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Renowned economist Peter Schiff compared the record high of gold with the contrasting decline of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), hinting at a bear market for the cryptocurrency.
What Happened: On Tuesday, Schiff wrote on X that gold had hit another record high, trading just below $2,450. He forecasted that it wouldn&#8217;t be long before the yellow metal breaks above $2,500. 
Schiff contrasted this with Bitcoin&#8217;s performance, stating that when priced in gold, Bitcoin is down 30% from its 2021 record high. &#8220;Wake up and smell the bear market HODLers,&#8221; the gold bug said, jeering at long-term investors of the world&#8217;s largest digital currency.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Gold?src=hash&amp;ref_src=twsrc%5Etfw">#Gold</a> just hit another record high. It&#39;s up over $25, trading just below $2,450. It won&#39;t be long before it breaks above $2,500. In contrast, priced in gold, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is down 30% from its 2021 record high almost three years ago. Wake up and smell the bear market <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw">#HODLers</a>.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1813212549506011247?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39797805/dogecoin-could-reach-a-new-all-time-high-by-the-end-of-august-if-this-historical-pattern-h">Dogecoin Could Reach A New All-Time High &#8216;By The End Of August&#8217;&#8230;If This Historical Pattern Holds</a>
Why It Matters: Schiff has been criticized for coming up with small timeframe windows to highlight Bitcoin&#8217;s weaknesses and exaggerate the performance of assets he supports. 
However, even a cursory glance at the <a href="https://casebitcoin.com/charts">returns</a> offered by Bitcoin and inflation hedge assets shows that the &#8220;digital gold&#8221; has massively outperformed its real-world counterpart. Even over the last year, Bitcoin is up 120%, compared to gold&#8217;s 25% gains.
Earlier this month, he <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39639419/amid-bitcoin-crash-peter-schiff-forecasts-prolonged-bear-market-dont-say-i-didnt-warn-you-">warned that the cryptocurrency&#8217;s bear market was far from over and predicted further downsides</a> for Bitcoin. Since this prognosis, Bitcoin has jumped more than 20%.
Price Action: At the time of writing, Bitcoin is exchanging hands at $65,669.07, up 1.52% 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>. Spot gold is trading at $2,474.36, up 0.26%.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

$BTC

Peter Schiff Downplays Bitcoin, Hypes Gold's Rise: 'Wake Up And Smell The Bear Market'

Shares of Taiwan Semiconductor Manufacturing Co Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) took a hit, dropping over 2% following comments made by Presidential candidate Donald Trump. As per a Reuters report, Trump suggested that Taiwan should compensate the United States for its defense.
What Happened: Trump&#8217;s remarks, made during a Bloomberg Businessweek interview on June 25 and published on Tuesday, indicated that Taiwan should bear the cost of its defense. &#8220;I know the people very well, respect them greatly. They did take about 100% of our chip business. I think, Taiwan should pay us for defense,&#8221; he said.
TSMC, a key player in the advanced chip manufacturing industry, significantly influences the global economy. Any discord over Taiwan could potentially wreak havoc on the world economy.
While the U.S. is Taiwan&#8217;s main international supporter and arms provider, there is no formal defense agreement between the two nations. Nevertheless, the U.S. is legally bound to equip Taiwan with the means to defend itself.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39690898/no-more-getting-high-on-hemp-in-america-multiple-states-begin-intoxicating-hemp-crackdown?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">No More Getting High On Hemp In America? Multiple States Begin Intoxicating Hemp Crackdown</a>
TSMC, currently in its quiet period before its second-quarter earnings report on Thursday, has yet to comment on Trump&#8217;s remarks. The Taiwanese government has also not issued any immediate response.
Why It Matters: Earlier this year, a <a href="https://www.benzinga.com/news/24/01/36818930/trumps-return-to-white-house-could-spell-disaster-for-taipei-warns-war-game-simulation-taiwan-was-to">war game simulation</a> warned of a grim outcome for Taiwan if tensions with China escalated during a hypothetical Trump return to the White House. The simulation ended with Taiwan unable to meet the demands of China and the U.S.
In March, Taiwan&#8217;s foreign ministry <a href="https://www.benzinga.com/news/24/03/37975815/taiwan-confident-in-us-support-regardless-of-trump-biden-election-dynamics-amid-china-tensions">expressed confidence</a> in the continuity of U.S. support, irrespective of the presidential election outcome.
Amid growing threats from China, Taiwan's new Minister of Science and Technology, Wu Cheng-wen, expressed confidence in TSMC's <a href="https://www.benzinga.com/news/24/05/38960732/amid-creeping-chinese-threat-taiwans-new-tech-minister-expresses-confidence-tsmc-can-guard-its-secre">ability to protect</a> its proprietary advanced technology as it expands overseas.
Despite the U.S. support, Taiwan&#8217;s Vice President-elect, Hsiao Bi-khim, emphasized the importance of Taiwan&#8217;s <a href="https://www.benzinga.com/news/24/05/38638573/taiwans-vice-president-elect-calls-for-building-our-own-strengths-first-despite-us-support-amid-cris">self-strengthening</a> and not solely depending on international support.
Price Action: TSMC traded 1.1% lower at $184 in the after-hours trading at the time of writing, the company&#8217;s shares closed 0.4% higher at $186.04 in the regular session, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro.</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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

News

Politics

Markets

Trump Says, 'Taiwan Should Pay Us For Defense' — Ex-President's Remark Triggers Fall In TSMC Shares

Wall Street experienced another notable day with the bulls driving the market upward, fueled by expectations of the Federal Reserve&#8217;s rate cuts in September. The Dow Jones Industrial Average had its best session since late May, soaring by 1.85% to close at 40,954.48. Meanwhile, the S&amp;P 500 saw a slight increase, ending the day up nearly 0.6% at 5,667.20. The Nasdaq also climbed, rising 0.2% to finish at 18,509.34.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>)
GameStop shares closed the day with a 5.70% increase at $28.54, with an intraday high of $28.83 and a low of $27.37. The stock has been trending across various social sites as traders continue to discuss a <a href="https://www.benzinga.com/news/24/07/39799183/whats-going-on-with-gamestop-stock">potential repeat</a> of the historic meme stock short squeeze of 2021. 
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)
Despite positive analyst coverage, Meta Platforms shares fell by 1.28% to close at $489.79. The stock hit a high of $503.95 and a low of $485.79 during the day. Wolfe Research <a href="https://www.benzinga.com/news/24/07/39803195/meta-platforms-stock-is-trading-lower-tuesday-whats-going-on">initiated coverage</a> on Meta Tuesday with an Outperform rating and a price target of $620. 
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens&#8217;</a>
Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>)
Taiwan Semiconductor stock closed the day up 0.44% at $186.04, with an intraday high of $189.59 and a low of $185.02. The company&#8217;s demand for AI chip production tools is driving ASML Holding&#8217;s <a href="https://www.benzinga.com/news/24/07/39793164/whats-going-on-with-taiwan-semiconductor-stock-tuesday">anticipated orders</a> for the second quarter. 
Bank Of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)
Bank of America shares rose by 5.35% to close at $44.13, with an intraday high of $44.4 and a low of $42.22. The bank reported fiscal 2024 <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39799828/bank-of-americas-growth-boosted-by-strong-fees-and-operating-efficiency-goldman-sac">second-quarter net income</a> of $6.9 billion, beating estimates. 
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares increased by 1.55% to close at $256.56, with an intraday high of $258.62 and a low of $245.8. CEO Elon Musk confirmed that the robotaxi unveiling event has been delayed to <a href="https://www.benzinga.com/news/24/07/39785823/elon-musk-confirms-delay-in-tesla-robotaxi-unveil-due-to-important-design-change-but-stays-mum-on-ne">deploy some design changes</a> to the vehicle.
Photo by Jirapong Manustrong on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
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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>

Equities

TSLA

GameStop, Meta Platforms, TSMC, Bank Of America, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Leading cryptocurrencies held on to their gains Tuesday, as investors expected the relief rally to go longer.
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<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.00%</td>
<td>$65,883.13</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+0.67%</td>
<td>$3,492.35</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+1.35%</td>
<td>$0.127</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin broke $66,000 for the first time in a month and has rallied 22% since its low of $54,000 during the early July bloodbath. The coin faces stiff resistance at the level as of this writing.
Ethereum breached $3,500 during overnight hours Tuesday, a level last seen on July 1.
About $198.71 million worth of positions were liquidated in the last 24 hours, with short liquidations accounting for $100 million.
Bitcoin's Open Interest spiked 3.28% to $34.36 billion in the last 24 hours, marking the fifth straight day of increase.
Traders taking bullish long positions on Bitcoin surged, rising to 53% of all speculative bets.
The Cryptocurrency Fear &amp; Greed Index has risen to 69 as of this writing, signifying &#8220;Greed&#8221; and FOMO in the market.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9 p.m. EDT)</td>
</tr>
<tr>
<td>Worldcoin (WLD)</td>
<td>+22.39%</td>
<td>$2.82</td>
</tr>
<tr>
<td>Core (CORE)</td>
<td>+16.16%</td>
<td>$1.45</td>
</tr>
<tr>
<td>Injective (INJ)</td>
<td>+12.29%</td>
<td>$25.73</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market now stands at $2.4 trillion, up 1.11% in the last 24 hours.
The stock market witnessed another day of solid gains Tuesday. The Dow Jones Industrial Average soared 742.76 points, or 1.85%, to close at a record high of 40,954.48. The S&amp;P 500 added 0.64% to end at 5,667.20. The tech-focused Nasdaq Composite rose 0.20% to record 18,472.57 at the closing bell.
U.S. retail sales <a href="https://www.benzinga.com/markets/bonds/24/07/39792320/june-retail-sales-stagnate-traders-fully-price-in-september-interest-rate-cut">were unchanged in June</a>, falling from an upwardly revised 0.3% growth in May to zero growth. According to the <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>, traders expect a 93% chance of the Fed going for a 25-basis-point rate cut in September.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency trader Rekt Capital underscored the importance of Bitcoin breaching $65,000.
"Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region," the trader remarked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/yxOhRsmVU9">https://t.co/yxOhRsmVU9</a> <a href="https://t.co/TZMP37ufjx">pic.twitter.com/TZMP37ufjx</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1813326039646429674?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Well-known analyst Ali Martinez highlighted the significance of $66,250 for King Crypto in its pursuit of new all-time highs. He also stated that the coin must hold above $62,500 to bolster its chances.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> must hold above $62,500 to maintain its bullish position and break $66,250 to target new all-time highs! <a href="https://t.co/IHCrAjGffQ">pic.twitter.com/IHCrAjGffQ</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1813221439266296277?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by SvetlanaParnikova on Shutterstock
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Retain Gains: Popular Analyst Predicts King Crypto Could Hit A New All-Time High If It Breaks This Price Target

Sen. Bernie Sanders (I-Vt.) has criticized Elon Musk&#8217;s <a href="http://Sanders-Musk https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi">reportedly hefty monthly contributions</a> to the presidential campaign of former president Donald Trump, emphasizing the need for public funding of elections.
What Happened: In a social media post on Tuesday, Sanders, a long-standing advocate for wealth redistribution, expressed concern over Musk&#8217;s reported monthly donations of $45 million to the Trump campaign. He stressed the importance of overturning Citizens United and transitioning to publicly funded elections to ensure a government that represents all citizens, not just billionaires.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Elon Musk, the world's richest person, is donating $45 million a month to the Trump campaign. If democracy is to survive in the US, we need to overturn Citizens United and move to public funding of elections. We need a government that represents all, not just billionaires.
&mdash; Bernie Sanders (@BernieSanders) <a href="https://twitter.com/BernieSanders/status/1813311552386113828?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The Supreme Court&#8217;s decision in Citizens United v. Federal Election Commission is a significant ruling, dating back to 2010. It concers campaign finance laws and the First Amendment&#8217;s free speech protections.
In a 5–4 decision, the Court determined that the First Amendment&#8217;s freedom of speech clause prevents the government from limiting independent political campaign expenditures by corporations, nonprofit organizations, labor unions, and other groups.
See Also: <a href="https://www.benzinga.com/news/24/07/39764047/trump-vs-biden-one-candidate-leaps-ahead-of-another-in-latest-survey?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs Biden: One Candidate Leaps Ahead Of Another In Latest Survey</a>
Why It Matters: The senator&#8217;s post on X further contributes to the ongoing public debate about the influence of billionaires in politics. Musk responded to the Wall Street Journal&#8217;s report on his alleged contribution with a &#8216;Fake Gnus&#8217; meme, seemingly contradicting the article.
Sanders has been a <a href="https://www.benzinga.com/news/23/05/32149534/bernie-sanders-says-us-should-confiscate-100-of-any-money-americans-make-above-999m-they-can-survive">vocal critic of income inequality</a> and the influence of billionaires on American politics. He has previously proposed a 100% tax on incomes over $999 million.
The latest post from the Vermont senator underscores his stance on campaign financing and the need for reforms to limit the influence of the ultra-rich on political campaigns. 
This is not the first time Sanders and Musk have clashed over wealth inequality. In 2021, Musk <a href="https://www.benzinga.com/government/21/11/24082067/elon-musk-insults-bernie-sanders-on-twitter-the-dis-you-need-to-know-about">mocked Sanders</a> on Twitter after the senator called for the ultra-wealthy to pay their fair share of taxes.
Photo by Sheila Fitzgerald on Shutterstock
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<a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Latest Poll Reveals Surprise Following President&#8217;s Widely Criticized Debate Performance</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Bernie Sanders Slams Elon Musk's Reported $45M Donations To Trump Campaign: 'We Need A Government That Represents All, Not Just Billionaires'

Cathie Wood of Ark Investment Management LLC expressed her belief that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) could see a significant surge in its stock price as it moves into the autonomous taxi business. Wood suggests that this shift could present a global revenue opportunity of $8 trillion to $10 trillion.
What Happened: During the Tiger Money podcast, Wood stated that Tesla could potentially capture up to 50% of the autonomous taxi market. Investors are beginning to value Tesla beyond its electric vehicle production, factoring in its potential in the autonomous taxi sector, <a href="https://www.bloomberg.com/news/articles/2024-07-17/tesla-stock-will-surge-10-fold-on-robotaxi-ark-s-wood-says?srnd=undefined&amp;embedded-checkout=true">reported</a> Bloomberg.
&#8220;Autonomous taxi platforms are the biggest AI project evolving today,&#8221; Wood said. She believes that Tesla&#8217;s stock has a long way to go, primarily based on its autonomous driving potential.
Despite a 43% slump in Tesla&#8217;s share prices this year through April 22, Wood remains bullish. A rebound in the last two months has erased most of the losses. Wood has consistently backed Tesla, making it a top holding in her Ark Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>).
Wood also highlighted that the autonomous taxi network will be a &#8220;winner-takes-most&#8221; opportunity. The provider offering the safest and quickest service will secure the majority of the business. She expects Tesla to lead the US market in this regard.
Tesla&#8217;s weighting in the $6.5 billion ARKF surpassed 15% last week. Wood revealed that the asset manager has taken some profits on Tesla but allowed it to surge beyond the normal ceiling, anticipating more information on Tesla&#8217;s robotaxi project.
Despite a <a href="https://www.benzinga.com/news/24/07/39785823/elon-musk-confirms-delay-in-tesla-robotaxi-unveil-due-to-important-design-change-but-stays-mum-on-ne">delay in Tesla&#8217;s planned robotaxi unveiling</a>, Wood remains unfazed. &#8220;We&#8217;re probably getting closer to this robotaxi opportunity, not further away,&#8221; she said.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39765205/nvidia-could-be-worth-nearly-50-trillion-in-a-decade-says-early-tesla-amazon-investor-nearly-2x-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Could Be Worth Nearly $50 Trillion In A Decade, Says Early Tesla, Amazon Investor: Nearly 2X That Of US Or 3X Of China&#8217;s Current GDP</a>
Why It Matters: Wood&#8217;s bullish stance on Tesla has been consistent, even during significant stock sell-offs. In February, she reaffirmed her <a href="https://www.benzinga.com/markets/equities/24/02/36998382/cathie-wood-backs-tesla-despite-sharp-downturn-says-robotaxis-will-help-change-the-landscape-ent">optimistic outlook</a> for Tesla, attributing the stock slump to a cyclical low and anticipating a turnaround driven by the introduction of autonomous taxi networks and platforms.
In April, Wood stated that Tesla is the &#8216;biggest AI project&#8217; in the world and expects the tech stock to <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38076756/cathie-wood-says-tesla-is-biggest-ai-project-in-world-sees-convergence-of-3-key-technolo">move towards $2,000 per share</a> in the coming years as three key technologies come together.
Despite recent skepticism due to weaker-than-expected orders, Wood&#8217;s optimism about Tesla and its future in the autonomous vehicle sector <a href="https://www.benzinga.com/news/24/04/38131745/cathie-wood-hails-elon-musks-visionary-impact-hes-transforming-the-world-saving-humanity-from-itself">underscores her belief</a> in the potential of disruptive technologies.
In July, Ark Invest began selling Tesla shares just after the company reported second-quarter deliveries that topped muted forecasts. The firm continued selling a smattering of its Tesla holdings over the next two sessions before pausing, possibly <a href="https://www.benzinga.com/markets/equities/24/07/39684695/cathie-woods-ark-pauses-tesla-selling-after-trimming-stake-for-3-straight-sessions-whats-going-o">factoring</a> in a trend reversal.
Price Action: On Tuesday, Tesla shares ended the regular session 1.55% higher at $256.56 and declined 0.2% in the after-hours trading, according to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071624&amp;t=be2bearmibe3na1">data from Benzinga Pro</a>.
Illustration Made With Shutterstock Photo
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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>

Tech

ARKF

Tesla Stock Could Shoot Up 10 Times Due To Robotaxis, Says Cathie Wood: 'The Biggest AI Project Evolving Today'

Former President and Republican nominee for this year&#8217;s presidential elections, Donald Trump, is gearing up to launch his fourth non-fungible token collection.
What Happened: Trump revealed in an <a href="https://www.bloomberg.com/features/2024-trump-interview-transcript/">interview </a>with Bloomberg Businessweek that his previous NFT collections were a success, selling out 45,000 cards each time. The decision to release another collection is driven by its high demand.
&#8220;I'm going to do another one, because the people want me to do another one,&#8221; the presidential hopeful said. &#8220;But the thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency. And it opened my eyes.&#8221; 
Trump released his first NFT collection, Trump Digital Trading Cards, in late 2022. The project used Trump&#8217;s name, image, and likeness to distribute 45,000 NFTs priced at $99 each. Trump earned royalties on the initial sale as well as a small portion of the trading volumes on the secondary market.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39782508/why-blackrocks-larry-fink-believes-everyone-should-take-another-look-at-bitcoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why BlackRock&#8217;s Larry Fink Believes &#8216;Everyone&#8217; Should Take Another Look At Bitcoin</a>
Despite his initial skepticism towards cryptocurrencies, Trump has now embraced the industry. He stated that, &#8220;if we don&#8217;t do it, China is going to pick it up and China&#8217;s going to have it.&#8221;
Why It Matters: Trump&#8217;s increasing affinity with the asset class was evident when he<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38723503/trump-pledges-to-make-sure-you-can-donate-using-crypto-to-his-2024-campaign-unwittingly-se"> pledged to retain cryptocurrency firms within the U.S. </a>during an NFT event at his Mar-a-Lago residence in May.
The potential of a pro-cryptocurrency presidential ticket featuring Trump and his running mate, Senator&nbsp;J.D. Vance&nbsp;(R-Ohio), has stirred the market. Todd Gordon, founder of Inside Edge Capital, even<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39786797/bitcoin-could-hit-100k-this-year-with-trump-jd-vances-pro-crypto-presidential-ticket-says-"> predicted that Bitcoin could surpass the $100,000 mark this year</a>.
Price Action: At the time of writing, the floor price of the first series of Trump NFTs was $381.27, up 0.91% in the last 24 hours, <a href="https://magiceden.io/collections/polygon/0x24a11e702cd90f034ea44faf1e180c0c654ac5d9">according </a>to Magic Eden. Trump-inspired Maga Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) is priced at $7.85, down 5.52% 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>.
Image via Shutterstock
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</ul>

$TRUMP

Donald Trump Plans Launch Of Fourth NFT Collection: 'I'm Going To Do Another One Because The People Want Me To Do Another One'

In a recent development, Donald Trump, the Republican presidential nominee, has been recorded in a conversation suggesting that Robert F. Kennedy Jr., the independent presidential candidate, could support his campaign.
What Happened: A video of a phone call between Trump and Kennedy was posted on social media and later verified by Kennedy, as per a <a href="https://www.reuters.com/world/us/trump-courts-rfk-jrs-support-leaked-phone-call-2024-07-16/">Reuters report</a> on Friday. Trump is heard saying, &#8220;I would love you to do something – and I think it would be so good for you and so big for you,&#8221; seemingly referring to the 2024 election race.
Trump also brought up an assassination attempt on Kennedy and the subject of vaccines, mirroring some of Kennedy&#8217;s contentious views. Kennedy apologized to Trump on social media platform X after the call was disseminated, expressing regret for not halting the recording.
Trump also discussed the assassination attempt on Saturday with Kennedy, mentioning that the bullet that struck his ear &#8220;felt like a giant &#8211; like the world&#8217;s largest mosquito.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/39764782/biden-vs-trump-post-debate-popularity-poll-reveals-unexpected-results-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Post-Debate Popularity Poll Reveals Unexpected Results For This Candidate</a>
The Democratic Party perceives Kennedy, who started the race as a Democratic candidate before declaring himself independent, as an election &#8220;spoiler&#8221; who could potentially assist Trump&#8217;s White House bid. The Kennedy campaign has yet to respond to these allegations.
Why It Matters: Kennedy has previously expressed his commitment to remaining in the 2024 U.S. presidential race as a third-party candidate, and <a href="https://drupal-cloudfront.benzinga.com/general/politics/24/01/36877020/robert-f-kennedy-jr-doesnt-want-to-be-trumps-vice-president-pick-heres-why">showed no interest</a> in becoming Trump&#8217;s vice president pick.
In May, Kennedy criticized Trump&#8217;s handling of the COVID-19 pandemic at the Libertarian National Convention, accusing him of violating Americans&#8217; <a href="https://www.benzinga.com/news/24/05/39015843/rfk-jr-slams-donald-trumps-covid-19-response-at-libertarian-event-he-caved-in-and-many-of-our-most-f">First Amendment rights</a>. The same month, Trump <a href="https://www.benzinga.com/news/24/05/38604088/trump-dismisses-robert-f-kennedy-jr-as-not-a-serious-candidate-but-admits-he-might-hurt-me">dismissed</a> Kennedy as &#8220;not a serious candidate&#8221; due to his low polling numbers.
Earlier in April, Kennedy had labeled President Joe Biden as a <a href="https://www.benzinga.com/news/24/04/38037966/joe-biden-a-greater-threat-to-democracy-than-trump-says-robert-kennedy-jr">greater threat to democracy</a> than Trump.
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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>

Trump Told Robert Kennedy Jr Over The Phone That The Bullet Felt Like 'The World's Largest Mosquito'

In a recent development, former President Donald Trump has expressed his consideration of JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon for the Treasury Secretary position if he emerges victorious in the forthcoming November 5 election. Furthermore, Trump has assured that he will not seek to displace Federal Reserve Chair Jerome Powell before the end of his term.
What Happened: Trump disclosed his potential plans during a late June interview with Bloomberg. JPMorgan has chosen to remain silent on Trump&#8217;s comments. Powell, whose term as Federal Reserve Chair is set to end in 2026, announced on Monday that he has no intentions of stepping down early, reported Reuters.
Trump, the original appointer of Powell as the central bank leader, later voiced criticism over the interest rate hikes during Powell&#8217;s initial year at the helm. Despite past threats to dismiss Powell, Trump has now affirmed that he will not pursue such action.
Trump&#8217;s consideration of Dimon for the top job at the Treasury Department comes despite past criticisms. In the previous year, Trump referred to Dimon as a &#8220;Highly overrated Globalist&#8221; on his Truth Social platform. However, Dimon has recently expressed approval of some of Trump&#8217;s stances and policies.
See Also: <a href="https://www.benzinga.com/news/24/07/39764047/trump-vs-biden-one-candidate-leaps-ahead-of-another-in-latest-survey?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs Biden: One Candidate Leaps Ahead Of Another In Latest Survey</a>
Trump also revealed plans to reduce the corporate tax rate to as low as 15% and impose new tariffs targeting China and other nations, should he win the election.
Why It Matters: The prospect of Dimon <a href="https://www.benzinga.com/markets/equities/24/07/39761518/dimon-for-president-financial-circles-navigate-biden-trump-dilemma">running for president</a> has gained traction in financial circles, despite his stated lack of interest in the role, especially in an electoral context.
Earlier this year, Trump&#8217;s allies were reported to be <a href="https://www.benzinga.com/news/24/04/38450570/secretive-trump-allies-plan-to-curtail-federal-reserves-independence-report">devising plans</a> that could potentially compromise the independence of the Federal Reserve if Trump were to be re-elected. These plans ranged from minor policy changes to a controversial proposal that the president should have a say in setting interest rates.
Furthermore, Trump was presented with a list of potential candidates to replace Jerome Powell as the head of the Federal Reserve by <a href="https://www.benzinga.com/news/24/03/37770466/if-trump-returns-these-three-candidates-will-be-the-top-choice-to-replace-jerome-powell-say-ex-presi">influential economic advisers</a>. This suggests that Trump&#8217;s recent assurance of not ousting Powell could be a significant shift in his approach.
Image Via Shutterstock
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</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Economics

Trump Eyes Jamie Dimon For Treasury Secretary, Rules Out Ousting Fed Chair Jerome Powell

Sen. J.D. Vance (R-Ohio) may not be as well known nationally as other politicians, despite now being the vice-presidential running mate of Donald Trump in the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
What Happened: Trump <a href="https://www.benzinga.com/general/politics/24/07/39780777/trump-picks-senator-j-d-vance-as-running-mate-musk-says-great-choice-for-vp">selected Vance as his running mate</a> in an announcement made Monday ahead of the Republican National Convention.
A senator since 2023, winning a seat in the 2022 election, Vance is one of the less experienced vice-presidential candidates floated by Trump for months. 
At the age of 39, Vance could also become the third youngest vice president of all time if Trump wins the election.
Benzinga recently polled readers to see how familiar they were with Vance and if he could be a good pick as a running mate.
"Do you think J.D. Vance was the best choice for Trump's VP pick?" Benzinga asked.
The results were:
Yes: 55%
No: 45%
Benzinga also asked how familiar readers were with Vance.
"Which of these did you know about J.D. Vance before Trump's announcement?"
He is the author of "Hillbilly Elegy": 36%
He is a Republican Senator from Ohio: 30%
He has investments in smaller tech companies like Rumble: 27%
He supports cryptocurrency: 17%
I didn't know anything about him: 36%
The poll found that the main thing people knew about Vance was him being the author of the bestselling book "Hillbilly Elegy." The Vance memoir was turned into a 2020 movie distributed by Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) that played in theaters and is available on the streaming platform.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39799850/5-things-you-might-not-know-about-j-d-vance-hillbilly-elegy-author-bitcoin-holder-first-mi">5 Things You Might Not Know About J.D. Vance: &#8216;Hillbilly Elegy&#8217; Author, Bitcoin Holder, First Millennial VP Pick And More</a>
Vance being an owner of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and having pro-crypto stances isn't as widely known based on the results of the poll.
The senator also lacks recognition to many with 36% also saying they didn't know any of the four items about him before the poll.
"What was the primary reason Trump chose J.D. Vance as running mate?"
To appeal to younger votes: 44%
To strengthen his support among conservatives: 17%
To win crucial swing state Ohio: 23%
He likes Vance personally: 17%
The poll found that the main reason Trump selected Vance may have to do with his age and an attempt to appeal to younger voters. Vance is the first Millennial ever selected to be a vice-presidential candidate for a major party.
Being a senator from Ohio could also factor in with the state having 17 electoral votes, the seventh-highest total in the nation. The state voted for a Republican president in the last two presidential elections, but voted Democratic in 2008 and 2012. In the last 12 presidential elections, the state has voted for a Democratic president five times and a Republican seven times.
Why It's Important: The poll from Benzinga comes as YouGov also released a favorability survey on Vance, highlighting the new running mate of Trump.
The YouGov <a href="https://today.yougov.com/topics/politics/survey-results/daily/2024/07/16/1b99c/1">survey </a>found the following from 3,003 adults polled on July 15, in terms of a favorable or unfavorable view on Vance.
Very favorable: 14%
Somewhat favorable: 15%
Somewhat unfavorable: 7%
Very unfavorable: 22%
Not sure: 43%
The poll found that 29% view Vance as favorable and 29% view Vance as unfavorable with the largest percentage (43%) having no opinion.
Republican voters were much more positive on Vance in the poll with 59% viewing him as favorable. Still, 36% of Republican voters were unsure of their opinion on the new vice-presidential pick. Democratic voters leaned more unfavorable with 46% of voters saying they have a very unfavorable view of Vance and 35% not sure.
Independent voters were fairly split with 20% viewing Vance as favorable and 27% viewing him as unfavorable. The majority (53%) said they were not sure about Vance.
Benzinga readers saw a potential appeal of Vance to younger voters, but the YouGov survey showed some possible trouble with that idea. Of the voters age 18-29 polled, 25% view Vance as favorable and 23% view him as unfavorable. The majority (53%) said they were not sure about Vance.
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</ul>
The study was conducted by Benzinga on July 15, 2024 and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 107 adults.
Photo: Consolidated News Photos/Shutterstock.com

Exclusives

NFLX

Did Trump Pick The Right Running Mate? Poll Finds 44% Believe J.D. Vance Was Chosen For A Simple Reason

The movie theater sector got a bit of a lift to start the second half of 2024 with several movies, such as &#8220;Inside Out 2,&#8221; hitting<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39601522/disney-bringing-back-box-office-magic-analyst-praises-inside-out-2-performance-look"> impressive box office figures.</a>
A new report says there could be more optimism ahead for the movie sector, but it might not favor movie theater companies as much as other sectors.
What Happened: The global box office is expected to <a href="https://www.benzinga.com/general/entertainment/23/12/36317408/global-box-office-2024-to-decline-5-in-2023-bad-news-for-amc-cinemark">post a year-over-year decline</a> in revenue in 2024, with the first half of 2024 posting a significant drop to the prior year already.
A new report from PwC shows the global total cinema revenue passing pre-COVID-19 pandemic levels in 2026.
The "Global Entertainment &amp; Media Outlook" covers 13 sectors and 53 countries with results summarized in a recent <a href="https://www.hollywoodreporter.com/business/business-news/global-cinema-revenue-box-office-admissions-forecast-pwc-1235947124/">report </a>from The Hollywood Reporter.
Among the highlights are subscriptions to streaming services growing 5.6% on a compound annual growth rate from 2023 to 2028. The report also sees advertising revenue topping $1 trillion globally in 2026 as the fastest-growing of three core revenue categories in the next five years.
For movie theaters like AMC Entertainment Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) and Cinemark Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNK#NYSE">CNK</a>), the good news is box office revenue will hit pre-pandemic levels in 2026. 
The bad news is this is now a year later than the original forecast from PwC last year.
"This is primarily driven by a larger budget slate expected to drive more box office sales and more ad spend," PwC's Bart Spiegel told The Hollywood Reporter.
The PwC estimate sees 2025 box office revenue hitting $37.68 and 2026 box office revenue hitting $40.23 compared to the pre-pandemic 2019 total of $38.55 billion.
While box office revenue could return to pre-pandemic levels, the report doesn't see admissions hitting pre-pandemic levels until after 2028.
Factors for lower attendance include "changes in consumer habits following the pandemic, the increasing popularity of streaming platforms, the impact of rising inflation, and audience fatigue with superhero movies," according to Spiegel.
Read Also: <a href="https://www.benzinga.com/general/entertainment/24/07/39778795/despicable-me-first-animated-franchise-to-hit-5b-here-are-the-top-grossing-movie-franchises">Despicable Me First Animated Franchise To Hit $5B: Here Are The Top Grossing Movie Franchises Ever</a>
Why It's Important: The report notes that the total revenue of the 13 sectors grew 5% in 2023 to $2.8 trillion despite economic headwinds.
Going forward, the sectors are expected to grow at a compound annual growth rate of 3.9%.
While the report could be somewhat optimistic for movie theater stocks, it might be more important for streaming stocks like Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>).
PwC sees the large number of streaming choices and lower fees for ad-supported plans as boosting subscriber figures and usage going forward.
"Companies are responding by offering lower subscription fees in exchange for showing ads," PwC writes.
PwC estimates that global subscribers to over-the-top video services will hit 2.1 billion in 2028, up from 1.6 billion in 2023.
"We anticipate ongoing declines in the linear ecosystem as more users transition to digital offerings," Spiegel said. "While some major legacy media companies now offer digital options, they all still face challenges in reducing churn, managing the rising costs of content, and delivering a compelling value proposition to their subscribers."
The report estimates that advertising will make up 28% of the revenue for streaming platforms in 2028, up from 20% in 2023. PwC said 2028 advertising revenue will be double what the figure was in 2020.
"Advertising is projected to account for 55% of the total entertainment and media industry's growth over the coming five years."
Streaming companies like Netflix that are focused on their ad-supported plan could have the best chance to capture the growth of the overall movie entertainment market based on report findings.
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</ul>
The image was created using artificial intelligence MidJourney.

Entertainment

Good News For Cinemark, AMC Stock? New Report Predicts 2026 Cinema Revenue Passing Pre-COVID-19 Levels — But There's A Catch

The Republican National Convention (RNC) kicked off Monday and featured several speakers including Rep. Marjorie Taylor Greene (R-Ga.), who gave a speech hitting on several <a href="https://www.benzinga.com/topic/2024-election">2024 election topics.</a>
What Happened: One of the biggest names to speak on Monday, the Republican representative shared her thoughts on the <a href="https://www.benzinga.com/general/politics/24/07/39761947/gunman-dead-trump-rally-attendee-killed-says-local-da-former-president-comes-under-fire-in-penns">recent assassination attempt</a> on former President Donald Trump, immigration and gender.
"For far too long, the establishment in Washington has sold us out," Greene said, as <a href="https://deadline.com/2024/07/marjorie-taylor-greene-republican-national-convention-1236011197/">reported </a>by Deadline. "They promised unity and delivered division. They promised peace and brought war."
In her speech, Greene attacked the Democratic party and accused them of being responsible for a crisis at the border.
Greene said the Democrats "ripped open our border and allowed millions of illegal aliens to pour in."
The Congresswoman said this has led to higher costs for housing and health care and led to lower wages for Americans and eliminated jobs.
"The Democrats' economy is of, by and for illegal aliens." &nbsp;
A comment by Greene also criticized the government for spending hundreds of millions of dollars to secure Ukraine's borders but not to build a wall between the U.S. and Mexico.
Greene's speech, which included many allegations and not all factual statements, was carried by CNN and not carried by MSNBC and Fox News.
During her speech, Greene also said that Trump is the "leader America deserves."
Stephen Colbert called this comment "absolutely chilling" during his RNC coverage on "The Late Show with Stephen Colbert."
"Why?" Colbert asked, as reported by The Independent. "Did we run over a witch's cat? Did someone make a wish on a cursed chicken foot?"
Read Also: <a href="https://www.benzinga.com/general/entertainment/24/07/39775053/rnc-preview-security-concerns-after-assassination-attempt-trump-rewrites-speech-vp-pick-com">RNC Preview: Security Concerns After Assassination Attempt, Trump Rewrites Speech, VP Pick Coming And More</a>
Why It's Important: Greene's appearance came after a recent tweet following the assassination attempt on Trump drew pushback.
"The Democrats are the party of pedophiles, murdering the innocent unborn, violence, and bloody meaningless, endless wars," Greene tweeted.
Greene went on to say that the Democrat party was evil and "they tried to murder President Trump."
The Congresswoman's tweet and comments at the RNC come as Trump and President Joe Biden have called for unity following the shooting that happened on Saturday.
While they are still competing against each other in the 2024 election, comments from Trump and Biden have been much more focused on positives from within their party instead of attacking the opposite party.
Trump told reporters that he rewrote his RNC speech, which was originally a complete attack on Biden, following the events of the shooting. Trump's new speech is expected to focus on uniting the nation going forward.
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<li><a href="https://www.benzinga.com/news/24/07/39761103/marjorie-taylor-greene-slams-kamala-harris-accusing-vice-president-of-hiding-a-secret-and-lie-to-ame">Marjorie Taylor Greene Slams Kamala Harris, Accusing Vice President Of Hiding &#8216;A Secret And Lie To America&#8217;: &#8216;She Is Perhaps The Biggest Of All Liars&#8217;</a></li>
</ul>
Photo: Shutterstock

Marjorie Taylor Greene Uses RNC To Weigh In On Immigration Debate: 'The Democrats Economy Is Of, By And For Illegal Aliens'

Leaked emails have revealed that James Davis, founder of Bay Staters for Natural Medicine (BSNM), and Mike Botelho, co-founder of New England Veterans for Plant Medicine (NEVPM) are at the center of a controversy involving fraud and identity theft. This development casts a shadow over the upcoming November election in Massachusetts, which includes a <a href="https://www.benzinga.com/markets/cannabis/23/12/36256665/decriminalizing-psychedelics-massachusetts-city-embraces-health-centric-approach">ballot measure on the legalization of psychedelics</a>.
The allegations, <a href="https://doubleblindmag.com/baystaters-impersonating-a-veteran/">reported</a> Double Blind Magazine, stem from an investigation by Talking Joints Memo and Boston Institute for Nonprofit Journalism, which found that Davis impersonated Botelho for months. The two advocacy groups, BSNM and NEVPM, had joined forces last year to push for the decriminalization of psychedelics in Massachusetts, gaining significant media attention. When Botelho moved to another state last fall, he resigned from his leadership position and allowed Davis to write letters to politicians on his behalf, as long as he could review and edit them before they were sent.
<h3 class="wp-block-heading">Investigation Findings</h3>
However, Botelho later discovered that Davis had been impersonating him in communications with media, activists and legislators over a nine-month period. Davis even created an email address under Botelho&#8217;s name without his knowledge and declined speaking engagements on his behalf. &#8220;To see this person impersonate me and respond to emails from supporters, advocates, other grassroots organizations &#8211; and who knows what else &#8211; [on my behalf]&#8230;is stolen valor,&#8221; Botelho told Talking Joints Memo.
The fallout from these actions led to Davis&#8217; group, BSNM, being disinvited from the Extravaganja Festival due to concerns about misrepresentations and dishonesty. The psychedelics community expressed outrage at Davis&#8217; conduct, emphasizing the need for ethical leadership and accountability.
<h3 class="wp-block-heading">Implications For Psychedelics Movement</h3>
This controversy comes at a critical time for the psychedelics movement. Following the <a href="https://www.benzinga.com/markets/cannabis/24/06/39207603/fda-committee-completely-lost-sight-of-the-big-picture-says-retired-lieutenant-general-urging-ap">FDA advisory committee&#8217;s controversial vote against MDMA</a>-assisted therapy, PTSD and veteran suicides remain pressing issues. Massachusetts lawmakers recently <a href="https://www.benzinga.com/markets/cannabis/24/06/39389645/psychedelics-therapy-for-military-veterans-in-ma-clinical-research-of-psilocybin-in-az-and-more">approved funding for research on psychedelic therapy for veterans</a>, highlighting the significant role that service members could play in the legalization vote.
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Cannabis

Psychedelics

Controversy And Allegations Erupt Among Massachusetts Psychedelics Community As Legalization Ballot Looms

Nora Volkow, director of the National Institute on Drug Abuse (NIDA), has stressed the urgent need to overhaul America&#8217;s approach to <a href="https://www.benzinga.com/markets/cannabis/24/07/39750937/cannabis-is-helping-heroin-users-withdraw-and-stay-clean-in-this-south-african-harm-reduction-ce">drug addiction. </a>
In a recent opinion piece <a href="https://www.statnews.com/2024/07/09/providing-addiction-treatment-prisons-jails/">published</a> in STAT and republished on NIDA&#8217;s website, Volkow criticized the prevailing notion that incarcerating drug users is an effective means of treatment, emphasizing its detrimental impact on public health.
See Also: <a href="https://www.benzinga.com/markets/cannabis/23/05/32490936/nida-director-nora-volkow-calls-regulating-cannabis-crucial-as-more-states-legalize-it">NIDA Director Nora Volkow Calls Regulating Cannabis &#8216;Crucial&#8217; As More States Legalize It</a>
&#8220;It remains a common belief that simply stopping people from taking drugs while in jail or prison is an effective approach to treatment. But that belief is inaccurate and dangerous,&#8221; Volkow said.
She pointed out that drug overdose is the leading cause of death among individuals re-entering society post-incarceration, advocating instead for comprehensive addiction treatment programs within correctional facilities.
&#8220;Fundamentally, an individual's best or only option to receive addiction treatment should not have to be during incarceration,&#8221; Volkow said, advocating for a paradigm shift towards proactive treatment and prevention systems that address the root causes of addiction.
<h3 class="wp-block-heading">Medication-Assisted Treatment: A Crucial Tool</h3>
Central to Volkow&#8217;s argument is the promotion of medication-assisted treatment (MAT) using FDA-approved drugs like methadone, buprenorphine and naltrexone.
She highlighted their effectiveness in reducing recidivism and improving public health outcomes. &#8220;Programs across the country are underway to offer naloxone and medications for opioid use disorder in jails and prisons, paired with instruction, training, and social support,&#8221; Volkow noted.
Despite the proven efficacy of these medications, Volkow underscored the significant underutilization in correctional settings. &#8220;All three are effective, safe, and lifesaving. But they are woefully underused, particularly in criminal justice settings,&#8221; she added.
<h3 class="wp-block-heading">Barriers And Progress</h3>
Volkow referenced a Rhode Island study indicating a potential 30% reduction in deaths if all incarcerated individuals had access to these medications. However, she noted that nationally, fewer than half of jails and a tenth of state prisons provide all three medications, highlighting systemic barriers to effective treatment.
The director also acknowledged the role of law enforcement in shifting attitudes towards addiction treatment. She quoted Massachusetts sheriff Chris Donelan, who emphasized the transformative impact of treatment programs within his facility: &#8220;These treatments save lives and help people enter into recovery.&#8221;
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/05/39071524/top-federal-drug-official-praises-psychedelics-potential-psilocybin-and-ketamine-on-city-health-">Top Federal Drug Official Praises Psychedelics&#8217; Potential, Psilocybin And Ketamine On City Health Plans And More</a></li>
</ul>
Photo of Dr. Nora Volkow, courtesy of United Nations

Federal Drug Official: Treating Drug Addiction With  Incarceration Is Ineffective And 'Dangerous,' Calls For Overhaul

Steve-O, the daring stunt performer and star of &#8220;Jackass,&#8221; shared that he was compensated $100,000 for his role in Sega Sammy Holdings Inc's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SGAMY#OTC">SGAMY</a>) <a href="https://www.benzinga.com/general/gaming">NFL 2K5. </a>
<a href="https://www.gamespot.com/videos/steve-o-has-never-played-the-jackass-game-star-players/2300-6464586/">Speaking</a> with GameSpot, Steve-O disclosed the exact figure for his involvement in the game, where he was featured as a celebrity coach alongside other personalities like Carmen Electra, David Arquette, Funkmaster Flex and Jamie Kennedy. 
See Also: <a href="https://www.benzinga.com/general/gaming/24/07/39779849/gaming-industry-revenues-to-hit-307-billion-by-2027-analysis">Gaming Industry Revenues To Hit $307 Billion By 2027: Analysis</a>
NFL 2K5, featuring Terrell Owens as its cover athlete, marked the final installment in Sega&#8217;s football series, which had been a formidable competitor to EA&#8217;s Madden NFL franchise in the early 2000s. 
Launched at a competitive price of $20, significantly lower than the standard $50 for PlayStation 2 and Xbox games at the time, NFL 2K5 received critical acclaim.
Reflecting on his involvement, Steve-O recounted: &#8220;For sure they reached out to me. It&#8217;s so funny that I went to promote this video game on the Howard Stern show. They paid me very well to do that. In 2004, I think it was exactly $100,000 they paid me to do that.&#8221; 
Interestingly, Steve-O&#8217;s foray into video games wasn&#8217;t limited to NFL 2K5. He also appeared in Tony Hawk's Underground 2, where he rode a mechanical bull instead of a skateboard. Despite the elaborate nature of this cameo, it earned him a comparatively modest $5,000. &#8220;I think this one was wildly more popular, but who&#8217;s gonna not do that, you know?&#8221; Steve-O said.
&#8220;Jackass was really good at not paying us that much,&#8221; he added, referencing the Jackass: The Game, which, despite its association with the popular TV show and film series, did not bring substantial earnings for its stars.
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/24/07/39579853/george-r-r-martin-fuels-rumors-about-elden-ring-movie-or-tv-show">George R. R. Martin Fuels Rumors About Elden Ring Movie Or TV Show</a></li>
</ul>
Photo: Joe Seer via Shutterstock

Gaming

SGAMY

Guess How Much Steve-O From 'Jackass' Made From His NFL 2K5 Cameo

Analyst Lorimer Wilson, a contributor at TalkMarkets, <a href="https://talkmarkets.com/content/canadian-cannabis-lps-doubled-performance-of-american-msos-this-week?post=454196">signaled</a> that Canadian Limited Partnership (LPs) Cannabis Companies did much better than American multi-state operators (MSOs) as the <a href="https://www.benzinga.com/cannabis">cannabis</a> sector remains highly volatile, with stock prices reacting sharply to news.
<h3 class="wp-block-heading">Canadian Cannabis Outperforms </h3>
<a href="https://www.benzinga.com/topic/canada-cannabis">Canadian</a> Cannabis LPs doubled the performance of cannabis companies from the US. The Canadian Cannabis LP Portfolio saw significant gains:
<ul>
<li>Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>): UP 24.7% this week; UP 30.1% MTD; UP 27.3% YTD</li>
<li>Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>): UP 8.7% this week; UP 13.3% MTD; DOWN 18.3% YTD</li>
<li>Cronos Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRON#NASDAQ">CRON</a>): UP 8.1% this week; UP 3.4% MTD; UP 15.3% YTD</li>
<li>Organigram (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>): UP 6.9% this week; UP 10.4% MTD; UP 29.8% YTD</li>
<li>Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>): UP 2.4% this week; UP 0.6% MTD; UP 27.0% YTD</li>
</ul>
On average, the LP Portfolio was UP 10.7% this week, 11.4% MTD, and 17.5% YTD.
Read Also: <a href="https://www.benzinga.com/partner/news/24/07/39707581/laser-photonics-nasdaq-lase-h1-milestones-update-expanded-and-upgraded-product-offering-deepened-par">Why The Time To Invest In U.S. Cannabis Stocks Is Right Now</a>
<h3 class="wp-block-heading">American Cannabis Performance</h3>
The American Cannabis MSO Portfolio showed modest gains in comparison:
<ul>
<li>Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>): UP 10.2% this week; UP 9.6% MTD; UP 1.7% YTD</li>
<li>Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>): UP 9.0% this week; UP 7.6% MTD; UP 25.9% YTD</li>
<li>Ayr Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>): UP 8.4% this week; UP 4.6% MTD; UP 14.4% YTD</li>
<li>Trulieve Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>): UP 7.8% this week; UP 8.0% MTD; UP 91.6% YTD</li>
<li>Verano (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>): UP 5.1% this week; UP 1.4% MTD; DOWN 16.5% YTD</li>
<li>TerrAscend (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTC">TSNDF</a>): UP 1.5% this week; DOWN 0.7% MTD; DOWN 17.8% YTD</li>
<li>Green Thumb (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>): UP 0.9% this week; DOWN 1.8% MTD; UP 2.7% YTD</li>
</ul>
On average, the MSO Portfolio increased by 5.2% this week, 3.4% MTD and 15.9% YTD.
<h3 class="wp-block-heading">Cannabis Stock Market Insights</h3>
The 12 largest cannabis stocks were UP 7.0% last week, UP 6.0% MTD, and UP 16.5% YTD. Wilson&#8217;s observations highlight the strong performance of Canadian LPs, offering investors a promising outlook.
Fundamental analysis indicates that American cannabis companies have way more space to grow when it comes to valuation and are also more profitable. Nevertheless, disincentives related to the legislative framework and regulation are putting a limit on their growth capacities. Should some of the main regulations change, such as the <a href="https://www.benzinga.com/markets/cannabis/24/07/39715542/biden-administration-give-us-more-insight-on-marijuana-rescheduling-decision-congressional-commi">rescheduling</a> of cannabis or <a href="https://www.benzinga.com/topic/safe-banking-act">banking limitations</a>, the chance for growth is promising.
The U.S. cannabis market presents a significant <a href="https://www.benzinga.com/markets/cannabis/24/07/39647075/is-now-the-time-to-invest-in-cannabis-stocks-trends-and-long-term-predictions-from-industry-expe">risk-reward opportunity</a>, particularly for MSOs. Despite market volatility and challenges, the fundamental growth potential and increasing public support make U.S. MSOs a compelling long-term investment.
<ul>
<li>Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/07/39757882/canadian-cannabis-companies-are-more-valuable-than-rivals-in-the-u-s-heres-why"> Canadian Cannabis Companies Are More Valuable Than Rivals In The U.S. &#8211; Here&#8217;s Why</a></li>
</ul>
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
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AYRWF

CRLBF

CRON

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

GTBIF

TCNNF

TLRY

TSNDF

VRNOF

Cannabis Stocks: Canadian Companies Outperformed American Counterparts Last Week

Many experts and political pundits wrote off President <a href="https://www.benzinga.com/news/24/07/39785373/mark-cuban-sounds-alarm-on-ai-steering-2024-election-season-including-trump-biden-presidential-race">Joe Biden's chances of winning reelection </a>in 2024 following the president's poor debate performance against former President Donald Trump in June. 
Since the debate, polls have swung in Trump's favor and electoral odds continued to show Trump's chances of winning following the attempted assassination of him in Pennsylvania.&nbsp;
But, at least one predictive model indicates that the election isn't over yet. <a href="https://projects.fivethirtyeight.com/">FiveThirtyEight</a>, a site that tracks polling data and statistics, currently shows Biden winning the election 53 times out of 100 in its simulations. The site calculates these simulations by using polling data, historical trends as well as &#8220;fundamentals&#8221; such as the state of the economy and incumbency.&nbsp;
About FiveThirtyEight: Nate Silver, a statistician, writer and professional poker player, in 2008 started FiveThirtyEight, which refers to the number of electors in the electoral college. ESPN acquired FiveThirtyEight in 2013 before ESPN's parent company, Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), transferred FiveThirtyEight's operations to ABC News in 2018. Silver left the site, and took his data analysis methodology with him in 2023 to start a new site, blog called &#8220;<a href="https://www.natesilver.net/">Silver Bulletin</a>&#8220; and has been critical of FiveThirtyEight's new predictive model. Read Also: <a href="https://www.benzinga.com/news/24/07/39787296/first-obvious-error-by-trump-after-winning-nomination-says-anthony-scaramucci-of-ex-president-picks">&#8216;First Obvious Error&#8217; By Trump After Winning Nomination, Says Anthony Scaramucci As Ex-President Picks JD Vance As Running Mate: Pollster Says &#8216;Not The Pick…To Maximize Chances Of Winning The Presidency&#8217;</a>
Silver, who gives Biden much less of a chance of winning the election than his former site, posted on X saying Trump's pick of Sen. J.D. Vance (R-Ohio) as his vice president may help the Republicans win Ohio, but overall hurts Trump's chances of winning.
Silver posted a blog titled <a href="https://www.natesilver.net/p/jd-vance-offers-democrats-an-opening">&#8220;J.D. Vance offers Democrats an opening</a>&#8221; that argues Vance may make it more difficult for Trump to run a unifying platform. OnTheIssues.org, which analyzes politicians based on their statements, rates Vance as a &#8220;hard-core conservative&#8221; who is further right than Trump on certain social issues. Silver's new site, the Silver Bulletin, shows Biden's chances of winning the election have dropped to around 27% post-debate compared to FiveThirtyEight's 53%. In 2016, Silver's model showed <a href="https://projects.fivethirtyeight.com/2016-election-forecast/">Trump having around a 30% </a>chance of winning the election, much higher than most other sites. 
The Polling Data: Current polls show <a href="https://www.benzinga.com/news/24/07/39764782/biden-vs-trump-post-debate-popularity-poll-reveals-unexpected-results-for-this-candidate">Trump leading in nearly every single swing state</a>, but as many followers of political races know, polls can be inaccurate and misleading. In 2016, most polls showed Hillary Clinton having a commanding lead heading into the election that Trump won.&nbsp;
Photo: Shutterstock

Trump's Big Mistake? FiveThirtyEight Now Shows Biden As Favorite To Win Election Following J.D. Vance VP Pick, Despite Polling Data

Guidance

PNFP

Pinnacle Financial Partners Says It Enters H2 Of 2024 With Great Optimism

Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) reported quarterly earnings of $1.63 per share which beat the analyst consensus estimate of $1.61 by 1.24 percent. This is a 8.94 percent decrease over earnings of $1.79 per share from the same period last year. The company reported quarterly sales of $366.550 million which missed the analyst consensus estimate of $435.089 million by 15.75 percent. This is a 25.08 percent decrease over sales of $489.232 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Pinnacle Finl Partners Q2 2024 Adj EPS $1.63 Beats $1.61 Estimate, Sales $366.550M Miss $435.089M Estimate

Great Southern Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSBC#NASDAQ">GSBC</a>) reported quarterly earnings of $1.45 per share which beat the analyst consensus estimate of $1.21 by 19.83 percent. This is a 4.61 percent decrease over earnings of $1.52 per share from the same period last year. The company reported quarterly sales of $46.818 million which beat the analyst consensus estimate of $46.669 million by 0.32 percent. This is a 2.74 percent decrease over sales of $48.138 million the same period last year.

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