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Nilorngruppen AB is a Sweden-based company engaged in the branding, designing, manufacturing, and sale of labels, packaging products, and accessories for clients in the fashion and apparel sector. Its product portfolio consists of Trims, Packaging, and Information labels. Its revenue comes from the information Labels labels product range includes woven labels, printed textile labels, printed hanging labels, and flossed labels. Geographically, the segments of the company are the Nordic region, Other Europe, and Asia, of which key revenue is derived from the operations in the Asian countries. The company has a business presence in Sweden, Norway, Finland, Denmark, Germany, Belgium, Italy, Switzerland, France, India, Bangladesh, China, and Pakistan.

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List of Companies Reaching Yearly Lows Tuesday

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The week was abuzz with major developments in the tech world, with a particular focus on artificial intelligence (AI). From a bold prediction about Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&#8216;s future market cap to calls for a complete overhaul of data center infrastructure, and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) having its &#8220;iPhone moment,&#8221; the stories were as diverse as they were impactful. Let&#8217;s dive into the details.
Nvidia&#8217;s Potential $50 Trillion Worth
James Anderson, an early investor in Tesla Inc. and Amazon.com Inc., predicted that Nvidia could reach a market capitalization of nearly $50 trillion in the next decade. Anderson&#8217;s optimism is based on Nvidia&#8217;s pivotal role in the growing demand for AI chips, which are essential for advanced generative AI models. This demand has driven Nvidia&#8217;s shares up by 168% since the start of the year, pushing its market value above $3 trillion.
<a href="https://www.benzinga.com/markets/equities/24/07/39765205/nvidia-could-be-worth-nearly-50-trillion-in-a-decade-says-early-tesla-amazon-investor-nearly-2x-">Read the full article here.</a>
AI Boom Sparks Infrastructure Redesign
Jacky Liu, President of Taiwan&#8217;s leading data center operator, Chief Telecom, called for a complete redesign of data center infrastructure to support the demands of AI servers. Liu believes that the current infrastructure is inadequate and requires massive upgrades to accommodate the AI boom.
<a href="https://www.benzinga.com/news/24/07/39810790/as-nvidia-microsoft-and-google-lead-ai-boom-taiwans-chief-telecom-president-calls-for-entirely-new-d">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/07/39855896/how-to-fix-crowdstrike-issue-causing-blue-screen-of-death-on-your-windows-pc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Fix CrowdStrike Issue Causing Blue Screen Of Death On Your Windows PC</a>
Microsoft&#8217;s Trillion-Dollar Tech
Wedbush Securities' Daniel Ives referred to the current era as Microsoft&#8217;s &#8220;iPhone moment.&#8221; As the AI revolution gains momentum, Ives and other analysts predict a significant boost to Microsoft's valuation, potentially adding $1 trillion to its market cap.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39776594/microsofts-iphone-moment-wedbush-analyst-dan-ives-expects-ai-to-add-1-trillion-to-v">Read the full article here.</a>
Tesla and xAI&#8217;s AI Expansion Plans
Elon Musk&#8217;s Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and xAI are seeking networking engineers and technicians, with a focus on Memphis for elite fiber tech roles. Memphis, known for its thriving tech industry, is home to several fiber optic networks, making these roles highly desirable for tech professionals.
<a href="https://www.benzinga.com/markets/equities/24/07/39787744/elon-musks-tesla-and-xai-look-to-hire-networking-engineers-amid-ai-expansion-plans">Read the full article here.</a>
Microsoft Outpaces Apple with AI Tool
Microsoft has launched its AI image generation tool, Microsoft Designer, as a free iOS app, ahead of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). The tool, which was in preview for nearly a year, is now available to all users across multiple platforms.
<a href="https://www.benzinga.com/news/24/07/39830846/microsoft-outpaces-apple-introduces-designer-ai-image-generation-tool-for-the-iphone">Read the full article here.</a>
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39859372/fbi-reportedly-used-israel-based-security-firms-unreleased-technology-to-crack-trump-shooters-phone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">FBI Reportedly Used Israel-Based Security Firm&#8217;s Unreleased Technology To Crack Trump Shooter&#8217;s Phone</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Tech

AAPL

MSFT

NVDA

TSLA

Nvidia's Potential $50 Trillion Valuation, Tesla And xAI's AI Expansion Plans, And Microsoft's Trillion-Dollar Tech: This Week In Artificial Intelligence

The past weekend was a rollercoaster ride for the cryptocurrency market. From Mark Cuban&#8216;s controversial perspective on Bitcoin&#8217;s price to the unexpected rise in the market after Germany&#8217;s massive Bitcoin dump, the crypto world was abuzz with activity. Let&#8217;s dive into the key stories that shaped the weekend.
Mark Cuban: Trump&#8217;s Re-Election Won&#8217;t Directly Impact Bitcoin&#8217;s Price
Billionaire investor Mark Cuban stirred the pot on Wednesday by suggesting that a potential re-election of former President Donald Trump would not directly affect Bitcoin&#8217;s price. Cuban believes that while a Trump presidency could ease the operation of crypto businesses due to expected changes at the Securities and Exchange Commission (SEC), it wouldn&#8217;t be the main factor driving Bitcoin&#8217;s value. <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39822573/mark-cuban-trumps-re-election-wont-directly-impact-bitcoins-price">Read the full article here.</a>
Bitcoin, Ethereum, Dogecoin Continue Collecting Gains
The cryptocurrency markets saw a surge over the last weekend, with long liquidations reaching their highest level in over a week. Experts suggest that if history repeats itself, the months of September and October could be explosive for these cryptocurrencies. <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39804019/bitcoin-ethereum-dogecoin-continue-collecting-gains-if-history-repeats-septemberoctober-wi">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39814881/dogecoins-14-post-halving-rally-continues-heres-when-the-real-breakout-is-coming?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin&#8217;s 14% &#8216;Post-Halving&#8217; Rally Continues: Here&#8217;s When The Real Breakout Is Coming</a>
Germany&#8217;s Ill-Timed Bitcoin Dump
The German government&#8217;s decision to sell off nearly 50,000 Bitcoins recovered from asset seizures over the past three weeks led to significant downward pressure on the digital currency&#8217;s price. Interestingly, the market saw an unexpected rise immediately after the final tranche of the government&#8217;s Bitcoin holdings was sold. <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39810138/by-dumping-50k-seized-bitcoins-at-the-wrong-time-germany-lost-an-amount-worth-more-than-th">Read the full article here.</a>
&#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Burn Rate Up, Price Down
Despite being under pressure due to a hack of the Indian crypto exchange WazirX, Shiba Inu SHIB/USD still showed positive fundamental indicators on Thursday. The marketing lead of Shiba Inu announced that its game Shiba Eternity will fully integrate with the Shibarium blockchain, adding value to the Shiba Inu ecosystem. <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39835766/dogecoin-killer-shiba-inu-burn-rate-up-875-but-price-down-10-what-is-going-on">Read the full article here.</a>
Bitcoin, Ethereum, Dogecoin Fall As Trump&#8217;s Presidency Odds Dip
The cryptocurrency market experienced a slide on Thursday as the odds of a win for pro-cryptocurrency presidential candidate Donald Trump dropped on prediction markets. Bitcoin crashed from $65,000 to $63,500 during morning trading hours, dashing investors&#8217; hopes of a rally to a fresh all-time high anytime soon. <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39852783/bitcoin-ethereum-dogecoin-fall-as-trumps-presidency-odds-dip-on-prediction-market-analyst-">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39815363/dogecoin-killer-shiba-inu-setting-up-for-inevitable-bull-run-as-burn-rate-soars-297-in-sin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu Setting Up For &#8216;Inevitable Bull Run&#8217; As Burn Rate Soars 297% In Single Day</a>
Image Via Shutterstock

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

Cryptocurrency

Mark Cuban Says Trump's Re-Election Won't Impact Bitcoin's Price, 'Dogecoin Killer' Shiba Inu's Burn Rate Increases And More: This Week In Cryptocurrency

Former President Donald Trump has managed to widen his lead over current President Joe Biden in the run-up to the 2024 presidential election. This development comes despite increasing demands <a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an">for Biden to step down from the race.</a>
What Happened: According to latest data, Trump has gained ground over Biden in several crucial polls. Trump now leads Biden by 3 points in the RealClearPolitics' <a href="https://www.realclearpolling.com/polls/president/general/2024/trump-vs-biden">poll</a> tracker, a 1.5-point increase since their last debate.
The FiveThirtyEight's <a href="https://projects.fivethirtyeight.com/polls/president-general/2024/national/">poll </a>tracker also shows Trump leading by 3.2 points, a significant 3-point rise since June 27 and a 1.3-point increase within a week.
Trump&#8217;s lead has also grown to four points in Morning Consult's weekly registered voter surveys, a two-point jump following a recent assassination attempt on him.
A CBS News/YouGov <a href="https://www.cbsnews.com/news/trump-poll-biden-national-07-18-2024/">survey </a>conducted between July 16-18 shows Trump leading Biden 52%-47% among likely voters, a significant leap from a two-point lead in early July.
The CBS poll suggests that Trump&#8217;s acceptance of the Republican nomination has been accompanied by his largest national lead over Biden in the campaign to date. Trump&#8217;s lead has seen an increase of five points nationally and three points in key battleground states.
The CBS poll also shed light on voters&#8217; perception of Trump&#8217;s handling of the recent assassination attempt, which they view as a net-positive reason to consider voting for him. Nevertheless, this event has not influenced the voting consideration of two-thirds of the voters.
Also Read: <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">Biden Vs. Trump: Latest Poll Reveals Surprise Following President&#8217;s Widely Criticized Debate Performance</a>
According to another <a href="https://docs.google.com/spreadsheets/d/1sNqFxUtCIT-Ujoxy09vW-cT86StYMcy2/edit?gid=469557854#gid=469557854">survey </a>by Emerson College, Trump is leading Biden in national polls and in seven pivotal swing states.
The poll reveals that 46% of registered voters are in favor of Trump, while 42% support Biden, leaving 12% undecided. The poll also shows a 2-point drop in Biden&#8217;s support since it was last conducted earlier this month, while Trump&#8217;s support has remained consistent.
The survey was carried out following an assassination attempt on Trump during a rally in Pennsylvania. The poll also shows Trump gaining 1 point in Georgia, Pennsylvania, and Wisconsin, and 2 points in Arizona since March, while losing 1 point in Michigan.
According to the poll, the tightest race is in Michigan, where Trump has 45% support, Biden has 42%, and 13% of respondents are undecided. Trump is leading Biden by 5 percentage points in Wisconsin, Pennsylvania, and Nevada, and by 6 points in Georgia. He also has a 7-point lead in North Carolina and Arizona.
Despite the mounting pressure, Biden has staunchly refused to withdraw his candidacy, even in the face of calls from 36 congressional Democrats and several pundits post his debate performance.
Interestingly, polls suggest that Vice President Kamala Harris could potentially outperform other Democrats, including California Gov. Gavin Newsom and Michigan Gov. Gretchen Whitmer, if Biden were to step down from the race.
Why It Matters: The recent surge in Trump&#8217;s popularity and the growing lead over Biden could potentially reshape the political landscape ahead of the 2024 Presidential race. 
The increasing calls for Biden&#8217;s withdrawal and the potential for a new Democratic candidate add another layer of uncertainty to the upcoming election. 
The political dynamics could shift significantly if Biden were to withdraw and a new candidate, such as Harris, were to enter the race.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one" target="_blank" rel="noreferrer noopener">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There&#8217;s One Silver Lining</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Politics

Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate

Political strategist Frank Luntz recently identified three Democrats who could succeed President Joe Biden and compete against former President Donald Trump. Notably, Vice President Kamala Harris <a href="https://www.benzinga.com/news/24/06/39565763/as-trump-prepares-for-comeback-latest-pew-poll-reveals-which-presidential-candidate-rest-of-world-pr">did not make it to his list.</a>
What Happened: Luntz, during <a href="https://www.cnbc.com/video/2024/07/19/there-is-not-a-single-swing-voter-left-in-the-2024-election-says-pollster-frank-luntz.html">an interview</a> with CNBC this week, suggested three potential successors to Biden. They include Cory Booker, the senator from New Jersey; Wes Moore, the governor of Maryland; and Mitch Landrieu, the former mayor of New Orleans. In suggesting their names, Luntz commended their political prowess and crisis management skills.
&#8220;All three of them would give Trump a tremendous run for his money because all three of them are great politicians,&#8221; he said. 
When asked about the likelihood of Harris stepping in, Luntz expressed that her polling numbers did not match those of the other potential successors. 
He further cautioned about a possible &#8220;war within the Democratic party&#8221; if Harris were selected, attributing it to opposition from numerous donors.
"Her numbers are better today than they were six months ago — right now Joe would be yelling at me — so she has improved, but they're going to ask what has she done as vice president?" he added.
"It throws everything up in the air. I don't like to speculate, all I can say is if you take away the nomination from her &#8230; you cause the Democrats to fall into utter chaos," Luntz said.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an" target="_blank" rel="noreferrer noopener">Ex-Trump Staffer Shares Texts To Prove That Ex-President's Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a>
Luntz&#8217;s remarks surfaced amidst conjecture about Biden&#8217;s future, with worries about his age and stamina sparking conversations about potential successors.
Why It Matters: The absence of Harris from Luntz&#8217;s list is significant, given her current position and the historical precedent of vice presidents often being considered for presidential candidacy.
Luntz&#8217;s comments also highlight the potential internal conflict within the Democratic party, which could impact the party&#8217;s strategy and decision-making process for the next presidential election.
Furthermore, the individuals Luntz identified as potential successors indicate the qualities and capabilities he believes are necessary to challenge Trump and lead the country effectively.
This could influence public perception and discussion about potential candidates.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one" target="_blank" rel="noreferrer noopener">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There&#8217;s One Silver Lining</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn't One Of Them

A congressman cited <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden&#8217;s</a> apparent failure to recognize him at a recent event as the reason for his decision to join calls for <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39858234/president-bidens-nomination-odds-plummet-vice-president-kamala-harris-now-60-favorite-but-" target="_blank" rel="noreferrer noopener">Biden to exit the presidential race.</a>
Shortly after his disastrous debate performance last month, Seth Moulton, a Democratic congressman from Massachusetts, was among the first Democrats to advocate for Biden&#8217;s withdrawal from the race.
&#8220;I saw him in a small group at Normandy for the 80th anniversary of D-Day. For the first time, he didn&#8217;t seem to recognize me. Of course, that can happen as anyone ages, but as I watched the disastrous debate a few weeks ago, I have to admit that what I saw in Normandy was part of a deeper problem,&#8221; Moulton wrote in an <a target="_blank" href="https://www.bostonglobe.com/2024/07/19/opinion/seth-moulton-biden-presidential-race-exit/" rel="noreferrer noopener">article</a> in Boston Globe.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39871866/an-inside-look-at-what-led-to-joe-bidens-uneasy-standing-among-democrats-as-election-nears?comments_open=true" target="_blank" rel="noreferrer noopener">An Inside Look At What Led To Joe Biden&#8217;s Uneasy Standing Among Democrats As Election Nears</a>
&#8220;America needs him to win and, like most Americans, I&#8217;m no longer confident that he can. The president should bow out of the race,&#8221; Moulton stressed.
Applauding Biden&#8217;s &#8220;amazing legacy,&#8221; Moulton expressed his deepest desire that Biden follow in the footsteps of George Washington and be remembered &#8220;not just for serving as our commander-in-chief but also for giving it up.&#8221;
On Saturday, Adam Smith, a Democratic congressman from Washington, criticized Biden more severely, accusing the president&#8217;s campaign team of an &#8220;epic act of political malpractice&#8221; for letting him continue his candidacy, <a target="_blank" href="https://www.theguardian.com/us-news/article/2024/jul/20/democrat-seth-moulton-calls-on-biden-to-exit-us-election-after-president-fails-to-recognise-him" rel="noreferrer noopener">reported</a> The Guardian.
Biden, currently recovering from COVID, faces mounting calls to step down following his poorly received debate performance last month.
Despite efforts through TV interviews and public appearances to reassure his skeptics about his fitness, concerns over his age and mental capacity persist.
Last week, during a critical NATO press conference, Biden mistakenly called Kamala Harris &#8220;Vice President Trump&#8221; and earlier in the day, he accidentally introduced Ukrainian President Volodymyr Zelenskiy as &#8220;President Putin,&#8221; The Guardian added.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39858234/president-bidens-nomination-odds-plummet-vice-president-kamala-harris-now-60-favorite-but-" target="_blank" rel="noreferrer noopener">President Biden&#8217;s Nomination Odds Plummet: Vice President Kamala Harris Now 60% Favorite, But There May Be A Catch</a></li>
</ul>
Photo: Shutterstock

Media

A Democratic Congressman Is Urging Joe Biden To Quit His Presidential Campaign After The President Failed To Recognize Him

Former President Donald Trump has been accused of betraying Tesla CEO Elon Musk, despite receiving a $180 million donation from Musk for his campaign. This comes following Trump&#8217;s speech at the Republican National Convention (RNC), where he criticized the <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">electric vehicle (EV) industry.</a>
What Happened:&nbsp;Musk&#8217;s substantial contribution, the largest in this presidential race, was expected to influence Trump&#8217;s views on EVs. 
However, Trump&#8217;s RNC speech, where he accepted the Republican party&#8217;s nomination for the presidency, was filled with criticism for the EV industry, <a href="https://fortune.com/2024/07/19/trump-betrayed-elon-musk-ev-bashing-rnc-speech-michael-murphy/">reported</a> Fortune.
Michael Murphy, a Republican strategist and CEO of the EV Politics Project, said that Trump &#8220;betrayed&#8221; Musk.
He noted that Trump had initially refrained from criticizing EVs, but his RNC speech marked a significant shift in his stance.
&#8220;Trump had backed off on criticizing EVs for a few weeks, and then the speech came, and one of his wide-eyed assistants stabbed in the prompter, so he gleefully went off on a big EV-bash," Murphy said.&nbsp;
According to the report, on Thursday evening, Trump said his presidency would reverse the "green new scam," particularly by ending "the electric-vehicle mandate on day one," thereby saving "the U.S auto industry from complete obliteration" and "U.S. customers thousands and thousands per car."
Also Read: <a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one" target="_blank" rel="noreferrer noopener">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There's One Silver Lining</a>
According to Murphy, Trump could be referring to the Biden administration's subsidies for the vehicles, which Murphy said has led to larger growth of manufacturing jobs currently than under Trump. 
"And then Trump says, ‘Well, it's all government boondoggle.' Well, that's what the Chinese are doing," Murphy told the outlet. 
"The Chinese have written much bigger checks to build a huge EV industry that loses money to come in and unfairly compete and put Americans out of work. So Trump doesn't have the policy heft to understand the issues, he just does applause lines that are based on complete ignorance," he added. &nbsp;
Despite Musk&#8217;s recent call for the elimination of subsidies for the EV industry, Trump&#8217;s rhetoric could potentially impact Musk and his company negatively. 
This comes after a period of warming relations between Trump and Musk, with Musk endorsing Trump and Trump praising Musk. Murphy said he remains hopeful that Musk can still positively influence Trump&#8217;s views on the EV industry.
Why It Matters:&nbsp;Trump&#8217;s criticism of the EV industry, despite Musk&#8217;s substantial campaign donation, raises questions about the future of the EV industry under a potential second Trump term. 
The president&#8217;s promise to end the &#8220;electric-vehicle mandate&#8221; could have significant implications for Tesla and other EV manufacturers. The potential impact on the EV industry, and on Tesla in particular, will be closely watched by investors and industry observers alike.
Now Read: <a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an">Ex-Trump Staffer Shares Texts To Prove That Ex-President&#8217;s Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Tesla's Elon Musk Recently Pledged A Huge Donation To Donald Trump, And The Ex-President Returned The Favor By Criticizing EVs At The RNC

Foreign Minister Lin Chia-lung asserted yesterday that <a href="https://www.benzinga.com/markets/equities/24/07/39829923/trumps-taiwan-talk-bidens-trade-restriction-plans-trigger-nvidia-amd-and-other-semiconductor-sel" target="_blank" rel="noreferrer noopener">Taiwan </a>must depend on itself for defense and is expected to further boost spending and modernize its military in response to the threat posed by China, <a href="https://www.benzinga.com/topic/taiwan" target="_blank" rel="noreferrer noopener">following criticism from </a>Donald Trump.
In a recent interview, former President Trump, the Republican candidate facing President <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden</a> in a potential rematch, suggested that Taiwan should reimburse the United States for defense, citing the island&#8217;s impact on American semiconductor business.
When asked about Trump&#8217;s comments, Lin told foreign reporters in Taipei that &#8220;we pay great attention to&#8221; them and that the foundation of Taiwan-U.S. relations lies in the bipartisan support that Taiwan receives in the United States, reported Reuters.
&#8220;I think everyone has a consensus on the main point, which is the China threat,&#8221; said Lin, who assumed his position on May 20 as part of President Lai Ching-te&#8217;s cabinet.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39837493/trump-says-taiwan-should-pay-for-its-defense-to-us-but-if-china-invades-taipei-it-will-be-catast" target="_blank" rel="noreferrer noopener">Trump Says Taiwan Should Pay For Its Defense To US, But If China Invades Taipei, It Will Be &#8216;Catastrophic&#8217; For American Economy, Says Analyst: &#8216;It&#8217;s Dark And It&#8217;s High Stakes&#8217;</a>
While the United States is Taiwan&#8217;s foremost international supporter and arms provider, China claims sovereignty over the island.
Despite the absence of formal diplomatic relations, U.S. law mandates support for Taiwan&#8217;s defense.
However, unlike its Asian neighbors, Japan and South Korea, Taiwan lacks a formal defense pact with the United States, following the termination of a previous treaty in 1979, when Washington shifted diplomatic recognition to Beijing.
In 2022, Biden drew China&#8217;s ire by stating that U.S. forces would defend Taiwan in case of a Chinese invasion, departing from the longstanding U.S. policy of &#8220;strategic ambiguity.&#8221;
Meanwhile, Taiwan has prioritized defense modernization, including the development of its own submarines.
The government has repeatedly emphasized that the island&#8217;s security depends on itself, particularly given Taipei&#8217;s diplomatic isolation.
Lin emphasized the importance of Taiwan being mindful of China&#8217;s centennial objectives, including achieving a world-class military by 2049, which would mark the 100th anniversary of the People&#8217;s Republic of China&#8217;s founding.
However, he also stressed that Taiwan should not be constrained by these goals.
&#8220;We must be prepared to face a possible Chinese invasion, but we must be united,&#8221; Lin said, according to Reuters.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Photo: Shutterstock

Taiwan Asserts Self-Reliance In Wake Of Trump's Criticism: 'We Must Be Prepared To Face A Possible Chinese Invasion'

The latest report on medical cannabis sales in Florida from the Office of Medical Marijuana Use (OMMU) showed the number of qualified patients in Florida has skyrocketed from 299,044 in January 2020 to 884,531 in July 2024, representing a 195.7% increase as a <a href="https://www.benzinga.com/markets/cannabis/24/06/39311053/desantis-blasts-cannabis-legalization-amendment-says-people-will-be-able-to-bring-20-joints-to-a" target="_blank" rel="noreferrer noopener">cannabis</a> <a href="https://www.benzinga.com/markets/cannabis/24/06/39311053/desantis-blasts-cannabis-legalization-amendment-says-people-will-be-able-to-bring-20-joints-to-a" target="_blank" rel="noreferrer noopener">legalization</a> amendment will be voted on in <a href="https://www.benzinga.com/markets/cannabis/24/03/37992749/florida-supreme-court-shelves-cannabis-ballot-proposal-with-no-explanation-or-provisions-as-apri" target="_blank" rel="noreferrer noopener">in the November 2024 elections. </a>
The surge in patients comes despite a slight decline in the number of qualified physicians, which dropped from 2,619 to 2,281 (-12.9%). This disparity between growing patient numbers and fewer doctors could signal potential challenges in patient care and access to medical cannabis.
Also, the number of dispensing locations has more than tripled, from 213 in January 2020 to 656 in July 2024, an increase of 208.5%. Leading MMTCs, including Trulieve, Curaleaf, and MÜV, have significantly expanded their operations, contributing to this impressive growth.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39827912/ron-desantis-blasts-floridas-cannabis-legalization-ballot-at-rnc-it-would-allow-80-joints-a-day-">Ron DeSantis Blasts Florida&#8217;s Cannabis Legalization Ballot At RNC: It Would Allow &#8217;80 Joints&#8217; A Day, Affecting Free Speech And Gun Rights</a>
<h3 class="wp-block-heading">Product Dispensation And Market Leaders</h3>
Dispensation of medical cannabis in Florida has seen dramatic increases since early 2020. THC dispensation grew from 59,436,543 mg to 349,307,185 mg (487.6%), low-THC cannabis (CBD) from 1,372,529 mg to 3,693,240 mg (169.0%), and marijuana in a form for smoking from 15,485 oz to 109,343 oz (606.0%). 
The report also states the number of dispensaries per company. Other than the number of stores and milligrams sold, we can look for the average selling per location to get a sense of market penetration.
<a href="https://www.benzinga.com/markets/cannabis/24/07/39736004/all-in-trulieve-fuels-florida-campaign-with-another-1m-to-biggest-fund-in-history">Trulieve </a>(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>)<a href="https://www.benzinga.com/markets/cannabis/24/07/39736004/all-in-trulieve-fuels-florida-campaign-with-another-1m-to-biggest-fund-in-history"> </a>has emerged as a dominant player in Florida&#8217;s medical cannabis market. Since January 2020, the company has expanded from 42 to 140 locations, a 233.3% increase. Trulieve&#8217;s dispensaries have significantly higher sales ratios per store, with each location selling an average of 788,664 mg of THC and 298 oz of marijuana in smoking form. 
Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) also saw substantial growth, more than doubling its locations from 28 to 62 (121.4%). Despite this expansion, Curaleaf&#8217;s average sales per store are slightly lower than Trulieve&#8217;s, with each location selling 777,661 mg of THC and 167 oz of marijuana in smoking form. 
MÜV also experienced impressive growth, expanding from 12 to 77 locations (541.7%). However, MÜV&#8217;s average sales per store are lower, with each location dispensing 376,945 mg of THC and 116 oz of cannabis in smoking form.
Underdogs are Ayr (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>) with 65 locations, and <a href="https://www.benzinga.com/markets/cannabis/22/04/26761254/parallel-opens-surterra-wellness-medical-marijuana-dispensary-in-fort-lauderdale-florida">Surterra </a>Wellness while growing from 37 to 45 locations (21.6%), they also have lower average sales per store compared to Trulieve. In this metric, Trulieve outpaces competitors.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/07/39781066/libertarians-back-florida-cannabis-legalization-5m-from-hemp-execs-to-gop-green-waves-in-red-sta">Ron DeSantis, Florida&#8217;s GOP And Hemp Industry Pile On To Defeat Marijuana Legalization</a></li>
</ul>
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.

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Market-Moving Exclusives

AYRWF

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

TCNNF

Florida's Medical Cannabis Market Sees Explosive Growth Ahead Of November Legalization Ballot

<a target="_blank" href="https://www.benzinga.com/topic/robert-f-kennedy-jr" rel="noreferrer noopener">Robert F. Kennedy Jr.&#8217;s</a> campaign remained in deficit in June despite receiving a financial boost from his running mate, lawyer Nicole Shanahan.
The campaign raised nearly $5.4 million, with $2.5 million contributed by Shanahan, but expenditures exceeded $6.2 million, <a href="https://www.politico.com/news/2024/07/19/cash-struggles-rfk-jr-june-00169894">reported</a> Politico, citing a recent filing with the Federal Election Commission.
The figures highlight ongoing financial hurdles for the independent presidential candidate as he aims to secure a ballot placement for November.
By month&#8217;s end, Kennedy&#8217;s campaign held $5.5 million in cash, a decrease from $6.4 million the previous month, along with over $3 million in debt.
In addition to Shanahan&#8217;s contribution of $2.5 million in cash and over $330,000 in in-kind contributions for travel expenses and media production, the campaign raised just over $2.5 million, showing minimal change from the previous month, the report added.
Also Read:<a href="https://www.benzinga.com/markets/equities/24/07/39655253/robert-f-kennedy-jr-stirs-controversy-by-promising-to-open-the-files-on-pivotal-moment-in-us-his" target="_blank" rel="noreferrer noopener"> Robert F. Kennedy Jr. Stirs Controversy By Promising To &#8216;Open The Files&#8217; On Pivotal Moment In US History</a>
Meanwhile, the campaign continued to incur expenses, including over $1.1 million paid to Accelevate 2020 for ballot access efforts, along with $240,000 to Allied Data Service for ballot access consulting.
Additionally, the campaign allocated nearly $750,000 for internet advertising in June, $461,000 for media production and $261,000 for marketing consulting.
As of the end of the month, the Kennedy campaign reported over $3 million in debt. In June, approximately $419,000 of this debt was accrued for travel-related security expenses owed to a security firm owned by his longtime associate Gavin de Becker.
Kennedy has advocated for U.S. Secret Service protection for his campaign, which was granted recently following the assassination attempt on former President <a target="_blank" href="https://www.benzinga.com/topic/donald-trump" rel="noreferrer noopener">Donald Trump</a>.
Earlier this week, rumors suggested Kennedy might exit the race after meeting Trump in Milwaukee on Monday, where Trump sought his endorsement, Politico added.
Kennedy clarified later in the week that he had no plans to drop out and aimed to meet with Democratic leaders too.
Yesterday, in a bid to expand fundraising opportunities, his campaign established a joint fundraising committee with the Libertarian National Committee.
This unconventional move for an independent candidate permits major donors to contribute to both Kennedy and the national party. However, individual contributions from this group to Kennedy&#8217;s campaign remain capped at $3,300, the report added.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Equities

Kennedy's Campaign Still In The Red Despite Running Mate Shanahan's $2.5M Boost — Will He Exit The Presidential Race?

According to tax records and voting experts, <a href="https://www.benzinga.com/sec/insider-trades/0001205772/patrick-byrne" target="_blank" rel="noreferrer noopener">Patrick Byrne</a>, a wealthy figure, increased funding to the <a href="https://www.benzinga.com/topic/2024-election" target="_blank" rel="noreferrer noopener">MAGA-allied America Project.</a>
This organization has directed substantial donations to far-right groups promoting voting conspiracies in Arizona, Michigan and other states, <a href="https://www.theguardian.com/us-news/article/2024/jul/20/patrick-byrne-trump-election-deniers" target="_blank" rel="noreferrer noopener">reported </a>The Guardian.
Last fall, Byrne, the former CEO of online retailer Overstock.com, disclosed that out of the $30 million raised by the Florida-based project, only $3 million came from public sources, with the remainder funded by himself.
According to tax records revealed by Issue One, a bipartisan political reform group, The America Project nearly doubled its revenues in 2022, reaching $14.3 million compared to approximately $7.7 million the previous year.
The America Project, founded in April 2021 by Byrne and<a href="https://www.benzinga.com/news/24/06/39449742/trump-era-nsa-mike-flynns-political-fame-fuels-profitable-family-business-rakes-in-2-2m-report" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.benzinga.com/news/24/06/39449742/trump-era-nsa-mike-flynns-political-fame-fuels-profitable-family-business-rakes-in-2-2m-report" target="_blank" rel="noreferrer noopener">Michael Flynn</a>, former national security adviser to <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>, has been outspoken in promoting the false claims that Trump lost the 2020 election due to fraud.
Also Read: <a href="https://www.benzinga.com/news/24/07/39871604/five-main-takeaways-from-donald-trumps-appearance-at-the-republican-national-convention" target="_blank" rel="noreferrer noopener">Five Main Takeaways From Donald Trump&#8217;s Appearance At The Republican National Convention</a>
Byrne and Flynn were at a late 2020 meeting with Trump and others to discuss strategies to overturn his election defeat, The Guardian added.
In practice, The America Project, under Byrne&#8217;s direction, has allocated hundreds of thousands of dollars to Arizona&#8217;s We the People AZ Alliance and Michigan&#8217;s United States Election Investigation and Lawsuits Inc. This has raised concerns among election watchdogs and some GOP veterans due to their contentious positions denying the legitimacy of the election and their leadership&#8217;s incendiary rhetoric.
In 2023, Byrne appointed Tom Homan, Trump&#8217;s former acting director of Immigration and Customs Enforcement, as CEO of the America Project. Known for his staunch border policies, Trump has indicated Homan would hold a significant role if the former president were re-elected.
During the Republican convention in Milwaukee, Homan delivered a passionate speech criticizing Joe Biden&#8217;s border and immigration policies, asserting that they were intentionally designed rather than mismanaged or incompetent.
Beyond his substantial contributions to The America Project and affiliated organizations, Byrne has also sought to exert influence in other MAGA initiatives involving election deniers.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Pro-Trump Millionaire Patrick Byrne Has Been Funding Far-Right Groups That Promote Conspiracy Theories: Report

The recent legal victories of former President Donald Trump have largely come as the result of rulings of<a href="https://www.benzinga.com/news/24/06/39565763/as-trump-prepares-for-comeback-latest-pew-poll-reveals-which-presidential-candidate-rest-of-world-pr"> judges he appointed during his presidency.</a>
What Happened: The three Supreme Court justices nominated by Trump played a pivotal role in establishing presidential immunity from prosecution for official actions. 
This ruling has stalled the charges Trump is facing in several jurisdictions for allegedly attempting to undermine the 2020 election and has cast uncertainty on his New York conviction.
Moreover, Trump&#8217;s nominee for the federal court in Florida, Judge Aileen Cannon, has dismissed the charges against him for allegedly hoarding classified documents and concealing them from investigators. Trump has celebrated this decision as a major win, <a href="https://www.politico.com/news/2024/07/20/trump-legal-woes-judges-appointed-00169875">reported</a> Politico.
"This is a perfect example of serendipity, how the occurrence of events and trials and tribulations of the judicial process have all combined to work in favor of Donald Trump," Gene Rossi, a former federal prosecutor and civil litigator, told the publication.
"Today, given that politics are so important in securing a judicial appointment, I can see how that sort of concern can spread," David Zaring, professor of legal studies from the Wharton School of Business, said.
Also Read: <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">Biden Vs. Trump: Latest Poll Reveals Surprise Following President&#8217;s Widely Criticized Debate Performance</a>
"Trump got so lucky — people don't usually get a chance to appoint three justices to the Supreme Court in one term. Trump got it and then the Supreme Court gave him a very favorable ruling after that," he added. 
Experts believe that Trump&#8217;s series of legal victories can be attributed to remarkable luck and timing. He is the first president since Ronald Reagan to nominate three justices to the Supreme Court and the first to face criminal charges that were later heard by the judges he appointed.
However, these victories also indicate a strategic move by conservatives to nominate judges who would more predictably rule in their favor. This strategy has been adopted by President Joe Biden as well, although its effect is yet to be observed.
Despite these victories, not all of Trump's appointees have consistently ruled in his favor throughout his journey through the criminal justice system. 
The Supreme Court rejected his attempt to protect his White House papers from the Jan. 6 select committee and declined to consider his effort to keep the documents investigation on hold.
Why It Matters: The recent legal victories of Trump underscore the significant impact of judicial appointments on legal outcomes. These victories not only demonstrate the strategic importance of judicial nominations but also raise questions about the impartiality of the judiciary. 
The fact that not all of Trump&#8217;s appointees have uniformly ruled in his favor indicates the complexity of the issue and suggests that the influence of judicial appointments on legal outcomes may not be as straightforward as it appears.
Now Read: <a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an">Ex-Trump Staffer Shares Texts To Prove That Ex-President&#8217;s Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump's Judicial Appointments Are Paying Off For Him — Especially As He Navigates Several Legal Battles

Every Democratic leader understood that <a target="_blank" href="https://www.benzinga.com/topic/joe-biden" rel="noreferrer noopener">Joe Biden&#8217;s</a> commitment to continue his campaign was significant in a way that once held greater meaning.
However, two days after the NATO news conference on July 11, the president was at his Rehoboth Beach, Del., home, visibly upset in front of a stone fireplace, <a href="https://www.washingtonpost.com/politics/2024/07/19/biden-democrats-drop-out/" target="_blank" rel="noreferrer noopener">reported</a> The Washington Post.
A respected war hero had just raised concerns about how age might affect his leadership capabilities.
Key figures within the president&#8217;s campaign and White House circle were privately admitting that, following a disastrous debate on June 27, their faith was waning.
In an early July poll by Washington Post-ABC-Ipsos, two-thirds of the nation, which includes 56% of Democrats, expressed the view that Biden should withdraw. Biden is now assessing the limits of presidential leadership amidst divergent public sentiment.
Also Read: <a href="https://www.benzinga.com/general/sports-betting/24/07/39868243/2024-election-betting-odds-joe-biden-has-8-chance-of-winning-according-to-sportsbooks-pred" target="_blank" rel="noreferrer noopener">2024 Election Betting Odds: Joe Biden Has 8% Chance Of Winning According To Sportsbooks, Prediction Markets</a>
Major donors have held back funds, calling for change. House Minority Leader Hakeem Jeffries personally cautioned Biden after the press conference that his candidacy jeopardized Democratic prospects of winning back the House, the report said.
Days later, Senate Majority Leader Charles E. Schumer echoed the same caution. Delegates and party members began outlining an alternative strategy.
Just a month earlier, all of these individuals had rallied behind Biden, united in their concern over former president Donald Trump — characterized as a felon, instigator of the Capitol riot, denier of the election outcome, self-styled &#8220;day one&#8221; dictator, and provocateur, noted The Washington Post. 
The mantra of former House Speaker <a href="https://www.benzinga.com/topic/nancy-pelosi" target="_blank" rel="noreferrer noopener">Nancy Pelosi</a> — &#8220;Diversity is our strength. Unity is our power&#8221; — still governed Democrats in June, The Washington Post added.
However, Pelosi herself has now indicated Biden required further deliberation on what he had previously considered settled.
<a href="https://www.benzinga.com/topic/barack-obama" target="_blank" rel="noreferrer noopener">Barack Obama</a>, Biden&#8217;s former running mate and governing partner, conveyed to allies that the path to victory has grown narrower.
Also See: <a href="https://www.benzinga.com/news/24/07/39638455/obama-era-official-says-democrats-discussing-how-to-replace-biden-full-scale-panic-behind-the-scenes" target="_blank" rel="noreferrer noopener">Obama-Era Official Says Democrats Discussing &#8216;How&#8217; To Replace Biden: &#8216;Full-Scale Panic&#8217; Behind The Scenes</a>
House Democrats, intending to portray Republicans as &#8220;chaos agents&#8221; in the upcoming elections, have increasingly leaned towards a more radical stance.
On the day of his <a target="_blank" href="https://www.benzinga.com/topic/nato" rel="noreferrer noopener">NATO </a>news conference, seven additional voices called for Biden to withdraw from the race.
While Trump introduced his new running mate in Milwaukee this week, video footage captured Biden, visibly fragile, encountering difficulty ascending the short staircase to Air Force One on his way to increased seclusion.
Twelve Democratic lawmakers — 10 from the House and two from the Senate — urged Biden to step aside following the Republican nominating convention, The Washington Post noted. 
This brought the total number of lawmakers calling for his withdrawal to 37 by Friday evening.
Biden and his campaign team, however, affirmed that there have been no changes.
Jeffries reiterated on Friday that Biden has &#8220;the ability, the capacity, and the track record to make a case to the American people that will result in us being successful in November,&#8221; according to The Washington Post. 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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An Inside Look At What Led To Joe Biden's Uneasy Standing Among Democrats As Election Nears

Cryptocurrency analyst Kevin Svenson has predicted a potential 83% surge for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) but noted that this is contingent upon the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39241558/analyst-predicts-bitcoin-to-reach-groundbreaking-100-000-milestone">stability of the stock market.</a>
Svenson suggested that the digital currency is on the verge of a significant increase.
In a video on <a href="https://www.youtube.com/watch?v=RF3pnukRGrg">YouTube</a> posted this week, he asserted that Bitcoin is within a bullish structure that began in early 2023 and could potentially rise by 72% to 83% from its current standing.
&#8220;Bitcoin is sitting in another sideways range after the impulse up. Our first impulse up move [from January to May of 2023] was roughly 50%. After the next breakout zone, the next impulse up [from September to December of 2023], the next price was 57% to the next local top. From the next breakout [from January to March of 2024], the next top zone was 60%,&#8221; Svenson said.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39447328/anthony-scaramucci-says-crypto-will-soar-if-this-presidential-candidate-wins-the-election-">Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: &#8216;I Think We&#8217;ll See All-Time Highs For Bitcoin And Other Assets&#8217;</a>
He further added, &#8220;If we get continuation, the next impulse up, if it's going to be anything like those numbers that I just said, the next impulse up 50% will land us at $110,000. And if you go to 60%, that's $117,000.&#8221;
However, Svenson warned that Bitcoin&#8217;s upward trajectory is reliant on the stability of the stock market. 
&#8220;I think we're going to get that continuation if you ask me as long as the stock market remains somewhat stable,&#8221; he said.
Svenson&#8217;s forecast is significant as it highlights the potential for a substantial increase in Bitcoin&#8217;s value. However, it also underscores the interdependence between cryptocurrency and traditional financial markets. 
The caveat Svenson provided, that Bitcoin&#8217;s growth is dependent on the stability of the stock market, points to the interconnected nature of these financial systems.
This connection could potentially influence the decisions of investors who are considering entering the cryptocurrency market.
At the time of reporting, Bitcoin was trading at $66,683.22, up by 14 percent in the last seven days. 
Now Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39020792/bitcoin-to-hit-1-million-in-next-10-to-18-months-says-crypto-analyst-were-still-so-early-i" target="_blank" rel="noreferrer noopener">Bitcoin To Hit $1 Million In Next 10 To 18 Months, Says Crypto Analyst: ‘We're Still So Early In The Bitcoin Story'</a>
Photo: Shutterstock

$BTC

Analyst Predicts Bitcoin To Soar By 83%, But There's One Major Catch: 'We're Going To Get That Continuation As Long As ...'

In a recent webinar hosted by Pablo Zuanic from Zuanic &amp; Associates, AFC Gamma&#39;s top executives discussed the company&#39;s strategic direction, focusing on the spin-off of its commercial real estate business, the current state of its cannabis loan book, and its competitive positioning in the industry.
<h3>Spin-Off Rationale And Structure</h3>
Dan Neville, CEO of AFC Gamma, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/afcg#NASDAQ">AFCG</a>), detailed the strategic decision to spin off the company&#39;s commercial real estate business into a separate entity, Sunrise Realty Trust (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sons#NASDAQ">SONS</a>).
Neville explained, &quot;We identified a void in the industry for traditional institutional lending to the cannabis sector. However, investors wanted pure-play exposure.&quot;
The spin-off was structured as a dividend, resulting in the creation of Sunrise Realty Trust with an initial portfolio of $50 million in deals and $65 million in cash.
<h3>Dividends And Tax Advantage</h3>
This separation allows each entity to focus on its core competencies and target investor bases more effectively. Neville highlighted that AFC Gamma, as a<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39627197/chicago-atlantic-real-estate-finances-stock-valuation-dividend-yield-are-leaving-co"> real estate investment trust</a> (REIT), continues to pay out 90-100% of its earnings as dividends, maintaining a tax advantage for its investors.
The newly formed Sunrise Realty Trust is now independently managed. Neville noted that while AFC Gamma will concentrate solely on cannabis lending, Sunrise Realty Trust will leverage its cash position and new vintage portfolio to explore growth opportunities in the commercial real estate market.
<h3>Post-Spin-Off Valuation</h3>
Post-spin-off, AFC Gamma has sharpened its focus as a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39392754/brick-and-mortar-investments-build-cash-flow-and-11-price-uptick-for-this-cannabis-">dedicated cannabis lender</a>. Neville emphasized the company&#39;s commitment to its core business, highlighting a streamlined structure poised for improved financial performance. &quot;We now have around $300 million in our cannabis loan book.&rdquo;
Robyn Tannenbaum, president of AFC Gamma, highlighted significant progress in exiting underperforming loans and redeploying capital into more promising opportunities. &quot;We&#39;ve already closed two deals worth $42 million this year, with more in the pipeline aiming for $100 million in new capital deployment,&quot; she said.
Neville also addressed the company&#39;s proactive approach to portfolio management, emphasizing the importance of stringent underwriting standards and hands-on oversight.
This meticulous approach not only mitigates risks but also positions AFC Gamma to achieve mid-to-high teen returns, even in a challenging market environment.
The spin-off is expected to drive sustainable growth and enhanced value for shareholders.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39827388/european-cannabis-companies-race-to-the-nasdaq-1b-in-tax-break-on-the-horizon">European Cannabis Companies Race To The Nasdaq: $1B In Tax Break On The Horizon</a>
<h3>At The Top Of The Capital Stack</h3>
Neville and Tannenbaum addressed AFC Gamma&#39;s performance relative to its peers. Neville emphasized, &quot;We sit at the top of the <a href="https://www.benzinga.com/markets/cannabis/24/06/39421104/the-banking-crisis-for-cannabis-has-been-over-for-several-years-experts-discuss-whats-next">capital stack</a> in a growth industry, earning equity-like returns.&quot; This position is attributed to AFC Gamma&#39;s rigorous underwriting standards and proactive portfolio management, which set it apart in the competitive landscape.
Neville elaborated on the stringent criteria AFC Gamma employs when evaluating potential deals, focusing on robust cash flows, solid licenses, and <a href="https://www.benzinga.com/markets/cannabis/24/05/38994368/asset-light-expansion-into-8b-german-market-adds-potential-to-this-cannabis-stock-on-nasdaq">valuable real estate</a>.
These factors contribute to a meticulous underwriting process that prioritizes high-quality, low-risk loans.
He also noted that the company&#39;s status as a REIT&nbsp;mandates a disciplined approach to capital allocation and risk management, further enhancing investor confidence.
Tannenbaum added, &quot;We&#39;ve visited every single one of our borrowers, some multiple times, to ensure the integrity of our underwrites and the success of our partners.&quot;
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39850838/is-a-1500-increase-possible-the-bull-case-for-this-cannabis-tech-stock-explained">&nbsp;Is A 1500% Increase Possible? The Bull Case For This Cannabis Tech Stock Explained</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

Analyst Color

REIT

Management

Analyst Ratings

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AFCG

SONS

This Cannabis Lender Is Sitting On A Stack Of Capital: 100% Dividends Meet Equity-Like Returns

The University of California Los Angeles (UCLA) is planning an innovative project—a rooftop garden designed for psychedelic-assisted therapy sessions. The project, described as a &#8220;living laboratory,&#8221; aims to integrate nature into therapeutic environments, enhancing the efficacy of <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">treatments involving substances like MDMA and psilocybin</a>.
<h4 class="wp-block-heading">Psychedelic Therapy and Mental Health</h4>
Psychedelic-assisted therapy, which involves administering drugs like MDMA under the supervision of psychiatric professionals, has gained significant attention for its <a href="https://www.benzinga.com/topic/mdma-assisted-therapy">potential to treat various mental health disorders,</a> including depression and PTSD. UCLA, a frontrunner in this field, is conducting nearly a dozen <a href="https://www.benzinga.com/topic/ucla">clinical trials involving psychedelics</a>. 
The proposed &#8220;living laboratory&#8221; will be located on the eighth floor of the Semel Institute for Neuroscience and Human Behavior. According to a recent <a href="https://ucla.app.box.com/s/lyhtzzpwlav3nxbl28tf7qwipivriltd">presentation</a>, the garden will feature native plants to attract butterflies and birds, group areas and private rooms.
<h4 class="wp-block-heading">Audacious Vision</h4>
In a <a href="https://www.uclahealth.org/news/article/semel-institute-rooftop-be-reborn-plant-filled-living">story</a> published by the university, Helena Hansen, director of the Semel Institute, described the lab as part of an &#8220;audacious vision&#8221; to reimagine medicine at UCLA. &#8220;Interacting with plants and animals in the living laboratory&#8221; is expected to positively influence both traditional and psychedelic therapy sessions.
The university is raising funds for the project, with no specific price tag disclosed. Jennifer Wolch, a professor at UC Berkeley, said the garden idea aims to cultivate soothing sounds like birdsong and gentle water to create a relaxing atmosphere.
<h4 class="wp-block-heading">Importance Of Environment</h4>
Research suggests that a person's surroundings can significantly impact the success of psychedelic therapy. Kelly O'Donnell, a professor at New York University and an expert in psychedelic-assisted therapy, expressed her admiration for UCLA&#8217;s proposal. She noted that the rooftop garden would be far more welcoming than the clinical rooms she has worked in. &#8220;The university is being really thoughtful about what is the space into which this person will return after they've gone through a psychedelic trip,&#8221; she added.
<h4 class="wp-block-heading">Future Prospects</h4>
The integration of natural elements in therapeutic settings represents a significant shift in the approach to mental health treatment. UCLA&#8217;s rooftop garden project not only aims to enhance the therapeutic experience but also sets a precedent for future innovations in psychedelic-assisted therapy.

Psychedelics

UCLA's Vision For Psychedelics Therapy: A Rooftop Garden As A Living Laboratory

Two-time Grammy winner Future&#8216;s ultra-premium cannabis brand, EVOL by Future is now available in Illinois via a partnership with Legacy.
The California-based company announced that beginning on Friday, Illinois&#8217; recreational cannabis consumers can buy Evol&#8217;s premium cannabis products, including flower, pre-rolls and infused pre-rolls.
Products can be found throughout the Prairie State at more than 35 retailers, including Windy City, Stash, Sunnyside, High Haven, EarthMed and Enlightened dispensaries.
&#8220;From the energy of Chicago and through the whole state, Illinois has a unique vibe that&#8217;s all about hustle and creativity, and I&#8217;m ready to bring something special to the scene here,&#8221; said Future, the founder of Evol by Future. &#8220;This isn&#8217;t just about premium cannabis—it&#8217;s about raising the bar and giving the people something next-level. Being tied to this community is special because Chicago is like a second home for me and the people have always embraced me as one of their own. I can&#8217;t wait for Illinois to experience the quality and originality of Evol and finally see what we&#8217;ve been working on.&#8221;
The 19th Benzinga Cannabis Capital Conference, by the way, is taking place 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 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 Also: <a href="https://www.benzinga.com/markets/cannabis/23/11/35918579/rapper-futures-weed-products-now-available-in-michigan-heres-where-to-find-them">Rapper Future&#8217;s Weed Products Now Available In Michigan, Here&#8217;s Where To Find Them</a>
Evol by Future <a href="https://www.benzinga.com/markets/cannabis/23/04/31828905/future-teams-up-with-carma-holdco-to-launch-cannabis-brand-evol">debuted in May 2023</a> and since then the cannabis brand has bolstered its presence to a total of five markets, with products reaching shelves at more than 250 retailers nationwide. Future's cannabis brand is set to reach additional locations by the end of this year.
Adam Wilks, CEO of Carma HoldCo, the parent company of Evol by Future, praised the debut of Future's in yet another state.
&#8220;Future&#8217;s vision and relentless drive are what make Evol stand out,&#8221; Wilks said. &#8220;Evol is more than just a brand—it&#8217;s a movement. We&#8217;re confident that just like his music, Evol will resonate deeply with cannabis enthusiasts in Illinois.
Besides Evol by Future, Carma HoldCo is behind several other celebrity-backed cannabis brands, including Mike Tyson's <a href="https://www.benzinga.com/markets/cannabis/24/04/38241174/exclusive-mike-tysons-cannabis-brand-tyson-2-0-partners-with-phcann-international-in-germany-uk-">TYSON 2.0</a> and Ric Flair's <a href="https://www.benzinga.com/markets/cannabis/23/09/34949450/ric-flairs-cannabis-line-comes-to-mississippi-heres-how-medical-marijuana-changed-pro-wrestlers-">Ric Flair Drip.</a> The legendary sports duo took the stage together at the&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/04/38303764/exclusive-mike-tyson-or-ric-flair-who-can-smoke-more-weed">Benzinga cannabis event&nbsp;in Hollywood, Florida, in April.</a> 
"At Carma HoldCo, we&#8217;re all about bringing top-tier products to new markets, and launching Evol in Illinois is a testament to that mission,&#8221; Wilks added.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/06/39191104/cannabis-brands-by-sports-legends-mike-tyson-and-ric-flair-expand-footprint-in-missouri">Cannabis Brands By Sports Legends Mike Tyson And Ric Flair Expand Footprint In Missouri</a></li>
</ul>

Entrepreneurship

Retail Sales

Events

Rapper Future's Weed Products Now Available In Illinois, Here's Where To Find Them

Merrilee Kick, a former public high school teacher, has become one of America's richest self-made women after selling her ready-to-drink cocktail business, BuzzBallz, for at least $500 million. What started as a side hustle has now transformed into one of the biggest brands in the $2 billion ready-to-drink cocktail industry.
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<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/red-ventures"> The percentage may shock you</a>.</li>
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Kick founded BuzzBallz in 2009, inspired by a simple idea while grading papers by her pool. &#8220;I thought I shouldn&#8217;t have this glass container out here,&#8221; she recalled to Forbes. &#8220;I should have a plastic, pool-safe type of cocktail.&#8221; From this spark of inspiration, BuzzBallz was born – fun, high-proof cocktails served in colorful, plastic spherical containers.
BuzzBallz quickly gained popularity and is now sold at supermarkets, liquor stores, and convenience stores across the U.S. "I've been living the American dream. We've built a legacy. We've become a contender in a space where women never went," Kick says. The brand has grown internationally, distributing 29 countries and an estimated annual revenue of $500 million.&nbsp;
In April 2024, the drinks firm <a href="https://finance.yahoo.com/news/fireball-maker-sazerac-acquires-rtd-090000601.html">Sazerac acquired BuzzBallz</a> in an all-cash deal estimated at $500 million, though Kick suggests the figure is much higher. It has also cemented her place among America's richest self-made women, with Forbes estimating her net worth at $400 million after taxes.
See Also: <a href="https://www.benzinga.com/money/mark-cubans-annuity-adv">Many are surprised by Mark Cuban&#8217;s advice for lotto winners: Cash or annuity?</a>
Kick's journey is remarkable because she never raised money from investors. Instead, she bootstrapped the business from the ground up. She used a small inheritance, maxed out her credit cards, and took out a loan from a local community bank to get started. "I scraped and scrambled," she says. "I took every bit of every penny I could find and poured it into the business."
Her unique company started making a profit in its second year, with $1 million in sales and $100,000 in profit. By 2014, the brand was expanding quickly, and the drinks were sold at major retailers like Walmart and 7-Eleven. By 2019, annual sales were over $100 million.
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A key to BuzzBallz's success was owning its supply chain as Kick moved production of the patented plastic spheres and the spirits used in BuzzBallz in-house to ensure the brand&#8217;s quality and reliability.
Despite many investor offers over the years, Kick held onto her company until she found the right partner in Sazerac. "I wanted somebody that was going to come in and have big guns," she explains. Sazerac, which owns over 400 brands, brought the resources and expertise to scale BuzzBallz further.
As <a href="https://finance.yahoo.com/news/buzzballz-signs-3-partnership-texas-193300706.html">BuzzBallz moves forward</a>, Kick and her family are still part of the business. "I didn&#8217;t sell because I didn&#8217;t like what I was doing or wanted to leave," she explains. "I sold for the exponential growth and because it&#8217;s selfish to hold it back. It really has legs."
From a teacher grading papers by the pool to a multimillionaire businessperson, Merrilee Kick&#8217;s story shows the power of a good idea and the determination to make it happen.
Read Next:
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<li>How much money will a $200,000 annuity pay out each month?<a href="https://www.benzinga.com/money/200k-annuities-adv"> The numbers may shock you.</a></li>
<li>How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.</li>
</ul>

Personal Finance

This Public High School Teacher Came Up With The $1 Billion Idea While Grading Papers. She's Now Worth $400 Million

CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) experienced a significant decline in its stock price following an incident involving<a href="https://www.benzinga.com/general/politics/24/07/39871176/microsoft-outage-crowdstrike-share-decline-hits-nancy-pelosis-marjorie-taylor-greenes-wealth-her" target="_blank" rel="noreferrer noopener"> a company update that affected products from</a> Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
This resulted in widespread outages across various key sectors globally.
In a <a href="https://www.crowdstrike.com/blog/statement-on-falcon-content-update-for-windows-hosts/" target="_blank" rel="noreferrer noopener">statement</a> on Saturday, CrowdStrike said it is currently assisting affected customers due to a flaw discovered in a specific content update for Windows hosts. The incident has not disrupted Falcon Complete and OverWatch services, it said.
The Microsoft-CrowdStrike incident impacted businesses worldwide, including airlines, banks, media and <a href="https://www.benzinga.com/markets/equities/24/07/39853528/microsoft-cloud-outage-grounds-flights-disrupts-operations-of-frontier-allegiant-and-sun-country" target="_blank" rel="noreferrer noopener">even 911 services</a>, and has highlighted a heavy <a href="https://www.benzinga.com/news/24/07/39870313/microsoft-crowdstrike-issue-caused-largest-it-outage-in-history-showing-how-much-we-depend-on-a-hand" target="_blank" rel="noreferrer noopener">reliance on a few key companies.</a>
&#8220;We assure our customers that CrowdStrike is operating normally and this issue does not affect our Falcon platform systems. If your systems are operating normally, there is no impact to their protection if the Falcon sensor is installed,&#8221; CrowdStrike said.
Also Read: <a href="https://www.benzinga.com/news/24/07/39861744/microsoft-outage-what-states-services-companies-saw-the-blue-screen-of-death" target="_blank" rel="noreferrer noopener">Microsoft Outage: What States, Services, Companies Saw The &#8216;Blue Screen Of Death</a>
The issue does not affect Mac and Linux hosts, it said. 
&#8220;This was not a cyberattack,&#8221; company noted, adding that the &#8220;issue has been identified, isolated and a fix has been deployed.&#8221;
The company said that it is advising organizations to maintain communication with CrowdStrike representatives.
&#8220;Our team is fully mobilized to ensure the security and stability of CrowdStrike customers,&#8221; the company said.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, CRWD stock has gained over 105% in the past year.
CrowdStrike apologized for the disruption and said efforts are underway to collaborate closely with all affected customers to restore systems promptly, enabling it to continue delivering essential services to its clientele.
Investors can gain exposure to the stock via&nbsp;TrueShares Technology, AI &amp; Deep Learning ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LRNZ#NYSE">LRNZ</a>) and&nbsp;First Trust NASDAQ Cybersecurity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIBR#NASDAQ">CIBR</a>).
Price Action: CRWD shares closed lower by 11.1% to $304.96&nbsp;on Friday.
Shares fell 0.91% to $302.16 in the after-hours session.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39864144/goldman-sachs-analyst-stays-course-on-crowdstrike-despite-outage-expects-strong-company-reputation-t">Goldman Sachs Analyst Stays Course On CrowdStrike Despite Outage, Expects Strong Company Reputation To Aid Recovery</a></li>
</ul>
Photo: Shutterstock

CIBR

CRWD

LRNZ

CrowdStrike Issues Statement Following Massive Outage That Stemmed From Content Update For Windows Hosts: 'This Was Not A Cyberattack'

On Friday, <a href="https://www.benzinga.com/news/24/07/39761289/trumps-niece-accuses-him-of-lying-about-involvement-in-controversial-project-2025-my-uncle-likes-to">former President Donald Trump</a> accepted the Republican nomination for the presidency for the third time in a row.
What Happened: Trump began his address at the Republican National Convention by recalling the assassination attempt that took place at a rally in Pennsylvania just five days prior.
&#8220;I&#8217;m not supposed to be here tonight,&#8221; Trump said to the audience at the Fiserv Forum in Milwaukee. 
Amid the audience&#8217;s affirming chants, Trump maintained that his presence was solely due to &#8220;the grace of Almighty God,&#8221; <a href="https://edition.cnn.com/2024/07/19/politics/takeaways-rnc-day-4/index.html">as</a> reported by CNN.
He also paid tribute to Corey Comperatore, a former fire chief who was tragically killed while protecting his family during the rally.
Also Read: <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">Biden Vs. Trump: Latest Poll Reveals Surprise Following President&#8217;s Widely Criticized Debate Performance</a>
But the former president quickly reverted to his usual rhetoric, attacking political opponents and praising the dismissal of an indictment against him. He criticized President Joe Biden's administration on multiple issues, including border security, energy policy and foreign affairs. Here are the key takeaways from the final night of the RNC:
Trump Recounts Assassination Attempt
The former president provided an emotional recount of the assassination attempt, detailing the moment he said a bullet grazed his ear at a rally in Butler, Pennsylvania. He announced a fundraiser for Comperatore and those injured at the rally, which raised over $6.3 million.
Brief Mentions of Biden
Trump limited mentions of Biden, instead emphasizing a unified Republican party. He stated he would only mention Biden&#8217;s name once, but did so twice, calling Biden the worst president in history.
Melania Trump&#8217;s Public Appearance
Melania Trump made a rare public appearance, with Trump praising her support during his speech. Her presence was a significant moment, as she has kept a low profile since the end of the Trump administration.
High-Energy Celebrity Endorsements
The final night of the RNC was marked by high-profile endorsements from celebrities like Hulk Hogan, Kid Rock, and UFC CEO Dana White. Hogan's speech, filled with patriotic fervor, encapsulated Trump's appeal to male voters and vision of restoring order under the former president&#8217;s leadership.
Minimal Policy Discussion
Despite the fanfare, policy mentions were sparse. Hogan's remarks summarized the convention's tone, highlighting Trump&#8217;s previous accomplishments and portraying him as the solution to current issues without delving into specific plans for a second term.
Why It Matters: The acceptance of the Republican nomination by Trump signifies his continued influence within the party. His speech, filled with attacks and praises, reflects his ongoing political ambitions.
However, the lack of concrete policy discussions and the absence of Project 2025 from the convention&#8217;s agenda raise questions about the party&#8217;s future direction under Trump&#8217;s leadership.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Now Read: <a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an">Ex-Trump Staffer Shares Texts To Prove That Ex-President&#8217;s Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a>
Photo: Shutterstock

Five Main Takeaways From Donald Trump's Appearance At The Republican National Convention

Two significant Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) transactions, each totaling over $50 million, took place on Friday. These transactions were traced back to the well-known investment platform, Robinhood.
According to Whale Alert, the transactions, each involving 400 million DOGE, were made within an hour of each other on Robinhood.
According to the data, crypto whales have been notably active this week, amassing significant amounts of DOGE. Both 400 million DOGE transactions were sent to the same anonymous wallet ending with -Mzs1pMke.
Robinhood also moved 128,775,727 DOGE and 2,069,990 DOGE to its internal blockchain addresses, in addition to these substantial DOGE transfers.
<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">&#x1f6a8; &#x1f6a8; &#x1f6a8; 400,000,000 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> (50,276,346 USD) transferred from <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw">#Robinhood</a> to unknown wallet<a href="https://t.co/hddberQeJV">https://t.co/hddberQeJV</a>
&mdash; Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1814441657841914056?ref_src=twsrc%5Etfw">July 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38478483/crypto-analyst-predicts-this-altcoin-will-explode-260-in-2024-and-its-not-dogecoin-or-shib">Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And It&#8217;s Not Dogecoin Or Shiba Inu</a>
The whale that withdrew the 800 million DOGE now holds a total of 31,777,003,228 DOGE, worth roughly $4 billion.
Before these DOGE transfers, Robinhood saw a significant withdrawal of another popular meme cryptocurrency, Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>). A single transfer saw 2.7 trillion SHIB, equivalent to $48.3 million, leave Robinhood.
This recent surge in DOGE transactions signifies a growing interest among large-scale investors, or whales, in meme cryptocurrencies.
It also highlights Robinhood&#8217;s role as a popular platform for such transactions. This trend could potentially influence the volatility and price of these cryptocurrencies, impacting both individual and institutional investors.
Now Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/38014531/dogecoin-set-to-surge-over-200-says-crypto-analyst-its-going-to-do-something-insane-this-c">Dogecoin Set to Surge Over 200%, Says Crypto Analyst: &#8216;It&#8217;s Going To Do Something Insane This Cycle&#8217;</a>
Photo: Shutterstock

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$SHIB

Massive Dogecoin Moves Worth $50 Million Each Spotted On Robinhood

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Tuesday, July 23, 2019