Latest news for Restar (OTC:RTARF) Stock

Restar Corp formerly Restar Holdings Corp manufactures and distributes semiconductors and electronic components. The company offers semiconductors/modules, optical components, displays, industrial lasers, sensors, measuring instruments/filters, batteries, quartz crystal devices, adhesive materials/optical materials, and speakers/receivers. It also provides electronic manufacturing services.

Restar Corp

Maye Musk, the mother of billionaire Elon Musk, has credited her flexitarian diet as the key to her enduring fitness at the age of 76. She recalls that during her years raising the family on a strict budget in South Africa, Elon Musk <a href="https://www.benzinga.com/news/23/08/33934996/tesla-employees-share-harrowing-tales-of-working-for-elon-musk-elons-coming-out-of-a-room-looking-de">frequently longed for chocolate cereal.</a>
What Happened: Maye Musk, who recently posed for the 2024 Sports Illustrated Swimsuit Issue, attributes her health and vitality to her flexitarian diet. This diet emphasizes plant-based foods but also allows for moderate consumption of meat.
Maye Musk <a href="https://www.foxnews.com/entertainment/elon-musks-mother-maye-says-flexitarian-diet-keeps-her-fit-76">told</a> Fox News that she initially adopted the diet due to financial constraints after her divorce in 1979. 
&#8220;When I got divorced, I couldn't afford to buy meat, fish or chicken,&#8221; Maye Musk recalled. &#8220;So I had to feed my children bean stew.&#8221;
&#8220;I remember Elon saying, ‘I always wanted Coco Pops, but we only got Raisin Bran.&#8217; Well, the thing is, Coco Pops were more expensive and less nutritious, so that's what my children got. And if they complained, I didn't listen,&#8221; she added. 
Also Read: <a href="https://www.benzinga.com/top-stories/22/08/28661279/elon-musks-mother-maye-says-she-sleeps-in-a-garage-when-she-visits-him-1">Elon Musk&#8217;s Mom Says She Sleeps In His &#8216;Garage&#8217; When She Visits The Tesla CEO</a>
Despite humorous complaints from her children about her cooking, Maye Musk continues to follow a primarily vegetarian diet at home, supplemented with fresh fruits and vegetables. 
Maye Musk&#8217;s story serves as an inspiration for many, proving that age is just a number and that a balanced diet and lifestyle can contribute to one&#8217;s overall health and well-being. 
Her flexitarian diet, which is a blend of flexible and vegetarian, emphasizes the importance of plant-based foods while allowing for moderate consumption of meat. 
Now Read: <a href="https://www.benzinga.com/news/23/09/35016865/elon-musks-father-open-to-more-children-despite-age-if-shes-under-35-i-wouldnt-think-twice-about-hav">Elon Musk&#8217;s Father Open To More Children Despite Age: &#8220;If She&#8217;s Under 35, I Wouldn&#8217;t Think Twice About Having Another Child&#8221;</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Entertainment

News

Elon Musk's Mother Recounts Time Her Children Used To Ask For Food She Couldn't Afford After Her Divorce: 'If They Complained, I Didn't Listen'

Cathy Jordan, who credited <a href="https://www.benzinga.com/topic/medical-cannabis">medical marijuana</a> with keeping her alive for decades after being diagnosed with ALS, passed away on July 4 at her South Florida home. She was 74.
Jordan, often referred to as the "patron saint" of <a href="https://www.benzinga.com/topic/florida-cannabis">medical marijuana in Florida</a>, became a prominent advocate for the plant in the late 1990s after she was diagnosed with amyotrophic lateral sclerosis (ALS) in 1986. Also known as Lou Gehrig's Disease, the condition typically has a survival period of two to five years after onset. Remarkably, Jordan lived 38 years post-diagnosis.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39586828/medical-marijuana-for-all-minnesota-empowers-patients-and-doctors-to-determine-eligibility">Cannabis Linked To Diabetes Prevention And Better Blood Sugar Control, New Study Finds</a>
Her turning point came in 1989 during a visit to Florida when a friend introduced her to a strain of cannabis called Myakka Gold, <a href="https://floridaphoenix.com/2024/07/05/cathy-jordan-patron-saint-of-medical-cannabis-in-florida-dies-at-the-age-of-74/#:~:text=Cathy%20Jordan%2C%20who%20credited%20medical,at%20the%20age%20of%2074">reported</a> the Florida Phoenix.
"I smoked it and I felt the disease stop," she told <a href="https://www.benzinga.com/markets/cannabis/21/05/20897802/these-15-famous-weed-quotes-tell-a-compelling-story">Dr. Andrew Weil</a> in a scene shown in the documentary, &#8220;The Cathy Jordan Story.&#8221;  She described how she smuggled cannabis on a plane to Delaware. "I flew home that way, and my husband had a nervous breakdown because I was interstate transporting drugs, but I was convinced I was going to live."
Jordan and her husband, Bob, later relocated to Florida where she continued using cannabis and experiencing significant physical and mental improvements. For 27 years, Jordan was a dedicated activist, pushing for the legalization of medical marijuana in Florida where she served as president of the Florida Cannabis Action Network from 2011 to 2015. 
Her advocacy included numerous trips to Tallahassee to lobby for medical cannabis legalization, despite resistance in the GOP-controlled legislature. In 2013, the "Cathy Jordan Medical Cannabis Act" was introduced but never received a hearing. Around the same time her husband was arrested for cultivating cannabis plants for Cathy's use, though the charges were later dropped.
In 2016, a medical marijuana amendment passed with over 71% approval. Following this, the Florida Legislature enacted a bill in 2017 banning smokable marijuana, prompting a lawsuit in which Jordan testified in 2018, highlighting the necessity of smokable cannabis.
<h2 class="wp-block-heading">Ron DeSantis Steps Into The Fray, In A Good Way</h2>
Elected governor in 2019 <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis</a> acknowledged the law&#8217;s shortcomings and urged the Legislature to repeal the smokable marijuana ban.
"I don't think this [the medical marijuana] law is up to snuff," he said and told Republicans that he wanted the Legislature to repeal the law's ban on smokable pot for sick people.
Reflecting on her journey, Jordan remarked in 2019, "If you had told me 22 years ago that this was going to take 22 years, I may have rethought it," Jordan told <a href="https://baynews9.com/fl/tampa/news/2019/03/19/face-behind-legalizing-medical-marijuana-gets-her-victory" target="_blank" rel="noreferrer noopener">Spectrum Bay News</a> when DeSantis signed legislation allowing smokable cannabis.
Read Next:
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<li>&#8216;<a href="https://www.benzinga.com/markets/cannabis/24/07/39579929/millions-are-using-cannabis-yet-only-18-labs-are-studying-it-says-johns-hopkins-scientist">Millions Are Using Cannabis Yet Only 18 Labs Are Studying It,&#8217; Says Johns Hopkins Scientist</a></li>
</ul>
Photo: Facebook, courtesy of Cathy Jordan Story

Cannabis

Government

Regulations

Health Care

Legal

'I Smoked It And I Felt The Disease Stop' - Florida's 'Patron Saint' Of Medical Marijuana Cathy Jordan Dies 38 Years After ALS Diagnosis

<a href="https://www.bloomberg.com/news/articles/2024-07-07/paramount-para-board-s-special-committee-approves-skydance-merger?sref=2h1zKciy" title="https://www.bloomberg.com/news/articles/2024-07-07/paramount-para-board-s-special-committee-approves-skydance-merger?sref=2h1zKciy">https://www.bloomberg.com/news/articles/2024-07-07/paramount-para-board-s-special-committee-approves-skydance-merger?sref=2h1zKciy</a>

PARA

Bloomberg Reported Earlier: Paramount Board's Special Committee Approves Skydance Merger

A former member of Donald Trump&#8216;s 2016 campaign unveiled texts that implied that multiple lawsuits related to gender discrimination and sexual harassment <a href="https://www.benzinga.com/news/24/06/39565763/as-trump-prepares-for-comeback-latest-pew-poll-reveals-which-presidential-candidate-rest-of-world-pr">were settled by Trump&#8217;s 2020 campaign.</a>
What Happened: A.J. Delgado, an ex-member of Trump&#8217;s team, disclosed the texts in the course of her ongoing discrimination lawsuit against the campaign, according <a href="https://newrepublic.com/post/183468/former-trump-staffer-delgado-texts-secret-payoffs-sexual-harassment">to</a> The New Republic. 
The texts, she claims, were exchanged between her and another former Trump staffer, Jenna Ellis.
In her text to Ellis, Delgado inquired if Ellis was aware of any discrimination or harassment complaints during the 2020 campaign and if any lawsuits were settled. 
Ellis reportedly responded in the affirmative, referencing an individual named &#8220;Boris&#8221; and advising Delgado&#8217;s investigator to subpoena Michael Glassner, a strategist for Trump&#8217;s 2020 campaign.
Several media outlets have speculated that &#8220;Boris&#8221; might be Boris Epshteyn, a senior advisor to Trump&#8217;s 2020 campaign and a current confidante of the ex-president.
Also Read: <a href="https://www.benzinga.com/news/24/07/39657063/trump-gives-unexpected-advice-to-biden-following-disappointing-debate-crooked-joe-biden-should">Trump Gives Unexpected Advice To Biden Following Disappointing Debate: &#8216;Crooked Joe Biden Should &#8230;&#8217;</a>
Delgado previous alleged that Trump&#8217;s 2016 campaign made use of intermediaries to dispense hush-money payments to keep discrimination settlements concealed from the public and the Federal Election Commission.
Relatedly, Trump was found guilty on 34 counts related to falsifying business records for hush-money payments to adult film actress Stormy Daniels during the 2016 election.
Why It Matters: These recent allegations add to the controversies surrounding Trump&#8217;s 2020 campaign. The former president has been under scrutiny for his campaign practices, and these new revelations could potentially impact his political standing. The fact that Trump was convicted for similar offenses adds weight to these allegations.
Trump&#8217;s recent activities, including his self-proclaimed victory in a presidential debate, suggest he continues to maintain a <a href="https://www.benzinga.com/news/24/06/39565609/trump-laments-lack-of-attention-paid-to-the-greatest-debate-performance-he-gave-its-all-about-the-po">high profile in the political arena. </a>
However, the latest allegations may influence public perception and his future political endeavors.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one" target="_blank" rel="noreferrer noopener">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There&#8217;s One Silver Lining</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Politics

Ex-Trump Staffer Shares Texts To Prove That Ex-President's Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet

Elon Musk has stirred the pot by labeling those opposing a bill that necessitates proof of citizenship for <a href="https://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di">voting in federal elections as &#8220;TRAITORS.&#8221;</a>
What Happened: The bill, dubbed the Safeguard American Voter Eligibility (SAVE) Act, was introduced by House Speaker Mike Johnson, R-La., and initially championed by Rep. Chip Roy, R-Texas. 
The legislation mandates state election officials to verify citizenship before issuing voter registration forms and necessitates individuals to provide proof of citizenship prior to registering to vote in federal elections.
<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">&#x1f9f5;The SAVE Act will safeguard our elections by ensuring only American citizens vote in federal elections. Here's what the legislation does:
&mdash; Speaker Mike Johnson (@SpeakerJohnson) <a href="https://twitter.com/SpeakerJohnson/status/1809318048945566061?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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On Friday, Johnson promoted the bill on the social media platform, X, asserting that the SAVE Act will &#8220;safeguard our elections by ensuring only American citizens vote in federal elections.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/06/39346274/elon-musk-says-donald-trump-calls-him-for-no-reason-i-dont-know-why">Elon Musk Says Donald Trump Calls Him For No Reason: &#8216;I Don&#8217;t Know Why&#8217;</a>
In a response to Johnson&#8217;s posts, Musk declared, &#8220;Those who oppose this are traitors. All Caps: TRAITORS,&#8221; and provocatively asked, &#8220;What is the penalty for traitors again?&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Those who oppose this are traitors. All Caps: TRAITORS What is the penalty for traitors again? <a href="https://t.co/lyREyskPv4">https://t.co/lyREyskPv4</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1809374976845156801?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The U.S. Constitution outlines that individuals found guilty of treason can be sentenced to death or imprisoned for a minimum of five years, fined at least $10,000, and prohibited from ever holding office in the U.S.
Congress is slated to reconvene in Washington, D.C., on Monday, with the vote on the SAVE Act expected to occur this month.
Why It Matters: Critics of the SAVE Act argue that the legislation is redundant as it is currently illegal for noncitizens to vote in federal elections. They contend that the bill may serve as a barrier to eligible voters, potentially infringing on their rights. 
The controversy surrounding the bill has been further fueled by Musk&#8217;s comments, drawing significant attention to the upcoming vote.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38476026/trump-vs-biden-one-candidate-hold-slim-lead-over-other-in-latest-poll" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: One Candidate Hold Slim Lead Over Other In Latest Poll</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

General

Elon Musk Says Those Against Bill Requiring Proof Of Citizenship To Vote Should Face Severe Penalty: 'Those Who Oppose This Are Traitors'

Hindenburg Research, led by investigator Nate Anderson, has been entangled in a dispute with Indian billionaire Gautam Adani&#8216;s conglomerate Adani Group.
What Happened: The conflict, which began in January 2023 following accusations of fraud against Adani&#8217;s company, has led to a staggering $153 billion loss in market value. 
Despite the massive impact on the market, Hindenburg Research has only profited to the tune of $4 million from its efforts. The firm, which specializes in &#8220;forensic financial research,&#8221; has been locked in a verbal duel with Adani since the initial accusation.
Business Insider <a href="https://www.businessinsider.in/finance/news/how-a-new-york-short-seller-took-on-one-of-the-worlds-richest-people-wiped-out-150-billion-in-market-value-and-barely-made-any-money/articleshow/111537052.cms">reports</a> that Hindenburg&#8217;s 106-page report, a product of a two-year investigation, alleged financial and accounting irregularities within Adani&#8217;s empire. The report suggested that the Adani Group was involved in stock manipulation and accounting fraud spanning several decades.
In response, Adani Group issued a 413-page rebuttal, categorically dismissing Hindenburg&#8217;s report as false and accusing the research firm of spreading selective misinformation. Adani Group defended its accounting practices and vehemently denied any wrongdoing.
Also Read: <a href="https://www.benzinga.com/news/24/03/38015124/here-are-the-top-us-cities-that-have-the-most-millionaires">Here Are The Top US Cities That Have The Most Millionaires</a>
The Securities and Exchange Board of India, the country&#8217;s regulatory body, has raised questions about the structure of Hindenburg&#8217;s short bet on Adani Group. In June 2024, the regulator sent a notice to Hindenburg, accusing the firm of making misleading and inaccurate statements in its report.
Despite facing regulatory scrutiny, Anderson remains undeterred in his pursuit of exposing financial fraud. He has previously targeted other high-profile financiers and continues his mission to unveil alleged financial misconduct.
Why It Matters: This development is significant as it highlights the power and influence of forensic financial research firms like Hindenburg Research. Despite the backlash from regulatory bodies and the targeted companies, such firms continue to play a crucial role in maintaining transparency and accountability in the financial world.
The case also underscores the potential risks and rewards of short selling. While Hindenburg&#8217;s accusations led to a massive drop in Adani Group&#8217;s market value, the firm&#8217;s own gains have been relatively modest. 
This serves as a reminder of the high-stakes nature of short selling and the importance of thorough research and due diligence.
Now Read: <a href="https://www.benzinga.com/news/22/04/26437031/this-tycoon-just-joined-an-exclusive-10-member-club-with-elon-musk-and-jeff-bezos">This Tycoon Just Joined An Exclusive 10-Member Club With Elon Musk And Jeff Bezos</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Hindenburg Research Took On One Of The World's Wealthiest People And Came Away With Little Profit To Show For It

Former U.S. President Donald Trump sarcastically recommended that President Joe Biden disregard the escalating calls for his withdrawal from the presidential race, in the wake of <a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti">a disappointing debate performance.</a>
What Happened: Trump shared his advice for Biden on his Truth Social platform on Saturday, urging him to persist with his campaign despite the rising apprehension among Democrats seeking a new candidate.
&#8220;Crooked Joe Biden should ignore his many critics and move forward, with alacrity and strength, with his powerful and far reaching campaign,&#8221; <a href="https://truthsocial.com/@realDonaldTrump/posts/112739741637499662">said</a> the former president. 
&#8220;He should be sharp, precise, and energetic, just like he was in The Debate, in selling his policies of Open Borders (where millions of people, including record numbers of Terrorists, are allowed to enter our Country, from prisons and mental institutions, totally unchecked and unvetted!), to Ending Social Security, Men playing in Women's sports, High Taxes, High Interest Rates, encouraging a Woke Military, Uncontrollable Inflation, Record Setting Crime, Only Electric Vehicles, Subservience to China and other Countries, Endless Wars, putting America Last, losing our Dollar Based Standard, and so much more. Yes, Sleepy Joe should continue his campaign of American Destruction and, MAKE CHINA GREAT AGAIN!" Trump said in his post Saturday,&#8221; he further added. 
Trump&#8217;s remarks followed Biden&#8217;s underwhelming performance at the initial presidential debate on June 27, which sparked worries among voters and Democratic officials regarding Biden&#8217;s cognitive and physical capacity to govern for another term.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one" target="_blank" rel="noreferrer noopener">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There's One Silver Lining</a>
Despite the backlash, Biden has staunchly rejected any ideas of stepping down and has pledged to remain in the race, asserting he is the best contender to defeat Trump. He also refused to take an independent cognitive test and disclose the results publicly, maintaining he's "fit."
Why It Matters: As Trump gears up for a potential comeback, his strong performance in the recent debate has instilled a sense of urgency among global leaders. This is despite a Pew poll showing that respondents from over 30 countries have more faith in Biden's foreign policy decisions. 
However, the potential for Trump's return to power is being taken seriously. This comes in spite of international audiences expressing more <a href="https://www.benzinga.com/news/24/06/39565763/as-trump-prepares-for-comeback-latest-pew-poll-reveals-which-presidential-candidate-rest-of-world-pr">confidence in President Joe Biden</a>.
With global confidence in Trump at a low, U.S. allies are preparing for an America that might withdraw from global affairs due to policy shifts or internal turmoil.
Now Read: <a href="https://www.benzinga.com/news/24/06/39565047/outside-last-weeks-debate-trump-gained-momentum-with-two-major-developments-for-better-or-worse">Outside Last Week&#8217;s Debate, Trump Gained Momentum With Two Major Supreme Court Developments — For Better Or Worse</a>
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.

Trump Gives Unexpected Advice To Biden Following Disappointing Debate: 'Crooked Joe Biden Should ...'

Bill Gates, co-founder of Microsoft and one of the <a href="https://www.benzinga.com/personal-finance/24/07/39600675/bill-gates-was-the-worlds-richest-man-for-a-record-18-years-his-secret-to-success-saving-like-a-">world's richest individuals</a>, recently addressed the growing wealth gap and advocated for higher taxes on the wealthy, including himself. His comments came during a 2023 <a href="https://www.reddit.com/r/IAmA/s/NocWTXODgB">"Ask Me Anything" (AMA) session</a> on Reddit and in a detailed blog post on Gates Notes.
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<li><a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.</li>
<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
</ul>
During the AMA session, Gates responded to a question about the skyrocketing cost of living, stagnant wages, and the challenges many people face in merely surviving. The question posed was:
"The cost of living has skyrocketed, and wages are stagnant. A lot of people are effectively in survival mode. How do we get corporations and the ultrawealthy to pay better wages, and pay their taxes? More rather, what steps do we take to create an economy that's beneficial for the masses, not a select few?"
Gates responded, saying, "I am surprised taxes have not been increased more. For example, capital gains rates could be the same as ordinary income rates. I know things are tough for a lot of people."
This statement aligns with the views Gates expressed in his 2019 year-end wrap-up blog post on Gates Notes, where he reflected on the growing wealth gap and proposed several measures to address it. Gates emphasized the increasing disparity in wealth distribution, writing, "The wealth gap is growing. The distance between top and bottom incomes in the United States is much greater than it was 50 years ago." He added, "A few people end up with a great deal — I've been disproportionately rewarded for the work I've done — while many others who work just as hard struggle to get by."
<hr class="wp-block-separator has-alpha-channel-opacity" />
Trending: This city is the clear winner of Zillow's 2024 Home Value Forecast —<a href="https://www.benzinga.com/money/winner-zillow-2024-home-value-forecast"> No surprise as the number of millionaires there grew by 75% in the last decade.</a>
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In the blog post, Gates proposed a range of measures to make higher taxes on the wealthy a reality. He suggested:
<ul>
<li>Raising the capital gains tax to be the same as ordinary income tax rates.</li>
<li>Increasing the estate tax.</li>
<li>Removing the cap on income subject to Medicare taxes.</li>
<li>Closing the carried-interest loophole that allows investors to pay lower taxes.</li>
<li>Taxing large fortunes, particularly those held for long periods, such as 10 years or more.</li>
</ul>
He admitted that these ideas are not unique and have been proposed by many tax policy experts. He also noted their similarity to proposals raised in the Democratic presidential primary but refrained from taking a position on specific campaign proposals.
Gates emphasized that the <a href="https://www.benzinga.com/general/24/03/37459631/warren-buffett-proposed-a-way-to-ensure-anybody-whos-willing-to-work-40-hours-a-week-has-a-decent-li">current system favors wealth</a> over work without justification and argued against a dynastic system where vast wealth can be passed to children, as it does not incentivize the next generation to work hard and contribute to the economy.
President Biden has proposed a "billionaire tax" as part of his 2025 budget plan. This would impose a 25% tax on individuals with over $100 million in wealth. However, this is still a proposal and has not been implemented.
Gates' consistent advocacy for higher taxes on the wealthy highlights his commitment to addressing the growing wealth gap and creating an economy that benefits the masses rather than a select few. While individuals may not be able to change what billionaires pay in taxes, <a href="https://www.benzinga.com/money/smartasset">consulting a financial advisor</a> can provide valuable insights and help navigate the complexities of the current economic system.
Read Next:
<ul>
<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
<li>Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune —<a href="https://www.benzinga.com/money/advisor-adv-warren-buffett"> How much is that worth today?</a></li>
</ul>

Personal Finance

Bill Gates Wants To Pay More In Taxes — 'I've Been Disproportionately Rewarded While Many Others Who Work Just As Hard Struggle To Get By'

These twelve large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) <a href="https://www.benzinga.com//node/39551475" target="_blank" rel="noreferrer noopener">shares jumped 34.91%</a> in the last week.</li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares increased 26.01% as the second quarter&#8217;s <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">deliveries exceeded expectations</a>. Also, several state-owned firms in Shanghai <a href="https://www.benzinga.com//node/39646347" target="_blank" rel="noreferrer noopener">purchased the Model Y</a>.</li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) stock gained 15% in the last week after Skydance reportedly reached a preliminary agreement to acquire National Amusements and planned to merge with Paramount Global.</li>
<li>Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) stock increased 13.50%. Loop Capital maintained Reddit with a Buy rating and raised the <a href="https://www.benzinga.com/quote/rddt/analyst-ratings" target="_blank" rel="noreferrer noopener">price target from $60 to $75</a>.</li>
<li>Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) stock rose 13.16%, buoyed by gains in Chinese EV stocks amid <a href="https://www.benzinga.com//node/39622487" target="_blank" rel="noreferrer noopener">positive market sentiment</a>.</li>
<li>Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>) stock advanced 12.08% after RBC Capital reiterated an Outperform rating and maintained its <a href="https://www.benzinga.com/quote/iot/analyst-ratings" target="_blank" rel="noreferrer noopener">price target of $47</a>.</li>
<li>KB Financial Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KB#NYSE">KB</a>) stock grew 11.47%.</li>
<li>Shinhan Financial Group Co Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHG#NYSE">SHG</a>) stock was up 9.83%.</li>
<li>Mongodb Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) stock upped 9.07% amid a pullback in software stocks following a drop in bond yields.</li>
<li>Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) stock upped 6.75%. Shares of copper companies are trading higher amid an increase in the price of copper. Strength in the sector may also be due to trader optimism for a stimulus in China and a rate cut in the United States.</li>
<li>Zscaler Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) stock advanced 6.39% last week amid a drop in bond yields, which helped some software stocks.</li>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares upped 6.21% after the company reported <a href="https://www.benzinga.com//node/39621784" target="_blank" rel="noreferrer noopener">delivery figures this week</a> and disclosed <a href="https://www.benzinga.com//node/39645086" target="_blank" rel="noreferrer noopener">a CFO change</a>.</li>
</ol>
Image made via photos on Shutterstock

Tech

BEKE

PARAA

RDDT

SCCO

SIRI

TSLA

Tesla And Reddit Were Among 12 Large Cap Stocks With Strongest Performance In The Last Week (June 30-July 6): Details

People who use <a href="https://www.benzinga.com/cannabis">cannabis</a>, per the study, have healthier body responses to inflammation, better control of blood sugar levels and are often more active compared to those who don&#8217;t. These factors together could reduce the risk of developing diabetes, according to <a href="https://www.benzinga.com/topic/cannabis-research">new research</a> undertaken in a SONIC trial – a longitudinal epidemiological survey that involves collecting data repeatedly from the same individuals over time.
In the United States, more than 38 million people have diabetes, with one in five unaware of their condition, <a href="https://www.cdc.gov/diabetes/data-research/research/diabetes-screening-eligible.html">according</a> to the Centers for Disease Control (CDC). Ongoing studies continue to focus on prevention, treatment, and management of diabetes, which is crucial for public health.
Angela Bryan, Ph.D., professor and co-director of CUChange at the University of Colorado, Boulder found &#8220;those inflammatory profiles would improve over the course of 4 weeks, particularly for those using a CBD [cannabidiol] as opposed to a THC [tetrahydrocannabinol] product.&#8221;
Bryan and her colleagues presented their <a href="https://www.medscape.com/viewarticle/can-using-cannabis-decrease-diabetes-risk-2024a1000ccb?form=fpf">findings</a> at the 2024 annual <a href="https://professional.diabetes.org/scientific-sessions">American Diabetes Association 84th Scientific Sessions</a>.
<h2 class="wp-block-heading">What's It All About?</h2>
In the SONIC study, regular cannabis users were generally young, healthy and physically active, with an average age of 30 and a healthy body mass index (BMI). They were compared to non-users with similar demographics. Baseline dietary assessments showed a need for improvement, but cannabis users excelled in physical activity. The study involved oral glucose tolerance tests to measure insulin sensitivity and assessments of various inflammatory markers.
Participants used a cannabis flower product for four weeks, documenting their use, diet and physical activity. Eating patterns between users and non-users were similar, with users consuming slightly more salty snacks. After four weeks, no significant changes in inflammatory markers were found, but users had lower levels of inflammatory biomarkers and circulating cytokines compared to non-users. An exception was monocyte chemoattractant protein 1 (MCP-1) levels. MCP-1 is a protein that signals white blood cells called monocytes to areas of inflammation or injury, aiding in the immune response and tissue healing. 
Numerous <a href="https://www.benzinga.com/markets/cannabis/22/11/29510362/cannabis-terpenes-reduce-inflammation-says-gb-sciences-study">studies have concurred</a> that selected cannabinoids and cannabis terpenes are effective in reducing pain and inflammation. Hence, the <a href="https://www.benzinga.com/markets/cannabis/24/01/36671950/game-changing-move-nfl-tackles-pain-and-concussions-in-cbd-clinical-trial-partnership-with-canad">growing acceptance</a> among athletes and others who suffer from <a href="https://www.benzinga.com/markets/cannabis/24/04/38072019/older-patients-are-choosing-cannabis-to-treat-chronic-pain-arthritis-anxiety-and-insomnia-new-st">chronic pain</a>.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/01/36671950/game-changing-move-nfl-tackles-pain-and-concussions-in-cbd-clinical-trial-partnership-with-canad">Game Changing Move? NFL Tackles Pain And Concussions In CBD Clinical Trial Partnership With Canadian University</a>
The study showed no chronic effects of cannabis use on insulin sensitivity after controlling for BMI and inflammation. The authors noted that the study&#8217;s limitations include a very healthy sample and the inability to use gold-standard randomization due to the <a href="https://www.benzinga.com/markets/cannabis/20/08/17124988/cannabis-its-illegal-so-it-must-be-dangerous-right-1">schedule-1 status of cannabis</a>, which continues to stymie cannabis research. Day-to-day behavior differences between users and non-users were minimal.
Bryan&#8217;s other research highlights the public health implications of cannabis legalization. One study found that cannabis use before exercise might enhance enjoyment and the &#8220;runner&#8217;s high,&#8221; potentially making exercise more appealing, even to those at risk for diabetes. 
Another study indicated that CBD-dominant cannabis forms could reduce acute tension and potentially alleviate long-term anxiety, relevant for diabetes distress.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39579929/millions-are-using-cannabis-yet-only-18-labs-are-studying-it-says-johns-hopkins-scientist">&#8216;Millions Are Using Cannabis Yet Only 18 Labs Are Studying It,&#8217; Says Johns Hopkins Scientist</a></li>
</ul>
Photo:&nbsp;Shutterstock

Cannabis Linked To Diabetes Prevention And Better Blood Sugar Control, New Study Finds

With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings. <a href="https://pro.benzinga.com/?utm_source=insights">According to Benzinga Pro</a>, these enticing companies are scheduled to trade publicly this week.
<ul>
<li>Primega Group Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGHL#NASDAQ">PGHL</a>) will be trading publicly starting on July 12, 2024. The company&#39;s price band is set between $4.00&nbsp;and $6.00 with an insider lock-up period of 180 days. Primega Group Holdings Limited will be offering 1,750,000&nbsp;shares at a per-share value of $5.00.</li>
<li>OS Therapies Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSTX#NYSE">OSTX</a>) will be trading publicly starting on July 10, 2024. OS Therapies Incorporated will be offering 2,000,000&nbsp;shares at a per-share value of $4.00 with an insider lock-up period of 180 days.</li>
<li>Ming Shing Group Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSW#NASDAQ">MSW</a>) becomes publicly listed starting on July 9, 2024. The company has a price range set between $5.50 and $7.50 with a 180-day lockup period. Ming Shing Group Holdings Limited will be offering 1,500,000&nbsp;shares at a per-share value of $6.50.</li>
<li>QMMM Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QMMM#NASDAQ">QMMM</a>) will be trading publicly starting on July 9, 2024. QMMM Holdings Limited will be offering 2,125,000&nbsp;shares at a per-share value of $4.00 with an insider lock-up period of 180 days.</li>
</ul>
<h3>Understanding IPOs</h3>
Initial public offerings, or IPOs, are the transitional processes of private companies deciding to go public and offer shares to investors on exchanges. IPOs typically offer companies the ability to build capital by distributing shares across the market. A company interested in becoming publicly tradeable must first meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.
Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

IPOs

OSTX

PGHL

QMMM

IPO Previews For The Week

Former Microsoft CEO Steve Ballmer briefly outpaced the company&#8217;s co-founder, Bill Gates, in terms of wealth last week, as per Bloomberg&#8217;s Billionaires Index.
What Happened: Ballmer, who joined Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) in 1980, saw his wealth exceed that of Gates for a short period. The two are currently estimated to be worth $158 billion each, the Bloomberg <a href="https://www.bloomberg.com/billionaires/profiles/steven-a-ballmer/?sref=TBDibEcD">index</a> shows. Ballmer served as Microsoft&#8217;s CEO from 2000 to 2014, succeeding Gates in the role.
Ballmer&#8217;s extensive wealth has been invested in a variety of ventures, including sports and real estate. 
In 2014, he purchased the Los Angeles Clippers NBA team for a record $2 billion. He is also funding the construction of the Intuit Dome, an NBA arena in Inglewood, California, projected to cost $2 billion.
Ballmer has also invested in multiple properties in Washington state, where Microsoft is headquartered. In 2019, he and his wife, Connie Ballmer, bought a home adjacent to their existing residence in Hunts Point for $9.8 million.
Also Read: <a href="https://www.benzinga.com/news/24/02/37058173/heres-what-bill-gates-said-he-would-ask-a-time-traveler-from-the-year-2100">Here&#8217;s What Bill Gates Said He Would Ask A Time Traveler From The Year 2100</a>
In 2017, Ballmer launched USAFacts.org, a platform aimed at making government data accessible. He disclosed to The New York Times that he had spent over $10 million on the project.
Through their philanthropic efforts, the Ballmers have pledged $425 million to the University of Oregon for a children&#8217;s mental and behavioral health institute.
Why It Matters: Ballmer&#8217;s brief surpassing of Gates in wealth is a testament to his diverse investment portfolio and philanthropic efforts. 
His investments in sports and real estate, along with his commitment to making government data accessible, showcase his strategic approach to wealth accumulation and distribution. 
This event also underscores the dynamic nature of the world&#8217;s wealthiest individuals&#8217; rankings, which can fluctuate based on various factors, including market trends and personal investments.
Now Read: <a href="https://www.benzinga.com/news/24/06/39565739/warren-buffett-went-to-china-with-bill-gates-once-and-didnt-eat-chinese-food">Warren Buffett Went To China With Bill Gates Once — And Didn&#8217;t Eat Chinese Food</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Success Stories

MSFT

Steve Ballmer Is Now Worth Just As Much As — If Not More Than — His Old Boss Bill Gates

CNBC's Jim Cramer is bullish on homebuilders despite recent stock performance.
Cramer analyzed earnings reports from Lennar and KB Home, which reported last week. While Wall Street favored KB Home, Cramer expressed optimism for both companies and the homebuilding sector.
"Interest rates might stay elevated, but the<a href="https://www.benzinga.com/real-estate/23/11/35948450/from-blueprint-to-bargain-new-homes-dominate-real-estate-landscape-as-listings-dwindle-and-construct"> housing shortage</a> remains a significant factor," Cramer said.
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Cramer highlighted the seemingly contradictory market behavior — homebuilder stocks surged early in the year on expectations of rate cuts but have since stalled due to the Federal Reserve's more cautious approach.
While Lennar and KB Home exceeded Wall Street's expectations, Cramer identified factors causing investor caution toward Lennar.
He pointed out concerns regarding Lennar's guidance, which seemed mixed. Management mentioned "increased sales incentives." This could signal a less optimistic view of housing<a href="https://www.benzinga.com/real-estate/24/06/39402121/buyer-freeze-over-60-of-homes-linger-on-market-amid-soaring-prices-and-high-interest-rates"> demand</a>. Lennar's proposed spinoff might have raised concerns about the company's long-term housing market outlook.
In contrast, KB Home's stock rose after it raised its full-year housing revenue forecast. &nbsp; Cramer pointed out that KB Home didn't heavily discuss using incentives to boost sales, which some investors viewed favorably.
Trending: Elon Musk&#8217;s secret mansion in Austin revealed through court filings.<a href="https://www.benzinga.com/money/elon-musk-secret-mansion-austin-nada"> Here&#8217;s how to invest in the city&#8217;s growth before prices go back up.</a>
Cramer said he prefers KB Home's approach and is more optimistic about Lennar than Wall Street analysts. He noted the companies are taking different paths:
<ul>
<li>KB Home prioritizes price stability over maximizing sales volume. This suggests they're less concerned about building up excess inventory.</li>
<li>Lennar is more focused on managing inventory levels. This translates to higher deliveries and order fulfillment.</li>
</ul>
"If we get any relief on the interest rate front, Lennar's results suggest that could bring in a new wave of buyers, which is why I think this housing bull market is far from over," Cramer said.
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<li>Sun Belt's booming real estate market prepares for millions of new inhabitants —<a href="https://www.benzinga.com/money/integris"> Here&#8217;s how to find the region's best deals!</a></li>
<li>This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.</li>
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Real Estate

Housing Market Crash Fears? Jim Cramer Says Hold On — These Homebuilder Stocks Might Surprise You

Jerome Powell, the chair of the Federal Reserve, will testify before Congress this week amidst signs of slowing <a href="https://www.benzinga.com/topic/interest-rates">inflation and a softening economy.</a>
What Happened: With the economy showing signs of slowing growth and employment, Powell is expected to inform lawmakers that the Federal Reserve officials require more evidence of this slowdown before considering a cut in interest rates.
The consumer price index data for June, set to be released on Thursday, could provide further evidence supporting this stance. However, this data will be released after Powell&#8217;s two-day Congressional testimony, which begins on Tuesday with the Senate Banking Committee and continues on Wednesday with a House panel, <a href="https://www.bloomberg.com/news/articles/2024-07-06/global-economy-fed-s-powell-testifies-as-us-inflation-hiring-cool?srnd=homepage-americas&amp;sref=TBDibEcD">reported</a> Bloomberg.
Recent statistics have shown the highest unemployment rate since late 2021, and other data indicates weaker economic growth. Consequently, Powell is likely to face tough questions from lawmakers about the Fed&#8217;s reluctance to lower borrowing costs.
Also Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39623498/fed-minutes-policymakers-are-not-in-rush-to-cut-interest-rates-decision-hinges-on">Fed Minutes: Policymakers Are Not In Rush To Cut Interest Rates, Decision Hinges On Economic Data</a>
On Tuesday, Powell stated that recent data suggests inflation is returning to a downward trend, but he and his colleagues would like to see this progress continue.
The core CPI, which excludes food and energy costs and is seen as a better measure of underlying inflation, is expected to rise 0.2% in June for a second month. This would mark the smallest back-to-back gains since August, a pace more acceptable to Fed officials.
Why It Matters: As the head of the Federal Reserve, Powell&#8217;s testimony is crucial in setting the tone for economic policy. His comments on the state of the economy, inflation and employment growth will be closely watched by lawmakers, economists and investors alike.
The Fed&#8217;s decision on interest rates impacts borrowing costs for consumers and businesses, affecting everything from mortgage rates to the cost of business loans. A decision to cut rates could stimulate economic growth, but could also lead to inflation.
With recent data showing a slowdown in the economy and employment growth, Powell&#8217;s testimony will be a key indicator of the Fed&#8217;s future policy direction.
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36272799/wall-street-banks-readjusts-2024-interest-rate-predictions-after-feds-dovish-turn">Wall Street Banks Readjusts 2024 Interest Rate Predictions After Fed&#8217;s Dovish Turn</a>
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.

Economics

Federal Reserve

Economic Slowdown: Powell On The Hot Seat Before Congress, To Testify Amid Rising Unemployment Rates

Credible Crypto, a renowned cryptocurrency analyst, forecasts an approximately 80% surge for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) following the current correction phase. However, he cautions about a possible intensification in the correction&#8217;s momentum.
What Happened: In a post on X last week, the analyst said he remains optimistic about Bitcoin&#8217;s long-term future. Despite the cryptocurrency surpassing the $60,000 mark, he asserts that the bull-market structure remains unscathed.
Credible Crypto anticipates that Bitcoin could experience substantial rallies after the correction, but a new uptrend might take some time to commence. 
He stated, "Spot buyers don't have to be too worried here in my opinion – as per prior updates, we can technically fall a lot lower on the high time frame without invalidating the higher time frame bullish structure, and what comes after this correction is our next major leg to $100,000.&#8221;
<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">Stopped out of my longs overnight- gave back a lot of my recent gains but it is what it is. We haven&#39;t yet hit the 56k lows (just above them now) but it seems like those lows will be taken sooner or later and that officially opens the door to the 53k region as the next major… <a href="https://t.co/A22H7wTO8Q">pic.twitter.com/A22H7wTO8Q</a>
&mdash; CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1808894826433126679?ref_src=twsrc%5Etfw">July 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
At the time of writing, Bitcoin was trading at $56,826.62, suggesting a potential upside of nearly 80% if it reaches the analyst&#8217;s target. 
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39447328/anthony-scaramucci-says-crypto-will-soar-if-this-presidential-candidate-wins-the-election-" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: ‘I Think We&#8217;ll See All-Time Highs For Bitcoin And Other Assets&#8217;</a>
However, he also cautioned about a potential increase in the correction&#8217;s momentum due to rising levels of open interest, which refers to the total number of unsettled contracts. High levels of open interest, along with Bitcoin holders selling their coins on the spot market, could result in a more prolonged BTC downtrend, according to the analyst.
&#8220;If you are going to be buying on the way down you need to be OK with being underwater for a bit. If you don&#8217;t think you can do that, wait for number 1 above to play out before dipping your toes in. With that being said, I will see you all soon on the other side,&#8221; he added. 
Why It Matters: This prediction comes in the wake of another crypto analyst, Rekt Capital, warning about a potential further correction for Bitcoin. 
Last week, the Rekt Capital speculated that Bitcoin could correct to much <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39565057/bitcoin-may-face-another-correction-dropping-to-55-000-predicts-crypto-analyst">lower levels, potentially dropping to $55,000</a>. 
This forecast aligns with Credible Crypto&#8217;s warning about a possible increase in the correction&#8217;s momentum, further emphasizing the volatile nature of the cryptocurrency market.
Now Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39241558/analyst-predicts-bitcoin-to-reach-groundbreaking-100-000-milestone#google_vignette" target="_blank" rel="noreferrer noopener">Analyst Predicts Bitcoin To Reach Groundbreaking $100,000 Milestone</a>
Photo: Shutterstock

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

Cryptocurrency

Markets

$BTC

Bitcoin's Bullish Future: Analyst Predicts 80% Rally After Correction, But Here's The Catch

A new report from consumer research firm Hearts &amp; Wallets reveals that <a href="https://www.benzinga.com/personal-finance/financial-advisors/24/06/39447584/generation-x-unprepared-for-retirement-250-000-median-savings-wont-last-20-ye">Generation X stands</a> to inherit trillions of dollars from the Silent Generation over the next 10 years, presenting significant opportunities and challenges for financial advisors.
Currently, the 65-74 age group holds the highest wealth at $22.4 trillion. In a decade, an estimated 23 million households will be 75 or older, with another 5.6 million reaching 85+. The nearly 16 million people aged 75+ today control about $15.5 trillion in assets, according to <a href="https://www.investmentnews.com/planning/news/gen-x-could-get-trillions-in-inheritance-over-10-years-254961">InvestmentNews</a>.
Laura Varas, CEO of Hearts &amp; Wallets, emphasizes that this wealth transfer primarily involves the Silent Generation and Gen X, not Boomers and Millennials. She notes that inheritances, even modest ones, often prompt recipients to focus on their own financial planning.
The study found that those inheriting $500,000 or more are generally financially savvy, with 35% having taxable brokerage accounts and 60% considering themselves somewhat familiar with investing. These individuals are often open to advice, but may have already dismissed unsatisfactory financial service providers.
Also Read: <a href="https://www.benzinga.com/markets/asia/24/07/39652085/will-the-magnificent-7-eclipse-chinas-economy-in-2024-heres-what-to-look-for">Will The Magnificent 7 Eclipse China&#8217;s Economy In 2024? Here&#8217;s What To Look For</a>
Varas highlights the complexities of handling estates, drawing from personal experience. She stresses the need for improved advice and service in this area, citing instances of misguided recommendations and poor communication she encountered while managing family estates.
Financial advisors have significant opportunities to assist with inheritance and wealth transfers. The report shows that among U.S. households receiving inheritances, over half are under $100,000, 30% are between $100,000 and $500,000, and 14% are higher.
Advisors working with older clients are encouraged to build relationships with younger family members. While Gen Xers may have existing financial relationships, they might be open to working with their parents&#8217; advisors if the service is exceptional. Varas notes that people now typically work with 8-13 financial services providers, up from 1-3 in the past.
As this massive wealth transfer unfolds, financial advisors who can navigate the complexities of estate planning and provide superior service stand to benefit from this generational shift in assets.
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</ul>
Image via Unsplash

Financial Advisors

Education

Gen Z Will Have To Wait As Gen X Set To Inherit Trillions From Silent Generation

As the <a href="https://www.benzinga.com/general/politics/24/06/39563409/heres-how-many-people-watched-the-2024-presidential-debate-and-how-fox-beat-cnn-at-its-own-game">first presidential debate</a> shifted the political landscape leading up to the Nov. 5 election, former White House Communications Director Anthony Scaramucci weighed in on what&#8217;s in store for President Joe Biden.
Critical Few Weeks Ahead: Biden will be out of the race by the end of July, <a href="https://www.youtube.com/watch?v=b8uEmOleC5o&amp;t=366s">said</a> Scaramucci in the latest episode of the &#8220;Rest Is Politics US&#8221; podcast aired on Thursday. It&#8217;s unlikely the president finishes his term, he said, adding that some people inside the campaign have described the upcoming period as the &#8220;most consequential few weeks in American modern history.&#8221;
This, according to the former White House aide, implies that &#8220;we are going to get a President [Kamala] Harris.&#8220;
&#8220;The thought would be that he resigns from office and she runs as President Harris,&#8221; he said.
Scaramucci highlighted the potential for discomfort among some people, given the racial divide and existing tensions in the country. He added, however, that this development would significantly benefit the Democratic party&#8217;s progressive wing, as she would become the first woman president in U.S. history and the first woman of color to hold the office.
See Also: <a href="https://www.benzinga.com/news/24/07/39655190/biden-vs-trump-debate-performance-hurts-president-but-this-factor-could-still-keep-him-in-contention">Biden Vs. Trump: Debate Performance Hurts President But This Factor Could Still Keep Him In Contention</a>
Harris&#8217; candidacy: This could also address many campaign finance issues, said the SkyBridge Capital founder, adding that the party can support Harris with a very credible vice-presidential candidate. He noted that <a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss">Harris&#8217; poll numbers versus Donald Trump are inside the margin of error</a> — at least for now. The Trump campaign is aware of this and, as a result, has been running aggressive attack ads, he said.
Scaramucci said Trump will viciously attack Harris, adding that the current vice president is way better than people think. 
&#8220;This is a different Kamala Harris, this is a more mature Kamala Harris,&#8221; he said. &#8220;Interesting it would be if the orange maniac known as Donald Trump was beaten by her in the election &#8230;There&#8217;s a lot of things about his fragile ego, but that&#8217;s one he wouldn&#8217;t be able to take.&#8221;
Frail Biden: Scaramucci said he attended a Democratic fundraiser where the president looked frail. He explained that while Biden might have been more coherent and clear-headed compared to the first presidential debate, his intellectual insecurity was still evident.
The president seemed to feel comfortable speaking with a teleprompter for 15 minutes and left without taking questions, Scaramucci said.
&#8220;That&#8217;s a very unusual thing for American politician to do with his VVIPs at a very posh Hampton&#8217;s beachfront house, but that&#8217;s what he did and it&#8217;s an indication that things are not well with him cognitively,&#8221; he said. 
Why It&#8217;s Important: The betting market has begun pricing in the probability of Biden quitting. According to Polymarket, there&#8217;s a 16% chance of the president quitting by July 12. Biden is still projected to have 46% chance of being the Democratic nominee compared to Harris&#8217; 37% odds.
A recent CNN poll found that 75% of registered voters said the Democrats' chances in 2024 would be better if the nominee were someone other than Biden. A more significant finding was that Harris was within striking distance of Trump in a hypothetical matchup, with 47% of registered voters supporting Trump and 45% supporting Harris. Since the result was within the margin of error, there was no clear leader under such a scenario.
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Photo: Shutterstock

Media

Scaramucci Says Kamala Harris Will Likely Run For Office As Biden May Not Finish His Term: 'Interesting ... If The Orange Maniac known as Donald Trump Was Beaten By Her'

The GLP-1 drug market for obesity treatment is expected to skyrocket to $1 trillion or more, according to Maurits Pot, founder and CEO of Tema ETFs, who shared this optimistic forecast in an <a href="https://www.benzinga.com/exclusives">exclusive interview with Benzinga.</a>
&#8220;Our view is that in the long term, this is not a two-horse race between Eli Lilly Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>),&#8221; Maurits stated, challenging the prevailing notion of a duopoly in the weight-loss market.
Pot predicts that rising demand for weight loss treatments and expanded applications for GLP-1 drugs will drive this trillion-dollar market opportunity.
In November 2023, Tema ETFs launched the Tema GLP-1, Obesity and Cardiometabolic ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTS#NYSE">HRTS</a>), the first ETF focused on weight loss. Since inception, the fund has risen 25%, slightly outpacing the performance of the S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
The ETF's major holdings include Eli Lilly and Company, Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Novo Nordisk A/S, and Alnylam Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>), each with about 5-6% weight. The HRTS portfolio also comprises over 40 other weight-loss related companies.
Chart: Tema GLP-1, Obesity And Cardiometabolic ETF Outperforms S&amp;P 500 Since Inception
<figure class="wp-block-image size-large"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1024" height="652" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05152109/image-10-1024x652.png" alt="" class="wp-image-422177" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05152109/image-10-1024x652.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05152109/image-10-300x191.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05152109/image-10-768x489.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05152109/image-10-1536x978.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05152109/image-10.png 1662w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Chart: <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070524&amp;t=be2bearmibe3na1">Benzinga Pro</a>
<h3 class="wp-block-heading">Weight-Loss Treatments: Broadening Applications And Innovations</h3>
According to Pot, GLP-1 drugs may soon find applications beyond weight loss, first in diabetes, and heart, liver and kidney diseases, then potentially treating conditions such as cancer, Alzheimer's, Parkinson's and other neurogenic diseases.
The conventional injection method faces challenges from new approaches focusing on oral administration or reduced dosage frequencies. Innovations aim to make treatments less invasive, such as moving from weekly injections to potentially once every two months, or much easier to manufacture, such as producing oral tablets.
Obesity leads to various diseases like diabetes, heart disease and cancer. Addressing obesity could thus mitigate multiple health issues, amplifying the market potential for GLP-1 drugs.
This market is expected to extend beyond Eli Lilly and Novo Nordisk, addressing multiple&nbsp;diseases&nbsp;areas.
&#8220;We could see a world where half the world&#8217;s population takes GLP-1 or other weight loss drugs, but for different reasons including for primary prevention&#8221; Pot noted, citing uses for obesity, diabetes and potentially even Alzheimer&#8217;s or cancer.
<h3 class="wp-block-heading">Projections Behind The $1 Trillion Estimate</h3>
The global number of obese individuals is expected to double from 1 billion to 2 billion by 2035. Even without this growth, the existing 1 billion obese people represent a substantial market.
If long-term treatment reaches only 20% of&nbsp;today's&nbsp;obese population, similar to the current&nbsp;penetration&nbsp;rate for diabetes drugs, that equates to 200 million individuals. Assuming a price reduction from $12,000 to $6,000 per person annually, the market for GLP-1 drugs could surpass $1 trillion, Pot explained.
Goldman Sachs estimates the market at $100-130 billion, but Pot believes it could reach $1 trillion even before considering speculative applications for cancer, Alzheimer's and Parkinson's. The market's size is consistently underestimated, with estimates rising every few months.
Patent expirations will also shape the market. In the U.S., patents&nbsp;for Ozempic/Wegovy&nbsp;run out in 2032, in Europe in 2031, and in China in 2026.&nbsp;
&#8220;We think it's a trillion-dollar market before the patents run out,&#8221; Pot stated. 
<h3 class="wp-block-heading">Focus On Small-, Mid-Caps</h3>
When asked why investors should focus on a diversified basket of weight-loss-related stocks instead of a few heavyweights, Pot explained &#8220;the impact of positive clinical results in this enormous market for small and med-cap biotechs is much higher&#8221; unlike larger firms such as Eli Lilly. 
He underscored the importance of having mega caps as portfolio balance but notes that smaller companies may offer higher returns in the long term.
Pot highlighted that the biotech sector is ripe with mergers and acquisitions. Last year alone, there were 22 biotech M&amp;A deals exceeding $1 billion U.S in value.
Major health care&nbsp;companies without an obesity business, like Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), and Abbvie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>), are likely to seek acquisitions.
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Photo: Shutterstock

Biotech

Equities

Large Cap

Sector ETFs

Small Cap

Global

Exclusives

ETFs

ABBV

ALNY

AMGN

HRTS

EXCLUSIVE: GLP-1 Weight-Loss Drugs Could Become A Trillion-Dollar Market, Predicts Tema ETFs CEO

The past week has been a whirlwind of activity, with tech giants and industry leaders making headlines. From Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) impressive performance to Elon Musk&#8217;s massive investment in AI, there&#8217;s a lot to catch up on. Let&#8217;s dive into the top stories that shaped the week.
A Non-Tech Company Outperforms Nvidia and Super Micro
Seven of the top ten best-performing S&amp;P 500 stocks over the past year were tech companies. However, the company that topped the list was not a tech company but a utility company, Vistra Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VST#NASDAQ">VST</a>), which gained over 250% over the past year. Nvidia and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) took the second and third positions with gains of 239% and 203%, respectively.
<a href="https://www.benzinga.com/24/07/39640232/jim-cramer-shuns-this-stock-but-it-has-left-nvidia-super-micro-biting-the-dust-on-one-year-returns">Read the full article here.</a>
Nvidia CEO Cashes In
Nvidia CEO Jensen Huang sold over $29 million worth of shares amid the company's remarkable stock market performance. Huang&#8217;s total sales over the past three weeks amounted to $184 million. Nvidia's stock reached its peak in June, driving the company's market value to over $3 trillion.
<a href="https://www.benzinga.com/markets/equities/24/07/39611550/nvidia-ceo-jensen-huang-sells-over-29m-worth-of-shares-as-companys-stock-shoots-up-155-in-2024-a">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/06/39497848/mark-zuckerbergs-pr-team-couldnt-stop-him-from-posting-my-spine-has-been-surgically-removed-said-for?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg&#8217;s PR Team Couldn&#8217;t Stop Him From Posting: &#8216;My Spine Has Been Surgically Removed&#8217;</a>
Musk&#8217;s Massive Investment in AI
Elon Musk, CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and founder of xAI, revealed that the upcoming version of his AI chatbot, Grok 3, will be trained on a staggering 100,000 Nvidia H100 chips. These chips are crucial for handling data processing in large language models and are highly sought after in Silicon Valley.
<a href="https://www.benzinga.com/news/24/07/39594885/elon-musk-reveals-the-staggering-amount-of-nvidia-h100-gpus-that-will-be-used-to-train-xai-chatbot-g">Read the full article here.</a>
Peter Thiel&#8217;s Insights on AI
Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) co-founder Peter Thiel shared his insights on artificial intelligence, Nvidia, and ChatGPT-parent OpenAI at the Aspen Ideas Festival. Thiel drew parallels between the dot-com bubble of '99 and the current state of AI.
<a href="https://www.benzinga.com/news/24/07/39569675/palantirs-peter-thiel-says-its-very-strange-that-most-money-in-ai-is-being-made-by-only-one-company">Read the full article here.</a>
&#8216;Rich Dad Poor Dad&#8217; Author Predicts Market Crash
Robert Kiyosaki, author of &#8220;Rich Dad Poor Dad,&#8221; warned of an impending market crash, followed by a long-term bull run for gold, silver, and Bitcoin. Kiyosaki predicted a historic crash in the prices of real estate, stocks, bonds, gold, silver, and Bitcoin, followed by a subsequent bull market cycle starting in late 2025.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39627834/rich-dad-poor-dad-author-robert-kiyosaki-says-charts-indicate-biggest-crash-in-history-com">Read the full article here.</a>
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Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

NVDA

PLTR

SMCI

Nvidia's Dominance, AI Investments, And A Predicted Market Crash: This Week In Artificial Intelligence

This past week was a whirlwind of activity in the world of cryptocurrencies, finance, and politics. From Robert Kiyosaki&#8217;s dire market predictions to the shifting odds in the 2024 presidential race, it was a week to remember. Let&#8217;s dive into the top stories.
Robert Kiyosaki Predicts &#8216;Biggest Crash in History&#8217;
Best-selling author Robert Kiyosaki sent shockwaves through the financial world this weekend with his prediction of an imminent market crash. Kiyosaki, renowned for his book &#8220;Rich Dad Poor Dad,&#8221; anticipates a historic plunge in the prices of real estate, stocks, bonds, gold, silver, and Bitcoin. However, he also sees a silver lining, forecasting a bull market cycle beginning in late 2025 that could benefit gold, silver, and Bitcoin investors.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39627834/rich-dad-poor-dad-author-robert-kiyosaki-says-charts-indicate-biggest-crash-in-history-com">Read the full article here.</a>
Crypto Bettors See Harris as Possible Presidential Candidate
The odds of Vice President Kamala Harris replacing President Joe Biden as the Democratic nominee for the 2024 presidential elections saw a significant increase on Polymarket, a cryptocurrency-based prediction market. While Biden remains the top pick, the substantial surge in Harris&#8217; chances indicates a notable shift in sentiment.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611479/odds-of-kamala-harris-replacing-joe-biden-as-democratic-presidential-candidate-raised-by-c">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39627834/rich-dad-poor-dad-author-robert-kiyosaki-says-charts-indicate-biggest-crash-in-history-com?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Says Charts Indicate &#8216;Biggest Crash In History Coming&#8217;</a>
Cryptocurrency Market in Meltdown
The cryptocurrency market experienced a significant downturn this week, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) hitting their lowest points in weeks. The market&#8217;s decline was largely attributed to the movement of billions of Bitcoins ahead of a probable sell-off.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39638571/bitcoin-ethereum-dogecoin-in-full-meltdown-as-mt-gox-moves-2-7b-to-new-wallet-king-crypto-">Read the full article here.</a>
Trump&#8217;s Potential Election Win Could Impact Crypto
Pratik Kala, Head of Research at DigitalX Limited, predicts a Trump victory in the upcoming election but warns that immediate crypto-friendly regulations may not be a priority. Kala&#8217;s prediction is based on his belief that President Biden failed to appear &#8220;lively and energetic&#8221; during the debate.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39581531/trump-winning-the-election-would-be-major-catalyst-for-crypto-to-surge-says-investment-exp">Read the full article here.</a>
Shiba Inu&#8217;s Burn Rate Skyrockets
The &#8216;Dogecoin Killer,&#8217; Shiba Inu, reported a surging burn rate over the week, with community news hinting at a significant upcoming development. The burn rate increased by 8,596.6% over 24 hours as of Wednesday, with more than 17 million SHIB burned across three transactions.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39615964/dogecoin-killer-shiba-inus-burn-rate-skyrockets-8-596-something-special-is-cooking-says-ma">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39615964/dogecoin-killer-shiba-inus-burn-rate-skyrockets-8-596-something-special-is-cooking-says-ma?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Burn Rate Skyrockets 8,596%: &#8216;Something Special&#8217; Is Cooking</a>
Image created via photos on Shutterstock
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>