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VEON

VEON Announced That Its Operating Companies Mobilink Microfinance Bank And Banglalink Have Been Recognized For Their Work In Digital Inclusion With Three Awards At The M360 APAC – GSMA's Annual Flagship Event For The Asia Pacific Region

Eaton Vance Massachusetts Municipal Income Trust

MultiMetaVerse Announced That It Has Entered Into A Non-binding Term Sheet With Bowong Technology To Acquire All Of The Shares At A Consideration Valuation Of $0.75 Per Share

The thesis that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) would keep investors' wealth secured during geopolitical risks was negated after the leading cryptocurrency plunged along with stocks over fears of a full-fledged war in the Middle East.
What happened: The world's largest cryptocurrency slipped below $62,000, down about 3.52%, as news of <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">Iran launching a missile barrage toward Israel</a> spooked markets.&nbsp;
The decline mirrored a slump in the stock market, with blue-chip indexes like the Dow Jones Industrial Average and the S&amp;P 500 closing <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41133816/bitcoin-ethereum-dogecoin-crack-on-israel-iran-war-fears-legendary-trader-flags-significan">Tuesday's trading session in the red</a>.
Bitcoin&#8217;s slump called into question its &#8216;store of value&#8217; moniker, which has been frequently championed by proponents seeking to establish equivalency with gold.
On the contrary, spot gold rose more than 1% to $2,666 per ounce following the development, to later retreat below $2,500 as the missile barrage ended.&nbsp;
In fact, Tether Gold (CRYPTO: XauT), a cryptocurrency backed by physical gold, was among the market's biggest gainers in the last 24 hours.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41102705/pay-taxes-with-bitcoin-ohio-senator-proposes-bill-for-crypto-tax-payments-but-theres-a-cat">Pay Taxes With Bitcoin? Ohio Senator Proposes Bill For Crypto Tax Payments, But There&#8217;s A Catch</a>
Precious metals analyst Jesse Colombo called Bitcoin a risk asset like any other "high-flying tech stocks," arguing that it invariably falls during geopolitical fears.
However, cryptocurrency analyst Timothy Peterson rebutted, saying that both Bitcoin and gold protect against debasement, though gold has a 6,000-year head start on Bitcoin.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin and crypto always tank when there are geopolitical fears, unlike precious metals. That confirms my long-held belief that crypto is not a safe-haven. It&#39;s yet another risk asset just like high-flying tech stocks. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GLD</a> <a href="https://t.co/SBLgLgdpKB">pic.twitter.com/SBLgLgdpKB</a>
&mdash; Jesse Colombo (@TheBubbleBubble) <a href="https://twitter.com/TheBubbleBubble/status/1841123937125576757?ref_src=twsrc%5Etfw">October 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: The latest developments cast a shadow on the cryptocurrency market's next moves.
In a note to Benzinga, Chris Kline, COO and Co-Founder of BitcoinIRA, stated that war fears would create headwinds for high-risk investments.&nbsp;
"This potent combination of regional conflicts, evolving monetary landscapes, and looming political shifts sets the stage for a period of significant market unpredictability in the weeks ahead," Kline anticipated.
Price Action: At the time of writing, Bitcoin was exchanging hands at $61,680.41, down 3.56% 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
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41120425/arthur-hayes-cites-money-printing-as-key-factor-for-bitcoin-becoming-the-best-performing-a">Arthur Hayes Cites &#8216;Money Printing&#8217; As Key Factor For Bitcoin Becoming The &#8216;Best Performing Asset&#8217; In History</a></li>
</ul>

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

Cryptocurrency

Markets

$BTC

Bitcoin's Safe Haven Narrative Comes Under Pressure Amid Iran-Israel War Fears, Investors Prefer Gold During Crisis

In a recent interview, Michael Novogratz, CEO of Galaxy, predicted a significant boost for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) with the advent of options trading on ETFs. This forecast comes amidst ongoing discussions about the Federal Reserve&#8217;s interest rate decisions and their potential impact on Bitcoin prices.
What Happened: Novogratz, speaking to <a href="https://www.cnbc.com/video/2024/10/01/galaxy-ceo-mike-novogratz-the-next-big-jolt-to-bitcoin-will-be-options-that-trade-on-etfs.html">CNBC </a>on Tuesday, emphasized that the next catalyst for Bitcoin will be the introduction of options trading on ETFs. He noted that while the market had expected a quicker rollout, the process has been slower than anticipated. However, he remains optimistic that the introduction of these options will be transformative for Bitcoin.
&#8220;The next big jolt to bitcoin is going to be when we have options that trade on the ETFs. The SEC said they are coming. I don&#8217;t know if it&#8217;s in three weeks or a month,&#8221; Novogratz said.
Novogratz highlighted that platforms are gradually beginning to offer these options, and this trend is expected to continue. He drew a parallel to MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), which offers leverage on Bitcoin for retail investors and trades at more than twice the value of its Bitcoin holdings, largely due to options trading.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41105426/if-you-invested-1-000-in-dogecoin-when-mark-cuban-and-the-dallas-mavericks-welcomed-the-me?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1,000 In Dogecoin When Mark Cuban And The Dallas Mavericks Welcomed The Meme Crypto, Her</a>
He pointed out the evident demand for leveraged crypto investments, especially among younger investors using platforms like Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>). 
Why It Matters: Bitcoin has recently experienced notable price movements. On Sep. 27, Bitcoin surged past $66,000, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41070034/bitcoin-smashes-through-66-000-as-etfs-take-in-365m-to-extend-their-inflow-streak-to-6-str">marking a 14% gain</a> over two weeks. This rise was driven by positive fund flows into Bitcoin spot ETFs for six consecutive days, with significant contributions from Ark 21Shares&#8217; ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>) and BlackRock&#8217;s ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>). 
However, geopolitical tensions have also impacted the crypto market. On Tuesday, Bitcoin plummeted to a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41133816/bitcoin-ethereum-dogecoin-crack-on-israel-iran-war-fears-legendary-trader-flags-significan">two-week low</a> of $60,370 following Iran&#8217;s missile attack on Israel, before recovering slightly. This incident underscores the volatility and sensitivity of the cryptocurrency market to global events. 
Price Action: According to <a href="https://pro.benzinga.com">Benzinga Pro</a>, at the time of writing, Bitcoin had slightly recovered by 1.41% and was trading at $61,503.80. Meanwhile, in the after-hours market, Microstrategy was down by 1.41% while Robinhood was trading 0.76% lower. Among the Bitcoin ETFs, ARKB was down by 1.26% while IBIT was 1.45% lower around the same time.
Read Next:
<ul>
<li> <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41078941/if-you-invested-100-in-shiba-inu-when-the-coin-launched-heres-how-much-youd-have-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $100 In Shiba Inu When The Coin Launched, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>
Disclaimer: 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.
Image via Shutterstock

General

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

HOOD

IBIT

MSTR

Bitcoin's 'Next Big Jolt' To Be From ETF Options, Says Galaxy CEO Michael Novogratz: '...Don't Know If It's In Three Weeks Or A Month'

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has seemingly dropped its cheapest <a href="https://www.benzinga.com/topic/tesla-model-3">Model 3</a> variant from its U.S. website, namely the rear-wheel drive (RWD) variant that started at $38,990.
What Happened: With the RWD Model 3 getting discontinued, the cheapest Model 3 variant in the U.S. is now the long-range RWD variant which starts at $42,490 and offers a range of 363 miles. This variant was introduced by the company merely a few months <a href="https://www.benzinga.com/news/24/07/39743027/tesla-unveils-new-model-3-variant-with-longer-range-eligible-for-7-500-tax-credit">back in July</a>.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="919" height="838" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02031532/image-2.png" alt="" class="wp-image-575945" style="width:540px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02031532/image-2.png 919w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02031532/image-2-300x274.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02031532/image-2-768x700.png 768w" sizes="(max-width: 919px) 100vw, 919px" /><figcaption class="wp-element-caption">Screenshot Of Tesla&#8217;s U.S. Website</figcaption></figure>
The Model 3 sedan is the cheapest vehicle from Tesla. The company&#8217;s best-selling vehicle- the Model Y SUV- starts at $44,990 in the U.S.
Tesla&#8217;s reasons for dropping the rear wheel drive variant are not known. The company did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.
Why It Matters: The discontinued RWD variant was not eligible for a federal EV tax credit of $7,500, unlike the other three variants of the sedan. With the discontinuation of the RWD variant, all available Model 3 variants are now eligible for a federal EV tax credit.
In May, Tesla similarly <a href="https://www.benzinga.com/news/24/05/38628520/tesla-launches-model-y-rwd-variant-that-can-go-upto-320-miles-on-a-single-charge-elon-musk-promises">dropped the rear-wheel drive version</a> of the Model Y to replace it with a long-range rear-wheel drive version. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41135227/china-approaches-wto-on-tariffs-imposed-by-canada-on-evs-including-tesla-steel-and-aluminum-products">China Approaches WTO On Tariffs Imposed By Canada On EVs Including Tesla, Steel And Aluminum Products</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

TSLA

Tesla Discontinues Cheapest Model 3 Variant: Entry Level Trim Now Starts At $42,490

On Tuesday, following&nbsp;the <a href="https://www.benzinga.com/news/24/10/41134015/jd-vance-tim-walz-debate-sets-a-different-tone-candidates-discuss-israel-iran-escalation-immigration">only vice-presidential debate</a> of&nbsp;the 2024 elections, Tesla and SpaceX CEO&nbsp;Elon Musk spoke about his viewpoint while praising Republican Sen.&nbsp;JD Vance&nbsp;(R-Ohio.) and Governor&nbsp;Tim Walz&nbsp;(D-Minn).
What Happened: After the debate, a user on X, formerly Twitter, expressed their preference for either of the vice-presidential candidates over the presidential ones, Donald Trump and Kamala Harris.
&#8220;All I'm gleaning from this&nbsp;debate is that I'd prefer&nbsp;either one of these vice presidents over Trump or Kamala,&#8221; the user posted.
In response, Musk, who has publicly endorsed Trump, said, &#8220;They were rather civil,&#8221; referring to the two vice presidential candidates.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41118749/trump-vs-harris-poll-finds-vice-president-has-energized-this-largest-voting-bloc-as-her-economic-pro?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Poll Finds Vice President Has Energized This Largest Voting Bloc As Her Economic Proposals Strike A Chord</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">They were rather civil
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1841310431534784954?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: The vice-presidential debate&nbsp;was held in New York&nbsp;City, following the previous month&#8217;s&nbsp;presidential debate where Democratic nominee&nbsp;Harris emerged victorious over Trump.
The debate between Walz and Vance was indeed civil, unlike earlier presidential debates. They targeted each other&#8217;s running mates, not one another.
The sharpest moment came when<a href="https://www.benzinga.com/news/24/10/41134206/jd-vance-and-tim-walz-lock-horns-over-trumps-2020-election-defeat-jan-6-was-not-facebook-ads"> Vance dodged a question</a> about Trump's 2020 election loss, prompting Walz to call it a "damning non-answer" and condemn the denial of the Jan. 6 riots.
The debate opened with both candidates addressing <a href="https://www.benzinga.com/news/24/10/41133292/netanyahu-promises-retaliation-for-missile-attack-on-israel-iran-responds-by-promising-vast-destruct">Israel's potential strike on Iran</a>. Walz backed Israel's self-defense and criticized Trump's foreign policy, while Vance praised Trump's global stability efforts and support for Israel.
The Republican candidate also defended Trump's immigration stance, calling for mass deportations and rebuilding the wall.
<a href="https://www.benzinga.com/personal-finance/24/09/40696394/inflation-jobs-and-taxes-how-trump-and-harris-economic-policies-differ">On the economy</a>, Walz pointed to Democratic cost-cutting measures like capping insulin prices, though he overstated the pre-legislation cost.
Meanwhile, Vance blamed Harris for rising prices in essentials, arguing she's had years to act. &#8220;If Kamala Harris has such great plans for how to address middle-class problems, then she ought to do them now,&#8221; he stated.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/09/41084606/elon-musk-targets-lopsided-anti-trump-donations-by-netflix-employees-as-cancellations-soare?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Targets &#8216;Lopsided&#8217; Anti-Trump Donations By Netflix Employees As Cancellations Soared After Co-Founder Reed Hastings Donated To Kamala Harris&nbsp;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Politics

Elon Musk Comments On JD Vance-Tim Walz Debate After User Favors Them Over Trump And Harris: 'They Were Civil'

RPM International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPM#NYSE">RPM</a>) will release earnings results for its first quarter, before the <a href="https://www.benzinga.com/quote/RPM/earnings">opening bell on Wednesday, Oct. 2.</a>
Analysts expect the Medina, Ohio-based company to report quarterly earnings at $1.75 per share, up from $1.64 per share in the year-ago period. RPM projects to report revenue of $2.02 billion for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
On July 25, RPM International reported better-than-expected fourth-quarter earnings.
RPM shares fell 0.8% to close at $120.09 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/RPM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>BMO Capital analyst John McNulty maintained an Outperform rating and cut the price target from $140 to $139 on Aug. 27. This analyst has an accuracy rate of 66%.</li>
<li>Mizuho analyst John Roberts maintained an Outperform rating and cut the price target from $136 to $134 on July 26. This analyst has an accuracy rate of 71%.</li>
<li>Wells Fargo analyst Michael Sison maintained an Equal-Weight rating and boosted the price target from $110 to $125 on July 26. This analyst has an accuracy rate of 72%.</li>
<li>JP Morgan analyst Jeffrey Zekauskas downgraded the stock from Overweight to Neutral with a price target of $120 on July 26. This analyst has an accuracy rate of 69%.</li>
<li>UBS analyst Joshua Spector maintained a Neutral rating and lowered the price target from $122 to $117 on July 9. This analyst has an accuracy rate of 64%.</li>
</ul>
Considering buying RPM stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="515" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02030051/image-1-1024x515.png" alt="" class="wp-image-575928" style="width:606px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02030051/image-1-1024x515.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02030051/image-1-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02030051/image-1-768x386.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02030051/image-1.png 1332w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
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<li><a href="https://www.benzinga.com/markets/24/09/41102060/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">Jim Cramer Hand Picks These 3 Stocks To Ride The Crest Of The Chinese Stimulus Frenzy</a></li>
</ul>

Earnings

Price Target

Pre-Market Outlook

Analyst Ratings

Trading Ideas

RPM International Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index falling more than 150 points amid growing concerns in the Middle East.
Most of the major tech stocks closed lower on Tuesday. Shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) all closed the day lower.
On the economic data front, construction spending in the U.S. declined by 0.1% month-over-month to an annual rate of $2,132 billion in August. The ISM manufacturing PMI came in unchanged at 47.2 in September.
Most sectors on the S&amp;P 500 closed on a negative note, with information technology, real estate, and financials stocks recording the biggest losses on Tuesday. However, energy and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 173 points to 42,156.97 on Tuesday. The S&amp;P 500 fell 0.93% to 5,708.75, while the Nasdaq Composite dipped 1.53% at 17,910.36 during Tuesday's session.
Investors are awaiting earnings results from Conagra Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>), RPM International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPM#NYSE">RPM</a>), and Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 69.1, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 73.5.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/24/09/41102060/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">Jim Cramer Hand Picks These 3 Stocks To Ride The Crest Of The Chinese Stimulus Frenzy</a></li>
</ul>
Photo courtesy: Shutterstock

AAPL

LEVI

NVDA

Nasdaq Ends 1.5% Lower As Tesla, Nvidia, And Apple Fall: Investor Optimism Declines, Fear Index Remains In 'Greed' Zone

Alaska Air Group, Inc. (the "Company") today announced the pricing of the previously announced private offering (the "Offering") of (i) $625 million aggregate principal amount of 5.021% Senior Secured Notes due 2029 and $625 million aggregate principal amount of 5.308% Senior Secured Notes due 2031 (the "Notes") by AS Mileage Plan IP, Ltd. ("Loyalty Issuer"), an exempted company incorporated with limited liability under the laws of the Cayman Islands and an indirect, wholly-owned subsidiary of the Company and (ii) $750 million senior secured Term Loan B due 2031 (the "Loyalty Term Loan Facility" and, together with the Notes the "Loyalty Financings"). The aggregate amount of the Offering was increased to $1,250 million from the previously announced offering size of $750 million in aggregate principal amount of Notes.
The Company expects to close the Loyalty Financings on or about October 15, 2024, subject to the satisfaction of customary conditions. Loyalty Issuer intends to use the net proceeds received from the Offering, together with borrowings under the Loyalty Term Loan Facility, in each case, after deducting fees and expenses payable by the Company, (i) to fund the reserve account for the Notes and the Loyalty Term Loan Facility and (ii) to fund a collection account, and the proceeds deposited into the collection account will be used to make an intercompany loan to Alaska Airlines, Inc ("Alaska") on the closing date of the Offering (the "Intercompany Loan"). Alaska intends to use the proceeds from the Intercompany Loan (i) to redeem or repay certain outstanding debt acquired or assumed in the merger of the Company with Hawaiian Airlines pursuant to an Agreement and Plan of Merger dated as of December 2, 2023, including to redeem Hawaiian's 11.000% senior secured notes due 2029 at par and its 5.750% senior secured notes due 2026, and (ii) for general corporate purposes and to support its liquidity position.

Offerings

Reported Earlier, Alaska Air Group Priced $1.25B Upsized Senior Secured Notes Offering (Up From Prior $750M)

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Conagra Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>) to report quarterly earnings at 60 cents per share on revenue of $2.84 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Conagra shares fell 0.2% to $32.65 in after-hours trading.</li>
<li>Lamb Weston Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) reported better-than-expected earnings for its third quarter and announced plans to cut approximately 4% of the global workforce and eliminate unfilled job positions. Lamb Weston shares fell 3.7% to $62.49 in the after-hours trading session.</li>
<li>Analysts expect RPM International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPM#NYSE">RPM</a>) to post earnings at $1.75 per share on revenue of $2.02 million for the latest quarter. The company will release earnings before the markets open. RPM International shares fell 0.8% to $120.09 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) reported better-than-expected first-quarter earnings, while sales missed estimates. The company reported first-quarter revenue of $11.59 billion, missing analyst estimates of $11.65 billion. The athletic footwear and apparel company reported first-quarter earnings of 70 cents per share, beating analyst estimates of 52 cents per share. Nike shares fell 5.9% to $83.85 in the after-hours trading session.</li>
<li>Analysts expect Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) to post quarterly earnings at 31 cents per share on revenue of $1.55 billion after the closing bell. Levi Strauss shares gained 0.5% to $21.79 in after-hours trading.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/markets/24/09/41102060/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">Jim Cramer Hand Picks These 3 Stocks To Ride The Crest Of The Chinese Stimulus Frenzy</a></li>
</ul>
Photo courtesy: Shutterstock

Nike, Conagra Brands And 3 Stocks To Watch Heading Into Wednesday

China&#8217;s commerce ministry on Wednesday said that it has asked the World Trade Organisation (WTO) to rule on Canada&#8217;s imposition of heightened tariffs on electric vehicles and steel from China.
What Happened: &#8220;China has raised a lawsuit to the WTO over Canada&#8217;s unilateral and trade protectionist measures, and will conduct anti-discriminatory probe into these restrictive measures,&#8221; the Ministry of Commerce spokesperson said while also reiterating their <a href="https://www.benzinga.com/24/09/40685341/china-hits-back-following-canadas-100-ev-tariffs-with-anti-dumping-investigation-into-canola-imports">firm opposition</a> to the levies introduced. 
&#8220;Canada&#8217;s actions violate the principles of market economy and fair competition, seriously damage the normal economic and trade cooperation between Chinese and Canadian companies, severely impact China-Canada economic and trade relations, and disrupt and distort the global industrial chain and supply chain,&#8221; the spokesperson added. 
The additional 100% tariffs announced by Canada on EVs imported from China took effect on Oct. 1. The tariffs also apply to <a href="https://www.benzinga.com/news/24/08/40586710/tesla-shares-are-trading-lower-today-what-you-need-to-know">Tesla Model 3 and Model Y vehicles</a> made in China and imported to Canada.
The country has also announced additional 25% tariffs on steel and aluminum products imported from China.
Why It Matters: The EU and the U.S. have also likewise proposed heightened tariffs on EV imports from China.
EU is proposing tariffs <a href="https://www.benzinga.com/markets/equities/24/09/40925180/teslas-chinese-competitor-nio-begins-deliveries-of-new-es8-in-europe-amid-eu-tariff-concerns-rep">up to 35.3% on EVs made in China</a> in addition to the standard 10% car import duty. China&#8217;s commerce minister warned that these tariffs would disrupt trade and investment, stressing the need to find an amicable solution to avoid escalation of tensions between China and the EU.
The Biden administration has <a href="https://www.benzinga.com/news/24/09/40868156/former-democratic-senator-al-franken-says-biden-is-wrong-to-impose-higher-tariffs-on-evs-made-in-chi">slapped a 100% tariff </a>on Chinese-made EVs.
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>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/10/41111955/ford-ceo-jim-farley-brings-european-insights-home-offers-free-ev-chargers-for-us-buyers-till-jan-2" target="_blank" rel="noreferrer noopener">Ford CEO Jim Farley Brings European Insights Home, Offers Free EV Chargers for US Buyers Till Jan 2</a></li>
</ul>
Photo courtesy: Shutterstock

Global

China Approaches WTO On Tariffs Imposed By Canada On EVs Including Tesla, Steel And Aluminum Products

StandardAero, Inc. ("StandardAero") announced today the pricing of its initial public offering of 60,000,000 shares of its common stock, at a public offering price of $24.00 per share. The shares include 53,250,000 shares to be issued and sold by StandardAero and 6,750,000 shares to be sold by existing stockholders. The size of the offering was upsized from the previously announced 46,500,000 shares. Shares of StandardAero common stock are expected to begin trading on The New York Stock Exchange under the symbol "SARO" on October 2, 2024. The offering is expected to close on October 3, 2024, subject to the satisfaction of customary closing conditions.
In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an aggregate of 9,000,000 additional shares of common stock from them at the initial public offering price, less underwriting discounts and commissions, upsized from the previously announced 30-day option to purchase up to an aggregate of 6,975,000 additional shares of common stock.

IPOs

SARO

Reported Earlier, StandardAero Prices Upsized IPO at $24 Per Share, Offering 60M Shares Including 6.75M from Stockholders (From Prior Offering Size Of 46.5M), To Begin Trading From Today

Wellchange Holdings Company Limited (the "Company" or "Wellchange"), an enterprise software solution services provider headquartered in Hong Kong, today announced the pricing of its initial public offering (the "Offering") of 2,000,000 ordinary shares, par value US$0.00005 per share (the "Ordinary Shares"), 1,100,000 of which are being offered by the Company and 900,000 by a selling shareholder, at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on October 2, 2024, U.S. Eastern time, under the ticker symbol "WCT."
The Company expects to receive aggregate gross proceeds of US$4.4 million from the sale of Ordinary Shares offered by the Company in the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 165,000 ordinary shares at the public offering price, less underwriting discounts. The Company will not receive any proceeds from the sale of Ordinary Shares offered by the Selling Shareholder in the Offering. The Offering is expected to close on or about October 3, 2024, subject to the satisfaction of customary closing conditions.
Net proceeds from the Offering will be used by the Company for enhancing its service capacity by improving core software technologies and expanding its SaaS platform, marketing and branding efforts through offline and online campaigns, and for international expansion, including establishing operations in the United States and Australia and pursuing strategic mergers, acquisitions, or investments, as well as for general working capital and corporate purposes.

Reported Earlier, Wellchange Holdings To Begin Nasdaq Trading After $4.00/Share IPO, Selling 1.1M Company Shares and 900K from Shareholders

The latest development in the ongoing scrutiny of China&#8217;s economic policies has seen a senior U.S. Treasury official criticize the International Monetary Fund (IMF) for its lenient stance.
What Happened: The International Monetary Fund (IMF) has been criticized for being &#8220;too polite&#8221; regarding China&#8217;s economic policies, Reuters reported.
Brent Neiman, the Treasury&#8217;s deputy undersecretary for international finance, stated that the IMF has not applied sufficient analytical rigor to China&#8217;s industrial policies. Speaking at an event hosted by the OMFIF financial think tank, Neiman emphasized that the IMF should be a &#8220;ruthless truth teller&#8221; and more transparent about financing assurances from China and other countries.
Neiman pointed out that the IMF&#8217;s economic assessments of China do not adequately address exchange rate and industrial policies. He noted that the IMF does not publicly comment on the role of state-owned banks in managing China&#8217;s exchange rate or discrepancies in the People's Bank of China&#8217;s balance sheet and reserve transactions.
See Also: <a href="https://www.benzinga.com/markets/asia/24/10/41123045/baidu-jd-in-focus-as-jim-cramer-weighs-in-on-chinas-stock-stabilization-fund?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Baidu, JD In Focus As Jim Cramer Weighs In On China&#8217;s Stock Stabilization Fund</a>
Neiman also criticized the IMF&#8217;s lack of transparency in disclosing external financing assurances, citing recent programs for Argentina, Ecuador, and Suriname. He mentioned that such assurances were either not delivered or significantly delayed. The IMF recently approved a $7 billion program for Pakistan, which included financing assurances from China, Saudi Arabia, and the UAE, but did not provide details.
The IMF and World Bank will review various policies during their annual meetings in Washington, scheduled for the week of Oct. 21.
Why It Matters: The U.S. has been increasingly vocal about China&#8217;s opaque lending practices, particularly its emergency loans to debt-laden countries. The U.S. raised concerns about China&#8217;s secretive emergency loans, urging for greater transparency. Neiman highlighted that these loans, often <a href="https://www.benzinga.com/news/24/10/41117633/us-raises-alarm-over-chinas-secretive-emergency-loans-calls-for-greater-transparency">provided through swap agreements</a>, bind countries closer to China economically while imposing high interest rates. This issue was previously discussed by the Biden administration with Chinese officials in Washington.
China&#8217;s central bank facilitates these loans, allowing countries to borrow Chinese renminbi and use their U.S. dollar reserves to repay foreign debts. This arrangement has raised alarms due to the lack of transparency and the potential for deepening economic dependencies on China. 
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/10/41117633/us-raises-alarm-over-chinas-secretive-emergency-loans-calls-for-greater-transparency?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Raises Alarm Over China&#8217;s Secretive Emergency Loans, Calls for Greater Transparency</a></li>
</ul>
Photo via Shutterstock.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Macro Economic Events

Economics

US Treasury Official Slams IMF For Being 'Too Polite' And Not A 'Ruthless Truth Teller' On China's Economic Policies

Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) third-quarter deliveries report, likely out before the market opens on Tuesday, has generated a lot of buzz as analysts see the electric vehicle maker turning things around.
The Expectations: Tesla will likely report a third-quarter delivery beat after reporting a year-over-year sales decline in the past two quarters, said Future Fund LLC Managing Partner Gary Black. Deliveries fell 9% in the first quarter and 5% in the second quarter.
Black also shared a screenshot of the company-compiled consensus sent by Tesla Investor Relations Head Travis Axelrod, which put the magic number at 461,978 units. If the company hits the consensus, it will report year-over-year and quarter-over-quarter growth of 6.19% and 4.06%, respectively.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> IR-compiled 3Q consensus is 462K (+6% YoY) and FY'24 consensus is 1,781K (-1.5% YoY). <a href="https://twitter.com/TroyTeslike?ref_src=twsrc%5Etfw">@TroyTeslike</a> 3Q est is 472K. <a href="https://t.co/I0eMH6Ytf7">pic.twitter.com/I0eMH6Ytf7</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1841116060113653791?ref_src=twsrc%5Etfw">October 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">See Also:<a href="https://www.benzinga.com/money/how-to-buy-tesla-stock"> How To Buy Tesla (TSLA) Stock</a> Reliable Tesla number cruncher who goes by the X handle @Troyteslike estimates deliveries of 472,000 units for the quarter. Model-wise break-up of his estimates shows sales of 461,931 Model 3s/Ys and 24,539 other EVs (Model X, Y, Tesla Semi and Cybertruck). He models production to be at 486,470 units.</figcaption></figure>
Black said @Troyteslike&#8217;s third-quarter estimates mark the biggest positive change versus the consensus, since 2021.
Why It&#8217;s Important: A big deliveries beat could change the narrative on Tesla stock and lead to a change in the two-year trajectory of negative earnings revisions, said Black. Tesla stock went through an extended lean patch after it hit an all-time high in late 2021.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> 3Q deliveries should be posted tomorrow morning by 9am. <a href="https://twitter.com/TroyTeslike?ref_src=twsrc%5Etfw">@Troyteslike</a> who we believe has the best record forecasting TSLA deliveries long term, posted his final 3Q deliv estimate last night at 472K (+8% YoY) and well above WS consensus of 462K. This is Troy's biggest… <a href="https://t.co/b0lEXBqqFp">https://t.co/b0lEXBqqFp</a> <a href="https://t.co/oye5c2rIP4">pic.twitter.com/oye5c2rIP4</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1841115474299326549?ref_src=twsrc%5Etfw">October 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The stock has been building momentum in recent sessions as investors factor in solid deliveries for the third quarter. Tesla&#8217;s fairly robust showing in China, one of its key markets, has given rise to hopes that the number could be strong this time around.
Tesla ended Tuesday&#8217;s session down 1.38% at $258.02, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data, </a>as it lock-stepped with <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/10/41129967/market-sells-off-over-irans-attack-on-israel-port-strikes-hurricane-helene-national-se">the broader market that swooned</a> following the aggravation of geopolitical tensions in the Middle East, the Hurricane Helene that hit the Southeastern states and dock workers&#8217; strike. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/41099499/tesla-could-report-slight-q3-deliveries-miss-amid-musks-political-controversies-munster-explains-why">Tesla Could Report Slight Q3 Deliveries Miss Amid Musk&#8217;s Political Controversies – Munster Explains Why It Won&#8217;t Hurt The Stock</a></li>
</ul>
Image via Shutterstock

Equities

Reliable Tesla Number Cruncher Forecasts Biggest Delivery Beat In 3 Years: Fund Manager Says This Could Change The Stock's Narrative

Following a warning from Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has removed Juno, an unofficial YouTube app designed for Vision Pro, from its App Store.
What Happened: On Tuesday, Christian Selig, the developer of Juno, took to X, formerly Twitter, and announced the app&#8217;s removal on Tuesday. &#8220;Sad news, but Juno for YouTube has been removed from the App Store,&#8221; he said.
&#8220;I don't personally agree with this, as Juno is just a web view, and acts as little more than a browser extension that modifies CSS to make the website and video player look more &#8216;visionOS&#8217; like,&#8221; he said in a blog post on Tuesday.
Adding, &#8220;I have zero desire to spin this into a massive fight (at least more than I've fought in emails over the last few months) akin to what happened with Reddit years ago.&#8221;
However, existing Juno users can continue using the app unless they delete it or YouTube releases an update that disrupts its functionality.
See Also: <a href="https://www.benzinga.com/news/24/09/41108345/apples-satellite-messaging-feature-emerges-as-lifeline-after-hurricane-helene-leaves-thousands-witho?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Satellite Messaging Feature Emerges As Lifeline After Hurricane Helene Leaves Thousands Without Cell Phone Service: Here&#8217;s How You Can Use It</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Sad news, but Juno for YouTube has been removed from the App Store. It&#39;s been a ton of fun to build, thanks to all who used it and enjoyed it! &#x1fae1;&#x2764;&#xFE0F; <a href="https://t.co/W1xLBpKSgd">https://t.co/W1xLBpKSgd</a>
&mdash; Christian Selig (@ChristianSelig) <a href="https://twitter.com/ChristianSelig/status/1841223881417494553?ref_src=twsrc%5Etfw">October 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In April this year, Google had cautioned Selig about Juno&#8217;s non-compliance with YouTube&#8217;s guidelines. With <a href="https://www.benzinga.com/general/entertainment/24/01/36689009/netflix-says-no-to-apple-vision-pro-app-now-youtube-spotify-arent-launching-one-either-repo">no official YouTube app</a> available for the Vision Pro, users have been resorting to Safari for YouTube access.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: In February earlier this year, YouTube confirmed the development of a Vision Pro app, <a href="https://www.benzinga.com/news/24/02/36949520/youtube-confirms-vision-pro-app-in-development-still-no-signs-of-netflix-and-spotify-though">following initial refusals</a> from Google&#8217;s video-sharing platform, Spotify, and Netflix.
In July, market tracker Omdia's analyst, George Jijiashvili, noted that Vision Pro has been <a href="https://www.benzinga.com/news/24/07/39747111/apples-vision-pro-struggles-to-find-its-killer-app-to-justify-3-500-price-tag-just-not-quite-hit-the">struggling to find its &#8220;killer app&#8221;</a> to justify its $3,500 price tag.
The Vision Pro had over 2,000 apps available five months after its U.S. debut, a stark contrast to the 20,000 iPad apps and 10,000 iPhone apps available within a similar timeframe after their respective launches.
Cupertino has also been reportedly <a href="https://www.benzinga.com/news/24/06/39449011/apple-struggling-to-create-its-cheaper-vision-pro-model-says-expert-its-dealing-with-some-difficult">struggling to develop a cheaper version</a> of the Vision Pro due to its high price tag and lack of mainstream appeal.
On the other hand, the Vision Pro has seen some <a href="https://www.benzinga.com/news/24/03/37614242/uk-surgeon-is-raving-about-apple-vision-pro-after-its-spine-surgery-debut-heres-why">success in the medical field</a>.
Check out more of Benzinga's Consumer Tech coverage by <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/24/09/41087674/openais-searchgpt-set-to-disrupt-googles-search-empire-as-former-engineer-sounds-alarm-on-deteriorat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s SearchGPT Set To Disrupt Google&#8217;s Search Empire As Former Engineer Sounds Alarm On Deteriorating User Experience Amid Rising Competition</a></li>
</ul>
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.

GOOG

GOOGL

Apple Removes Unofficial YouTube App For Vision Pro From App Store, Developer Disagrees But Says, 'Zero Desire To Spin This Into A Massive Fight'

In a notable development, the SEC has won a case against blockchain firm Rivetz over the sale of unregistered securities.
What Happened: U.S. District Judge Mark Mastroianni granted the SEC&#8217;s motion for summary judgment, a decision made without a trial, CoinDesk <a href="https://www.coindesk.com/policy/2024/10/01/us-judge-sides-with-sec-in-case-against-crypto-wallet-rivetz-over-sale-of-unregistered-securities/?utm_medium=social&amp;utm_term=organic&amp;utm_source=twitter&amp;utm_content=editorial&amp;utm_campaign=coindesk_main">reported</a> Tuesday. The SEC is set to confer with Steven Sprague, CEO of Rivetz, and file a proposed judgment for injunctive and monetary relief by Oct. 22.
The SEC action against Rivetz was initiated in 2021, alleging the firm of offering unregistered securities and violating the Securities Act during a $18 million initial coin offering (ICO) in 2017 for the Rivetz token.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41134194/odds-of-tim-walz-winning-the-vp-debate-drop-on-polymarket-as-bettors-favor-jd-vance-harris">Odds Of Tim Walz Winning The VP Debate Drop On Polymarket As Bettors Favor JD Vance — Harris Maintains Lead Over Trump</a>
Why It Matters: The&nbsp;Gary Gensler-led agency has been increasingly vigilant against cryptocurrency firms, with many high-profile names including Binance, Ripple Labs, and Coinbase, facing lawsuits in recent years. 
Ripple Labs was <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40240559/xrp-outshines-bitcoin-ethereum-to-become-biggest-daily-gainer-after-judge-imposes-125m-pen">fined $125 million in August</a> for violating federal securities laws. The <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40809382/terraform-labs-historic-4-5b-settlement-with-sec-makes-2024-the-most-penalized-year-for-cr">agency slapped cryptocurrency entities with record fines of $4.68 billion</a> in 2024, marking a whopping 3000% jump from last year.
Influential cryptocurrency advocates have slammed the SEC&#8217;s approach toward regulation, with billionaire investor Mark Cuban <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41016977/mark-cuban-calls-gary-gensler-a-blight-after-sec-chair-gets-grilled-on-crypto-by-congress-">taking personal potshots</a> at Gensler.
Gensler&#8217;s leadership has also become an election issue among the cryptocurrency demographic. Republican presidential hopeful Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018935/trumps-bitcoin-conference-pledge-can-he-really-fire-sec-chair-gensler">promised to fire the SEC Chair</a> if voted back to power.
Photo: Created with an image from Shutterstock and Third Way Think Tank on Flickr
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41134111/after-bitcoin-ethereum-an-xrp-etf-bitwise-registers-filing-in-delaware-amid-rippe-vs-sec-l">After Bitcoin, Ethereum An XRP ETF? Bitwise Registers Filing In Delaware Amid Rippe Vs SEC Legal Tussle&nbsp;</a></li>
</ul>
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.

Government

Regulations

COIN

Gary Gensler-Led SEC Scores A Win Over Crypto Firm Accused Of Securities Law Violation

Masayoshi Son-led SoftBank Group Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>)&nbsp;has reportedly re-committed to a $500 million investment in ChatGPT-parent&nbsp;OpenAI.
What Happened: This investment forms part of a larger $6.5 billion funding round, catapulting OpenAI&#8217;s valuation to a staggering $150 billion, <a href="https://www.ft.com/content/b1efdc2a-4dbc-40cc-920e-2cf389d261e8">reported</a> Financial Times, citing two people with knowledge of the deal.
The investment will be made through SoftBank&#8217;s second Vision Fund, primarily backed by the personal wealth of the company&#8217;s leader, Son.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/41087674/openais-searchgpt-set-to-disrupt-googles-search-empire-as-former-engineer-sounds-alarm-on-deteriorat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s SearchGPT Set To Disrupt Google&#8217;s Search Empire As Former Engineer Sounds Alarm On Deteriorating User Experience Amid Rising Competition</a>
This move will add SoftBank to the <a href="https://www.benzinga.com/news/24/08/40636153/apple-in-talks-to-invest-in-openai-as-chatgpt-makers-valuation-climbs-to-100b-report">list of existing investors</a>, which includes Thrive Capital and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
Despite the <a href="https://www.benzinga.com/news/24/09/41059344/sam-altman-hits-back-at-trolls-after-mira-muratis-openai-exit-explains-executive-drain-as-natural-we">high-profile departures</a> from OpenAI and potential corporate restructuring, investors remain optimistic about the company&#8217;s ability to push the boundaries&nbsp;of AI technology, the report noted.
They are&nbsp;betting on OpenAI&#8217;s potential to outperform big tech rivals like&nbsp;Google and Meta, as well&nbsp;as startups&nbsp;such as Anthropic and Mistral.
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: Son has previously referred to <a href="https://www.benzinga.com/news/23/09/34682813/softbanks-masayoshi-son-is-chatgpt-heavy-user-explores-investing-in-openai-after-bumper-arm-ipo">himself as an avid user</a> of OpenAI's chat service and has formed a strong connection with the company's CEO, Sam Altman.
He considers Altman to be one of the most influential figures in the world and has said that they communicate daily. 
SoftBank already works with OpenAI in Japan, helping local businesses create advanced chatbots.
Last month, Apple design legend Sir Jony Ive also confirmed his collaboration with OpenAI on a <a href="https://www.benzinga.com/news/24/09/40973399/apples-former-design-maestro-jony-ive-confirms-hes-joined-forces-with-openais-sam-altman-for-a-new-a">new AI hardware project</a>. Earlier, it was reported that Altman and Ive are seeking to secure $1 billion in funding from SoftBank for their new venture.
Meanwhile, Apple has reportedly <a href="https://www.benzinga.com/news/24/09/41078582/tim-cook-led-apple-reportedly-abandons-openai-funding-round-discussions-but-nvidia-and-microsoft-cou">pulled out of talks to invest</a> in OpenAI's upcoming funding round. The withdrawal occurred at the last minute, just ahead of the funding round's expected closure.
Image via ChatGPT
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: 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.

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After Apple Reportedly Backed Out, SoftBank Eyes $500M Investment In ChatGPT Parent, Pushing Valuation To $150B

Sen. Bernie Sanders (I-Vt.) has criticized Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) for its reported handling of the ongoing workers&#8217; strike, using it as a case to advocate for Medicare for All.
What Happened: Sanders took to X on Tuesday to express his views on the ongoing strike at Boeing. He criticized the aerospace giant for its &#8220;greed&#8221; and used the situation to advocate for Medicare for All, a policy he has long championed.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Boeing's greed offers another perfect example of why we need Medicare for All. Like other wealthy countries we must guarantee health care to every man, woman, and child as a human right, not a job benefit. Whether you're on strike or not, everyone is entitled to health care. <a href="https://t.co/6QVIYSFRZa">https://t.co/6QVIYSFRZa</a>
&mdash; Bernie Sanders (@BernieSanders) <a href="https://twitter.com/BernieSanders/status/1841141138817769849?ref_src=twsrc%5Etfw">October 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He also shared a post from Michael Sainato, a reporter for The Guardian, revealing that 33,000 Boeing workers on strike had their employee healthcare benefits revoked.
Benzinga has reached out to Boeing, this story will be updated as and when a response is received. 
See Also: <a href="https://www.benzinga.com/general/entertainment/24/09/41084606/elon-musk-targets-lopsided-anti-trump-donations-by-netflix-employees-as-cancellations-soare?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Targets &#8216;Lopsided&#8217; Anti-Trump Donations By Netflix Employees As Cancellations Soared After Co-Founder Reed Hastings Donated To Kamala Harris</a>
Why It Matters: The strike at Boeing has been ongoing for weeks, with workers rejecting the company&#8217;s &#8216;<a href="https://www.benzinga.com/general/24/09/40996898/boeings-striking-workers-reject-best-and-final-offer-it-missed-the-mark-on-many-of-the-things">best and final</a>&#8216; offer. The company has been grappling with the financial impact of the strike, <a href="https://www.benzinga.com/news/24/10/41114769/boeing-dips-in-pre-market-as-struggling-plane-maker-considers-raising-10b-through-stock-sale-amid-st">enforcing temporary furloughs</a> and contemplating raising at least $10 billion by issuing new stock to replenish its cash reserves.
Price Action: Boeing shares closed 1.4% higher at $154.22 on Tuesday in the regular session and traded 0.2% higher in the after-hours session.
Image via Flickr
Read Next: <a href="https://www.benzinga.com/news/24/09/41083520/larry-hogan-says-trump-questioning-kamala-harris-intelligence-outrageous-and-unacceptable-he-is-his?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Larry Hogan Says Trump Questioning Kamala Harris&#8217; Intelligence &#8216;Outrageous And Unacceptable&#8217;: He Is His O</a>

Bernie Sanders Says Boeing's Greed 'Perfect Example Of Why We Need Medicare For All'

Cat-themed memecoin Popcat (POPCAT) was the outlier Tuesday, trading in the green amid a broader memecoin meltdown precipitated by fears of war in the Middle East.
What happened: The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based coin was up 0.28% as of this writing, becoming the only cryptocurrency among the top 10 biggest meme coins by market capitalization to record gains.&nbsp;
POPCAT's trading volume popped 45% to $209.47 million over the last 24 hours, and the coin was also among the biggest gainers in the broader cryptocurrency market.
The feline-inspired token has been the market's biggest gainer in 2024, exploding a staggering 12383% year-to-date.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41102705/pay-taxes-with-bitcoin-ohio-senator-proposes-bill-for-crypto-tax-payments-but-theres-a-cat">Pay Taxes With Bitcoin? Ohio Senator Proposes Bill For Crypto Tax Payments, But There&#8217;s A Catch</a>
The gains were in stark contrast to the bloodbath seen elsewhere, with heavyweights like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) shedding as much as 7% of their value. The total meme coin market capitalization contracted 5% in the last 24 hours.
The slump followed <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41133816/bitcoin-ethereum-dogecoin-crack-on-israel-iran-war-fears-legendary-trader-flags-significan">escalating tensions in the Middle East</a>, after Iran launched a missile barrage against Israel, causing investors to dump risky assets.&nbsp;
Market bellwether Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down 2.9% as of this writing, while Ethereum plunged more than 5% in the last 24 hours.
Price Action: At the time of writing, POPCAT was exchanging hands at $1.01, up 0.28% 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 Flickr/ Richard
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Dogecoin And Shiba Inu Sink 7%, But Year's Best-Performing Cat-Themed Crypto, Popcat, Keeps Head Above Water

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