YieldMax Innovation Option Income Strategy ETF (ARCA: OARK)

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The Fund is an actively managed exchange-traded fund that seeks current income while maintaining the opportunity for exposure to the share price (i.e., the price returns) of ARKK (NYSE Arca: ARKK), subject to a limit on potential investment gains. The Fund will seek to employ its investment strategy as it relates to ARKK regardless of whether there are periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods. As further described below, the Fund uses a synthetic covered call strategy to provide income and exposure to the share price returns of ARKK, subject to a limit on potential investment gains as a result of the nature of the options strategy it employs.

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YieldMax Innovation Option Income Strategy ETF

The global stock market selloff, which began in the U.S., has now engulfed Japan, <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">leading to a significant drop</a> in the Nikkei 225 and Topix. The situation has sparked concerns among top financial experts.
What Happened: The market downturn, which has been spreading worldwide, is showing no signs of abating. The Nikkei 225 and Topix experienced a 7% drop in a volatile trading session, leading to significant losses in the region.
Mohamed El-Erian, the Chief Economic Advisor at Allianz, highlighted the situation, stating, &#8220;The stock market selloff, which started in the US and has been circling the world, continues for now.&#8221; He also pointed out that the appreciation of the Yen, currently trading at 145 to the dollar, is adding to the challenges faced by Japanese stocks.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The stock market selloff, which started in the US and has been circling the world, continues for now.<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> <a href="https://twitter.com/hashtag/investing?src=hash&amp;ref_src=twsrc%5Etfw">#investing</a> <a href="https://twitter.com/hashtag/investors?src=hash&amp;ref_src=twsrc%5Etfw">#investors</a> <a href="https://t.co/jxLd7SxOuV">pic.twitter.com/jxLd7SxOuV</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1820254294114758827?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Grant Cardone, a prominent figure in real estate investment and the CEO of Cardone Capital, expressed his concerns about the situation. &#8220;Japan stocks plunge 7%, extending last week's rout; other Asia-Pacific markets also fall. Is this the beginning?&#8221; he wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Japan stocks plunge 7%, extending last week's rout; other Asia-Pacific markets also fall. Is this the beginning?
&mdash; Grant Cardone (@GrantCardone) <a href="https://twitter.com/GrantCardone/status/1820262480297275803?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Matt Weller, the Global Head of Research at FOREX.com, added to the grim outlook, &#8220;Markets are not looking much better on the overnight open than they were last week,&#8221; he wrote on X.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Markets are not looking much better on the overnight open than they were last week. Japan&#39;s TOPIX is trading down -5% and <a href="https://twitter.com/search?q=%24NDX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NDX</a> futures are off another -2% &#x1f62c;&#x1f62c;
&mdash; Matt Weller CFA, CMT (@MWellerFX) <a href="https://twitter.com/MWellerFX/status/1820255748967842166?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40121712/cathie-woods-ark-invest-sells-14-7m-worth-of-coinbase-shares-and-8-5m-worth-of-palantir-stock-al?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood&#8217;s Ark Invest Sells $14.7M Worth Of Coinbase Shares And $8.5M Worth Of Palantir Stock — Also Sells Robinhood Shares But Loads Up On AMD</a>
Why It Matters: These developments come after the Nikkei 225 and Topix experienced a 7% drop, triggering circuit breakers and halting trading until 9:26:13 a.m. local time. 
The broader impact was felt across the Asia-Pacific region, with the MSCI AC Asia Pacific Index falling 2% to 173.20. Japan's Nikkei 225 stock average plummeted 5.60% on Monday and 20% from its July peak, <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">highlighting severe market distress</a>. 
These developments have led to warnings from various financial experts. Notably, Peter Schiff cautioned that a further <a href="https://www.benzinga.com/24/08/40151161/peter-schiff-says-brace-for-crypto-black-monday-if-this-happens-bitcoin-etf-buyers-not-long-term-hod">crypto selloff could occur</a> if Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell below its July low of $53,717.38. 
Meanwhile, Elon Musk suggested that Warren Buffett&#8216;s decision to sell nearly half of its Apple Inc. stock indicates an <a href="https://www.benzinga.com/24/08/40152088/elon-musk-says-warren-buffett-is-clearly-expecting-a-correction-after-berkshire-sold-nearly-half-of">expectation of a correction</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40125614/trumps-policies-may-boost-oil-and-crypto-while-harris-presidency-remains-a-market-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Policies May Boost Oil And Crypto, While Harris Presidency Remains A Market Wild Card, Says Expert: &#8216;A Lot Harder To Predict&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

News

Global

Markets

$BTC

Mohamed El-Erian, Grant Cardone, And Matt Weller Warn Of Deepening Global Market Selloff As Yen Rise Causes Japanese Stocks To Crash: 'Is This The Beginning?'

The cryptocurrency market went on a free fall Sunday as recession fears and soaring geopolitical tensions caused the worst intraday decline for the risk-on sector in 2024.
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9:00 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-10.12%</td>
<td>$54,402.59</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>-19.49%</td>
<td>$2,334.32</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>-7.76%</td>
<td>$0.09985</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Market bellwether Bitcoin hit an intraday low of $52,559 Sunday night, a level not seen since late February. The world's largest cryptocurrency rebounded to $54,000 during the volatile trading session but was still down 10% in the last 24 hours.
Ethereum hit an intraday bottom of $2,152, recording its steepest drop since December 2022. The second-largest cryptocurrency was among the market's biggest losers, tumbling 20% over the last 24 hours.
The market witnessed liquidations of $775.89 million in the last 24 hours, with $665 million in bullish bets getting wiped out.&nbsp;
The Cryptocurrency Fear &amp; Greed Index flashed "Fear" as of this writing, implying potential for further sell-offs and price dumps.
Top Losers (24-Hours)
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<tbody>
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<td>Cryptocurrency</td>
<td>Losses +/-</td>
<td>Price (Recorded at 9 p.m. EDT)</td>
</tr>
<tr>
<td>Kucoin Token (KCS)</td>
<td>-24.34%</td>
<td>$6.66</td>
</tr>
<tr>
<td>Bittensor (TAO)</td>
<td>-21.41%</td>
<td>$188.56</td>
</tr>
<tr>
<td>Mantle (MNT)</td>
<td>-23.34%</td>
<td>$0.494</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market plunged below $2 trillion for the first time since February 25, following a slump of 11.50% in the last 24 hours.
The cryptocurrency sell-offs came alongside<a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f"> Japan's stock market slump</a>, with the blue-chip Nikkei 225 sinking over 5% after Monday's market open.
U.S. stock futures also bled Sunday night. The Dow Jones Industrial Average Futures sank 300 points, or 0.75%, as of 9 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 tumbled 1.39%, while Nasdaq 100 Futures dipped 2.33%.
The blue-chip indices were coming from another loss-making week <a href="https://www.benzinga.com/top-stories/24/08/40135326/fed-made-a-serious-error-in-keeping-rates-unchanged-before-july-jobs-report-cio">after a report revealing high unemployment</a> on Friday fuelled investors' fears of a recession.
Coupled with this, <a href="https://www.benzinga.com/etfs/sector-etfs/24/07/40081661/irans-supreme-leader-orders-direct-strike-on-israel-in-retaliation-for-hamas-leaders-killing-rep">the rising geopolitical tensions in the Middle East</a> and the potential of a full-blown war spooked investors.&nbsp;
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency analyst and trader Ali Martinex noted that August and September have historically been the worst months for Bitcoin, with average losses of -7.82% and -5.58%, respectively.
However, October has invariably brought hope, with average gains of 22.90%.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Historically, August and September are the worst months for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> price performance, with average losses of -7.82% and -5.58%, respectively. <a href="https://t.co/y9lGeHcFf1">pic.twitter.com/y9lGeHcFf1</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1820157251069329547?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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Meanwhile, whale investors were accumulating Bitcoins in hordes. Popular X account CryptoRus revealed that more than 64,000 BTC, worth $3.5 billion at the time of writing, was moved out of exchanges over the last month, the biggest such move since 2015.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f433; About 64,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> has been moved off of exchanges by whale addresses in the last 30 days &#8211; The biggest spike since 2015. I think the whales are loading up in preparation for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>&#39;s next big move <a href="https://t.co/BI3NC0hqWP">pic.twitter.com/BI3NC0hqWP</a>
&mdash; CryptosRus (@CryptosR_Us) <a href="https://twitter.com/CryptosR_Us/status/1820269490506023221?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Question &#8211; does anyone have any further info on the rumor that Jump Trading have been liquidating their crypto portfolios?
&mdash; Raoul Pal (@RaoulGMI) <a href="https://twitter.com/RaoulGMI/status/1820036574316306798?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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<figcaption class="wp-element-caption">Photo by CMP_NZ on Shutterstock</figcaption></figure>
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40140274/donald-trumps-election-odds-drop-to-53-vice-president-harris-odds-hit-peak-of-44-but-will-">Donald Trump&#8217;s Election Odds Drop To 53%, Vice President Harris&#8217; Odds Hit Peak Of 44%, But Will They Debate?</a></li>
</ul>

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$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Mirror Stock Market Rout — Major Coins Crash As Recession, War Fears Grip Investors: Analyst Says Aug, Sept 'Worst Months' for King Crypto But Oct Raises Hopes

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX CEO&nbsp;Elon Musk&nbsp;has commented on Warren Buffett-led&nbsp;Berkshire Hathaway, Inc.‘s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) <a href="https://www.benzinga.com/markets/equities/24/05/38630421/warren-buffett-confidence-in-apple-wanes-berkshire-cuts-stake-by-18-amid-tech-giants-troubles">decision to sell</a> about half its stake in&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
What Happened: Over the weekend, a user on X, formerly Twitter, shared the news of <a href="https://www.benzinga.com/markets/equities/24/08/40146436/warren-buffetts-berkshire-hathaway-q2-operating-profit-climbs-over-15-cash-hoard-swells-to-277b-">Berkshire accumulating a cash</a> reserve of almost $277 billion on the platform. 
The user humorously suggested that Buffett could&nbsp;make daring,&nbsp;all-in investments with this cash&nbsp;reserve, and acquire any of these companies: Netflix, Salesforce, Toyota, Adobe, and Hermes.
In response to the user, Musk said, &#8220;He [Buffett] is clearly expecting a correction of some kind or otherwise simply cannot see better investments than Treasury bills.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40145004/crypto-industry-to-meet-with-white-house-officials-even-as-trump-promises-to-reverse-biden?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Industry To Meet With White House Officials, Even As Trump Promises To Reverse Biden Administration&#8217;s Crackdown On Bitcoin, Ethereum And Other Cryptocurrencies</a>
The tech mogul also criticized the Federal Reserve for not lowering interest rates, suggesting that the current rates are too high.
&#8220;The Fed needs to drop rates. They have been foolish not to have done so already,&#8221; he stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He is clearly expecting a correction of some kind or otherwise simply cannot see better investments than Treasury bills. The Fed needs to drop rates. They have been foolish not to have done so already.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1820124685381591377?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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Why It Matters: Circuit breakers were triggered for Japan's TOPIX index, halting trading as the index dropped over 6%, <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">leading to urgent stabilization measures</a> on Sunday night.
The broader Asia-Pacific region saw declines, with the MSCI AC Asia Pacific Index falling 2%, Japan's Nikkei 225 plummeting 5.60%, and South Korea's KOSPI index dropping 4%. 
This continued a trend from Friday, when Japan's Nikkei 225 and TOPIX both fell over 5% and 6%, respectively. In the U.S., markets faced significant losses on Friday due to a weaker-than-expected July jobs report, with the Nasdaq dropping over 10%, and the S&amp;P 500 and Dow decreasing by 5.7% and 3.9%, respectively. At the time of writing, Dow Jones Industrial Average futures fell by 0.81%, while S&amp;P 500 and Nasdaq-100 futures dipped 1.43% and 2.4%.
Notably, Berkshire Hathaway&#8217;s second-quarter net earnings <a href="https://www.benzinga.com/markets/equities/24/08/40146436/warren-buffetts-berkshire-hathaway-q2-operating-profit-climbs-over-15-cash-hoard-swells-to-277b-">fell year-over-year due to a decline</a> in investment gains, despite an increase in operating earnings. The company continued to offload its stake in Apple during this period.
In the second quarter, net earnings experienced a 15.50% decline year-over-year, dropping from $35.91 billion to $30.35 billion. On the other hand, operating earnings—reflecting income from the company&#8217;s portfolio entities—increased by 15.48%, reaching $11.60 billion. 
Gains from the investment portfolio saw a significant decrease of 27.52%, falling to $18.75 billion.
Meanwhile, Berkshire&#8217;s swelling cash position has also <a href="https://www.benzinga.com/markets/24/08/40150958/berkshire-hathaways-massive-277m-cash-hoard-rekindles-tesla-investment-chatter-fund-manager-says-two">led to speculation on social media</a> about potential investments, with some Tesla fans hoping that Buffett would invest in the electric vehicle maker&#8217;s stock.
Price Action: On Friday, Berkshire Hathaway Inc Class A (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) shares closed 0.9% lower and the company&#8217;s Class B shares ended the regular session down 0.8%. Apple registered a 0.7% upside and ended the previous trading week at $219.86. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40121712/cathie-woods-ark-invest-sells-14-7m-worth-of-coinbase-shares-and-8-5m-worth-of-palantir-stock-al?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood&#8217;s Ark Invest Sells $14.7M Worth Of Coinbase Shares And $8.5M Worth Of Palantir Stock — Also Sells Robinhood Shares But Loads Up On AMD</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

AAPL

TSLA

Elon Musk Says Warren Buffett Is 'Clearly Expecting A Correction' After Berkshire Sold Nearly Half Of Its Apple Stock

In a surprising turn of events, Olivia Troye, a former national security adviser to ex-Vice President Mike Pence, has called on Pence to endorse Vice President Kamala Harris&#8217;s presidential campaign.
What Happened: Troye, a critic of the Trump administration since her 2020 exit, has expressed her wish for Pence&#8217;s backing of Harris, the presumptive Democratic presidential nominee. She urged Pence to &#8220;do the right thing&#8221;, highlighting his potential sway over conservatives across the country, <a href="https://thehill.com/homenews/campaign/4810685-republicans-for-harris-member-mike-pence/">reported</a> The Hill.
Troye, part of the &#8220;Republicans for Harris&#8221; group, emphasized the need to put partisanship aside given the high stakes of the election. The group, with over 25 Republican members, seeks to mobilize GOP support for Harris&#8217;s campaign.
The group will kick off events in key battleground states, including Arizona, North Carolina, and Pennsylvania, on Monday. Pence, who pulled out of his GOP presidential bid last year, has not endorsed former President Trump&#8217;s reelection bid, due to their strained post-2020 election relationship.
Last month, Pence acknowledged that Biden made a good choice for the country, without further discussing his views on Harris. 
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40147206/trumps-ex-lawyer-rudy-giuliani-cleared-from-bankruptcy-after-fee-dispute-settled?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Ex-Lawyer Rudy Giuliani Cleared From Bankruptcy After Fee Dispute Settled</a>
Why It Matters: Pence&#8217;s potential endorsement of Harris could significantly impact the election outcome. Harris has been <a href="https://www.benzinga.com/news/24/08/40147712/kamala-harris-takes-the-lead-in-eight-new-national-polls">leading</a> Trump in eight national polls.
Pence&#8217;s refusal to endorse Trump, as reported by Benzinga in March, was due to <a href="https://www.benzinga.com/news/24/03/37764902/no-surprise-former-trump-ally-refuses-to-endorse-ex-president-in-2024-cites-differences-in-conservat">differences in conservative values</a>. He also stated that he had <a href="https://www.benzinga.com/news/24/03/37788413/mike-pence-has-forgiven-trump-in-his-heart-for-jan-6-even-though-he-cannot-in-the-conscience-endorse">forgiven</a> Trump for the January 6 incidents.
Photo by Gino Santa Maria on Shutterstock
Check This Out:
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent080424">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

General

Mike Pence Urged To Endorse Kamala Harris's Presidential Run By 'Republicans For Harris' — 'Do The Right Thing'

Renowned economist Peter Schiff has issued a stern warning to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) HODLers, suggesting they are in denial about the impending crisis in the cryptocurrency market.
What Happened: On Sunday, Schiff took to X to express his concerns about the state of the market. &#8220;Based on the comments on my posts, Bitcoin HODLers are in denial. You guys are whistling past a crypto graveyard. Don&#8217;t say I didn&#8217;t warn you,&#8221; he wrote.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Based on the comments on my posts, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/HODlers?src=hash&amp;ref_src=twsrc%5Etfw">#HODlers</a> are in denial. You guys are whistling past a <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> graveyard. Don&#39;t say I didn&#39;t warn you.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1820214638979490064?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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</figure>
This warning came following Bitcoin&#8217;s slump below $58,000 as market sell-offs intensified during the weekend. 
The fierce Bitcoin critic <a href="https://www.benzinga.com/24/08/40151161/peter-schiff-says-brace-for-crypto-black-monday-if-this-happens-bitcoin-etf-buyers-not-long-term-hod">predicted a &#8216;crypto black Monday&#8217;</a>. He forecast that if Bitcoin fell below its July low of $53,717.38 by Monday&#8217;s stock market open, the Bitcoin exchange-traded funds could gap down by over 15%, marking a 30% decline from their January highs. Such a situation, he believed, would trigger mass ETF liquidations.
Notably, Bitcoin reached an intraday low of $52,559.19 within the past 24 hours.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40149956/mike-novogratz-predicts-harris-may-soon-embrace-crypto-grayscale-bitcoin-trust-experiences?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mike Novogratz Predicts Harris May Soon Embrace Crypto, Grayscale Bitcoin Trust Experiences Drop, FBI Warns Of Crypto Exchange Impersonation Scams And More: This Week In Cryptocurrency</a>
Why It Matters: Schiff&#8217;s warnings come amid a volatile phase for the broader financial markets. U.S. stock futures plunged Sunday night following a sharp pullback in major indices like the S&amp;P 500&nbsp;and the&nbsp;Nasdaq Composite last week.
Dow Jones Industrial Average futures fell by 383 points, or 0.96%, while S&amp;P 500 futures and Nasdaq-100 futures dipped 1.6% and 2.5%.
These fears were spurred after <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">Japan&#8217;s stock market extended Friday&#8217;s sell-offs</a>, with the Nikkei 225 falling more than 5% during Monday&#8217;s trading.
Last month, he warned of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39951461/markets-are-sounding-an-alarm-peter-schiff-warns-federal-reserve-should-cut-rates-b">potential market crash</a>, citing sell-offs, the rise of safe-haven currencies like the Japanese yen and Swiss franc, and the fall of commodity currencies
Price Action: At the time of writing, Bitcoin was trading at $56,030.43, plummeting 7.68% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40145004/crypto-industry-to-meet-with-white-house-officials-even-as-trump-promises-to-reverse-biden">Crypto Industry To Meet With White House Officials, Even As Trump Promises To Reverse Biden Administration&#8217;s Crackdown On Bitcoin, Ethereum And Other Cryptocurrencies</a></li>
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Image Courtesy: Wikimedia Commons
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Bitcoin Falls Below $53K Mark As Global Financial Markets Continue To Bleed — Peter Schiff Warns Ominously: 'You Guys Are Whistling Past A Crypto Graveyard'

Circuit breakers were triggered for Japan&#8217;s TOPIX index and government bond futures, halting trading until 9:26:13 a.m. local time (8:26 p.m. EST). This intervention came as the TOPIX index extended its drop to over 6%, prompting urgent <a href="https://www.benzinga.com/money/how-to-buy-japanese-stock">measures to stabilize the market</a>.
What Happened: The broader impact was felt across the Asia-Pacific region, with the MSCI AC Asia Pacific Index falling 2% to 173.20. Japan&#8217;s Nikkei 225 stock average plummeted 5.60% on Monday and 20% from its July peak, highlighting severe market distress. South Korea&#8217;s KOSPI index also suffered, falling 4% to 2,568.70, while NASDAQ 100 futures in the U.S. dropped as much as 2%.
Heavyweight trading houses such as Mitsubishi Motors (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MMTOF#OTC">MMTOF</a>), Mitsui &amp; Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MITSF#OTC">MITSF</a>), Sumitomo (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSUMY#OTC">SSUMY</a>), and Marubeni (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MARUY#OTC">MARUY</a>) all plunged more than 10%.
See Also:&nbsp;<a href="https://www.benzinga.com/money/best-tech-stocks" target="_blank" rel="noreferrer noopener">Best Tech Stocks Right Now</a>
The sell-off continues a worrying trend from Friday, when Japan&#8217;s Nikkei 225 and TOPIX both fell over 5% and 6%, respectively.
U.S. markets also faced <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40151107/tech-sell-off-takes-qqq-to-correction-territory-nvidia-sheds-over-5-for-week-analys">significant losses on Friday</a>, sparked by a much weaker-than-expected jobs report for July. The Nasdaq led the decline, entering correction territory with a drop of more than 10% from its record high, while the S&amp;P 500 and Dow were down 5.7% and 3.9% from their all-time highs, respectively.
Dow Jones Industrial Average futures fell by 383 points, or 0.96%, while S&amp;P 500 futures and Nasdaq-100 futures dipped 1.6% and 2.5%.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

MARUY

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Global Sell-Off Shows No Sign Of Stopping, Japanese Stocks Fall Sharply, Nikkei Drops Over 5% — Dow Futures Down By Over 300 Points

In a surprising revelation, independent presidential candidate Robert F. Kennedy Jr. admitted to transporting a dead bear cub to Central Park 10 years ago, in an attempt to preempt a potentially damaging New Yorker article.
What Happened: Kennedy, in a social media video on Sunday, confessed to driving a deceased bear cub from upstate New York to Central Park a decade ago, the story was first <a href="https://edition.cnn.com/2024/08/04/politics/rfk-jr-bear-central-park/index.html">noted</a> on CNN. He shared this story to counteract a forthcoming New Yorker article that he anticipates will portray him negatively.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Looking forward to seeing how you spin this one, <a href="https://twitter.com/NewYorker?ref_src=twsrc%5Etfw">@NewYorker</a>… <a href="https://t.co/G13taEGzba">pic.twitter.com/G13taEGzba</a>
&mdash; Robert F. Kennedy Jr (@RobertKennedyJr) <a href="https://twitter.com/RobertKennedyJr/status/1820132549798347109?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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In the video, Kennedy narrates the incident to actress Roseanne Barr, explaining that he found the young bear hit by a car while he was in New York&#8217;s Hudson Valley. He decided to take the bear with him, intending to skin it and store the meat in his refrigerator.
After spending the day hawking, Kennedy drove to New York City for dinner, with the bear still in his car. He later decided to leave the bear in Central Park, making it appear as if a biker had hit it.
Kennedy&#8217;s revelation aligns with a 2014 incident where a dead bear cub was found in Central Park, which attracted significant media attention and triggered law enforcement investigations. He admitted that the incident&#8217;s publicity had worried him due to the potential discovery of his fingerprints.
Kennedy ended his video by expressing anticipation for the New Yorker&#8217;s take on the story, stating, &#8220;Looking forward to seeing how you spin this one, @NewYorker.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/08/40145544/anthony-scaramucci-says-if-trump-wants-to-get-back-in-the-race-with-kamala-harris-ex-president-will?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says If Trump Wants To &#8216;Get Back In The Race&#8217; With Kamala Harris, Ex-President Will Have To Do This</a>
Why It Matters: This revelation comes at a crucial time for Kennedy&#8217;s presidential campaign. According to a <a href="https://www.benzinga.com/news/24/04/38349825/trumps-voters-enamored-with-robert-kennedy-jr-not-bidens-shows-latest-poll">Benzinga poll</a> in April, Kennedy was seen as a significant contender, drawing support from former Trump voters.
However, his campaign has been marred by controversies, including a <a href="https://www.benzinga.com/general/health-care/24/05/38710330/rfk-jr-reveals-parasite-ate-a-portion-of-his-brain-and-died">revelation</a> about part of his brain having been eaten by a parasite. 
Kennedy has previously admitted to having &#8220;so many skeletons in my closet&#8221; when confronted with a sexual assault allegation involving a former family babysitter. 
He also clarified that a photo of him with a <a href="https://www.benzinga.com/news/24/07/39610867/robert-kennedy-jr-acknowledges-skeletons-in-my-closet-amid-sexual-assault-allegation-i-am-not-a-chur">barbecued animal</a>, which Vanity Fair suggested was a dog, was actually a goat, taken in 2010—the same year he was diagnosed with a brain parasite. Kennedy Jr., acknowledging his tumultuous youth, declined further comment on the allegation.
Photo courtesy: Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Robert Kennedy Jr. Admitted To Burying A Dead Bear Cub In Central Park, Here Is Why He Did It

Vice President Kamala Harris is in the final stages of selecting her running mate, with three top contenders in the spotlight. An official announcement is reportedly anticipated as early as Monday.
What Happened: As reported by Reuters, Harris has interviewed Minnesota Governor Tim Walz, U.S. Senator Mark Kelly of Arizona, and Pennsylvania Governor Josh Shapiro at her Washington, D.C., residence. The chosen candidate will be notified of their selection on Monday night or Tuesday morning.
Harris met with her vetting team on Saturday, which included former Attorney General Eric Holder. The team presented comprehensive reports on each of the finalists. Harris also had a 90-minute meeting with Transportation Secretary Pete Buttigieg on Friday and is conducting virtual meetings with other potential running mates.
The running mate selection is a crucial decision for Harris as she gears up to challenge Donald Trump in the upcoming Nov. 5 election. The shortlist includes candidates known for their appeal to rural, white, or independent voters. The decision will also significantly influence the future direction of the Democratic Party.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40147206/trumps-ex-lawyer-rudy-giuliani-cleared-from-bankruptcy-after-fee-dispute-settled?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Ex-Lawyer Rudy Giuliani Cleared From Bankruptcy After Fee Dispute Settled</a>
Why It Matters: The selection of a running mate has been a topic of <a href="https://www.benzinga.com/markets/equities/24/08/40146623/kamala-harris-urgent-vp-decision-who-will-help-her-take-on-trump">intense speculation and debate</a>. Harris&#8217; choice will play a significant role in her bid to counter Trump&#8217;s challenge.
Among the top contenders, Shapiro has faced criticism from progressive groups over his support for Israel and his handling of college protests sparked by the war in Gaza. This has led to <a href="https://www.benzinga.com/news/24/08/40150420/fetterman-concerned-about-josh-shapiro-as-kamala-harris-vp">concerns</a> being raised by Sen. John Fetterman (D-Pa.) about Shapiro&#8217;s potential selection.
Despite the criticism, a <a href="https://www.benzinga.com/news/24/07/40002910/mark-kelly-favored-by-voters-as-vp-pick-for-kamala-harris-shows-poll-shapiro-beshear-buttigieg-tied">recent poll</a> showed that Kelly is favored by voters as the VP pick for Harris, with Shapiro, Beshear, and Buttigieg tied as second favorites.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Kamala Harris Nears Decision On Running Mate — Josh Shapiro, Mark Kelly And Tim Walz Interviewed

Florida Governor Ron DeSantis (R) has expressed gratitude to utility linemen, both local and out-of-state, for their readiness to respond to Tropical Storm Debby.
What Happened: On Tuesday, DeSantis took to X to appreciate the efforts of utility linemen who are prepared to work tirelessly to restore power in the wake of Tropical Storm Debby. He also advised residents on safety measures in case of power outages.

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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We appreciate all the utility linemen, from Florida and out-of-state, who are staged and ready to respond to Tropical Storm Debby. They will be working around the clock to restore your power quickly and safely as soon as weather conditions allow.   If your power goes out, stay…
&mdash; Ron DeSantis (@GovRonDeSantis) <a href="https://twitter.com/GovRonDeSantis/status/1820207232711111146?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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The governor&#8217;s tweet read, &#8220;If your power goes out, stay safe by running your portable generator outside at least 20 feet away from your home on a flat, dry surface.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/08/40145544/anthony-scaramucci-says-if-trump-wants-to-get-back-in-the-race-with-kamala-harris-ex-president-will?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says If Trump Wants To &#8216;Get Back In The Race&#8217; With Kamala Harris, Ex-President Will Have To Do This</a>
Why It Matters: The governor&#8217;s message comes as Florida braces for Tropical Storm Debby, which is expected to bring high winds and heavy rainfall, potentially causing power outages. North Carolina-headquartered Duke Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) has also urged customers to heed the warnings and instructions of emergency management officials and take necessary precautions. Debby rapidly intensified into a hurricane before making landfall in Florida's Big Bend region, bringing historic rainfall to parts of the Southeast due to near-record warm waters in the Gulf of Mexico. Authorities in Florida, Georgia, and South Carolina urged residents to prepare for heavy rain and possible flooding. Savannah, Georgia, and Charleston, South Carolina, faced a month&#8217;s worth of rain in a single day, <a href="https://edition.cnn.com/2024/08/04/weather/florida-tropical-storm-debby-hurricane-sunday/index.html">reported</a> CNN. 
By Sunday night, Debby had sustained winds of 70 mph and was 100 miles west of Tampa, Florida. The National Hurricane Center predicted significant strengthening before landfall, expecting Debby to reach Category 1 hurricane status with winds around 85 mph. 
The main threats were flooding from storm surges up to 10 feet and heavy rainfall. Evacuation orders were issued, and tropical storm warnings extended to parts of Florida, coastal Georgia, and South Carolina. DeSantis, Georgia Gov. Brian Kemp, and South Carolina Gov. Henry McMaster declared states of emergency, with the Florida National Guard reportedly activated for assistance.
Photo by The Old Major on Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Ron DeSantis Says This Is What You Should Do If Your Power Goes Out As Florida Braces For Tropical Storm Debby

These seven mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) shares jumped 65.95%. The company reached a supply agreement with Corning for next-generation fiber-optic cables to <a href="https://www.benzinga.com//node/40104952" target="_blank" rel="noreferrer noopener">support AI demands in data centers</a>.</li>
<li>Shake Shack, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHAK#NYSE">SHAK</a>) shares escalated 19.52% after the company reported <a href="https://www.benzinga.com//node/40104675" target="_blank" rel="noreferrer noopener">better-than-expected Q2 sales results</a>. Several analysts increased <a href="https://www.benzinga.com//node/40131307" target="_blank" rel="noreferrer noopener">their forecasts for the company</a>.</li>
<li>Parsons Corp NYSE: PSN) stock gained 15.42% after it reported better-than-expected Q2 results and raised its FY24 revenue outlook.</li>
<li>Clearwater Analytics Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWAN#NYSE">CWAN</a>) stock increased 15.23% after the company reported better-than-expected Q2 sales results and issued Q3 and FY24 <a href="https://www.benzinga.com//node/40081350" target="_blank" rel="noreferrer noopener">revenue guidance above estimates</a>.</li>
<li>Repligen Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGEN#NASDAQ">RGEN</a>) stock upped 15.14%. The company reported <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40044492/repligen-lowers-guidance-on-china-weakness-analyst-expects" target="_blank" rel="noreferrer noopener">Q2 earnings</a>, after which several analysts revised their price forecasts.</li>
<li>Frontdoor Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTDR#NASDAQ">FTDR</a>) stock gained 15.09% following better-than-expected Q2 earnings.</li>
<li>NeoGenomics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEO#NASDAQ">NEO</a>) stock upped 14.47% after the company reported better-than-expected Q2 financial results and <a href="https://www.benzinga.com//node/40021917" target="_blank" rel="noreferrer noopener">raised its FY24 revenue guidance</a>.</li>
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<li><a href="https://www.benzinga.com/news/24/08/40150236/doordash-and-exact-sciences-are-among-top-10-large-cap-gainers-last-week-july-28-aug-3-are-the-other" target="_blank" rel="noreferrer noopener">DoorDash And Exact Sciences Are Among Top 10 Large Cap Gainers Last Week (July 28-Aug 3): Are The Others In Your Portfolio?</a></li>
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Photo by YAO23 via Shutterstock

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In an episode of The Ramsey Show, Dave Ramsey addresses a caller, Diana, about her car troubles and financial decisions regarding vehicle maintenance and potential purchase. Dave adamantly told Diana, "If you want to be middle class the rest of your whole life, keep a car payment. Mathematically, it&#8217;ll just hold your butt right there, it&#8217;ll just keep you from succeeding, it&#8217;ll keep you from prospering."
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Diana <a href="https://www.youtube.com/watch?v=HH15GmA5zzU">calls into the show</a> about whether to get a new car or pay for a hefty repair. Ramsey immediately expresses skepticism over the $4,000 repair estimate, suggesting she might have inflated the number out of frustration. He believes the car can be fixed for around $2,000 and advises against using a dealership for such repairs.
Ramsey&#8217;s core message is about <a href="https://www.benzinga.com/personal-finance/24/05/39007955/everybody-else-is-getting-rich-and-youre-helping-them-dave-ramsey-says-car-payments-are-keeping-">avoiding car payments</a> and managing finances wisely. He emphasizes that relying on car payments traps people in a cycle of debt, preventing them from achieving financial freedom. Instead, he advocates for paying off cars as quickly as possible and saving up to buy better vehicles in cash. This approach, according to Ramsey, is a key principle that separates wealthy individuals from those who remain in the middle class.
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He also touches on the mindset and cultural attitudes towards car payments. Many people view car payments as a necessary part of life, which Ramsey argues is a <a href="https://www.benzinga.com/personal-finance/24/07/39655296/dave-ramsey-lays-down-the-law-and-tells-people-if-they-want-not-to-be-broke-they-have-to-act-the">middle-class mentality that hinders financial progress</a>. By avoiding car payments and making smarter financial decisions, people can break free from this cycle and move towards wealth.
Ramsey acknowledges that Diana&#8217;s car might indeed be problematic, but he insists that the solution is not to get a new car, especially when she&#8217;s not in a financial position to afford one. He then says, "We need to get in a game plan here where we stop talking about cars as if they&#8217;re a constant crisis and instead get around in front of it and start managing the vehicles in a way where they don&#8217;t own us; we own them."
See Also: This billion-dollar fund has invested in the next big real estate boom,<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> here's how you can join for $10.</a>
Moreover, Ramsey advises against fixing non-essential features like air conditioning if it means compromising financial goals. He shares personal anecdotes about driving cars without AC to save money, reinforcing the idea that temporary discomfort can lead to long-term financial benefits.
Ramsey&#8217;s advice culminates in a broader financial strategy: to always live within one&#8217;s means, avoid unnecessary debt, and make gradual improvements in lifestyle as one&#8217;s financial situation improves. This philosophy includes never buying a new car until one has a substantial net worth, specifically at least a million dollars.
While Dave Ramsey's financial principles offer valuable insights into managing money and avoiding debt, they may not be suitable for everyone. Individuals should consider their unique circumstances, goals, and challenges when developing their financial strategies, potentially seeking tailored advice that addresses their specific needs and situations.
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Dave Ramsey's Tough Love on Car Payments: Avoid the Middle-Class Trap – The Goal Is Have Cars Where 'They Don't Own Us, We Own Them'

In the summer of 1991, Mary Gates, the mother of Microsoft billionaire Bill Gates, persuaded her hardworking son to relax over the Fourth of July at Hood Canal. This favorite family retreat, located two hours from Seattle, boasts picturesque natural settings.
Among the attendees was the esteemed investor Warren Buffett, known as the Oracle of Omaha. Initially, Bill was reluctant to meet Buffett, dismissing him as just a &#8220;stockbroker.&#8221; However, once they started talking, they discovered a surprising rapport. 
Dressed casually for the holiday, they conversed intensely for nearly half a day, deepening their acquaintance much to the surprise of other guests, <a href="https://www.nytimes.com/2024/08/04/business/bill-gates-warren-buffett-friendship.html?partner=slack&amp;smid=sl-share">reports</a> The New York Times.
Their friendship flourished over the years, marked by shared interests in bridge, business, and philanthropy. Often seen together at events like the Sun Valley conference, they enjoyed casual activities like golf and served ice cream to attendees from Dairy Queen, a subsidiary of Berkshire Hathaway.
Also Read: <a href="https://www.benzinga.com/news/24/08/40147612/new-book-claims-bill-gates-was-banned-from-being-alone-with-interns-at-microsoft">New Book Claims Bill Gates Was Banned From Being Alone With Interns At Microsoft</a>
Despite their close bond, the duo&#8217;s public personas could hardly be more different. Buffett is known for his folksy charm and effortless conversation, while Gates is more reserved, often appearing disinterested in casual exchanges unless the topic deeply engages him.
Their friendship, however, was not without its complexities. Over the years, Gates&#8217;s lifestyle, which includes multiple homes and luxury cars, contrasted sharply with Buffett&#8217;s more modest approach. This difference, along with concerns about the growing operational costs at the Bill &amp; Melinda Gates Foundation, occasionally strained their relationship.
In a significant move reflecting these tensions, Buffett decided not to continue his financial legacy to the Gates Foundation after his death. Instead, the remainder of his fortune will be managed by his children, diverging from his previous commitments to the foundation, which had significantly benefited from his generosity for decades.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

How A Holiday Meeting Sparked A Billion-Dollar Friendship Between Bill Gates & Warren Buffett

Cryptocurrencies <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40136673/bitcoin-tanks-on-weak-payroll-data-experts-weigh-in-how-a-fed-rate-cut-would-impact-crypto">have been on volatile ride this year</a>, and on Sunday, noted economist Peter Schiff warned that more selling could happen in the space in the unfolding week.
What Happened: Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on Sunday fell below the psychological barrier of $58,000, said Schiff in a post on X, formerly Twitter. After dropping to an intraday low of $57,298.95, the apex crypto has recovered and traded at $59,344.48, down 1.17%, according to Benzinga Pro data.
Schiff said if the Bitcoin fell below its July low of $53,717.38 (reached on July 5) by Monday, when the stock market opens, the Bitcoin exchange-traded funds will gap down by over 15% . This would mark a 30% decline from their January highs, he said.
&#8220;A loss of that magnitude may finally trigger mass ETF liquidations. If so, brace for a #Crypto black Monday,&#8221; he said in the post.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> just sank below $58K. If it takes out it&#39;s July low by tomorrow&#39;s U.S. <a href="https://twitter.com/hashtag/StockMarket?src=hash&amp;ref_src=twsrc%5Etfw">#StockMarket</a> open, <a href="https://twitter.com/hashtag/BitcoinETFs?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETFs</a> will gap down by more than 15%, 30% below their Jan. highs. A loss of that magnitude may finally trigger mass ETF liquidations. If so, brace for a <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> black Monday.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1820152935940300973?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">See Also: <a href="https://www.benzinga.com/money/how-to-buy-bitcoin-btc-best-bonuses-august-2024">How To Buy Bitcoin</a> Why It&#8217;s Important: Following SEC approval, spot Bitcoin ETFs began trading in January, and this was seen as a key catalyst that can improve crypto adoption. </figcaption></figure>
Schiff said Bitcoin ETF buyers are not &#8220;long term HODLers&#8221; and that they have also never experienced losses of this size. &#8220;HODL&#8221; Is a crypto slang term meaning to buy-and-hold indefinitely.
&#8220;This will be rude awakening, especially since they were told Bitcoin was a safe have, store of value,&#8221; Schiff added.
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Peter Schiff Says Brace For 'Crypto Black Monday' If This Happens: 'Bitcoin ETF Buyers...Not Long-Term HODLers'

The <a href="https://www.benzinga.com/markets/24/08/40142331/chip-stocks-staring-at-another-bloodbath-as-intel-tumbles-nvidia-dips-4-asml-crumbles-over-6-whats-a">tech space took a tumble</a> in the week ended Aug. 2, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) declining more than 5% and underperforming the S&amp;P 500 Index &#8211; a measure of broader market performance. Here&#8217;s a summary of what dragged the sector this week and a perspective on where these stocks are headed into the near- and medium-term.
Mixed Tech Earnings, Geopolitics Weigh: Tech stocks started the week on a cautious but a winning note as traders awaited earnings reports from a slew of mega-cap tech names. They pulled back notably on Tuesday, dragged by some tech earnings disappointments, and caution ahead of imminent catalysts.
Strong earnings report from Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) fueled a rebound by tech stocks on Wednesday but macro concerns reignited the selling pressure on Thursday. Separate reports on the manufacturing sector and the job market proved to be the undoing of the sector, with traders largely ignoring Meta Platform, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) fairly robust earnings.
The selling pressure extended to Friday&#8217;s session as Intel Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) earnings miss and reports of a potential Federal Trade Commission probe into high-flying Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) sapped risk appetite of traders toward tech stocks.
Commenting on the week&#8217;s tech sell-off, Wedbush analyst Daniel Ives said, &#8220;The perfect storm panicked tech sell-off has now gained steam after the weaker jobs report&#8230;fueled the R word fears and worries the Fed is now too late in its cutting cycle with tech stocks in the center of this Category 5 storm sell- off.&#8221;
Here&#8217;s how the major tech stocks and exchange-traded funds fared in the week ended Aug. 2:
<ul>
<li>iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>): -9.84%</li>
<li>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>): -3.07%</li>
<li>Vanguard Information Technology Index Fund ETF Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>): -4.90%</li>
<li>Direxion Daily Semiconductor Bull 3X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXL#NASDAQ">SOXL</a>): -30.01%</li>
<li>T-Rex 2X Long NVIDIA Daily Target ETF (CBOE: NVDX): -12.21%</li>
<li>Nvidia: -5.12%</li>
<li>Intel: -31.48%</li>
<li>AMD: -5.35%</li>
<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>): -23.86% (the decline in part was due to quarterly earnings)</li>
<li>Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>): +0.87%</li>
</ul>
The Nasdaq 100 Index, which tracks the performance of 100 biggest non-financial tech stocks, has entered the correction territory following the week&#8217;s sell-off. From a July 11&#8217;s intraday high of 18,671.07, the Nasdaq 100 has lost a little over 10%. A pullback of over 10% from a recent high is called a correction in stock market parlance. 
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
What Lies Ahead? Ives says that this tech bull market and historic run for tech stocks isn&#8217;t over. &#8220;This is just a white knuckle moment in a multi-year bull run for tech stocks that need hand holding,&#8221; he said.
The analyst called for soft-landing and expects the Fed to kickstart a major cutting cycle the next 18 months. 
Ives&#8217; optimism on tech stocks is premised mainly on his confidence in the artificial intelligence technology.
&#8220;We strongly believe this is still the early innings of a $1 trillion AI Cap Ex cycle that will be a 4th Industrial Revolution fueling the broader tech sector for years to come with accelerated growth rates across the tech ecosystem,&#8221; he said.
&nbsp;This June quarter earnings season validated Wedbush&#8217;s bull thesis and field checks around the massive cloud buildouts, Ivs said. 
&#8220;While we clearly get the worries/fears the US consumer is weakening (Amazon consumer softer print), Fed is late to the game, hard landing/hello again bear thesis returning&#8230;we focus on tech spending and the winners that will be front and center in this massive AI tech buildout that is still in the 2nd inning of a 9 inning game,&#8221; he said.
The prospect of the Fed embarking on rate cuts, though negative for mega-caps, may prove healthy for SMID-cap tech stocks. Also, regulatory overhang is in the spotlight in the wake of the presidential election. A Republicans victory is seen by many as resulting in a far less stringent regulatory environment.
Palantir Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) , another AI-levered name, is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40129511/palantir-faces-critical-prove-me-moment-analyst-says-commercial-growth-will-be-star">on track to report earnings in the unfolding week, </a>potentially offering insights into the strength of the AI wave. On the economic front, things will likely be a little bit slow, with two service sector activity readings and jobless claims among the notable releases.
The QQQ ended Friday&#8217;s session down 2.37% at $448.75, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data</a>.
Read Next:<a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-"> </a>
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<li><a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">Apple Q3 Earnings Beat Expectations, Tim Cook Highlights &#8216;Breakthrough&#8217; AI Platform: Installed Base Of Devices Hits All-Time High, But China Revenue Falls&nbsp;</a></li>
</ul>

Analyst Color

INTC

NVDA

ETF Opportunities Trust T-Rex 2X Long NVIDIA Daily Target ETF

NVDX

PLTR

SOXL

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Tech Sell-Off Takes QQQ To Correction Territory, Nvidia Sheds Over 5% For Week: Analyst Says 'Just A White Knuckle Moment In A Multi-year Bull Run'

Renowned entrepreneur and &#8220;Shark Tank&#8221; star Kevin O&#8217;Leary voiced his concerns about the possibility of <a href="https://www.benzinga.com/news/24/08/40147712/kamala-harris-takes-the-lead-in-eight-new-national-polls">Kamala Harris becoming the next president</a> of the United States.
What Happened: O&#8217;Leary compared Harris to Canadian Prime Minister Justin Trudeau, expressing his apprehension about her potential presidency. 
In an <a href="https://www.youtube.com/watch?v=b9X66ASVHNM">interview</a>, O&#8217;Leary described Harris as &#8220;inconsequential&#8221; in her current role and a &#8220;blank sheet of paper&#8221; as a candidate.
&#8220;I don't know what that looks like and nobody does because she's like a blank sheet of paper,&#8221; he stated.
O&#8217;Leary, a Canadian by birth, drew a parallel between Harris and Trudeau, whom he has previously criticized for his management skills. 
"There's an example of an it kid up in Canada a few years ago, Prime Minister Justin Trudeau. Nobody looked at his background, nobody looked at his policies. He was the &#8216;it kid,&#8217;" O'Leary said.
"That country is on its knees! He wiped it out! He had no executional skills. Are Americans basically going to hire or basically bring a president that's another Justin Trudeau? I hope not."
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38133806/shark-tank-star-kevin-oleary-explains-the-main-problem-with-bitcoin-etfs-i-would-never-do-">&#8216;Shark Tank&#8217; Star Kevin O&#8217;Leary Explains The Main Problem With Bitcoin ETFs: &#8216;I Would Never Do That&#8217;</a>
Despite acknowledging Harris&#8217; growing popularity, including endorsements from President Joe Biden, and her successful fundraising efforts, O&#8217;Leary cautioned against the potential consequences of her presidency.
Why It Matters: O&#8217;Leary&#8217;s comments come at a time when Harris&#8217; potential candidacy is a topic of widespread discussion. His comparison of Harris to Trudeau, who has faced criticism for his management style, underscores the concerns some have about her potential presidency. 
O&#8217;Leary&#8217;s remarks also highlight the ongoing debate about the role and influence of the vice presidency, and the potential implications of a vice president ascending to the presidency.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Kevin O'Leary: Kamala Harris Could Be 'Another Justin Trudeau' - 'That Country Is On Its Knees!'

In a recent video on his &#8220;I Will Teach You to Be Rich&#8221; YouTube channel, personal finance expert <a href="https://www.benzinga.com/personal-finance/24/06/39402040/ramit-sethi-says-becoming-a-multimillionaire-is-simple-invest-10-of-your-salary-every-year-with-">Ramit Sethi</a> debunked several common misconceptions about taxes. One of his most striking claims is that getting a tax refund is not the financial misstep many believe it to be.
&#8220;Please, for the love of God, stop worrying about taxes,&#8221; Sethi begins. &#8220;Taxes are tribal. They&#8217;re one of the most politically heated topics of all. And when it comes to taxes, I&#8217;ve learned that people really, really don&#8217;t like being told that what they&#8217;ve believed for the last 25 years is wrong.&#8221;
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<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>
<li>If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends<a href="https://www.benzinga.com/money/arrived-private-credit-fund"> would you invest in it</a>?</li>
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Sethi passionately addresses a widely held belief: &#8220;People think getting a tax refund is bad. In reality, it&#8217;s great. Most people think getting a tax refund is bad because they use this old chestnut, &#8216;Oh, why would I give an interest-free loan to the government?&#8217; Well, guess what the data shows? You would have spent that money.&#8221;
Data supports Sethi&#8217;s assertion. According to Investopedia, 40% of people save tax refunds for expenses and emergencies while 37% use them to pay off debt. This indicates that <a href="https://www.benzinga.com/general/24/06/39183920/if-you-invested-last-years-2-812-average-tax-refund-in-nvidia-stock-heres-how-much-it-would-be-worth">tax refunds</a> are often put to good use, contrary to the notion that smaller, more frequent paychecks would be more beneficial.
See Also: Miami is expected to take New York's place as the U.S. Financial Capital.<a href="https://www.benzinga.com/money/miami-take-new-yorks-place-financial-capital"> Here's how you can invest in the city before that happens</a>.
Sethi continues, &#8220;So there&#8217;s nothing wrong with a tax refund. Yeah, you lose a tiny bit of interest, but you&#8217;re actually probably gonna use it to pay off debt or save money. Good job.&#8221;
Not everyone shares these sentiments with Sethi, however. Some tax experts assert that getting a tax refund means giving the government a loan that they repay interest-free when you file. They might say if you had that money, you could have put it in an interest-bearing bank account throughout the year, earning more money from it.&nbsp;
Sethi shares several other &#8220;tax truths&#8221; in his video, challenging common misconceptions. For instance, he refutes the idea that the U.S. is the highest-taxed nation in the world and clarifies the concept of marginal tax rates.
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Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
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&#8220;People actually think that it&#8217;s better not to make more money for tax reasons,&#8221; Sethi explains. "Please, for the love of God, learn what a marginal tax rate is! If you simply Google that phrase &#8216;marginal tax brackets,&#8217; you will understand something that most of your friends do not."
He explains that when you start earning more money and move up into a higher tax bracket, the marginal amount – or the amount in the higher tax bracket – is taxed at the higher rate, not your entire income.&nbsp;
See Also: Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a>
Sethi also tackles the myth that the rich avoid taxes through numerous loopholes. While some legitimate tax efficiencies are available, they are not as widespread as people believe. &#8220;In general, those loopholes are few and far between, and they&#8217;re largely available to the superrich who earn millions or, better yet, billions via capital gains, not ordinary salaries or even high salaries of lawyers and bankers.&#8221;
Ultimately, Sethi says that our political views cloud rational judgment around taxes – whether you are satisfied or dissatisfied with how taxes are spent or how much you are taxed. Sethi states that he is happy to pay his taxes to support the common good of America.&nbsp;
While Sethi&#8217;s views might be controversial to some, his insights encourage a more informed and rational approach to understanding taxes. For personalized advice tailored to your specific situation, consulting a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> can be invaluable in ensuring your financial strategies align with your long-term goals.
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People Think Getting A Tax Refund Is Bad. In Reality, Ramit Sethi Says It's Great. Here's Why

Renowned investors Bill Gross and Warren Buffett have been hinting at a less favorable outlook for the stock market, causing a stir among investors and analysts alike.
What Happened: Gross, popularly known as the &#8220;Bond King,&#8221; suggested a dearth of &#8220;bull stocks&#8221; in a recent post. He advised investors to consider &#8220;selling recoveries&#8221; instead of &#8220;buying the dip.&#8221;
This sentiment was shared just before the stock market experienced a dip due to weak payroll data on Friday morning, reports Fortune.
Meanwhile, Warren Buffett, the &#8220;Oracle of Omaha,&#8221; also signaled a bearish stance. The Q2 earnings report of Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) revealed that Buffett&#8217;s conglomerate sold a net $75.5 billion worth of stock, including a significant reduction in its stake in Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
Analyst Jim Shanahan from Edward Jones interpreted this as a potential &#8220;sell signal.&#8221; Shanahan said, "You could conclude this is another sell signal. This was a far higher level of selling activity than we were expecting.&#8221;
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/39024872/trump-victory-more-bearish-for-debt-market-than-a-biden-win-warns-bond-king-bill-gross" target="_blank" rel="noreferrer noopener">Trump Victory ‘More Bearish' For Debt Market Than A Biden Win, Warns ‘Bond King' Bill Gross</a>
Buffett&#8217;s aggressive stock selling spree, which included the sale of nearly $4 billion in Bank of America shares, has continued into the third quarter. 
CFRA Research analyst Cathy Seifert suggested that this could be a strategic move in anticipation of a &#8220;weaker economic climate.&#8221;
Why It Matters: The bearish sentiments expressed by Gross and Buffett are significant given their influence in the investment world. 
Their less optimistic view of the stock market could potentially impact investor sentiment and market trends. 
However, it&#8217;s worth noting that not all Wall Street analysts share this pessimistic outlook. Jay Hatfield, CEO at Infrastructure Capital Advisors, maintains a 6,000 price target on the S&amp;P 500, predicting a rally towards the end of the year.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Bill Gross And Warren Buffett Hint At Bearish Stock Market Future

Following <a href="https://www.benzinga.com/24/08/40150159/anthony-scaramucci-it-would-be-a-disaster-for-donald-trump-to-decline-to-debate-kamala-harris">Donald Trump hinting at sidestepping a debate with Kamala Harris</a>, Mary Trump, the niece of the former president and a psychologist, weighed in with her thoughts.
Can&#8217;t Compete: Donald Trump can&#8217;t compete with Harris and &#8220;deep down he knows it,&#8221; said Mary Trump in a Substack <a href="https://www.marytrump.org/p/same-as-it-ever-was?utm_source=post-email-title&amp;publication_id=559646&amp;post_id=147325062&amp;utm_campaign=email-post-title&amp;isFreemail=false&amp;r=rkloa&amp;triedRedirect=true&amp;utm_medium=email">post</a> published on Sunday. She wrote that her uncle&#8217;s &#8220;disastrous&#8221; appearance at the National Association of Black Journalists conference underlined &#8220;how quickly he became incapable of controlling himself, of modulating his responses, of pretending.&#8221;
Mary Trump, a podcaster and author who has been a vocal critic of her uncle, noted that his polling lead has evaporated since Harris became the presumptive Democratic nominee 11 days ago. Also, Mary Trump noted that Harris more than doubled Trump&#8217;s fundraising for the entirety of July.
Delving at the logic as to why Donald Trump&#8217;s campaign team wanted him to go to the NABJ event, his niece said it may have to do with the former president taking a back seat to a Black woman who has &#8220;all the energy, enthusiasm and youth&#8221; on her side.
Donald Trump is 78 years old, nearly 20 years older than Harris.
Referring to Donald Trump&#8217;s showing at the NABJ event, Mary Trump said, &#8220;As soon as he realized he wasn't going to get the kind of softball questions usually lobbed at him, however, he reverted to type and acted, without an ounce of self-control, like the racist bully he is.&#8221;&nbsp;
&#8220;He is exactly what he seems: a racist, a misogynist, a liar. He is a bully who has no business getting anywhere near the White House.&nbsp;His pulling out of the debate should remind us that he is also a monumental coward,&#8221; she added.
Mary Trump also said Harris reminds him every day that &#8220;he has every reason to be scared &#8211; because he is a loser.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/08/40131648/anthony-scaramucci-says-trump-could-drop-his-presidential-bid-against-kamala-harris-if-this-happens">Anthony Scaramucci Says Trump Could Drop His Presidential Bid Against Kamala Harris If This Happens: &#8216;I Know How This Man Thinks&#8217;</a>
Why It&#8217;s Important: Mary Trump&#8217;s comments about the presidential race come as FiveThirtyEight&#8217;s polling averages show that as of Aug. 4, Kamala Harris is ahead of Donald Trump by 1.5 percentage points.
A new CBS News/YouGov nationwide poll whose results were published Sunday <a href="https://www.cbsnews.com/news/poll-harris-trump-cbs-news/">showed</a> that nationally, Harris had a one-point lead over her Republican rival. Joe Biden was down by five points against Donald Trump when he quit the race, CBS News said. In the battleground states, Donald Trump and Harris were in a deadlock, the poll found.
Younger Democrats and Black voters are becoming more engaged and are now leaning toward voting and women also favor Harris as they trust her with protecting their interest, potentially shifting the momentum in her favor, the report added.
Harris is also at an advantage with respective to her cognitive health to serve, the poll found.
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Trump's Niece Says Ex-President 'Has Every Reason To Be Scared' Of Kamala Harris

Warren Buffett-led Berkshire Hathaway, Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) second-quarter 10-Q report filed with the SEC showed that the investment holding company&#8217;s <a href="https://www.benzinga.com/markets/24/08/40147329/warren-buffetts-berkshire-hathaway-q2-operating-profit-climbs-over-15-cash-hoard-swells-to-277b-as-i">cash position swelled to $277 million</a>. The cash buildup sent social media into a tizzy, with some Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fans fervently hoping that the investment guru would divert some of it into the electric-vehicle maker&#8217;s stock.
What Happened: &#8220;Buffett is a value investor. $TSLA is a growth stock,&#8221; said The Future Fund LLC Managing Partner Gary Black in a post on X. Black, who is a Tesla bull, was referring to Buffett&#8217;s investment rationale of picking up quality stocks trading at bargains, which is the premise behind value investing.
Growth stocks, on the other hand, are expected to generate above-market returns and these stocks trade at elevated price-earnings multiples. Their high valuations are justified only by the returns they can generate in the future. 
Despite Tesla stock&#8217;s secular decline seen since late 2022, it still trades at an elevated forward P/E multiple of 84.75, <a href="https://finance.yahoo.com/quote/TSLA/key-statistics/">according</a> to the Yahoo Finance database.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/04123450/image-9-1024x490.png" alt="" class="wp-image-474845" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/04123450/image-9-1024x490.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/04123450/image-9-300x144.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/04123450/image-9-768x368.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/04123450/image-9.png 1473w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
 Source: Benzinga Pro data
See Also: <a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">How to Buy Tesla Stock</a>
Never The Twain Shall Meet: &#8220;The two worlds seldom collide,&#8221; said Black in the post, referring to Buffett&#8217;s ideology and Tesla&#8217;s stock characteristic. Clarifying further, the fund manager said Buffett first bought Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) stock when it traded at less than 12 times earnings and BYD Co. Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) stock when it was trading at less than 10 times earnings.
Tesla &#8220;isn&#8217;t his type [of] stock,&#8221; said Black.
Incidentally, Tesla CEO Elon Musk has in the past resented that Buffett and his trusted late lieutenant Charlie Munger had overlooked Tesla as an investment option. Musk has mentioned an unsuccessful meeting with Munger in 2009 regarding a potential Tesla investment.
Every time Berkshire&#8217;s massive cash position is being discussed on social media, the world&#8217;s richest man has indirectly nudged Buffett to take a stake in Tesla. Buffett, while giving Tesla a snub, has admired Musk. <a href="https://www.benzinga.com/23/05/32256622/elon-musk-overestimates-himself-but-is-very-talented-brilliant-say-warren-buffett-and-charlie-munger">&#8220;Elon is a brilliant, brilliant guy </a>and I would say that he might score over a 100%,&#8221; Buffett said at one Berkshire shareholder meeting. &#8220;He dreams about things and his dream have got a foundation.&#8221;
Tesla ended Friday&#8217;s session down 4.24% at $207.67, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40147271/elon-musks-fsd-update-uber-ties-up-with-tesla-rival-lucid-readying-for-gravity-launch-and-more-b">Elon Musk&#8217;s FSD Update, Uber Ties Up With Tesla Rival, Lucid Readying For Gravity Launch And More: Biggest EV Stories Of The Week</a></li>
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BYDDY

Berkshire Hathaway's Massive $277M Cash Hoard Rekindles Tesla Investment Chatter: Fund Manager Says 'Two Worlds Seldom Collide'

Donald Trump launched a series of disparaging social media posts <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">against Kamala Harris</a> over the weekend.
What Happened: Trump took to his Truth Social platform on Saturday to post a series of derogatory remarks about Harris, including calling her &#8220;low IQ,&#8221; &#8220;dumb,&#8221; and questioning her &#8220;mental capacity&#8221; to engage in a debate with him.
This marks a significant escalation in Trump&#8217;s rhetoric against Harris, despite warnings from his party against such personal attacks.
Trump&#8217;s tirade began on Saturday when he withdrew from the ABC News presidential debate scheduled for Sept. 10. He instead suggested a debate with Harris on Fox News on Sept. 4, insisting on a &#8220;FULL ARENA AUDIENCE!&#8221; in Pennsylvania.
&#8220;The FoxNews Debate will be held in the Great Commonwealth of Pennsylvania, at a site in an area to be determined. The Moderators of the Debate will be Bret Baier and Martha MacCallum, and the Rules will be similar to the Rules of my Debate with Sleepy Joe, who has been treated horribly by his Party – BUT WITH A FULL ARENA AUDIENCE!,&#8221; he <a href="https://truthsocial.com/@realDonaldTrump/posts/112896042195717073">wrote</a> on Truth Social.
Also Read: <a href="https://www.benzinga.com/news/24/08/40147712/kamala-harris-takes-the-lead-in-eight-new-national-polls">Kamala Harris Takes The Lead In Eight New National Polls</a>
In response, Harris accused Trump of reneging on his promise to debate &#8220;any time, any place.&#8221; She expressed her willingness to participate in the ABC debate, regardless of Trump&#8217;s involvement. She shared her view on X. 
<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">It's interesting how "any time, any place" becomes "one specific time, one specific safe space." I'll be there on September 10th, like he agreed to. I hope to see him there. <a href="https://t.co/zqng89X8QD">https://t.co/zqng89X8QD</a>
&mdash; Kamala Harris (@KamalaHarris) <a href="https://twitter.com/KamalaHarris/status/1819765605207253495?ref_src=twsrc%5Etfw">August 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Trump responded with an ultimatum, demanding a Fox News debate or none at all. He continued to mock Harris&#8217; intelligence and questioned her ability to face him one-on-one.
Why It Matters: The exchange comes after a successful week for Harris, who announced a fundraising haul of $310 million in July and surpassed Trump in several battleground state polls. 
This incident highlights the escalating tension between the two political figures and could potentially impact their respective support bases and future political strategies.
Check This Out:
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<li>Lawmakers Made Huge Investments This Year.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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