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The 2024 crypto rally has come to an abrupt halt. Trading volumes have taken a nosedive, falling by 64% to reach seven-week lows. This downturn has occurred despite the ongoing accumulation by large investors, commonly referred to as whales.
What Happened: The crypto market has been a roller coaster ride this past week. Traders seem to have taken the advice of Michael Saylor, opting for a holiday break, which has resulted in a drastic drop in trading volumes.
Data from Santiment points to a particularly sharp decline in speculative altcoins. This trend is in line with the usual end-of-year patterns, where holiday festivities and financial planning often lead to a slowdown in market activity.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4ca; In the final days of 2024, trading volume is way down across crypto sectors. Overall, there has been -64% less trading in the past week compared to the previous week (which included Bitcoin&#39;s all-time high). The trading downtrend of trading, particularly among speculative… <a href="https://t.co/ZTGbED2rak">pic.twitter.com/ZTGbED2rak</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1872777533554401359?ref_src=twsrc%5Etfw">December 27, 2024</a></blockquote>
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Interestingly, despite the slump, whale activity remains a key factor to watch. The continued strong accumulation trend among large investors hints at the possibility of an unexpected market pump before the year ends.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42714042/analyst-says-this-single-factor-could-propel-bitcoin-and-crypto-to-new-heights-in-2025">Analyst Says This Single Factor Could Propel Bitcoin And Crypto To New Heights In 2025</a>
As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) enters a consolidation phase with reduced volatility, it defies the expected &#8220;Santa Rally.&#8221; On December 19, the crypto market experienced significant liquidations, wiping out nearly $800 million in traders&#8217; positions, with 84% coming from long positions. 
The lack of upward momentum from Bitcoin could extend drawdowns for both coins, underlining the interconnected nature of the crypto market.
Meanwhile, last week MicroStrategy&#8216;s Michael Saylor asked the crypto community to take a break during the holiday season. He posted this on X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Take a Holiday ₿reak <a href="https://t.co/T6YqUXay7f">pic.twitter.com/T6YqUXay7f</a>
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1872267097449156784?ref_src=twsrc%5Etfw">December 26, 2024</a></blockquote>
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Why It Matters: The sudden drop in trading volumes, despite ongoing whale accumulation, raises questions about the future of the crypto market. The continued strong accumulation trend among large investors could potentially trigger an unexpected market pump. 
However, the lack of upward momentum from Bitcoin could extend drawdowns for both coins, highlighting the interconnected nature of the crypto market. 
The current market dynamics underscore the importance of monitoring whale activity and the correlation between Bitcoin and altcoins.
Read Next
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$BTC

2024 Crypto Rally Ends With A Whimper As Trading Volume Falls 64%, Michael Saylor Says 'Take A Break'

The National Association of Realtors (NAR) has revealed the top 10 U.S. housing market hot spots to keep an eye on in 2025, with Boston and Kansas City among the top contenders.
What Happened: The NAR <a href="https://www.nar.realtor/newsroom/national-association-of-realtors-unveils-10-top-housing-hot-spots-for-2025">study</a> indicates a promising outlook for home buyers in 2025. This positive forecast is attributed to an anticipated increase in housing inventory, steady mortgage rates, and sustained job and income growth.
The NAR expects mortgage rates to stabilize around 6% in 2025, which could motivate more potential buyers to enter or re-enter the housing market. 
The association is projecting 4.5 million existing-home sales for the forthcoming year.
While home prices are predicted to continue their upward trend in 2025, the pace is expected to be slower than in previous years, with an estimated increase of approximately 2%. This would result in&nbsp;a median existing-home price of&nbsp;$410,700.
Leading the 2025 list is the Boston-Cambridge-Newton, Massachusetts-New Hampshire region, with an average home price nearing $700,000. The NAR believes this area will benefit from the stabilized mortgage rates in 2025.
Also Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42027218/could-trumps-housing-plans-reshape-the-real-estate-market">Could Trump&#8217;s Housing Plans Reshape The Real Estate Market?</a>
Other significant hot spots include the Charlotte-Concord-Gastonia, North Carolina-South Carolina, and Greenville-Anderson, South Carolina areas. Both regions have experienced substantial growth in recent years and provide affordable housing options.
Kansas City, Missouri-Kansas has also been highlighted, with its affordability and competitive financing options making it a desirable choice for millennial home buyers.
Why It Matters: The housing market has been a significant focus in recent years due to fluctuating mortgage rates and home prices. The NAR&#8217;s report provides valuable insight into potential market trends and hot spots for 2025. 
This information can help potential buyers make informed decisions and could influence the housing market&#8217;s overall trajectory. 
The inclusion of affordable areas like Kansas City and Charlotte-Concord-Gastonia indicates a shift towards more affordable housing options, which could have broader implications for the market and the economy.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Real Estate

Where To Invest? Here Are The Top 10 US Housing Market Hot Spots For 2025

Peter Lynch, legendary investor and former manager of Fidelity's Magellan Fund, continues to inspire investors with his timeless principles. 
What Happened: Lynch, who achieved a remarkable 29% compound annual return during the 1980s, shared key investment lessons in a 1997 <a href="https://www.youtube.com/watch?v=myu4Nv0pt0U">speech</a> that remain relevant today. His insights are a roadmap for navigating market fluctuations and identifying opportunities.
Lynch has emphasized that stock prices can defy expectations. Stocks can always go higher, he explained, particularly if the fundamentals of the underlying business are solid. 
He warned against selling a rising stock purely because it seems overvalued, though he acknowledged the risks of inflated valuations. Short-term market sentiment, not fundamentals, often drives price movements.
&#8220;If a stock goes higher, especially if it&#8217;s a high-flying stock without the earnings to back it up, investors may think it couldn&#8217;t possibly go higher. If the fundamentals of the business are great, with sales and profits expanding, then the stock could still continue to rise higher, as the market&#8217;s short-term movements are often driven by sentiment, not reality,&#8221; Lynch said. 
&#8220;The fact that a stock has gone higher is not a reason to sell in and of itself, though don&#8217;t forget that overvalued stocks are risky,&#8221; he further added. 
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/24/12/42499608/investment-guru-peter-lynch-if-you-cant-explain-to-an-11-year-old-in-2-minutes-or-less-why-you-own-t" target="_blank" rel="noreferrer noopener">Investment Guru Peter Lynch: ‘If You Can't Explain To An 11-Year-Old In 2 Minutes Or Less Why You Own The Stock, You Shouldn't Own It'</a>
Another critical point Lynch made is that a stock price decline doesn't necessarily mean the investor was wrong. Short-term volatility doesn't dictate the validity of a well-researched investment decision. 
Lynch noted, "The average movement of a stock on the New York Stock Exchange this century has been 50% between its high and low." Even strong stocks can experience significant temporary declines.
&#8220;The short-term movements of a stock price don&#8217;t determine whether you are right or wrong. Investing success cannot be determined by the initial outcome alone,&#8221; he added. 
Lynch also reminded investors of the inherent risk in stock investing. He dispelled the myth that cheap stocks are inherently safer, pointing out that the potential loss is the same regardless of the stock's initial price if it collapses entirely.
&#8220;Many people often forget that when investing, you can always lose what you have invested, even if a stock is cheap,&#8221; he said. 
Lynch highlighted the importance of thorough research. He said that the person who turns over the most rocks wins, encouraging investors to scrutinize a broad range of companies to uncover mispriced opportunities. 
If you look at 10 companies you will find one which is mispriced. If you look at 20 you will find two. The person who turns over the most rocks wins," Lynch added. 
Why It Matters: These principles, rooted in decades of experience, provide valuable guidance for investors navigating today's dynamic markets. 
By focusing on fundamentals, avoiding emotional decisions, and committing to rigorous analysis, Lynch's approach underscores the keys to long-term success.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Stock Split

Peter Lynch's Timeless Investment Rules: 'You Can Always Lose What You Have Invested, Even if a Stock Is Cheap'

Warren Buffett, renowned for his &#8220;buy-and-hold&#8221; investment philosophy, rarely sells stocks, making his decision to divest significant stakes a noteworthy event. 
Known as the &#8220;Sage of Omaha,&#8221; Buffett prefers to hold positions indefinitely, only selling when he believes a company's competitive advantage has eroded.
His approach to investing is built on patience and confidence in a business's long-term fundamentals.
"We're more reluctant to sell them than most people," Buffett <a href="https://www.youtube.com/watch?v=7aH5ss-uLEc">explained</a> during Berkshire Hathaway's 2009 annual meeting.
"If we made the right decision going in, we like to ride that a very long time, and we've owned some stocks for decades. But if the competitive advantage disappears, if we really lose faith in the management, if we were wrong in the original analysis — and that happens — we sell," Buffett added. 
Also Read: <a href="https://www.benzinga.com/markets/24/12/42638957/warren-buffetts-timeless-advice-if-youre-gonna-do-dumb-things-because-your-stock-goes-down-you-shouldnt-own-a-stock-at-all">Warren Buffett's Timeless Advice For Investing $10,000: &#8216;If You're Gonna Do Dumb Things Because Your Your Stock Goes Down, You Shouldn&#8217;t Own A Stock At All&#8217;</a>
Buffett's strategy was evident in his historic investment in newspapers during the 1970s. Back then, he viewed publications like the Omaha World-Herald and Buffalo News as indomitable franchises. 
However, the industry faced severe challenges in the early 2000s, as digital platforms eroded advertising revenues. Recognizing these structural changes, Buffett eventually sold his portfolio of around 30 newspapers in early 2020, signaling his belief that their competitive edge had vanished.
This rare shift in Buffett's portfolio management reflects his disciplined approach to identifying and responding to fundamental changes in industries. 
His actions underscore the importance of evaluating long-term competitive advantages, even for businesses previously considered untouchable.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

How Warren Buffett Decides When To Sell a Stock: 'If the Competitive Advantage Disappears...We Sell'

The U.S. housing market is set to enter 2025, facing the same crosswinds as this year. Mortgage rates are expected to remain volatile and home prices are expected to continue their upward trajectory, albeit at a <a href="https://www.benzinga.com/news/24/12/42499868/zillows-top-trends-for-homes-in-2025">slower pace than during the pandemic boom years</a>.
Recent data points to a market in limbo, with October&#8217;s median single-family home price reaching $437,300, up from $426,800 in September, according to U.S. Census figures. Meanwhile, the rental market has shown signs of cooling, with median rents hovering at $1,619 in October – practically unchanged from the previous year, according to Redfin.
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&#8220;If the housing market were going to crash, it would have already crashed by now,&#8221; Daryl Fairweather, chief economist at Redfin, said to CNBC. &#8220;The housing market has been so resilient to interest rates going up as high as they have.&#8221;
Economists project home prices will rise about 4% throughout 2025, marking a return to pre-pandemic growth rates. However, CoreLogic economist Selma Hepp told CNBC that price appreciation might remain flat during the spring buying season.
The rental landscape appears poised for shifts. A surge in new apartment construction is expected to keep national rent growth flat throughout 2025, potentially strengthening renters&#8217; negotiating position.&nbsp;
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Mortgage rates will likely remain a wild card. While Redfin forecasts an average of 6.8% in 2025, the trajectory could shift based on economic policies and inflation trends. Jessica Lautz, deputy chief economist at the National Association of Realtors, expects rates to settle in the 6% range as 2025 unfolds.
Home sales volume might finally see an uptick after years of constraint. According to the CNBC report, Redfin projects approximately four million homes will change hands in 2025, representing a 2% to 9% increase from 2024. &#8220;People have waited long enough,&#8221; Fairweather said, pointing to pent-up demand from buyers and sellers who&#8217;ve delayed moves.
Climate considerations <a href="https://www.benzinga.com/real-estate/23/11/35683304/affordability-at-risk-climate-driven-housing-crisis-impacting-buyers">increasingly factor into housing market dynamics</a>. Areas facing elevated risks from hurricanes, wildfires or flooding may see dampened price growth. Insurance challenges in these regions compound the issue, with some markets experiencing limited policy availability and steep premium increases.
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The impact extends beyond traditional high-risk zones. &#8220;Every part of the country is vulnerable because the weather patterns are changing,&#8221; Fairweather said. She points to California&#8217;s atmospheric rivers causing flooding in areas where homes weren&#8217;t built to withstand those conditions.
There are variations at the local market levels. In Austin, Texas, where multifamily construction has increased supply, rents dropped 2.9% year-over-year. Conversely, supply-constrained markets like Seattle, Washington D.C. and New York City continue experiencing annual rent growth of around 5%.
For potential homebuyers, affordability hurdles persist beyond purchase prices. Rising insurance costs and property taxes may temper market competition even as more buyers enter. &#8220;We&#8217;ll definitely see more buyers out there,&#8221; Hepp said, &#8220;but I don&#8217;t see the competition heating up to the levels that it has over the last few years.&#8221;
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Volatile Mortgage Rates, Flat Rents And Climate Risks: What To Expect From Housing In 2025 According To Economists

In a significant data security incident, 5 million credit and debit card numbers, along with customers&#8217; financial records and personal details, have been exposed, raising the risk of financial fraud and identity theft for millions of Americans.
What Happened: The data security company Leakd has revealed that it has found five terabytes of screenshots online. These screenshots contained unique credit and debit card numbers, financial records, and personal information, including users&#8217; full names, billing addresses, email addresses, phone numbers, and credit card details.
Many of the screenshots had the logo of Braniacshop, a website flagged as questionable by Scam Detector. Leakd suspects that the party behind the data leak may have initiated a deliberate data-harvesting campaign, enticing users with promotional offers that seemed too good to be true.
According to the <a href="https://leakd.com/leaks/christmas-at-risk-for-millions-of-americans-as-credit-card-details-leaked/">data</a>, the potential financial value of the stolen data could exceed $85 million. The firm advises users who believe their data may have been compromised to monitor their financial accounts for suspicious activity, set up fraud alerts, and freeze credit to prevent scammers from opening fraudulent accounts.
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Why It Matters: This data breach underscores the increasing threat of cybercrime and the importance of robust data security measures. With the potential financial value of the leaked data estimated at over $85 million, the incident serves as a stark reminder of the lucrative nature of data theft for cybercriminals. 
The breach also highlights the need for consumers to remain vigilant and proactive in protecting their personal and financial information.
As cyber threats continue to evolve, companies and individuals must prioritize data security to prevent such breaches. 
This incident serves as a wake-up call for businesses to invest in advanced security measures and for consumers to be cautious about sharing personal information, especially on platforms with questionable credibility.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Personal Finance

Massive Data Breach Exposes Millions of Credit and Debit Cards—Is Your Account Safe?

A growing trend has emerged in the aftermath of Florida's historic hurricane season: <a href="https://www.benzinga.com/real-estate/24/06/39316404/could-this-developers-hurricane-resistant-housing-save-florida-real-estate">investors are snatching up</a> hurricane-damaged homes, particularly in neighborhoods like St. Petersburg's Shore Acres.
Fox 13 Tampa Bay first reported on this on Dec. 13, highlighting both the opportunities and risks of this phenomenon. While some see this as an opportunity to rebuild and revitalize, others are raising red flags about the quality of repairs – and whether future buyers will unknowingly inherit homes with hidden issues.
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Albert Jasuwan of JAS Builders explained to Fox 13 that many investors are focused on waterfront properties now valued at $800,000 or less. "The main thing investors are focusing on is lifting homes and rebuilding them," Jasuwan said. The emphasis on rebuilding has made these properties attractive to investors hoping to flip them for a profit.
In Shore Acres, the numbers tell a clear story. Kevin Batdorf, a local realtor and president of the Shore Acres Civic Association, shared that of the 40 homes sold in the neighborhood since the hurricane, 38 were purchased by investors. "My biggest concern is that investors are going in and, as we say in the business, slapping lipstick on a pig to resell them," Batdorf said.
The phrase "slapping lipstick on a pig" highlights concerns that some of these repairs may be superficial, leaving deeper structural or water damage unresolved.&nbsp;
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For buyers, this could mean costly surprises, particularly when securing insurance for these homes. "The biggest concern is for the person who buys it from the investor because they won't be aware of how bad the damage was and may not be able to get insurance," Batdorf warned.
<a href="https://www.benzinga.com/personal-finance/24/08/40262059/suze-orman-ditches-homeowners-insurance-after-getting-an-absurdly-high-quote-28-000-for-a-2-100-">Florida's home insurance market</a> is in a tough spot and recent hurricanes have only worsened things. Homeowners are facing skyrocketing premiums, with some seeing increases as high as 400% over the past few years.
The situation has become so dire that many major insurers, like Farmers Insurance, have pulled out of the state entirely, leaving <a href="https://www.benzinga.com/personal-finance/24/07/39578712/charlie-munger-said-he-and-warren-buffett-always-self-insure-you-should-too-if-you-can-afford-it">homeowners with fewer options</a>.
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Still, there's another side to the story. Real estate agent Paige (last name not provided) offered a more optimistic view to the news outlet, suggesting that experienced investors might be better equipped to handle the complexities of rebuilding. "You can trust what they're doing; they probably have more experience and are going to get it done the right way," Paige said. She contrasted this with inexperienced individuals who might make mistakes that could ultimately impact property values in the neighborhood.
This debate <a href="https://www.benzinga.com/real-estate/24/06/39459662/the-poison-pill-facing-florida-condo-owners">emphasizes a larger issue: transparency</a>. Future buyers must thoroughly vet any hurricane-damaged home, ideally with the help of a structural engineer or inspector familiar with storm-related damage. Some experts call for more robust disclosure requirements on the seller&#8217;s side to ensure buyers understand the extent of prior damage and repairs.
As Florida continues to rebuild before the next storm season, this trend highlights the fine line between revitalization and risk. For now, the advice for prospective buyers is clear: do your homework and don't rely on appearances alone. After all, no one wants to pay top dollar for a home only to discover it's still reeling from the last storm.
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'Slapping Lipstick on a Pig' – Investors Are Snatching Up Hurricane-Damaged Homes in Florida To Flip, But Concerns Rise Over Repair Quality

The year 2024 marked a significant increase in the net worth of the world&#8217;s wealthiest individuals, particularly those in the tech sector. 
What Happened: 2024 wasn&#8217;t a year of financial prosperity for all, with some billionaires in the luxury retail sector experiencing substantial losses. A&nbsp;recent report revealed that the S&amp;P 500 and Nasdaq experienced growth of 25% and 33% respectively in 2024. 
This growth significantly benefited the ultra-wealthy, especially those with investments in tech companies.
According&nbsp;to the Bloomberg Billionaires <a href="https://www.bloomberg.com/billionaires/">Index</a>, the collective net worth of the five wealthiest individuals in the tech sector surged by $542 billion. The rise in AI technology and a post-election rally pushed many tech stocks to record highs.
One of the major winners was&nbsp;Elon Musk, whose net worth almost doubled to $468 billion, primarily due to the stock market rally following Donald Trump&#8217;s election victory. Musk&#8217;s wealth mainly comes from his stakes in&nbsp;Tesla Inc.&nbsp;and SpaceX.
Mark Zuckerberg, CEO of Meta Platforms Inc saw an $85 billion increase in his net worth, thanks to a strong ad business and AI advancements, pushing the company's stock up over 70%. Similarly, Jensen Huang of Nvidia Corp. became a centibillionaire, gaining $78 billion as the company maintained its dominance in AI chips.
Other winners included Larry Ellison of Oracle Corp., whose wealth grew by $70 billion, and Jeff Bezos, Amazon's founder, who saw a $69 billion increase as Amazon's stock rose 45% following Trump's election win.
Also Read: <a href="https://www.benzinga.com/news/23/05/32127643/self-made-millionaire-gives-gen-z-advice-on-building-wealth-dont-try-to-be-40-before-you-are-40">Self-Made Millionaire Gives Gen Z Advice On Building Wealth: &#8216;Don&#8217;t Try To Be 40 Before You Are 40&#8217;</a>
On the other hand, not all billionaires had a prosperous year. Those with investments in luxury retail saw their fortunes decline significantly due to the struggles faced by the sector in 2024.
Billionaires tied to luxury goods and retail experienced significant losses. Bernard Arnault of LVMH lost $31 billion amid struggles in China's economy, while Françoise Bettencourt Meyers of L'Oréal and Francois Pinault of Kering faced losses of $25 billion and $14 billion, respectively, due to a global luxury slowdown. Carlos Slim and Colin Huang also faced sharp declines, with losses tied to telecommunications and fast fashion industries.
Why It Matters: The tech sector&#8217;s performance in 2024 underscores the growing influence and wealth of tech billionaires. The significant growth in the S&amp;P 500 and Nasdaq, coupled with advancements in AI technology, created a favorable environment for tech stocks. This, in turn, led to a substantial increase in the net worth of tech billionaires.
However, the luxury retail sector&#8217;s struggles highlight the economic disparities among billionaires. While tech billionaires saw their wealth increase, those invested in luxury retail faced significant losses. 
This divergence in fortunes underscores the varying impacts of market trends on different sectors and the billionaires invested in them.
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Shutterstock

Success Stories

NVDA

TSLA

Musk To Arnault: Here's A Look At 2024's Billionaire Boom and Bust, Who Gained and Who Lost

Billionaire investor Mark Cuban voiced his disapproval of <a href="https://www.benzinga.com/news/24/11/41703723/mark-cubans-million-dollar-advice-to-teens-if-i-were-16-again-id-start-this-lucrative-side-hustle">meme coins, referring to them as a &#8220;hustle.&#8221;</a>
What Happened: In a recent interview, Cuban revealed his lack of enthusiasm for meme coins. Cuban likened meme coins to a game of musical chairs, where some investors reap quick profits while others witness their value evaporate instantly.
"I'm not a fan of meme coins. Obviously, it's a hustle. There's no there there. And so it's just like a game of musical chairs with money. Some people make money and some people won't," Cuban <a href="https://www.youtube.com/watch?v=oEK2063FPLw">said</a>.
Cuban&#8217;s remarks were in reaction to the digital debut of HAWK coin in early December, initiated by 22-year-old Internet sensation Haliey Welch.
The coin&#8217;s market capitalization soared to nearly $500 million before plummeting to $28 million within 24 hours. Cuban expressed sympathy for Welch, stating, "It wasn't something she fully understood, but she trusted the people around her. I'm not mad at Haliey at all. I feel bad for her that she got put in this position. She'll be fine and, you know, what's done is done."
Also Read: <a href="https://www.benzinga.com/news/24/12/42638290/mark-cubans-wealth-journey-i-want-to-live-off-this-for-a-long-time">Mark Cuban&#8217;s Wealth Journey: &#8216;I Want to Live Off This for a Long Time&#8217;</a>
Despite his skepticism towards meme coins, Cuban continues to invest in cryptocurrencies. His previous investments include coins like&nbsp;Titan, which crashed in June&nbsp;2021, and also Polygon (MATIC) and Injective (INJ).
Why It Matters: Cuban&#8217;s stance on meme coins is significant given his active involvement in cryptocurrency investments. He believes that&nbsp;for a meme coin to&nbsp;succeed, it needs to build a community, similar to Dogecoin. 
&#8220;If there&#8217;s&nbsp;a meme that develops a&nbsp;community so that it&#8217;s&nbsp;almost like a lottery ticket&nbsp;that everyone gets to talk&nbsp;about, then it&#8217;s not great, but it&#8217;s okay,&#8221; he said. 
This highlights the importance of community building in the volatile world of meme coins, where investor sentiment can drastically sway market value.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Mark Cuban Criticizes Meme Coins as a 'Hustle' and Money Gamble: 'Like a Game of Musical Chairs With Money'

Influential House Republicans are calling for the disclosure of a confidential list that details the use of $17 million in taxpayer money that was reportedly used to settle sexual harassment claims within Congress.
What Happened: Reps. Thomas Massie (R-Ky.) and Marjorie Taylor Greene (R-Ga.) have urged Congress to reveal&nbsp;the names of current and&nbsp;former members who have utilized public funds to resolve such allegations.
The&nbsp;Office of Congressional Workplace Rights&nbsp;has been discreetly paying out over $17 million since 1997 to settle almost 300 workplace disputes. 
These disputes range from sexual harassment to discrimination and pay disputes. Despite this, the identities of those who have reached settlements are yet to be disclosed.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congress has secretly paid out more than $17 million of your money to quietly settle charges of harassment (sexual and other forms) in Congressional offices. Don't you think we should release the names of the Representatives? I do.<a href="https://t.co/hmqlLDO2h0">pic.twitter.com/hmqlLDO2h0</a>
&mdash; Thomas Massie (@RepThomasMassie) <a href="https://twitter.com/RepThomasMassie/status/1872324691727368600?ref_src=twsrc%5Etfw">December 26, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yes. I want to release the congressional sexual slush fund list. Tax payers should have never had to pay for that. Along with all the other garbage they should not have to pay for. <a href="https://t.co/8CyCO0haHk">https://t.co/8CyCO0haHk</a>
&mdash; Rep. Marjorie Taylor Greene&#x1f1fa;&#x1f1f8; (@RepMTG) <a href="https://twitter.com/RepMTG/status/1872349175117128061?ref_src=twsrc%5Etfw">December 26, 2024</a></blockquote>
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The demand for transparency by Massie and Greene comes after the House Ethics Committee released a report into allegations of sexual misconduct against ex-Rep. Matt Gaetz (R-Fla.). 
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Following the controversial release of this report, Gaetz proposed a plan to reveal&nbsp;those on the secret list.
Former House Republicans Mo Brooks (R-Ala.) and Jason Chaffetz (R-Utah) have also expressed their support for the disclosure of the list. 
Why It Matters: The call for transparency over the use of taxpayer money to settle sexual harassment claims within Congress is a significant move.
It not only highlights the issue of sexual harassment within the political sphere but also raises questions about the use of public funds. 
The disclosure of the names on the list would hold those responsible accountable and could potentially lead to reforms in the way such allegations are handled within Congress. 
This move also aligns with the growing demand for transparency and accountability in public offices.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

Politics

Republicans Urge Accountability For Alleged $17 Million Congressional 'Sexual Slush Fund'

Microsoft co-founder&nbsp;Bill Gates&nbsp;once voiced his doubts about Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), stating that he would bet against the cryptocurrency if given the opportunity.
What Happened: During an interview in 2018, Gates criticized Bitcoin&#8217;s lack of productivity as an asset class. 
&#8220;As an asset class, you&#8217;re not producing anything and so you shouldn&#8217;t expect it to go up. It&#8217;s kind of a pure &#8216;greater fool theory&#8217; type of investment,&#8221; Gates <a href="https://www.cnbc.com/2018/05/07/bill-gates-i-would-short-bitcoin-if-i-could.html#:~:text=Bitcoin%20and%20other%20cryptocurrencies%20are,do%20it%2C%22%20he%20said.">told</a> CNBC.
He further added, &#8220;I&nbsp;agree I would short it&nbsp;if there was an easy&nbsp;way to do it.&#8221; 
Despite his criticism of Bitcoin and Initial Coin Offerings (ICOs), Gates acknowledged the potential of the underlying blockchain technology.&nbsp;
"Bitcoin and ICOs, I believe completely of the crazier, speculative things," Gates added. He also said that someone once gave him some Bitcoin for his birthday, but he sold it a few years afterward.
Also Read: <a href="https://www.benzinga.com/tech/24/12/42714387/tech-titans-warm-up-to-donald-trump-who-says-everybody-wants-to-be-my-friend-claims-bill-gates-asked-to-come-to-mar-a-lago">Tech Titans Warm Up To Donald Trump, Who Says &#8216;Everybody Wants To Be My Friend,&#8217; Claims Bill Gates Asked To Come To Mar-a-Lago</a>
Blockchain eliminates the need for&nbsp;a third-party intermediary, such as&nbsp;a bank, by quickly creating&nbsp;a secure, permanent record of&nbsp;a transaction between two parties.
At the time of writing, Bitcoin was trading at $94,816.71. 
Why It Matters: Gates&#8217; skepticism towards Bitcoin adds to the ongoing debate about the viability of cryptocurrencies. 
While the underlying blockchain technology is widely acknowledged for its potential to revolutionize various sectors, the volatility and lack of productivity of cryptocurrencies like Bitcoin continue to raise concerns among investors and industry leaders. 
Gates&#8217; comments come at a time when Bitcoin&#8217;s value has seen significant fluctuations, further highlighting the risks associated with such investments.
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This content was partially produced with the help of&nbsp;AI&nbsp;and was reviewed and published by Benzinga editors.

Bill Gates Expressed Skepticism Towards Bitcoin: 'I Would Short It' If Possible

<a href="https://www.benzinga.com/24/11/42118033/nba-legend-shaq-put-his-mom-and-dad-on-payroll-when-he-made-it-big-in-basketball-now-you-making-half-a-million-a-year">Shaquille O'Neal</a> isn't just known for his dominance on the basketball court or his $500 million net worth as a savvy business owner. He also stands by his principles, even when it means leaving millions on the table. In 1998, Shaq made what he calls his "best business decision" – a move that set him apart as more than just an athlete chasing profits.
While appearing on the "Full Send" podcast in 2021, Shaq shared why he ended his $40 million, five-year sneaker deal with Reebok. The turning point? A heated confrontation with a frustrated mother.
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One day, after a game at the Orlando Magic arena, Shaq was approached by a woman who wasn't shy about speaking her mind. "This lady ripped me a new a&#x2A;&#x2A;hole," Shaq recalled. Her issue? The steep price of Reebok sneakers bearing his name.
"She called me a motherf&#x2A;&#x2A;&#x2A;er and said, ‘You're charging these babies all this money for shoes.' I had $2,000 in my pocket and tried to give it to her," Shaq said. But the woman wasn't looking for a handout.
"She smacked the money out of my hand and said, ‘Why don't you make a shoe that's affordable?'" Shaq added.
That moment struck a chord. "I thought about it and you know what? She's right," Shaq said.
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That same day, Shaq made a <a href="https://www.benzinga.com/real-estate/24/10/41168132/nba-legend-shaq-only-used-2-rooms-in-his-76-000-sq-ft-mansion-the-kitchen-because-i-like-to-eat-and">life-changing decision</a>: he called it quits with Reebok.
"I told them, ‘Keep the money. This ain't right,'" Shaq shared. He decided to start his shoe brand, prioritizing affordability without compromising quality or style. "I went to my favorite store, Walmart and we did a deal," he said.
Shaq's vision was clear: create sneakers priced between $15 and $29. And while some doubted that kids would want to wear "cheap" shoes, Shaq proved them wrong. "It's not kids that don't want to wear $20 shoes – it's that they don't want to wear shoes that look like they cost $20," he explained.
The <a href="https://www.benzinga.com/personal-finance/24/11/42168305/walmart-cfo-says-they-dont-want-to-raise-prices-but-prices-will-go-up-for-consumers-due-to-upcoming-tariffs">partnership with Walmart</a> turned out to be a massive success. By 2021, Shaq's affordable footwear line had sold over 400 million pairs. Thanks to Shaq's decision, families who once couldn't afford branded sneakers now had access to stylish, durable options.
Trending: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
What's more, Shaq didn't burn bridges with Reebok. Instead, he brought some of their designers to work on his Walmart line, proving that business can be ethical and collaborative.
Shaq's move to prioritize affordability over profits reflects his broader business owner and philanthropist philosophy. He's always focused on making a difference, from investing in community projects to supporting charitable causes. "I'm over investing just for monetary returns," Shaq has said. "I want to better people's lives."
This decision wasn't just a win for Walmart shoppers – it was a statement about what matters most. In an industry where profit often comes before people, Shaq chose to break the mold.
Shaquille O'Neal's choice to walk away from $40 million taught us all something about the power of standing by your principles. According to a December 2024 Marca article, Shaq paraphrased Jeff Bezos, stating, "If you invest in things that improve people's lives, the return will follow."&nbsp;
Thanks to that life-changing encounter outside an Orlando arena, millions of kids today can walk in Shaq's shoes – literally. And isn't that what <a href="https://www.benzinga.com/money/are-you-rich">true success looks like</a>?
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NBA Legend Shaq Abandoned A $40 Million Reebok Shoe Deal After A Lady Confronted Him Over High Price Tag: 'Ma'am, I Don't Make The Prices'

President-elect Donald Trump publicly backed the H-1B visa program, siding with Elon Musk in a contentious debate within the <a href="https://www.benzinga.com/news/24/12/42496864/exclusive-eric-trump-calls-elon-musk-albert-einstein-of-our-time-says-tesla-ceo-will-help-build-a-stronger-america">MAGA camp</a>.
What Happened: According to a report on Saturday, Trump expressed his support for the H-1B visa program, which enables companies to employ foreign workers in specialized roles.
This comes as a surprising shift from his previous administration, which had imposed restrictions on such visas. Speaking <a href="https://nypost.com/2024/12/28/us-news/donald-trump-backs-h-1b-visa-program-supported-by-elon-musk/">with</a> The New York Post, Trump stated, &#8220;I&#8217;ve always liked the visas, I have always been in favor of the visas. That&#8217;s why we have them.&#8221;
"I have many H-1B visas on my properties. I've been a believer in H-1B. I have used it many times. It's a great program," added Trump.
Musk, along with other leaders in the tech industry, has been a vocal advocate for the expansion of the H-1B visa program, arguing that it is vital for American companies to secure highly skilled labor. 
This position has faced criticism from staunch MAGA supporters who advocate for stricter immigration controls to prioritize U.S. workers.
Also Read: <a href="https://www.benzinga.com/news/24/12/42714402/elon-musk-weighs-in-on-maga-divide-urges-gop-to-purge-contemptible-fools">Elon Musk Weighs In On MAGA Divide, Urges GOP To Purge &#8216;Contemptible Fools&#8217;</a>
Despite the backlash, Musk insists&nbsp;that the H-1B visa program&nbsp;is crucial for attracting top engineering talent to the U.S., thereby ensuring the country&#8217;s competitive edge.
Meanwhile, Musk shared his optimism in a post on X about the changes made by the Trump administration, predicting a stronger America.
On Sunday, Musk expressed his confidence in the changes implemented by the Trump administration. He suggested that these changes would significantly strengthen America, using the metaphor &#8220;a&nbsp;rising tide lifts all boats.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You too. I'm confident that the changes made in the <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> administration will make America much stronger. A rising tide lifts all boats.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1873193412733878306?ref_src=twsrc%5Etfw">December 29, 2024</a></blockquote>
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Musk&#8217;s statement comes amidst a time of intense political discourse in the United States. As a prominent figure in the tech industry, his views often carry weight and influence public opinion. 
Why It Matters: The support from Trump, a prominent figure in the MAGA camp, could potentially sway the ongoing debate on the H-1B visa program. His endorsement of the program aligns with the tech industry&#8217;s call for access to global talent, a move that could bolster the U.S.&#8217;s competitive standing in the tech industry. 
However, this stance is likely to face opposition from those within his camp who advocate for stricter immigration policies. The unfolding debate underscores the tension between the need for skilled foreign workers and the push for domestic labor prioritization.
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Trump Backs Immigration Visas, Musk Praises His Stance and Says 'Rising Tide Lifts All Boats'

<a href="https://archive.ph/jqMKX" title="https://archive.ph/jqMKX">https://archive.ph/jqMKX</a>

Tech

Financial Times Reported Earlier, Nvidia Bets On Robotics To Drive Future Growth Set To Launch Its Latest Generation Of Compact Computers For Humanoid In First Half Of 2025

A vacant plot neighboring&nbsp;Jeff Bezos&#8217;&nbsp;properties in Miami is up for grabs, with a hefty price tag of $200 million.
What Happened: According to a report, a 1.84-acre property located on Indian Creek, a private island in Miami-Dade County, Florida, is for sale.
The island, often referred to as the &#8220;Billionaire Bunker,&#8221; is home to properties owned by high-profile figures such as Jared Kushner and Ivanka Trump, Tom Brady, Carl Icahn, and Bezos.
According to a report <a href="https://www.businessinsider.com/jeff-bezos-miami-neighbor-property-selling-vacant-plot-2024-12">by</a> Business Insider, the $200 million asking price for the plot is significantly higher than what Bezos paid for any of his three properties on the island. 
Bezos&nbsp;purchased a $68 million mansion&nbsp;and an adjacent property for&nbsp;$79 million in 2023, followed by a third acquisition worth $90 million in September.
Real estate agent Ilya Reznik, who is representing the anonymous owners, told the outlet that the high asking price is due to the plot&#8217;s &#8220;very unique location.&#8221; The owners initially&nbsp;bought the land for $27.5&nbsp;million in 2018. The sale also includes predesigns for a 25,000-square-foot estate.
Also Read: <a href="https://www.benzinga.com/news/24/12/42380748/heres-how-jeff-bezos-three-simple-steps-made-amazon-a-giant">Here&#8217;s How Jeff Bezos&#8217; Three Simple Steps Made Amazon a Giant</a>
According to the listing, the land&nbsp;comes with 200 feet of&nbsp;Biscayne Bay waterfront, allowing the potential&nbsp;owner to build a deep-water&nbsp;dock for a 180-foot mega yacht.
Why It Matters:&nbsp;The sale of this plot is indicative of the escalating real estate prices in the Miami area, particularly on Indian Creek Island. The island has seen a surge in high-profile buyers in recent years, driving up property values. 
The plot&#8217;s proximity to Bezos&#8217; properties further adds to its value, given the Amazon founder&#8217;s prominence. The fact that the plot comes with predesigns for a large estate and the potential for a deep-water dock adds to its appeal for potential buyers looking for luxury and exclusivity. 
The sale will be a significant one to watch, as it could set a new benchmark for property prices on the island.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

Jeff Bezos' Neighbor Lists Vacant Miami Lot For $200 Million After Buying It For Just $27.5M

Grant Cardone, the entrepreneur and motivational speaker known for his <a href="https://www.benzinga.com/personal-finance/24/08/40166983/grant-cardone-says-earning-400-000-a-year-is-embarrassing-as-a-human-being-asks-how-do-you-make-">bold takes on money and success</a>, recently <a href="https://x.com/GrantCardone/status/1870514005896564786">tweeted</a> a powerful statement: &#8220;America should have the wealthiest middle class in the world bar none!&#8221;
The tweet sparked conversations about the current state of America's middle class. Cardone's sentiment is clear – the U.S. middle class should set the global standard for wealth. But is that vision realistic in today's economic landscape?
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">America should have the wealthiest middle class in the world bar none!
&mdash; Grant Cardone (@GrantCardone) <a href="https://twitter.com/GrantCardone/status/1870514005896564786?ref_src=twsrc%5Etfw">December 21, 2024</a></blockquote>
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<h2 class="wp-block-heading">A Shrinking Majority</h2>
Over the past five decades, the U.S. <a href="https://www.benzinga.com/personal-finance/24/09/41102547/is-your-income-higher-than-the-average-middle-class-household-heres-what-theyre-earning">middle class has steadily shrunk</a>. According to <a href="https://www.pewresearch.org/short-reads/2022/04/20/how-the-american-middle-class-has-changed-in-the-past-five-decades/">Pew Research</a>, the proportion of adults living in middle-class homes decreased from 61% in 1971 to 50% in 2021. Meanwhile, the proportion of adults in higher and lower income brackets increased, indicating growing income disparity. The upper-income tier grew from 14% in 1971 to 21% in 2021, while the lower-income tier expanded from 25% to 29%.
Although household incomes have risen since 1970, middle-class earnings haven't grown as much as those of upper-income households. From 1970 to 2020, the median income for middle-class households grew by 50%, while for upper-income households, it grew by 69%. This <a href="https://www.benzinga.com/personal-finance/24/05/38762342/how-much-do-you-need-to-join-the-richest-1-it-may-be-less-than-you-realize">concentration of wealth among the richest</a> Americans has widened the economic gap.
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<h2 class="wp-block-heading">What Defines the Middle Class?</h2>
Being middle class <a href="https://www.benzinga.com/personal-finance/24/02/37264496/what-does-it-mean-to-be-middle-class-hint-its-more-than-how-much-you-make">isn't just about income</a> but financial stability. A Washington Post survey found that most people agree it's also about financial security. To truly be middle class, you need to have a steady job, save money, pay bills without stress, handle a $1,000 emergency without going into debt, have health insurance and plan for a comfortable retirement.
Sadly, only about one-third of Americans meet all these standards. This shows that being middle class is more than just income; it's about having stability and being prepared for life's challenges.
Trending: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
The middle class has always been a key part of the U.S. economy. In 1970, middle-class households earned 62% of the country&#8217;s income. By 2020, that number had dropped to 42%. Meanwhile, upper-income households' share of total income rose from 29% to 50%.
This <a href="https://www.benzinga.com/general/24/02/36941891/the-wealth-gap-widens-the-5-richest-billionaires-got-2x-richer-as-5-billion-people-continue-to-get-p">growing gap between rich and poor</a> can hurt the economy. A strong middle class drives spending, keeps the economy growing and makes society more stable. Cardone's idea of a wealthy middle class highlights the importance of closing the gap and giving more people the chance to succeed.
<h2 class="wp-block-heading">Who's Moving Up the Income Ladder?</h2>
Certain groups have made progress over the past 50 years: older adults (65+) saw their share in the upper-income tier rise from 7% in 1971 to 16% in 2021, thanks to factors like Social Security, education and increased workforce participation. Black adults maintained their middle-class share at 47%, even as other racial groups saw declines. Married individuals and dual earners are likelier to be in the upper-income tier, highlighting the financial advantages of combined household incomes.
Trending: Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a>
<h2 class="wp-block-heading">Can Cardone's Vision Become Reality?</h2>
Grant Cardone's vision of a <a href="https://www.benzinga.com/personal-finance/24/09/40711869/how-rich-are-you-heres-the-net-worth-that-defines-upper-middle-and-lower-class">thriving middle class</a> is essential for America's long-term economic health. To make it happen, the country needs to take big steps to reduce income inequality, improve access to education and create policies that help families build financial security.
The U.S. middle class was once a global benchmark. Cardone's statement reminds us of its importance and challenges us to reimagine what's possible. With the right focus and effort, America's middle class could become the wealthiest in the world – bar none.
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Grant Cardone Says, 'America Should Have The Wealthiest Middle Class In The World, Bar None'

New York City Council approved a rezoning plan on Dec. 5, clearing the way for 82,000 new apartments and $5 billion in infrastructure and housing development over 15 years. It marks the largest zoning change since 1961.
The City of Yes for Housing Opportunity plan passed by a 31-20 vote amid a citywide vacancy rate of 1.4%. The Regional Plan Association projects New York needs 473,000 additional housing units by 2032 to meet demand.
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Mayor Eric Adams launched the plan after data showed job growth outpacing housing development across New York for four decades. The zoning overhaul allows developers to build more units in districts where households earn 60% or below the Area Median Income, removes parking requirements in targeted neighborhoods and creates two high-density zones.
Under the new rules, property owners <a href="https://www.benzinga.com/real-estate/24/12/42617007/ignore-new-york-at-your-peril-nyc-office-market-hits-overdrive-breathing-life-into-the-citys-business-and-real-estate">can convert vacant offices into apartments more easily</a>. Churches and campus properties receive expanded rights to construct buildings, while homeowners gain permission to add basement units and backyard cottages in designated areas.
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&#8220;It&#8217;s going to create a lot more opportunities and hopefully relieve some of the rental burden on tenants. It&#8217;s nice to see we&#8217;re shifting away from the NIMBY mentality and we&#8217;re fostering a pro-development sentiment in the marketplace,&#8221; Sean Kelly, partner at Ariel, told Forbes, which originally reported on the topic.
Real estate values <a href="https://www.benzinga.com/content/42585733/new-york-housing-market-sees-steady-price-growth-amid-slight-declines-in-sales-activity">stand to climb under the new rules</a>. Ariel said a Harlem development site could grow its buildable square footage by 20%. A Brooklyn property may see a 46% increase in floor area ratio, while an East New York location could expand development potential by 70%.
Trending: CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast —<a href="https://www.benzinga.com/money/integris"> here&#8217;s how to invest in their private credit fund that targets 12% annual interest rate.</a>
The rezoning plan follows Gov. Kathy Hochul&#8217;s June housing policy, which extended the 421a tax abatement program&#8217;s deadline to 2031 and created tax exemptions (485x and 467m) for residential construction and office conversions.
Market activity shows momentum, with development sales volume up 25% from last year. Office-to-residential conversions make up over one-third of transactions, pointing to increased development in 2025 as the City of Yes takes effect.
The plan departs from past policies focused on landlord regulations, which removed thousands of units from the market. The new approach stresses building more housing across every neighborhood to increase supply.
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82,000 Apartments, $5 Billion: NYC's Rezoning Goldmine For Real Estate Investors

Over two years ago, OpenAI unveiled ChatGPT, a generative AI chatbot that revolutionized the industry. What began as a small project swiftly grew into the fastest-growing app in history (before Threads dethroned it later that year), currently boasting 200 million active users. One thing is evident even though its effects on businesses and daily life are still evolving: ChatGPT has been a huge boon for Big Tech.
According to Bloomberg, the six largest tech companies – Google, Amazon, Apple, Meta, Microsoft and Nvidia – have added over $8 trillion in market value since its launch.
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When ChatGPT went live, it kicked off an AI boom, getting people and businesses excited about new possibilities. Nvidia, for one, has skyrocketed to become one of the <a href="https://www.benzinga.com/markets/equities/24/10/41245350/nvidia-poised-to-overtake-apple-as-worlds-most-valuable-company-how-much-jensen-huangs-company-n">world's most valuable companies</a>, even taking the number-one spot at times. AI demand has boosted its chip sales and positioned it as the backbone of this growing tech revolution. By December 2024, Nvidia's market cap had surged by an incredible $3 trillion, recovering from a $54 billion drop in value in January 2023 relative to ChatGPT's launch in November 2022, according to a report by Visual Capitalist.
Microsoft's trajectory has been similarly remarkable. After losing $194 billion in January 2023, its market cap rebounded by $1.2 trillion by December 2024, supported by growing AI and cloud adoption. Amazon's valuation followed suit, climbing by $1.1 trillion in November 2024. Meta and Alphabet saw big gains, too, with companies growing by $1.1 trillion and $845 billion in market cap by late 2024, respectively.
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Despite its initial volatility, Apple saw a recovery. By December 2024, its market capitalization had grown from losing $345 billion in January 2023 to gaining $1.1 trillion.
As companies of all sizes rushed to implement AI solutions, cloud providers like Microsoft, Amazon and Google experienced tremendous growth. According to Crunchbase data, generative AI businesses have been consuming venture funds, making up about 35% of all VC funding this year.
Having recently <a href="https://www.benzinga.com/startups/24/10/41312615/investors-pour-billions-into-openai-whats-driving-this-unprecedented-surge-in-funding">raised $6.6 billion</a> at a valuation of $157 billion, OpenAI has grown into a behemoth comparable to firms like AT&amp;T and Goldman Sachs.&nbsp;
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<h2 class="wp-block-heading">ChatGPT vs. Google</h2>
Perhaps the most intriguing shake-up is ChatGPT's rising challenge to Google's dominance in search. A survey showed <a href="https://www.benzinga.com/tech/24/12/42378596/openais-chatgpt-makes-headway-in-search-threatening-googles-reign">ChatGPT now captures 5%</a> of the search market, up from 1% in June, with Millennials leading the way.
But Google won&#8217;t be going down without a fight. According to 71% of users, its Gemini AI and new search functions are still more popular than ChatGPT. Nevertheless, even a small shift in search market share is worth billions.
OpenAI has taken aggressive steps to compete, rolling out a full search feature and partnering with Apple to make ChatGPT more accessible. Whether it can monetize these efforts as effectively as Google remains to be seen.
In the end, despite AI&#8217;s huge impact, established tech firms have reaped the most rewards. High costs and competition from big firms make it difficult for startups to compete. Smaller startups often focus on niche markets like health care and law to avoid competing with the internet giants.
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A Handful Of Big Tech Companies Surged By $8 Trillion In Market Value Since ChatGPT's Launch – Marking A New Era

<a href="https://en.yna.co.kr/view/AEN20241229001063315?section=national/national" title="https://en.yna.co.kr/view/AEN20241229001063315?section=national/national">https://en.yna.co.kr/view/AEN20241229001063315?section=national/national</a>

Yonhap Reported 179 Of 181 Passengers Aboard Jeju Air Boeing 737-800 Confirmed Dead Following Crash At Muan International Airport In S. Korea On Sunday; Pane's Land Gear Failed To Deploy

In a tragic incident, a passenger plane carrying 181 people crashed while attempting to land at Muan International Airport in South Jeolla Province, South Korea.
What Happened: The Jeju Air flight 7C2216, which had taken off from Bangkok, Thailand, crashed around 9:07 a.m. local time during its landing attempt at Muan International Airport, <a href="https://www.yna.co.kr/view/AKR20241229011752054">Yonhap News Agency</a> reported on Sunday. The B737-800 aircraft collided with the airport&#8217;s outer runway wall, causing the plane to break apart and subsequently catch fire. The plane was carrying a total of 175 passengers and six crew members.
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At present, two individuals have been rescued from the rear of the aircraft, while 23 have been confirmed as either deceased or injured. Authorities expect the casualty count to increase as they gain access to the front and middle sections of the aircraft. Police and fire departments are currently engaged in extinguishing the fire and conducting rescue operations from the rear of the aircraft.
Why It Matters: This unfortunate incident has once again brought the issue of aviation safety into the spotlight.
The exact cause of the crash is still unknown and will be determined after a thorough investigation. This incident will likely have a significant impact on the aviation industry, particularly on Jeju Air, and may lead to increased scrutiny and potentially stricter safety regulations in the future.
The incident also underscores the importance of emergency response and rescue operations in such critical situations.
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