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BiomX (AMEX:PHGE) Stock, Option Chain

BiomX

BiomX Inc is a clinical-stage microbiome company based in Israel. The company is engaged in developing both natural and engineered phage cocktails designed to target and destroy harmful bacteria that affect the appearance of the skin, as well as harmful bacteria in chronic diseases, such as inflammatory bowel disease, colorectal cancer, and primary sclerosing cholangitis. BX004 is its therapeutic phage product candidate under development for chronic pulmonary infections caused by Pseudomonas aeruginosa, or P. aeruginosa, a main contributor to morbidity and mortality in patients with CF.

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BiomX shares are trading higher Wednesday after the company announced it has entered into a definitive merger agreement with Adaptive Phage Therapeutics, Inc. The acquisition is expected to close within the next 30 days, subject to the satisfaction of the closing conditions.

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Shares of Patterson Companies, Inc. (NASDAQ: PDCO) moved lower during Wednesday’s session after the company reported worse-than-expected second-quarter financial results and lowered FY24 adjusted EPS guidance below estimates.

Why Patterson Companies Shares Are Trading Lower By Around 14%? Here Are Other Stocks Moving In Wednesday&#39;s Mid-Day Session

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BiomX Inc Warrants (13/12/2023)

The week was a whirlwind of economic and political events that kept the markets on their toes. From tariff concerns voiced by&nbsp;Sen. Mitch McConnell (R-Ky.)&nbsp;to&nbsp;Federal Reserve Chair Jerome Powell&#8216;s firm stance on inflation, the week was filled with significant developments. Let&#8217;s dive into the top stories of the week.
Mitch McConnell Criticizes Trump&#8217;s Tariff Plans
Senator Mitch McConnell expressed his apprehensions over President Donald Trump's tariff policies, warning of a potential trade war and subsequent price inflation for U.S. consumers and businesses. McConnell&#8217;s concerns were voiced in an op-ed published in Louisville's Courier-Journal. Trump, known for his support of tariffs, recently implemented widespread import duties on Canada, Mexico, and China, along with additional tariffs on steel and aluminum imports.
<a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">Read the full article here.</a>
Powell To Congress: Fed &#8216;Not There Yet&#8217; On Inflation
Federal Reserve Chair Jerome Powell reiterated a firm stance on the central bank&#8217;s monetary policy path, indicating that while inflation is moderating, it hasn&#8217;t cooled enough to justify rate cuts. Powell hinted that further progress is needed to reach the Fed&#8217;s 2% inflation target.
<a href="https://www.benzinga.com/25/02/43668443/powell-to-congress-fed-is-not-there-yet-on-inflation-cpi-was-above-every-forecast-us-debt-path-is-unsustainable">Read the full article here.</a>
Justin Trudeau Slams &#8216;Unacceptable&#8217; US Tariffs
Canadian Prime Minister Justin Trudeau highlighted the adverse effects of the U.S. steel and aluminum tariffs and warned of a strong response if required. Trudeau criticized the recent tariffs calling them "Unacceptable" and said, "Canadians will stand up strongly and firmly if we need to."
<a href="https://www.benzinga.com/markets/25/02/43621302/justin-trudeau-slams-unacceptable-us-tariffs-after-trump-imposes-25-levy-on-metal-imports-canadians-will-stand-up-strongly-and-firmly-if-we-need-to">Read the full article here.</a>
Inflation Rises More Than Expected In January
Price pressures surged more than expected in the first month of the year, fueled by increases in both energy goods and underlying service items, dampening investor expectations for Federal Reserve interest rate cuts. The headline Consumer Price Index rose to 3% year-over-year in data released Wednesday.
<a href="https://www.benzinga.com/government/regulations/25/02/43656846/inflation-rises-more-than-expected-in-january-chills-interest-rate-cut-hopes">Read the full article here.</a>
Trump-Putin &#8216;Highly Productive&#8217; Call Sparks Oil Sell-Off
A high-stakes call between President Donald Trump and Russian President Vladimir Putin sent shockwaves through markets, dragging down oil prices and U.S. defense stocks as investors reacted to Trump&#8217;s surprise announcement of imminent peace negotiations to end the war in Ukraine.
<a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43674775/trump-putin-highly-productive-call-sparks-oil-sell-off-as-investors-eye-geopolitical-de-escalation">Read the full article here.</a>
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<li><a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Mark Zuckerberg Follows Elon Musk&#8217;s Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots</a></li>
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Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Mitch McConnell's Tariff Concerns, Jerome Powell's Inflation Stance, Trudeau's Tariff Slam, Inflation Surge, And More: This Week In Economics

The past week has been a whirlwind of news, with the spotlight on Elon Musk&#8216;s Department of Government Efficiency (DOGE) and its access to federal payment systems, the impact of President Donald Trump&#8216;s tariffs on the soda industry, and more. Let&#8217;s dive into the details.
Treasury Probes DOGE&#8217;s Access to Payment Systems The Treasury Department&#8217;s Office of Inspector General has initiated an audit of security controls for federal payment systems, following concerns about access granted to DOGE, an initiative tied to Elon Musk. The review comes in the wake of concerns raised by Democratic lawmakers over potential improper access and implications for government financial security. The audit will assess federal payment system security over the past two years, specifically investigating allegations of fraudulent access and potential misuse tied to DOGE&#8217;s involvement. =
<a href="https://www.benzinga.com/politics/25/02/43739378/treasury-investigates-doges-payment-system-access-as-concerns-mount">Read the full article here.</a>
Morgan Stanley&#8217;s CIO Sees DOGE as Potential Economic Booster Mike Wilson, Morgan Stanley&#8217;s chief investment officer, has suggested that DOGE, led by Musk, could play a pivotal role in revitalizing the US economy. Wilson noted that DOGE has already pinpointed tens of billions in government waste, and a reduction in government size could lead to increased unemployment and prompt the Federal Reserve to lower interest rates.
<a href="https://www.benzinga.com/25/02/43755208/elon-musks-doge-likely-most-underestimated-part-of-trump-administration-says-morgan-stanleys-cio-most-bullish-thing-that-could-happen-to-us-economy">Read the full article here.</a>
Trump&#8217;s Tariffs and the Soda Industry U.S. soft drinks primarily use high fructose corn syrup instead of sugar, a practice dating back to a trade barrier imposed by former President Ronald Reagan in the 1980s. This policy continues to shape today&#8217;s trade landscape, where President Donald Trump&#8217;s tariffs continue to impact global policy.
<a href="https://www.benzinga.com/government/regulations/25/02/43692006/donald-trumps-favorite-word-tariffs-is-the-reason-why-us-coke-and-pepsi-does-not-have-sugar-but-high-fructose-corn-syrup">Read the full article here.</a>
Trump Nominates Apple Employee to Oversee Auto Safety Probes President Donald Trump has nominated Jonathan Morrison, an Apple employee and former chief counsel of the National Highway Traffic Safety Administration (NHTSA), to be the administrator of the U.S. auto safety regulator. Morrison will be responsible for overseeing safety probes into multiple automakers, including Tesla Inc.
<a href="https://www.benzinga.com/25/02/43686795/trump-nominates-apple-employee-to-oversee-safety-probes-into-teslas-fsd">Read the full article here.</a>
Tesla&#8217;s $400 Million Cybertruck Deal Under Scrutiny Prominent short-seller Jim Chanos has questioned a potential $400 million government contract for Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) armored Cybertrucks, linking it to CEO Elon Musk's recent appointment to lead government efficiency initiatives. The criticism comes as a Department of State procurement forecast for fiscal year 2025 lists a five-year, $400 million requirement for "Armored Electric Vehicles."
<a href="https://www.benzinga.com/markets/equities/25/02/43683937/teslas-400-million-armored-cybertruck-deal-under-fire-as-short-seller-jim-chanos-questions-elon-musks-doge-role-in-cutting-wasteful-government-spending">Read the full article here.</a>
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Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

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TSLA

Musk's DOGE Under Treasury Scrutiny, Trump's Tariffs Impacting Soda Industry, And More

<a href="https://www.benzinga.com/personal-finance/25/01/43276105/trumps-tax-plan-could-slash-social-security-benefits-33-by-2035-ramsey-show-host-george-kamel-weighs-in">President Donald Trump</a> has announced a new wave of tariffs on steel and aluminum imports, aiming to strengthen domestic manufacturing while introducing a &#8220;reciprocal tariff&#8221; system that could significantly impact international trade.
On Sunday, Trump told reporters aboard Air Force One that his administration would implement a <a href="https://www.benzinga.com/markets/equities/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">25% tariff on all steel and aluminum imports</a> to the United States, building upon his previous trade policies from his first term. Trump also emphasized the need for a level playing field in global trade by implementing reciprocal tariffs, stating, &#8220;If they charge us, we charge them.&#8221;
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True to his word, the steel and aluminum tariff proclamations were signed Monday, to go into effect March 12. These proclamations remove exemptions from Trump&#8217;s 2018 tariffs on the metals–which previously made the tariffs ineffective for several countries, including Canada and Mexico–and raised the tariffs from 10% to 25% for all steel and aluminum imports.&nbsp;
Alongside the metals tariffs, Trump also plans to introduce a reciprocal tariff policy that will match the rates imposed by other countries on American exports. He has long been vocal about trade imbalances, particularly the European Union's 10% tariff on U.S. automobiles compared to the 2.5% tariff the U.S. levies on European cars. Trump argues disparities like that put American industries at a disadvantage and that imposing matching tariffs will restore fairness in trade agreements.
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While the full details of this policy are expected in an upcoming press conference, the new tariff structure could have widespread implications for global commerce, affecting industries from automotive manufacturing to whiskey distillation.&nbsp;
Chris Swonger, CEO of the Distilled Spirits Council of the United States, expressed concern over potential EU retaliation. "A 50% tariff on America&#8217;s native spirit will have a catastrophic outcome for the 3,000 small distilleries across the United States," Swonger <a href="https://www.reuters.com/markets/commodities/trump-says-he-will-announce-25-steel-aluminum-tariffs-monday-2025-02-09/">told Reuters</a>.&nbsp;
There have been mixed responses to <a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">Trump's tariff plans</a>. Supporters of the tariffs, including the American Iron and Steel Institute, say the move is a necessary step toward protecting U.S. manufacturers from what they view as unfair foreign competition.&nbsp;
&#8220;We look forward to working closely with the President and his administration to implement a robust and reinvigorated trade agenda to address the many foreign market-distorting policies and practices that create an unlevel playing field for American steelmakers,&#8221; AISI President Kevin Dempsey told Reuters.&nbsp;
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Critics argue that increased tariffs could lead to higher costs for U.S. manufacturers that rely on steel and aluminum, ultimately affecting prices for consumers. Canada, a major supplier of aluminum to the U.S., has voiced opposition.&nbsp;
Canadian Innovation Minister Francois-Philippe Champagne <a href="https://x.com/FP_Champagne/status/1889108709017596043">said on X</a>: "Steel and aluminum tariffs on Canada, the United States' closest ally, would be totally unjustified. Canadian steel and aluminum support key industries in the U.S. from defence, shipbuilding, energy to automotive. This is making North America more competitive and secure. We are consulting with our international partners as we examine the details. Our response will be clear and calibrated."&nbsp;&nbsp;
Experts warn that <a href="https://www.benzinga.com/news/25/02/43575447/u-s-shoppers-and-businesses-shocked-by-high-ups-and-dhl-import-duty-fees-as-china-tariffs-kick-in">increased import costs</a> could lead to higher prices for goods that rely on steel and aluminum, such as cars, appliances, and construction materials. Benn Steil, director of international economics at the Council on Foreign Relations, <a href="https://apnews.com/article/trump-tariffs-steel-aluminum-china-canada-mexico-0a91ceaf3aa3c1756c339817d1d58076">told the Associated Press</a> that &#8220;the costs to the U.S. will include higher prices to U.S. consumers, retaliatory tariffs abroad, and the loss of U.S. jobs and competitiveness in firms hit by higher input costs.&#8221;
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Despite these concerns, Trump maintains that the tariffs will drive industrial growth in the U.S., saying, &#8220;It's time for our great industries to come back to America.&#8221; However, some analysts question whether the economic benefits will outweigh the risks, especially if major trading partners retaliate with tariffs of their own.
As the new tariffs take effect, global markets and industries will closely watch how trading partners respond. Countries affected by these policies may seek to negotiate exemptions or implement countermeasures, potentially leading to trade disputes. Additionally, the impact on inflation, manufacturing, and employment within the U.S. will be key factors in assessing the long-term effectiveness of these policies.
For now, businesses, policymakers, and consumers alike are bracing for the changes ahead as Trump&#8217;s tariff strategy sets the stage for another chapter in U.S. trade relations.
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Personal Finance

'If They Charge Us, We Charge Them' – Trump's Reciprocal Tariff Plan For Steel And Aluminum

The trend of institutional funds and big investment groups buying large tranches of single-family homes has been blamed for exacerbating America's housing affordability crisis. Some states, such as California and New York, have even introduced legislation that would curb or outlaw the practice entirely. Now, Wall Street investors are exiting the market, and a recent study shows this could have a reverse boomerang effect that leaves many American homes overvalued by as much as 35%.
This could create a financial nightmare for millions of American homeowners, whose net worth is often tied to their home's value. <a href="https://www.wsj.com/real-estate/wall-street-thinks-u-s-homes-are-overpriced-1fc1c18d">The Wall Street Journal reported</a> that real estate analytics firm Green Street reached those conclusions after analyzing the property portfolios of some of America's biggest landlords.&nbsp;
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It revealed a huge disparity between stock prices for some of America's biggest<a href="https://www.benzinga.com/money/investing-in-single-family-rentals"> single-family rental</a> landlords, like Invitation Homes (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INVH#NYSE">INVH</a>) and American Homes 4 Rent (NYSE:<a href="https://www.benzinga.com/quote/AMH"> AMH</a>), and their net asset values, the report said.&nbsp;
The analysis shows that the value of Invitation Homes shares translates to home values of around $310,000 in areas where the home's "current market values" are around $415,000. That large disparity is a cause for concern among Green Street's analysts. The firm's managing director, John Pawlawski, told The Journal, "Share prices are signaling that single-family-home prices are too high and not sustainable."
It's long been speculated that the tremendous buying power of institutional investors, who are known to buy hundreds of homes in single markets at once, is one of the main contributing factors to America's housing affordability crisis. Their simultaneous exit from the market en masse could slow property appreciation rates in many of America's biggest real estate markets.&nbsp;
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During their more aggressive buying sprees, institutional landlords relied on deep pockets and lower interest rates to muscle their way into the real estate market, much to the chagrin of first-time buyers who couldn't compete. Meanwhile, those already fortunate enough to be homeowners reaped benefits in the form of faster appreciation.
However, that accelerated appreciation and the post-COVID run-up in interest rates appear to have changed the equation for many institutional landlords. Most institutional landlords target capitalization rates between 5% to 6% to generate<a href="https://www.benzinga.com/money/real-estate-investment-strategies"> passive income for investors</a>, but current home values and interest rates are putting potential returns in the 4% range. That may explain why they slowed their buying down in Q3 2024.&nbsp;
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The downstream effect of a once abundant source of capital suddenly being removed from the market is that sellers and developers can no longer rely on big-pocketed investors to take on huge chunks of housing inventory all at once. That will likely lead to homes staying on the market longer and selling for less, which would inevitably eat into current home valuations when appraisers find cheaper comps in various real estate markets.
Who wins and who loses in Green Street's scenario depends on your place in the real estate market. Would-be buyers will likely cheer the potential price reductions. However, homeowners may lament the continued absence of institutional landlords if Green Street's analysis is accurate, and their properties are overvalued by 35%.
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Real Estate

INVH

Homeowners Beware: Wall Street Analysts Think Your Property Could Be Overvalued By Almost 40%

Doctors are ditching the hospital grind for corporate boardrooms. And with $275,000 salaries, better hours, and less stress, it's easy to see why.
The rise of chief medical officers in tech, startups, and even companies like Google and Salesforce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>) is pulling more doctors away from clinical roles. They're trading 12-hour shifts for leadership positions that still <a href="https://www.benzinga.com/partner/health-care/25/01/42901251/the-silent-revenue-killer-in-us-healthcare-and-the-tech-that-is-fighting-back">impact healthcare</a>—just on a bigger scale.
Why Doctors Are Making the Switch
For Dr. Lisa Shah, the shift was about scale. She loved treating patients but left exhausted every day. Losing them took a toll.
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Now, as CMO at Twin Health, a health tech startup using AI to monitor metabolism, she's helping treat populations instead of just one patient at a time.
&#8220;We&#8217;re seeing a lot of chief medical officers coming on board to grant that clinical, medical legitimacy to whatever products people are developing,&#8221; Chris Myers, a Johns Hopkins professor, told Business Insider.
The COVID-19 pandemic only accelerated the trend. Burnout soared. A Bain &amp; Company survey found that one in four clinicians were considering leaving medicine.
And the pay? Still solid. ZipRecruiter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIP#NYSE">ZIP</a>) says CMOs earn around $275,000 per year—comparable with a doctor's salary but without the brutal hours.
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A Growing Trend in Health Tech
Health tech is booming. It's expected to hit $1.5 trillion by 2032, growing at nearly 19% per year, <a href="https://rockhealth.com/insights/2023-q1-digital-health-funding-investing-like-its-2019/">according to researchers at Rock Health</a>.&nbsp;
That means more companies need medical expertise—and they're hiring doctors to provide it.
Dr. Guy Maytal spent nearly two decades in psychiatry before joining Forge Health, a startup focused on mental health and substance use treatment.
"I could grumble on the sidelines, or roll up my sleeves and do something about it," he told Business Insider.
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The Role of CMOs in Business
Tech giants are getting in on the action. <a href="https://www.benzinga.com/markets/25/02/43616463/salesforce-and-aws-pledge-500m-to-boost-ai-development-in-saudi-arabia">Salesforce</a> hired a CMO in 2019 to focus on employee health. Google added its first chief health officer the same year.
At Uber Health, Dr. Joshua Sclar now works on getting patients to medical appointments and delivering medications.
&#8220;Being a physician, I know what happens when that care is missed,&#8221; he told Business Insider.
But adjusting to corporate life isn't always easy. Dr. Nikole Benders-Hadi, CMO at TalkSpace (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TALK#NASDAQ">TALK</a>), says her biggest challenge was learning to communicate with business leaders who don't speak &#8220;doctor.&#8221;
&#8220;There can be really different end goals when you&#8217;re talking about business objectives versus healthcare objectives,&#8221; she said.
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A Lifeline for Overworked Doctors?
For doctors used to on-call shifts, patient loss, and insurance battles, moving to a CMO role reduces emotional toll.
"These jobs seem stressful, but they're not life and death," said Dr. Jonathan Jaffery of the Association of American Medical Colleges.
And while America faces a shortage of 86,000 physicians by 2036, many believe CMOs aren't the problem—they're part of the solution.
Dr. Nate Favini, CMO of Pair Team, a startup connecting Medicaid patients to care, thinks technology will help fix the system.
"There's a massive opportunity to harness tech to deliver better care at a fraction of the cost," he told Business Insider.
Doctors aren't just leaving medicine. They're changing it.
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TALK

From $275,000 Salaries To Work-Life Balance: Why Burned-Out Doctors Are Trading The ER For The C-Suite

<a href="https://www.benzinga.com/startups/25/02/43466203/warren-buffetts-127-billion-stock-sell-off-sends-wall-street-a-stark-warning-for-2025-below-average-returns-ahead">Warren Buffett'</a>s Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>, BRK.B))&nbsp; is at it again, buying up more shares of Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>). On Feb. 7, <a href="https://www.sec.gov/Archives/edgar/data/315090/000095017025018266/xslF345X05/ownership.xml">Berkshire added 763,017 shares </a>to its portfolio for about $35.7 million.&nbsp;
That brings its total stake in the <a href="https://www.investopedia.com/warren-buffett-berkshire-hathaway-grows-stake-in-occidental-petroleum-11678787">Houston-based oil and gas giant to 28.3%</a>, making it Occidental's largest shareholder. <a href="https://www.investors.com/news/warren-buffett-berkshire-hathaway-cash-on-hand-to-work/">According to Investors Business Daily</a>, this follows a pattern—Berkshire has been steadily increasing its investment despite Occidental's stock taking a hit in recent months.
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The company's stock has had a rough ride, <a href="https://www.macrotrends.net/stocks/charts/OXY/occidental-petroleum/stock-price-history">down nearly 32% from its peak in April</a>. Last year alone, it dropped more than 17%, mostly due to weakening oil prices.&nbsp;
Declining crude oil prices have put pressure on energy stocks across the board, and Occidental hasn't been an exception. Even so, Buffett doesn't seem worried.
This isn't the first time Berkshire has jumped in during a downturn. In December, it <a href="https://occidentalpetroleum.gcs-web.com/node/27696/html">scooped up another 8.9 million shares </a>when the market dipped.&nbsp;
Berkshire's ties to Occidental run deeper than just common stock. It played a key role in Occidental's $55 billion purchase of Anadarko Petroleum in 2019, <a href="https://www.sec.gov/Archives/edgar/data/797468/000095015719000504/form425.htm">pumping in $10 billion</a> in exchange for preferred stock.&nbsp;
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That deal came with an 8% annual dividend, which means Berkshire is pocketing about $800 million a year just from those shares. On top of that, it holds warrants to buy another 80 million shares at an exercise price of $62.50. Investor's Business Daily said this gives Berkshire even more potential upside if Occidental's stock climbs.
Despite regulatory approval to buy up to 50% of Occidental, Buffett has made it clear he's not planning a takeover.
<a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-occidental-petroleum-energy-stock-earnings-call-2022-3">Business Insider reported</a> that he first got interested in the company after reading a transcript of its earnings call and liking what he saw. That's been his approach for decades—digging into a company's fundamentals before making a move.
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Meanwhile, Occidental has been focused on paying down debt. By the end of <a href="https://www.oxy.com/news/news-releases/occidental-announces-3rd-quarter-2024-results/">Q3 2024,</a> it had already knocked out $4 billion, reaching about 90% of its short-term debt reduction goal. As mentioned by Oxy, this is part of a broader strategy to shore up the company's financial position.
For investors, dividends are another draw. <a href="https://www.nasdaq.com/market-activity/stocks/oxy/dividend-history">Occidental offers a 1.8% yield</a>, making it an attractive choice for those looking for steady returns. The company is also making moves in carbon capture technology, which could position it well for the future as energy companies face increasing pressure to reduce emissions. This shift aligns with broader industry trends favoring sustainability.
Occidental's stock closed at <a href="https://www.marketwatch.com/data-news/apa-corp-stock-falls-4-0-underperforms-competitors-48270fd7-205fdaac588c">$47.83 on Feb. 12</a>, slipping 1.60% for the day. As Barron's noted, oil price fluctuations continue to impact the stock, but Berkshire's commitment suggests confidence in its long-term potential.
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Image from Shutterstock

Occidental Petroleum Stock Is Down 32% – But Warren Buffett Keeps Buying More. Does He Know Something the Market Doesn't?

The house always wins. While that adage is often used in casinos, it also holds true for one of the biggest gambles in business: restaurants. Ask Gordon Ramsay, the global culinary icon with an empire of 88 restaurants, eight Michelin Stars, and a slew of top-rated TV shows. The Scottish-born chef was recently interviewed on the First We Feast <a href="https://www.benzinga.com/25/02/43479274/alphabet-q4-earnings-highlights-ai-cloud-youtube-momentum-continues-capex-guidance-sends-shares-lower">YouTube</a> channel. He was unequivocal when host Sean Evans asked about the hidden costs of running a restaurant.
&#8220;Yeah it&#8217;s called rent and labor costs — two big key factors in running a successful business,&#8221; Ramsey said. The media icon, known for lambasting hapless cooks with a tirade of expletives, said, &#8220;Landlords — they win either way. So the more successful you are, the more rent they ask for. The less successful you are, the more demanding they are after the rent.&#8221;
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Other than the quality of the food, location plays a prime role in determining a restaurant&#8217;s success. Landlords can charge top-of-the-market rents for prime locations. Regardless of the business&#8217;s success or failings, the cost of rent remains constant. Unlike many chefs, however, Ramsay&#8217;s business is bolstered by his star power and global recognition, resulting in a steady stream of customers wanting to eat at his establishments. The strategy has paid off. Ramsay's net worth is around $220 million, according to the <a href="https://www.dailymail.co.uk/tvshowbiz/article-14279891/world-richest-chef-gordon-ramsay-jamie-oliver-twice-fortune.html">Daily Mail</a>.
<h2 class="wp-block-heading">Masterchef Salary</h2>
According to<a href="https://www.finance-monthly.com/2024/12/gordon-ramsays-shocking-masterchef-salary-will-blow-your-mind/#:~:text=All%20of%20this%20has%20helped,Masterchef,%20according%20to%20The%20Things."> </a><a href="https://www.finance-monthly.com/2024/12/gordon-ramsays-shocking-masterchef-salary-will-blow-your-mind/#:~:text=All%20of%20this%20has%20helped,Masterchef,%20according%20to%20The%20Things">Monthly Finance</a>, Ramsay is served a bountiful $225,000 per episode of Masterchef (that he hosts), which has multiple versions around the world in which Ramsay often appears. His TV success has been a steady climb after starring in the British cooking shows, &#8220;Boiling Point&#8221; (a documentary), &#8220;The F-Word,&#8221; &#8220;Hell&#8217;s Kitchen,&#8221; and &#8220;Kitchen Nightmares,&#8221; before debuting in 2005 with &#8220;Hell&#8217;s Kitchen,&#8221; on Fox, followed by &#8220;Kitchen Nightmares,&#8221; in 2007. By 2020,<a href="https://www.forbes.com/profile/gordon-ramsay/#1d2e03bb4530"> Forbes</a> reported that Ramsay&#8217;s shows generated $150 million in yearly ad sales for the network and that his net worth was $70 million.&nbsp;
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<h2 class="wp-block-heading">Deepening The Fox Relationship</h2>
In 2021, Ramsay and Fox announced a joint partnership with <a href="https://www.benzinga.com/general/sports/25/01/43317260/kansas-city-chiefs-help-cbs-break-afc-championship-record-will-super-bowl-viewership-hit-new-highs">Fox</a> for Studio Ramsay Global to produce new Ramsey featured shows, including &#8220;Kitchen Nightmares,&#8221; &#8220;Gordon Ramsay&#8217;s Food Stars,&#8221; and &#8220;Next Level Chef,&#8221; along with shows featuring other chefs, such as National Geographic&#8217;s &#8220;No Taste Like Home.&#8221;
In 2024, Ramsay and Fox launched <a href="https://www.foxflash.com/releases/view/gordon-ramsay-and-fox-entertainment-launch-bite-a-next-gen-global-food-brand-and-entertainment-platform-comprehensive-multi-category-culinary-and-life">Bite</a>, a global food brand and platform offering a range of online digital content, products, and live global food experiences.
&#8220;Bite is an innovative fusion of my nearly 20-year collaboration with Fox, blending all the experiences, excitement, competition, and personality we&#8217;ve created together under this original, singular food and lifestyle venture,&#8221; said Ramsay. &#8220;This new brand will cater to every flavor of food fan with an enticing array of original series, compelling food stories, and endless digital content that audiences everywhere will eat up!&#8221;&nbsp;
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<h2 class="wp-block-heading">Restaurant Empire</h2>
Ramsay&#8217;s knowledge of dealing with landlords is well-founded. His restaurant empire has grown in tandem with his TV success. In 2018, he began opening a series of US-based restaurants, Hell's Kitchen, named after the TV show, one of the most successful being the flagship in Las Vegas. It also made the No. 3 spot on Yelp&#8217;s list of the <a href="https://www.yelp.com/collection/N7fY-Marn9QcxPA6TcFEjA/Most-Photographed-Restaurants-2024">most photographed restaurants</a> of 2024. To date, there are seven Hell's Kitchen restaurants across the US.
In 2019, Ramsay signed a deal with private equity firm Lion Capital to form Gordon Ramsay North America. The deal was worth a reported $100 million, with Ramsay and Lion having an equal stake in the subsidiary. Though initially planned as a venture to open <a href="https://www.forbes.com/sites/chloesorvino/2019/06/26/gordon-ramsay-plots-100-us-restaurants-with-new-private-equity-deal/#6736b9af7b84">100 restaurants</a> in the United States by 2024, the COVID-19 pandemic dampened those ambitions.
Although Ramsey has claimed to have lost $80 million in revenue in the UK during the pandemic, he appears to have bounced back since. <a href="https://www.dailymail.co.uk/news/article-14355391/gordon-ramsay-four-new-restaurants-building-london.html">According to the Daily Mail,</a> Ramsay recently opened four new restaurants in the same London building.
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<h2 class="wp-block-heading">Other Entrepreneurial Spin-offs</h2>
Ramsey opened a cooking school in 2021 in Woking, England for half and full-day courses, with a second location due to open in London in 2025,<a href="https://www.businessinsider.com/how-gordon-ramsay-makes-money-net-worth-millions#the-chef-has-also-launched-a-cooking-school-4"> according to Business Insider</a>. In addition, Ramsey has a<a href="https://www.thedrinksbusiness.com/2021/03/gordon-ramsay-launches-his-own-brand-of-california-wines/"> </a>wine brand, Gordon Ramsay Signature Wines, is a partial owner of the HexClad cookware line after Ramsay Global $100 million investment in the brand and has a line of frozen entrees.
Ramsey is also a shareholder and brand ambassador in<a href="https://www.prnewswire.com/news-releases/michelin-starred-chef-and-international-businessman-gordon-ramsay-partners-with-borealis-foods-301876795.html"> </a><a href="https://www.benzinga.com/news/24/02/37123615/gordon-ramsay-backed-mission-driven-borealis-foods-goes-public">Boraelis Foods</a>, a food tech innovation company behind the popular Chef Woo and Ramen Express ramen meals, which went public last year. Ramsay began a <a href="https://www.youtube.com/watch?v=8ia1hHVOyL4">partnership with THOR Kitchen</a> last year for a range of high-end kitchen appliances.&nbsp;
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Gordon Ramsay Might Be Worth $220 Million, But He Reveals That Landlords Always Have The Upper Hand In The Restaurant Business

Women Grow has announced the formation of the Women Grow Foundation, a 501(c)(3) nonprofit dedicated to advancing women entrepreneurs and professionals in the cannabis industry through advocacy, education and funding. The Foundation will officially launch at the <a href="https://www.benzinga.com/news/events/25/02/43591841/brittney-griner-and-ricky-williams-headline-women-grow-2025-leadership-summit-key-event-for-the-cannabis-industry">Women Grow Leadership Summit's</a> opening breakfast on Monday, February 17, 2025, at 8:00 AM at the Gaylord National Resort and Convention Center.
&#8220;The Women Grow Foundation is dedicated to empowering women in cannabis through strategic funding, mentorship, and policy advocacy,&#8221; said Dr. Chanda Macias, CEO of Women Grow. &#8220;By addressing systemic barriers and providing targeted resources, we aim to create lasting change and meaningful opportunities for women at all stages of their careers and businesses.&#8221;
<h3 class="wp-block-heading">Stearns Bank Pledges $15,000 In Support</h3>
At the launch event, Stearns Bank will present a $15,000 donation, reinforcing its commitment to supporting women in cannabis. This contribution highlights the financial industry&#8217;s role in fostering equity within the sector. According to Dr. Macias, &#8220;female entrepreneurs receive just 3% of venture capital funding despite data showing that female-led ventures perform on par with their male-led counterparts.&#8221;
<h3 class="wp-block-heading">Foundation's Mission and Focus Areas</h3>
The Women Grow Foundation aims to address key barriers that have historically hindered women's progress in the cannabis industry. It will operate under a yearly membership model and focus on three main areas:
<h4 class="wp-block-heading">Legalization And Policy Reform</h4>
<ul>
<li>Advocating for policy changes at state and federal levels</li>
<li>Supporting grassroots legislative efforts</li>
<li>Ensuring diverse representation in regulatory discussions</li>
</ul>
<h4 class="wp-block-heading">Entrepreneurship And Funding</h4>
<ul>
<li>Connecting women to grants and investment opportunities</li>
<li>Providing business development education</li>
<li>Helping women overcome financial barriers to launching and scaling businesses</li>
</ul>
<h4 class="wp-block-heading">Career Development</h4>
<ul>
<li>Offering mentorship programs</li>
<li>Providing professional training</li>
<li>Assisting with job placement and career advancement</li>
</ul>
<h3 class="wp-block-heading">Membership And Financial Support</h3>
Membership in the Women Grow Foundation will offer early access to funding opportunities, business development resources and networking with industry leaders. Membership options include:
<ul>
<li>Student Membership – $79/year</li>
<li>Corporate Membership – $500/year</li>
<li>Women Grow Circle Program – $1,000-$5,000/year</li>
</ul>
Funding for the foundation will come from memberships, individual and corporate donations, foundation grants and state and federal programs. Industry partners and corporate sponsors will play a crucial role in supporting its advocacy efforts and community initiatives.
<h3 class="wp-block-heading">How To Get Involved</h3>
Women Grow Foundation welcomes individuals and businesses to contribute by becoming members, making donations or partnering in sponsorships.
To register for the Women Grow 2025 Leadership Summit, visit <a href="http://WomenGrow.com">WomenGrow.com</a>.
Lead image via Shutterstock

Cannabis

Women Grow Foundation: New 501(c)(3) to Provide Advocacy and Resources for Cannabis Entrepreneurs

&nbsp;Jack Dorsey, co-founder of Twitter, now known as X, has shed light on the accelerated growth of Bluesky, attributing it to a mass exodus of users from X.
What Happened: In a recent podcast, Dorsey voiced his belief that users are &#8220;running away from X, rather&nbsp;than running to something on&nbsp;Bluesky&#8221;.
Bluesky, which began&nbsp;as an internal project at&nbsp;Twitter, was launched as a separate&nbsp;public benefit corporation in 2021.&nbsp;The platform witnessed&nbsp;a surge in user signups&nbsp;in November, which coincided with a wave of users departing from&nbsp;X following the election of&nbsp;President Trump, who was financially backed by Elon Musk, the current owner of X.
&#8220;I think people are running away from X, rather than running to something on Bluesky. That&#8217;s not a great way to build a product, unfortunately. We want people that are running to us for a particular thing that they couldn&#8217;t do before,&#8221; as quoted <a href="https://www.businessinsider.com/jack-dorsey-people-running-away-from-x-bluesky-growth-2025-2">by </a>Insider he said in the podcast.
Despite stepping down&nbsp;from Bluesky&#8217;s board of directors&nbsp;last year, Dorsey maintains a positive outlook on the platform&#8217;s future. He underscored the platform&#8217;s distinctive feature that allows users to select their own algorithms as a major draw for users.
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&#8220;Bluesky has built something that I wanted it to build and I&#8217;m excited about, which is this algorithm store, being able to choose your own algorithms,&#8221; he added.
&#8220;That is a reason why people will run to it eventually, and I think why people run to these services eventually because they get more agency and more control — but it&#8217;s not something that people care about right now,&#8221; he said. 
Bluesky&#8217;s CEO, Jay Graber, has reassured that the platform is &#8220;billionaire-proof&#8221; and presents a radically different approach to social media, emphasizing user control and open-source development.
Why It Matters: The rapid growth of Bluesky and the mass exodus from X signify a shift in user preferences in the social media landscape. Users are increasingly seeking platforms that offer greater control and transparency, as evidenced by Bluesky&#8217;s unique feature of allowing users to choose their own algorithms. 
This trend could potentially reshape the future of social media, with platforms like Bluesky leading the way.
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Image: Shutterstock

Jack Dorsey Says Bluesky's Rapid Expansion Fueled by X Exodus: 'Not a Great Way To Build a Product'

Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has evolved from a confetti-throwing trading app into a serious financial services platform, with its <a href="https://www.benzinga.com/25/02/43641644/robinhood-q4-earnings-preview-can-company-rebound-from-q3-miss-key-items-to-watch#:~:text=Earnings%20Estimates%3A%20Analysts%20expect%20Robinhood,of%20the%20last%2010%20quarters.">shares quadrupling over the past year as it expands beyond its meme-stock roots</a>.
The company&#8217;s transformation includes launching futures trading, a desktop platform for serious traders, and a credit card program that has attracted 2 million waitlist subscribers, according to the <a href="https://www.ft.com/content/72c164f8-2c25-4499-9bc2-81053278084e">Financial Times</a>. Its Gold card offers 3% cashback, with select clients eligible for a solid gold version.
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Yet the company is facing challenges in the competitive brokerage landscape. With $195 billion in assets under custody as of November, it remains dwarfed by traditional players like Fidelity and Charles Schwab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) , which manage $15 trillion and $10 trillion respectively.
Robinhood CEO Vlad Tenev set ambitious targets during the company's December investor day, aiming for market leadership in options trading by 2027 and equities by 2029. The company&#8217;s $200 million <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39313872/robinhoods-200m-bitstamp-deal-marks-major-step-in-growing-crypto-business-heres-where-you-">acquisition of crypto exchange Bitstamp</a> in June signals its commitment to digital asset expansion.
&#8220;The maturation of Robinhood has coincided with the maturation of the retail investor,&#8221; Piper Sandler analyst Patrick Moley told the Financial Times.
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Traditional brokers, however, continue to compete for younger clients. Schwab CEO Rick Wurster recently said on an earnings call that a third of its new retail investors were under 30, and half were under 40.
While Robinhood offers multiple asset classes on one platform—from cryptocurrency to stock options—analysts question whether younger clients will &#8220;graduate&#8221; to larger firms as they accumulate wealth.&nbsp;
The path to product parity with established brokers remains &#8220;very, very long,&#8221; Barclays analyst Benjamin Budish told the Financial Times.
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The company&#8217;s strategy includes expanding beyond trading into broader financial services. Its recent initiatives target more sophisticated investors while maintaining the platform&#8217;s accessibility for newcomers.
&#8220;Maybe it&#8217;s an unfair comparison, because Schwab and Fidelity are very mature platforms,&#8221; Budish said, but added that seeing the company mature makes him &#8220;more willing to give them the benefit of the doubt.&#8221;
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HOOD

SCHW

Robinhood's Profit Surge Means It May Finally Be A Serious Player On Wall Street

The Justice Department is reportedly in crisis following a wave of resignations and intense pressure from Trump-appointed officials to drop the corruption case against <a href="https://www.benzinga.com/politics/25/02/43739378/treasury-investigates-doges-payment-system-access-as-concerns-mount" target="_blank" rel="noreferrer noopener">New York City Mayor </a><a href="https://www.benzinga.com/politics/25/02/43739378/treasury-investigates-doges-payment-system-access-as-concerns-mount" target="_blank" rel="noreferrer noopener">Eric Adams</a> (D).
The situation escalated on Friday when the department filed a motion to dismiss the case, a move that triggered anger and outrage within the DOJ, <a href="https://www.politico.com/news/2025/02/14/justice-department-crisis-resignations-adams-00204482">reports</a> Politico.
For two consecutive days, acting DOJ No. 2 Emil Bove pressured career attorneys to file court papers seeking to abandon the case.
The pressure campaign culminated in the filing of a motion late Friday, signed by Bove himself, to drop the charges.
This unprecedented move came after several DOJ officials resigned in protest. Lead prosecutor Hagan Scotten, part of the U.S. attorney&#8217;s office in Manhattan, quit, accusing Bove and Trump of striking a deal to drop the charges in exchange for Adams&#8217; support of Trump&#8217;s policy agenda.
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Bove&#8217;s actions led to further resignations within the department, including the acting U.S. attorney in Manhattan, Danielle Sassoon, and senior officials from the Criminal Division and Public Integrity Section.
Former U.S. Attorney Barbara McQuade revealed that Bove issued an ultimatum to DOJ lawyers to find someone to carry out the order to dismiss the case or face termination, Politico adds.
Critics, including former DOJ veterans, compared the turmoil to the 1973 Saturday Night Massacre, where top officials resigned to resist President Nixon&#8217;s orders.
They described the current crisis as &#8220;chilling,&#8221; citing Bove&#8217;s crude intimidation tactics. DOJ spokespersons did not respond to requests for comment.
Attorney General Pam Bondi defended the decision to drop the case, claiming the charges against Adams were part of a political &#8220;weaponization&#8221; of the department.
The unfolding turmoil underscores the profound divide within the DOJ, as Trump-aligned officials clash with career prosecutors over the future of the Adams case.
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Switzerland is advancing toward legalizing recreational <a href="https://www.benzinga.com/cannabis">cannabis</a> with a strictly regulated framework after the National Council's Social Security and Health Committee (SGK-N) voted in favor of a <a href="https://www.parlament.ch/press-releases/Pages/mm-sgk-n-2025-02-14.aspx?lang=1031">draft</a> law that would allow controlled access for adults. The proposal, which passed with 14 votes in favor, 9 against and 2 abstentions, seeks to reduce illicit market activity, protect public health and implement a non-profit sales model.
<h2 class="wp-block-heading">A Non-Profit, Government-Controlled Cannabis Market</h2>
The proposed law aims to remove the profit motive from cannabis sales by placing them under a state-controlled monopoly. Cannabis products would only be available at a limited number of licensed brick-and-mortar stores and through a single state-approved online retailer.
Revenue generated from sales would be directed toward harm reduction, addiction support and contributions to health insurance cost reductions. This structure is notably different from commercial models in Canada, the U.S. or Germany, where private companies play a key role in legal cannabis markets.
The draft also proposes strict quality standards for cannabis products, requiring neutral packaging, clear warning labels and childproof containers. Advertising would be completely banned, extending not only to cannabis products but also to seeds, clones and related accessories.
<h2 class="wp-block-heading">THC-Based Taxation And Personal Cultivation Rules</h2>
The proposal includes a THC-based taxation system, where higher THC levels result in higher taxes.
Adults residing in Switzerland would be allowed to grow up to three female cannabis plants (flowering) for personal use, but purchase and possession limits would be enforced. Public consumption regulations would align with existing passive smoking protection laws, preventing secondhand exposure in public spaces.
<h2 class="wp-block-heading">Zero Tolerance For Driving And Harsher Penalties For Illicit Sales</h2>
While the legislation aims to shift consumers away from the illegal market, it simultaneously increases penalties for unauthorized cannabis sales and purchases. A digital tracking system would monitor the entire supply chain to prevent diversion to illicit channels.
Driving regulations remain stringent, with a zero-tolerance policy for THC. Under the proposed rules, any driver found with THC in their system would be considered unfit to drive, reinforcing Switzerland's cautious approach to cannabis and road safety.
<h2 class="wp-block-heading">Next Steps: Public Consultation And Parliamentary Debate</h2>
The proposal is far from becoming law. The next phase involves an explanatory report on the preliminary draft, which will be examined by the SGK-N in the summer of 2025. This will be followed by a public consultation period, allowing stakeholders, medical experts and advocacy groups to provide feedback.
Given Switzerland's direct democracy system, a referendum may be required before the law is fully enacted. The Swiss People&#8217;s Party (SVP) has already <a href="https://www.france24.com/en/live-news/20250214-switzerland-mulls-legalising-recreational-cannabis?utm_source=chatgpt.com">voiced</a> strong opposition, arguing that legalization would send the wrong message to youth.
Meanwhile, industry groups like the Swiss Hemp Interest Group (IG Hanf) have <a href="https://www.barrons.com/news/switzerland-mulls-legalising-recreational-cannabis-b5141994?utm_source=chatgpt.com">hailed</a> the move as a &#8220;historic moment for Swiss cannabis policy.&#8221;
Lead image via Shutterstock

Switzerland Moves To Legalize Recreational Cannabis Under Strict Government Control

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon sparked controversy during a heated town hall in Columbus, Ohio, where he scolded employees after they raised concerns <a href="https://www.benzinga.com/markets/equities/25/01/43218904/remote-work-vs-return-to-office-can-veevas-flexibility-outshine-jpmorgans-office-mandate" target="_blank" rel="noreferrer noopener">about the bank&#8217;s five-day return-to-office policy</a>.
Dimon dismissed the idea of flexible workdays, claiming remote work policies hinder creativity and slow decision-making, The Hill <a target="_blank" href="https://thehill.com/business/5145522-jamie-dimon-jp-morgan-chase-return-to-work/" rel="noreferrer noopener">reports</a>.
Dimon aggressively criticized the practice of &#8220;work-from-home Fridays,&#8221; saying, &#8220;I call a lot of people on Friday. There&#8217;s not a goddamn person to get a hold of,&#8221; Dimon said in a meeting, the audio of which has been reviewed by The Hill.
He expressed dissatisfaction with a petition circulated by staffers advocating for hybrid workdays, condemning it as harmful to the younger generation of workers.
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Dimon argued that remote work leaves younger employees &#8220;socially&#8221; and &#8220;professionally&#8221; behind, and even criticized their lack of exposure to diverse environments.
Dimon&#8217;s firm stance on full in-person attendance follows a broader movement of companies re-evaluating remote work policies, with Dimon declaring that those who disagree with the bank&#8217;s approach are welcome to leave.
&#8220;You don&#8217;t have to work at JPMorgan,&#8221; Dimon stated, emphasizing that the bank will maintain its own standards and expectations.
This fiery exchange comes amid workforce restructuring at JPMorgan, which is planning layoffs in February and additional cuts throughout the year.
While Dimon&#8217;s comments have drawn strong reactions, the CEO&#8217;s position remains clear as JPMorgan&#8217;s culture will prioritize in-office work and set its own policies.
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Jamie Dimon Goes Off on Return-to-Office Critics: 'You Don't Have To Work at JPMorgan'

Irv Gotti, the music executive best known for founding Murder Inc. and signing artists such as Ja Rule and Ashanti, died last week, leaving three children, a musical legacy, and an expansive Californian property portfolio.
Gotti worked with a who&#8217;s who of R&amp;B and hip-hop artists in the late 1990s and early 2000s, including the aforementioned rappers and singers on his label, <a href="https://www.benzinga.com/general/education/24/11/41865466/if-you-invested-1000-in-bitcoin-when-jay-z-jack-dorsey-opened-the-bitcoin-academy-heres-how-much-youd-have-now">Jay-Z</a>, <a href="https://www.benzinga.com/real-estate/24/10/41494838/j-lo-and-ben-afflecks-68m-estate-expert-reveals-why-its-been-100-days-without-a-buyer">Jennifer Lopez</a>, and DMX.
<a href="https://www.hollywoodreporter.com/news/music-news/irv-gotti-murder-inc-founder-dies-1236128314/">According to The Hollywood Reporte</a>r, Gotti died from a stroke after suffering from diabetes for many years. His family announced his passing with a statement on Instagram: &#8220;It is with heavy hearts that we announce the passing of our beloved father, Irving &#8216;Irv Gotti&#8217; Lorenzo, on February 5, 2025. Surrounded by family and friends, he departed this world, leaving behind a legacy that will forever resonate in the hearts of those who knew him and the countless lives he touched.&#8221;
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<h2 class="wp-block-heading">$300 Million Pay Day</h2>
Gotti pacted with the legendary hip-hop label Def Jam, where he received his own imprint after bringing rapper DMX to the company. Amid hit records and <a href="https://www.benzinga.com/general/entertainment/25/02/43443734/the-beatles-make-grammy-history-with-ai-how-tech-completed-their-final-song">Grammy awards</a>, the Hollis, Queens-born mogul (born Irving Domingo Lorenzo Jr.) became a multi-millionaire. However, he attained generational wealth long after his label&#8217;s heyday and close to the end of his life, when in 2022, he sold his label&#8217;s master recordings to the music management firm Iconoclast for<a href="https://www.billboard.com/music/rb-hip-hop/irv-gotti-interview-vision-catalaogue-sale-1235114375/"> $300 million</a>.
Gotti <a href="https://worldstar.com/videos/wshhtN4iyQL03uSG287F/irv-gotti-discusses-closing-a-300-million-deal-on-his-masters-working-with-jay-z-and-upcoming-movie">told WorldStarHipHop</a> in an interview that the deal allowed him to net $100 million and receive $300 million in a line of credit for future film and TV projects.&nbsp;
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<h2 class="wp-block-heading">Luxury Homes In Encino</h2>
After securing the deal, Gotti bolstered his real estate portfolio by buying two homes in Encino, California. According to<a href="https://www.realtor.com/news/celebrity-real-estate/music-producer-irv-gotti-dead-murder-inc-founder-property-portfolio/"> Realtor.com</a>, he paid $10.2 million for a 10,325-square-foot residence with eight bedrooms and 10 bathrooms and $4.8 million for a 6,600-square-foot home with five bedrooms and five bathrooms. Previously, Gotti owned a five-bedroom, five-bathroom property in a cul-de-sac in Sherman Oaks, California which he sold for $1.85 million in 2021. He purchased the house for $1.43 million in 2016 and then listed it for rent three years later for $12,500 a month.
<h2 class="wp-block-heading">$100 Million Per Year Money Machine Before Fed Shut Down</h2>
At the peak of Murder Inc.&#8217;s success, Gotti <a href="https://finance.yahoo.com/news/irv-gotti-says-murder-inc-200225818.html">told VladTV</a> in 2019 that the label generated $100 million per year before the infamous raid by FBI and New York Police Department investigators in January 2003.
&#8220;The government stopped me from making the money,&#8221; Gotti said in the interview. &#8220;When the government came in at that time, Murder Inc. was doing like over $100 million in billing for like two years in a row.&#8221;
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The raid coincided with Gotti being given a check for $65 million from Universal Music, his partner in a 50/50 deal.
&#8220;They was [sic] giving me a check for like $65 million, and that&#8217;s why the government came in,&#8221; Gotti claimed. &#8220;It was a chess move to destroy me and take all of my money.&#8221;
The label was charged with money laundering. Eventually, in 2005, Gotti was <a href="https://www.nytimes.com/2025/02/06/arts/irv-gotti-murder-inc-timeline.html">acquitted</a> after spending close to<a href="https://thesource.com/2019/12/02/today-in-hip-hop-history-irv-and-chris-gotti-beat-the-feds-14-years-ago/"> $10 million in legal</a> fees.
&#8220;They took my life from me for three years,&#8221; Gotti said at the time. &#8220;But it&#8217;s all good. I&#8217;m not mad. I love this country. But from Day One, they had it wrong with me and my brother. I&#8217;m no criminal.&#8221;
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Hip Hop Exec Irv Gotti, Dead At 54, Leaves Behind A Real Estate Legacy With His Upscale Californian Property Portfolio

Indian Prime Minister Narendra Modi&#8217;s visit to Washington this week was a focused, business-oriented trip, with key agreements with President Donald Trump and <a href="https://www.benzinga.com/25/02/43718396/trump-modi-meeting-india-to-amp-up-us-weapons-purchases-will-receive-f-35-stealth-fighters" target="_blank" rel="noreferrer noopener">challenges shaping the US-India relationship</a>.
The working visit saw Trump announce a significant expansion in US military sales to India, including F-35 jets, alongside increased <a href="https://www.benzinga.com/25/02/43718396/trump-modi-meeting-india-to-amp-up-us-weapons-purchases-will-receive-f-35-stealth-fighters" target="_blank" rel="noreferrer noopener">oil and gas exports to help narrow the trade deficit</a>.
Both nations agreed to negotiate a trade deal and finalize a new defense framework, with the US also approving the extradition of Tahawwur Rana, accused of involvement in the 2008 Mumbai attacks in India, <a href="https://www.bbc.com/news/articles/c23ndleveymo" target="_blank" rel="noreferrer noopener">reports</a> BBC.
The two countries also set a bold trade target of $500 billion by 2030, aiming to double the current $190 billion trade volume.
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However, uncertainties remain around the specifics of the trade deal, with experts divided on whether it will be a full free trade agreement or targeted tariff reductions.
A critical concern was Trump&#8217;s order for reciprocal tariffs, which could lead to import taxes on US trading partners.
India, which enjoys a trade surplus with the US, preemptively reduced its average tariffs to mitigate this.
While some experts, like Ajay Srivastava, believe India is unlikely to face significant tariff hurdles, others, including Abhijit Das, warn that non-tariff barriers could still pose challenges, especially in agriculture, where US subsidies and strict regulations may complicate negotiations, BBC adds.
On defense, the US committed to a multi-billion-dollar arms sale to India, including F-35 jets, although logistical and bureaucratic hurdles could slow progress. Despite this, India&#8217;s growing reliance on US defense equipment suggests further deepening of ties.
Modi&#8217;s meeting with Elon Musk was notable, as it touched on emerging technologies and AI, though Tesla&#8217;s entry into India remains uncertain. Modi also held a rare press conference with Trump, answering questions on illegal immigration and the Adani Group bribery charges, marking a shift from his usual approach to media interaction.
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Trump Unveils $500 Billion Trade Goal To Supercharge US-India Ties

Conservative influencer Ashley St. Clair has declared that Elon Musk is the father of her newborn child. The announcement was made in a recent post on X.
What Happened: In a post on Friday, St. Clair, who is 26, requested privacy for her child, confirming that Musk is the father. The influencer, who is recognized for her far-right commentary, shared the information with her one million followers.
St. Clair wrote, &#8220;Elon Musk is the father,&#8221; and added, &#8220;I have not previously disclosed this to protect our child's privacy and safety, but in recent days it has become clear that tabloid media intends to do so, regardless of the harm it will cause.&#8221;
<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">Alea Iacta Est <a href="https://t.co/gvVaFNTGqn">pic.twitter.com/gvVaFNTGqn</a>
&mdash; Ashley St. Clair (@stclairashley) <a href="https://twitter.com/stclairashley/status/1890554279749951687?ref_src=twsrc%5Etfw">February 15, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The reasons behind St. Clair&#8217;s announcement remain unclear. Prior to her statement, no media outlet had associated her with the Tesla CEO. Earlier this week,&nbsp;St. Clair and Musk were&nbsp;involved in a social media exchange.
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As of the time of publication, Musk had not reacted to St. Clair&#8217;s revelation. According to People magazine, Musk has fathered 12 children with&nbsp;three different women before St&nbsp;Clair's announcement.
Why It Matters: This unexpected revelation comes amid a lack of prior media speculation linking St. Clair and Musk, raising questions about the nature of their relationship. The timing of the announcement, following a recent social media interaction between the two, adds to the intrigue. 
The impact of this development on Musk&#8217;s personal life and his role as CEO of Tesla remains to be seen. 
As the news unfolds, the focus will likely be on Musk&#8217;s response to the claim and the potential implications for all parties involved.
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Conservative Influencer Says Musk Is Father of Her Newborn Child

Billionaire investor Ray Dalio recently expressed grave concerns <a href="https://www.benzinga.com/news/24/12/42257531/heres-how-ray-dalio-thinks-trumps-second-term-could-reshape-the-us-and-the-world">over the escalating U.S. federal debt</a>.
What Happened: Dalio shared his apprehensions at the World Government Summit in Dubai on Thursday. He drew a comparison between the burgeoning $36 trillion national debt and plaque clogging the arteries of the U.S. financial system.
Dalio foresees the possibility of an &#8220;economic heart attack&#8221; within the next three years if the issue is not promptly addressed.
Dalio predicts that&nbsp;if President Donald Trump&#8216;s tax cuts&nbsp;persist, the U.S.&nbsp;will run a deficit of&nbsp;about 7.5% of GDP. He urged&nbsp;the White House and Congress&nbsp;to pledge to reduce&nbsp;the deficit to 3% of&nbsp;GDP within the next three years.
According to the report <a href="https://fortune.com/2025/02/13/trump-national-debt-fiscal-deficit-economic-heart-attack-ray-dalio-bridgewater-hedge-fund/">by</a> Fortune, with the recent surge in inflation, bond investors may demand higher premiums to hold fixed-income securities such as sovereign debt. This could further strain the government spending allocated for servicing the national debt.
"When I calculate the supply and demand over the next year and three years. we have an immediate issue," said Dalio.&nbsp;
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Dalio is apprehensive that the bond markets may soon be unable to absorb the increasing amount of Treasuries issued, leading to skyrocketing interest rates and a &#8220;debt death spiral&#8221;. He underscored the urgency of the situation, stating that the US government must act swiftly, even if it results in societal damage.
White House economic advisor Kevin&nbsp;Hassett unveiled plans to control inflation by increasing supply and reducing aggregate demand. However, Dalio contended that time is of the essence and drastic measures, including austerity, may be necessary.
Why It Matters: The escalating US fiscal deficit has been a cause for concern for some time now. Dalio&#8217;s warning serves as a grim reminder of the potential economic fallout if the issue is not addressed promptly. 
The U.S. government&#8217;s plans to control inflation might not be enough to prevent a &#8220;debt death spiral&#8221;, as Dalio calls it. The situation calls for immediate and drastic measures, even if they result in societal damage. 
The clock is ticking, and the U.S. government must act swiftly to avert an impending economic crisis.
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Ray Dalio Warns of Looming US Debt Crisis, Says America Faces 'Economic Heart Attack' Without Fiscal Cuts

Despite Texas&#8217; reputation for affordability, its major cities lead the nation in non-mortgage debt, with Austin residents owing an average of $45,920, according to a LendingTree study.
The study, which examined credit reports of 210,000 users from April through June 2024, found San Antonio and Houston following closely behind Austin, with average non-mortgage debts of $44,812 and $44,640, respectively.&nbsp;
The national average among the 50 largest metropolitan areas is $37,827.
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Auto loans drive much of the debt burden. San Antonio leads with an average auto loan debt of $18,303, followed by Austin at $17,144.
&#8220;You generally need a vehicle to get around the biggest cities in Texas. That puts many Texans in a tough position, especially with vehicle prices and interest rates at today&#8217;s sky-high levels,&#8221; Matt Schulz, LendingTree&#8217;s chief credit analyst, <a href="https://www.newsweek.com/texas-has-debt-problem-2027831">told Newsweek</a>.
While Texas maintains relatively affordable housing compared with coastal states, residents are facing high property tax burdens. WalletHub&#8217;s <a href="https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585">2024 property tax report</a> ranks Texas seventh-highest nationally, with average annual property taxes of $3,872.
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Low wages compound the debt problem. <a href="https://oxfamilibrary.openrepository.com/bitstream/handle/10546/621608/rr-2024-crisis-of-low-wages-090724-en.pdf">According to Oxfam</a>, nearly one-third of Texas workers—4.5 million people—earn less than $17 per hour. Texas remains among 20 states still using the federal minimum wage of $7.25.
&#8220;While Texas has been booming in recent years, salaries are still generally lower than those found in the biggest American cities, especially those along the coasts,&#8221; Schulz told Newsweek. He noted San Antonio&#8217;s particularly challenging situation as one of America&#8217;s lowest-income major cities.
Lower credit scores further strain Texas residents&#8217; finances. &#8220;That means fewer borrowing options, but it also means that if they&#8217;re able to get a loan, they&#8217;re likely to face higher interest rates and other costs,&#8221; Schulz added.
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Dallas ranks sixth nationally in non-mortgage debt at $43,901, following Miami and Atlanta but still exceeding the national average. Monthly mortgage payments in Texas average $2,182, ranking 16th nationally, according to LendingTree.
Despite the debt challenges, Realtor.com projects Texas will become America&#8217;s most populous state by 2045, driven by the same factors that sparked recent growth—job opportunities, affordable housing compared to coastal markets, and favorable weather conditions.&nbsp;
However, the benefits appear to favor out-of-state transplants more than local residents due to the state&#8217;s wage structure.
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Texas' Debt Problem Is Getting Worse—Here's What's Driving It

Billionaire hedge fund manager Paul Tudor Jones voiced his apprehensions about the stability of financial markets during President Donald Trump&#8216;s second term.
What Happened: During an interview with CNBC earlier this month, Jones explained that the current financial environment is vastly different from when Trump initially assumed office in 2017. He observed significant changes in the fixed income, foreign exchange, and equity markets over the past eight years.
Jones pointed out&nbsp;that the Treasury is now&nbsp;issuing a record amount of&nbsp;debt, more than double the figure in 2017. Moreover, foreign&nbsp;ownership of U.S. equities, debt, and real estate has doubled as a percentage of GDP since 2017.
"We could have a 30% correction the stock market and just be back to slightly overvalued. I think Trump being Trump, I don't know if it will play as well as it did in 1.0 because there's no room for mistakes," he <a href="https://www.cnbc.com/2025/02/03/paul-tudor-jones-says-markets-on-shakier-ground-than-trumps-first-term-leaving-no-room-for-mistakes.html">told </a>the outlet. 
He also noted&nbsp;that the average price-to-earnings ratio&nbsp;of the S&amp;P 500 is currently around 25, compared to 19 in January 2017. Jones warned of a potential 30% correction in the stock market, which would only bring it back to being slightly overvalued.
Also Read: <a href="https://www.benzinga.com/news/25/02/43581792/mary-trump-slams-uncle-says-president-isnt-just-destroying-democracy-hes-handing-unchecked-power-to-people-like-elon-musk">Mary Trump Slams Uncle, Says President &#8216;Isn&#8217;t Just Destroying Democracy, He&#8217;s Handing Unchecked Power to People Like Elon Musk&#8217;</a>
After Trump imposed tariffs on&nbsp;several key U.S. trading partners, markets took a hit. However, stocks saw a slight recovery after Mexico&#8217;s president announced a pause in tariffs against the country.
"He's my president now, I pray he makes all the right decisions, because we are precariously perched from a macro standpoint. I don't think we've ever had as many things that are connected in circular and could go wrong. So it's going to take a maestro to pull this off in a way that kind of preserves where we are now in the major asset classes," Jones said. 
Why It Matters: Jones, who accurately predicted the 1987 stock market crash, urged caution. He stated that the current macroeconomic situation is precarious and will require careful management to maintain stability in major asset classes. 
His warning comes at a time when the financial landscape is undergoing significant changes, with the Treasury issuing record amounts of debt and foreign ownership of U.S. assets increasing.
The imposition of tariffs by Trump has already caused market fluctuations, and any further instability could lead to a significant market correction. 
As such, Jones&#8217; warning underscores the need for careful economic management in the coming years.
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Market Instability Looms in Trump's Second Term, Warns Paul Tudor Jones: 'There's No Room for Mistakes'

The popularity of cryptocurrency-based casinos continues to surge, attracting players with fast transactions, enhanced privacy, and innovative gaming features. But where is interest in crypto gambling the highest in 2025? 
What Happened: A new study by the <a href="https://casinospotfr.com/casinos-en-ligne/">CasinoSpotFR</a> analyzed search query data and Google Trends to pinpoint the regions most engaged with crypto casinos and the key factors fueling this growth.
According to <a href="https://ahrefs.com/">Ahrefs</a>, the monthly search volume for &#8220;crypto casino&#8221; in major countries is as follows: the United States leads with 7,500 searches, followed by Germany with 4,200, the United Kingdom with 3,100, Canada with 1,800, and France with 1,500 searches. 
However, adjusting these figures based on population size presents a different perspective. Germany has the highest search rate per capita at 50 searches per million people, while the UK follows closely with 46.27, just ahead of Canada at 46.15. 
The U.S., despite its large overall search volume, ranks lower on a per capita basis with 22.66 searches per million, slightly above France at 22.06. This indicates that while the U.S. shows strong absolute interest, European nations demonstrate a greater concentration of searches per person.
The landscape of cryptocurrency casinos has evolved significantly over the past two years. Global search interest in crypto casinos has risen by approximately 20–30%, reflecting the sector&#8217;s growing appeal. While Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remains the primary cryptocurrency for gambling, more platforms are now integrating Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) as viable payment options. 
Meanwhile, regulatory scrutiny has intensified, with some governments imposing stricter controls on crypto gambling. However, many players are adapting by utilizing VPNs and decentralized platforms to continue participating in online crypto gaming.
The data also highlights key differences in crypto casino interest worldwide. Germany and the UK display the strongest per-capita demand, indicating a thriving gaming culture despite regulatory challenges. Canada and France maintain steady engagement, while the U.S. dominates in absolute search volume. 
As legal landscapes shift, crypto gamblers are adjusting, relying on new payment methods and decentralized systems to sustain activity in the sector.
Crypto casinos have gained traction in financial markets, influencing major ETFs such as ProShares Bitcoin Strategy ETF and Amplify Transformational Data Sharing ETF, which reflect the sector's growing relevance in blockchain investment.
Image: Shutterstock

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Germany and UK Show Highest Per-Capita Demand for Crypto Casinos

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