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Nu Ride Inc formerly Lordstown Motors Corp is an electric vehicle innovator developing high-quality light duty commercial fleet vehicles, with the Endurance all electric pick-up truck as its first vehicle being launched in the Lordstown, Ohio facility. The Company is in its final design and testing phase related to their production of the Endurance and has yet to bring a completed product to market.

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Leading cryptocurrencies jumped on Monday, driven by corporate Bitcoin purchases and a fresh bullish price prediction for 2025.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+3.92%</td>
<td>$102,256.53</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+1.44%</td>
<td>$3,684.22</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+2.56%</td>
<td>$0.3899</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin soared above $100,000 for the first time since Dec. 19, ending weeks of choppy price action just below the key level.
The rally was bolstered by MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and Metaplanet, popularly referred to as "Asia's MicroStrategy," as both companies <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42814054/microstrategy-extends-bitcoin-buying-streak-metaplanet-aims-for-10000-btc-war-chest">acquired more Bitcoin</a> for their reserves.
Additionally, Bernstein <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42810885/bitcoin-to-200000-as-crypto-enters-infinity-age-in-2025-bernstein-predicts">painted a $200,000 target</a> for Bitcoin by the end of 2025, contributing to the rally.
Ethereum broke out above $3,600, reaching $3,739 for the first time in over two weeks.&nbsp;
More than $221 million was liquidated from the cryptocurrency market in the last 24 hours, with $133 million in downside bets getting wiped out.
That said, more than $1 billion in long positions risked liquidation if Bitcoin fell to $97,720.
Bitcoin's Open Interest soared 16.52% in the last 24 hours, indicating massive speculative interest for the apex cryptocurrency.
The "Extreme Greed" sentiment took over the market, according to the Crypto Fear &amp; Greed Index, raising fears of a potential correction.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>The Sandbox (SAND)</td>
<td>+8.88%</td>
<td>$0.6958</td>
</tr>
<tr>
<td>Worldcoin (WLD)</td>
<td>+8.53%</td>
<td>$2.61</td>
</tr>
<tr>
<td>Pudgy Penguins (PENJU)</td>
<td>+7.51%</td>
<td>$0.04315</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.59 trillion, following a rise of 2.64% in the last 24 hours.
Tech stocks rallied on Monday. The Nasdaq Composite spiked 1.24% to close at 19,864.98. The S&amp;P 500 also closed in the green, ending 0.55% higher at 5,975.38. However, the Dow Jones Industrial Average closed the session at a minor loss of 0.06%.
Artificial intelligence behemoth NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) contributed to the tech rally, surging 3.43% to $149.43, driven by investor anticipation surrounding CEO Jensen Huang‘s <a href="https://www.benzinga.com/pre-market-outlook/25/01/42813341/nvidia-jumps-up-in-pre-market-on-monday-ahead-of-jensen-huangs-keynote-at-ces-la">keynote at the CES trade show</a> in Las Vegas.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular cryptocurrency analyst Rekt Capital stated that Bitcoin needs a daily close above $101,165 for the bias to turn bullish and break out from the daily range.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is mere hours away from positioning itself for a bullish Daily Candle Close and breakout from this Daily range Needs a Daily Close above $101,165 (black)<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/wrIB3i3n1g">https://t.co/wrIB3i3n1g</a> <a href="https://t.co/bC4IL4bnqK">pic.twitter.com/bC4IL4bnqK</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1876386068288729171?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
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Another widely followed cryptocurrency market commentator, Miles Deutscher, highlighted that retail demand for Bitcoin was nearing historic lows, despite a run above $100,000.
"This run is being driven by institutions/ETFs/nation states. For this reason, you can&#8217;t really compare this cycle to past cycles," Deutscher added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> on-chain retail demand is nosediving to historic lows, despite BTC pushing $100k. This run is being driven by institutions/ETFs/nation states. For this reason, you can&#39;t really compare this cycle to past cycles. <a href="https://t.co/S5tKFDuBX9">pic.twitter.com/S5tKFDuBX9</a>
&mdash; Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1876207088973849056?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Low retail interest in Bitcoin could also suggest that the cryptocurrency cycle was still in its early stages.
Image via Shutterstock
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42815711/bitcoin-is-the-the-grand-daddy-and-outshines-wall-street-anthony-pompliano-says">Bitcoin Is The &#8216;The Grand Daddy&#8217; And Outshines Wall Street, Anthony Pompliano Says</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Bitcoin Makes Its Move Over $100K, Ethereum, Dogecoin Rally As Corporate BTC Adoption Strengthens: Analyst Says Ongoing BTC Run Different From Past Cycles

On Monday, Cathie Wood-led Ark Invest made notable trades involving Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>). and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
The Palantir Trade
Ark Invest executed a significant sale of Palantir Technologies Inc. shares across multiple ETFs, including Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>). The total shares sold amounted to 196,728. The trade was worth $14.93 million. This move comes amid a backdrop of mixed analyst ratings for Palantir. Recently, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42811388/palantir-trades-in-the-red-during-monday-premarket-as-morgan-stanley-assigns-underw">Morgan Stanley</a> <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42811388/palantir-trades-in-the-red-during-monday-premarket-as-morgan-stanley-assigns-underw">assigned an &#8216;underweight&#8217; rating to Palantir</a>, setting a price target of $60, following a 379% gain over the past year. The stock closed at $75.92 on Monday, reflecting a 4.97% decline.
Despite its strong performance in U.S. commercial and government sectors, Palantir&#8217;s valuation has been a point of contention among analysts. On Sunday, CNBC host Jim Cramer indicated <a href="https://www.benzinga.com/markets/equities/25/01/42806417/jim-cramer-works-sunday-brainstorm-on-buying-palantir-and-tesla-stock-calls-them-protective-intellectual-blankets">interest in purchasing</a> Palantir shares for his investing club portfolio.
Palantir stock has shot up over 355% over an one-year period but is down 0.4% since 2025 began.
The Amazon Trade
In contrast, Ark Invest increased its position in&nbsp;Amazon.com Inc.&nbsp;by acquiring 39,288 shares through ARKF and ARKW. The total value of this purchase was approximately $8.94 million, based on Monday&#8217;s closing price of $227.61. This move aligns with Ark&#8217;s previous strategy of bolstering its Amazon holdings, as seen in&nbsp;<a href="https://www.benzinga.com/24/12/42664623/cathie-wood-led-ark-invests-monday-moves-dumps-tesla-palantir-stock-adds-amazon">recent trades</a>.
Amazon&#8217;s stock has been buoyed by positive analyst sentiment, with some forecasts predicting a <a href="https://www.benzinga.com/24/12/42412458/amazon-to-rally-around-15-here-are-10-top-analyst-forecasts-for-tuesday">potential 15% rally.</a>
Other Key Trades:
<ul>
<li>Ark sold 3,769 shares of Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) from its ARKF fund. The transaction was valued at nearly $1.08 million.</li>
<li>Sold shares of Archer Aviation Inc. from ARKK.Bought shares of Illumina Inc. across ARKG and ARKK.Acquired shares of Pacific Biosciences of California Inc. through ARKG and ARKK.Purchased shares of GitLab Inc. via ARKK and ARKW.</li>
</ul>
Image via Flickr
Read Next: 
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<li><a href="https://www.benzinga.com/25/01/42823469/this-toast-analyst-begins-coverage-on-a-bullish-note-here-are-top-5-initiations-for-monday">This Toast Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Monday</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Cathie Wood's Monday Moves: Dumps $15M Worth Of Hot Stock Palantir, Loads Up Amazon.com

Nippon Steel Corp.&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>) lawsuit challenging President Joe Biden&#8216;s block of its $14.9 billion acquisition of US Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) faces steep legal hurdles but could buy time for <a href="https://www.benzinga.com/markets/equities/25/01/42806543/cleveland-cliffs-ceo-predicted-bidens-block-149b-nippon-steel-us-steel-deal-months-before-action">alternative deal structures</a>, legal experts say.
The Japanese steelmaker filed suit Monday claiming Biden violated constitutional due process rights by <a href="https://www.benzinga.com/news/global/25/01/42825094/us-steel-nippon-steel-sue-biden-administration-cleveland-cliffs-union-in-response-to-blocked-merger">prejudging the deal</a> through the Committee on Foreign Investment in the United States review. 
The companies allege Biden&#8217;s March opposition aimed to secure union support in Pennsylvania before leaving the ticket.
While courts typically defer to executive branch national security decisions, the lawsuit could extend negotiations beyond the current 30-day unwinding period through Jun. 18, when regulatory approvals expire, reported Reuters. This extension might prove crucial as former President Donald Trump, who initially opposed the deal, could take office in 2025.
&#8220;The lawsuit will give them more time to negotiate with the new administration or find alternatives that are acceptable,&#8221; said Nick Klein, national security lawyer at DLA Piper, though he called the legal challenge &#8220;an uphill battle.&#8221; 
The White House denies allegations of political motivation in blocking the merger. 
Price Action: United States Steel stock closed at $32.95 on Monday, up 8.17% for the day. In after-hours trading, the stock gained an additional 0.58%. Over the past year, the stock has declined by 32.05%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>. Nippon Steel stock is currently trading at JPY 3,106, down 1.65% at the time of writing. Over the past year, it has dropped 6.98%.
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Image Via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

NPSCY

Nippon Steel's Lawsuit Against Biden Administration May Extend US Steel Deal Timeline

McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) is rolling back several diversity initiatives at its corporate level, including retiring its 35% diversity leadership goal and removing supplier <a href="https://www.benzinga.com/topic/diversity">diversity, equity, and inclusion requirements</a>, the company announced in an employee letter on Monday.
The fast-food giant will rebrand its diversity team as the &#8220;Global Inclusion Team&#8221; and pause participation in external DEI surveys. The company noted it had achieved 30% representation from underrepresented groups in U.S. leadership positions, though falling short of its original 2025 target of 35%, reported Reuters.
The policy shift follows similar moves by other major corporations, including Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), Deere &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>), and Tractor Supply Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSCO#NASDAQ">TSCO</a>), amid growing pressure from conservative activists. The changes come in response to what McDonald&#8217;s termed a &#8220;shifting legal landscape,&#8221; likely referring to the Supreme Court&#8217;s June 2023 decision striking down affirmative action in college admissions.
Conservative activist Robby Starbuck had recently questioned McDonald&#8217;s DEI practices, continuing a pattern where companies have modified their diversity programs following his criticism. Despite the changes, McDonald&#8217;s remains committed to inclusion practices within its operations.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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McDonald's Ditches DEI Initiatives Amid Pressure From Conservative Activists, Cites 'Shifting Legal Landscape'

The U.S. stock market saw an upward trend today, with significant gains across the S&amp;P 500 and the Nasdaq. The tech-heavy Nasdaq Composite climbed over 240 points, marking a 1.2% increase to close at 19,864.98. The S&amp;P 500 also experienced a rise, gaining 0.55% to end at 5,975.38. Meanwhile, the Dow Jones Industrial Average declined slightly by 0.06% to 42,706.56. 
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)
Meta&#8217;s stock surged by 4.23%, closing at $630.20. The stock reached an intraday high of $630.99 and a low of $605.62, with a 52-week range of $352.05 to $638.40. The rise comes as UFC CEO  Dana White <a href="https://www.benzinga.com/general/social-media/25/01/42833727/dana-white-wanted-elon-musk-mark-zuckerberg-in-cage-fight-now-hes-on-metas-board-of-directors">joined Meta&#8217;s board of directors</a>. Previously, White had attempted to organize a charity cage fight between Elon Musk and Mark Zuckerberg.
Trump Media &amp; Technology Group Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NYSE">DJT</a>)
Trump Media&#8217;s shares rose by 4.48%, closing at $36.17. The stock hit an intraday high of $36.70 and a low of $35.08, with a 52-week range of $22.55 to $79.38. The increase follows news of the <a href="https://www.benzinga.com/news/25/01/42832156/trump-confirmed-as-president-by-vp-harris-as-former-vp-mike-pence-breathes-easy-this-jan-6">confirmation</a> of Donald Trump by Congress on Monday. His principal rival during the election, Kamala Harris, presided over the congressional session.
FuboTV Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUBO#NYSE">FUBO</a>)
FuboTV&#8217;s shares skyrocketed by 253.85%, closing at $5.06. The stock reached an intraday high of $5.30 and a low of $3.05, with a 52-week range of $1.10 to $5.30. This dramatic rise follows the announcement of a merger with&nbsp;<a href="https://www.benzinga.com/25/01/42816545/fubotv-and-disney-near-merger-to-create-second-largest-digital-tv-provider-shares-soar-report">Disney&#8217;s Hulu + Live TV</a>. The combined entity will be majority-owned by Disney, holding 70% of the venture.
Enovix Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>)
Enovix&#8217;s stock fell by 1.58%, closing at $12.46. The stock saw an intraday high of $13.03 and a low of $12.20, with a 52-week range of $5.70 to $18.68. The decline comes despite the <a href="https://www.benzinga.com/news/global/25/01/42833082/enovix-shares-are-moving-higher-after-the-bell-whats-going-on">completion of site acceptance testing</a> for its Fab2 manufacturing line in Malaysia. The company plans to start mass production later this year.
Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock edged up by 0.15%, closing at $411.05. The stock reached an intraday high of $426.43 and a low of $401.70, with a 52-week range of $138.80 to $488.54. Analyst Stephen Gengaro has raised the price target for Tesla, citing the potential for robust multi-year growth due to upcoming vehicle models and <a href="https://www.benzinga.com/25/01/42832866/tesla-stock-well-positioned-to-deliver-robust-multi-year-growth-why-analyst-is-raising-price-target-after-deliveries-miss">Full Self-Driving</a> licensing opportunities.
Prepare for the day&#8217;s trading <a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a> by Benzinga.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Meta Platforms, Trump Media, Fubo, Enovix Corp, Tesla: Why These 5 Stocks Are On Investors' Radars Today

X Owner Elon Musk has stirred up a storm with his latest post on the platform, advocating for the &#8216;liberation&#8217; of the United Kingdom from its current &#8220;tyrannical&#8221; government.
What Happened: On Monday, Musk held a poll on X. &#8220;America should liberate the people of Britain from their tyrannical government,&#8221; he asked his 211 million followers. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">America should liberate the people of Britain from their tyrannical government
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1876174862747930717?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The poll has attracted significant attention, with over 35.3 million views and 1.74 million votes. The majority of the voters, 57.8%, were in favor of Musk&#8217;s statement, while 42.2% were against it. At the time of writing there were still seven hours left for the poll to close.
In response to an X user suggesting that the U.K. could become a U.S. state, Musk remarked, &#8220;Not a bad idea.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Not a bad idea &#x1f914;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1876326554135052534?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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French President Emmanuel Macron has indirectly accused tech mogul Elon Musk of meddling in European politics and supporting a global &#8220;reactionary movement&#8221;.
During his annual speech to French ambassadors in Paris, Macron expressed concern over the influence of a major social network owner in international politics, including German elections, without naming Musk directly, and <a href="https://www.politico.eu/article/emmanuel-macron-elon-musk-new-international-reactionary-movement/">reported</a> Politico.
Macron&#8217;s apprehensions mirror those of Norwegian Prime Minister Jonas Gahr Støre, who has also expressed concern over Musk&#8217;s political interventions in other countries. Musk, the world&#8217;s richest person, has faced criticism in Europe for his political maneuvers in Germany and the U.K.
In Germany, Musk&#8217;s support for the far-right Alternative for Germany party led to accusations of election interference. In the U.K., he clashed with Prime Minister Keir Starmer and called for Nigel Farage to <a href="https://www.benzinga.com/25/01/42806211/elon-musk-flips-on-trumps-uk-ally-nigel-farage-doesnt-have-what-it-takes">resign as leader</a> of the right-wing Reform party.
Despite the ongoing controversy, Musk responded to Macron&#8217;s speech on social media platform X, indirectly criticizing the French President. Macron has extended an invitation to Musk and US President-elect Donald Trump to attend a summit on artificial intelligence in Paris next month.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Oh like that time Starmer called <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> a racist and said the British government should do everything to stop him? Or when Starmer sent British Labour Party members to campaign in the US against President Trump this year?<a href="https://t.co/5R28WgZIj0">https://t.co/5R28WgZIj0</a> <a href="https://t.co/S3cjV27Woi">https://t.co/S3cjV27Woi</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1876325206484038113?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
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Why It Matters: Musk&#8217;s political interventions in the U.K. and Germany have been a topic of controversy but he has maintained a relationship with Macron. In May 2023, Musk was seen at a Rufus Du Sol show in Mexico, hours before he <a href="https://www.benzinga.com/general/entertainment/23/05/32405340/elon-musk-flies-from-rufus-du-sol-show-to-meeting-with-french-president-macron-slept-in-the">flew to France</a> to meet with Macron.
Following a European tour, Musk returned to Texas after visiting Italy and France. During this visit, Macron <a href="https://www.benzinga.com/news/23/06/32910907/elon-musk-wraps-up-europe-tour-macron-seeks-collaboration-says-lets-work-together">posted a picture</a> with Musk captioned, &#8220;Let&#8217;s work together! #ChooseFrance.&#8221;
Musk, together with Vivek Ramaswamy, is set to head the Department of Government Efficiency, a proposed presidential advisory commission, under the incoming Trump administration.
His recent comments seem to echo Trump who has suggested that <a href="https://www.benzinga.com/news/24/12/42409527/trump-humorously-calls-justin-trudeau-as-governor-days-after-floating-idea-of-canada-dodging-tariffs-as-51st-state-of-america">Canada become a U.S. state</a>. On another occasion, the President-elect suggested <a href="https://www.benzinga.com/markets/equities/24/12/42678846/trumps-controversial-remarks-on-panama-canal-and-greenland-safeguarding-trade-and-security-or-grabbing-power">purchasing Greenland</a> from Denmark.
On Monday, Musk suggested that Greenland&#8217;s future should be decided by its people. He expressed the belief that they would &#8220;want to be part of America.&#8221; The comments were made after an X user said that Trump&#8217;s son, Donald Trump Jr., was in Greenland.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The people of Greenland should decide their future and I think they want to be part of America! &#x1f1fa;&#x1f1f8;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1876328838134948213?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
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Image via Shutterstock
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

Musk Holds Poll To Figure Out If US Should 'Liberate' UK, French President Macron Says X Owner Is Backing A New 'Reactionary Movement'

Multiple sources close to the Trump family at Mar-a-Lago are telling People magazine that soon-to-be-First-Lady-again <a href="https://www.benzinga.com/topic/melania-trump">Melania Trump</a> quite likes having the Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX CEO <a href="https://www.benzinga.com/topic/elon-musk">Elon Musk </a>around. And the tech billionaire is definitely around. Musk has been staying at one of the cottages on Trump's property at the Florida estate almost since the November elections, <a href="https://www.nytimes.com/2024/12/30/us/politics/elon-musk-trump-mar-a-lago.html">according </a>to the NY Times.
<h1 class="wp-block-heading">But It&#8217;s All Good With Melania</h1>
A source <a href="https://people.com/melania-trump-elon-musk-babysitter-for-donald-exclusive-sources-8769671">told</a> People that Melania approves of Musk&#8217;s relationship with her husband as a "net-positive" because Musk can keep an eye on her hubby President-elect Donald Trump.
"Melania is glad to have a babysitter for Donald, and she will find some kind of project to team up with him herself if he stays around," a Palm Beach source told People, noting that the former First Lady "makes the best of things she can&#8217;t control."
The source added that &#8220;Melania has her own life and isn&#8217;t bothered by political dealings her husband has with others. But so far, she has no issues with Musk.&#8221;
A Mar-a-Lago insider predicted that Melania might come up with her own plans to partner with Musk, who along with Vivek Ramaswamy <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">will co-direct</a> the newly created&nbsp;<a href="https://www.benzinga.com/topic/department-of-government-efficiency">Department of Government Efficiency&nbsp;</a>(DOGE), aimed at restructuring federal agencies and reducing government spending.
Read More: <a href="https://www.benzinga.com/25/01/42806697/melania-trump-to-executive-produce-upcoming-amazon-documentary-offering-rare-insight-into-her-life-and-influence-in-donald-trumps-political-world">Melania Trump To Produce Upcoming Amazon Prime Documentary About Her Life and Influence In Trump Political Universe</a>
CNN&#8217;s Kaitlan Collins <a href="https://www.yahoo.com/news/elon-musk-hangs-donald-trump-164722815.html">reported</a> in November that Musk has been at Mar-a-Lago &#8220;nearly every single day,&#8221; golfing, dining, sitting in on phone calls with world leaders, and &#8220;weighing in&#8221; on prospective candidates for senior administration jobs.
<h1 class="wp-block-heading">Working From Home </h1>
As was the case with the first Trump administration, he is continuing to use the family&#8217;s Palm Beach residence as a meeting place and something of a headquarters for his political activities. Again, Melania quite likes the activity, according to People, especially when it comes to Musk.
"Melania is in good spirits and does her own thing, and is not bothered one way or the other by Musk hanging around," a source told People.
"For the most part, she is not involved with subjects her husband is discussing with Musk or anyone else hanging around him. Right now, Trump has a lot of people wanting things from him. She is all too aware of that."
Now Read:
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<li><a href="https://www.benzinga.com/news/25/01/42832156/trump-confirmed-as-president-by-vp-harris-as-former-vp-mike-pence-breathes-easy-this-jan-6">Trump Confirmed President By VP Harris As Pence Hails &#8216;Peaceful Transfer&#8217; This Jan. 6</a></li>
</ul>
Photo: Sarah Yenesel/EPA, via Shutterstock

Government

Melania Trump Is Happy With House Guest Elon Musk As 'A Babysitter For Donald'

Investor and entrepreneur Kevin O'Leary, known for his appearances on "Shark Tank," announced on Monday he joined forces with The People's Bid for TikTok in an attempt to purchase the social media platform before the Jan. 19 <a href="https://www.benzinga.com/24/12/42712643/trump-asks-supreme-court-to-delay-tiktok-ban-as-he-pursues-a-political-resolution">deadline for a sale. </a>
The Details: O'Leary declared the move in a <a href="https://www.prnewswire.com/news-releases/globally-renowned-investor-and-entrepreneur-kevin-oleary-joining-the-peoples-bid-for-tiktok-302342948.html">press release</a> stating he would join The People's Bid for TikTok led by Project Liberty founder Frank McCourt. O'Leary's previous attempt to buy TikTok, a crowdfunding effort, would be folded into The People's Bid for TikTok. 
Read Next: <a href="https://www.benzinga.com/25/01/42821300/biden-set-to-ban-future-offshore-oil-drilling-4-stocks-to-watch">Biden Set To Ban Future Offshore Oil Drilling: 4 Stocks, 2 ETFs To Watch</a>
&#8220;Joining The People&#8217;s Bid for TikTok is an opportunity to take action on an issue I&#8217;m deeply passionate about — protecting privacy and creating value for users,&#8221; said Kevin O&#8217;Leary.&nbsp;
&#8220;TikTok has immense potential — not just as a tool for creators and businesses, but as a cornerstone of a more secure, people-centered digital future," O'Leary added.&nbsp;
O'Leary also announced his partnership with The People's Bid for TikTok on the social media platform X.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I'm excited to share that I'm partnering with Frank McCourt and the visionary team at <a href="https://twitter.com/pro_jectliberty?ref_src=twsrc%5Etfw">@pro_jectliberty</a> to lead The People's Bid for TikTok! This isn't just about buying TikTok's U.S. assets. It's about something much bigger: protecting the privacy of 170 million American users.… <a href="https://t.co/kzxk5RfEgY">pic.twitter.com/kzxk5RfEgY</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1876287966584221717?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
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What Else: The Supreme Court is set to hear arguments on Friday on whether the proposed TikTok ban violates the First Amendment. Congress passed the ban with bipartisan support earlier this year and President Joe Biden signed it into law in April.&nbsp;
The law requires TikTok's parent company, ByteDance, to divest its U.S. operations by Jan. 19 or <a href="https://www.benzinga.com/government/regulations/25/01/42772746/tiktok-set-for-a-ban-on-jan-19-by-law-but-trump-has-other-plans">face removal</a> from app stores in the U.S.&nbsp;
President-elect Donald Trump originally supported a ban of TikTok, but has since changed his stance on the issue and has requested the deadline for divestiture be extended.
Trump's attorney, D. John Sauer, said Trump is not taking a stance on the case's merits but would like the opportunity to seek a political solution.&nbsp;
"He respectfully requests that the Court consider staying the Act's deadline for divestment of January 19, 2025, while it considers the merits of this case, thus permitting President Trump's incoming administration the opportunity to pursue a political resolution of the questions at issue in the case,&#8221; Sauer said.&nbsp;
Read More:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/42768507/china-slaps-export-restrictions-on-dozens-of-us-companies-boeing-lockheed-martin-general-dynamics-raytheon-affected">China&#8217;s Export Crackdown Hits Boeing, Lockheed Martin And More&nbsp;</a></li>
</ul>
Photo: Shutterstock

Entertainment

Social Media

Global

Media

Kevin O'Leary Joins The People's Bid For TikTok As Pending Ban Looms

ServiceNow (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) has outperformed the market over the past 10 years by 20.55% on an annualized basis producing an average annual return of 31.96%. Currently, ServiceNow has a market capitalization of $222.21 billion. 
Buying $100 In NOW: If an investor had bought $100 of NOW stock 10 years ago, it would be worth $1,579.48 today based on a price of $1077.05 for NOW at the time of writing.
<h3>ServiceNow's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736207107_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $100 Invested In ServiceNow 10 Years Ago Would Be Worth Today

Annuities are a popular financial product that can provide tax-deferred growth and guaranteed income. However, as <a href="https://www.benzinga.com/personal-finance/24/12/42728529/suze-orman-warns-medicare-doesnt-cover-everything-why-you-need-2000-for-drugs-and-1676-for-hospital-costs-in-2025">Suze Orman</a> explains on a <a href="https://omny.fm/shows/suze-ormans-women-and-money/ask-kt-and-suze-anything-why-buying-a-condo-can-en">recent episode</a> of her Women &amp; Money podcast, they aren&#8217;t always the best solution for everything.&nbsp;
A listener named Janet wrote into the show and shared her experience with an annuity she purchased six years ago with an inheritance. Now, Janet is asking Orman about the best way to move the funds from her annuity. "Do I have to cash out the annuity or can a brokerage firm have the money transferred for me?" Janet wrote.&nbsp;
Don't Miss:
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<li><a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a></li>
<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.</li>
</ul>
Here's a breakdown of Janet's situation and Orman's recommendations for those who wish to <a href="https://www.benzinga.com/personal-finance/24/08/40324684/exactly-how-much-cash-will-a-50-000-annuity-pay-you-every-month">cash out an annuity</a>.&nbsp;
Janet invested $50,000 in a variable and index-linked deferred annuity. Over six years, her investment grew to $68,300 – a little over 36% for the total increase. Janet felt like that was a pretty good return, but Orman calculated that the annualized growth rate was only 5.4%. "That is horrific," Orman said.&nbsp;
Janet's annuity was tied to the <a href="https://www.benzinga.com/24/12/42737644/us-stocks-poised-open-higher-on-the-trading-day-of-2024-analyst-sees-sp-500-at-7000-in-first-half-of-2025">S&amp;P 500 index</a>, which Orman explained had significantly stronger returns over the same period. However, the nature of index-linked annuities meant Janet only received a percentage of the index's gains, not the full amount.
Orman also emphasized the tax drawbacks of annuities. If Janet cashes out, the $18,300 in growth will be taxed as ordinary income, which could place her in a higher tax bracket. This is a key difference from other investments like mutual funds or ETFs, which are taxed at a lower capital gains rate upon sale.
See Also: Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a>
Additionally, annuities do not offer the "step-up in cost basis" other investments provide. If Janet's beneficiaries inherit the annuity, they would owe ordinary income tax on any gains above her original $50,000 investment. In contrast, inheriting a mutual fund or ETF would mean the beneficiaries pay no taxes on gains due to the step-up in basis.
Orman advised Janet to carefully plan her <a href="https://www.benzinga.com/personal-finance/24/11/42073506/i-want-to-buy-a-250000-annuity-whats-the-monthly-income-itll-bring-in">annuity withdrawal</a> to minimize taxes. Assuming Janet is no longer subject to surrender charges – a fee many annuities impose for early withdrawals – Orman suggested splitting the withdrawal over two years.
<ul>
<li>Before Year-End: Janet could withdraw $9,150 (half the gain) and pay taxes in 2024.</li>
<li>After Jan. 1: She could withdraw the remaining $59,150, which includes the rest of her gain and the original principal, spreading the tax liability over two years.</li>
</ul>
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>
By staggering the withdrawals, Janet could reduce her immediate tax burden and avoid a potential spike in her tax bracket.
Orman's advice to Janet illustrates the importance of fully understanding an annuity&#8217;s terms and potential drawbacks before purchasing one. While annuities can be useful for certain situations, they may not be the best investment for everyone, particularly compared to other options like mutual funds or ETFs.
If you're considering cashing out an annuity, evaluate the tax implications and consult with a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> to ensure it aligns with your long-term goals.
Read Next:
<ul>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
</ul>

Personal Finance

'Should I Cash Out My Annuity?' Suze Orman Reveals Why This Listener's Investment Isn't As Good As It Seems

Since the Russian invasion of Ukraine in February 2022, Ukraine has ranked among the top nations using cryptocurrency. According to the September 2024 Global Adoption Report by Chainanlysis, <a href="https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/">Ukraine is No. 6 in crypto adoption</a>.
The war has caused significant economic instability in Ukraine, including a weakened Hryvnia, Ukraine's national fiat currency, and banking disruptions in many regions, which have limited access to traditional financial services. To limit the exodus of wealth from the country, the Ukraine government put restrictions on cross-border money transfers and foreign fiat currency withdrawals.
The Ukrainian government did embrace cryptocurrency on a regulatory level. From the start of the war, cryptocurrency became a vital channel for timely international donations to NGOs and the Ukrainian government. According to United24, the official fundraising platform for Ukraine, cryptocurrency donations have totaled $923,514,470 from the global community.
With limits on sending money abroad and the rising popularity of cryptocurrency, the beta launch of HitBit Pro, a Ukraine-based fintech platform that offers Telegram integration and a fiat-like experience, has been a natural extension.
"We launched HitBit Pro at the end of November 2024. We did a small campaign in Ukraine, but people around the world can apply, proceed with KYC, and use our service. At this point, we have a lot of Ukrainians who live in Europe, Turkey, Asia (like Bali), and all over the world. With their user experience and feedback, we can find out what to improve in general, but we do the same with feedback from Germans and Poles," <a href="https://www.linkedin.com/in/i-kucherenko/">Igor Kucherenko</a>, co-founder of HitBit Pro said in an interview with Benzinga.
According to Kucherenko, the company has 10,000 users in the testing stage and has improved the customer experience based on customer feedback.
"We got a lot of valuable feedback, fixed everything, and we're still in the process of upgrading a couple of things. In mid-January, we're planning to have a massive marketing campaign in Ukraine with Ukrainian retailers. For Europe, it will probably be three to four months from now because it's a more complicated process. You have to take it to each country as a separate case.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42827897/cpai-launches-token-for-ai-powered-crypto-tax-reconciliation-platform">CPAI Launches Token For AI-Powered Crypto Tax Reconciliation Platform</a>
HitBit Pro has helped Ukrainians make international money transfers and is trying to provide an experience similar to fiat and Web2 money transfer services.
"For Ukrainians, it's a great solution to the challenges caused by the restrictions imposed by the National Bank of Ukraine on international transactions. The limits are very low, which makes it hard for families living abroad to transfer money from Ukraine. With HitBit Pro, you can use SEPA to wire money, pay rent, school fees, or even doctors, without relying only on cards," Kucherenko said.
HitBit Pro allows a one-time payment limit of 10,000 euros and a daily transaction limit of 50,000 euros. It also offers physical cards and standard ATM and local bank fees apply.
The goal of HitBit Pro is to provide a seamless service for transfers and payments that bridges the gap between cryptocurrency and traditional finance (TradFi) users. To do that, the company must overcome the perception of cryptocurrency as innately speculative.
"Instead of using traditional fiat cards with lots of restrictions, regulations and compliance, users can use our platform. For most people, when they hear crypto, they think of speculation, investments and volatility. HitBit Pro has nothing to do with that. It's like using fiat, but you pay into your account with crypto instead," said Kucherenko.
Kucherenko described the platform as a conventional nano-bank technology that allows a Visa- or Mastercard-like experience. The only difference is on the backend where payments are made using cryptocurrency instead of fiat.
"The idea is to build a bridge for the 90% of people who have never experienced crypto, showing them how it can be part of their daily lives,&#8221; said Kucherenko.
&#8220;Cash has become almost obsolete now. Transactions are electronic, whether it's traditional money or crypto. There's no real difference between fiat and crypto on the front end for users. When you're traveling, for instance, if you're using a U.S. card in Bali, the system automatically handles currency conversion. The same applies to crypto. The system handles the conversion seamlessly if you have USDT or any other cryptocurrency," said the HitBit Pro co-founder.
Kucherenko compares the HitBit Pro experience to Apple Pay, Google Pay or other popular web-based payment methods. Users don't need to understand blockchain, mining or any technical details. He said it's the same as using Visa or Mastercard. Only the backend is cryptocurrency, and there's no need for complicated procedures to set up or maintain an account or wallet.
"People need to understand that crypto is no longer a pilot project. It's a reality. The sooner they accept it, the faster they can become part of this new world we already live in. Crypto is a currency. Whether people like it or not, it's a reality, and it's becoming a practical tool for daily transactions," said. Kucherenko.
Read Next: •&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42828238/gemini-resolves-cftc-lawsuit-with-5m-settlement-over-bitcoin-futures-misstatements">Gemini Resolves CFTC Lawsuit With $5M Settlement Over Bitcoin Futures Misstatements</a>

Fintech news covering the emerging Financial Technology services sector

Fintech

Exclusives

Interview

HitBit Pro Interview: Crypto Payments Rise In Ukraine Despite Transfer Limits

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) has outperformed the market over the past 5 years by 11.67% on an annualized basis producing an average annual return of 24.49%. Currently, Freeport-McMoRan has a market capitalization of $55.61 billion. 
Buying $1000 In FCX: If an investor had bought $1000 of FCX stock 5 years ago, it would be worth $2,976.08 today based on a price of $38.70 for FCX at the time of writing.
<h3>Freeport-McMoRan's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736205307_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 5 Years Ago Would Be Worth This Much Today

Dana White served as the matchmaker who wanted to make a<a href="https://www.benzinga.com/general/sports-betting/23/08/33606870/musk-vs-zuckerberg-billionaire-bout-latest-odds-reveal-clear-favorite-potential-100-bet-wi"> cage fight between billionaires</a> Elon Musk and Mark Zuckerberg a reality. While the fight didn't happen, White has now turned to helping one of the billionaires as a member of his company&#8217;s board of directors.
What Happened: White once said a cage fight between Musk and Zuckerberg could<a href="https://www.benzinga.com/news/23/06/32988611/elon-musk-vs-mark-zuckerberg-fight-back-on-mom-says-no-but-dana-white-says-lets-make-it-happen"> raise millions of dollars</a> for charity.
"This would be the biggest fight ever in the history of the world. It would break all pay-per-view records," White previously said.
While the fight never happened, White is now tasked with helping Zuckerberg's company as he was named a member of the Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) board of directors on Monday.
White, who is the CEO of the UFC said he makes "fights that people want to see." Now alongside his everyday job, White will help Meta usher in the new era of artificial intelligence.
"I've never been interested in joining a board of directors until I got the offer to join Meta's board. I am a huge believer that social media and AI are the future," White said.
White said he's excited to learn more about Meta from the inside and to join the incredible team.
"There is nothing I love more than building brands, and I look forward to helping take Meta to the next level."
The appointment of White brings a Donald Trump ally closer to the social media executive and could create synergies between UFC and Meta. While Trump and Zuckerberg <a href="https://www.benzinga.com/news/24/12/42454227/months-after-trump-threatened-to-put-mark-zuckerberg-in-prison-meta-ceo-donates-1m-to-president-elects-inaugural-event">previously clashed</a> over social media bans imposed on the former president, Zuckerberg recently met with Trump and <a href="https://www.benzinga.com/news/24/12/42454227/months-after-trump-threatened-to-put-mark-zuckerberg-in-prison-meta-ceo-donates-1m-to-president-elects-inaugural-event">donated to his inauguration fund.</a>
The announcement of White joining the Meta board comes on the same day that WWE, which like UFC is owned by TKO Group Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TKO#NYSE">TKO</a>), is set to make its live debut on streaming giant Netflix.
You may not be a billionaire like Mark Zuckerberg, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/25/01/42798998/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
Other Board Appointees: Alongside White, two other Meta board of directors appointees were announced Monday.
Exor CEO John Elkann and investor Charlie Songhurst were also announced as new Meta board members.
Exor, which is controlled by the Agnelli family, is one of the largest European investment companies, according to the press release. Elkann is the executive chairman of both Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) and Ferrari NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>). Exor owns stakes in Stellantis, Ferrari, CNH, Phillips, Louboutin and Juventus Football Club.
"I look forward to bringing my global experience and long-term perspective to the board as Meta continues to shape and push the next frontiers of innovation and technology," Elkann said.
Songhurst is an investor specializing in the technology sector and startups. He previously worked at Microsoft helping with partnerships and M&amp;A.
"As part of Meta's advisory group, I've seen firsthand the opportunities to scale new products and grow AI and enterprise capabilities," Songhurst said.
Zuckerberg highlighted the AI opportunity in Monday's announcement.
"Dana, John and Charlie will add a depth of expertise and perspective that will help us tackle the massive opportunities ahead with AI, wearables and the future of human connection," Zuckerberg said.
META Price Action: Meta stock closed Monday up 4.23% to $630.20 versus a 52-week trading range of $352.05 to $638.40. Meta shares were up 0.66% to $634.35 in after-hours trading. The stock is up 76% over the past year.
TKO shares traded higher on news of the announcement in the after-hours trading market before returning to the $141.63 level it closed at Monday at the time of writing.
Read Next: 
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<li><a href="https://www.benzinga.com/news/management/25/01/42771258/worlds-top-10-richest-people-gained-more-wealth-in-2024-than-costco-and-nikes-combined-valuation-how-elon-musk-warren-buffett-and-others-fared">World&#8217;s Top 10 Richest People Gained More Wealth In 2024 Than Costco And Nike&#8217;s Combined Valuation: How Elon Musk, Warren Buffett And Others Fared</a></li>
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Photo: Shutterstock

Management

After-Hours Center

Tech

RACE

STLA

Dana White Wanted Elon Musk, Mark Zuckerberg In Cage Fight, Now He's On Meta's Board Of Directors

Motorola Solns (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>) has outperformed the market over the past 10 years by 10.28% on an annualized basis producing an average annual return of 21.69%. Currently, Motorola Solns has a market capitalization of $76.28 billion. 
Buying $100 In MSI: If an investor had bought $100 of MSI stock 10 years ago, it would be worth $709.32 today based on a price of $456.45 for MSI at the time of writing.
<h3>Motorola Solns's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736204408_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 10 Years Ago, You Would Have This Much Today

The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on January 7, 2025 under the ticker symbol "ZYBT."

IPOs

Zhengye Biotechnology Reports Pricing Of Its IPO Of 1.50M Ordinary Shares At $4.00 Per Ordinary Share

CEPO

Cantor Equity Partners I, Inc. Prices Its IPO Of 20M Class A Ordinary Shares At $10.00 Per Share

Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) has outperformed the market over the past 15 years by 1.85% on an annualized basis producing an average annual return of 13.53%. Currently, Valero Energy has a market capitalization of $38.66 billion. 
Buying $100 In VLO: If an investor had bought $100 of VLO stock 15 years ago, it would be worth $659.75 today based on a price of $122.13 for VLO at the time of writing.
<h3>Valero Energy's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736203509_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 15 Years Ago Would Be Worth This Much Today

In addition, in a concurrent private placement, the Company will issue unregistered warrants to purchase up to 2.46 million shares of common stock. The warrants will have an exercise price of $0.90 per share, will be exercisable upon issuance and expire five years following the date of issuance. The closing of the offering is expected to occur on or about January 7, 2025, subject to the satisfaction of customary closing conditions.

Offerings

ACXP

Acurx Pharmaceuticals Reveals Purchase And Sale Of An Aggregate Of 2.46M Shares Of Its Common Stock At $1.015 Per Share

As a result, the Company closed a total of 1,636 homes in the fourth quarter, including the bulk sale of 103 leased, single-family homes in November 2024, and a total of 6,131 homes for the full year 2024.

LGIH

LGI Homes Reports Closings Of 580 Homes In December 2024

KULR Tech Gr (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/KULR#AMEX">KULR</a>) has outperformed the market over the past 5 years by 6.08% on an annualized basis producing an average annual return of 18.9%. Currently, KULR Tech Gr has a market capitalization of $839.87 million. 
Buying $100 In KULR: If an investor had bought $100 of KULR stock 5 years ago, it would be worth $237.67 today based on a price of $3.51 for KULR at the time of writing.
<h3>KULR Tech Gr's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736202621_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

KULR

Here's How Much $100 Invested In KULR Tech Gr 5 Years Ago Would Be Worth Today

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Faraday Future (NASDAQ:<a href="https://investorplace.com/stock-quotes/ffie-stock-quote/">FFIE</a>) reminds me of four other, largely unsuccessful electric-vehicle makers: Workhorse (NASDAQ:<a href="https://investorplace.com/stock-quotes/wkhs-stock-quote/">WKHS</a>), Mullen (NASDAQ:<a href="https://investorplace.com/stock-quotes/muln-stock-quote/">MULN</a>), Canoo (NASDAQ:<a href="https://investorplace.com/stock-quotes/goev-stock-quote/">GOEV</a>), and Nu Ride (OTCMKTS:<a href="https://investorplace.com/stock-quotes/nrde-stock-quote/">NRDE</a>), formerly known as Lordstown Motors.



Like those other firms, Faraday talks a great deal about unimpressive future plans and partnerships that are either unremarkable or unspecific or both. And similar to its troubled peers, Faraday has never generated much revenue. Workhorse had <a href="https://seekingalpha.com/symbol/WKHS/income-statement?source=section%3Asearch_bar%7Ccontent_type%3Aall%7Csection_asset%3Asearch-basic%7Csearch_item%3Awkhs%7Crow_num%3A1%7CURL_first_level%3Asymbol%7Ctopic%3Asymbol">only $13 million in revenue last year </a>despite<a href="https://en.wikipedia.org/wiki/Workhorse_Group"> being founded in 2007</a>. Mullen and Canoo did even worse, <a href="https://seekingalpha.com/symbol/MULN/income-statement">having less than $1 million </a>in <a href="https://seekingalpha.com/symbol/GOEV/income-statement?source=section%3Asearch_bar%7Ccontent_type%3Aall%7Csection_asset%3Asearch-basic%7Csearch_item%3Agoev%7Crow_num%3A1%7CURL_first_level%3Asymbol%7Ctopic%3Asymbol">sales in </a>2023 <a href="https://en.wikipedia.org/wiki/Mullen_Automotive#:~:text=compensation%20and%20awards-,History,the%20basis%20of%20Mullen%20Automotive.">despite being</a> <a href="https://en.wikipedia.org/wiki/Canoo#:~:text=Canoo%20was%20founded%20in%202017,BMW%20as%20a%20senior%20executive.">launched several years ago</a>. Lordstown <a href="https://www.reuters.com/business/autos-transportation/lordstown-motors-files-bankruptcy-sues-foxconn-2023-06-27/">went bankrupt </a>in June 2023. 



Faraday perpetually does not seem to have enough cash to get its EV business off the ground and is weighed down by large amounts of debt. Given these points, I expect the EV maker to continue struggling like those other <a href="https://investorplace.com/industries/consumer-discretionary/automotive/electric-vehicles/">EV stocks</a>. I strongly recommend investors sell Faraday Future stock.



<h2>Faraday&rsquo;s Milestones </h2>



During Faraday&rsquo;s last earnings call in May, the automaker disclosed several unimpressive &ldquo;milestones.&rdquo; For example, CEO Matthias Aydt noted the firm had begun production of its FF 91 2.0 EV, and the vehicle had &ldquo;passed U.S. Federal Motor Vehicle Safety Standards crash test requirements.&rdquo;



Moreover, Aydt disclosed the company, in <a href="https://www.electrive.com/2024/06/05/faraday-future-had-only-delivered-ten-cars-by-the-end-of-2023/">its entire history,</a> had delivered only 11 EVs. Although each of its EVs costs a huge $309,000, the firm&rsquo;s delivery total is obviously still very low. That&rsquo;s especially true because the automaker was founded a decade ago. Consider, for example, <a href="https://insideevs.com/news/721871/faraday-future-ff91-sales-2023/">that 326 units of Rolls-Royce&rsquo;s</a> Spectre EV, which became available in the last quarter of 2023, were sold just in the latter three-month period. The Spectre&rsquo;s base price is $420,000.



Aydt also noted that Faraday had started a leasing program, &ldquo;obtained a Bureau of Automotive Repair license,&rdquo; rolled out a public charging program&rdquo; and established a &ldquo;sales entity in Dubai.&rdquo; None of these initiatives is likely to move the needle for Faraday or FFIE stock. That is because they are unlikely to cause the company&rsquo;s very low delivery pace to accelerate.



<h2>Faraday&rsquo;s Future Plans</h2>



The automaker, which was founded by Chinese entrepreneur Jia Yueting, <a href="https://www.yicaiglobal.com/news/jia-yuetings-next-attempt-to-save-faraday-future-could-be-livestreaming">is looking to</a> launch a &ldquo;U.S.-China automotive industry bridge.&rdquo; Reading between the lines, this refers to efforts by Faraday to partner with both U.S. and Chinese automakers. Through such partnerships, the company hopes to provide automakers with access to its &ldquo;major technology systems&rdquo; and &ldquo;major technology platforms.&rdquo;



For Faraday and the owners of Faraday Future stock, however, the problem is that multiple, struggling EV makers have also tried and failed to launch similar alliances. For example, Lordstown and Taiwan-based manufacturing giant Foxconn (OTCMKTS:<a href="https://investorplace.com/stock-quotes/fxcof-stock-quote/">FXCOF</a>) intended <a href="https://www.reuters.com/business/autos-transportation/lordstown-motors-files-bankruptcy-sues-foxconn-2023-06-27/">to launch</a> a partnership but it fell through. It forced Lordstown to declare bankruptcy. Similarly, Fisker (OTCMKTS: <a href="https://investorplace.com/stock-quotes/fsrnq-stock-quote/">FSRNQ</a>) also <a href="https://techcrunch.com/2024/03/25/fisker-nissan-deal-dead-funding-bankruptcy/">tried to reach a deal</a> with Nissan (OTCMKTS:<a href="https://investorplace.com/stock-quotes/nsany-stock-quote/">NSANY</a>) before declaring bankruptcy. &nbsp;



<h2>A Troubled Balance Sheet</h2>



As of the end of last year, Faraday<a href="https://finance.yahoo.com/quote/FFIE/key-statistics/"> had only $1.9 million of </a>cash, according to Yahoo Finance. That&rsquo;s, of course, a tiny amount given the huge amounts of money required to manufacture automobiles. What&rsquo;s more, the company owed nearly $119 million. Given the firm&rsquo;s low cash, high debt and anemic revenue generation, I believe the EV maker is at very high risk of going bankrupt in the not-too-distant future.



<h2>The Bottom Line on Faraday Future Stock</h2>



Faraday has generated very little revenue in its history and none of the automaker&rsquo;s initiatives looks poised to change that in the foreseeable future. Moreover, the company appears to lack the necessary cash to manufacture EVs effectively. Its high debt levels could easily push it into bankruptcy relatively soon.



In light of all of these points, Faraday Future stock is a clear sell.



On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.



On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
<div>Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel&rsquo;s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been SMCI, INTC, and MGM. You can reach him on Stocktwits at @larryramer.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/07/investors-should-stay-far-far-away-from-faraday-future-stock/">Investors Should Stay Far, Far Away From Faraday Future Stock</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Investors Should Stay Far, Far Away From Faraday Future Stock

FFIE

FSRNQ

FXCOF

GOEV

MULN

NSANY

WKHS

Small Cap

Press Releases

Nu Ride Inc., Formerly Known as Lordstown Motors Corp., Emerges from Chapter 11 with the New Ticker Symbol "NRDE" on the OTC Pink Market

Nu Ride Inc. Retains Susman Godfrey LLP as Litigation Counsel in Foxconn Matter

Nu Ride

<ul>
<li>Lordstown Motors went public on Nasdaq in October 2020, promising to revolutionize the EV sector with its commercial fleet-focused Lordstown Endurance. The company raised more than $675M from investors at the time of merging with SPAC DiamondPeak Holdings to go public.</li>



<li>The company aggressively promoted Endurance as an economically viable option compared to other EV trucks promised by leading automakers and even went on to claim that it would take market share from the Ford F-150, the best-selling truck in the United States.</li>



<li>After revealing pre-orders for approximately 100,000 Endurance vehicles in early 2021, Lordstown stock skyrocketed to an all-time high of over $460 in February 2021 (pre-reverse split). After being rebranded as Nu Ride, the stock now trades at $1.70.</li>



<li>Hindenburg Research, in a report dated March 12, 2021, revealed that Lordstown has been deceiving investors by omitting key information regarding pre-orders for Endurance.</li>



<li>Lordstown filed for bankruptcy in June 2023, blaming Foxconn, a business partner and investor, for failing to deliver commercial and financial commitments that led to "material and irreparable harm" to the company.</li>



<li>The SEC charged Lordstown in February 2024 for misleading investors with fictitious Endurance pre-orders and concealing Lordstown's inability to access critical components for the production of EVs. Lordstown agreed to a payment of $25.5M to settle the claim.</li>



<li>Lordstown Motors will pay up to $10M settlement due to this situation. All affected investors can <a href="https://11thestate.com/cases/lordstown-investor-settlement?ref=11thestate.com">file a claim</a> to receive the payment.</li>
</ul>



<h3 class="wp-block-heading has-medium-font-size" id="overview">Overview</h3>



Lordstown Motors Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RIDEQ#OTC">RIDEQ</a>), now Nu Ride (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NRDE#OTC">NRDE</a>), burst onto the scene in 2020 promising a revolutionary electric truck and raking in over $675 million from investors. The company aggressively marketed the Endurance, its first EV truck, as a competitor to established automakers, sending the stock soaring. However, this house of cards came crashing down when Hindenburg Research exposed Lordstown for misleading investors about pre-orders and production capabilities in early 2021. Since then, the stock has crashed, the company filed for bankruptcy before emerging from Chapter 11 as Nu Ride, and the SEC charged Lordstown for misleading investors. Lordstown has now agreed to settle with the SEC and defrauded investors, bringing closure to a cautionary tale of hype and deception.



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1000" height="481" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4.png" alt="" class="wp-image-3664" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4.png 1000w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4-300x144.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4-768x369.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" /><figcaption class="wp-element-caption">Source: Q1 2021 Earnings Presentation</figcaption></figure>



<h3 class="wp-block-heading has-medium-font-size" id="introduction">Introduction</h3>



Lordstown Motors, now rebranded as Nu Ride Inc. (NRDE), was founded in 2018 by former CEO of Workhorse Group, Steve Burns. The company, from its IPO in October 2020 through its Chapter 11 filing in June 2023, aggressively marketed its vision of revolutionizing the American commercial and passenger vehicle industries with Lordstown Endurance, its flagship electric truck that promised to compete with established automakers such as Tesla Inc. (TSLA) and Ford Motor Company (F) for market share. Lordstown Motors, which was valued at almost $5 billion in February 2021 before Hindenburg's report, now has a market capitalization of just $27 million after wiping billions of dollars of investor money off the table.



<h3 class="wp-block-heading has-medium-font-size" id="the-scandal">The Scandal</h3>



Lordstown Motors' deceptive actions span across three distinct categories.



First, Lordstown inflated pre-orders for Endurance, misleading investors about the revenue growth potential of the company.&nbsp;On January 11, 2021, Lordstown announced surpassing 100,000 pre-orders for Endurance.&nbsp;Commenting on this, CEO Steve Burns said:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"Receiving 100,000 pre-orders from commercial fleets for a truck like the Endurance is unprecedented in automotive history. Adding in the interest we have from federal, state, municipal and military fleets on top of that, I think you can see why we feel that we are about to revolutionize the pickup truck industry."
</blockquote>



At the proposed maximum retail price of $52,500, pre-orders for Endurance promised to bring in approximately $5 billion in revenue.&nbsp;Investors, based on this promising pipeline of orders, rushed to own a piece of the company, pushing Lordstown's market value close to $5 billion in February 2021.



On March 12, Hindenburg Research revealed that most of these pre-orders were fictitious or were placed by companies that had no financial backing to follow through with purchasing the Endurance truck.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="299" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-1024x299.png" alt="" class="wp-image-3667" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-1024x299.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-300x88.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-768x224.png 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Hindenburg Research</figcaption></figure>



Lordstown Motors never accepted or requested deposits from most of the customers who were interested in purchasing its EV truck, contrary to the standard practice.&nbsp;For example, Tesla, the EV market leader in the U.S., required a deposit of $100-$150 for placing a pre-order for the Cybertruck in 2019.



Lordstown Motors' decision to claim pre-orders as confirmed sales without even securing a deposit seemed questionable even at that time, and the fears were confirmed when none of these orders were delivered in the years that passed.



The company also used inflated pre-order figures to raise funds from investors, misguiding the market about the true nature of the demand for its Endurance truck.



Second,&nbsp;Lordstown Motors misled investors with details of its production timeline, stating that the company was on track to bring the Endurance to the market well before any other EV pickup truck.&nbsp;Originally, the company claimed that commercial production would begin in September 2021 following Beta prototype testing and two pre-production runs.







<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="795" height="299" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5.png" alt="" class="wp-image-3665" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5.png 795w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5-300x113.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5-768x289.png 768w" sizes="(max-width: 795px) 100vw, 795px" /><figcaption class="wp-element-caption">Source: Investor presentation (January 2021)</figcaption></figure>



In January 2021, Lordstown pledged to bring Endurance to the market before many established players and also promised a more affordable price tag, giving the false impression that Endurance would aggressively take market share from ICE pickup trucks that have been dominating both the passenger and commercial truck market in the United States.



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="887" height="562" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8.png" alt="" class="wp-image-3668" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8.png 887w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8-300x190.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8-768x487.png 768w" sizes="(max-width: 887px) 100vw, 887px" /><figcaption class="wp-element-caption">Source: Investor presentation (January 2021)</figcaption></figure>



Revealing production targets, Lordstown projected the production of approximately 2,000 trucks in 2021 alone. The below table, based on the company&#8217;s filings, highlights the rosy production targets published by the company.



<figure class="wp-block-table"><table><tbody><tr><td>Year</td><td>EV Production target</td></tr><tr><td>2021</td><td>2,000</td></tr><tr><td>2022</td><td>32,000</td></tr><tr><td>2023</td><td>65,000</td></tr><tr><td>2024</td><td>107,000</td></tr></tbody></table></figure>



Commenting on the progress of production during the Q1 2021 earnings call, CEO Steve Burns said:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"Our mission here at Lordstown Motors is to be the leading manufacturer for electric light duty trucks in the United States. Our first vehicle, the all-electric Endurance work truck is on track to start limited production in late September, and we expect to start deliveries later in the fourth quarter."
</blockquote>



Despite these ambitious predictions and misleading statements, Lordstown Motors ended up delivering just 6 Endurance EVs before production was halted earlier this year.



Third, Lordstown Motors failed to disclose critical information about its financial health and production challenges, leading investors to believe that the company was fulfilling its obligations to shareholders.&nbsp;A classic example is how Lordstown claimed it had access to critical vehicle parts from General Motors to design and produce the Endurance, when in reality the company did not have any such access.&nbsp;From the time of its IPO through January 2021, Lordstown claimed on several instances that it would get access to more than 200 General Motors' vehicle parts, including 100 non-customer-facing parts necessary to bring the Endurance truck to the market within the projected timeline.



The following is an excerpt from the Prospectus filed by Lordstown before its IPO in 2020.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"The Endurance body is designed to be fully compatible with existing third-party parts, upfitting options and accessories. Depending on how our timing and demand aligns with the availability and cost of these parts, this design provides us with the option to source certain parts under an agreement we have entered into with GM. This agreement provides us with access to certain non-customer-facing GM parts, including airbags, steering columns and steering wheels, based on the manufacturing capacity of GM's suppliers. To the extent we utilize this arrangement, we expect that it will reduce the time that it will take to build out these aspects of our supply chain and bring the Endurance to market and reduce our tooling and development costs."
</blockquote>



These statements played a crucial part in luring investors to invest in Lordstown in the hopes of the company gaining a first-mover advantage in the EV commercial truck market.



After Hindenburg Research highlighted Lordstown's misleading statements on March 12, 2021, Lordstown Motors issued a statement regarding this short-seller report on March 15, 2021. In this statement, Lordstown defended its progress toward delivering Endurance trucks later that year and wrote:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"Lordstown Motors remains on track for start of production of its Lordstown Endurance all electric pickup truck in September 2021. This week, the company intends to elaborate on its progress towards start of production, including providing an update on beta vehicle production and other important business developments, on its inaugural earnings call."
</blockquote>



Despite this reassuring statement, Lordstown CEO appeared on CNBC Squawk Box on March 18 – just three days later – and claimed that the 100,000 pre-orders should never have been viewed as confirmed orders. Steve Burns, during this interview, said:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"We've always been very clear, right? These are just what they're intended to be. These are non-binding, letters of intent. They're called preorders out in the real world. I don't think anyone thought that we had actual orders, right? That's just not the nature of this business."
</blockquote>



The CEO made these comments soon after the SEC sent a letter to Lordstown inquiring about its business operations.



The company, however, appointed a special committee to investigate the claims made by Hindenburg Research.



On June 14, 2021, Lordstown published the findings of the special committee and denied some of the claims of Hindenburg Research but acknowledged that the company may have issued false, misleading statements regarding pre-orders.&nbsp;Revealing the findings of the committee, Lordstown Motors wrote:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"One entity that provided a large number of pre-orders does not appear to have the resources to complete large purchases of trucks. Other entities provided commitments that appear too vague or infirm to be appropriately included in the total number of pre-orders disclosed."
</blockquote>



Following the findings of this committee, CEO Steve Burns and CFO Julio Rodriguez resigned from their positions.



The SEC concluded its investigation earlier this year and found that Lordstown Motors has violated several guidelines of the Securities Act, including 17(a)(2) and 17(a)(3).&nbsp;Commenting on these violations, Mark Cave, Associate Director of the Division of Enforcement at SEC, said:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"In a highly competitive race to deliver the first mass-produced electric pickup truck to the U.S. market, Lordstown oversold true demand for the Endurance. "Exaggerations that misrepresent a public company's competitive advantages distort the capital markets and foil investors' ability to make informed decisions about where to put their money."
</blockquote>



Lordstown reached agreements to resolve allegations of misconduct by the SEC and two shareholder lawsuits. The company will pay $25.5 million without admitting or denying wrongdoing. The SEC will then withdraw its claim in Lordstown&#8217;s bankruptcy case. The below excerpt from the SEC's order summarizes its undertakings.



<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-us.googleusercontent.com/iSErBXeG0RbnJhkpuQDcxk8TgzdJwTY4nxyzpFnDetu4I70iyOf6Ehk1vbMVH772_BiCGhl-PBhIFz7LlNzcczqXbcYG2Yug8qftfjokjVzRzZ2Y1HtdQLJGH_LYYoZ0lLqq1yqkA4OhO4h7R4AA64nLSeYUwURe" alt="A document with text and numbers

Description automatically generated" style="width:624px"/><figcaption class="wp-element-caption">Source: SEC</figcaption></figure>



Ex-CEO Steve Burns, in an email statement to Reuters, denied any wrongdoings last March following the SEC's order and claimed that his actions were&nbsp;"falsely characterized"&nbsp;by the SEC. He went on to say:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
"I categorically reject the suggestion that my actions constituted wrongdoing."
</blockquote>



<h3 class="wp-block-heading" id="resolving-the-scandal">Resolving The Scandal</h3>



To resolve the lawsuit from investors, Lordstown has agreed to a cash settlement of up to $10 million. If you invested in Lordstown, you may be eligible to <a href="https://11thestate.com/cases/lordstown-investor-settlement">claim a portion</a> of this settlement to recover your losses.



Wrapping up, the company, now rebranded as Nu Ride, operates as a shell company to carry the Chapter 11 Cases and Plan. The production of Endurance has been halted since June 2023 and the company does not conduct any business as of today.

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