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The rapid increase in the number of new energy vehicles in China has led to a financial conundrum for the country&#8217;s insurers. The insurers are <a href="https://www.benzinga.com/news/large-cap/24/01/36787463/how-evs-high-tech-vehicles-are-fueling-surge-in-insurance-stocks">finding it challenging to make a profit</a> from insuring these vehicles, despite charging higher premiums.
What Happened: The surge in NEV ownership in China has led to a surge in insurance premiums, but insurers are still struggling to turn a profit. The insurers&#8217; loss ratio for NEVs is higher than for traditional vehicles, making it difficult for them to make money from insuring NEVs, <a href="https://www.caixinglobal.com/2024-07-26/electric-cars-are-draining-the-batteries-of-chinas-insurers-102220215.html">reported</a> Caixin.
China&#8217;s NEV market has been growing rapidly, with the number of insured NEVs increasing from around 7 million in 2021 to over 20 million in 2023. Despite this, insurers are generally losing money when they insure NEVs, with the combined ratio for household NEVs typically standing between 105% and 110%, and that for ride-hailing NEVs roughly between 120% and 130%.
Xiaomi Corp.&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACF#OTC">XIACF</a>)&nbsp; first new energy vehicle, the SU7, is priced at 215,900 yuan ($29,735). Despite its competitive retail price, the cost of insuring the SU7 is nearly as high as that of a combustion-engine vehicle that is more than twice its price.
This is fairly typical, as NEV owners are approximately twice as likely to file a claim, according to data from LexisNexis Risk Solutions.
Liu Shulin, president of the CIRI Auto Technology Institute, attributes this to several factors. NEVs accelerate faster, with a Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Model 3 reaching 100 km/h in 4.4 seconds, nearly twice as fast as a comparable BMW (OTC: BMWYY. NEVs&#8217; expensive batteries are costly to repair, often requiring manufacturer service. 
Additionally, widespread NEV use in the ride-hailing industry results in higher mileage, increasing risk. Some NEV owners face insurance renewal issues after exceeding 20,000 kilometers in a year.
Insurers typically avoid unprofitable deals, but government support for the NEV industry complicates this. The National Financial Regulatory Administration&#8217;s (NFRA) April guidelines require insurers to cover NEVs to support China&#8217;s carbon goals for 2030 and 2060.
One solution is raising premiums, but current rules prevent this. Insurance premiums in China are influenced by an autonomous pricing coefficient, capped by regulators, which limits profitability for NEV coverage, according to the report.
The NFRA has proposed reforms to allow greater flexibility in setting these coefficients, potentially lowering premiums for low-risk NEVs and raising them for high-risk ones, like those used in ride-hailing.
A car insurance industry insiders told Caixin that premiums for XPeng (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) models might increase due to high loss ratios and ride-hailing use. However, some industry insiders warn the new limits may still not cover all high-risk vehicles, suggesting the cap be removed to prevent insurers from losing money and to ensure NEV owners can renew their plans.
See Also: <a href="https://www.benzinga.com/news/24/07/39953071/tesla-ford-gm-and-other-automakers-trade-lower-in-premarket-after-elon-musk-and-jim-farleys-team-fai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla, Ford, GM And Other Automakers Trade Lower In Premarket After Elon Musk And Jim Farley&#8217;s Team Fail To Soothe Investors</a>
Why It Matters: The surge in NEV adoption has been a global trend, with China being a significant driver of this shift. In 2023, NIO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35240644/nio-inc-entered-the-ev-insurance-business-late-last-year-according-to-new-filing">entered the insurance business</a> alongside other Chinese EV manufacturers, further highlighting the industry&#8217;s potential for growth.
This trend has also had a significant impact on the global insurance market. In January, <a href="https://www.benzinga.com/news/large-cap/24/01/36787463/how-evs-high-tech-vehicles-are-fueling-surge-in-insurance-stocks">insurance company stocks outperformed</a> the S&amp;P 500 index, driven by the surge in EV and high-tech vehicle sales. This trend was particularly evident in China, where <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39473004/tesla-chinas-weekly-insurance-registrations-hit-highest-since-start-of-2024-bull-ga">Tesla&#8217;s weekly insurance registrations</a> hit a record high in June.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Americans Are Broke&#8217; — Points To Ford&#8217;s Dismal Q2 Profit: &#8216;They Can&#8217;t Afford To Buy New Cars&#8217; Due To Interest Rates</a>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Electric Vehicles Are Bleeding Insurers Money In This Key Market For Tesla And Other Auto Giants: Here's Why

The U.S. Justice Department has <a href="https://www.benzinga.com/news/24/06/39150865/tiktok-parent-bytedance-appoints-former-warner-bros-lawyer-as-general-counsel-amid-ongoing-legal-bat">leveled accusations against</a> TikTok, alleging that the social media platform has been collecting data on its users&#8217; views on sensitive topics&nbsp;such as gun control, abortion, and religion.
What Happened: On Friday, making its most forceful case to date, the Justice Department made these allegations in response to a <a href="https://www.benzinga.com/news/24/05/39103767/tiktok-denies-report-about-splitting-code-to-create-a-us-only-algorithm-qualified-divestiture-needed">federal&nbsp;lawsuit filed by TikTok</a> in May.
The department also claims that TikTok has been censoring content under&nbsp;the direction of its China-based&nbsp;parent company,&nbsp;ByteDance, <a href="https://www.wsj.com/tech/tiktok-collected-u-s-users-views-on-gun-control-abortion-and-religion-u-s-says-4fcf19f6?mod=tech_trendingnow_article_pos2">reported</a> the Wall Street Journal.
&#8220;The collection of data from Americans is not a protected activity,&#8221; a senior Justice Department official explained in the filings, many of which remain classified, the report noted.
See Also: <a href="https://www.benzinga.com/news/24/07/40000541/apples-market-share-drops-in-china-a18-chip-integration-to-bring-ai-features-to-iphone-16-and-more-t?itm_source=parsely-api">Apple&#8217;s Market Share Drops In China, A18 Chip Integration To Bring AI Features To iPhone 16 And More: This Week In Appleverse</a>
The filings also revealed a software tool that allows&nbsp;U.S. employees of TikTok and&nbsp;ByteDance to&nbsp;collect user information based on&nbsp;content, including views on sensitive topics.
&#8220;Intelligence reporting further demonstrates that ByteDance and TikTok Global have taken action in response to PRC demands to censor content outside of China,&#8221; Casey Blackburn, a senior U.S. intelligence official, wrote in a filing supporting the government's stance.
A spokesperson for TikTok defended the company, stating that&nbsp;a TikTok ban would violate&nbsp;the First Amendment rights of its 170 million users and expressed confidence in prevailing in court.
TikTok has previously said that its U.S. algorithm is stored with its American partner, Oracle. However, the Justice Department argues that TikTok&#8217;s plan to store U.S. user data on domestic servers is inadequate.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The latest revelations come at a time when the platform has gained <a href="https://www.benzinga.com/news/24/06/39128716/trump-gains-3m-followers-on-tiktok-amid-ufc-themed-debut-heres-how-bidens-super-bowl-themed-arrival">significant popularity among</a> high-profile U.S. figures. Last month, former President Donald Trump joined TikTok, the platform&nbsp;<a href="https://www.benzinga.com/news/24/05/39103767/tiktok-denies-report-about-splitting-code-to-create-a-us-only-algorithm-qualified-divestiture-needed" target="_blank" rel="noreferrer noopener">he once sought to ban</a>.
This month, Vice President Kamala Harris also <a href="https://www.benzinga.com/news/24/07/39975556/kamala-harris-hops-on-the-tiktok-bandwagon-recently-ive-been-on-the-for-you-page-so-i-thought">launched her own TikTok account</a>, following President Joe Biden&#8217;s sudden exit from the 2024 presidential race and her announcement to run for the presidency.
The U.S. government has said that the TikTok algorithm <a href="https://www.benzinga.com/news/24/03/37688964/tiktok-ban-could-take-out-billions-of-dollars-out-of-creators-pockets-and-put-over-300k-american-job">poses a national security risk</a>, warning of possible exploitation by the Chinese government for large-scale influence operations in the U.S.
European Commission President Ursula von der Leyen earlier <a href="https://www.benzinga.com/news/24/04/38508391/after-biden-signs-tiktok-ban-into-law-top-eu-leader-says-not-ruling-out-action-against-chinese-platf">suggested the possibility</a> of a TikTok ban within the EU.
Photo by XanderSt on Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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TikTok Tracks Views Of US Users On Gun Control, Abortion And Religion, Says Justice Department: 'Collection Of Data From Americans Is Not A Protected Activity'

Text messages from Republican vice presidential candidate JD Vance have been brought to light, showcasing his past criticisms of police, former President Donald Trump, and more. These messages were disclosed by a former classmate of Vance&#8217;s.
What Happened: According to a <a href="https://www.nytimes.com/2024/07/27/us/jd-vance-emails-transgender-classmate-highlights.html">report</a> by<a href="https://www.nytimes.com/2024/07/27/us/jd-vance-emails-transgender-classmate-highlights.html"> </a>The New York Times, about a series of texts that were shared by Sofia Nelson, a Detroit-based transgender public defender and a former close associate of Vance. These messages were exchanged between the years 2014 and 2017, during which Vance was recognized for his outspoken opposition to Trump, who is now his running mate.
One of the disclosed texts has Vance stating, &#8220;I hate the police. Given the number of negative experiences I've had in the past few years, I can't imagine what a black guy goes through.&#8221; In an email from 2015, he described Trump as a &#8220;demagogue&#8221; and a &#8220;morally reprehensible human being.&#8221;
A representative for Vance downplayed the messages, stating, "Senator Vance values his friendships with individuals across the political spectrum. He has been open about the fact that some of his views from a decade ago began to change after becoming a dad and starting a family, and he has thoroughly explained why he changed his mind on President Trump. Despite their disagreements, Senator Vance cares for Sofia and wishes Sofia the very best."
Also Read: <a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate">Trump Vs. Harris: Latest Survey Indicates Positive Signs For This Candidate</a>
The unearthing of these texts has sparked a debate among conservative commentators, with some, such as Ben Shapiro, questioning Trump&#8217;s selection of Vance as his vice presidential candidate.
Why It Matters: The revelation of these messages could potentially impact Vance&#8217;s standing within the Republican party and among conservative voters. 
<a href="https://www.benzinga.com/news/24/07/39979544/can-trump-replace-jd-vance-amid-kamala-harris-picking-pace-experts-warn-that-could-be-extraordinaril">His past views on Trump, who is now his running mate, might raise questions</a> about his current political alignment and the sincerity of his support for the Trump administration.
Furthermore, his expressed disdain for the police could potentially alienate a portion of the Republican base that strongly supports law enforcement. 
As the election approaches, how Vance addresses these revelations and navigates the ensuing controversy could <a href="https://www.benzinga.com/general/politics/24/07/39916075/j-d-vance-venture-capital-background-under-scrutiny-it-never-seemed-like-he-was-even-working-it-">significantly influence his political future.</a>
Photos/Shutterstock.com
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Politics

Secret Texts Reveal Republican VP Candidate JD Vance's Past Views On Trump, Police, And GOP: Called Ex-President 'Morally Reprehensible Human Being'

In a show of massive political support for the cryptocurrency demographic, former President Donald Trump said that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) would skyrocket like "never before" if he came back to power and promised to fire current SEC Chair Gary Gensler on Day 1 of his tenure.
What Happened: The Republican presidential nominees delivered one of the most hotly anticipated keynote addresses at the Bitcoin 2024 conference in Nashville.
About 30 minutes into the address, Trump declared, &#8220;Bitcoin and crypto will skyrocket like never before, even beyond your expectations, and you are the people doing it,&#8221; to wild applause from the audience. "When America is prospering, Bitcoin is soaring and it&#8217;ll go up with it."
The presidential hopeful highlighted how King Crypto exploded by 900%, from $898 to $35,000 during his four years in office, much higher than how it has during the Joe Biden administration.
Trump also announced that he would sack SEC Chair Gensler, seen as hostile to the cause of cryptocurrencies, on Day 1 of assuming office. "I will appoint a new SEC chairman who believes America should build the future and not block the future."
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39976626/jersey-city-pension-fund-to-follow-wisconsins-lead-with-bitcoin-etf-investment-ive-been-a-">Jersey City Pension Fund To Follow Wisconsin&#8217;s Lead With Bitcoin ETF Investment: &#8216;I&#8217;ve Been A Long Time Believer In Crypto,&#8217; Says Mayor Fulop</a>
Why It Matters: Trump's promises have already been making waves, at least in the cryptocurrency circles.&nbsp;
The former president <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">advocated for a strategic national cryptocurrency</a> stockpile at the event and laid out his plans to make the U.S. the cryptocurrency capital of the planet.
Price Action: At the time of writing, Bitcoin was trading at $68,693.74, up 0.89% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Trump-themed Maga Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) was up 0.26%.
Image via Shutterstock
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Trump Says Bitcoin Will 'Skyrocket Like Never Before' If He Returns To The White House, Promises To Fire SEC Chair Gary Gensler On Day 1

Vice President and presumptive Democratic Nominee For 2024 Presidential Elections, Kamala Harris, has voiced her support for the Venezuelan people in the wake of their landmark presidential election, amidst rising concerns about potential electoral fraud.
What Happened: Harris took to X on Sunday to say that the United States &#8220;stands with&#8221; the people of Venezuela. She said that the &#8220;will of the Venezuelan people must be respected.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The United States stands with the people of Venezuela who expressed their voice in today's historic presidential election. The will of the Venezuelan people must be respected. Despite the many challenges, we will continue to work toward a more democratic, prosperous, and secure…
&mdash; Vice President Kamala Harris (@VP) <a href="https://twitter.com/VP/status/1817687288056303648?ref_src=twsrc%5Etfw">July 28, 2024</a></blockquote>
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As reported by Reuters, the Venezuelan election, the most consequential in 25 years of socialist party governance, saw President Nicolas Maduro, whose 2018 re-election is widely deemed fraudulent, express confidence in his victory. Despite being barred from holding public office, Opposition leader Maria Corina Machado has been a key figure in the coalition campaign.
Edmundo Gonzalez, a 74-year-old former diplomat, is the opposition&#8217;s candidate. Despite gaining support from former ruling party supporters, the fairness of the election has been called into question by the opposition and observers, citing decisions by electoral authorities and arrests of opposition staff as potential hindrances.
See Also: <a href="https://www.benzinga.com/general/politics/24/07/39992709/kamala-harris-will-certify-2024-election-results-shes-not-going-to-burn-the-system-down-in-order?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Will Certify 2024 Election Results: &#8216;She&#8217;s Not Going To Burn The System Down In Order To Save It&#8217;</a>
According to Attorney General Tarek Saab, the voting was largely peaceful, barring a few isolated incidents. The results were anticipated on Sunday night.
Maduro&#8217;s administration has presided over an economic collapse, mass migration, and a significant decline in diplomatic relations, with sanctions imposed by the United States, the European Union, and others. If re-elected, Maduro has pledged peace and economic growth, aiming to lessen Venezuela&#8217;s reliance on oil income.
Opposition leaders Gonzalez and Machado have promised major changes and believe a fresh start may motivate Venezuelan migrants to return. They also expect the military to uphold the election results.
Why It Matters: The US has been closely monitoring the Venezuelan election, given the history of alleged electoral fraud and the impact of the country&#8217;s economic collapse. According to a Benzinga report from April 2024, the Biden administration was <a href="https://www.benzinga.com/news/24/04/38290486/team-biden-considers-reinstating-oil-sanctions-on-venezuela-over-election-concerns-report">contemplating reinstating oil sanctions</a> on Venezuela due to concerns over the fairness of the election. 
The report highlighted that President Maduro had allegedly not fulfilled his commitments regarding free and fair elections, leading to the potential reintroduction of punitive measures on Venezuela's oil and gas sector.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Kamala Harris: 'The Will Of The Venezuelan People Must Be Respected' As Socialist Nicolás Maduro Faces Toughest Test At The Ballot In Decades

In the wake of heavy rainfall, North Korean leader Kim Jong Un has inspected flood-stricken areas near the border with China, according to state media KCNA. The deluge has impacted approximately 5,000 residents in the region.
What Happened: A Reuters report revealed that Kim Jong Un visited the flood-impacted regions of Sinuiju and surrounding areas on Sunday. These regions, situated near the Chinese border, were hit by record rainfall on Saturday, leaving around 5,000 people isolated.
The North Korean military was quick to respond, deploying approximately 10 aircraft to carry out around 20 rescue missions each. Within half a day, they were able to rescue 4,200 people, KCNA reported.
Kim praised the military&#8217;s rescue efforts, stating that they saved 5,000 lives. However, he criticized officials for their lack of preparedness in crisis response measures to mitigate damage from heavy rain, floods, and typhoons.
See Also: <a href="https://www.benzinga.com/news/24/07/39999465/trump-raises-eyebrows-with-controversial-remark-at-florida-event-in-four-years-you-dont-have-to-vote?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Raises Eyebrows With Controversial Remark At Florida Event: &#8216;In Four Years, You Don&#8217;t Have To Vote</a>
The region has been severely affected by heavy rainfall from Tropical Storm Gaemi, which triggered a landslide in southern China, causing 12 fatalities and flash floods in other areas.
Why It Matters: This incident comes as North Korea&#8217;s economy, already battered by COVID-19, <a href="https://www.benzinga.com/government/22/06/27875776/kim-jong-uns-covid-battered-economy-is-now-bracing-up-for-potential-floods">braced for potential floods</a> due to early monsoons, as reported by Benzinga in June 2022. The country&#8217;s food crisis, already at a critical stage, is likely to worsen due to these floods. In January 2024, Kim emphasized the urgent need to address the country&#8217;s food shortages, calling it a &#8220;serious political issue.&#8221;
Despite these challenges, North Korea&#8217;s economy experienced significant growth in 2023, after three consecutive years of contraction. This growth was attributed to <a href="https://www.benzinga.com/news/24/07/39981434/kim-jong-un-steers-north-korea-to-growth-in-2023-after-3-years-of-decline-trade-with-china-russia-ba">increased trade with China</a>, relaxed COVID-19 border controls, and favorable weather conditions.
However, the country&#8217;s relationship with the United States remains tense, with North Korea asserting its <a href="https://www.benzinga.com/news/24/07/39925959/kim-jong-un-rejects-donald-trumps-friendship-claims-north-korea-says-we-do-not-care-expresses-nuclea">nuclear readiness</a> amid rising tension.
Photo by Alexander Khitrov on Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Kim Jong Un Praises His Military For Flood Rescue Efforts, Visits Areas On Chinese Border Battered By Typhoon Gaemi

Kamala Harris&#8216;s presidential campaign has raised a whopping $200 million and added 170,000 new volunteers in the week since she became the Democratic Party&#8217;s candidate.
What Happened: On Sunday last week, President Joe Biden ended his reelection bid and endorsed Harris for the November 5 vote against Republican former President Donald Trump. Harris&#8217;s deputy campaign manager, Rob Flaherty, revealed the fundraising details on social media, reported Reuters.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There's 100 days til Election Day, so here's a fun one: In the week since we got started, <a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw">@KamalaHarris</a> has raised $200 million dollars. 66% of that is from new donors. We've signed up 170,000 new volunteers. A people-powered campaign for a people-powered presidency!
&mdash; Rob Flaherty (@Rob_Flaherty) <a href="https://twitter.com/Rob_Flaherty/status/1817533449688809937?ref_src=twsrc%5Etfw">July 28, 2024</a></blockquote>
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</figure>
Recent polls, including a Reuters/Ipsos one, show Harris and Trump essentially tied, indicating a closely contested campaign with 100 days left until the election. Trump&#8217;s campaign had earlier reported raising $331 million in the second quarter.
See Also: <a href="https://www.benzinga.com/news/24/07/39975168/nikki-haley-says-democrats-are-very-smart-to-put-in-a-younger-candidate-against-trump-but-kamala-har?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nikki Haley Says &#8216;Democrats Are Very Smart To Put In A Younger Candidate&#8217; Against Trump But Kamala Harris</a>
Harris has secured support from a majority of delegates to the Democratic National Convention, making her the likely party&#8217;s nominee for president next month. Biden withdrew from the race amid questions about his age and health, pledging to remain in office as president until his term ends on January 20, 2025.
Harris&#8217;s entry has revitalized a campaign that had faltered amid Democrats&#8217; doubts about Biden&#8217;s chances of defeating Trump. Republican attacks on Harris, the first woman and first Black and South Asian person to serve as U.S. vice president, have intensified since she became the Democrats&#8217; likely presidential nominee.
Why It Matters: Harris&#8217;s campaign has faced legal challenges since Biden&#8217;s withdrawal. The Trump campaign <a href="https://www.benzinga.com/news/24/07/39903457/kamala-harris-presidential-run-to-remain-unbothered-by-gops-legal-shenanigans-say-experts-an-express">filed a complaint</a> with the Federal Election Commission, accusing Harris&#8217;s campaign of improperly acquiring funds from Biden&#8217;s campaign. Despite these allegations, <a href="https://www.benzinga.com/news/24/07/39903457/kamala-harris-presidential-run-to-remain-unbothered-by-gops-legal-shenanigans-say-experts-an-express">legal experts are confident</a> that these lawsuits will not succeed.
Furthermore, Harris has received the <a href="https://www.benzinga.com/news/24/07/39905133/kamala-harris-has-majority-support-from-democrats-to-run-against-trump-in-2024-presidential-race-pola">majority of Democratic delegate support</a>, positioning her as the party's nominee against Trump. This move is seen as an attempt to quell weeks of internal party disputes and unite in the mission to defeat Trump with just over 100 days until Election Day.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Kamala Harris Raises $200M In A Week, 66% Of That Money Is From Donors, Reveals Campaign Manager: 'A People-Powered Campaign'

- <a href="https://www.globenewswire.com/Tracker?data=SxjTJ9GbqAKx2VamE9fThROVzkBSRqkHmTmK8kNmNXqsrnPyRVeoJpKn01OfZx1VSf_YKuCtX58mrY_FtvmxHg==">Longeveron Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGVN#NASDAQ">LGVN</a>), a clinical stage regenerative medicine biotechnology company developing cellular therapies for life-threatening and chronic aging-related conditions, announced that its positive Phase 2a clinical trial data and biomarker results were featured in two presentations, including a Featured Research Session oral presentation, at the Alzheimer&rsquo;s Association International Conference&reg; (AAIC), taking place July 28 &ndash; August 1, 2024, in Philadelphia and online.
&ldquo;As a medicinal signaling cell therapy that has multiple potential mechanisms of action to address inflammatory responses in the brain, Lomecel-B&trade; offers potential to address the underlying pathology of Alzheimer&rsquo;s Disease without the limitations of previous therapies,&rdquo; said <a href="https://www.globenewswire.com/Tracker?data=mbkW5AdmogKgnA5dwt3EzNTyciWePy-nGiRurR8Oy8VvLkxUulLO0XPNWYIKM6XiYk-l0LlE_AHlpneKQ5qgLm7gUe-hWQAmcRXcuEgKEhdcPxg8-OylakJffZNqj6gu">Wa&rsquo;el Hashad</a>, Chief Executive Officer at Longeveron. &ldquo;We are very encouraged by the safety profile and efficacy evidence that support the differentiated therapeutic potential of Lomecel-B&trade; and lay the foundation for its future clinical development. We&rsquo;re pleased to connect with the Alzheimer&rsquo;s community at AAIC 2024 and contribute to the growing body of evidence that fuels the continued development of novel therapeutics for this devastating disease.&rdquo;

Events

LGVN

Longeveron Announced Study Results from CLEAR MIND Phase 2a Clinical Trial of Lomecel-B In Mild Alzheimer's Disease;  Study Meets Its Key Objectives To Advance Data Supporting Favorable Benefit/Risk Profile

Anavex Life Sciences Corp. (&ldquo;Anavex&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVXL#NASDAQ">AVXL</a>), a clinical-stage biopharmaceutical company developing differentiated therapeutics for the treatment of neurodegenerative, neurodevelopmental, and neuropsychiatric disorders including Alzheimer&rsquo;s disease, Parkinson&rsquo;s disease, Rett syndrome, schizophrenia, and other central nervous system (CNS) diseases, today presented comprehensive results from the Phase IIb/III study showing that blarcamesine (ANAVEX&reg;2-73), once daily orally, significantly slowed clinical decline in people with early Alzheimer&#39;s disease (AD). The data were presented by Marwan Noel Sabbagh, MD, Professor of Neurology at Barrow Neurological Institute and Chairman of the Scientific Advisory Board at the 2024 Alzheimer&#39;s Association International Conference (AAIC).
Blarcamesine significantly slowed clinical progression by 38.5% and 34.6% at 48 weeks in 50 mg and 30 mg groups vs. placebo, respectively, on the prespecified primary cognitive endpoint ADAS-Cog13. As specified in the March 2024 FDA Guidance for Early AD, a sole cognitive measure can serve as the primary endpoint for early Alzheimer&rsquo;s trials.1 The protocol was designed with ADAS-Cog13 and ADCS-ADL as co-primary endpoints. The functional co-primary endpoint, ADCS-ADL, was trending positive but did not reach significance at Week 48. A possible explanation is that the ADCS-ADL scale is designed for AD with overt dementia and is less sensitive for early AD.2 The prespecified key secondary composite endpoint CDR-SB, also recommended as an alternative primary endpoint for early AD in the new FDA guidance, is significant at both 30 mg and 50 mg at Week 48. The findings are supported by biomarkers from the A/T/N spectrum, including plasma A&beta;42/40-ratio and reduction of brain atrophy. Blarcamesine significantly slowed brain atrophy in key regions of interest, including the whole brain by 37.6%, total grey matter by 63.5%, and lateral ventricles by 25.1%.

AVXL

Anavex Life Sciences Earlier Announced Oral, Once Daily Blarcamesine Significantly Slowed Clinical Decline For Early Alzheimer's Disease Patients; Functional Co-primary Endpoint, ADCS-ADL, Was Trending Positive But Did Not Reach Significance At Week 48

Vital Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTLE#NYSE">VTLE</a>) (&quot;Vital Energy&quot; or the &quot;Company&quot;) today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Point Energy Partners (&quot;Point&quot;), a Vortus Investments portfolio company. The transaction will significantly increase the Company&rsquo;s operational scale and footprint in the Delaware Basin and add high-value development inventory.
The agreement was signed in partnership with Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) (&quot;NOG&quot;). Under the terms of the agreement, the two companies will acquire Point Energy&rsquo;s assets in an all-cash transaction for total consideration of $1.1 billion. Vital Energy agreed to acquire 80% of Point&rsquo;s assets, with NOG acquiring the remaining 20%. The transaction is expected to close by the end of the third quarter of 2024 with an effective date of April 1, 2024, subject to customary closing conditions.
Closing price adjustments are expected to total approximately $75 million, reducing total consideration to approximately $1.025 billion. Vital Energy expects to fund its $820 million portion, net of expected purchase price adjustments, through the use of its credit facility, which was recently expanded to $1.5 billion. Wells Fargo, National Association has committed to the increased elected commitment upon closing of the transaction.
Vital Energy plans to host a conference call and webcast at 8:00 a.m. CT on Monday, July 29, 2024. Supplemental slides have been posted to the Company&rsquo;s website.

VTLE

Vital Energy, Northern Oil and Gas To Acquire Point Energy's Delaware Basin Assets for $1,1B In Cash

When you think of <a href="https://www.benzinga.com/money/best-industries-to-invest-in">booming industries</a>, you might jump to tech giants, pharmaceuticals, or renewable energy. But some of America&#8217;s biggest and most surprising moneymakers come from places you might not expect. Here are five unexpected sectors that are thriving and the reasons behind their success.
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<h2 class="wp-block-heading">Baked Goods: A Tasty $82 Billion Industry</h2>
Yes, you read that right. The humble baked goods industry in the U.S. was worth a staggering $82 billion in 2022. From artisanal bread to decadent pastries, Americans love their baked treats.&nbsp;
This boom is partly because people are increasingly interested in high-quality, freshly baked products. The rise of health-conscious and specialty diets has also contributed, with gluten-free, organic, and vegan options taking a big slice of the market.
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<h2 class="wp-block-heading">Used Luxury Watches: Time Is Money With A $4 Billion Market</h2>
Luxury watches are another booming market. The demand is very high, and supply is relatively low, so the market for used watches is exploding. In 2022, the U.S. luxury watch market, including pre-owned timepieces, was valued at $4 billion, and the global luxury watch market is projected to reach $37 billion by 2032, according to a CNBC report.&nbsp;
This growth can be attributed to the increasing appreciation of watches as investment pieces, despite Jean-Frédéric Dufour, <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38138323/rolex-ceo-does-not-like-treating-luxury-watches-as-stock-investments-this-sends-the-wrong-">the CEO of Rolex, saying</a>, &#8220;I don&#8217;t like it when people compare watches with stocks. This sends the wrong message and is dangerous.&#8221;&nbsp;
Nevertheless, <a href="https://www.benzinga.com/money/how-to-invest-in-watches">collectors and enthusiasts are willing to spend big</a> on rare and vintage models, driving up demand and prices. Brands like Rolex, Patek Philippe, and Audemars Piguet, the Swiss watch industry leaders, witnessed a price surge for pre-owned watches in 2021 and early 2022.
<hr class="wp-block-separator has-alpha-channel-opacity" />
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<h2 class="wp-block-heading">Phone Repairs: Keeping Us Connected For $8.3 Billion</h2>
Smartphones are essential. There&#8217;s no getting around that fact. So, it's no surprise that we need them fixed fast when they break. In 2023, Americans spent a whopping $8.3 billion on smartphone repairs. With the high cost of new phones, many people prefer repairing rather than replacing their devices. A growing number of repair shops and services popping up has made it more convenient and affordable to get phones fixed quickly.
The right-to-repair movement has also made a big impact as it pushes for consumers to have easier access to parts and info needed to fix their devices, helping people keep their smartphones working longer. For example, <a href="https://www.benzinga.com/top-stories/24/03/37975666/apple-device-repairs-might-soon-get-cheaper-and-easier-oregons-historic-righ-to-repair-law-to-ban-pa">Oregon recently passed a right-to-repair bill</a> that outlaws the controversial practice of parts pairing in repairs.
<h2 class="wp-block-heading">Hot Sauce: Heating Up A $1.5 Billion Market</h2>
America&#8217;s love affair with hot sauce is hotter than ever. According to Business Insider, the market reached $1.5 billion and is set to surpass $15 billion globally by 2031, according to Transparency Market Research.
From the classic Tabasco to artisanal, small-batch brands, the variety and quality of hot sauces have exploded. The increasing interest in diverse and spicy cuisines and a growing number of hot sauce enthusiasts and collectors have spiced up this market significantly.
While these industries could be seen as surprising by some, or even many, their success shows just how diverse and changing American tastes are. Nevertheless, we all must remember that things can change and that these and many other sectors won&#8217;t keep growing forever. Economic changes, shifting consumer preferences, and new regulations can all affect these booming markets. Like any industry, <a href="https://www.benzinga.com/general/24/04/38254603/warren-buffett-says-the-key-to-success-isnt-having-the-greatest-business-idea-in-the-world-the-test">staying successful will require constant innovation and adaptation</a>.
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Startups

These Surprising, Billion-Dollar American Industries Will Blow Your Mind. Find Out Which Unexpected Sectors Are Booming And Why

<a href="https://www.benzinga.com/topic/kamala-harris">Kamala Harris&#8217;s</a> infectious laughter has been a topic of discussion in political circles since she assumed office as Joe Biden's VP in January 2021. And now, her laugh has practically gone viral among critics, led by her main competitor <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump,</a> who seems to be making her easy laugh a campaign issue, which he's already exploiting.
"I call her Laughing Kamala. You ever watch her laugh?… She's crazy. She's nuts," the former president said at a recent rally in Michigan.
While Harris's laugh is apparently viewed positively by supporters as the natural expression of her personality, which is usually the case with laughter, the Trump campaign and its friend <a href="https://www.thedailybeast.com/sean-hannity-says-adversaries-like-russia-and-china-will-snub-kamala-because-of-her-laugh">Sean Hannity at Fox News</a> are piling on to undermine her. They are calling her laugh a liability and much much more as they veer into racist and sexist territory.
<h2 class="wp-block-heading">NY Times Comedy Columnist Begs To Differ</h2>
"Far from a liability, her laugh is one of her most effective weapons," <a href="https://www.nytimes.com/2024/07/28/arts/kamala-harris-laugh.html">says</a> New York Times Jason Zinoman who writes a comedy column. "Only in an era when everything gets politicized would a campaign come out aggressively against boisterous laughter."
Harris herself has addressed the origins of her laugh, attributing it to familial traits and personal joy. On more than one occasion, Harris <a href="https://www.benzinga.com/markets/cannabis/24/07/39998398/kamala-harris-admits-i-inhaled-marijuana-and-now-pushes-for-legalization-what-this-means-for-202">has said, while laughing</a>, that cannabis "gives a lot of people joy, and we need more joy in the world." Amen to that.
Read Also: <a href="https://www.benzinga.com/news/24/07/40001853/trump-vs-harris-harris-leading-trump-in-maine-has-edge-with-gen-z-nationally">Trump Vs. Harris: Harris Leading Trump In Maine, Has Edge With Gen Z Nationally</a>
<h2 class="wp-block-heading">Why Is Trump And His Supporters Bothered By Harris's Laugh?</h2>
The Atlantic posits that the Trump campaign was caught off guard by the dizzying speed with which Harris became the 2024 Democratic presidential nominee following <a href="https://www.benzinga.com/markets/cannabis/24/07/39874209/joe-biden-drops-out-what-would-happen-with-cannabis-legalization-under-kamala-harris-or-donald-t">Biden's announcement</a> to leave the race. Due to Harris's ever-increasing support, Trump had to quickly come up with some new snarky attack lines against her. It seems he's going with "Laughing Kamala" or is it "Cackling Kamala"?
<h2 class="wp-block-heading">What Does Genuinely Laughing Say About A Person?</h2>
That he or she is human. "In a divided country, it's something we all do and enjoy. And as anyone who has hung out with friends late into the night knows, it's contagious. That's a powerful political tool," said NYT's Zinoman. "As the poet Ella Wilcox wrote, ‘Laugh and the world laughs with you.'"
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Photo: Shutterstock

Cannabis

Government

Kamala Harris's Hearty Laugh: Why Does It Bother Donald Trump And His Followers So Much?

Provista Health, a Dallas-based hospice provider, <a href="https://www.benzinga.com/government/24/07/39865874/financial-crime-weekly-davita-agrees-to-pay-34-5m-for-kickbacks-hospice-provider-doles-out-19-4m-for">has been ordered</a> to pay $26.3 million for billing Medicare for a variety of medically unnecessary respiratory pathogen panel (RPP) tests that were given to nursing homes during the pandemic, the Department of Justice announced on Thursday.
On July 18, the U.S. District Court for the District of Maryland entered default judgments totaling the aforementioned amount against Provista and other laboratory companies owned by Patrick Britton-Harr for violating the False Claims Act. 
In a July 2023 complaint, the U.S. alleged that the RPP tests were not medically necessary because the beneficiaries had no symptoms of a respiratory illness and because the tests were for uncommon respiratory pathogens.
The complaint also alleged that Britton-Harr and Provista submitted claims for RPP tests that were never ordered by physicians and sometimes for RPP tests that were never performed, including over 300 claims for nasal swab test samples that were supposedly collected from beneficiaries who had already died.
Three Individuals Sentenced To Jail For Selling Pirated Business Telephone Software 
A married couple and a third individual have been sentenced to jail for selling tens of thousands of pirated business telephone system software licenses with a retail value of over $88 million, the DOJ said.
Raymond Bradley "Brad" Pearce, 48, of Tuttle, Oklahoma, a computer system administrator, was sentenced on Thursday to four years in prison and ordered to pay $4 million. In June, Dusti O. Pearce, 46, his wife who also lives in Tuttle, was sentenced to one year and a day in prison and was ordered to pay $4 million. 
Jason M. Hines, 44, of Caldwell, New Jersey, received an 18-month prison sentence and another 18 months of home confinement and was ordered to pay $2 million.
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The trio, who pleaded guilty to conspiracy to commit wire fraud in 2023, will also pay restitution as follows: $17 million for Brad Pearce, $10 million for Dusti Pearce and more than $5 million for Hines. 
The Pearces conspired with Hines to commit wire fraud in a scheme that involved making and selling unauthorized Avaya Direct International (ADI) software licenses used to unlock functionalities of the IP Office telephone system. 
Avaya Holdings Corporation, a California-based international business communications company that sold IP Office, also sold software licenses that unlocked IP Office&#8217;s functions.
Brad Pearce, a customer service employee at Avaya, used his system administrator privileges to generate tens of thousands of ADI software license keys that he illegally sold to Hines and other customers, who in turn sold them to resellers and end users worldwide.
He also hijacked the accounts of former Avaya employees to make more license keys, concealing the overall scheme by changing information on the accounts, while Dusti Pearce served as the illegal operation&#8217;s accountant.
Doctor Faces Years In Prison For Illegally Distributing Controlled Substances, Defrauding Health Care Benefit Programs
A federal jury convicted a Louisiana physician yesterday for conspiring to illegally distribute over 1.8 million doses of Schedule II controlled substances, including oxycodone and morphine, and for defrauding health care benefit programs of more than $5.4 million, the DOJ said on Tuesday.
According to court documents, Adrian Dexter Talbot, 58, owned and operated Medex Clinical Consultants in Slidell, Louisiana, that accepted cash payments for controlled substances.
Talbot ignored signs that individuals frequenting Medex were drug-seeking or abusing the drugs prescribed. 
In 2015, he left pre-signed prescriptions for opioids and other controlled substances at his clinic so that individuals who never saw him could acquire the drugs while he was working a full-time job in Pineville.
In 2016, he hired another practitioner who also pre-signed prescriptions to be distributed in the same manner at the Slidell clinic in exchange for cash deposited into the Medex account.
Talbot falsified patient records to cover up the scheme, in which individuals used insurance benefits to fill prescriptions. This resulted in fraudulent billing to health care benefit programs because prescriptions were written without a proper patient examination or determination of medical necessity.
He faces up to 10 years in prison for conspiracy to commit health care fraud and 20 years in prison for the other counts. 
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Health Care

Financial Crime Weekly: Hospice Provider Fined $26.3M For False Covid Claims, Trio Sent To Jail For Selling $88M In Pirated Business Telephone Software

Jeremy from Tulsa, Oklahoma, received some eye-opening advice from personal finance expert <a href="https://www.benzinga.com/personal-finance/24/07/39938702/dave-ramsey-says-the-fire-movement-isnt-sustainable-to-caller-who-spent-5-years-working-3-jobs-t">Dave Ramsey</a> during an episode of the popular Ramsey Show. Here's what went down during the exchange.&nbsp;
Ramsey is known for his blunt and honest advice, which caller Jeremy experienced firsthand when he asked the finance guru whether he should buy rental properties as an investment while still in debt. Jeremy explained his situation to Ramsey, saying that he and his wife are currently in massive <a href="https://www.benzinga.com/personal-finance/24/07/39955016/norwegians-did-it-in-the-70s-we-could-do-it-today-says-kevin-oleary-about-using-gas-and-oil-to-p">debt</a> from student loans. He explains, "My wife and I are both recent graduates. We have an astronomical debt of $290,000 in student loans."&nbsp;
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Ramsey's first response to that eye-watering debt was to ask who the doctor was. Jeremy tells Ramsey that both he and his wife are well-educated. His wife has a doctorate in physical therapy, and he has a master&#8217;s in environmental safety. This situation reflects what many people in the U.S. encounter when pursuing higher education. On average, the total costs per year for a doctoral program are around $40,900, so studying for a Ph.D., which can take 4-8 years, can set you back by $163,600-$327,200. By the end of 2023, 43.2 million Americans had federal student loans, with a national balance of $1.6 trillion.&nbsp;
With his current financial situation revealed, Jeremy then asked Ramsey if buying rental properties as an investment is a good idea. If you've ever listened to Ramsey before, you know his stance on debt and spending. So, before Jeremy could finish his question, Ramsey exclaimed in disbelief that it was a bad idea for someone with close to $300,000 in debt to purchase rental properties as an investment. Ramsey tells Jeremy that this is a bad idea and that no, he should not buy rental properties. Instead, Ramsey&#8217;s advice is to work harder than he's ever worked before to clear his debt.
<hr class="wp-block-separator has-alpha-channel-opacity" />
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<hr class="wp-block-separator has-alpha-channel-opacity" />
Jeremy and his family acknowledge their financial troubles, and thanks to Ramsey's advice, they have sold their home because they could not afford it. So far, they have paid off $10,000 in debt with $35,000 from selling the house, and their current rental house costs $800 per month. With this in mind, Jeremy thinks they can buy a $60,000 house with a $400,000 mortgage to help pay off debt, which Ramsey feels is risky.&nbsp;
While Ramsey may believe investing in debt is not advisable, others disagree, such as Dr. DeForest B. Soaries, an expert in financial education and author of the bestselling book, "Say Yes to No Debt." Additionally, SmartAsset reported that debt can be a powerful tool for building wealth if used correctly, which Jeremy plans to do by utilizing his debt to invest in property, potentially generating income to clear his debt. Investing in real estate is a time-tested method for building long-term wealth because it involves acquiring valuable assets, and using a mortgage is a common way to gain equity.&nbsp;
See Also: Will the surge continue or decline on real estate prices?<a href="https://www.benzinga.com/money/realbricks"> People are finding out about risk-free real estate investing that lets you cash out whenever you want.</a>
<h2 class="wp-block-heading">What was Ramsey's final piece of advice for Jeremy?&nbsp;</h2>
He told Jeremy seriously, "You have $300,000 in student loan debt, dude. Don't talk to me about buying a rental house." Instead, he urged Jeremy to get out of debt first and keep his life simple. His final advice for the indebted couple was, "Quit trying to borrow your way through all of your dreams. You're turning them into nightmares."&nbsp;
While Ramsey feels this way, Katie Ross, executive vice president for the nonprofit national financial education organization American Consumer Credit Counseling (ACCC), believes that investing while in debt is not necessarily a bad thing; it's more of a balancing act. Ross admits that you'll have less money for investment while paying off debt, but it is possible to both invest and pay down debt. To do this, Ross suggests creating a debt management plan to invest and pay off debt.&nbsp;
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Personal Finance

Dave Ramsey Tells Man $300,000 In Debt That He Needs To Stop Trying To 'Borrow His Way Through All Of His Dreams'

Vice President Kamala Harris leads former President Donald Trump in Democratic-leaning Maine by 8 points, with the <a href="https://www.benzinga.com/news/24/07/39999337/survey-reveals-how-americans-feel-about-a-potential-female-president-and-what-it-means-for-kamala-ha">November election just 100 days away</a>.
What Happened: A poll conducted by the University of New Hampshire on Friday shows Harris in the lead with 48% of Maine voters&#8217; support, while Trump trails behind with 40%.
Independent Robert F. Kennedy Jr. is at 4%, while Libertarian Chase Oliver, Green Party nominee Jill Stein, and independent Cornel West each draw 1% support.
Despite Harris&#8217; lead, she may not be able to count on Maine&#8217;s four electoral votes. Maine is one of two states that awards electors by congressional district, and while Harris leads overall and in the southern 1st District, which leans left, Trump is ahead by 4 points in the more conservative 2nd District. Trump won that district in both 2016 and 2020, taking one of the state&#8217;s electoral votes.
Neither Harris nor Trump has a net favorable rating in the poll. 42% of respondents have a favorable view of Harris, while 46% hold an unfavorable view. Trump was viewed favorably by 36% of respondents, with 58% viewing him unfavorably. Republican vice-presidential nominee JD Vance is viewed favorably by just 31% of respondents, with 46% unfavorable.
Also Read: <a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate">Trump Vs. Harris: Latest Survey Indicates Positive Signs For This Candidate</a>
Fox News Poll
A Fox News <a href="https://static.foxnews.com/foxnews.com/content/uploads/2024/07/Fox_July-22-24-2024_Pennsylvania_Topline_July-26-Release.pdf">poll</a> released on Friday reveals that a majority of voters in Michigan, Minnesota, Pennsylvania, and Wisconsin support President Joe Biden&#8216;s decision to step down from the presidential race.
The polls, conducted from July 22 to 24, display a neck-and-neck race between Harris and Trump, echoing the Biden-Trump contest in April.
In Michigan and Pennsylvania, Harris and Trump are neck-and-neck. Trump has a slight lead in Wisconsin, while Harris has a six-point lead in Minnesota.
Gen Z Voters Prefer Kamala Harris Over Trump
A recent <a href="https://www.axios.com/2024/07/25/poll-harris-biden-trump-young-voters">poll</a> conducted by Axios/Generation Lab, has revealed that Harris is more favored than Trump among the youngest voters in America, those aged between 18 and 34.
The poll reveals that 60% of Gen Z voters and younger millennials would choose Harris over Trump in a head-to-head matchup, with Trump at 40%.
When the same question was asked with Biden as the Democratic nominee, Trump&#8217;s support among young voters increased to 47%. This poll was conducted soon after Biden announced his withdrawal from the presidential race and publicly endorsed Harris.
Since becoming the presumptive Democratic nominee, Harris has seen a surge in popularity on social media platforms like TikTok, where she gained over 1 million followers just hours after posting her first video.
Why It Matters: The results of these polls are significant as they come with the election entering a new phase and its final stretch.
Furthermore, the positive trend for Harris&#8217; campaign highlights shifting political dynamics and voter preferences.
Read Next
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<li><a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an" target="_blank" rel="noreferrer noopener">Ex-Trump Staffer Shares Texts To Prove That Ex-President's Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a></li>
</ul>
Photo: Shutterstock

Trump Vs. Harris: Harris Leading Trump In Maine, Has Edge With Gen Z Nationally

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What's New In the Consumer Tech World Last Week? News That You Should Know (June 21-June 27, 2024)

Elon Musk is making headlines again, this time for sharing a manipulated video of Vice President Kamala Harris on his social media platform, X. The video, which was originally an ad campaign for Harris, was digitally altered and has since stirred up a storm of controversy.
What Happened: Musk shared a manipulated video of Harris on his social media platform, X. The video, originally an ad campaign for Harris, was digitally altered to change the voice-over in a deceptive manner, making Harris appear to say that President Joe Biden is senile and that she is the &#8220;ultimate diversity hire.&#8221;
<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">This is amazing &#x1f602; <a href="https://t.co/KpnBKGUUwn">pic.twitter.com/KpnBKGUUwn</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1816974609637417112?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
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According <a href="https://www.nytimes.com/2024/07/27/us/politics/elon-musk-kamala-harris-deepfake.html">to </a>The New York Times, the video has been viewed 98 million times since Musk&#8217;s repost and appears to violate X&#8217;s policies against sharing manipulated or out-of-context media. Alex Howard, a digital governance expert, called out the post as a violation of X&#8217;s policies.
Also Read: <a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures">What A Second Trump Presidency Would Mean For Elon Musk And His Many Ventures</a>
The Harris campaign responded to the video, criticizing the &#8220;fake, manipulated lies of Elon Musk and Donald Trump.&#8221; Musk has not commented on the issue, and the original poster, conservative podcast host Chris Kohls, has also remained silent.
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<iframe loading="lazy" title="Kamala Harris Launches Her Campaign for President" width="500" height="281" src="https://www.youtube.com/embed/sHky_Xopyrw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Why It Matters: Deepfakes, or digitally manipulated content that spreads false information, have been a growing concern for pro-democracy groups. 
The Federal Election Campaign Act prohibits fraudulent misrepresentation of federal candidates, but the law is ambiguous when it comes to modern technologies like artificial intelligence.
Despite the controversy, neither Musk&#8217;s post nor the original has been removed from X. Musk, who has 191 million followers, wields significant influence on the platform and can make any content go viral simply by reposting it.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate">Trump Vs. Harris: Latest Survey Indicates Positive Signs For This Candidate</a></li>
</ul>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Musk Appears To Violate Own Social Media Platform's Guidelines, Posts Manipulated Video of Kamala Harris

In the latest development in the ongoing custody battle between Elon Musk and Grimes, Musk has been accused of withholding his children from their mother and great grandmother. The claim was made by Sandy Garossino, Grimes&#8217; mother, in a series of posts on X over the weekend.
What Happened: Garossino posted that Grimes and her children were scheduled to visit their 93-year-old great grandmother in Canada. However, the trip was cancelled as Musk allegedly withheld the children and their necessary passport documents.
<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">Dear Elon <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> It was nice seeing you on Father's Day. I hope you got the card that I helped X make. He was so proud of it. I'm writing here as the only way I have to reach you. As you know, my 93 year old mother is now at end-of-life palliative care.
&mdash; Sandy Garossino &#x1f1e8;&#x1f1e6;&#x1f33b; (@Garossino) <a href="https://twitter.com/Garossino/status/1817220477427093963?ref_src=twsrc%5Etfw">July 27, 2024</a></blockquote>
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Musk and Grimes, a Canadian singer, have three children together: X Æ A-Xii, Exa Dark Sideræl, and Techno Mechanicus. Musk was spotted at the 2024 Paris Olympic Games opening ceremonies with their eldest son and attended a speech by Israel&#8217;s Prime Minister in Washington, DC.
Also Read: <a href="https://www.benzinga.com/news/22/03/26313551/elon-musk-admits-he-is-lonely-after-his-split-with-grimes-says-hes-not-afraid-to-die-2">Elon Musk Says You Need 2 Things To Be &#8216;Fully Happy,&#8217; If You Lack 1 You&#8217;ll Be &#8216;Half Happy&#8217;</a>
&#8220;I am alarmed to learn that the children cannot come as you are withholding them and their needed passport documents from Claire,&#8221; Garossino wrote, referring to Grimes by her given first name.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am alarmed to learn that the children cannot come as you are withholding them and their needed passport documents from Claire. It was even more troubling to see you and X on television at the Olympics in Paris yesterday, after your DC trip earlier in the week.
&mdash; Sandy Garossino &#x1f1e8;&#x1f1e6;&#x1f33b; (@Garossino) <a href="https://twitter.com/Garossino/status/1817220479931101352?ref_src=twsrc%5Etfw">July 27, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39964922/ron-desantis-says-florida-supreme-court-should-not-have-allowed-cannabis-legalization-initiative?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ron DeSantis Says Florida Supreme Court Should &#8216;Not Have Allowed&#8217; Cannabis Legalization Initiative On Bal</a>
Garossino also questioned the whereabouts of the other children, writing, &#8220;Where are the other children, and with whom? They are scheduled to be with their mother. They were expected here in Canada.&#8221;
<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">Where are the other children, and with whom? They are scheduled to be with their mother. They were expected here in Canada.
&mdash; Sandy Garossino &#x1f1e8;&#x1f1e6;&#x1f33b; (@Garossino) <a href="https://twitter.com/Garossino/status/1817220481164197976?ref_src=twsrc%5Etfw">July 27, 2024</a></blockquote>
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Why It Matters: This incident adds another layer to the ongoing custody dispute between Grimes and Musk, which began in 2022. The current status of the case is unknown as the court records were sealed in April 2024.
Musk&#8217;s estranged daughter, Vivian Jenna Wilson, also criticized Musk, claiming he has been &#8220;illegally and continuously keeping their children, her children, away from their mother during the most important developmental period in a child&#8217;s life.&#8221;
<a href="https://www.benzinga.com/24/07/39975349/elon-musks-transgender-daughter-vivian-wilson-speaks-out-about-fathers-absence-and-cruelty-hes-very">Grimes expressed her support for Wilson in a post</a> following an NBC News interview. However, no further comments have been made by Garossino, Musk, or Grimes&#8217; representatives on the matter.
Read Next
<ul>
<li><a href="https://www.benzinga.com/news/22/12/30195280/elon-musks-ex-girlfriend-grimes-says-mark-zuckerberg-wildly-under-qualified-to-run-metaverse">Elon Musk&#8217;s Ex-Girlfriend Grimes Says Mark Zuckerberg &#8216;Wildly Under Qualified&#8217; To Run Metaverse</a></li>
</ul>
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

Grimes' Mother Accuses Musk Of Withholding Children Amid Custody Battle: 'Please Elon, I Beg You'

Key figures in the world of finance are rallying behind Vice President Kamala Harris in spite of her past tensions with Wall Street and her potential <a href="https://www.benzinga.com/news/24/07/39999337/survey-reveals-how-americans-feel-about-a-potential-female-president-and-what-it-means-for-kamala-ha">impact on financial sector stocks</a> if elected president.
What Happened: Billionaires such as Jonathan Gray of Blackstone, Marc Lasry from Avenue Capital Management, and philanthropist George Soros are among those endorsing Harris. 
Other high-profile supporters include media mogul Barry Diller and construction industry leader Bob Clark.
Key figures in finance, including Lazard&#8217;s CEO Peter Orszag, Evercore ISI&#8217;s co-founder Roger Altman, and Robert Rubin, ex-co-chairman of Goldman Sachs, are also reportedly backing Harris, Forbes <a href="https://www.forbes.com/sites/dereksaul/2024/07/27/kamala-harris-and-wall-street-heres-whos-backing-her-this-time-despite-fraught-history/">reports</a>.
Harris&#8217; stance on financial regulation is not extensively documented. But during her tenure as California&#8217;s attorney general, she negotiated a $20 billion settlement for homeowners with major banks over mismanagement of mortgages during the financial crisis.
Also Read: <a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate">Trump Vs. Harris: Latest Survey Indicates Positive Signs For This Candidate</a>
According to the Forbes report, in her 2019 memoir, Harris compared a phone conversation with JPMorgan Chase CEO Jamie Dimon during those settlement talks to &#8220;two dogs in a fight.&#8221;
While a potential Harris administration&#8217;s policies towards banks remain uncertain, analysts predict that Donald Trump could be more beneficial to financial firms. Wall Street billionaires who are supporting Trump include former TD Ameritrade chairman J. Joe Ricketts, renowned investor John Paulson, and Stephen Schwarzman, who is Gray&#8217;s superior at Blackstone.
Why It Matters: The support for Harris from prominent Wall Street figures is intriguing given her past confrontations with the financial sector. Her pursuit of big banks during the mortgage crisis and her critical comments about industry leaders suggest a potentially tougher regulatory stance.
However, her backers may be betting on her ability to balance regulation with economic growth. The support from Wall Street could also indicate a desire for stability and predictability in policy-making, which could be beneficial for financial markets.
Read Next
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<li><a href="https://www.benzinga.com/news/24/07/39999129/experts-weigh-in-on-harriss-fast-track-campaign-strategy-following-bidens-exit-i-think-shes-done-a-v">Experts Weigh In on Harris&#8217;s Fast-Track Campaign Strategy Following Biden&#8217;s Exit: &#8216;I Think She&#8217;s Done A Very Good Job&#8217;</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Here Are All The Wall Street Titans Backing Harris's Presidential Bid So Far

Silicon Valley billionaire Peter Thiel is reportedly reconsidering his stance on former President Donald Trump in light of Trump&#8217;s selection of Sen. JD Vance, a close political ally of Thiel, as <a href="https://www.benzinga.com/news/24/07/39761289/trumps-niece-accuses-him-of-lying-about-involvement-in-controversial-project-2025-my-uncle-likes-to">his running mate</a>.
What Happened: Thiel&#8217;s relationship with Trump has cooled since 2022, when he invested $35 million to help elect Vance in Ohio and in the failed Senate campaign of Blake Masters in Arizona. Thiel, who donated more than $1 million to the Trump campaign in 2016, did not contribute to Trump&#8217;s re-election campaign in 2020.
The New York Times <a href="https://www.nytimes.com/2024/07/27/us/politics/peter-thiel-trump-jd-vance.html">reports</a> that though Thiel has not officially endorsed the Trump-Vance ticket, he has voiced optimism about a Trump return to the White House with Vance as vice president. Thiel also said that he is not yet ready to make a substantial financial contribution to the Trump-Vance campaign.
"I always try to resist getting swept up in excitement. But in spite of many misgivings I had earlier this year, it makes me more hopeful that a second Trump term will be better than the first," Thiel told the Times.
Also Read: <a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate">Trump Vs. Harris: Latest Survey Indicates Positive Signs For This Candidate</a>
As of now, he remains undecided about his financial involvement in the current campaign, stating that he is &#8220;disinclined to do it.&#8221;
"I went&nbsp;on record&nbsp;saying I would not give money to super PACs, and I still feel I have to stick with that. I think it's going to be very different from 2016 or 2020. I don't think the election is going to be close. I think Trump and JD will crush the election by a solid margin — 4 percent or 5 percent of the popular vote. And it doesn't matter what I do. It doesn't matter what Democrat donors do," Thiel added. 
Why It Matters: Thiel&#8217;s potential support for the Trump-Vance ticket could be a significant game-changer in the upcoming election. Thiel&#8217;s influence in Silicon Valley and his financial backing could provide a substantial boost to the campaign.
However, his reluctance to make a financial commitment at this stage adds an element of uncertainty. The selection of Vance as VP, a move likely aimed at securing Thiel&#8217;s support, underscores the importance of major donors in political campaigns.
Read Next
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<li><a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an" target="_blank" rel="noreferrer noopener">Ex-Trump Staffer Shares Texts To Prove That Ex-President's Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a></li>
</ul>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Shutterstock

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