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A Goldman Sachs economist has suggested that the US economy could experience accelerated growth with increased use of GLP-1 weight-loss drugs like Ozempic.
What Happened: Jan Hatzius, chief economist at Goldman Sachs, has said that US GDP could potentially grow an additional 1% if 60 million Americans were to use GLP-1 drugs by 2028.
Hatzius pointed out that health-related issues such as obesity often hinder people from participating in the labor force, thereby stunting economic growth, <a href="https://www.businessinsider.com/us-economy-faster-growth-ozempic-glp-1-weight-loss-drugs-2024-2">reports</a> Business Insider.
He further highlighted that healthcare innovation could significantly reduce the economic costs associated with poor health.
&#8220;Combining current losses in hours worked and labor force participation from sickness and disability, early deaths, and informal caregiving, we estimate that GDP would potentially be over 10% higher if poor health outcomes did not limit labor supply in the US,&#8221; the outlet quoted Hatzius saying.
GLP-1 drugs, including Ozempic and Mounjaro, are manufactured by Novo Nordisk and Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) respectively. These drugs have proven effective in treating type 2 diabetes and obesity, leading to a surge in sales.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39680165/eli-lillys-mounjaro-outpaces-novo-nordisks-ozempic-in-weight-loss-effectiveness-study-shows">Eli Lilly&#8217;s Mounjaro Outpaces Novo Nordisk&#8217;s Ozempic In Weight Loss Effectiveness, Study Shows</a>
Given the U.S. obesity rate of approximately 40%, tens of millions of Americans could be prescribed GLP-1 drugs in the upcoming years. Hatzius believes that this could lead to substantial economic benefits, including increased productivity.
&#8220;The main reason we see meaningful upside from healthcare innovation is that poor health imposes significant economic costs. There are several channels through which poor health weighs on economic activity that could diminish if health outcomes improve,&#8221; Hatzius said.
&#8220;These estimates therefore suggest that obesity-related health complications subtract over 3% from per-capita output, implying an over 1% hit to total output when combined with the over 40% incidence of obesity in the US population,&#8221; he added.
Why It Matters: The increased use of GLP-1 drugs could not only address the health crisis related to obesity but also stimulate economic growth. 
With the U.S. grappling with high obesity rates, the potential for these drugs to improve health outcomes and boost labor force participation could have far-reaching implications for the economy. 
The surge in sales of these drugs also indicates a growing market, which could further contribute to economic growth.
Read Next
<a href="https://www.benzinga.com/general/biotech/24/11/41706292/as-race-to-best-miracle-obesity-drug-heats-up-ozempic-maker-novo-nordisk-tests-new-hybrid-drug-th">As Race To Best &#8216;Miracle&#8217; Obesity Drug Heats Up, Ozempic Maker Novo Nordisk Tests New Hybrid Drug That Can Reduce Weight Up To 25%</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Shutterstock

Health Care

Goldman Sachs Economist: Weight-Loss Drugs Could Be Key To US Economic Growth

Matt Gaetz&#8216;s nomination for attorney general may already be in trouble due to resistance from members of his own party.
What Happened: The Florida Republican&#8217;s nomination by President-elect Donald Trump has sparked concerns among Republican senators due to allegations of sexual misconduct and illicit drug use.
They have backed Senate Judiciary Committee Chair Dick Durbin&#8216;s request for the House Ethics Committee to disclose the results of its investigation into Gaetz, which was terminated by Gaetz&#8217;s resignation from Congress late last week.
Senators Lisa Murkowski (R-Alaska) and Susan Collins (R-Maine) have openly expressed their apprehension about Gaetz&#8217;s nomination. If four Republican senators vote against Gaetz, it could potentially derail his nomination.
Also Read: <a href="https://www.benzinga.com/24/11/41997181/kevin-mccarthy-says-matt-gaetz-wont-get-confirmed-by-the-senate-and-everybody-knows-that">Kevin McCarthy Says Matt Gaetz Won&#8217;t Get Confirmed By The Senate And &#8216;Everybody Knows That&#8217;</a>
Former House Speaker Kevin McCarthy and Sen. Kevin Cramer (R-N.D.) both believe that Gaetz is unlikely to secure the necessary 50 votes to become attorney general.
Why It Matters: Despite the opposition, some believe that Trump&#8217;s nomination of Gaetz could be a strategic move to shift focus away from other contentious nominations. 
These include Pete Hegseth for the Pentagon and former Rep. Tulsi Gabbard (D-Hawaii) for director of national intelligence.
Trump&#8217;s controversial nominations have already stirred up discord among Senate Republicans. Sen. Tommy Tuberville (R-Ala.) has cautioned his fellow Republicans to back Trump&#8217;s nominees or risk political fallout.
Read Next
<a href="https://www.benzinga.com/news/legal/24/11/41956594/matt-gaetz-is-trumps-attorney-general-pick-would-be-top-cop-is-under-house-ethics-investigation">Gaetz Is Trump&#8217;s Attorney General Pick: Would-Be Top Cop Is Under House Ethics Investigation</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

News

Politics

Gaetz Nomination In Peril Due To GOP Resistance

It was a rollercoaster week for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). From facing a hefty legal claim in the UK to receiving directives from the EU, the tech giant had its hands full. Amidst these challenges, Apple also revealed exciting plans for new tech products set to challenge industry competitors. Here&#8217;s a quick recap of the major stories that unfolded over the weekend.
Apple Faces $3.8B Legal Claim Over iCloud
Consumer group Which? has lodged a £3 billion ($3.81 billion) legal claim against Apple, alleging the company breached UK competition law with its iCloud service. The claim suggests that Apple has exploited its market dominance by directing customers towards its integrated iCloud service without presenting alternative cloud storage options. The case could result in compensation for approximately 40 million UK iPhone and iPad users.
<a href="https://www.benzinga.com/news/global/24/11/41964915/apple-faces-legal-action-over-rip-off-icloud-charges-could-pay-out-38b-to-uk-customers">Read the full article here.</a>
EU Orders Apple to End Geo-Blocking Practices
The European Union has instructed Apple to cease geo-blocking on its media services. The European Commission identified several geo-blocking practices on Apple's platforms, including the App Store, Apple Arcade, Music, iTunes Store, Books, and Podcasts. The Commission warned of potential enforcement actions by national regulators if Apple fails to address these issues.
<a href="https://www.benzinga.com/news/global/24/11/41897368/apple-ordered-by-eu-to-end-geo-blocking-on-app-store-itunes-and-other-apps">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/tech/24/11/41895759/amazon-set-to-introduce-new-ai-chips-in-december-to-rival-jensen-huangs-ai-stalwart-we-want-to-be-absolutely-the-best-place-to-run-nvidia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Set To Introduce New AI Chips In December To Rival Jensen Huang&#8217;s AI Stalwart</a>
Apple&#8217;s New AI Wall Tablet Set to Challenge Amazon and Google
Apple reportedly plans to unveil a new AI wall tablet, codenamed J490, to compete with Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Alphabet Inc. (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 in the smart home race. The device, expected to be announced as early as March, will serve as a home command center.
<a href="https://www.benzinga.com/media/24/11/41928049/apples-new-ai-wall-tablet-with-siri-and-video-calling-set-to-challenge-amazon-and-google-in-smart-home-race">Read the full article here.</a>
Apple&#8217;s Smart Camera Coming in 2026
Apple is reportedly planning to enter the smart home IP camera market in 2026, aiming for "tens of millions" of annual shipments, according to analyst Ming-Chi Kuo. The device will integrate with Apple products, with a goal of more than 10 million annual shipments.
<a href="https://benzinga.com/tech/24/11/41891237/apples-smart-camera-coming-in-2026-cupertino-eyeing-tens-of-millions-in-annual-shipments-says-top-supply-chain-analyst">Read the full article here.</a>
Apple&#8217;s iOS 18.1 Update Adds &#8216;Inactivity Reboot&#8217;
Apple has introduced an automatic reboot feature for idle iPhones in its latest iOS 18.1 update to enhance device security. The new feature triggers an automatic reboot of an iPhone that has been idle for a certain period.
<a href="https://www.benzinga.com/media/24/11/41873261/apples-ios-18-1-update-adds-inactivity-reboot-to-lock-down-unused-iphones-heres-how-it-protects-your-privacy">Read the full article here.</a>
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<li><a href="https://www.benzinga.com/tech/24/11/41932289/ai-capabilities-plateauing-say-andreessen-horowitz-founders-echoing-concerns-of-openai-co-founder-ilya-sutskever?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Capabilities Plateauing, Say Andreessen Horowitz Founders, Echoing Concerns Of OpenAI Co-Founder Ilya Sutskever</a></li>
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Photo courtesy: Unsplash
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>

Legal

Global

Tech

AAPL

AMZN

GOOG

GOOGL

This Week In Appleverse: $3.8B Lawsuit, EU Directives, And Upcoming Products

Recent data from the AAII Sentiment Survey indicates a notable shift in investor sentiment, with a significant decrease in neutral outlook towards the short-term prospects for stocks.
What Happened: The AAII Sentiment <a href="https://www.aaii.com/sentimentsurvey">Survey</a> demonstrated a decline in neutral sentiment among individual investors concerning the short-term forecast for stocks. Interestingly, both optimism and pessimism experienced a rise.
Optimism about stock market performance over the next six months rose by 8.3 percentage points, reaching 49.8%. This level of bullish sentiment is significantly higher than the historical average of 37.5% and has exceeded the average in 53 out of the past 54 weeks.
Conversely, neutral sentiment—the expectation that stock prices will remain stable—dropped 9.1 percentage points to 21.8%. 
According to the survey, this figure is well below the historical norm of 31.5%, marking the 18th instance in 19 weeks where it has fallen short of the average. 
Meanwhile, bearish sentiment, which reflects expectations of a market decline, edged up by 0.8 percentage points to 28.3%, remaining below its historical average of 31.0% for the 13th time in 14 weeks.
The spread between bullish and bearish sentiment widened by 7.5 percentage points, settling at 21.5%. This spread is notably higher than the historical average of 6.5%, maintaining this elevated status for 27 of the last 28 weeks.
Also Read: <a href="https://www.benzinga.com/markets/24/11/41916450/just-how-bullish-is-the-market-on-trumps-election-win-to-find-out-look-to-the-past">Just How Bullish Is The Market On Trump&#8217;s Election Win? To Find Out, Look To The Past</a>
In the wake of former President Donald Trump&#8217;s election win, Main Street investors are making a beeline for stocks. This trend, while potentially driving short-term market momentum, is traditionally viewed as a bearish indicator.
Last week, the AAII asked its members how the outcome of U.S. elections is influencing their short-term outlook on stocks. Responses revealed a range of perspectives: 39.8% said the elections made them more optimistic, 22.8% preferred to take a wait-and-see approach, 18.3% felt more cautious or pessimistic, 16.3% reported no impact, and 2.4% were unsure or had other opinions.
A report <a href="https://www.barrons.com/market-data/stocks/jpm">by </a>J.P. Morgan revealed that individual investors have funneled over $9 billion into exchange-traded funds and individual stocks within the last week. This investment surge is 3.2 standard deviations above the 12-month average, marking the highest inflow since March 2022.
Despite the S&amp;P 500&#8217;s recent milestone of closing above 6000 for the first time and its over 25% increase this year, experts urge caution. The S&amp;P 500 is trading at 22.3 times the earnings expected for next year, up from 19.7 times at the start of 2024.
Why It Matters: The shift in investor sentiment is significant as it provides insight into market trends and potential future movements. The decline in neutral sentiment suggests that investors are taking a more decisive stance on the market, with an increase in both optimism and pessimism. 
This could potentially indicate a more volatile market in the short-term. 
Read Next
<a href="https://www.benzinga.com/markets/24/11/41869001/heres-how-trumps-policies-might-shape-the-markets-future">Here&#8217;s How Trump&#8217;s Policies Might Shape The Market&#8217;s Future</a>
Image: Shutterstock

Markets

AAII Survey Unveils Shift In Investor Sentiment: Bullish Outlook Gains Traction

The past week has been a whirlwind of economic predictions and policy speculations, largely centered around President-elect Donald Trump&#8217;s potential second term. From Cathie Wood&#8217;s optimistic outlook to concerns about inflation and a bold S&amp;P 500 prediction, here&#8217;s a recap of the top stories.
Cathie Wood&#8217;s Reagan-Era Economic Boom Prediction
Cathie Wood, CEO of ARK Investment Management LLC, has drawn parallels between Trump&#8217;s potential second term and the economic transformation during former President Ronald Reagan&#8217;s administration in the 1980s. Wood believes that Trump&#8217;s anticipated policies, including deregulation and tax cuts, could trigger significant economic growth.
<a href="https://www.benzinga.com/markets/24/11/41872279/cathie-wood-predicts-trumps-white-house-return-will-ignite-reagan-era-economic-boom-through-deregulation-and-tax-cuts-likely-to-turbocharge-the-us-economy">Read the full article here.</a>
Trump&#8217;s Policies Could Trigger Inflation
Despite Trump&#8217;s promises to lower prices for American consumers, economic experts warn that his proposed policies could trigger higher inflation. Key proposals raising concerns include a universal tariff of up to 20% on imports, mass deportation of undocumented immigrants, and tax cuts. Major retailers have already expressed concerns about potential price impacts.
<a href="https://www.benzinga.com/news/24/11/41871407/trumps-tariffs-deportations-and-tax-cuts-may-push-prices-higher-experts-say-its-pretty-clear">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/11/41966815/us-futures-marginally-up-as-investors-process-inflation-data-ahead-of-jerome-powells-speech-on-economy-expert-says-fed-should-continue-recalibrating-to-neutral-on-softer-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Futures Marginally Up As Investors Process Inflation Data Ahead Of Jerome Powell&#8217;s Speech On Economy: Expert Says Fed Should &#8216;Continue Recalibrating To Neutral&#8217; On Softer Inflation</a>
Trump&#8217;s DOGE Plan: Risks and Opportunities
Trump&#8217;s proposed Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, is raising questions about the future of U.S. defense contractors and government IT firms. The plan to restructure federal agencies and reduce wasteful spending could potentially impact these sectors.&nbsp;
<a href="https://www.benzinga.com/government/regulations/24/11/42013424/trumps-musk-ramaswamy-doge-plan-what-it-means-for-defense-and-it-stocks">Read the full article here.</a>
Producer Inflation Rises More Than Expected
October&#8217;s producer inflation came in slightly higher than anticipated, casting doubts on whether the U.S. economy&#8217;s broader disinflationary trend will hold through the year's final quarter. The Producer Price Index (PPI) surged to 2.4% last month, marking the first increase in the annual PPI inflation rate after three straight months of declines.
<a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">Read the full article here.</a>
S&amp;P 500 to Hit 10,000 by 2029?
Veteran Wall Street strategist Ed Yardeni has made a bold prediction that the S&amp;P 500 index will soar to 10,000 by the end of the decade. Yardeni believes that Trump&#8217;s return to the White House, alongside a likely Republican-controlled Congress, will bring in a major regime shift that&#8217;s positive for U.S. stocks, the economy, and corporate profits.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41917731/wall-street-veteran-predicts-sp-500-to-hit-10000-by-2029-roaring-2020s">Read the full article here.</a>
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<li><a href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Powell&#8217;s Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips</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

Media

Trump's Return, Inflation Fears, And A Bold S&P 500 Prediction: This Week In Economics

It might surprise you, but Warren Buffett, the 6th richest man in the world with a net worth of over $147 billion, has a unique perk in his wallet: a McDonald's Gold Card that gives him free meals for life at any McDonald's in Omaha, Nebraska.&nbsp;
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Yes, that's right – the Oracle of Omaha gets free McDonald's in his hometown whenever he wants and he's not shy about using it. In a memorable 2007 interview with CNBC, Buffett joked about his fondness for the card, saying, "So that's why the Buffett family has Christmas dinner at McDonald's. It explains a lot of things."
Buffett's love for McDonald's isn't just about the food; it reflects his famously modest lifestyle. Despite his billions, Buffett lives simply, sticking close to his Omaha roots and enjoying the occasional fast-food meal.&nbsp;
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
According to the HBO documentary Becoming Warren Buffett, he's so committed to his daily McDonald's breakfast that he <a href="https://www.benzinga.com/personal-finance/24/10/41230382/warren-buffett-lets-the-stock-market-decide-his-mcdonalds-breakfast-order-when-its-up-he-spends-">spends no more than $3.17 each morning</a>, choosing his order based on how "prosperous" he's feeling. One day might call for a $2.61 sausage patty meal, while a good day merits a $3.17 bacon, egg and cheese biscuit.
And Buffett isn't the only billionaire with a prestigious McDonald's Gold Card, officially known as a "McGold Card." His close friend and fellow billionaire <a href="https://www.benzinga.com/personal-finance/24/05/39083570/billionaire-bill-gates-has-a-mcdonalds-gold-card-that-gives-him-free-food-for-life-worldwide">Bill Gates also has one – </a>but with a notable upgrade. Gates' Gold Card is valid worldwide, meaning he can pick up a free meal at any McDonald's, from Tokyo to Paris. Buffett poked fun at this difference in the same 2007 interview, saying, "Bill Gates has one. His is good throughout the world, I guess. Mine is only good in Omaha, but I never leave Omaha, so mine is just as good as his."
Trending: Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.
Despite their access to free McDonald's, Buffett and Gates are still known for their frugal habits. Buffett once decided to treat Gates to lunch at McDonald's on a trip to Hong Kong, but there was a twist. As Gates later recounted, <a href="https://www.benzinga.com/personal-finance/24/08/40257868/bill-gates-says-warren-buffett-treated-him-to-lunch-at-mcdonalds-you-offered-to-pay-dug-into-you">Buffett pulled out a stack of McDonald's coupons</a> to pay for their meal, creating a humorous moment between two billionaires accustomed to multi-billion-dollar deals. "Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald's? You offered to pay, dug into your pocket and pulled out … coupons," Gates recalled.
These McGold Cards are incredibly rare and exclusive. McDonald's hasn't revealed exactly how many exist, but it's safe to say that only a handful of individuals receive this lifetime free meal privilege.&nbsp;
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In 2018, McDonald's offered one lucky person a chance to join the elite ranks of McGold cardholders. As part of a promotion to boost its online ordering system, McDonald's launched a contest giving away free food "for life." The winner would receive a McGold Card for two free meals a week for 50 years, valued at $52,350. In 2022, they brought the contest back, awarding 12 cards to fans.&nbsp;
Buffett's McDonald's Gold Card isn't just a quirky billionaire perk – it's a window into his unpretentious way of living. He's a billionaire with access to any luxury, yet he's perfectly happy sticking to his routine, savoring his McDonald's breakfasts and joking about his family's Christmas dinner traditions. For Buffett, <a href="https://www.benzinga.com/personal-finance/24/04/38147010/warren-buffett-says-he-prefers-a-mcdonalds-burger-over-a-100-meal-his-typical-lunch-is-a-quarter">wealth is more about simple joys</a> and a good laugh with friends than any grand show of riches.
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Personal Finance

Warren Buffett Has A 'McGold' Card Granting Him A Lifetime Of Free Food – 'That's Why The Buffett Family Has Christmas Dinner At McDonald's'

<h3 class="wp-block-heading">New On The Block</h3>
Evolent Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVH#NYSE">EVH</a>) is <a href="https://www.benzinga.com/m-a/24/08/40529349/evolent-health-explores-sale-garners-inbound-interest-from-private-equity-firms">reportedly up for sale</a>. The Arlington, Virginia-based software provide initiated an auction process after receiving takeover inquiries. Among the potential suitors are TPG Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPG#NASDAQ">TPG</a>), Clayton, Dubilier &amp; Rice, and KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>). Reuters reported that health insurer Elevance Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>) may join forces with a private equity partner to pursue a deal.
Kronos Bio Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRON#NASDAQ">KRON</a>), a company focused on developing therapies for cancer, is exploring &#8220;strategic alternatives,&#8221; including an acquisition or merger.The San Mateo, Califonia-based company reported $124.9 million in cash reserves as of Sept. 30. 
Saint-Gobain (PARIS:<a class="ticker" href="https://www.benzinga.com/stock/SGO#PARIS">SGO</a>) is considering a sale of its auto glass unit, which could fetch up to 2.5 billion euro ($2.6 billion), per <a href="https://www.bloomberg.com/news/articles/2024-11-13/st-gobain-is-said-to-weigh-2-5-billion-sale-of-auto-glass-unit">Bloomberg</a>. The company is reportedly considering this strategic move as part of its broader business evaluation. This sale aligns with Saint-Gobain&#8217;s efforts to streamline its operations and focus on core business areas.
Shell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) is seeking to <a href="https://www.bloomberg.com/news/articles/2024-11-13/shell-aims-to-sell-majority-stake-in-carbon-offsets-business?srnd=phx-deals">jettison</a> a majority of its carbon offsets portfolio. The company first launched the portfolio of offsets, which covers dozens of projects, <a href="https://www.bloomberg.com/news/features/2023-08-31/shell-silently-abandoned-its-100-million-a-year-plan-to-offset-co2-emissions" target="_blank" rel="noreferrer noopener">in 2018</a>. 
Unilever (LSE: ULVR) is exploring the sale of some Dutch food brands, including Unox soups and Conimex seasonings. According to Reuters, the company will instead focus on its biggest &#8220;power&#8221; labels.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/42024210/benzinga-bulls-and-bears-tesla-disney-gold-and-hedge-funds-project-bitcoin-to-hit-100k-150k">Benzinga Bulls And Bears: Tesla, Disney, Gold — And Hedge Funds Project Bitcoin To Hit $100K-$150K</a>
<h3 class="wp-block-heading">Bankruptcy Block</h3>
Alex Jones&#8217;s media company, Infowars, is now the property of satirical publication The Onion. The publication&#8217;s backers were none other than the families <a href="https://www.benzinga.com/media/24/11/41982446/jokes-on-jones-onion-backed-by-families-of-sandy-hook-victims-buys-info-wars">of Sandy Hook victims</a>. Observers praised the deal as poetic justice, considering Jones owes over $1 billion in defamation judgments against those families. Jones, who <a href="https://www.benzinga.com/news/23/12/36168941/elon-musks-controversial-move-alex-jones-returns-to-x-after-user-vote">has garnered sympathy from</a> right-wing personalities like Elon Musk and Tucker Carlson, confirmed the acquisition in a visibly distressed social media video, blaming &#8220;Democrats.&#8221;
Diamond Sports Group&#8216;s restructuring will include reducing its debt from nearly $9 billion to $200 million, <a href="https://www.espn.com/mlb/story/_/id/42388454/diamond-sports-group-emerges-bankruptcy">ESPN</a> reports. The restructuring plan received what Diamond categorized as &#8220;nearly unanimous support&#8221; from debt holders. Diamond, currently possessing $100 million in liquidity, will emerge from bankruptcy and operate as a stand-alone entity. Sinclair, the parent company, took on $8 billion in debt to buy regional channels from Fox for $10.6 billion in 2019. That debt contributed to Diamond&#8217;s bankruptcy.
<h3 class="wp-block-heading">Updates From The Block</h3>
Currently, there are no concrete indications that Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) is actively pursuing a sale. Recent speculation regarding Humana being acquired by Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>) was definitively addressed, with Cigna explicitly stating that it is <a href="https://www.benzinga.com/general/health-care/24/11/41877573/cigna-not-pursuing-humana-merger-stock-soars">not pursuing a merger</a> with Humana at this time. This clarification came after rumors reignited post-election, driven by the potential for more lenient antitrust reviews under the new <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41979935/golden-years-for-ma-deals-ahead-under-trump-analysts-highlight-top-10-large-cap-candidates">Republican administration and Congress</a>.
Spirit Airlines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) is no longer in deal talks with Frontier Airlines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>). It&#8217;s now in advanced discussions with bondholders to finalize a bankruptcy plan. The carrier continues to struggle with mounting losses and looming debt maturities. A bankruptcy filing is expected to happen within weeks, according to <a href="https://www.benzinga.com/news/earnings/24/11/41932146/spirit-airlines-nears-bankruptcy-creditors-may-approve-equity-cancellation-heres-what-it-means-for-investors-as-shares-fall-with-a-thud">the Wall Street Journal</a>.
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) continues to explore M&amp;A opportunities, hiring Oppenheimer &amp; Co., Inc. as an exclusive financial advisor to assist the process. During the first quarter of fiscal year 2025, the company commenced cash preservation efforts that include a reduction-in-force, which will continue in stages as the Company's operational and strategic direction evolves.
<h3 class="wp-block-heading">Notes From The Block</h3>
Wall Street anticipates a surge in M&amp;A as Republicans take control of Congress and deregulate. Analysts expect Federal Trade Commission Chair Lina Khan's removal, which could ease antitrust scrutiny. Bank of America highlights that Republican administrations, like President-elect Donald Trump&#8216;s, historically foster over 50% more financial sector M&amp;A activity compared to Democratic ones. 
Bank of America also predicts that 2025 could mark a better year for M&amp;A as rate cuts take effect and economic conditions stabilize. Here&#8217;s a list of five potential targets the bank compiled. For the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41979935/golden-years-for-ma-deals-ahead-under-trump-analysts-highlight-top-10-large-cap-candidates">full list, click here</a>.
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Sector</th>
<th>Market Cap ($M)</th>
<th>Free Cash Flows-to-Enterprise Value (%)</th>
<th>Long-Term Growth Expectations (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Universal Health Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UHS#NYSE">UHS</a>)</td>
<td>Health Care</td>
<td>13,932</td>
<td>4.4</td>
<td>25.3</td>
</tr>
<tr>
<td>Ralph LaurenCorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>)</td>
<td>Consumer Disc.</td>
<td>12,473</td>
<td>5.99</td>
<td>10.5</td>
</tr>
<tr>
<td>Paramount Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NYSE">PARA</a>)</td>
<td>Comm. Services</td>
<td>7,250</td>
<td>3.4</td>
<td>46.4</td>
</tr>
<tr>
<td>Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>)</td>
<td>Technology</td>
<td>14,480</td>
<td>6.39</td>
<td>12.7</td>
</tr>
<tr>
<td>Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>)</td>
<td>Consumer Disc.</td>
<td>9,215</td>
<td>3.6</td>
<td>27.5</td>
</tr>
</tbody>
</table>
</figure>
For last week&#8217;s Deal Dispatch, <a href="https://www.benzinga.com/news/asset-sales/24/11/41866114/deal-dispatch-prison-companies-in-focus-post-election-tripadvisor-boasts-11b-in-cash">click here</a>.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41699259/nvidia-rides-ai-wave-to-replace-intel-on-dow-jones-industrial-average-ending-its-25-year-run">Nvidia Rides AI Wave To Replace Intel On Dow Jones Industrial Average, Ending Its 25-Year Run</a></li>
</ul>

AAUKF

APTV

ATSG

streetTRACKS Dow Jones U.S. Large Cap Value Index Fund

FFIV

KRON

MEIP

NISTF

PARA

PARIS:SGO

ROIC

SAVE

SHEL

SLGWF

SLNG

TRIP

TSX:SGO

ULCC

Deal Dispatch: Shell, Unilever And More Are On The Sell Side; The Onion Makes Alex Jones Cry Foul

Brazil's first Lady Rosangela da Silva reportedly swore at Tesla Inc CEO Elon Musk at an event in Rio de Janeiro on Saturday.
What Happened: "F&#8212; you, Elon Musk," she said while talking about the need to regulate social media, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-17/lula-s-wife-curses-out-elon-musk-on-eve-of-brazil-s-g-20?srnd=homepage-canada">reported</a>. 
Musk responded to the snippet of the First Lady&#8217;s speech on social media platform X and said, &#8220;They will lose the next election.&#8221;
Rosangela da Silva is the wife of President Luiz Inacio Lula da Silva of the Workers&#8217; Party who won against Jair Bolsonaro in 2022. Brazil&#8217;s next Presidential election is slated for 2026.
Why It Matters: Brazil <a href="https://www.benzinga.com/news/24/09/40680467/after-x-ban-elon-musks-starlink-defies-brazilian-court-order-to-block-social-media-platform">banned Musk-owned social media platform X</a> earlier this year after it failed to ban profiles that the government claimed were spreading misinformation. 
Musk subsequently resorted to namecalling Brazilian Supreme Court Justice&nbsp;Alexandre de Moraes on X, referring to him as a &#8220;criminal wearing judges robes like a Halloween costume.&#8221;
"The world is not obliged to put up with Musk&#8217;s far-right ideology just because he is rich," President&nbsp;da Silva<a href="https://www.benzinga.com/news/24/09/40678732/just-because-elon-musk-is-rich-the-world-doesnt-have-to-put-up-with-his-far-right-ideology-says-braz"> said in September about Musk. </a> 
X was restored in Brazil in October after X complied with the judge&#8217;s demands. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/space/24/11/42025066/elon-musks-spacex-delays-starship-test-flight-next-attempt-now-set-for-tuesday" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday</a></li>
</ul>
Image via Shutterstock

General

Elon Musk Reacts After Brazilian President's Wife Swears At Tesla CEO:  'They Will Lose The Next Election'

The week was filled with noteworthy events in the world of cryptocurrencies. From the rise of new meme coins to ambitious price forecasts, the crypto market continues to surprise and intrigue. Here&#8217;s a quick recap of the top stories that made headlines.
Trump&#8217;s AG Pick Gaetz Suggested Bitcoin for Federal Income Taxes
President-elect Donald Trump&#8217;s nominee for attorney general, Rep. Matt Gaetz, is known for his unconventional ideas, particularly concerning cryptocurrencies. Earlier this year, Gaetz proposed a bill that would allow federal income tax payments to be made in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), potentially revolutionizing the way taxes are collected in the U.S. <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41964758/trumps-attorney-general-pick-matt-gaetz-once-proposed-collecting-federal-income-taxes-in-bitcoin-apart-from-co-sponsoring-bill-to-abolish-the-fed">Read the full article here.</a>
Musk&#8217;s Hedgehog Meme Coin &#8216;SHRUB&#8217; Skyrockets
Elon Musk&#8217;s latest pet, a hedgehog named Shrub (CRYPTO: SHRUB), has inspired a new meme coin. Shrub saw a staggering increase of over 3,300% in just one week as of Thursday, with its valuation soaring past $100 million. This surge followed a tweet by Musk introducing his pet hedgehog to the world. <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41987257/elon-musks-hedgehog-meme-coin-shrub-outpaces-dogecoin-shiba-inu-gains-surges-3000-in-a-week">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/general/education/24/11/41946785/if-you-invested-100-in-pepe-coin-at-launch-heres-how-much-youd-have-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $100 In Pepe Coin At Launch, Here&#8217;s How Much You&#8217;d Have Today</a>
Cathie Wood&#8217;s Bitcoin Price Target for 2030
Ark Invest CEO Cathie Wood has been a long-time advocate for Bitcoin. She recently shared her price target for the leading cryptocurrency, predicting it could reach as high as $3.8 million by 2030. If her forecast comes true, a small investment in Bitcoin today could yield significant returns in the future. <a href="https://www.benzinga.com/general/education/24/11/42017619/heres-how-much-100-in-bitcoin-could-be-worth-in-2030-if-cathie-woods-price-target-is-reached">Read the full article here.</a>
Millionaire BONK, DOGE Trader Shares Insights
Known as the &#8216;BONK guy,&#8217; millionaire trader Unipcs recently shared his journey in meme coin trading. He emphasized that trading meme coins isn&#8217;t as easy as it&#8217;s often portrayed, requiring patience and conviction to withstand extreme volatility. His long-term position in Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>) and successful trades with Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) are a testament to his strategy. <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41879587/from-16000-to-18-million-in-unrealized-gainsmillionaire-bonk-doge-trader-shares-update-if-you-cant-hold-you-wont-be-rich">Read the full article here.</a>
Industry Expert Predicts &#8216;Euphoria&#8217; Stage for Crypto Market
Jason Yanowitz, co-founder of Blockworks, believes the cryptocurrency market is about to enter the &#8216;Euphoria&#8217; stage, the most exciting phase of a four-stage bull market. This phase could see some coins nearing their all-time highs. <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41912787/buckle-up-for-the-bull-markets-most-fun-phase-says-industry-expert-bitcoin-ethereum-dogecoin-about-to-enter-the-euphoria-stage">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/general/education/24/11/42017619/heres-how-much-100-in-bitcoin-could-be-worth-in-2030-if-cathie-woods-price-target-is-reached?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s How Much $100 In Bitcoin Could Be Worth In 2030 If Cathie Wood&#8217;s Price Target Is Reached</a>
Image Via Shutterstock
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

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

Cryptocurrency

$BONK

$BTC

$DOGE

Elon Musk's Hedgehog Meme Coin 'SHRUB' Skyrockets, Cathie Wood Sets Ambitious Bitcoin Price Target, Industry Expert Predicts 'Euphoria' Stage For Market And More: Top Crypto Updates This Week

President-elect Donald Trump&#8216;s transition team is reportedly considering several individuals, including a former Uber executive and three Republican congressmen, for the position of U.S. Department of Transportation chief.
What Happened: The team is considering Emil Michael, a former Uber executive and Trump donor, and three current or former Republican congressmen: Sam Graves, Garret Graves, and Sean Duffy to head the Department of Transportation, Reuters reported, citing multiple sources familiar with the matter.
Michael, known for his social connections with billionaire and Trump supporter Elon Musk, is reportedly a strong contender for the role. Other tech executives who backed Trump have also advocated for Michael, the report said, while adding that other contenders could also emerge for the role. 
Why It Matters: According to Reuters, Musk is expected to exert influence on the pick of Transportation Department chief. 
The billionaire contributed millions to a super PAC that supported Trump&#8217;s presidential campaign and also actively campaigned for the President-elect in the swing state of Pennsylvania, sealing his position as a major player in Trump&#8217;s campaign and circle. 
The Department of Transportation has several departments under it which regulate Musk&#8217;s companies including SpaceX and EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). While the Federal Aviation Administration <a href="https://www.benzinga.com/news/24/09/41041586/spacex-ceo-elon-musk-calls-for-resignation-of-faa-administrator-mike-whitaker">licenses commercial space launch facilities</a> and private sector launches, the National Highway Traffic Safety Administration regulates automakers and determines regulations for autonomous vehicles.
Musk&#8217;s Tesla is actively working towards enabling autonomous driving with its full self-driving (FSD) driver assistance technology. However, FSD has often come under the NHTSA&#8217;s radar <a href="https://www.benzinga.com/news/24/10/41398764/nhtsa-opens-probe-into-2-4m-tesla-vehicles-after-reports-of-4-crashes-with-fsd-involved">over vehicle crashes where FSD was deployed</a>. 
Check out more of Benzinga&#8217;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:
<ul>
<li><a href="https://www.benzinga.com/general/space/24/11/42025066/elon-musks-spacex-delays-starship-test-flight-next-attempt-now-set-for-tuesday" target="_blank" rel="noreferrer noopener">Elon Musk's SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday</a></li>
</ul>
Image via Pixabay

TSLA

Former Uber Executive And 3 Congressmen Contenders For Trump's Transportation Chief Role: Report

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has issued layoff notices to over 400 members of its professional aerospace labor union, as part of the company&#8217;s ongoing efforts to recover from<a href="https://www.benzinga.com/top-stories/24/08/40585703/boeing-737-aircraft-experiences-engine-trouble-during-alaska-airlines-flight-forced-to-turn-around"> financial and regulatory challenges.</a>
What Happened: The layoff notices were sent out last week to members of the Society of Professional Engineering Employees in Aerospace (SPEEA), <a href="https://apnews.com/article/boeing-layoffs-union-strike-4a3b21ba7696e2e945708f6a2cb74438">reported</a> AP News. The affected workers will remain on the payroll through mid-January.
In October, Boeing announced <a href="https://www.benzinga.com/markets/equities/24/10/41301576/boeing-announces-10-workforce-reduction-amidst-ongoing-struggles-impacting-nearly-17k-employees">plans to cut 10% of its workforce, </a>approximately 17,000 jobs, in the coming months. The company&#8217;s CEO, Kelly Ortberg, stated that the company must &#8220;reset its workforce levels to align with our financial reality.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41987257/elon-musks-hedgehog-meme-coin-shrub-outpaces-dogecoin-shiba-inu-gains-surges-3000-in-a-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Hedgehog Meme Coin &#8216;SHRUB&#8217; Outpaces Dogecoin, Shiba Inu Gains, Surges 3,000% In A Week</a>
The layoffs have impacted 438 members of the SPEEA union, with the local chapter representing 17,000 Boeing employees, primarily based in Washington, with some in Oregon, California, and Utah. The affected workers will receive career transition services, subsidized health care benefits for up to three months, and severance pay.
Why It Matters: Boeing, based in Arlington, Virginia, has been grappling with financial and regulatory issues since an <a href="https://www.benzinga.com/markets/equities/24/04/38097239/compensation-package-boeing-assists-alaska-air-with-160m-amid-crisis">incident involving an Alaska Airlines plane in January.</a> Following the incident, the Federal Aviation Administration has limited the production of the 737 MAX to 38 planes per month, a target Boeing has yet to achieve.
The recent layoffs are part of Boeing&#8217;s broader efforts to navigate its financial challenges. The aerospace giant has been grappling with a series of setbacks, including a <a href="https://www.benzinga.com/startups/24/10/41552860/boeing-plans-to-sell-off-major-assets-as-the-company-scrambles-to-remain-profitable-and-stay-competi">tough market</a> and regulatory issues following a plane fuselage incident in January.
Earlier this month, Boeing&#8217;s unionized Machinists ended a <a href="https://www.benzinga.com/markets/equities/24/11/41736062/boeing-workers-end-seven-week-strike-by-accepting-new-contract-with-major-pay-increases">seven-week strike</a> by accepting a new contract with significant pay increases. This deal, supported by the Biden administration and facilitated by Acting U.S. Secretary of Labor Julie Su, marked a significant development in Boeing&#8217;s labor relations.
Price Action: Boeing stock ended 1.48% higher at $140.19, according to data from<a href="http://pro.benzinga.com"> Benzinga Pro.</a>
Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/42011035/just-before-bidens-term-ends-taiwan-semiconductor-lands-6-6-billion-in-us-funding-to-build-advanced-chip-plants?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Just Before Biden&#8217;s Term Ends, Taiwan Semiconductor Lands $6.6 Billion in US Funding to Build Advanced Ch</a>
Image Credit: Shutterstock

Equities

Boeing Issues Layoff Notices To Over 400 Aerospace Union Workers Amid Financial Struggles

Analyst John-Burr sees Dogecoin (DOGE/USD) price hitting the $3 mark by Jan. 20 and even touching $20 in the future, as per his analysis.
What Happened: &#8220;It&#8217;s eerie how DOGE is repeating its historical pattern,&#8221; Burr <a href="https://www.tradingview.com/chart/DOGEUSD/bWuO3L25-3-range-by-January-20/">wrote</a> on TradingView. &#8220;&#8230;there seems to be some temporal proximity to the Inauguration Day and the next bullish movement.&#8221;
Burr predicts Dogecoin to touch $3 by Inauguration Day. However, the analyst also acknowledged the possibility that he could be wrong, given the below-a-dollar price of Dogecoin now.
&#8220;But I am okay with that because I believe that this is the beginning of the bull run. I don&#8217;t care about the specific timing,&#8221; he wrote. 
While some estimate Dogecoin to touch $40 by next year, the more skeptical won&#8217;t predict it to go over $3, Burr said while adding that he believes Doge could touch $20. However, he is not sure. 
&#8220;I don&#8217;t know, tbh. The market is bigger than me, no matter the size of my portfolio, brain, or pedigree. Nevertheless, I bet my money on what I believe is the historical pattern,&#8221; Burr wrote. 
Why It Matters: Doge has been rising following Donald Trump&#8216;s landslide victory in the Presidential elections. Doge prices are up by over 160% over the past month and by over 50% over the past seven days, likely owing to expectations of <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42024635/scaramucci-trumps-crypto-support-could-push-bitcoin-to-150k">pro-crypto regulations under Trump.</a>
Trump has also named billionaire Dogecoin supporter Elon Musk to spearhead the Department of Government Efficiency together with former Republican presidential candidate Vivek Ramaswamy. The <a href="https://www.benzinga.com/news/24/11/41965420/elon-musk-vivek-ramaswamy-led-department-of-government-efficiency-opens-account-on-x-says-it-is-working-overtime">department&#8217;s acronym DOGE</a>, coupled with Musk&#8217;s support for Doge and Trump&#8217;s promise of establishing the U.S. as the "crypto capital of the planet&#8221; during his campaign this year likely drove the rally.
Price Action: At the time of writing, DOGE was down 7.42% in the last 24 hours. However, the cryptocurrency has gained over 50% in the past week, according to <a href="http://pro.benzinga.com">Benzinga Pro</a> data.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41963342/elizabeth-warrens-sarcastic-take-on-doges-split-leadership-gets-slammed-by-elon-musk-unlike-you-neither-of-us-are-being-paid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren&#8217;s Sarcastic Take On DOGE&#8217;s Split Leadership Gets Slammed By Elon Musk: &#8216;Unlike You, Neither Of Us Are Being Paid&#8217;</a>
Photo: Executium via Unsplash

Analyst Color

Dogecoin 'Repeating Its Historical Pattern,' Says Analyst: Meme Coin Set To Touch $3 By Trump's Inauguration Day 2025

Chinese President Xi Jinping has expressed China&#8217;s willingness to collaborate with the U.S. government, regardless of the administration in power. This statement comes amid the <a href="https://www.benzinga.com/news/global/24/11/41870809/china-may-benefit-from-trumps-return-to-white-house-despite-his-tariff-plans-says-expert-short-term-pain-but-potentially-long-term-strategic-gain">ongoing U.S.-China tensions </a>and the impending return of Donald Trump to the White House.
What Happened: In a meeting with President Joe Biden at the Asia-Pacific Economic Cooperation forum in Lima, Xi Jinping conveyed China&#8217;s readiness to work with the U.S. to maintain dialogue, expand cooperation, and manage differences for the benefit of both nations. 
"China is ready to work with the US government to maintain dialogue, expand co-operation and manage differences . . . for the benefit of the two peoples," Xi told Biden. 
Biden, in turn, acknowledged the importance of the U.S.-China relationship and emphasized the need to prevent competition from escalating into conflict. The meeting took place just two months before Trump&#8217;s return to the presidency.
"Our two countries cannot let any of this competition veer into conflict," Biden said. 
"Over the past four years I think we've proven it's possible to have this relationship."
See Also: <a href="https://www.benzinga.com/24/11/42025179/chamath-palihapitiya-regrets-this-3-or-4-billion-crypto-mistake-as-bitcoin-rises-above-90000-would-have-made-a-lot-more-money" target="_blank" rel="noreferrer noopener">Chamath Palihapitiya Regrets This &#8216;$3 Or $4 Billion&#8217; Crypto Mistake As Bitcoin Rises Above $90,000: &#8216;Would Have Made…A Lot More Money&#8217;</a>
Despite the recent tensions, Xi&#8217;s message was clear: China is willing to work with the U.S. government, regardless of the administration in power. 
Why It Matters: The U.S.-China relationship has been a focal point of global geopolitics, with potential implications for trade, technology, and security. The recent <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41902202/trumps-china-hawks-rumored-for-top-roles-yuan-hits-3-month-low">rumored appointments</a> of China hawks to top roles in the Trump administration have already had a significant impact on Chinese markets, with the yuan hitting a three-month low.
Despite these tensions, China has been actively seeking to <a href="https://www.benzinga.com/markets/equities/24/11/41867397/xi-jinping-courts-us-allies-to-counter-trumps-trade-threats-report">engage U.S. allies</a> to mitigate the potential impact of Trump&#8217;s proposed tariffs. Trump has expressed his intention to implement a "pro-American trade policy that uses tariffs to encourage production here and bring trillions and trillions of dollars back home."
Trump&#8217;s victory in the U.S. presidential election has also led to a decline in <a href="https://www.benzinga.com/government/24/11/41773691/us-listed-chinese-stocks-like-alibaba-jd-nio-fall-after-trumps-win-whats-going-on">U.S.-listed Chinese stocks</a>, with analysts warning of a potential escalation in U.S.-China tensions and its impact on trade policies. Major U.S.-listed Chinese stocks Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), JD.com, Inc. (NASDAQ: JD), Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), NIO Inc. (NYSE: NIO), Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) were trading lower in the U.S. after Trump's victory.
Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/42006530/tesla-ceo-and-doge-co-lead-elon-musk-says-excess-government-spending-causes-inflation-heres-what-experts-say" target="_blank" rel="noreferrer noopener">Tesla CEO And DOGE Co-Lead Elon Musk Says ‘Excess Government Spending' Causes Inflation: Here's What Experts Say</a>
Image Via shutterstock

BABA

BIDU

XPEV

Xi Jinping Tells Joe Biden: China Is 'Ready To Work With' Trump As Tariff Threat Looms

Friday marked a &#8220;record-breaking&#8221; night for streaming platform Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) after 60 million households around the world watched the Jake Paul vs. Mike Tyson boxing event live, the company said on Saturday.
What Happened: Nearly 50 million households also tuned in live to watch the co-main event of Amanda Serrano vs. Katie Taylor, Netflix said. The audience gathered for the event held at the&nbsp;AT&amp;T&nbsp;Stadium&nbsp;in Arlington, Texas, included Evander Holyfield, Shaquille O&#8217;Neal, Sugar Ray Leonard, Jerry Jones, Charlize Theron, and Ralph Macchio, among others. 
&#8220;Paul vs. Tyson gate has surpassed $18 million, double the previous Texas gate record for combat sports in both boxing and MMA, topping Canelo Álvarez&#8217;s record of $9 million,&#8221; Netflix said while adding that 72.3k attendees gathered to witness the fights. 
Paul<a href="https://www.benzinga.com/general/sports/24/11/42022601/mike-tyson-vs-jake-paul-netflixs-explosive-boxing-event-ends-with-pauls-victory"> defeated Tyson</a> and Taylor won over Serrano on Friday. 
Why It Matters: Netflix is currently attempting to bolster its live content. While it has previously aired live comedy stand-ups, award shows, roasts, and other special events, Friday was the first time it aired a boxing event live. 
Last month, Netflix reported strong third-quarter financial results. The&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf" target="_blank" rel="noreferrer noopener">company's revenue was $9.825 billion</a>, a 15% increase year-over-year, beating the Street consensus estimate of $9.769 billion. The streaming service currently also boasts more than 282 million global paid subscribers.
The successful foray into live sports content could potentially boost Netflix's subscriber base and revenue in the future.
Price Action:&nbsp;Netflix shares ended Friday&#8217;s trading session down 1.57%, closing at $823.96. The stock is up by about 76% year-to-date, according to&nbsp;<a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42022920/sam-altman-slams-elon-musks-left-wing-bias-claims-over-chatgpt-responds-to-grok-vs-gpt-debate-with-bold-remarks-but-tesla-ceo-says-swindly-sam-is-at-it-again">OpenAI Co-Founders, Now Rivals Sam Altman And Elon Musk Clash Over ChatGPT And xAI&#8217;s Grok Chatbots Again</a></li>
</ul>
Image Credit: Netflix

Entertainment

Sports Betting

Sports

NFLX

Jake Paul Vs. Mike Tyson Boxing Match Sets 'Record-Breaking Night' For Netflix: Streaming Giant Says Nearly 60M Households Tuned In

The current stock market environment is reminiscent of the<a href="https://www.benzinga.com/markets/equities/24/07/39589689/ai-boom-spurs-nvidia-led-us-stock-market-rally-experts-draw-parallels-with-dotcom-bubble-no-one-"> dot-com bubble peak,</a> according to Rob Arnott, the founder and chairman of Research Affiliates. Arnott predicts a significant pullback in the near future.
What Happened: Arnott, who is known for his early predictions of bull market tops, sees parallels between the current market and the dot-com bubble peak, <a href="https://www.businessinsider.com/stock-market-crash-rob-arnott-warns-bear-market-tech-bubble-2024-11">reported</a> Business Insider. He does not anticipate an immediate significant pullback but foresees a substantial decline in the near future.
Arnott&#8217;s observations come as the S&amp;P 500, a large-cap index dominated by mega-cap growth firms, surged 5% within <a href="https://www.benzinga.com/trading-ideas/24/11/41977313/will-trumps-election-win-push-sp-500-even-higher-in-final-weeks-of-2024-over-75-say">a week following the election</a> of Donald Trump, closing above 6,000 for the first time. This rapid increase is the latest development in a 66% rally that has lasted over two years.
&#8220;This looks and feels like the year 2000 to me,&#8221; Arnott told the publication. 
&#8220;Are we likely to see a bear market in the next two years for large-cap growth? Yeah.&#8221;
The market&#8217;s record highs are driven by a strong economy and optimism about artificial intelligence and business-friendly policies from the future Trump administration. However, Arnott believes that the AI optimism, which has been the primary driver of the rally, is already fully priced in.
See Also: <a href="https://www.benzinga.com/markets/24/11/42017638/activist-hedge-fund-valueact-boosts-meta-stake-with-121m-bet-but-ceo-morfit-supports-mark-zuckerberg" target="_blank" rel="noreferrer noopener">Activist Hedge Fund ValueAct Boosts Meta Stake With $121M Bet, But CEO Morfit Supports Mark Zuckerberg's AI Vision: Here's What Investors Should Know</a>
Arnott points to the S&amp;P 500&#8217;s Shiller cyclically adjusted price-to-earnings ratio, which is at levels comparable to the dot-com bubble peak. At 37 times earnings, just below the late-2021 peak of 38, before the market fell by 25%, and the 2000 peak of 43, right before a 50% loss.
Arnott also highlights the potential threats to the market&#8217;s bullish narrative, such as the rise of competition for companies like Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and a slower-than-expected pace of AI adoption. However, he added that companies like Nvidia are expected to maintain their 90% market share even as competition intensifies and chip prices eventually decrease.
&#8220;Well, Intel is teetering perilously close to irrelevance, and Nvidia wasn&#8217;t on anyone&#8217;s radar screen five years ago. So disruptors get disrupted.&#8221;
Why It Matters: Arnott&#8217;s warning echoes concerns raised by other market experts. In October, Billionaire Jeremy Grantham warned that the current economy is <a href="https://www.benzinga.com/markets/24/10/41145356/billionaire-who-predicted-2008-crash-and-dot-com-bubble-calls-the-current-economy-the-most-vulnerabl">the most vulnerable market ever.</a> This was after the U.S. stock market&#8217;s surge, fueled by the promise of artificial intelligence, drew comparisons to the dot-com bubble of the late 1990s.
These concerns are particularly relevant given the recent performance of MicroStrategy Inc., whose shares<a href="https://www.benzinga.com/markets/equities/24/11/41892752/microstrategy-shares-hit-24-year-high-jumps-most-since-dot-com-bubble-as-bitcoin-trades-at-record-levels"> hit a 24-year high</a>, marking the highest level since the dot-com bubble in March 2000. This surge was fueled by the rise in Bitcoin (CRYPTO: Bitcoin), a crucial asset held by the company in its portfolio.
Price Action: The S&amp;P 500 Index closed at 5,870.62 points on Friday, it has yielded 23.78% on a year-to-date basis and 30.22% over the last year. The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) which tracks the S&amp;P 500 Index has had a similar momentum in 2024.
Read Next: <a href="https://www.benzinga.com/24/11/42025179/chamath-palihapitiya-regrets-this-3-or-4-billion-crypto-mistake-as-bitcoin-rises-above-90000-would-have-made-a-lot-more-money" target="_blank" rel="noreferrer noopener">Chamath Palihapitiya Regrets This &#8216;$3 Or $4 Billion&#8217; Crypto Mistake As Bitcoin Rises Above $90,000: &#8216;Would Have Made…A Lot More Money&#8217;</a>
Image via Unsplash

NVDA

Legendary Investor Rob Arnott Says Stock Market 'Looks And Feels Like The Year 2000' As Wall Street Rallies After Trump's Win: '...Likely To See A Bear Market'

Electric truck maker Nikola Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) is recalling 72 battery-electric trucks citing concerns that the instrument panel may fail to display critical safety information, the National Highway Traffic Safety Administration (NHTSA) said on Saturday.
What Happened: The recall population includes model year 2022- 2023 battery-electric trucks made by the company. The instrument panel in the vehicles may go black, preventing the driver from seeing necessary information such as speed and range and increasing the risk of a crash, the auto safety regulator said. 
As for a solution, the company&#8217;s dealers will replace the instrument panel, free of cost to the customer, it added. 
The company is not aware of any injuries or property damage associated with the issue.
Why It Matters: Nikola initially began delivering battery electric trucks before its hydrogen fuel cell electric trucks. However, following a few fire incidents, the BEV trucks&nbsp;<a href="https://www.benzinga.com/news/earnings/23/11/35585371/what-next-for-nikola-after-fire-riddled-recalls-bev-truck-maker-outlines-strategy" target="_blank" rel="noreferrer noopener">were subsequently recalled</a>&nbsp;in August 2023. The company is now returning the recalled battery electric trucks to customers with improved battery packs, renamed BEV 2.0.
Late last month, during Nikola&#8217;s third-quarter earnings call, company CFO&nbsp;<span style="box-sizing: border-box; border: 0px solid rgb(229, 231, 235); --tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-gradient-from-position: ; --tw-gradient-via-position: ; --tw-gradient-to-position: ; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgba(59,130,246,.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; --tw-contain-size: ; --tw-contain-layout: ; --tw-contain-paint: ; --tw-contain-style: ; font-weight: bolder; color: rgb(45, 45, 45); font-family: &quot;Helvetica Neue&quot;, Helvetica, OpenSans, Arial, sans-serif; font-size: 17.6px; white-space-collapse: collapse;">Tom Okray&nbsp;said that while the company has returned 78 trucks that were part of the recall back to customers and dealers, it is yet to deliver another 81 trucks that were part of the recall.
Nikola reported third-quarter&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41654395/nikola-q3-earnings-revenue-miss-eps-miss-88-fcevs-delivered-fleet-adoption-update-and-more" target="_blank" rel="noreferrer noopener">revenue of $25.18 million</a>, missing analyst&nbsp;estimates&nbsp;of $37.23 million. The EV maker reported a third-quarter adjusted loss of $2.75 per share, missing estimates for a loss of $2.35 per share.
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>
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</ul>
Image Courtesy of Nikola Corporation

NKLA

Nikola Recalls 72 Of Its Trouble-Ridden BEV Trucks As Display Failure Raises Crash Risk

In the wake of <a href="https://www.benzinga.com/general/market-summary/24/11/41968003/gold-drops-to-a-two-month-low-as-investors-turn-to-bitcoin-after-trumps-victory-but-this-economist-remains-confident-that-gold-will-surge">Bitcoin&#8217;s record-breaking</a> surge following President-elect Donald Trump&#8216;s victory, prominent venture capitalist Chamath Palihapitiya has voiced regret over his decision to sell his Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings.
What Happened: Palihapitiya, who once possessed a substantial amount of Bitcoin in his funds, expressed his remorse over the sale on the All In Podcast on Monday. &#8220;I actually think about all the Bitcoin I sold&#8230;that&#8217;s a, I don&#8217;t know, a three or four billion dollar mistake in growing now,&#8221; he stated.
See Also: <a href="https://www.benzinga.com/markets/24/11/42017638/activist-hedge-fund-valueact-boosts-meta-stake-with-121m-bet-but-ceo-morfit-supports-mark-zuckerberg" target="_blank" rel="noreferrer noopener">Activist Hedge Fund ValueAct Boosts Meta Stake With $121M Bet, But CEO Morfit Supports Mark Zuckerberg&#8217;s AI Vision: Here&#8217;s What Investors Should Know</a>
At the time, Palihapitiya&#8217;s partners opted to distribute Bitcoin, a decision that was profitable but, in retrospect, not as profitable as retaining the cryptocurrency. &#8220;Obviously I shouldn&#8217;t have sold it. Would have made them a lot more money,&#8221; Palihapitiya admitted.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">saturday special&#8230; besties are back! (0:00) bestie intros! (7:57) election impact on <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>, crypto, and fintech stocks (21:56) m&amp;a and ipos: what to expect in 2025 (39:52) pharma ads on cable tv: should it be allowed? is big pharma buying influence? (58:17) fbi raids… <a href="https://t.co/HBDXSVo7LD">pic.twitter.com/HBDXSVo7LD</a>
&mdash; The All-In Podcast (@theallinpod) <a href="https://twitter.com/theallinpod/status/1857835928343195777?ref_src=twsrc%5Etfw">November 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Bitcoin has made history by surpassing the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42017877/bitcoin-pushes-back-above-90000-ethereum-dogecoin-lag-to-end-a-record-week">$90,000 mark</a>, propelled by Trump&#8217;s pro-cryptocurrency stance and the prospect of a crypto-friendly Congress. The value of Bitcoin has risen by 90% in 2024, spurred by robust demand for dedicated U.S. exchange-traded funds and interest-rate reductions by the Federal Reserve.
Bitcoin&#8217;s surge, which reached new heights following the US election, has yielded returns that outstrip those from other investments such as stocks and gold.
In a previous episode of the All-In podcast, Palihapitiya discussed a significant shift in how <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41575679/chamath-palihapitiya-says-gen-z-has-decoupled-financial-freedom-from-traditional-9-5-jobs-">Gen Z approaches financial</a> independence. He noted that many young individuals no longer rely solely on their primary jobs to achieve financial freedom; instead, they engage in side activities such as trading cryptocurrencies like Bitcoin and options on platforms like Robinhood and Coinbase. 
Palihapitiya&#8217;s regret over selling his Bitcoin holdings comes at a time when the cryptocurrency market is experiencing significant growth. Anthony Scaramucci, the founder of Skybridge Capital, <a href="https://www.benzinga.com/24/11/42022585/michael-van-de-poppe-says-bitcoin-ethereum-and-altcoins-close-to-the-point-where-investors-can-buy-the-dip">anticipates a potential shift</a> towards a less politicized regulatory environment for cryptocurrencies under the upcoming U.S. administration, which could further boost Bitcoin&#8217;s value.
Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/42006530/tesla-ceo-and-doge-co-lead-elon-musk-says-excess-government-spending-causes-inflation-heres-what-experts-say" target="_blank" rel="noreferrer noopener">Tesla CEO And DOGE Co-Lead Elon Musk Says &#8216;Excess Government Spending&#8217; Causes Inflation: Here&#8217;s What Experts Say</a>
Photo by TechCrunch on Flickr

Chamath Palihapitiya Regrets This '$3 Or $4 Billion' Crypto Mistake As Bitcoin Rises Above $90,000: 'Would Have Made...A Lot More Money'

Elon Musk‘s rocket manufacturing company&nbsp;SpaceX&nbsp;on Friday postponed the sixth flight test of its Starship launch vehicle to November 19.
What Happened: Earlier this month, SpaceX pegged the sixth text flight of Starship for Nov. 18. However, the company postponed it by a day to Tuesday on Friday and said the 30-minute launch window would open at 4:00 pm CT. 
For the next test flight, the company aims to catch Starship's booster back at the launch site as on the last flight and splash down the upper stage in the Indian Ocean.
Past Flights:&nbsp;On Starship&#8217;s&nbsp;<a href="https://www.benzinga.com/news/24/10/41317860/elon-musk-went-from-examining-debris-from-falcon-1-flight-to-spacex-successfully-catching-booster-of" target="_blank" rel="noreferrer noopener">fifth flight test in October</a>, it lifted off from Starbase, and the booster returned to Earth after propelling Starship to space. The booster was subsequently caught by the launch tower at Starbase.
The Starship, meanwhile, went on to space and splashed down on target in the Indian Ocean.
The recovery of the booster was a key objective of the flight test and demonstrated the reusability of the Starship&#8217;s design. SpaceX is aiming to make the Starship a completely reusable spacecraft that can fly multiple times, thereby reducing the cost of spaceflight.
Why It Matters:&nbsp;Starship is key to NASA's dreams of taking humans back to the surface of the Moon.
NASA's Artemis 3 mission slated to launch no earlier than September 2026 is expected to enable humans to land back on the surface of the moon with the help of the Starship human landing system. The last time humans set foot on the Moon was in 1972&nbsp;<a href="https://www.benzinga.com/news/24/01/36692749/just-a-worse-version-of-apollo-elon-musk-baffled-by-nasa-veterans-push-to-ditch-spacex-blue-origin-a" target="_blank" rel="noreferrer noopener">with Apollo 17</a>. Since then, no crew has traveled beyond low-Earth orbit.
Musk, meanwhile, is eyeing&nbsp;<a href="https://www.benzinga.com/news/24/09/40770222/elon-musk-sets-2026-for-starships-first-uncrewed-mars-mission-targeting-successful-landing" target="_blank" rel="noreferrer noopener">taking humans to Earth's neighboring planet Mars</a>&nbsp;aboard the Starship. In September, he said that the first Starship launch to Mars is expected in 2026 and that it will not have a crew on board.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Image via Flickr

SPACE

Elon Musk's SpaceX Delays Starship Test Flight, Next Attempt Now Set For Tuesday

While <a href="https://www.benzinga.com/startups/24/11/41882908/640416">Jeff Bezos is enjoying the recent rise</a> in the stock market, his ex-wife, MacKenzie Scott, is making news for her generosity. She recently sold another $8 billion worth of Amazon shares and is using the money to help charities nationwide.
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Scott, who was previously married to Jeff Bezos, the founder of Amazon, has decided to use her money to try to change the world. Since their 2019 divorce, she has <a href="https://www.benzinga.com/startups/24/01/36830715/jeff-bezoss-ex-wife-mackenzie-scott-has-given-over-16-billion-to-charity-since-her-divorce-as-jeff-b">received a large amount</a> of Amazon shares, making her one of the wealthiest people on the planet. But unlike many other billionaires, she isn't keeping all that money for herself. Instead, she's <a href="https://www.benzinga.com/news/24/01/36817243/mackenzie-scott-offloaded-a-significant-portion-of-her-amazon-shares-last-year-heres-how-much-shes-w">giving it away quickly</a>, recently selling 11% of her Amazon shares to support nonprofits, per filings.
Since the divorce, Scott has sold or donated 255 million Amazon shares, worth about $37 billion. That's huge, especially since she has done it in less than six years. Instead of holding onto her wealth, Scott focuses on giving back by providing grants to organizations working on education, health, poverty and economic opportunities.
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> here's how there's a limited time opportunity to invest at $1,000 for only $0.50/share before closing date.</a>
After graduating from Princeton University, she <a href="https://www.benzinga.com/personal-finance/24/03/37892348/jeff-bezos-ex-wife-mackenzie-scott-had-an-excruciating-job-making-and-selling-sandwiches-to-pay-">moved to New York City</a> to follow her dream of becoming a writer. She had to take different jobs, like waitressing, just to pay her bills and these hard times taught her what it feels like to struggle with money, which made her want to help others in need.&nbsp;
Some groups that have received her donations include the Housing Trust Silicon Valley, which got $30 million to help make affordable housing and the Jewish Vocational Service in Boston, which received $7 million to help families become more financially stable. These donations are just a small part of her giving. Scott has already given more than $17 billion to over 2,300 nonprofits, making her one of the most generous people in the U.S.
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While Jeff Bezos' net worth keeps growing with Amazon's success, Scott's net worth is shrinking – but that's her goal. Forbes estimates that her wealth decreased from $59 billion in 2021 to about $30 billion in late September. She pledged to donate as much as she could over her lifetime when she joined The Giving Pledge in 2019.&nbsp;
Scott's way of giving is different from that of most billionaires. She focuses on smaller, community-based organizations, often giving them unrestricted funds – money they can use however they need without any conditions. For many of these groups, getting a donation from Scott is more than just the money. It is also a sign of trust, which can help them get more donations from others.
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President-elect Donald Trump has selected Chris Wright, a prominent figure in the fracking industry and a generous donor, to lead the Department of Energy.
What Happened: As per a <a href="https://thehill.com/policy/energy-environment/4994399-trump-taps-fracking-ceo-chris-wright-for-energy-secretary/">report</a> by The Hill, Trump lauded Wright&#8217;s vast experience in the energy sector. Wright, who is the CEO of&nbsp;Liberty Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBRT#NYSE">LBRT</a>), a company specializing in fracking and oilfield services, will require Senate approval to take up the position of energy secretary.
Trump said that Wright will be a part of the National Energy Council that will be headed by Interior Secretary-designate Doug Burgum, who is currently the governor of North Dakota. The council&#8217;s main objective will be to cut down regulations and increase investments to boost oil and gas production.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41964758/trumps-attorney-general-pick-matt-gaetz-once-proposed-collecting-federal-income-taxes-in-bitcoin-apart-from-co-sponsoring-bill-to-abolish-the-fed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Attorney General Pick Matt Gaetz Once Proposed Collecting Federal Income Taxes In Bitcoin, Apart</a>
In a video uploaded to LinkedIn last year, Wright said, "There is no climate crisis, and we're not in the midst of an energy transition either.&#8221;
Despite the U.S. setting oil production records under the Biden administration, Trump has expressed his desire to ramp up drilling activities once he assumes office. He has also been a vocal supporter of the fracking industry.
Why It Matters: The nomination of Wright, a key player in the fracking industry, signals Trump&#8217;s commitment to boost oil and gas production. The move could potentially lead to increased drilling activities and a greater focus on fracking, despite the U.S. already setting oil production records.
The implications of this decision could be far-reaching, impacting both the energy sector and the nation&#8217;s environmental policies.
Read Next: <a href="https://www.benzinga.com/news/24/11/41961033/gene-munster-says-elon-musks-doge-efficiency-plans-should-not-be-underestimated-but-warns-itll-likely-take-many-years-to-achieve-2-trillion-in-government-spending?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gene Munster Says Elon Musk&#8217;s DOGE Efficiency Plans Should Not Be Underestimated</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Wikimedia Commons

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