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The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) blockchain experienced significant network congestion on Monday as enthusiasm around President-elect Donald Trump-themed meme tokens triggered unprecedented transaction volumes, leading to technical difficulties for key infrastructure provider Jito Labs.
What Happened: Jito Labs reported &#8220;severe degradation&#8221; of its Block Engine API due to &#8220;unprecedented load levels,&#8221; though the company later confirmed service stability had improved following emergency mitigation efforts. While the Solana network continued processing blocks, transaction submission through Jito&#8217;s service was temporarily impacted.
Solana&#8217;s official X account retweeted a post from Jito Labs.
The congestion coincided with the launch of the MELANIA token on Solana by Melania Trump, which surged <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43078040/trump-coin-tanks-36-even-as-melania-trump-launches-her-own-token-top-analyst-says-his-short-is-going-very-very-well">over 21,000% within 24 hours</a> to reach an $11.39 billion market capitalization. This followed the recent launch of the OFFICIAL TRUMP token, which experienced a 36% price drop from $73 to $46 on Sunday evening, erasing approximately $5 billion in market value.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Update: Service stability has improved following our recent mitigation efforts. Huge shoutout to the Jito Labs engineering team who worked tirelessly testing multiple solutions until we achieved service stability. While we remain vigilant and are closely monitoring… <a href="https://t.co/TRKr4E8y0P">https://t.co/TRKr4E8y0P</a>
&mdash; buffalu (@buffalu__) <a href="https://twitter.com/buffalu__/status/1881157819061195143?ref_src=twsrc%5Etfw">January 20, 2025</a></blockquote>
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The market turbulence extended beyond meme tokens, <a href="https://www.benzinga.com/25/01/43078226/bitcoin-ethereum-dogecoin-plunge-as-trumps-official-memecoin-loses-way-analyst-underlines-importance-of-btcs-weekly-close-above-this-resistance-level">impacting major cryptocurrencies</a>. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dropped from $106,180 to $99,622, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) fell from $3,414 to $3,150. However, both cryptocurrencies have since recovered, with BTC reaching $108,560 and ETH climbing to $3,423.
See Also: <a href="https://www.benzinga.com/news/25/01/43078027/vivek-ramaswamy-expected-to-exit-trumps-doge-task-force-amid-ohio-governor-bid-report">Elon Musk&#8217;s DOGE Co-Lead Vivek Ramaswamy Expected To Exit Trump Admin Task Force Amid Ohio Governorship Bid</a>
Why It Matters: Cryptocurrency analyst Ali Martinez revealed a successful short position on the OFFICIAL TRUMP token, while trader Altcoin Gordon disclosed opening a $500,000 short position with a $90 liquidation price, targeting $55 for a potential $2.7 million profit.
The events highlight the growing impact of political meme tokens on blockchain infrastructure and market stability. Reports indicate that CIC Digital LLC, an affiliate of the Trump Organization, and Fight Fight Fight LLC collectively own 80% of the OFFICIAL TRUMP token supply.
The timing of these market movements is particularly notable as they occur during the Martin Luther King Jr. Day holiday, with traditional U.S. stock exchanges closed and Trump preparing for his presidential inauguration scheduled for Monday.
Read Next: 
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<li><a href="https://www.benzinga.com/25/01/43078226/bitcoin-ethereum-dogecoin-plunge-as-trumps-official-memecoin-loses-way-analyst-underlines-importance-of-btcs-weekly-close-above-this-resistance-level">Bitcoin, Ethereum, Dogecoin Plunge As Official Trump Memecoin Loses Way: Analyst Says &#8216;Great Times Are Ahead&#8217; For These Coins As Dollar Index Weakens</a></li>
</ul>
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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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Solana Blockchain Faces Network Congestion As Trump And Melania Meme Tokens Surge: What You Need To Know

Financial markets will <a href="https://www.benzinga.com/news/23/01/30428728/is-the-stock-market-open-on-martin-luther-king-jr-day">pause trading on Monday, Jan. 20</a>, as the nation observes Martin Luther King Jr. Day. This year, it coincides with President-elect Donald Trump&#8216;s inauguration as the 47th president.
The New York Stock Exchange and Nasdaq Stock Market will be closed for the federal holiday, along with U.S. bond markets and over-the-counter trading. The closure comes less than <a href="https://www.benzinga.com/markets/options/25/01/42895894/is-the-stock-market-closed-for-jimmy-carters-state-funeral">two weeks after markets shuttered</a> for former President Jimmy Carter&#8216;s state funeral.
Major international exchanges, including the London Stock Exchange Group, will maintain normal trading hours on Jan. 20. The Shanghai, Hong Kong, Tokyo, and Euronext Paris exchanges will also operate as usual.
For investors handling financial transactions, all Federal Reserve banks and physical bank branches across the U.S. will be closed, though ATMs and digital banking services remain accessible. The United States Postal Service will suspend regular mail delivery, operating only Priority Express Mail service.
Market analysts note that stocks have historically shown a <a href="https://www.benzinga.com/news/23/01/30428728/is-the-stock-market-open-on-martin-luther-king-jr-day">pattern around MLK Day</a>, with the S&amp;P 500 typically rising in the week before the holiday. Last year saw a 3.27% rally in the four trading days preceding the long weekend, though trading volume decreased as investors stepped away early.
First observed federally in 1986 after being signed into law by former President Ronald Reagan in 1983, Martin Luther King Jr. Day became universally celebrated across all 50 states in 2000. The holiday honors the legacy of the civil rights leader awarded the Nobel Peace Prize in 1964.
Trading will resume normal hours on Tuesday, Jan 21.
Read Next: 
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<li><a href="https://www.benzinga.com/news/25/01/43078027/vivek-ramaswamy-expected-to-exit-trumps-doge-task-force-amid-ohio-governor-bid-report">Elon Musk&#8217;s DOGE Co-Lead Vivek Ramaswamy Expected To Exit Trump Admin Task Force Amid Ohio Governorship Bid</a></li>
</ul>
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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.

Is Stock Market Open On MLK Day? What You Need To Know About Trading Hours On Jan 20 During Trump's Inauguration

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk tops a group of five business moguls expected to become the world's first trillionaires within a decade, highlighting the accelerating concentration of wealth, according to a new Oxfam report released Monday.
What Happened: The report, &#8220;Takers Not Makers,&#8221; shows billionaire wealth grew by $2 trillion in 2024 alone, with Musk&#8217;s net worth reaching $433.9 billion. 
Trailing Musk on Forbes&#8217; billionaire list are Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos at $239.4 billion, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) chief Mark Zuckerberg at $211.8 billion, Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) founder Larry Ellison at $204.6 billion, and LVMH Moet Hennessy Louis&#8216; (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) Bernard Arnault at $181.3 billion on Forbes&#8217; top list of billionaires.
The acceleration of wealth accumulation has been dramatic, with billionaire fortunes growing three times faster in 2024 compared to 2023. The report reveals that 60% of billionaire wealth comes from inheritance, monopoly power, or crony connections rather than entrepreneurship.
&#8220;The pace of wealth concentration has reached unprecedented levels,&#8221; says Chiara Putaturo, Oxfam EU tax expert. &#8220;While billionaire wealth is exploding, most of this wealth is not earned but inherited.&#8221;
Read Next: <a href="https://www.benzinga.com/markets/equities/25/01/43078622/nvidia-exec-contrasts-elon-musks-optimism-says-fully-autonomous-cars-not-close-and-wont-hit-roads-until-next-decade">Nvidia Executive Contrasts Elon Musk&#8217;s Optimism On Fully Autonomous Cars, Says Milestone Won&#8217;t Be Achieved Until Next Decade: &#8216;It&#8217;s Super Hard&#8217;</a>
Why It Matters: The findings highlight concerning market dynamics, with monopolistic control playing a significant role. Amazon commands 70% or more of online purchases in major European markets, while tech platforms&#8217; market dominance continues to grow.
This wealth expansion contrasts sharply with broader economic indicators. The World Bank reports that nearly 3.6 billion people still live below the $6.85 poverty line, a number virtually unchanged since 1990. The report suggests that without intervention, this wealth gap could continue to widen, potentially affecting market stability and economic growth.
Read Next: 
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<li><a href="https://www.benzinga.com/general/social-media/25/01/43078206/jeff-bezos-backed-perplexity-reportedly-makes-50-billion-move-to-merge-with-tiktok-but-elon-musks-x-remains-this-analysts-favorite-bidder">Jeff Bezos-Backed Perplexity Reportedly Makes $50 Billion Move To Merge With TikTok, But Elon Musk&#8217;s X Remains This Analyst&#8217;s Favorite Bidder</a></li>
</ul>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

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ORCL

TSLA

Elon Musk, Jeff Bezos, Mark Zuckerberg Among Those In Race To Become First Trillionaires, Oxfam Warns Of Growing Wealth Inequality

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is offering free supercharging on the purchase of Model 3 and Model Y vehicles in Japan, where it wants direly to expand its market share.
What Happened: Tesla now says on its website for <a href="https://www.benzinga.com/news/23/05/32524769/japan-is-no-longer-the-worlds-biggest-car-exporter">customers in Japan</a> that those who purchase a Model 3 sedan from the company after Jan 1 will get free supercharging for five years. The customers, however, must take delivery of their vehicle by March 31.
A similar offer also applies to new Model Ys in the company inventory.
While the Model 3 starts at 5,313,000 yen ($34,055) in Japan, the Model Y starts at 5,950,000 yen ($38,138).
Why It Matters: In January 2024, Tesla CEO&nbsp;Elon Musk&nbsp;mourned the company's lack of market share in Japan, terming it "remarkably low."
The CEO said that the company will not overspend on advertising but instead spend it in geographies such as Japan by deploying superchargers at the right locations and setting up service centers.
"Japan is the third-largest car market in the world of any country. So we should at least have a market share proportionate to, say, other non-Japanese carmakers like Mercedes or BMW, which we do not currently have," Musk then said while adding that there is a lack of awareness of Tesla in the country.
In October, the company opened its <a href="https://www.benzinga.com/news/24/10/41374112/elon-musk-mourned-teslas-lack-of-market-share-in-japan-in-january-ev-giant-now-opens-600th-superchar">600th supercharger post</a> in Japan, in a bid to build EV charging infrastructure in the country. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/tech/25/01/43049866/rivians-electric-vans-to-be-sold-to-non-amazon-customers-from-february-report">Rivian&#8217;s Electric Vans To Be Sold To Non-Amazon Customers From February: Report</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

Tesla Offers Free Supercharging On Model 3, Y In Japan A Year After Elon Musk Mourned EV Giant's Lack Of Market Share In Geography

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) bull Ross Gerber has <a href="https://www.benzinga.com/general/social-media/25/01/43050469/tesla-bull-ross-gerber-demands-tiktok-ban-calling-it-a-national-security-risk-amid-reports-that-elon-musk-may-buy-it">voiced doubts</a> about the effectiveness of an executive order in overriding existing laws concerning the TikTok ban.
What Happened: Gerber's comment came in response, to Donald Trump&#8217;s announcement <a href="https://www.benzinga.com/25/01/43076609/tiktok-back-online-in-us-after-trump-vows-monday-executive-order">about his intention</a> to issue an executive order to delay the <a href="https://www.benzinga.com/25/01/43078310/mark-zuckerbergs-instagram-doubles-down-on-tiktok-rivalry-with-new-edits-app-to-lure-creators-as-the-potential-shutdown-sparks-alternatives">federal ban on TikTok</a>.
The CEO of Gerber Kawasaki Wealth and Investment Management took to X, formerly Twitter, and said &#8220;I don't think an executive order can supersede a law when it comes to national security.&#8221;
He added, &#8220;The Supreme Court has already ruled it constitutional. TIKTOK IS A CHINESE WEAPON.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/25/01/43073009/mark-zuckerberg-lauds-sheryl-sandberg-amid-blame-for-metas-dei-program-she-did-amazing-work" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Lauds Sheryl Sandberg Amid Blame For Meta's DEI Program: ‘She Did Amazing Work'</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I don't think an executive order can supersede a law when it comes to national security. The Supreme Court has already ruled it constitutional. TIKTOK IS A CHINESE WEAPON.
&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1881089213459988907?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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Why It Matters: Earlier on Sunday, Trump took to Truth Social, urging companies to prevent TikTok from going dark and promising an executive order to extend the ban&#8217;s implementation period.
The ban stems <a href="https://www.benzinga.com/news/24/04/38394855/biden-set-to-sign-tiktok-ban-into-law-after-senate-passes-bill-supported-by-gop-democrats">from a 2024 law</a> addressing national security concerns over TikTok&#8217;s Chinese ownership. The law requires app stores and cloud providers to stop hosting TikTok unless it is sold by its parent company, ByteDance.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Trump&#8217;s executive order aims to temporarily halt this law, which was upheld by the <a href="https://www.benzinga.com/general/social-media/25/01/43060894/supreme-court-upholds-tiktok-ban-ahead-of-trumps-inauguration">Supreme Court on Friday</a>. However, the executive order&#8217;s legality and effectiveness remain uncertain, as it may face legal challenges.
The law allows a 90-day extension if a buyer is found, but only if significant progress is made toward a non-Chinese deal, and it must be completed within 90 days. It&#8217;s unclear if this option still exists since the law is in effect, <a href="https://www.nytimes.com/2025/01/19/technology/trump-tiktok-ban-executive-order.html">noted</a> the New York Times.
TikTok has argued that a <a href="https://www.benzinga.com/news/24/05/38693602/tiktok-admits-xi-jinpings-ccp-wont-let-its-algorithm-be-sold-after-biden-gives-9-months-to-divest-or">sale isn't feasible</a> due to its global operations. China has also indicated it would block the export of TikTok&#8217;s crucial video-recommendation technology.
Meanwhile, on Saturday, Jeff Bezos-backed Perplexity reportedly made a <a href="https://www.benzinga.com/general/social-media/25/01/43078206/jeff-bezos-backed-perplexity-reportedly-makes-50-billion-move-to-merge-with-tiktok-but-elon-musks-x-remains-this-analysts-favorite-bidder">$50 billion bid to merge</a> with TikTok U.S., although Tesla CEO Elon Musk's social media app X is seen as a strong contender for the acquisition.
Previously, Tesla investor Gary Black raised concerns over Musk&#8217;s potential acquisition of TikTok&#8217;s U.S. operations, cautioning that it could <a href="https://www.benzinga.com/25/01/43019833/elon-musk-buying-tiktok-could-hurt-tesla-warns-gary-black-but-dan-ives-thinks-it-makes-sense">hurt the EV giant's stock</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43021026/apple-stock-has-moved-up-4-2-since-iphone-16-launched-analyst-says-it-has-another-8-upside-as-manufacturing-cost-decline-bolsters-cupertinos-margins" target="_blank" rel="noreferrer noopener">Apple Stock Has Moved Up 4.2% Since iPhone 16 Launched, Analyst Says It Has Another 8% Upside As Manufacturing Cost Decline Bolsters Cupertino's Margins</a></li>
</ul>
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.

Social Media

Tesla Bull Ross Gerber Says Trump's Executive Order Can't Override Law In TikTok Ban Fight

Autonomous vehicles won&#8217;t be ready for widespread deployment until &#8220;well into the next decade,&#8221; according to NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) automotive chief Ali Kani, even as major tech companies accelerate their investments in self-driving technology.
What Happened: The cautionary outlook from one of the industry&#8217;s leading chip suppliers comes as Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk projects its Full Self-Driving system will <a href="https://www.benzinga.com/25/01/42894743/tesla-ceo-elon-musk-says-fsd-will-be-safer-than-human-drivers-in-q2-2025">surpass human capabilities</a> by mid-2024.
&#8220;We&#8217;re not close. It&#8217;s super-hard,&#8221; Kani <a href="https://www.autocar.co.uk/car-news/technology/nvidia-fully-autonomous-cars-not-close-production-reality">told</a> Autocar. &#8220;If one firm makes one mistake, the whole industry gets pushed back a few years.&#8221;
Nvidia, which supplies computing systems to automakers including Mercedes-Benz and Volvo, is expanding its automotive presence through new partnerships. The company recently <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42839556/uber-and-nvidia-partner-on-ai-technology-for-autonomous-cars">announced a collaboration</a> with Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) to develop AI-powered autonomous solutions using its Cosmos and DGX Cloud platforms.
The technological hurdles remain significant. Current autonomous systems exhibit &#8220;herky-jerky behavior and ghost braking,&#8221; Kani said, requiring advances in computing power, sensors, and AI models to achieve natural driving capabilities.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43078515/michael-saylor-meets-trumps-cabinet-at-crypto-ball-what-does-the-bitcoin-bulls-cryptic-post-indicate">Michael Saylor Meets Trump&#8217;s Cabinet At Crypto Ball, What Does The Bitcoin Bull&#8217;s Cryptic Post Indicate?</a>
Why It Matters: Recent setbacks highlight these challenges. The National Highway Traffic Safety Administration opened investigations into Tesla&#8217;s FSD system following multiple crashes, including a fatal pedestrian accident. Truist analyst William Stein noted &#8220;obvious imperfections&#8221; in Tesla&#8217;s latest FSD version after test drives, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42772702/tesla-analyst-says-fsd-test-drive-shows-imperfections-not-ready-for-prime-time-yet">maintaining a Hold rating on the stock</a>.
Meanwhile, Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Waymo unit is expanding globally, announcing plans to launch in Tokyo by early 2025. The company&#8217;s safety record has drawn <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42817526/alphabet-drives-into-2025-googles-ai-waymo-lead-the-charge">positive attention from insurers</a>, distinguishing it from competitors like General Motors&#8216; Cruise, which recently scaled back operations.
Industry experts estimate autonomous vehicles could become a multi-trillion-dollar market. However, Kani emphasized the need for cautious development: &#8220;The industry needs to go slowly with this&#8230;You can only do it when you have proven that it is really safe.&#8221;
Read Next: 
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<li><a href="https://www.benzinga.com/news/25/01/43078027/vivek-ramaswamy-expected-to-exit-trumps-doge-task-force-amid-ohio-governor-bid-report">Elon Musk&#8217;s DOGE Co-Lead Vivek Ramaswamy Expected To Exit Trump Admin Task Force Amid Ohio Governorship Bid</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOG

GOOGL

NVDA

UBER

Nvidia Executive Contrasts Elon Musk's Optimism On Fully Autonomous Cars, Says Milestone Won't Be Achieved Until Next Decade: 'It's Super Hard'

Jimmy Donaldson, also known as MrBeast, has voiced his frustration over the lack of response from wealthy individuals regarding his charity efforts.
What Happened: On Sunday, MrBeast took to X, formerly Twitter, and shared his plans for a video project aimed at feeding people in need worldwide. He reached out to affluent individuals, asking for donations of a million dollars to expand the initiative.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Dear ultra rich people on X, I've been working on a video where we feed people in need globally and if any of you wouldn't mind donating a million dollars to help us feed more people that'd mean the world to me! Pretty plz &#x1f97a;
&mdash; MrBeast (@MrBeast) <a href="https://twitter.com/MrBeast/status/1881134524509384906?ref_src=twsrc%5Etfw">January 20, 2025</a></blockquote>
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In response to a comment questioning his own wealth, MrBeast confirmed, &#8220;Yup, I'm putting in a few million.&#8221;
See Also: <a href="https://www.benzinga.com/tech/24/12/42735755/mrbeasts-daring-new-challenge-live-in-a-jet-for-100-days-and-then-keep-it-are-you-game" target="_blank" rel="noreferrer noopener">MrBeast's Daring New Challenge: Live In A Jet For 100 Days And Then Keep It — Are You Game?</a>
Another user pointed out that he should have a list of wealthy contacts, referencing previous discussions about purchasing TikTok.
The YouTuber humorously noted the contrast, stating, &#8220;It is funny that when I say I'm buying TT I get unfathomable amount of messages from the ultra wealthy but when I fundraise it's crickets.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It is funny that when I say I'm buying TT I get unfathomable amount of messages from the ultra wealthy but when I fundraise it's crickets &#x1f62d;
&mdash; MrBeast (@MrBeast) <a href="https://twitter.com/MrBeast/status/1881135248542736624?ref_src=twsrc%5Etfw">January 20, 2025</a></blockquote>
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Why It Matters: Last week, MrBeast <a href="https://www.benzinga.com/general/social-media/25/01/42994923/mrbeast-discussing-buying-tiktok-with-billionaires-to-prevent-us-shutdown-lets-see-if-we-can-pull-this-off">announced his plans to buy</a> TikTok to prevent its potential ban in the U.S. He later revealed that several billionaires reached out to him to discuss the feasibility of the purchase.
His call for billionaire support in philanthropy is not new. In May 2024, Donaldson extended an invitation to billionaires to collaborate on <a href="https://www.benzinga.com/news/24/05/38781054/mrbeast-invites-billionaires-to-collaborate-on-philanthropy-projects-for-his-youtube-channel-id-love">philanthropy projects</a> for his YouTube channel.
Previously, he rescued a <a href="https://www.benzinga.com/news/23/08/33957458/how-mrbeasts-epic-makeover-rescued-an-orphanage-and-inspired-a-musicians-dream">South African orphanage</a> and helped 1,000 blind people receive cataract surgeries.
According <a href="https://www.forbes.com/profile/mrbeast/">to</a> Forbes, MrBeast currently has a net worth of $85 million. On his main YouTube channel, he has more than 346 million subscribers.
In 2024, he signed a deal with Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) for the "Beast Games" <a href="https://www.benzinga.com/tech/25/01/43051084/mrbeast-unveils-mystery-box-giveaway-to-celebrate-beast-games-episode-6-release-on-amazon-prime-video">series that airs</a> on Prime Video. As per reports, the "Beast Games" project cost approximately $100 million.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/tech/24/12/42715441/openais-for-profit-transition-trumps-ai-advisor-and-googles-code-red-this-week-in-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s For-Profit Transition, Trump&#8217;s AI Advisor, And Google&#8217;s Code Red: This Week In AI</a></li>
</ul>
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.

MrBeast Unhappy With Billionaires' Silence On Feeding The Hungry After Overwhelming Interest About TikTok Purchase: 'When I Fundraise It's Crickets'

MicroStrategy Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) co-founder and executive chairman Michael Saylor met the entire incoming cabinet&nbsp;of the incoming Donald Trump administration during the first-ever &#8220;Crypto Ball&#8221; on Friday.
What Happened: An X post shared by Robert Samuels, Vice President of Investor Relations at MARA Holdings, showed Saylor, clad in a black suit and orange tie, attending the event alongside other top cryptocurrency executives like Fred Thiel, MARA Holdings CEO.
The orange tie seemed to align with Saylor&#8217;s Bitcoin personality, which he frequently flaunts on social media. The post has been reshared by the MicroStrategy boss.
Some other pictures showed Vice President-elect&nbsp;J.D. Vance with incoming second lady Usha Vance.
<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/MARAHoldings?ref_src=twsrc%5Etfw">@MARAHoldings</a> CEO, <a href="https://twitter.com/fgthiel?ref_src=twsrc%5Etfw">@fgthiel</a>, was honored to be seated with the incoming Secretary of Defense at the Vice President's reception and dinner. Our team in partnership with <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@saylor</a> met with the entire incoming cabinet of the Trump Administration.  We are excited about the future of… <a href="https://t.co/GltAbSLVys">pic.twitter.com/GltAbSLVys</a>
&mdash; Robert Samuels (@RobSamuelsIR) <a href="https://twitter.com/RobSamuelsIR/status/1881022798052589740?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The pre-inaugural bash was attended by the elite of the cryptocurrency space, days ahead of the presidential inauguration of Trump, who championed the industry&#8217;s cause during his election campaign.
Trump, who did not attend the gala, was <a href="https://www.benzinga.com/25/01/43073027/trump-plans-crypto-friendly-executive-orders-in-early-days-of-presidency-report">expected to issue executive orders </a>to build a more favorable environment for the cryptocurrency industry.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">Italy&#8217;s Largest Bank Leaps Into Bitcoin Trading With $1 Million &#8216;Test&#8217; Investment But CEO Says He Doesn&#8217;t Invest In BTC Personally</a>
Why It Matters: MicroStrategy has been aggressively issuing convertible debt and other fixed-income securities to buy Bitcoin in recent months and appears prepared to employ all corporate maneuvers to&nbsp;<a href="https://www.benzinga.com/24/12/42665877/microstrategy-to-hold-special-shareholder-vote-to-support-the-42-billion-bitcoin-acquisition-strategy" target="_blank" rel="noreferrer noopener">bolster its 21/21 plan</a>.
As of this writing, MicroStrategy was the biggest corporate holder with more than $45 billion in Bitcoin, followed by MARA with $4.57 billion of the leading digital asset, <a href="https://bitcointreasuries.net/">according </a>to BitcoinTreasuries.com.
The Michael Saylor-led firm has been buying Bitcoins for ten weeks in a row, and based on his most recent X post, MicroStrategy seems to be planning to buy more on Monday, coinciding with Trump&#8217;s inauguration. 
&#8220;Things will be different tomorrow,&#8221; Saylor wrote, including the firm&#8217;s Bitcoin portfolio tracker.
Interestingly, Saylor made <a href="https://x.com/saylor/status/1878427303874633866">similar posts</a> of the tracker just before the company&#8217;s Bitcoin purchases in the last two weeks.
<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">Things will be different tomorrow. <a href="https://t.co/8Rmn1Jjgdr">pic.twitter.com/8Rmn1Jjgdr</a>
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1880981385823105405?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Price Action: At the time of writing, Bitcoin was exchanging hands at $101,632.05, down 3.18% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Shares of MicroStrategy rallied 8.04% to $396.50 during Friday&#8217;s regular session.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/42993521/michael-saylors-microstrategy-not-alone-in-bitcoin-acquisition-says-bitwise-chief-investment-officer-its-a-bona-fide-megatrend">Michael Saylor&#8217;s MicroStrategy Not Alone In Bitcoin Acquisition, Says</a></li>
</ul>

MSTR

Michael Saylor Meets Trump's Cabinet At Crypto Ball, What Does The Bitcoin Bull's Cryptic Post Indicate?

In a humorous dig at the debate over a strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve, influential economist Peter Schiff speculated on Sunday whether President Joe Biden will sell some of the state-owned BTC just ahead of Donald Trump&#8217;s presidential inauguration.
What Happened: Schiff took to X, saying, &#8220;This is the last night&nbsp;Biden has to sell some&nbsp;of the Bitcoin that Donald&nbsp;Trump promised his crypto supporters&nbsp;he would use to create&nbsp;a Bitcoin Strategic Reserve. Let&#8217;s&nbsp;see if he takes advantage&nbsp;of the opportunity.&#8221;
This sarcastic post comes in the context of President-elect Trump&#8217;s reported plans to declare cryptocurrency a national priority and <a href="https://www.benzinga.com/25/01/43047039/trump-planning-to-declare-cryptocurrency-as-national-priority-increase-engagement-with-industry-report">create a national Bitcoin reserve</a> that would include the government's current Bitcoin holdings. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is the last night <a href="https://twitter.com/hashtag/Biden?src=hash&amp;ref_src=twsrc%5Etfw">#Biden</a> has to sell some of the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> that <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> promised his <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> supporters he would use to create a Bitcoin Strategic Reserve. Let&#39;s see if he takes advantage of the opportunity.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1881126813172400637?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The pledge to create a national Bitcoin stockpile was one of&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40179714/trumps-bitcoin-stockpile-plan-would-have-positive-impact-on-crypto-prices-but-would-leave-" target="_blank" rel="noreferrer noopener">Trump&#8217;s biggest election promises</a>&nbsp;to gain support from cryptocurrency enthusiasts. It&#8217;s not yet clear whether the incoming administration will buy additional Bitcoin or simply declare the current stash the U.S. government holds as a strategic reserve.
The U.S. government holds around 198,109 BTC, valued at $20.14 billion, <a href="https://intel.arkm.com/explorer/entity/usg">according </a>to on-chain analytics firm Arkham.
A report earlier this month suggested that the Justice Department got a green light to sell about 69,370 BTCs. However, on-chain data as of this writing <a href="https://intel.arkm.com/explorer/address/bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6">revealed </a>that the holdings were intact.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">Italy&#8217;s Largest Bank Leaps Into Bitcoin Trading With $1 Million &#8216;Test&#8217; Investment But CEO Says He Doesn&#8217;t Invest In BTC Personally</a>
Why It Matters: Schiff&#8217;s cheeky remark reflected his skepticism toward a national Bitcoin reserve. He previously stated that a Bitcoin reserve could be the<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42245202/peter-schiff-bitcoin-reserve-is-the-worst-monetary-mistake-us-could-make"> &#8216;worst monetary mistake&#8217;</a> the U.S. could make.
Furthermore, he highlighted the lack of congressional support for the Bitcoin reserve bill, stating that apart from Senator Cynthia Lummis (R-Wyo.), who introduced the bill, and Rep. Ro Khanna (D-Calif.), the bill has failed to garner any co-sponsors or significant attention among lawmakers.
Price Action: At the time of writing, Bitcoin was exchanging hands at $101,602.76, down 2.99% 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.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
Image via Flickr/ Gage Skidmore<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/25/01/42993521/michael-saylors-microstrategy-not-alone-in-bitcoin-acquisition-says-bitwise-chief-investment-officer-its-a-bona-fide-megatrend">Michael Saylor&#8217;s MicroStrategy Not Alone In Bitcoin Acquisition, Says Bitwise Chief Investment Officer: &#8216;It&#8217;s A Bona Fide Megatrend&#8217;</a></li>
</ul>

Peter Schiff Says 'Last Night' For Biden To Sell Some Bitcoin Before Trump Takes Over: 'Let's See If He Takes Advantage Of The Opportunity'

On Sunday, Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Instagram announced a new video creation app called &#8216;Edits&#8217; to attract TikTok users.
What Happened: Adam Mosseri posted a video on Instagram and unveiled the &#8216;Edits&#8217; app, which resembles CapCut, a popular tool among TikTok creators.
The new app will feature a dedicated tab for inspiration, another for tracking early ideas, and a significantly upgraded camera — which he used to record the announcement video.
It will offer a suite of editing tools, the ability to share drafts with friends and fellow creators, and detailed performance insights. The &#8216;Edits&#8217; app is available in app stores but will not be functional until February.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/19222443/Screenshot-2025-01-20-at-8.54.33%E2%80%AFAM-1024x907.png" alt="" class="wp-image-740715" /><figcaption class="wp-element-caption">Source: Instagram</figcaption></figure>
See Also: <a href="https://www.benzinga.com/25/01/43073009/mark-zuckerberg-lauds-sheryl-sandberg-amid-blame-for-metas-dei-program-she-did-amazing-work">Mark Zuckerberg Lauds Sheryl Sandberg Amid Blame For Meta&#8217;s DEI Program: &#8216;She Did Amazing Work&#8217;</a>
On Saturday, Mosseri also announced updates to Instagram, including changes to profile photo grids and an increase in the maximum length for Reels from 90 seconds to three minutes.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/19222553/Screenshot-2025-01-20-at-8.55.43%E2%80%AFAM-1024x907.png" alt="" class="wp-image-740716" /><figcaption class="wp-element-caption">Source: Instagram</figcaption></figure>
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: &nbsp;The app&#8217;s launch follows a temporary shutdown of TikTok in the U.S. over the weekend. It also comes as other alternatives, like RedNote, <a href="https://www.benzinga.com/25/01/43035577/nio-ceo-welcomes-tiktok-users-to-rednote-amid-us-ban-concerns">gain popularity</a>. Instagram has continued to adapt its features to compete with TikTok&#8217;s influence since its rise in 2020.
TikTok was restored in the U.S. after Donald Trump announced <a href="https://www.benzinga.com/25/01/43076609/tiktok-back-online-in-us-after-trump-vows-monday-executive-order">plans to delay</a> the enforcement of a new law requiring the sale of the platform.
According to an analysis by eMarketer, TikTok&#8217;s ban could redirect billions in ad revenue, with Mark Zuckerberg&#8217;s Meta potentially <a href="https://www.benzinga.com/tech/25/01/43072303/mark-zuckerberg-stands-to-gain-from-tiktoks-us-ban-analysis-shows-meta-could-reap-billions-in-ad-revenue">capturing a substantial share</a>.
TikTok generated $12.34 billion in U.S. advertising revenue in 2024. Should the platform face a ban, it is projected that between $6.17 billion and $8.64 billion in ad spending could shift to other platforms.
Meta could potentially secure an additional $2.46 billion to $3.38 billion in advertising revenue.
Price Action: Meta&#8217;s stock rose by 0.24% on Friday before slipping 0.0098% in after-hours trading, closing at $612.71, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Photo by rafapress on Shutterstock
Read Next:
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Mark Zuckerberg's Instagram Doubles Down On Rivalry With New 'Edits' App To Lure Creators Amid Potential TikTok Shutdown

Vietnamese electric vehicle manufacturer VinFast Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>) is entering India&#8217;s growing EV market with two premium SUVs, following <a href="https://www.benzinga.com/24/11/42197080/vinfast-reports-q3-loss-in-line-with-estimates-expects-to-receive-35b-injection-by-2026-end">strong third-quarter 2024 delivery growth</a> and significant financial backing from its founder.
The Nasdaq-listed company unveiled its VF6 and VF7 models at the India Auto Show in New Delhi, planning to challenge established players like Mahindra &amp; Mahindra and BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>). 
VinFast will invest $500 million over five years to build a car and battery factory in Tamil Nadu state, with an initial capacity of 50,000 units annually, expandable to 150,000, Reuters reported.
&#8220;We are turning our focus to India &#8211; our next growth frontier,&#8221; said Pham Sanh Chau, VinFast&#8217;s Asia CEO. 
The expansion comes as VinFast reported 21,912 vehicle deliveries in the third quarter of 2024, up 115% year-over-year, though with continuing losses. The company secured $3.5 billion in potential funding through 2026, including $2.1 billion in grants from CEO Pham Nhat Vuong.
Like Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), VinFast is seeking reduced import duties while its factory is under construction. Electric vehicles currently represent 2.5% of India&#8217;s 4 million annual car sales, with the government targeting 30% by 2030.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/25/01/43078194/trump-once-said-taiwan-took-100-of-our-chip-business-but-tsmc-confident-of-support-for-arizona-plants-under-incoming-president">Trump Once Said Taiwan Took &#8216;100% Of Our Chip Business,&#8217; But TSMC Confident Of Support For Arizona Plants Under Incoming President</a></li>
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Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BYDDF

BYDDY

Tesla's Vietnamese Rival VinFast Enters 'Next Growth Frontier' India Amid Global Expansion Push, Plans $500 Million Investment

Leading cryptocurrencies fell sharply Sunday evening amid the launch of meme coins tied to President-elect Donald Trump and his family.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-3.89%</td>
<td>$100,239.24</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>-4.61%</td>
<td>$3,189.30</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>-12.44%</td>
<td>$0.3505</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin plummeted from $106,180 to $99,622 in three hours, eroding $130 billion worth of investors' wealth.
Similarly, Ethereum tanked from $3,414 to $3,150, marking a 4.61% decline in the last 24 hours.
The broader market slump coincided with a <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43078040/trump-coin-tanks-36-even-as-melania-trump-launches-her-own-token-top-analyst-says-his-short-is-going-very-very-well">significant drop</a> in the OFFICIAL TRUMP token launched a couple of days ago.&nbsp;
The enthusiasm linked with the coin evolved into negativity as incoming First Lady Melania Trump launched her own meme coin on Sunday.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $925 million.
Bitcoin's Open Interest fell 2.05% in the last 24 hours to $66.77 billion. That said, the majority of derivatives traders were bullish on the asset, as indicated by the Long/Short Ratio.
That said, more than half of derivatives traders on Binance placed short bets on Bitcoin, expecting a correction.
The market sentiment entered the "Extreme Greed" zone, according to the Crypto Fear &amp; Greed Index, sparking concerns of further market correction.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>OFFICIAL TRUMP (TRUMP)</td>
<td>+74.00%</td>
<td>$46.06</td>
</tr>
<tr>
<td>Fartcoin (FARTCOIN)</td>
<td>+9.95%</td>
<td>$1.92</td>
</tr>
<tr>
<td>DeXe (DEXE)</td>
<td>+2.10%</td>
<td>$17.55</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.45 trillion, contracting by 5.15% in the last 24 hours.
Stock futures edged slightly lower Sunday evening. The Dow Jones Industrial Average Futures fell 30 points, or 0.07%, as of 9 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dipped 0.07%, while Nasdaq 100 Futures slipped 0.13%.
The moves come after major averages posted their biggest weekly gain since the presidential elections in November. The Dow Jones Industrial Average and the S&amp;P 500 rose 3.19% and 3.40%, respectively.
The New York Stock Exchange and Nasdaq will remain closed on Monday to commemorate Martin Luther King Jr. Day.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital identified $104,500 as a crucial resistance level for Bitcoin.
"Weekly close above red [$104,500] followed by a successful retest would likely confirm the breakout to new ATHs," the analyst stated, adding a caveat.
"However, a weekly close below red and it&#8217;s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is trying to assert itself relative to this final major Weekly resistance before new All Time Highs Weekly Close above red followed by a successful retest would likely confirm the breakout to new ATHs However, a Weekly Close below red and it&#39;s possible BTC could… <a href="https://t.co/WTKEEpziNt">pic.twitter.com/WTKEEpziNt</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1881009268293251171?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, Michaël van de Poppe, another popular cryptocurrency market commentator, maintained his bullish view on altcoins.
"I expect that we&#8217;ll see strength on Ethereum, Chainlink, Aave, and a lot of altcoins in the coming week as yields are going down and the DXY becomes weaker," he added. "Great times are ahead of us."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A tremendous weekend with <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> and a cascade on the altcoins. I expect that we&#39;ll see strength on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>, <a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a> and a lot of altcoins in the coming week as Yields are going down and the <a href="https://twitter.com/search?q=%24DXY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DXY</a> becomes weaker. Great times are ahead of us.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1881090758167474264?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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Photo by CMP_NZ on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43035888/donald-trump-reportedly-open-to-us-crypto-reserve-as-bitcoin-reserve-chatter-gathers-steam">Donald Trump Reportedly Open To US Crypto Reserve As Bitcoin Reserve Chatter Gathers Steam</a></li>
</ul>

Movers

$DOGE

Bitcoin, Ethereum, Dogecoin Plunge As Official Trump Memecoin Loses Way: Analyst Says 'Great Times Are Ahead' For These Coins As Dollar Index Weakens

Jeff Bezos-backed Perplexity reportedly bid to merge with TikTok U.S. on Saturday, but Wedbush analyst Dan Ives hinted Elon Musk&#8217;s X could ultimately <a href="https://www.benzinga.com/general/social-media/25/01/42994923/mrbeast-discussing-buying-tiktok-with-billionaires-to-prevent-us-shutdown-lets-see-if-we-can-pull-this-off">seal the deal</a> amid rising speculation.
What Happened: On Saturday, Perplexity submitted a bid to ByteDance, TikTok&#8217;s Chinese parent company, to form a new entity that includes Perplexity, TikTok U.S., and new capital partners, <a href="https://www.cnbc.com/2025/01/18/perplexity-ai-makes-a-bid-to-merge-with-tiktok-us.html">reported</a> CNBC, citing sources familiar with the matter.
The proposed merger would allow most of ByteDance&#8217;s current investors to maintain their equity stakes while improving Perplexity&#8217;s video capabilities.
See Also: <a href="https://www.benzinga.com/tech/25/01/43051084/mrbeast-unveils-mystery-box-giveaway-to-celebrate-beast-games-episode-6-release-on-amazon-prime-video">MrBeast Unveils Mystery Box Giveaway To Celebrate Beast Games Episode 6 Release On Amazon Prime Video</a>
The source estimates the deal&#8217;s value to exceed $50 billion, contingent on ByteDance&#8217;s shareholders&#8217; decisions to stay or cash out.
Perplexity, <a href="https://www.benzinga.com/news/24/03/37421021/this-jeff-bezos-backed-ai-tool-can-replace-search-engine-for-many-people-says-top-ex-googler-but-the">a startup challenging</a> Alphabet Inc.‘s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, saw its <a href="https://www.benzinga.com/tech/24/12/42570376/jeff-bezos-backed-perplexity-raises-500-million-tripling-its-valuation-to-9-billion-as-competition-with-google-and-openai-heats-up">valuation soar from $500 million to $9 billion</a> last year.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Previously, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk was considered a potential buyer, though <a href="https://www.benzinga.com/25/01/43019833/elon-musk-buying-tiktok-could-hurt-tesla-warns-gary-black-but-dan-ives-thinks-it-makes-sense">concerns were raised</a> about the impact on the EV giant.
TikTok, which went dark for some time later Saturday started restorning its services on Sunday. Donald Trump &#8220;most likely&#8221; plans to extend TikTok&#8217;s deadline by 90 days to facilitate a deal.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/19214002/Screenshot-2025-01-20-at-8.09.56%E2%80%AFAM-926x1024.png" alt="" class="wp-image-740667" /><figcaption class="wp-element-caption">Source: Truth Social</figcaption></figure>
Musk also took to X, formerly Twitter, and highlighted that while his social media app is not allowed to operate in China, banning TikTok in the U.S. would be &#8220;against freedom of speech.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I have been against a TikTok ban for a long time, because it goes against freedom of speech. That said, the current situation where TikTok is allowed to operate in America, but &#120143; is not allowed to operate in China is unbalanced. Something needs to change. <a href="https://t.co/YVu2hkZEVZ">https://t.co/YVu2hkZEVZ</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1880975630646612254?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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Before Trump&#8217;s statement about potentially extending TikTok&#8217;s deadline, Ives took to X and predicted that the 90-day window would be used to work on a deal with U.S. tech players, with Musk&#8217;s X being a likely candidate.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Biden Admin never issued the statement…so TikTok went dark for 170 mm users. We believe Trump turns it back on with an Executive Order on Monday once he is sworn in as US President. Then 90 days to work on buyer/partnership with US tech player likely being Musk/X in our view <a href="https://t.co/O2UdLOCMIO">https://t.co/O2UdLOCMIO</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1880874865269547354?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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ByteDance has previously suggested it will not sell TikTok U.S.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/tech/24/12/42715441/openais-for-profit-transition-trumps-ai-advisor-and-googles-code-red-this-week-in-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s For-Profit Transition, Trump&#8217;s AI Advisor, And Google&#8217;s Code Red: This Week In AI</a></li>
</ul>
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.

Media

Jeff Bezos-Backed Perplexity Reportedly Makes $50 Billion Move To Merge With TikTok, But Elon Musk's X Remains This Analyst's Favorite Bidder

Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) expects continued U.S. government support for its Arizona chip plants under President-elect Donald Trump&#8216;s administration, despite his <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">previous criticism of Taiwan&#8217;s semiconductor industry.</a>
What Happened: TSMC CFO Wendell Huang said the company has already received its first $1.5 billion installment of the promised $6.6 billion in CHIPS Act funding during the fourth quarter of 2024, in a CNBC <a href="https://www.cnbc.com/2025/01/19/tsmc-confident-in-continued-chips-act-funding-under-trump-says-cfo.html">interview</a>. The funds are part of the President Joe Biden administration&#8217;s $53 billion initiative to strengthen domestic semiconductor manufacturing.
&#8220;As a matter of fact, in the fourth quarter, we already received the first batch of government support,&#8221; Huang said, noting that future funding would be distributed as construction and production milestones are met.
The company&#8217;s confidence comes despite Trump&#8217;s campaign rhetoric accusing Taiwan of &#8220;stealing&#8221; U.S. chip business and criticizing the CHIPS Act&#8217;s cost. Industry experts anticipate the program will largely continue under Trump due to strong bipartisan support for domestic semiconductor production.
TSMC&#8217;s Arizona investment, totaling over $65 billion across three facilities, represents a crucial piece of U.S. efforts to secure domestic chip manufacturing capabilities. The company&#8217;s first Arizona fab began producing advanced chips in the fourth quarter of 2024 following some delays, with a second facility expected to start operations in 2028.
See Also: <a href="https://www.benzinga.com/news/25/01/43078027/vivek-ramaswamy-expected-to-exit-trumps-doge-task-force-amid-ohio-governor-bid-report">Elon Musk&#8217;s DOGE Co-Lead Vivek Ramaswamy Expected To Exit Trump Admin Task Force Amid Ohio Governorship Bid</a>
What Happened: CEO C.C. Wei emphasized TSMC&#8217;s &#8220;long-standing and good relationship&#8221; with U.S. authorities during the company&#8217;s recent earnings call, where it reported record fourth-quarter profits driven by strong AI chip demand. While choosing to maintain a low profile by skipping Trump&#8217;s inauguration, Wei assured investors of &#8220;frank and open communication&#8221; with both <a href="https://www.benzinga.com/25/01/43053982/taiwan-semiconductor-chief-calls-us-semiconductor-sanctions-manageable-to-skip-trump-inauguration">current and future administrations</a>.
The semiconductor giant faces some challenges in its U.S. expansion, including longer construction timelines due to regulatory requirements and skilled labor shortages. However, Wei expressed confidence in eventually achieving the <a href="https://www.benzinga.com/news/large-cap/25/01/43025761/ai-chip-stocks-gain-momentum-on-taiwan-semiconductor-performance-bidens-semiconductor-sanctions-kick-in">same quality standards in Arizona as in Taiwan</a>.
This development comes as TSMC projects its AI-related revenue to double in 2025, following a tripling in 2024, underlining the strategic importance of its U.S. operations in meeting growing <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43035566/taiwan-semiconductor-projects-ai-revenue-to-double-in-2025-highlights-advanced-packaging-as-growth-driver-analyst">advanced chip demand</a>.
In July, Trump indicated that <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">Taiwan should bear the cost of its defense</a>. "I know the people very well, respect them greatly. They did take about 100% of our chip business. I think, Taiwan should pay us for defense," he said.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43078040/trump-coin-tanks-36-even-as-melania-trump-launches-her-own-token-top-analyst-says-his-short-is-going-very-very-well">Trump Coin Tanks 36%, Even As Melania Trump Launches Her Own Token: Top Analyst Says His Short Is &#8216;Going Very, Very Well&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Once Said Taiwan Took '100% Of Our Chip Business,' But TSMC Confident Of Support For Arizona Plants Under Incoming President

President-elect Donald Trump&#8217;s official meme coin plunged sharply Sunday evening, coinciding with the launch of another token launched by Melania Trump. 
What happened: The OFFICIAL TRUMP token crashed nearly 36% from $73 to $46 late Sunday evening, wiping out nearly $5 billion worth of market capitalization, <a href="https://dexscreener.com/solana/9dirurpjnanzhn6ts5hglouhtjrt1jgspbxnycrfz2ad">according </a>to data from DEX Screener. The dump followed the launch of a similar token by the incoming first lady, Melania Trump.
Melania Trump shared a link to the official website of the meme coin MELANIA in her X post, with a caption, "The Official Melania Meme is live!" Donald Trump has reshared the post.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Official Melania Meme is live! You can buy $MELANIA now.  <a href="https://t.co/8FXvlMBhVf">https://t.co/8FXvlMBhVf</a> FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P <a href="https://t.co/t2vYiahRn6">pic.twitter.com/t2vYiahRn6</a>
&mdash; MELANIA TRUMP (@MELANIATRUMP) <a href="https://twitter.com/MELANIATRUMP/status/1881094861279129643?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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The coin, which was themed around the incoming first lady, was launched on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), much like the <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076559/donald-trumps-meme-coin-trump-rallies-103-in-a-day-creates-billions-out-of-thin-air">token's launch tied to her husband</a> a couple of days ago.
The meme coin's website issued a disclaimer, stating, "Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments."
MELANIA token has <a href="https://dexscreener.com/solana/9dirurpjnanzhn6ts5hglouhtjrt1jgspbxnycrfz2ad">jumped</a> over 21,000% in the last 24 hours to a market capitalization of $11.39 billion and generating approximately $383 million in liquidity in just four hours.
Popular cryptocurrency analyst Ali Martinez revealed that he shorted the OFFICIAL TRUMP token and that it was &#8220;going well.&#8221; Earlier he announced selling all of his TRUMP tokens.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> short is going very, very well! <a href="https://t.co/n7FH2Ce9um">https://t.co/n7FH2Ce9um</a> <a href="https://t.co/kEv9QXuaFN">pic.twitter.com/kEv9QXuaFN</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1881092494680879112?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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Another widely-followed cryptocurrency investor, Altcoin Gordon, disclosed opening a $500,000 short on the token. 
&#8220;Liquidation is $90 If it hits $55, I will make $2.7 million. I am ready for the sell-off,&#8221; the trader revealed their strategy.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I just opened a $500K short on Trump coin Liquidation is $90 If it hits $55 I will make $2.7M. I am ready for the sell off. You think I will win? <a href="https://t.co/uRNU5yMP4H">pic.twitter.com/uRNU5yMP4H</a>
&mdash; Gordon (@AltcoinGordon) <a href="https://twitter.com/AltcoinGordon/status/1880962042993299522?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">Italy&#8217;s Largest Bank Leaps Into Bitcoin Trading With $1 Million &#8216;Test&#8217; Investment But CEO Says He Doesn&#8217;t Invest In BTC Personally</a>
Why It Matters: The launch of OFFICIAL TRUMP created a stir in the cryptocurrency space, as its fully diluted valuation reached a whopping $74 billion at one time.
Reports <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076559/donald-trumps-meme-coin-trump-rallies-103-in-a-day-creates-billions-out-of-thin-air">suggested </a>that&nbsp; CIC Digital LLC, an affiliate of the Trump Organization, and a related entity, Fight Fight Fight LLC, own an 80% share of the digital asset, fueling speculation of an increase in Trump&#8217;s fortune as a result of the meme coin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a>&#39;s meme coin just traded at $74. The total Supply is 1B, and 200M is in circulation. Total mktcap is $74B. Trump&#39;s paper profit is ~$60B (80% of which is not in circulation). Does this make him the greatest crypto billionaire in history? And it took just 36 hours!… <a href="https://t.co/v52wgtv9On">pic.twitter.com/v52wgtv9On</a>
&mdash; Jim Bianco (@biancoresearch) <a href="https://twitter.com/biancoresearch/status/1881001234838016370?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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However, naysayers didn't hold back. Anthony Scaramucci, a prominent cryptocurrency advocate and former White House Communications Director, <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076714/scaramucci-criticizes-donald-trumps-meme-coin-launch-idi-amin-level-corruption">labeled the launch</a> as "Idi Amin-level corruption."
Donald Trump was all set to take the presidential oath on Monday. He has confirmed that his inaugural address will take place indoors in the Capitol Rotunda due to dangerously cold weather in Washington, D.C.
Read Next:&nbsp;
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</ul>

Politics

Trump Coin Tanks 36%, Even As Melania Trump Launches Her Own Token: Top Analyst Says His Short Is 'Going Very, Very Well'

Vivek Ramaswamy, co-leader of President-elect Donald Trump&#8216;s Department of Government Efficiency, is expected to step down from his position, potentially complicating the administration&#8217;s ambitious federal spending reduction goals. 
What Happened: Ramaswamy, 39, plans to pursue a campaign for Ohio governor by month&#8217;s end, <a href="https://www.cbsnews.com/news/vivek-ramaswamy-expected-to-depart-doge/">reported</a> CBS News citing multiple sources. The departure comes as Ramaswamy&#8217;s DOGE co-leader, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk, recently scaled back expectations for budget cuts from $2 trillion to a more <a href="https://www.benzinga.com/startups/25/01/43046108/musks-doge-ambitions-shrink-why-2-trillion-budget-cuts-may-be-out-of-reach">modest $1 trillion target</a>.
During a recent interview on X, Musk characterized even this reduced goal as an &#8220;epic outcome&#8221; if achieved.
The leadership shake-up has caught Wall Street&#8217;s attention, though analysts remain optimistic about its impact on the defense sector. 
Truist Securities analyst Michael Ciarmoli initiated coverage of Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) and Northrop Grumman Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) with Buy ratings, describing DOGE-related concerns as &#8220;overblown&#8221; given the <a href="https://www.benzinga.com/analyst-ratings/initiation/25/01/43010706/doge-fears-for-defense-contractors-lockheed-martin-northrop-grumman-overblown-analyst-says">advisory nature of the department</a>.
Ramaswamy did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/25/01/43076609/tiktok-back-online-in-us-after-trump-vows-monday-executive-order">TikTok Back Online In US After Trump Vows Monday Executive Order</a>
Why It Matters: According to the report, internal dynamics are growing friction between Ramaswamy and incoming DOGE staff, with associates of Musk privately expressing frustration over Ramaswamy&#8217;s limited participation in key initiatives.
The department, while not a full federal agency, is tasked with advising on bureaucracy reduction and federal spending cuts, with a mandate to <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">complete its work by July 2026</a>.
Market observers note that previous attempts at significant federal spending reductions have faced congressional resistance, with even modest proposals struggling to gain traction. 
Read Next: 
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<li><a href="https://www.benzinga.com/25/01/43077969/bernie-sanders-slams-elon-musks-vision-of-super-high-iq-aristocracy-who-are-going-to-be-running-the-world-for-us">Bernie Sanders Slams Elon Musk&#8217;s Vision Of &#8216;Super High IQ&#8217; Aristocracy Who Are &#8216;Going To Be Running The World For Us&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Government

Elon Musk's DOGE Co-Lead Vivek Ramaswamy Expected To Exit Trump Admin Task Force Amid Ohio Governorship Bid

On Sunday, Sen. Bernie Sanders (I-Vt.) criticized Elon Musk&#8217;s vision of a &#8220;super high IQ&#8221; aristocracy, questioning the billionaire&#8217;s intentions with technology and wealth distribution.
What Happened: Sanders took to X to express his concerns about Musk&#8217;s vision of a superior aristocracy of people with &#8220;super high IQs&#8221;. 
He questioned whether Musk&#8217;s goal with technology was to improve life for everyone or to further concentrate wealth and power among the elite.
In a video attached to the post, Sanders said this &#8220;aristocracy&#8221; who are living an extraordinary life while claiming they know all about technology are &#8220;going to be running the world for us.&#8221;
Sanders suggested that artificial intelligence holds the potential to improve life for everyone, but emphasized the need to ensure this benefit is realized rather than allowing power to become further concentrated among the elite. He criticized Musk, claiming such concentration is precisely what Musk represents.
&#8220;These guys are smart. They are aggressive. They want even more wealth. They want even more power,&#8221; said Sanders. He said they were &#8220;enormously dangerous.&#8221;
Earlier in the video, Sanders singled out Musk for being a part of this new aristocracy but with a difference. &#8220;You don&#8217;t hear Mr. Musk talking about the need to provide health care to all people as a human right. You don&#8217;t hear Mr. Musk talking about the need to make sure that all our people have decent education or live in safe, affordable housing.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You may have heard Mr. Musk talking about a superior aristocracy of people with "super high IQs." Does he want to use technology to improve life for all? No. What he wants is even more wealth and even more power for the people on top. <a href="https://t.co/9MPZBX4Ts5">pic.twitter.com/9MPZBX4Ts5</a>
&mdash; Bernie Sanders (@BernieSanders) <a href="https://twitter.com/BernieSanders/status/1880673552774664665?ref_src=twsrc%5Etfw">January 18, 2025</a></blockquote>
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This is not the first time Sanders has <a href="https://www.benzinga.com/24/12/42676387/bernie-sanders-the-american-people-are-disgusted-with-musk-calls-on-democrats-to-end-super-pacs-in-primaries">criticized Musk</a>. He has previously expressed his disdain for billionaires, including Musk, influencing elections and called for an immediate ban on Super PACs by the Democratic National Committee.
See Also: <a href="https://www.benzinga.com/news/25/01/43077036/elon-musks-mom-maye-model-author-and-international-dietitian-is-a-sensation-on-rednote-as-tiktokers-flee-to-the-chinese-platform">Elon Musk&#8217;s Mom Maye – Model, Author And &#8216;International Dietitian&#8217; – Is A Sensation On RedNote As TikTokers Flee To The Chinese Platform</a>
Why It Matters: Sanders&#8217; criticism comes in the wake of President Joe Biden&#8217;s farewell address, where he raised concerns about an <a href="https://www.benzinga.com/news/25/01/43019094/bidens-farewell-address-targets-tech-oligarchy-in-trump-2-0-era-president-says-americans-face-avalanche-of-misinformation">emerging tech oligarchy</a> and social media's impact on American democracy. This signals potential regulatory headwinds for the technology sector, including companies led by Musk.
Furthermore, Musk&#8217;s <a href="https://www.benzinga.com/news/24/12/42627827/bernie-sanders-blasts-president-elon-musk-others-join-chorus-as-gov-shutdown-looms">influence in the political dynamics</a> of President-elect Donald Trump&#8217;s team has been a point of contention. His criticism of a bipartisan spending bill during a government shutdown highlighted his outsized role in Trump&#8217;s administration. Notably, Sanders&#8217; post comes just a day ahead of Trump being inaugurated as <a href="https://www.benzinga.com/topic/donald-trump">the 47th president</a>.
Despite his criticisms, Sanders has also <a href="https://www.benzinga.com/startups/24/12/42508653/bernie-sanders-supports-elon-musks-doge-stating-that-it-must-target-the-pentagons-886-billion-budget">acknowledged Musk&#8217;s initiatives</a>, such as the Department of Government Efficiency (DOGE), co-chaired by Musk and Vivek Ramaswamy. He agreed with Musk&#8217;s criticism of the Pentagon's $886 billion budget, which had failed its 7th audit in a row.
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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>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Bernie Sanders Slams Musk's Vision Of 'Super High IQ' Aristocracy

In a recent conversation on her podcast, <a href="https://www.benzinga.com/personal-finance/25/01/42834090/should-i-cash-out-my-annuity-suze-orman-reveals-why-this-listeners-investment-isnt-as-good-as-it-seems">Suze Orman</a> addressed a question from a listener, Vanessa, who purchased a whole life insurance policy for her 10-year-old daughter in 2017. The policy had a $100,000 benefit and required 20 years of monthly payments at $75. Vanessa and her husband had already paid $6,750 over 7.5 years, but with the policy's current value at $3,353, they were unsure whether to continue or cash out and redirect the funds elsewhere.
Orman didn't mince words. "Why did you buy life insurance on a 10-year-old child?" she asked incredulously. "Who sold you that?" She clarified her belief that <a href="https://www.benzinga.com/personal-finance/24/10/41260491/suze-orman-on-using-life-insurance-to-buy-out-family-not-immoral-but-it-wont-solve-your-problem">life insurance</a> is primarily for those with financial dependents. The purpose, she explained, is to replace income in the event of a provider's death, not to insure a child who is not financially responsible for others.
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Orman stated that the policy didn't make much financial sense either. At the end of the 20-year term, Vanessa would have paid $18,000 in premiums for the $100,000 policy. Whole life insurance accrues cash over time, but Orman argued that the returns aren't great compared to other investment options they could pursue.&nbsp;
Instead, she suggested redirecting the money to a <a href="https://www.benzinga.com/personal-finance/24/01/42757069/i-dont-care-what-tax-bracket-youre-in-suze-orman-insists-youd-be-crazy-to-have-anything-other-than-a-roth-retirement-account">Roth IRA</a> or an S&amp;P 500 ETF could yield significantly better outcomes. For instance, if the family cashed out the current value of $3,353 and invested it, the growth potential could be exponential, especially over decades.
Using a hypothetical example, Orman illustrated the benefits of investing:
If the $3,353 was invested in a Roth IRA, earning an average annual return of 8% and $75 was added monthly for 12.5 years, the account could grow to approximately $27,000.
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That investment might grow to $140,000 by age 50. By age 70, it could potentially reach $600,000 – all tax-free in a Roth IRA.
"That's money that she could use," Orman said, emphasizing the flexibility and long-term benefits of investing. "That $100,000 life insurance policy doesn&#8217;t help her at all, really, while she&#8217;s alive."
If life insurance is necessary, Orman suggested term life insurance as a more practical option. Term policies provide coverage for a set period, often at much lower premiums, allowing individuals to allocate more money toward <a href="https://www.benzinga.com/25/01/42793107/pay-off-the-car-loan-or-save-the-cash-suze-orman-shares-what-makes-the-most-sense-for-a-72-year-old-listeners-25k-dilemma">savings and investments</a>.
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>
Orman's recommendation to Vanessa was clear: stop the whole life policy. She advised investing the money in a brokerage account if the cash value can't be transferred directly into a Roth IRA. Over time, the compounding growth could create a financial cushion far more valuable than the whole life policy's benefit.
While Vanessa's intentions were likely well-meaning, Orman's analysis underscores the importance of aligning financial decisions with long-term goals. In this case, investing the funds could provide Vanessa's daughter with a more robust financial future.
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Personal Finance

Why Did You Buy Life Insurance On A 10-Year-Old Child?' Suze Orman Tells Parents They Made A Mistake And To Quit The Policy

These eight mid-cap stocks were the best performers in the last week. Are they in your portfolio?
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<li>H&amp;E Equipment Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HEES#NASDAQ">HEES</a>) shares rocketed 100.59% after United Rentals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>) announced it would acquire the <a href="https://www.benzinga.com//node/42974291" target="_blank" rel="noreferrer noopener">company for around $4.8 billion</a>. UBS downgraded H&amp;E Equipment to Neutral from Buy and raised the price <a href="https://www.benzinga.com/quote/HEES/analyst-ratings" target="_blank" rel="noreferrer noopener">forecast to $92 from $60</a>.</li>
<li>SEMrush Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMR#NYSE">SEMR</a>) shares jumped 36.17%, probably due to overall market strength after CPI data was in line with estimates and core CPI rose by less than expected. Also, Morgan Stanley upgraded the company to Overweight from Equal-Weight and raised the <a href="https://www.benzinga.com/quote/semr/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast to $20 from $17</a>.</li>
<li>Compass, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COMP#NYSE">COMP</a>) shares upped 26.36% after the company raised its <a href="https://www.benzinga.com//node/42997946" target="_blank" rel="noreferrer noopener">fourth-quarter and FY24 guidance</a>.</li>
<li>Blueprint Medicines Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPMC#NASDAQ">BPMC</a>) shares grew 25.87% after the company reported a year-over-year increase in <a href="https://www.benzinga.com//node/42935745" target="_blank" rel="noreferrer noopener">FY24 AYVAKIT revenue results</a>.</li>
<li>Alignment Healthcare, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALHC#NASDAQ">ALHC</a>) stock grew 22.73%.</li>
<li>Option Care Health, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPCH#NASDAQ">OPCH</a>) shares gained 21.55% last week after the company approved a new $500 million stock repurchase program and issued FY24 adjusted EPS guidance above estimates. Barrington Research maintains Option Care Health with an Outperform rating and raised the <a href="https://www.benzinga.com/quote/OPCH/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast from $32 to $33</a>.</li>
<li>ImmunityBio, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBRX#NASDAQ">IBRX</a>) stock escalated 21.49% on updates on its ongoing FDA discussions regarding three areas of its clinical development pipeline: non-muscle invasive bladder cancer (NMIBC) and <a href="https://www.benzinga.com//node/43038889" target="_blank" rel="noreferrer noopener">non-small cell lung cancer (NSCLC)</a>.</li>
<li>IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) stock surged 20.29%  after Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) issued a statement to its business customers to get "quantum ready" and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) announced <a href="https://www.benzinga.com/25/01/43011494/whats-going-on-with-ionq-stock-today" target="_blank" rel="noreferrer noopener">its first-ever quantum day event</a>.</li>
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