasizing the potential for wealth growth during such periods.
In 2023, Kiyosaki <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36171507/rich-dad-poor-dad-author-robert-kiyosaki-flashes-fresh-warning-about-401ks-and-iras">sounded a warning</a> regarding the equity market and has been a consistent backer of gold, silver, and Bitcoin. His latest post seems to be in line with his long-standing views on the market and investments.
Price Action: Bitcoin was seen trading 3.05% lower at $60,165.14 at the time of writing, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39581531/trump-winning-the-election-would-be-major-catalyst-for-crypto-to-surge-says-investment-exp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Winning The Election Would Be &#8216;Major Catalyst&#8217; For Crypto To Surge, Says Investment Expert</a></li>
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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>

'Rich Dad Poor Dad' Author Robert Kiyosaki Says Charts Indicate 'Biggest Crash In History Coming' — Followed By A Bitcoin Bull Run In Which King Crypto 'Easily' Touches $10M

Anthony Fauci, the former White House chief medical adviser, has expressed confidence in President Joe Biden&#8216;s mental acuity, amid growing concerns within the Democratic party about his ability to lead.
What Happened: In a recent interview, Fauci, who served as the head of the National Institute of Allergy and Infectious Diseases (NIAID) for almost four decades, vouched for Biden&#8217;s mental fitness, <a href="https://thehill.com/homenews/administration/4754808-fauci-no-doubt-biden-capable-as-president">reported</a> The Hill on Sunday. Fauci dismissed any medical conclusions drawn from a single event, such as a debate performance, and emphasized that he found Biden to be sharp and inquisitive in their interactions.
When asked if he saw anything &#8220;medically alarming&#8221; in Biden&#8217;s debate performance, Fauci declined to comment. He said, &#8220;I think it would be unfair and inappropriate to try and diagnose something from just a 90-minute clip."
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39594060/trump-win-in-2024-would-lead-to-stronger-growth-and-higher-inflation-expert-predict?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Win In 2024 Would Lead To &#8216;Stronger Growth And Higher Inflation,&#8217; Expert Predicts Fed To Factor In Election Results In Rate Cut Plans</a>
These remarks come at a time when doubts have been raised about Biden&#8217;s ability to lead the Democratic party in the upcoming presidential election. Following a lackluster debate performance, Biden has reportedly been <a href="https://www.benzinga.com/general/politics/24/07/39620336/biden-contemplates-future-in-2024-race-after-poor-debate-showing-report">contemplating his future in the 2024 race</a>. The President <a href="https://www.benzinga.com/news/24/07/39610890/biden-blames-jet-lag-for-subpar-debate-performance-i-decided-to-travel-around-the-world-a-couple-tim">attributed his subpar debate performance</a> to jet lag from his recent overseas trips.
Why It Matters: Fauci&#8217;s endorsement of Biden&#8217;s mental fitness is significant in light of the ongoing debate about the President&#8217;s ability to lead the Democratic party. 
Earlier in June, Fauci <a href="https://www.benzinga.com/news/24/06/39443945/fauci-blames-trump-staff-for-misinformation-animosity-over-covid-19-response-didnt-seem-to-get-that">blamed Trump&#8217;s staff</a> for feeding him misinformation and fostering animosity during the COVID-19 pandemic. Meanwhile, Rep. Marjorie Taylor Greene (R-Ga.) accused him of committing "crimes against humanity" and <a href="https://www.benzinga.com/news/24/06/39348535/marjorie-taylor-greene-promises-to-lock-up-anthony-fauci-for-handling-of-pandemic-should-be-tried-fo">promised to put every effort</a> into prosecuting him.
Photo Courtesy: Wikimedia Commons
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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>

General

Anthony Fauci Backs Biden's Mental Capability Amid Rising Uncertainty Over 2024 Run: Trying To 'Diagnose Something' from A 90-minute Clip Is Unfair

After a <a href="https://www.benzinga.com/general/politics/24/07/39620336/biden-contemplates-future-in-2024-race-after-poor-debate-showing-report">lackluster debate performance</a> by President Joe Biden, Vice President Kamala Harris has emerged as the leading alternative to replace him in the 2024 election, according to a Reuters report.
What Happened: A recent report by Reuters, citing seven senior sources within the Democratic party, the White House, and the Democratic National Committee, suggests that Harris is the top choice to replace Biden if he decides not to continue his reelection campaign.
The report highlights concerns within the Democratic party over Biden&#8217;s fitness for a second term following his widely criticized debate performance against Republican rival Donald Trump. This has prompted discussions about potential alternatives, with Harris emerging as the most likely candidate.
Despite some influential Democrats considering other alternatives, the sources believe that bypassing Harris would be nearly impossible. If named as the party nominee, Harris, 59, would inherit the funds and infrastructure of the Biden campaign.
Additionally, Harris has the highest name recognition and polling among the potential Democratic candidates. She has also been vetted for national office and has survived intense scrutiny from Republicans.
On a call with campaign staff, President Joe Biden reaffirmed his intention to remain in the 2024 presidential race, despite concerns over his debate performance. He stated, &#8220;I am running,&#8221; emphasizing his role as the Democratic Party leader, according to a separate Reuters report.
See Also: <a href="https://www.benzinga.com/news/24/06/39566537/bill-ackman-says-he-no-longer-blames-biden-for-not-stepping-aside-increasingly-clear-that-the-fault?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Ackman Says He No Longer Blames Biden For Not Stepping Aside: &#8216;Increasingly Clear That The Fault Lies With&#8230; Jill Biden&#8217;</a>
Why It Matters: The report comes in the wake of a lackluster debate performance by Biden, which has led to concerns about his ability to continue his candidacy for the 2024 election. A recent Ipsos poll also revealed that a majority of voters believe Biden should <a href="https://www.benzinga.com/news/24/07/39613299/democrats-want-biden-to-quit-push-this-candidate-as-better-fit-to-rival-trump-in-2024-presidential-r">withdraw from the race</a>, with less than half suggesting the same for Trump.
It was reported earlier that some Democrats are <a href="https://www.benzinga.com/news/24/07/39613299/democrats-want-biden-to-quit-push-this-candidate-as-better-fit-to-rival-trump-in-2024-presidential-r">encouraging Biden to step aside</a> and see former first lady Michelle Obama as the most viable candidate against Trump.
Photo courtesy: 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 Reportedly Emerges As Top Choice To Replace The President In 2024 Election — Biden Says, 'I Am Running'

Germany has taken a huge step in cannabis regulation, legalizing <a href="https://www.benzinga.com/markets/cannabis/24/04/38116357/exclusive-german-cannabis-legalization-key-figures-say-celebrate-now-but-the-struggle-continues">cannabis clubs</a> as of July 1, 2024. Each club can have up to 500 members who can grow, share and enjoy cannabis together. Each member can receive up to 25 grams per day and 50 grams per month. But, as with many new policies, challenges abound, as Club enthusiast are still wading through red tape.
<h3 class="wp-block-heading">Legalizing German Cannabis Clubs</h3>
On April 1, 2024, <a href="https://www.benzinga.com/topic/germany-cannabis">Germany</a> began to allow the legal use of small amounts of cannabis. Adults over 18 can carry 25 grams, grow three plants and store up to 50 grams of dried cannabis at home. Despite these strides, the new cannabis clubs face a maze of regulations.
&#8220;The federal states are extremely ill-prepared for this,&#8221; Steffen Geyer <a href="https://www.dw.com/en/german-cannabis-clubs-face-jungle-of-bureaucracy/a-69546765">told</a> DW. Geyer is head of the German Cannabis Social Clubs&#8217; umbrella organization. He expects several hundred clubs to apply for licenses, but the bureaucratic process remains uncertain and undetermined. &#8220;There will certainly be a mid three-digit number of clubs applying for a license. How long this will take and how many of them will be successful is still impossible to predict.&#8221;
<h3 class="wp-block-heading">Opposition And Safety Concerns</h3>
The German Police Union says it is concerned about potential misuse of the cannabis clubs. &#8220;We fear that criminals from the organized crime sector will use the possibility of growing clubs to expand criminal structures,&#8221; said Alexander Poitz, deputy head of the police union.
When it comes to the political landscape, the <a href="https://www.benzinga.com/markets/cannabis/24/06/39278732/far-right-victory-in-germany-cannabis-policy-tiktok-voters-and-impact-of-afds-rise-to-power">Christian Social Union (CSU) </a>which opposed legalization, has already made a public commitment to role back the regulation should they became the predominant party in government. CSU governs Bavaria, where they are meant to mount the structure that facilitates and controls Cannabis Clubs. They have said they plan to rigorously inspect every cultivation associations, to make it as hard as possible for applicants to get and preserve their licenses.
&#8220;In our view, the legalization of cannabis is a major mistake in terms of safety and health policy,&#8221; said Bavarian Interior Minister Joachim Herrmann.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39582406/what-are-germans-rolling-in-their-joints-this-denver-cannabis-company-found-out-at-berlins-mary-">What Are Germans Rolling In Their Joints? This Denver Cannabis Company Found Out At Berlin&#8217;s Mary Jane Trade Fair</a>
<h3 class="wp-block-heading">Ensuring Effective Cannabis Regulations</h3>
Geyer argues that clear and transparent regulations can prevent criminal groups from infiltrating the clubs among other specters raised by anti cannabis activists. &#8220;We have followed the examples of Canada, the US, Uruguay, Liechtenstein, Malta, the Netherlands, and Spain. We have a lot of regulations designed to prevent a mix of black and white market,&#8221; he said.
No surprise, cannabis regulation is highly sensitive to political change. With the <a href="https://www.benzinga.com/markets/cannabis/24/06/39278732/far-right-victory-in-germany-cannabis-policy-tiktok-voters-and-impact-of-afds-rise-to-power">far right </a>aiming to win the 2025 elections, it is crucial to implement efficient, clear and realistic regulations. This will help the <a href="https://www.benzinga.com/markets/cannabis/24/03/37423469/experts-agree-on-domino-effect-of-german-cannabis-legalization-alert-companies-about-rigorous-qu">industry</a>, consolidate the rights of users, prove wrong many the beliefs of anti cannabis advocates thus making it to reverse progress in the future.
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<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/06/39255091/barcelonas-high-society-inside-the-hidden-world-of-spains-cannabis-clubs">Barcelona&#8217;s High Society: Inside The Hidden World Of Spain&#8217;s Cannabis Clubs</a></li>
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Cannabis is spreading throughout the globe. If you want to dive into industry changes and opportunities at the international level, then you might be interested in joining us the 19th Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices go up by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a><a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

Cannabis Clubs In Germany Still Waiting For Red Tape To Be Set In Place

A lawsuit filed in Minnesota in May in Ramsey County District Court challenged the state's restriction on unlicensed cannabis sales by home growers, citing a 120-year-old constitutional provision.
The legal action targets the state Office of Cannabis Management (OCM)'s interim director Charlene Briner and state Attorney General Keith Ellison.
Now, AG Ellison is asking a judge to dismiss the motion brought by four cannabis growers, targeting the state Office of Cannabis Management (OCM) and arguing that home cultivators should be allowed to sell their excess cannabis without a state license.
Why?
"Plaintiffs fail to state a claim because cannabis is not a ‘product of the farm or garden,' the Minnesota Constitution does not create a right to purchase farm products, and state law does not authorize criminal penalties for unlicensed sales," the <a href="https://www.minnpost.com/wp-content/uploads/2023/12/MCRO_62-CV-24-2952_Complaint-Civil_2024-05-07_20240509090830.pdf">dismissal request stipulates.</a>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/05/39065009/cannabis-cultivation-could-begin-this-year-as-minnesota-governor-signs-numerous-changes-to-curre">Cannabis Cultivation Could Begin This Year As Minnesota Governor Signs Numerous Changes To Current Law</a>
A hearing on the motion to dismiss is scheduled for July 22. As <a href="https://www.minnpost.com/state-government/2024/07/state-attorney-general-asks-judge-to-dismiss-lawsuit-brought-by-cannabis-home-growers/">highlighted</a> by MinnPost's Peter Callaghan, the case could easily reach the state Supreme Court.
Section 7, Article XIII of the Minnesota Constitution dates back to 1906. The provision sought to protect farmers' rights to sell their produce without a permit. The plaintiffs proposed that the provision could be referring to cannabis as well.
Governor Tim Walz (D), who backed the marijuana policy reform – strongly opposes this view. He earlier said that this wasn&#8217;t something he and lawmakers had in mind&nbsp;when enacting&nbsp;marijuana policy reform.
&#8220;Look, I think on the cannabis piece of this, just like every other piece of legislation, certainly around things like alcohol, these are ever-evolving,&#8221; he <a href="https://www.benzinga.com/markets/cannabis/23/08/34029966/governor-walz-opposes-people-selling-their-home-grown-weed-interstate-cannabis-commerce-and-sale">said</a>. &#8220;And I&#8217;ve said that I think there&#8217;s a strong need—we&#8217;ll come back. We&#8217;ll revisit these things year after year, probably for decades to come. But that was never our intention to do that.&#8221;
As <a href="https://www.benzinga.com/markets/cannabis/23/08/33492546/cannabis-sales-launch-on-tribal-land-in-minnesota-as-rest-of-state-works-out-red-tape-for-legal-" target="_blank" rel="noreferrer noopener">of August 1, 2023</a>, it is <a href="https://www.benzinga.com/markets/cannabis/23/08/33492546/cannabis-sales-launch-on-tribal-land-in-minnesota-as-rest-of-state-works-out-red-tape-for-legal-" target="_blank" rel="noreferrer noopener">legal to grow and possess cannabis in Minnesota</a>. 
Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/05/39065009/cannabis-cultivation-could-begin-this-year-as-minnesota-governor-signs-numerous-changes-to-curre">Cannabis Retail In Minnesota: House Passes Bill To Accelerate Marketplace, Aiming For Early Rollout</a></li>
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