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The luxury market is at a critical turning point, with a clear divide emerging between legacy brands and aspirational players, according to Maurits Pot, <a href="https://www.benzinga.com/general/biotech/24/07/39656549/exclusive-glp-1-weight-loss-drugs-could-become-a-trillion-dollar-market-predicts-tema-etfs-ceo">CEO of Tema ETFs</a>.
In an exclusive interview with Benzinga, Pot emphasized that high-end brands like Hermès International SA (OTCPK: HESAY) and Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) — supported by loyal, affluent clients — are set to outperform, while more aspirational names such as LVMH-Moët Hennessy Louis Vuitton (OTCPK: LVMUY) and Burberry Group plc (OTCPK: BURBY) face greater vulnerability due to shifting consumer behavior and economic slowdowns in key markets like China and Europe.
&#8220;Luxury is going for a turnaround, and we're seeing a greater differentiation between true luxury and aspirational brands,&#8221; Pot said. 
With a number of companies underperforming — particularly LVMH, which recently reported disappointing results — Pot highlighted that these outcomes aren&#8217;t surprising given macroeconomic headwinds.
Pot stressed that investors should now focus on a clear divide between high-end brands and those catering to more discretionary spending.
<h3 class="wp-block-heading">China&#8217;s Stimulus Won't Save Luxury Outlook</h3>
When discussing the impact of Chinese fiscal stimulus, Pot expressed skepticism. He indicated that while there was initial excitement around potential boosts for the market, the real beneficiaries of government spending are likely to be industries more central to China&#8217;s economic priorities.
&#8220;I think the luxury sector got a premature boost from the China stimulus,&#8221; Pot said, &#8220;but ultimately not a boost that is really warranted.&#8221; 
He stressed that the Chinese government will likely prioritize domestic consumption over high-end international luxury, raising doubts about a meaningful rebound in Chinese-driven demand.
<h3 class="wp-block-heading">India: The Next Growth Driver For Luxury?</h3>
Another pressing topic was whether India could fill the gap left by slowing Chinese demand. Pot hinted that India's emerging middle class and growing economic power could be the next growth story.
&#8220;As China slows, does Indian luxury demand replace waning Chinese demand? That's a key question for 2025,&#8221; Pot added, pointing to India&#8217;s growing presence in the luxury space, with brands like Dior investing heavily in the market.
&#8220;2024 will likely be a tough year for the luxury sector,&#8221; Pot stated, &#8220;but I think there&#8217;s reason to believe that 2025 could look better, especially if India continues to emerge as a key luxury market,&#8221; he added.
<h3 class="wp-block-heading">Tariffs And The U.S. Election: Potential Impacts On Luxury</h3>
Looking ahead to the U.S. elections, Pot shared his thoughts on tariffs and their potential impact on luxury. While tariffs haven't directly targeted luxury goods yet, he noted the possibility of indirect consequences, especially for industrial goods like cars. 
&#8220;I think tariffs are going to focus on industrial output before consumer goods, but luxury could get caught up in it eventually,&#8221; he added.
<h3 class="wp-block-heading">Holding Cash For Dip-Buying Opportunities</h3>
Pot also shared insights into how Tema Luxury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUX#NYSE">LUX</a>) is positioned to weather the luxury sector shifts. 
&#8220;Nearly 20% of the portfolio is in cash,&#8221; he revealed, explaining that the fund remains cautious, particularly toward discretionary luxury, which has been hit harder than high-end, timeless brands like Ferrari, Hermès, and Compagnie Financiere Richemont SA (OTCPK: CFRUY). 
&#8220;We&#8217;re overweight on really high-end luxury, and underweight on more discretionary luxury,&#8221; he said.
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EXCLUSIVE: Luxury Is 'Going For A Critical Turnaround,' Tema ETF CEO Says

Autographs of Warren Buffett and Charlie Munger are among the most sought after by those in the financial community when it comes <a href="https://www.benzinga.com/topic/collectibles">to obtaining collectibles</a>.
A recent auction included a signature of both figures that topped estimates.
What Happened: Legendary investor Warren Buffett, also known as the Oracle of Omaha, has led conglomerate Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) for decades and turned the former textile company into one of the most <a href="https://www.benzinga.com/general/education/24/08/40652464/warren-buffett-celebrates-94th-birthday-with-1-trillion-market-cap-milestone-a-look-back-at-hig">valuable companies in the world</a>.
Followers of Buffett and investors in the conglomerate are passionate about the two leaders and often travel to Nebraska once a year for the annual shareholders meeting.
Fans also collect merchandise and memorabilia tied to the two legendary investors. Munger, who served as Vice Chairman of Berkshire Hathaway for many years before passing away at the age of 99 <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">in November 2023</a>.
RR Auction recently <a href="https://www.rrauction.com/auctions/lot-detail/349274407010183-warren-buffett-and-charlie-munger-signatures/">auctioned</a> off a business card with signatures from both Buffett and Munger.
"Ballpoint signature, ‘Warren E. Buffett,' on an off-white 3.75 x 2 sheet printed to resemble Buffett's personal calling card, which consists of information for Berkshire Hathaway headquarters in Omaha, Nebraska," the auction listing said.
The card's autographs are certified by PSA.
The address on the card is for Kiewit Plaza, which is now known as Blackstone Plaza. The 15-story building in Omaha, Nebraska has served as the headquarters for Berkshire Hathaway since 1962.
The auction sold for $15,115, significantly higher than an estimate of $1,500.
You may not be a billionaire like Warren Buffett, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/entertainment/24/10/41187322/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
Why It's Important: With Munger passing away and Buffett turning 94 years old in August, autographs from each investor and duo autographs could get rarer and rarer. The autographs are likely to be collectors items for years given the strong connection to the investing community.
"Buffett signed, but feeling is there won't be enough for every business mind who wants him," Cllct founder Darren Rovell <a href="https://x.com/darrenrovell/status/1846751145533792650">tweeted</a>.
RR Auction <a href="https://www.rrauction.com/search/?str=warren+buffett&amp;flexdatalist-str=warren+buffett&amp;type=t&amp;status=closed&amp;navsearch=true">sold </a>several Buffett autographed items earlier this year, which also flew past estimates. The auction house sold a sheet with seven Buffett quotes signed by the legendary investor for $3,033, beating an estimate of $500. The auction house also sold a signed Alfalfa Club program for $1,411, beating a pre-auction estimate of $800.
For investors who can't buy a full Buffett autograph, there is fractional alternative investment site Rally, which <a href="https://www.benzinga.com/news/22/08/28355919/exclusive-how-you-can-own-a-piece-of-a-warren-buffett-autograph-an-increasingly-rare-asset">has a Buffett signature.</a>
Rally sold 5,000 shares at $3 each of a Buffett-signed 2000 Berkshire Hathaway annual shareholder meeting pamphlet.
"We've been looking for Warren Buffett assets and collectibles for some time," Rally co-founder and Chief Product Officer&nbsp;Rob Petrozzo&nbsp;told Benzinga when the company offered the shares in 2022.
Originally valued at $15,000, the item currently has shares <a href="https://app.rallyrd.com/app/assets/e2d46bd9-56c8-41b5-a056-380856b809d4/2aa8ee76-4935-42d7-a430-bd08ce90859f/view">valued </a>at $2.05 each, with a value of $10,250.
Petrozzo said the signature on the annual shareholders meeting item helps mark a "moment in time, something that he's known for" about Buffett.
Read Next: 
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</ul>

Education

Warren Buffett and Charlie Munger-Signed Business Card Was Estimated At $1,500 — But It Sold For A Lot More

Before <a href="https://www.benzinga.com/topic/elon-musk">Elon Musk</a> became the billionaire CEO of Tesla and SpaceX, he was just a teenager trying to make ends meet in Canada. His ascent to the top wasn&#8217;t easy, nor was it particularly glamorous, as evident in Ashlee Vance&#8217;s book, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future.&nbsp;
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At 17, Musk left his home in South Africa and headed to Canada, hoping to eventually make it to the United States. He obtained citizenship with the help of his mother, who was born in Canada, but in the interim, he had to accept whatever job he could find to make ends meet.
One of Musk&#8217;s first jobs was at his cousin&#8217;s farm in Saskatchewan, a small village with fewer than 300 people. He worked as a vegetable gardener and grain bin shoveler, not exactly the life of a tech startup founder you might expect from one of the most well-known businesspeople in the world. After that, Musk learned to cut logs with a chain saw in Vancouver, British Columbia.
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> here's how there's an opportunity to invest at $1,000 for only $0.50/share today.</a>
But Musk&#8217;s hardest job during his time in Canada was working in a lumber mill&#8217;s boiler room. After asking at the unemployment office which job paid the most, Musk took on a grueling gig that paid $18 an hour – good money for 1989, but at a steep cost.
The work was exhausting and dangerous, involving crawling through small tunnels wearing a hazmat suit to &#8220;shovel [sand and goop] through the same hole you came through.&#8221; The conditions were so tough that most workers didn&#8217;t last long. According to Musk, out of 30 people who started the job with him, only five were left by the third day. By the end of the week, just Musk and two others were still shoveling.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
&#8220;There is no escape,&#8221; Musk said in the biography. The job required him to crawl into a small space, shovel the hot residue through the same hole and hope the person on the other side managed to clear it out. It was physically demanding and the heat made it dangerous if anyone stayed too long inside.
After a few stints working odd jobs across Canada, Musk eventually enrolled at Queen&#8217;s University in Ontario and then transferred to the University of Pennsylvania in the United States. He earned degrees in physics and economics, but not without keeping his entrepreneurial spirit alive. To help pay for tuition, Musk hosted large, ticketed house parties, turning his college house into a nightclub on the weekends.
See Also: If there was a new fund backed by Jeff Bezos offering a<a href="https://www.benzinga.com/money/arrived-private-credit-fund"> 7-9% target yield with monthly dividends would you invest in it?</a>
Musk&#8217;s early years were full of tough work and key decisions to keep him on track. He even turned down a spot in Stanford&#8217;s graduate program to jump into the booming internet scene instead. He cofounded<a href="https://www.benzinga.com/news/24/05/38929147/5-money-mistakes-billionaire-elon-musk-made"> Zip2, which later sold for $300 million</a> and used the money to start X.com, which eventually became PayPal.&nbsp;
That <a href="https://www.benzinga.com/general/education/24/06/39547388/happy-birthday-elon-musk-53-facts-and-figures-about-tesla-spacex-ceo-on-his-53rd-birthday">sale to eBay for $1.5 billion</a> gave Musk the financial boost he needed to launch SpaceX and Tesla – ventures that would make him one of the richest people in the world.
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Startups

Elon Musk Spent His Teen Years Working Odd Jobs In Canada. For $18 An Hour, He'd Clean The Boiler Room With 'No Escape' In A Lumber Mill

DealMaker is a Toronto-based, e-commerce style digital platform that allows companies to raise capital online. Benzinga's Zunaid Suleman sat down with Dealmaker co-founder and CEO Rebecca Kacaba at the Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) HOOD Summit 2024 Friday to discuss what makes the <a href="https://www.benzinga.com/m-a/24/07/39736690/home-depot-boeing-among-big-name-corporates-feeding-global-m-a-activity-as-1-billion-plus-deals-retu">crowdfunding platform unique.</a> 
Digital Landscape: "Really savvy CEOs today know that their business is online. Regardless of what you do, it's a digital world," Kacaba said.&nbsp;
She described the team at DealMaker as "tech geeks" who are focused on reliable, streamlined technology that is efficient and works well. The CEO said the companies listed on DealMaker reflect Nasdaq-listed names, including technology-focused companies, robotics and real estate companies with some consumer-facing brands as well. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41410199/exclusive-robinhoods-steve-quirk-says-new-offerings-like-crypto-futures-bring-in-customers">EXCLUSIVE: Robinhood&#8217;s Steve Quirk Says New Offerings Like Crypto, Futures Bring In Customers, Bitcoin Is &#8216;No. 1&#8217; Most Traded Investment</a>
DealMaker boasts the lowest failed payment rate among its competitors, which the CEO attributed to the company's standard of rigorous diligence, which includes background checks on each company raising capital as well as on the individual investors. 
Kacaba said DealMaker keeps potential investors focused on each company's value proposition without distractions of the "next best thing." She revealed single investments on the platform have reached as high as $250,000 with the average single investment coming in at about $3,600. DealMaker's CEO also highlighted the platform's e-commerce format, which makes it easy and convenient for individuals to invest in companies before they go public. 
"Time kills all deals," Kacaba said.
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Image: Benzinga.

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EXCLUSIVE: 'Time Kills All Deals' – DealMaker's E-Commerce Platform Keeps Investors Focused And Capital Flowing

It&#8217;s well known that legendary investor Warren Buffett answers investor questions for hours every year at Berkshire Hathaway Inc&#8217;s (NYSE: <a href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) (NYSE: <a href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>) annual meeting of shareholders. But most don&#8217;t know that such wouldn&#8217;t have been possible in Buffett&#8217;s early days.
If it weren&#8217;t for a $100 college course he took when he was 20 years old, the &#8220;Oracle of Omaha&#8221; might have shorted&nbsp;<a href="http://www.benzinga.com/news/large-cap/23/02/30740695/how-warren-buffetts-fund-manager-turned-70k-into-264m-in-a-perfect-world-nobody-would-know-about-t">his own success</a>.
What To Know: Buffett had an extreme fear of public speaking up until the age of 20, according to a <a href="https://www.cnbc.com/2019/03/21/billionaire-warren-buffett-says-a-100-dollar-course-had-the-biggest-impact-on-his-success.html?utm_content=makeit&amp;utm_medium=Social&amp;utm_source=Facebook&amp;fbclid=IwAR214Hln3Hmu8MUDHCWsWv1Ogxu7wi-TK9fQr8Yo3_bw1ds91gwRc5W4COk#Echobox=1675694538">report</a> from CNBC.
&#8220;Just the thought of it made me physically ill.&nbsp;I would literally throw up,&#8221;&nbsp;Buffett told CNBC contributor and&nbsp;&#8220;Getting There&#8221; author&nbsp;Gillian Zoe Segal.
In his early college days, Buffett would select certain classes to avoid having to present in front of his classmates. Furthermore, he designed his schedule so he wouldn&#8217;t have to be in front of crowds. 
He told Segal&nbsp;that he could barely even introduce himself whenever he found himself in a situation that required him to speak in front of others.&nbsp;
Buffett set out to change that when he saw an ad for a&nbsp;Dale Carnegie&nbsp;public speaking course at Columbia&#8217;s Business School. He signed up and even wrote a check to cover the costs, but shortly after, he reneged on his intentions.
&#8220;I just couldn't do it. I was that terrified,&#8221; the Berkshire CEO&nbsp;said.
Not long after Buffett graduated, he came across the exact same ad in the paper and set out to sign himself up again, with one key difference in his approach.
&#8220;This time, I handed the instructor $100 in cash. I knew if I gave him the cash I'd show up,&#8221; Buffett&nbsp;said.&nbsp;
See Also: <a href="https://www.benzinga.com/news/24/10/41168649/warren-buffetts-billion-dollar-lesson-its-very-irritating-if-you-have-a-lot-of-money-in-the-end-you">Warren Buffett&#8217;s Billion-Dollar Lesson: &#8216;It&#8217;s Very Irritating If You Have A Lot Of Money&#8217; — In The End, You Can&#8217;t Buy Love</a>
He did show up, and he discovered that about 30 other people had the same problem he did, he said: &#8220;We all had trouble saying our own names.&#8221;
By the time he finished the 12-week course, he was ready to put his skills to the test. He applied for a teaching position at the University of Omaha right away, knowing that if he didn&#8217;t keep at it, he would risk giving up&nbsp;the progress he had made in the public speaking class.&nbsp;
&#8220;I just kept doing it, and now you can't stop me from talking,&#8221;&nbsp;Buffett told Segal with a laugh.
The report indicates that the Berkshire CEO&nbsp;credits much of his&nbsp;<a href="http://www.benzinga.com/news/large-cap/23/02/30740695/how-warren-buffetts-fund-manager-turned-70k-into-264m-in-a-perfect-world-nobody-would-know-about-t">success</a>&nbsp;to the public speaking class, which is&nbsp;a lot of praise for someone as successful as the Oracle himself.
According to <a href="https://www.bloomberg.com/billionaires/">Bloomberg</a>, Buffett is the eighth-richest person in the world, with an estimated net worth of $145 billion at the time of writing. His fund has historically outperformed the S&amp;P 500, delivering nearly 20% compounded annual returns since Buffett took control of Berkshire in 1965.
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Photo: <a href="https://www.flickr.com/photos/fortunelivemedia/">Fortune Live Media</a> from Flickr.
Some elements of this story were previously reported by Benzinga and it has been updated.

Success Stories

Warren Buffett Says He Wouldn't Be Successful Today If He Didn't Take This $100 College Class: 'I Was That Terrified'

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
The three major stock indices extended their winning streak to six consecutive weeks, marking the longest stretch of gains for both the Dow Jones and S&amp;P 500 this year. The Dow rose 0.96%, the S&amp;P 500 increased by 0.85%, and the Nasdaq advanced 0.80%.
Retail sales in September exceeded expectations, and a significant drop in jobless claims added to the view that the U.S. economy is still robust. This strong economic momentum has led some analysts to reassess the Federal Reserve&#8217;s future course of action, with many now questioning the likelihood of additional interest rate cuts.
However, rising Treasury yields have impacted the housing market, causing a sharp increase in mortgage rates and a corresponding drop in mortgage applications. Homebuyer demand experienced its steepest decline since April 2020, as potential buyers pulled back due <a href="https://www.benzinga.com/markets/asia/24/10/41411026/bank-earnings-propel-wall-street-to-record-peaks-oil-plunges-below-70-gold-shines-at-all-time-highs">to the higher borrowing costs.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle">Apple&#8217;s iPhone 16 Powers Record Sales In Q3, Just Behind Samsung In Global Market Share Battle</a>,&#8221; by <a href="https://www.benzinga.com/author/rounak-jain">Rounak Jain</a>, reports that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) achieved record iPhone sales in Q3 2024, securing 18% global market share, just behind Samsung Electronics Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), as the global smartphone market grows by 5% year-over-year.
&#8220;<a href="https://www.benzinga.com/news/24/10/41321236/sam-altmans-oklo-jumps-on-google-nuclear-deal-whats-going-on">Sam Altman&#8217;s Oklo Jumps On Google Nuclear Deal: What&#8217;s Going On?</a>,&#8221; by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, reports on Oklo Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NYSE">OKLO</a>) shares rising after Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) announced plans to use nuclear energy, with speculation that Sam Altman&#8216;s connections may position Oklo for future deals with tech giants.
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41374086/dogecoin-shiba-inu-pepe-may-have-overtaken-these-nasdaq-listed-companies-toward-billion-do">Dogecoin, Shiba Inu, Pepe May Have Overtaken These Nasdaq-Listed Companies Toward Billion-Dollar Valuations, But There&#8217;s A Catch</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, reports on how meme coins like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), and Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) reached billion-dollar valuations faster than traditional companies like Nutanix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) and Nice Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NICE#NASDAQ">NICE</a>).
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41406623/netflix-should-continue-to-outperform-6-analysts-on-streaming-stocks-q3-earnings">Netflix &#8216;Should Continue To Outperform&#8217;: 6 Analysts On Streaming Stock&#8217;s Q3 Earnings</a>
<a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41342499/unlikely-s-p-500-stock-leaves-nvidia-behind-with-241-gain-in-2024">Unlikely S&amp;P 500 Stock Leaves Nvidia Behind With 241% Gain In 2024</a>
<a href="https://www.benzinga.com/markets/equities/24/10/41364980/russell-2000-poised-for-major-technical-breakout-analyst-eyes-a-trend-reversal-in-favor-of-small">Russell 2000 Poised For Major Technical Breakout: Analyst Eyes &#8216;A Trend Reversal In Favor Of Small Caps Outperforming&#8217; S&amp;P 500</a>
The Bears
&#8220;<a href="https://www.benzinga.com/general/biotech/24/10/41381861/moderna-hit-with-another-lawsuit-related-to-key-covid-19-vaccine-technology">Moderna Hit With Another Lawsuit Related To Key COVID-19 Vaccine Technology</a>,&#8221; by <a href="https://www.benzinga.com/author/vandana-singh">Vandana Singh</a>, reports that Northwestern University has sued Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) for allegedly using its lipid nanoparticle technology in COVID-19 vaccines like Spikevax without permission, seeking damages for patent infringement.
&#8220;<a href="https://www.benzinga.com/news/24/10/41385546/ftc-click-to-cancel-rule-makes-it-easy-to-end-subscriptions-what-it-means-for-netflix-planet-fitness">FTC &#8216;Click-To-Cancel&#8217; Rule Makes It Easy To End Subscriptions: What It Means For Netflix, Planet Fitness And More</a>,&#8221; by <a href="https://www.benzinga.com/author/erica-kollmann">Erica Kollmann</a>, reports that the Federal Trade Commission&#8217;s new rule aims to simplify canceling subscriptions, impacting companies like Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and Planet Fitness Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) by requiring them to make a cancellation as easy as signing up.
&#8220;<a href="https://www.benzinga.com/news/24/10/41393244/tesla-has-a-new-chinese-electric-vehicle-competitor-how-a-company-that-used-to-sell-cheap-tvs-is-ent">Tesla Has A New Chinese Electric Vehicle Competitor: How A Company That Used To Sell Cheap TVs Is Entering EV Race</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, reports that Chinese company Skywell, known for selling affordable Skyworth TVs, unveiled the Q hatchback EV at the Paris Auto Show, marking its entry into the EV space and potentially challenging Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with competitively priced models.
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Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
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Benzinga Bulls And Bears: Apple, Tesla, Netflix, Oklo — And Dogecoin, Meme Coins Outpace Corporate Giants

In a recent social media clash, <a href="https://www.benzinga.com/topic/mark-cuban">Mark Cuban</a> called out Donald Trump for insulting American autoworkers. Cuban, the entrepreneur and part-owner of the Dallas Mavericks, took to <a href="https://x.com/mcuban/status/1846335916228391385">Twitter</a> to criticize Trump&#8217;s remarks during his interview at the Economic Club of Chicago.&nbsp;
Trump claimed that autoworkers in America were essentially just assembling car parts &#8220;out of a box&#8221; and even went as far as to say, &#8220;We could have our child do it.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He still thinks it's 1965. It's obvious he has no idea what it takes to manufacture any advanced product, car or otherwise. <a href="https://t.co/mRCTZG5k3E">https://t.co/mRCTZG5k3E</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1846335916228391385?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Cuban was not having any of it. In a tweet, he said, &#8220;He still thinks it's 1965. It's obvious he has no idea what it takes to manufacture any advanced product, car or otherwise.&#8221; Cuban made it clear that Trump's comments were completely out of touch with the reality of modern manufacturing and a direct insult to hardworking Americans who keep the industry going.
When Stephen Miller, a former advisor to Trump, rushed in to defend the former president, Cuban responded quickly. Miller suggested that Cuban had been &#8220;hoaxed&#8221; by a &#8220;deceptively edited clip&#8221; and argued that Trump's comments were directed at European car manufacturers, not American workers.&nbsp;
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Cuban responded, &#8220;Stephen, the Mercedes plant is in the USA,&#8221; before continuing, "The workers are American. He said a child could do the job of an American worker. That's an insult.&#8221;
Cuban wasn't just upset about the specific comments on autoworkers. He also aimed at Trump's behavior during the interview, calling it &#8220;awful.&#8221; According to Cuban, whenever Trump couldn't answer a question, he insulted the interviewer instead, adding, &#8220;Now THAT is something a child can do.&#8221;
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There was more back-and-forth. Cuban even provided extensive information via Grok chatbot to support his assertions, citing Mercedes-Benz U.S. International (MBUSI), the company that operates <a href="https://www.benzinga.com/top-stories/24/05/38798644/mercedes-benz-workers-in-alabama-face-anti-union-pressure-amid-uaw-vote">Mercedes-Benz activities in Alabama</a>.&nbsp;
The company made a significant investment in this factory, which is close to Vance, Alabama. It manufactures models like the GLE and GLS, as well as electric EQS and EQE SUVs. Mercedes-Benz employs its &#8216;One Man–One Engine&#8217; philosophy at this plant for its AMG models, where a single technician hand-builds an engine from start to finish. This philosophy emphasizes that American workers at this plant deserve respect for their skills and contributions.
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Cuban&#8217;s message was very clear: don&#8217;t accept Trump&#8217;s actions as usual, especially if doing so means <a href="https://www.benzinga.com/news/24/06/39516013/mark-cuban-accuses-trump-of-ripping-off-thousands-of-hard-working-americans-and-not-wanting-to-leave">disparaging hardworking Americans</a>. He called on people like Stephen Miller not to excuse or justify the insults. &#8220;I know your guy insults hardworking Americans often, but don't normalize this, Stephen,&#8221; Cuban tweeted.
Trump has a track record of <a href="https://www.benzinga.com/general/politics/24/10/41344136/trump-goes-on-the-defense-about-massive-effect-of-tariffs-economic-growth-putin-relationship-djt">opposing global trade deals</a> and enacting tariffs to encourage homegrown manufacturing. But rather than bringing about the rebirth he frequently claims, it has been demonstrated that his policies – such as tariffs on steel and aluminum – damage the American auto sector, driving up costs and even resulting in plant closures.
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'Don't Normalize' Trump's Behavior, Warns Mark Cuban, Says It's An Insult To American Workers To Claim Their Job Could Be Done By A Child

In <a href="https://www.semafor.com/article/10/17/2024/lucids-boss-on-sputtering-ev-market-elon-and-doing-business-in-saudi-arabia">an interview</a> with Semafor published on Thursday, Peter Rawlinson, CEO of Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) discussed the company's relationship with the Public Investment Fund (PIF) of Saudi Arabia, Lucid's rivalry with Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and <a href="https://www.benzinga.com/news/24/10/41356810/elon-musk-donates-75m-to-support-donald-trumps-presidential-campaign">Elon Musk's political views</a>.&nbsp;
Saudi Money: Saudi Arabia's PIF has invested approximately $8 billion in Lucid, and the sovereign wealth fund holds about a 60% stake in the EV maker, making it the company&#8217;s largest shareholder. Lucid is also building a factory in Saudi Arabia with an annual production capacity of 150,000 vehicles. The PIF has said that it views Lucid as an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40196316/lucid-group-analysts-break-down-q2-earnings-1-5b-saudi-financing-for-ev-stock-we-se">important part</a> of its strategy to diversify Saudi Arabia&#8217;s economy and invest in future technologies. 
"They are looking for multipliers that can help their transition," Rawlinson said regarding the Saudi partnership. "I didn't go out and try to seek Saudi money specifically. But I needed billions of dollars."
Lucid announced a <a href="https://www.benzinga.com/news/24/10/41381191/whats-going-on-with-lucid-stock-thursday">public offering of its stock</a> on Wednesday and Saudi PIF-affiliate Ayar Third Investment Company had agreed to purchase an additional 374,717,927 shares of Lucid's stock in a private placement in connection with the offering. The company expects to receive another $970.2 million in gross proceeds from the PIF's latest investment.&nbsp;
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Rawlinson on Elon Musk's Politics: Rawlinson revealed that he knows Elon Musk "very well" after working for him for three years, but that the Tesla CEO has become "distracted with politics."
"His mind is not where it was, and you see the result now," Rawlinson said in the interview. "We're the new leader, and many of my team from Tesla have come and joined me."
Rawlinson went so far as to claim that he was not only taking staff from Tesla due to Musk's<a href="https://www.benzinga.com/news/24/10/41353213/tesla-ceo-elon-musk-to-campaign-for-trump-in-pennsylvania-asks-attendees-to-support-free-speech-ther"> political involvement</a>, but said former Tesla<a href="https://www.benzinga.com/top-stories/24/08/40404685/lucid-ceo-peter-rawlinson-says-his-ev-tech-is-8-years-ahead-of-elon-musks-tesla"> customers are fleeing</a> to Lucid as well. He illustrated his point with an anecdote about an email from a customer who switched from Tesla to Lucid.&nbsp;
&#8220;We just couldn't drive around in a Tesla anymore. We bought a Lucid out of disdain for Elon, but now we've got it, we can't believe what we've got," Rawlinson said the customer wrote.&nbsp;
EV Demand: Lucid recently scaled back its production targets, though Rawlinson claims Lucid is outperforming luxury EV competitors in certain markets.&nbsp;
"In some markets now, Lucid Air is outselling Tesla Model S," Rawlinson stated.&nbsp;
The Lucid CEO said <a href="https://www.benzinga.com/news/24/09/40799524/lucid-showcases-new-gravity-suv-teases-affordable-crossover-ev">vehicle manufacturing</a> is not a problem and pointed to the company's production levels of 100 EVs per day in 2022. He sees Lucid's problem as low EV market demand.&nbsp;
"The market is tough. The actual sales numbers of EVs are increasing. It's just that the rate of increase was not what we anticipated."
LCID Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Lucid shares ended Friday's session at $2.63, down more than 22% over the past five days.&nbsp;
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Image: Shutterstock&nbsp;

Movers

LCID

Lucid CEO Peter Rawlinson Talks Saudi Investment, Elon Musk's Political Views And Taking Business From Tesla

In a campaign rally for Democratic presidential candidate Kamala Harris in Arizona, former President Barack Obama criticized Republican nominee Donald Trump as a leader.
What Happened: On Friday, Obama questioned Trump&#8217;s&nbsp;mental fitness to lead the&nbsp;nation, describing&nbsp;the Republican nominee as a&nbsp;huckster to criticize him, <a href="https://www.washingtonpost.com/politics/2024/10/18/obama-trump-arizona-rally-harris/">reported</a>&nbsp;The Washington Post.
The rally, held at the University of Arizona&#8217;s football practice facility, was attended by an estimated 7,000 people. It marked the beginning of Obama&#8217;s six-day, five-state tour of the election&#8217;s fiercest battlegrounds.
See Also:&nbsp;<a href="https://www.benzinga.com/general/sports-betting/24/10/41347270/trump-vs-harris-2024-election-polls-sportsbooks-betting-odds-show-different-winners-for-20?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: 2024 Election Polls, Sportsbooks Betting Odds Show Different Winners For 2024 Election</a>
During the rally, Obama likened Trump&#8217;s town hall appearance this week to the behavior of an &#8220;older, loonier Donald Trump with no guardrails.&#8221;
&#8220;You would be worried if your grandpa was acting like this,&#8221; he said.
He also took a dig at Trump&#8217;s business ventures, particularly his self-branded Bibles, which he noted were printed in China.
The former President called out Trump&#8217;s hypocrisy, branding him as &#8220;Mr. Tough Guy on China,&nbsp;except when he can make&nbsp;a few bucks hawking his&nbsp;Trump edition Bibles.&#8221;
Why It Matters: Earlier this year in August, during the Democratic National Convention, <a href="https://www.benzinga.com/general/politics/24/08/40488598/obama-compares-trump-to-an-annoying-neighbor-with-leaf-blower-tells-dnc-americas-ready-for-a-new">Obama compared Trump to an</a> annoying neighbor with a leaf blower, stating that America was ready for a new chapter under Harris&#8217;s leadership.
Earlier this month, he <a href="https://www.benzinga.com/news/24/10/41284435/obama-compares-trumps-behavior-with-fidel-castro-he-has-not-stopped-whining-about-his-problems-since">compared Trump&#8217;s behavior</a> to that of Fidel Castro, stating that Trump had not stopped &#8220;whining about his problems&#8221; since his initial presidential campaign.
&#8220;Donald Trump is a 78-year-old billionaire who has not stopped whining about his problems since he rode down his golden escalator nine years ago,&#8221; Obama posted on social media.
Trump, on the other hand, has been contemplating <a href="https://www.benzinga.com/news/24/10/41414741/trump-mulls-legal-action-against-cbs-over-kamala-harriss-60-minutes-interview-its-going-to-be-very-e">legal action against CBS over an interview</a> with Harris, accusing the network of deceptive editing to present the Vice President in a positive light.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: of Matt Johnson and Gage Skidmore on Flickr

Politics

Media

Obama Criticizes Trump's Town Hall Appearance At Arizona Rally: 'You Would Be Worried If Your Grandpa Was Acting Like This'

&#8220;Shark Tank&#8221; co-stars&nbsp;Mark Cuban&nbsp;and&nbsp;Kevin O&#8217;Leary, aka &#8220;Mr Wonderful,&#8221;&nbsp;have locked horns over tariffs on China.
What Happened: On Friday, O&#8217;Leary voiced his discontent with China&#8217;s trade practices on X, formerly Twitter.
He argued for drastic action in the form of raising tariffs to 400%, saying that China has been unfair in its business practices for decades.&nbsp;&#8220;I can tell you&nbsp;firsthand they DON&#8217;T play fair.&#8221;
&#8220;I'm calling for REAL action, raise tariffs to 400%. Make it SO painful they have no choice but to come to the table,&#8221; O&#8217;Leary stated, referring to Republican presidential nominee Donald Trump&#8217;s stance on the subject.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As someone who's been doing business with China for decades, I can tell you firsthand they DON&#39;T play fair. I've dealt with their system, and it's been a one-sided game for 20 years. They block us from protecting our IP but then come to our courts when things don't go their way,… <a href="https://t.co/gpkcmOJDgI">pic.twitter.com/gpkcmOJDgI</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1846745438340210739?ref_src=twsrc%5Etfw">October 17, 2024</a></blockquote>
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Cuban swiftly responded to O&#8217;Leary&#8217;s call for increased tariffs, highlighting the adverse effects such measures could have on U.S. companies.
He cited a Deutsche Bank report and a Goldman Sachs survey, indicating that companies were &#8220;cutting costs, putting off investments, and paying extra to build up inventory to help cushion the impact of China tariffs.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hey <a href="https://twitter.com/kevinolearytv?ref_src=twsrc%5Etfw">@kevinolearytv</a> , this is what companies did in Sept of 2019 while your guy was negotiating &#x2A; U.S. companies already are cutting costs, putting off investments and paying extra to build up inventory to help cushion the impact of China tariffs. Some companies are postponing…
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1847374958206603527?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
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Why It Matters: This isn&#8217;t the first time the two &#8220;Shark Tank&#8221; co-stars have publicly disagreed. In August, they had a <a href="https://www.benzinga.com/startups/24/08/40163905/shark-tank-showdown-mark-cuban-claps-back-at-kevin-olearys-controversial-comments-on-kamala-harris">social media showdown</a> following O&#8217;Leary&#8217;s controversial comments on Democratic nominee Kamala Harris, whom Cuban is publicly supporting.
Their latest disagreement comes amid a heated debate on tariffs. Last month, the Joe Biden administration&nbsp;<a href="https://www.benzinga.com/markets/asia/24/09/40856820/biden-hikes-tariffs-on-chinese-goods-alibaba-jd-com-stocks-drop">hiked tariffs</a>&nbsp;on Chinese goods, causing stocks of Alibaba and JD.com to drop.
Meanwhile, Trump has&nbsp;<a href="https://www.benzinga.com/news/24/10/41397317/trump-defends-his-plans-to-impose-200-tariffs-on-cars-imported-from-china-mexico-hope-union-workers">defended his plans</a>&nbsp;to impose 200% tariffs on cars imported from China and Mexico, aiming to protect American automotive jobs. &#8220;I hope the union workers, auto workers understand that I saved their jobs.&#8221;
Previously, Harris criticized Trump&#8217;s tariff policy, naming it "Trump sales tax&#8221; during the <a href="https://www.benzinga.com/news/24/09/40810978/trump-sold-us-out-with-china-tariff-policy-says-harris-in-heated-presidential-debate">presidential debate</a> last month. At the time, she stated that the Trump administration contributed to a substantial trade deficit and instigated trade wars.
&#8220;Under Donald Trump's presidency, he ended up selling American chips to China to help them improve and modernize their military,&#8221; Harris said then.
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Disclaimer: 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.
Photos courtesy: Gage Skidmore via Flickr and Shutterstock

Economics

Kevin O'Leary Calls for 400% Tariffs On China, But His 'Shark Tank' Co-Star And Friend Mark Cuban Fires Back With Business Concerns

Editor&#8217;s note: The headline of this story has been updated to clarify that Bitcoin is the top recurring investment on the Robinhood platform, not the most traded asset, and the story has been updated with more detail. 
Trading platform Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has grown from a strong base of young users and retail users into a platform that caters to all, a development the company's Chief Brokerage Officer Steve Quirk told Benzinga is "kind of exciting to see" during the <a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading">2024 HOOD Summit.</a>
Robinhood's Growth: With a<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35166392/exclusive-next-generation-of-investors-drives-robinhoods-247-trading-crypto-savings-offeri"> long career in the trading world </a>at TD Ameritrade and the Cboe, Quirk has seen trends come and go in the stock market.
"At Robinhood, our customers tier toward the younger side," Quirk said in a Friday interview, noting an average customer age in the low 30s.
Similarities exist between legacy trading firms and Robinhood, he said, but there are many differences that influence the latter&#8217;s product development.
"The technology and products we roll out cater to our customers."
On Robinhood, around 50% of the self-directed trading occurs on mobile, which means most of the trading is done on phones, Quirk said. 
With the growth of retirement accounts and more sophisticated traders joining Robinhood, Quirk said the company saw demand for web-based apps and platforms alongside mobile, which went into the company's new trading platform.
"We are attracting a lot of large customers from other brokerages."
Quirk emphasized the amount of effort Robinhood puts into researching customers to make better tools and products and also the effort made in education to make people feel comfortable switching their accounts over to Robinhood.
"Education is critical."
The HOOD Summit has helped show Quirk stories of investors changing their lives through Robinhood tools and investment platforms, he said. 
"Those stories make you motivated to continue to deliver for the customers."
Read Also: <a href="https://www.benzinga.com/markets/options/24/10/41389775/exclusive-cboe-ceo-says-robinhood-growth-an-eye-opener-unpredictable-2024-election-could-increase">EXCLUSIVE: Cboe CEO Says Robinhood Growth &#8216;An Eye Opener,&#8217; Unpredictable 2024 Election Could Increase Market Volatility</a>
Platform For Everything: Robinhood recently announced a partnership with Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) that will bring futures trading to customers, which Quirk said is one of the platform&#8217;s most-requested features. 
"It's a natural," Quirk said.
The tax advantages of futures and the fact they operate around the clock are some of the reasons they are in demand from Robinhood customers, he said. 
With its offerings of stocks, options, futures and cryptocurrency, Quirk highlighted the uniqueness of the Robinhood platform during his interview with Benzinga's Zunaid Suleman at the HOOD Summit in Miami. 
"We're the only place in U.S. where you can do it all."
Robinhood offers the ability to make recurring investments in any asset, including cryptocurrency, Quirk said. Recurring investments are where Robinhood users set the dollar amount of an investment to be made automatically on their behalf. 
"The No. 1 traded and most reoccurred investment is Bitcoin," he said, highlighting the leading cryptocurrency Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
Bitcoin has been Robinhood&#8217;s top recurring asset for years and it shows the platform has customers who are very passionate about cryptocurrency, the chief brokerage officer said.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41391989/exclusive-robinhoods-bitstamp-deal-will-drive-growth-exec-says-what-was-good-for-stocks-we">EXCLUSIVE: Robinhood&#8217;s Bitstamp Deal Will Drive Growth, Exec Says: &#8216;What Was Good For Stocks &#8230; We Brought Into Crypto&#8217;</a></li>
</ul>
Benzinga&#8217;s Zunaid Suleman interviews Robinhood Chief Brokerage Officer Steve Quirk. Photo by Aaron Thomas.

Management

Markets

$BTC

CBOE

EXCLUSIVE: Robinhood's Steve Quirk Says New Offerings Like Crypto, Futures Bring In Customers, Bitcoin Is 'No. 1' Recurring Investment (CORRECTED)

The U.S. Commerce Department has reportedly launched an investigation into Taiwan Semiconductor Manufacturing Company Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) that could potentially <a href="https://www.benzinga.com/government/23/04/31723813/tsmc-seeks-clarity-us-chips-act-subsidy-concerns-prompt-high-stakes-discussions">disrupt the production of chips</a> for Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones and Macs.
What Happened: The U.S. Commerce Department is probing whether&nbsp;TSMC&nbsp;violated sanctions by supplying chips to Huawei Technologies, <a href="https://appleinsider.com/articles/24/10/18/us-tsmc-probe-puts-iphone-chips-at-risk">reported</a> Apple Insider (<a href="https://www.theinformation.com/articles/u-s-probes-tsmcs-dealings-with-huawei">via</a> The Information).
The investigation, initiated in early fall, follows suspicions that TSMC may have been&nbsp;contracted by an intermediary firm&nbsp;to manufacture smartphone and AI chips for Huawei.
The 2020 sanctions on Huawei restricted the Chinese tech giant from <a href="https://www.benzinga.com/markets/asia/23/06/33050727/the-us-is-trying-to-weaken-chinas-semiconductor-industry-heres-what-china-is-doing-to-fight-back-in">obtaining components from U.S. companies</a> without approval from the Commerce Department.
It also prohibited the use of chips manufactured with U.S.-sourced equipment.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41373962/trump-campaigns-snapchat-absence-potentially-gives-harris-edge-among-young-voters?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign&#8217;s Snapchat Absence Potentially Gives Harris Edge Among Young Voters</a>
If found guilty, TSMC could face penalties, including sanctions, which could directly affect its chip production for clients, including&nbsp;Apple, the report noted.
Such a penalty could stop TSMC&#8217;s access to U.S. technology and equipment, disrupting the production of new lines and maintenance of existing ones.
This could also limit the production of Apple&#8217;s mobile chips, forcing the tech giant to seek another chip partner.
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: Earlier this week, it was reported that TSMC could <a href="https://www.benzinga.com/news/24/10/41395688/nvidia-supplier-tsmc-will-push-back-against-asml-rumored-price-hikes-says-analyst-potential-pricing">resist price hikes</a>&nbsp;from equipment supplier ASML Holding, which may lead to a pricing standoff between the two companies.
Hsinchu, Taiwan-based TSMC <a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips">reported third-quarter revenue</a> of NT$759.69 billion ($23.50 billion), up 39% from last year and 12.8% from the previous quarter. In U.S. dollar terms, revenue grew 36% year-over-year and 12.9% quarter-over-quarter.
The impact could be even greater, <a href="https://www.benzinga.com/government/24/09/41007184/taiwan-semi-secures-7-5b-boost-for-arizona-expansion-aims-for-advanced-chip-production-report">as TSMC&#8217;s Arizona facility</a>, which secured a <a href="https://www.benzinga.com/news/24/04/38266586/taiwan-semis-ai-boom-and-us-expansion-set-to-drive-q1-earnings-growth">$6.6 billion subsidy through</a> the Chips Act from the Commerce Department in April, might face a halt in its development.
Previously, it was also reported that TSMC has&nbsp;<a href="https://www.benzinga.com/news/24/10/41356479/apple-spark-hope-for-americas-semiconductor-comeback-key-supplier-tsmc-reportedly-begins-producing-c">started manufacturing</a>&nbsp;A16 chips for Apple at its Phoenix, Arizona facility, marking a return to using U.S.-made chips after nearly a decade.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41401752/nvidia-executive-defends-teslas-optimus-robots-amid-criticism-thats-a-huge-advancement-not-something?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Executive Defends Tesla&#8217;s &#8216;Optimus&#8217; Robots Amid Criticism: &#8216;That&#8217;s A Huge Advancement&#8230;Not Something That Should Be Downplayed&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

US Probe Into Potential Sanctions Breach By TSMC Threatens Apple's iPhone Chips Production

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) enthusiasts have reason to be optimistic as the Chief Investment Officer of Bitwise, Matt Hougan, has projected that the apex crypto could hit a six-figure price by 2025.
What Happened: Hougan cited several factors that could propel Bitcoin&#8217;s price upward, in a recent interview on the Altcoin Daily channel.
He pointed to the recent halving event in April, which slashed miners&#8217; rewards by half, as a significant influence on Bitcoin&#8217;s market dynamics.
"I think it's going to be a new all-time high. I think it's going to be six-figure Bitcoin for sure," said Hougan.
"It's a risky market. You should only invest what you can lose. But the setup for 2025 is really exceptional."
Additionally, Hougan expects spot Bitcoin exchange-traded funds (ETFs) to become more prominent next year. He also highlighted potential Federal Reserve rate cuts as a bullish catalyst for Bitcoin&#8217;s price increase.
Hougan expressed confidence that Bitcoin might reach new all-time highs before the year ends, noting the substantial liquidity available for investment in the crypto market.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Man Who Accidentally Threw Hard Drive Containing 8,000 Bitcoins Worth Half A Billion Dollars In Landfill</a>
Why It Matters: Hougan&#8217;s prediction comes amid a backdrop of increasing institutional interest in Bitcoin.
Recently, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) founder Michael Saylor <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41396724/microstrategy-boss-michael-saylor-taunts-bitcoin-doubters-challenges-them-to-short-company">challenged Bitcoin skeptics</a> to short the company&#8217;s stock, emphasizing their commitment to holding Bitcoin.
Furthermore, Morgan Stanley, despite previous skepticism from its executive chairman James Gorman, has <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41351925/morgan-stanley-chair-james-gorman-once-said-bitcoins-role-in-wealthy-peoples-financial-fab">actively recommended Bitcoin-related investments</a> to clients this year. This shift indicates a growing acceptance of Bitcoin among traditional financial institutions.
Additionally, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41295451/bitcoin-rises-2-to-break-62k-trader-reports-90-to-100-bullish-signals">recent rise in Bitcoin&#8217;s price</a>, with traders like Astronomer Zero reporting strong bullish signals, further supports the optimistic outlook for Bitcoin&#8217;s future.
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<iframe loading="lazy" title="&#039;All Hell is About To Break Loose In Crypto!&#039; Matt Hougan" width="500" height="281" src="https://www.youtube.com/embed/fRqy2zkflUY?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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Price Action: At the time of writing, Bitcoin's price was hovering at $68,361, up by 0.31% in the past 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41415033/fbi-arrests-alabama-man-who-allegedly-hacked-secs-x-account-to-prematurely-announce-bitcoi">FBI Arrests Alabama Man Who Allegedly Hacked SEC&#8217;s X Account To Prematurely Announce Bitcoin ETF Approval</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Analyst Color

Price Target

MSTR

Bitcoin Predicted To Hit 6-Figure Price In 2025, Bitwise CEO Says Next Year Will Be 'Exceptional' For King Crypto

Deepwater Asset Management&#8217;s managing partner Gene Munster shared his thoughts on the future of autonomous vehicles, discussing their potential advantages and the hurdles they face.
What Happened: Munster shared his four main observations from Elon Musk-led Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">&#8220;We, Robot&#8221; event.</a>
Here are Munster&#8217;s key takeaways:
The World Needs Autonomy
According to Munster, vehicles in autonomous fleets could reduce cost per mile by 65-75% due to higher usage, and the time saved from not driving could be worth around $21,000 annually in personal value.
&#8220;In the U.S. alone, it could save tens of thousands of lives and hundreds of billions of hours per year.&#8221;
However, he said that it is important to note that safety and sustainability impacts still depend on various factors.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Man Who Accidentally Threw Hard Drive Containing 8,000 Bitcoins Worth Half A Billion Dollars In Landfill Sues Local City Council For Not Excavating The Site</a>
It&#8217;s Going To Take Longer
The analyst also revised his timeline for autonomous driving, acknowledging it will take longer than he anticipated.
He said that while there&#8217;s a 20% chance of a breakthrough akin to a &#8220;ChatGPT moment&#8221; in the next year, current trends and regulatory challenges suggest Full Self-Driving progress is slower than expected.
&#8220;Tesla's geofenced Robotaxi fleet approach likely signals that unsupervised FSD will take 1-2 years longer than I originally expected.&#8221;
Robotaxi Fleet&#8217;s Impact On Income
Munster projected that a nationwide Robotaxi fleet could account for 20% of Tesla&#8217;s operating income by 2030.
His model assumes, &#8220;Tesla will charge $16.50 per ride, offering a 25% discount,&#8221; gaining significant market share due to a price-sensitive environment.
He noted that pricing the service 25% lower than competitors in a highly price-sensitive market could lead to substantial market share gains. With a 50% market share by 2030, this could bring in roughly $4.5 billion in operating income.
Unsupervised FSD&#8217;s Potential
According to Munster, the greatest opportunity for Tesla lies in unsupervised FSD, which could significantly increase market share, driving more car sales. Licensing FSD to other automakers is also a possibility, which could be a major revenue source for Tesla.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I've done more work on the impact of the "We, Robot" and left with two key takeaways. This is going to take longer than most people think, and be bigger than most people expect. <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a><a href="https://t.co/xu0aTuRC1n">https://t.co/xu0aTuRC1n</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1847356986100273224?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
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Why It Matters:&nbsp;Last week, at the &#8220;We, Robot&#8221; event, Tesla showcased the company&#8217;s advancements in autonomous vehicles. The company unveiled its two-seater&nbsp;Cybercab&nbsp;and 20-seater Robovan, <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">both designed for autonomous driving</a>.
The event also featured 1,300 &#8220;Perfectly Safe&#8221; autonomous trips, driving over 2,000 guests, according to a&nbsp;Tesla executive.
However, the event also sparked controversy over Tesla&#8217;s &#8220;Optimus&#8221; robots.
Several reports indicated that the robots were&nbsp;<a href="https://www.benzinga.com/news/24/10/41401752/nvidia-executive-defends-teslas-optimus-robots-amid-criticism-thats-a-huge-advancement-not-something">operated by engineers</a>, leading to criticism over their capabilities. Optimus engineer Milan Kovac later admitted that the robots were&nbsp;<a href="https://www.benzinga.com/news/24/10/41354482/tesla-engineer-admits-optimus-robots-were-human-assisted-to-some-extent-at-robotaxi-unveiling-event">&#8216;human-assisted to some extent&#8217;</a>&nbsp;at the event.
Kovac said that one of the robots toppled over after its hand got tangled in someone&#8217;s handbag, suggesting Tesla still has work to do to perfect the robots&#8217; functionality.
However, the company has made notable progress in improving Optimus&#8217; hardware stability and the infrastructure needed to operate the robots in outdoor public settings.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla

Tesla Bull Gene Munster Breaks Down EV Giant's Robotaxi Plans And Future Of Autonomy, Says It Could Save 'Tens Of Thousands Of Lives And Hundreds Of Billions Of Hours Per Year'

The Federal Bureau of Investigation (FBI) has arrested an Alabama resident for allegedly <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36566797/sec-twitter-hacked-fake-bitcoin-etf-approval-tweet-creates-market-mayhem">hacking</a> the U.S. Securities and Exchange Commission (SEC)&#8216;s social media account on X earlier this year.
What Happened: The FBI <a href="https://www.justice.gov/opa/pr/alabama-man-arrested-role-securities-and-exchange-commission-x-account-hack">apprehended</a> Eric Council Jr. on Thursday, accusing him of conspiring with others to gain unauthorized access to the SEC&#8217;s X account in January.
Council allegedly used the name of SEC Chair Gary Gensler to falsely announce the approval of a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange-traded fund (ETF).
This fake announcement caused Bitcoin&#8217;s price to surge by over $1,000 before it plummeted more than $2,000 after the SEC regained control of its account and labeled the announcement a security breach. The SEC did not implement multi-factor authentication for its profile at the time.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41372090/anthony-scaramucci-tells-what-percentage-of-his-wealth-is-tied-up-in-bitcoin-i-havent-sold?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Tells What Percentage Of His Wealth Is Tied Up In Bitcoin: &#8216;I Haven&#8217;t Sold Any. Thank God, Knock On Wood!'</a>
Council is accused of executing the hack through an unauthorized SIM swap, tricking a cellphone carrier into reassigning a phone number to a SIM card he controlled. This allowed him to access the social media accounts linked to the number and post the premature Bitcoin ETF announcement.
FBI Criminal Investigative Division Assistant Director Chad Yarbrough stated, &#8220;The defendant allegedly deceived the public by impersonating the victim and making fraudulent statements on behalf of the SEC.&#8221;
Council faces charges of conspiracy to commit aggravated identity theft and access device fraud, with a potential five-year prison sentence.
Why It Matters: The incident highlights the vulnerabilities in social media account security, particularly for high-profile organizations.
In January, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36566797/sec-twitter-hacked-fake-bitcoin-etf-approval-tweet-creates-market-mayhem">SEC confirmed</a> that its official Twitter (now X) account was compromised, leading to a false tweet about Bitcoin ETF approvals.
This unauthorized post caused <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36575150/secs-hacked-tweet-on-bitcoin-etfs-causes-massive-trader-losses-over-220m-liquidated">significant market disruption</a>, with over $220 million liquidated and more than 70,000 traders affected.
The SEC, in collaboration with the FBI, <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36583935/sec-confirms-fbi-investigation-into-its-twitter-account-hack-after-false-bitcoin-etf-annou">launched an investigation</a> into the hack, emphasizing that the unauthorized content was not created by the SEC.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41350336/elizabeth-warren-says-rival-john-deaton-wants-to-go-to-washington-to-fight-for-his-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Rival John Deaton Wants To Go To Washington To Fight For His &#8216;Crypto Buddies&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

FBI Arrests Alabama Man Who Allegedly Hacked SEC's X Account To Prematurely Announce Bitcoin ETF Approval

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has released a teaser video <a href="https://www.benzinga.com/topic/cybercab">featuring the newly unveiled Cybercab</a>, highlighting the future of wireless charging for its electric vehicles.
What Happened: During the Cybercab&#8217;s unveiling, Elon Musk introduced the concept of charging the vehicle without a plug, using inductive charging technology. However, the specifics of this technology remain undisclosed.
The 14-second teaser video shows the Cybercab charging wirelessly, sparking curiosity among viewers. It displays a charging time of 56 minutes, but it is unclear if this represents a full charge or an 80% charge, similar to Tesla&#8217;s fast-charging Superchargers.
The video leaves questions about the technology&#8217;s efficiency and functionality unanswered.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Robotaxi wireless charging No hands required <a href="https://t.co/XL746DkGhb">pic.twitter.com/XL746DkGhb</a>
&mdash; Tesla (@Tesla) <a href="https://twitter.com/Tesla/status/1847302296494915588?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
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While wireless charging for vehicles is not a new concept, with companies like WiTricity already testing similar systems, Tesla&#8217;s teaser raises questions about the practicality and efficiency of such systems.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41352388/stellantis-set-to-build-more-ram-trucks-in-mexico-potentially-escalating-uaw-dispute-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Stellantis Set To Build More Ram Trucks In Mexico, Potentially Escalating UAW Dispute: Report</a>
Why It Matters: The unveiling of the Cybercab marks a significant milestone for Tesla. The two-seater robotaxi, <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">introduced at an event in Los Angeles</a>, features a design reminiscent of the Cybertruck&#8217;s angular and steel body and is expected to be priced under $30,000.
In a move reminiscent of Apple Inc., Tesla <a href="https://www.benzinga.com/news/24/10/41285255/tesla-pulls-an-apple-drops-the-charging-port-before-cupertino-could-remove-it-from-the-iphone">eliminated the traditional charging port</a> in favor of inductive charging technology, marking a significant leap forward in EV design.
Tesla also <a href="At%20the%20recent%20'We,%20Robot'%20event,">showed off its autonomous capabilities</a> with 19 Cybercabs and 29 Model Ys, completing 1,300 trips without safety incidents.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/10/41376564/tesla-showcases-optimus-autonomous-navigation-charging-abilities-after-admitting-they-were-human-ass?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Showcases Optimus&#8217; Autonomous Navigation, Charging Abilities After Admitting They Were Human Assisted ‘To Some Extent'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla

Tesla Cybercab's Wireless Charging Capabilities Shown Off In New Teaser Video: Will This Be The Future Of EV Charging?

Elon Musk's SpaceX has secured a significant $733.6 million contract from the U.S. Space Force to execute at least nine national security launches.
What Happened: This contract, part of the National Security Space Launch Phase 3 Lane 1, includes seven missions for the Space Development Agency (SDA) and one for the National Reconnaissance Office (NRO.)
Brig. Gen. Kristin Panzenhagen highlighted the necessity of rapid deployment of capabilities in the current geopolitical environment, stating, &#8220;In this era of Great Power Competition, it is imperative to not leave capability on the ground.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/10/41350962/tesla-key-exec-says-we-robot-event-had-1-300-perfectly-safe-autonomous-trips-driving-over-2-000-gues?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Key Exec Says &#8216;We, Robot&#8217; Event Had 1,300 &#8216;Perfectly Safe&#8217; Autonomous Trips Driving Over 2,000 Guests</a>
The Phase 3 Lane 1 construct is designed to accelerate launch services for risk-tolerant payloads, thereby enhancing national security.
&#8220;The Phase 3 Lane 1 construct allows us to execute launch services more quickly for the more risk-tolerant payloads, putting more capabilities on orbit faster in order to support national security,&#8221; Panzenhagen added.
The SDA task order will aid in the development of Tranche 2 of the Transport Layer, a satellite network providing global military data and connectivity.
SpaceX is already involved in building the Transport Layer and the Tracking Layer, which monitors missile threats.
The NRO mission will launch from Vandenberg Space Force Base in California during the fourth quarters of fiscal years 2025 and 2026.
These task orders were awarded under a contract signed with SpaceX, Blue Origin, and United Launch Alliance in June.
Why It Matters: This new contract follows <a href="https://www.benzinga.com/government/23/09/34995779/spacex-secures-70m-us-space-force-contract-as-elon-musk-reaffirms-civilian-focus-this-is-the-right-o">SpaceX&#8217;s recent $70 million deal</a> with the U.S. Space Force for the Starshield program, emphasizing the company&#8217;s growing role in national security.
The contract, signed in September 2023, marked SpaceX&#8217;s first foray into providing comprehensive Starshield services.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/10/41394566/kamala-harris-repeats-promise-to-get-rid-of-unnecessary-degree-requirements-i-will-challenge-the-pri?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Repeats Promise To Get Rid Of &#8216;Unnecessary Degree Requirements&#8217;</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: SpaceX

SPACE

SpaceX Wins Major US Space Force Contract Worth $734M For National Security Missions

A&nbsp;federal judge in California has&nbsp;approved&nbsp;Alphabet Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) request for a temporary <a href="https://www.benzinga.com/news/24/10/41220186/google-will-continue-to-fight-epic-games-in-court-to-halt-epic-requested-changes-to-play-store-under">stay on a court order</a> mandating a revamp of its Play Store.
What Happened: On Friday, U.S. District Judge James Donato&nbsp;gave the green light to Google&#8217;s plea to postpone the restructuring of its Android app store, reported Reuters.
The original order, issued on Oct. 7, was a result of <a href="https://www.benzinga.com/markets/equities/24/10/41375089/google-urges-9th-circuit-to-halt-dangerous-epic-ruling-cites-substantial-new-security-risks">an antitrust lawsuit filed</a> by Epic Games, the company behind &#8220;Fortnite.&#8221;
However, the judge <a href="https://www.benzinga.com/news/large-cap/24/10/41217379/google-must-open-play-store-to-competitors-judge-orders">rejected Google&#8217;s plea to suspend</a> the order throughout&nbsp;its broader appeal in the&nbsp;case.
See Also: <a href="https://www.benzinga.com/news/24/10/41401752/nvidia-executive-defends-teslas-optimus-robots-amid-criticism-thats-a-huge-advancement-not-something?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Executive Defends Tesla&#8217;s &#8216;Optimus&#8217; Robots Amid Criticism</a>
The delay enables&nbsp;the 9th U.S. Circuit Court&nbsp;of Appeals to review Google&#8217;s separate appeal to suspend the judge&#8217;s order.
Google welcomed the ruling, expressing satisfaction with the decision to temporarily halt the implementation of &#8220;dangerous remedies demanded by Epic.&#8221;
 Epic Games dismissed the ruling as a procedural step and accused Google of leveraging&nbsp;&#8220;fear-mongering and unsubstantiated security threats&#8221; to retain control over Android devices, the report noted.
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 lawsuit by Epic Games led to a jury verdict last year that Google had <a href="https://www.benzinga.com/general/gaming/24/09/41098067/epic-games-files-new-antitrust-lawsuit-against-google-samsung-over-app-store-restrictions">illegally monopolized the way</a>&nbsp;consumers download apps on Android&nbsp;devices and how they pay&nbsp;for in-app transactions.
Google has already appealed these&nbsp;antitrust findings to the 9th&nbsp;Circuit.
Previously, Google contended that the injunction would pose&nbsp;&#8220;serious safety, security, and privacy&nbsp;risks&#8221; to the Android ecosystem.
The tech giant also argued it cannot be classified as a monopolist because Play Store competes directly with Apple&#8217;s App Store.
Check out more of Benzinga'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: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

Legal

Google Gets Temporary Relief In Epic Games Lawsuit, Play Store To Remain Closed To Competitors For Now

Former President Donald Trump is contemplating legal action against CBS, a unit of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) alleging deceptive editing of a &#8220;60 Minutes&#8221;&nbsp;interview with Democratic presidential candidate Kamala Harris.
What Happened: During a conversation with podcast host Dan Bongino, Trump accused CBS of broadcasting a condensed version of Harris&#8217;s discussion&nbsp;with journalist Bill Whitaker.
Trump believes the interview was manipulated to present Vice President Harris positively.
He called for the release of the uncut tapes of the interview, saying, &#8220;I think I&#8217;m&nbsp;going to sue them actually.&nbsp;I think so. No, you&nbsp;know what, they can&#8217;t&nbsp;defend it, and if they&nbsp;do, and even if they&nbsp;win, it&#8217;s going to be very embarrassing.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41348822/mark-cuban-says-he-knows-what-trump-wants-to-achieve-with-tariffs-but-the-ex-president-has-no-idea-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Knows What Trump Wants To Achieve With Tariffs But The Ex-President Has No Idea What It Takes To Do It</a>
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/18220557/Screenshot-2024-10-19-at-7.35.31%E2%80%AFAM-1024x872.png" alt="" class="wp-image-603664" /><figcaption class="wp-element-caption">Source: Instagram</figcaption></figure>
CBS initially aired a truncated version of Harris&#8217;s&nbsp;answer to a question about&nbsp;the Gaza war but later posted the full transcript of her comments online, <a href="https://thehill.com/homenews/campaign/4942021-trump-thinks-sue-cbs-60-minutes/">according</a> to The Hill.
Previously, the former President also took to Truth Social and called for the release of the tapes.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/18220806/Screenshot-2024-10-19-at-7.38.00%E2%80%AFAM-1024x899.png" alt="" class="wp-image-603666" /></figure>
Why It Matters: Earlier this month, <a href="https://www.benzinga.com/news/24/10/41133540/trump-backs-out-of-planned-60-minutes-interview-ex-presidents-campaign-says-cbs-asked-for-unpreceden">Trump pulled&nbsp;out of a &#8220;60 Minutes&#8221; interview</a> after initially agreeing to the pre-election special, as per CBS.
Despite Trump's withdrawal, CBS News confirmed that the election special would proceed as planned, featuring the interview with Harris. At the time, the network also reiterated its standing invitation to Trump for an interview.
Meanwhile, Harris has been ramping up&nbsp;her own criticisms of Trump&#8217;s physical and mental health, saying that he seems fatigued on the campaign trail. Following the release of her own medical report, she urged Trump to follow suit and make his medical records public.
A tight contest between Trump and Harris is anticipated in the polls for the 2024 presidential election. Betting prediction markets have been showing <a href="https://www.benzinga.com/general/politics/24/10/41393683/trump-vs-harris-swing-state-battle-musk-says-thats-why-im-in-pennsylvania-with-kalshi-prediction">wide swings on the leading candidate</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.
Photo courtesy: Flickr

PARA

PARAA

Trump Mulls Legal Action Against CBS Over Kamala Harris's '60 Minutes' Interview: 'It's Going To Be Very Embarrassing'

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Spirit Airlines Reports That On October 11, 2024 The Co Entered Into A Letter Agreement Which Modifies Its Existing Card Processing Agreement To Extend The 2025 Notes Extension Deadline From October 21, 2024 To December 23, 2024 And The Early Maturity Date From December 31, 2024 To March 3, 2025

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