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Jimmy Donaldson, also known as MrBeast, has voiced his frustration over the lack of response from wealthy individuals regarding his charity efforts.
What Happened: On Sunday, MrBeast took to X, formerly Twitter, and shared his plans for a video project aimed at feeding people in need worldwide. He reached out to affluent individuals, asking for donations of a million dollars to expand the initiative.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Dear ultra rich people on X, I've been working on a video where we feed people in need globally and if any of you wouldn't mind donating a million dollars to help us feed more people that'd mean the world to me! Pretty plz &#x1f97a;
&mdash; MrBeast (@MrBeast) <a href="https://twitter.com/MrBeast/status/1881134524509384906?ref_src=twsrc%5Etfw">January 20, 2025</a></blockquote>
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In response to a comment questioning his own wealth, MrBeast confirmed, &#8220;Yup, I'm putting in a few million.&#8221;
See Also: <a href="https://www.benzinga.com/tech/24/12/42735755/mrbeasts-daring-new-challenge-live-in-a-jet-for-100-days-and-then-keep-it-are-you-game" target="_blank" rel="noreferrer noopener">MrBeast's Daring New Challenge: Live In A Jet For 100 Days And Then Keep It — Are You Game?</a>
Another user pointed out that he should have a list of wealthy contacts, referencing previous discussions about purchasing TikTok.
The YouTuber humorously noted the contrast, stating, &#8220;It is funny that when I say I'm buying TT I get unfathomable amount of messages from the ultra wealthy but when I fundraise it's crickets.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It is funny that when I say I'm buying TT I get unfathomable amount of messages from the ultra wealthy but when I fundraise it's crickets &#x1f62d;
&mdash; MrBeast (@MrBeast) <a href="https://twitter.com/MrBeast/status/1881135248542736624?ref_src=twsrc%5Etfw">January 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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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: Last week, MrBeast <a href="https://www.benzinga.com/general/social-media/25/01/42994923/mrbeast-discussing-buying-tiktok-with-billionaires-to-prevent-us-shutdown-lets-see-if-we-can-pull-this-off">announced his plans to buy</a> TikTok to prevent its potential ban in the U.S. He later revealed that several billionaires reached out to him to discuss the feasibility of the purchase.
His call for billionaire support in philanthropy is not new. In May 2024, Donaldson extended an invitation to billionaires to collaborate on <a href="https://www.benzinga.com/news/24/05/38781054/mrbeast-invites-billionaires-to-collaborate-on-philanthropy-projects-for-his-youtube-channel-id-love">philanthropy projects</a> for his YouTube channel.
Previously, he rescued a <a href="https://www.benzinga.com/news/23/08/33957458/how-mrbeasts-epic-makeover-rescued-an-orphanage-and-inspired-a-musicians-dream">South African orphanage</a> and helped 1,000 blind people receive cataract surgeries.
According <a href="https://www.forbes.com/profile/mrbeast/">to</a> Forbes, MrBeast currently has a net worth of $85 million. On his main YouTube channel, he has more than 346 million subscribers.
In 2024, he signed a deal with Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) for the "Beast Games" <a href="https://www.benzinga.com/tech/25/01/43051084/mrbeast-unveils-mystery-box-giveaway-to-celebrate-beast-games-episode-6-release-on-amazon-prime-video">series that airs</a> on Prime Video. As per reports, the "Beast Games" project cost approximately $100 million.
Check out more of Benzinga&#8217;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:
<ul>
<li><a href="https://www.benzinga.com/tech/24/12/42715441/openais-for-profit-transition-trumps-ai-advisor-and-googles-code-red-this-week-in-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s For-Profit Transition, Trump&#8217;s AI Advisor, And Google&#8217;s Code Red: This Week In AI</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.

News

Tech

AMZN

MrBeast Unhappy With Billionaires' Silence On Feeding The Hungry After Overwhelming Interest About TikTok Purchase: 'When I Fundraise It's Crickets'

MicroStrategy Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) co-founder and executive chairman Michael Saylor met the entire incoming cabinet&nbsp;of the incoming Donald Trump administration during the first-ever &#8220;Crypto Ball&#8221; on Friday.
What Happened: An X post shared by Robert Samuels, Vice President of Investor Relations at MARA Holdings, showed Saylor, clad in a black suit and orange tie, attending the event alongside other top cryptocurrency executives like Fred Thiel, MARA Holdings CEO.
The orange tie seemed to align with Saylor&#8217;s Bitcoin personality, which he frequently flaunts on social media. The post has been reshared by the MicroStrategy boss.
Some other pictures showed Vice President-elect&nbsp;J.D. Vance with incoming second lady Usha Vance.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/MARAHoldings?ref_src=twsrc%5Etfw">@MARAHoldings</a> CEO, <a href="https://twitter.com/fgthiel?ref_src=twsrc%5Etfw">@fgthiel</a>, was honored to be seated with the incoming Secretary of Defense at the Vice President's reception and dinner. Our team in partnership with <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@saylor</a> met with the entire incoming cabinet of the Trump Administration.  We are excited about the future of… <a href="https://t.co/GltAbSLVys">pic.twitter.com/GltAbSLVys</a>
&mdash; Robert Samuels (@RobSamuelsIR) <a href="https://twitter.com/RobSamuelsIR/status/1881022798052589740?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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The pre-inaugural bash was attended by the elite of the cryptocurrency space, days ahead of the presidential inauguration of Trump, who championed the industry&#8217;s cause during his election campaign.
Trump, who did not attend the gala, was <a href="https://www.benzinga.com/25/01/43073027/trump-plans-crypto-friendly-executive-orders-in-early-days-of-presidency-report">expected to issue executive orders </a>to build a more favorable environment for the cryptocurrency industry.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">Italy&#8217;s Largest Bank Leaps Into Bitcoin Trading With $1 Million &#8216;Test&#8217; Investment But CEO Says He Doesn&#8217;t Invest In BTC Personally</a>
Why It Matters: MicroStrategy has been aggressively issuing convertible debt and other fixed-income securities to buy Bitcoin in recent months and appears prepared to employ all corporate maneuvers to&nbsp;<a href="https://www.benzinga.com/24/12/42665877/microstrategy-to-hold-special-shareholder-vote-to-support-the-42-billion-bitcoin-acquisition-strategy" target="_blank" rel="noreferrer noopener">bolster its 21/21 plan</a>.
As of this writing, MicroStrategy was the biggest corporate holder with more than $45 billion in Bitcoin, followed by MARA with $4.57 billion of the leading digital asset, <a href="https://bitcointreasuries.net/">according </a>to BitcoinTreasuries.com.
The Michael Saylor-led firm has been buying Bitcoins for ten weeks in a row, and based on his most recent X post, MicroStrategy seems to be planning to buy more on Monday, coinciding with Trump&#8217;s inauguration. 
&#8220;Things will be different tomorrow,&#8221; Saylor wrote, including the firm&#8217;s Bitcoin portfolio tracker.
Interestingly, Saylor made <a href="https://x.com/saylor/status/1878427303874633866">similar posts</a> of the tracker just before the company&#8217;s Bitcoin purchases in the last two weeks.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Things will be different tomorrow. <a href="https://t.co/8Rmn1Jjgdr">pic.twitter.com/8Rmn1Jjgdr</a>
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1880981385823105405?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
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Price Action: At the time of writing, Bitcoin was exchanging hands at $101,632.05, down 3.18% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Shares of MicroStrategy rallied 8.04% to $396.50 during Friday&#8217;s regular session.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/42993521/michael-saylors-microstrategy-not-alone-in-bitcoin-acquisition-says-bitwise-chief-investment-officer-its-a-bona-fide-megatrend">Michael Saylor&#8217;s MicroStrategy Not Alone In Bitcoin Acquisition, Says</a></li>
</ul>

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

Cryptocurrency

Markets

MSTR

Michael Saylor Meets Trump's Cabinet At Crypto Ball, What Does The Bitcoin Bull's Cryptic Post Indicate?

In a humorous dig at the debate over a strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve, influential economist Peter Schiff speculated on Sunday whether President Joe Biden will sell some of the state-owned BTC just ahead of Donald Trump&#8217;s presidential inauguration.
What Happened: Schiff took to X, saying, &#8220;This is the last night&nbsp;Biden has to sell some&nbsp;of the Bitcoin that Donald&nbsp;Trump promised his crypto supporters&nbsp;he would use to create&nbsp;a Bitcoin Strategic Reserve. Let&#8217;s&nbsp;see if he takes advantage&nbsp;of the opportunity.&#8221;
This sarcastic post comes in the context of President-elect Trump&#8217;s reported plans to declare cryptocurrency a national priority and <a href="https://www.benzinga.com/25/01/43047039/trump-planning-to-declare-cryptocurrency-as-national-priority-increase-engagement-with-industry-report">create a national Bitcoin reserve</a> that would include the government's current Bitcoin holdings. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is the last night <a href="https://twitter.com/hashtag/Biden?src=hash&amp;ref_src=twsrc%5Etfw">#Biden</a> has to sell some of the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> that <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> promised his <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> supporters he would use to create a Bitcoin Strategic Reserve. Let&#39;s see if he takes advantage of the opportunity.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1881126813172400637?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The pledge to create a national Bitcoin stockpile was one of&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40179714/trumps-bitcoin-stockpile-plan-would-have-positive-impact-on-crypto-prices-but-would-leave-" target="_blank" rel="noreferrer noopener">Trump&#8217;s biggest election promises</a>&nbsp;to gain support from cryptocurrency enthusiasts. It&#8217;s not yet clear whether the incoming administration will buy additional Bitcoin or simply declare the current stash the U.S. government holds as a strategic reserve.
The U.S. government holds around 198,109 BTC, valued at $20.14 billion, <a href="https://intel.arkm.com/explorer/entity/usg">according </a>to on-chain analytics firm Arkham.
A report earlier this month suggested that the Justice Department got a green light to sell about 69,370 BTCs. However, on-chain data as of this writing <a href="https://intel.arkm.com/explorer/address/bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6">revealed </a>that the holdings were intact.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">Italy&#8217;s Largest Bank Leaps Into Bitcoin Trading With $1 Million &#8216;Test&#8217; Investment But CEO Says He Doesn&#8217;t Invest In BTC Personally</a>
Why It Matters: Schiff&#8217;s cheeky remark reflected his skepticism toward a national Bitcoin reserve. He previously stated that a Bitcoin reserve could be the<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42245202/peter-schiff-bitcoin-reserve-is-the-worst-monetary-mistake-us-could-make"> &#8216;worst monetary mistake&#8217;</a> the U.S. could make.
Furthermore, he highlighted the lack of congressional support for the Bitcoin reserve bill, stating that apart from Senator Cynthia Lummis (R-Wyo.), who introduced the bill, and Rep. Ro Khanna (D-Calif.), the bill has failed to garner any co-sponsors or significant attention among lawmakers.
Price Action: At the time of writing, Bitcoin was exchanging hands at $101,602.76, down 2.99% 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.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
Image via Flickr/ Gage Skidmore<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/42993521/michael-saylors-microstrategy-not-alone-in-bitcoin-acquisition-says-bitwise-chief-investment-officer-its-a-bona-fide-megatrend">Michael Saylor&#8217;s MicroStrategy Not Alone In Bitcoin Acquisition, Says Bitwise Chief Investment Officer: &#8216;It&#8217;s A Bona Fide Megatrend&#8217;</a></li>
</ul>

$BTC

Peter Schiff Says 'Last Night' For Biden To Sell Some Bitcoin Before Trump Takes Over: 'Let's See If He Takes Advantage Of The Opportunity'

On Sunday, Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Instagram announced a new video creation app called &#8216;Edits&#8217; to attract TikTok users.
What Happened: Adam Mosseri posted a video on Instagram and unveiled the &#8216;Edits&#8217; app, which resembles CapCut, a popular tool among TikTok creators.
The new app will feature a dedicated tab for inspiration, another for tracking early ideas, and a significantly upgraded camera — which he used to record the announcement video.
It will offer a suite of editing tools, the ability to share drafts with friends and fellow creators, and detailed performance insights. The &#8216;Edits&#8217; app is available in app stores but will not be functional until February.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/19222443/Screenshot-2025-01-20-at-8.54.33%E2%80%AFAM-1024x907.png" alt="" class="wp-image-740715" /><figcaption class="wp-element-caption">Source: Instagram</figcaption></figure>
See Also: <a href="https://www.benzinga.com/25/01/43073009/mark-zuckerberg-lauds-sheryl-sandberg-amid-blame-for-metas-dei-program-she-did-amazing-work">Mark Zuckerberg Lauds Sheryl Sandberg Amid Blame For Meta&#8217;s DEI Program: &#8216;She Did Amazing Work&#8217;</a>
On Saturday, Mosseri also announced updates to Instagram, including changes to profile photo grids and an increase in the maximum length for Reels from 90 seconds to three minutes.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/19222553/Screenshot-2025-01-20-at-8.55.43%E2%80%AFAM-1024x907.png" alt="" class="wp-image-740716" /><figcaption class="wp-element-caption">Source: Instagram</figcaption></figure>
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: &nbsp;The app&#8217;s launch follows a temporary shutdown of TikTok in the U.S. over the weekend. It also comes as other alternatives, like RedNote, <a href="https://www.benzinga.com/25/01/43035577/nio-ceo-welcomes-tiktok-users-to-rednote-amid-us-ban-concerns">gain popularity</a>. Instagram has continued to adapt its features to compete with TikTok&#8217;s influence since its rise in 2020.
TikTok was restored in the U.S. after Donald Trump announced <a href="https://www.benzinga.com/25/01/43076609/tiktok-back-online-in-us-after-trump-vows-monday-executive-order">plans to delay</a> the enforcement of a new law requiring the sale of the platform.
According to an analysis by eMarketer, TikTok&#8217;s ban could redirect billions in ad revenue, with Mark Zuckerberg&#8217;s Meta potentially <a href="https://www.benzinga.com/tech/25/01/43072303/mark-zuckerberg-stands-to-gain-from-tiktoks-us-ban-analysis-shows-meta-could-reap-billions-in-ad-revenue">capturing a substantial share</a>.
TikTok generated $12.34 billion in U.S. advertising revenue in 2024. Should the platform face a ban, it is projected that between $6.17 billion and $8.64 billion in ad spending could shift to other platforms.
Meta could potentially secure an additional $2.46 billion to $3.38 billion in advertising revenue.
Price Action: Meta&#8217;s stock rose by 0.24% on Friday before slipping 0.0098% in after-hours trading, closing at $612.71, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Photo by rafapress on Shutterstock
Read Next:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43021026/apple-stock-has-moved-up-4-2-since-iphone-16-launched-analyst-says-it-has-another-8-upside-as-manufacturing-cost-decline-bolsters-cupertinos-margins">Apple Stock Has Moved Up 4.2% Since iPhone 16 Launched, Analyst Says It Has Another 8% Upside As Manufacturing Cost Decline Bolsters Cupertino&#8217;s Margins</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Social Media

Mark Zuckerberg's Instagram Doubles Down On Rivalry With New 'Edits' App To Lure Creators Amid Potential TikTok Shutdown

Vietnamese electric vehicle manufacturer VinFast Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>) is entering India&#8217;s growing EV market with two premium SUVs, following <a href="https://www.benzinga.com/24/11/42197080/vinfast-reports-q3-loss-in-line-with-estimates-expects-to-receive-35b-injection-by-2026-end">strong third-quarter 2024 delivery growth</a> and significant financial backing from its founder.
The Nasdaq-listed company unveiled its VF6 and VF7 models at the India Auto Show in New Delhi, planning to challenge established players like Mahindra &amp; Mahindra and BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>). 
VinFast will invest $500 million over five years to build a car and battery factory in Tamil Nadu state, with an initial capacity of 50,000 units annually, expandable to 150,000, Reuters reported.
&#8220;We are turning our focus to India &#8211; our next growth frontier,&#8221; said Pham Sanh Chau, VinFast&#8217;s Asia CEO. 
The expansion comes as VinFast reported 21,912 vehicle deliveries in the third quarter of 2024, up 115% year-over-year, though with continuing losses. The company secured $3.5 billion in potential funding through 2026, including $2.1 billion in grants from CEO Pham Nhat Vuong.
Like Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), VinFast is seeking reduced import duties while its factory is under construction. Electric vehicles currently represent 2.5% of India&#8217;s 4 million annual car sales, with the government targeting 30% by 2030.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/25/01/43078194/trump-once-said-taiwan-took-100-of-our-chip-business-but-tsmc-confident-of-support-for-arizona-plants-under-incoming-president">Trump Once Said Taiwan Took &#8216;100% Of Our Chip Business,&#8217; But TSMC Confident Of Support For Arizona Plants Under Incoming President</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

BYDDF

BYDDY

TSLA

Tesla's Vietnamese Rival VinFast Enters 'Next Growth Frontier' India Amid Global Expansion Push, Plans $500 Million Investment

Leading cryptocurrencies fell sharply Sunday evening amid the launch of meme coins tied to President-elect Donald Trump and his family.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-3.89%</td>
<td>$100,239.24</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-4.61%</td>
<td>$3,189.30</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-12.44%</td>
<td>$0.3505</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin plummeted from $106,180 to $99,622 in three hours, eroding $130 billion worth of investors' wealth.
Similarly, Ethereum tanked from $3,414 to $3,150, marking a 4.61% decline in the last 24 hours.
The broader market slump coincided with a <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43078040/trump-coin-tanks-36-even-as-melania-trump-launches-her-own-token-top-analyst-says-his-short-is-going-very-very-well">significant drop</a> in the OFFICIAL TRUMP token launched a couple of days ago.&nbsp;
The enthusiasm linked with the coin evolved into negativity as incoming First Lady Melania Trump launched her own meme coin on Sunday.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $925 million.
Bitcoin's Open Interest fell 2.05% in the last 24 hours to $66.77 billion. That said, the majority of derivatives traders were bullish on the asset, as indicated by the Long/Short Ratio.
That said, more than half of derivatives traders on Binance placed short bets on Bitcoin, expecting a correction.
The market sentiment entered the "Extreme Greed" zone, according to the Crypto Fear &amp; Greed Index, sparking concerns of further market correction.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>OFFICIAL TRUMP (TRUMP)</td>
<td>+74.00%</td>
<td>$46.06</td>
</tr>
<tr>
<td>Fartcoin (FARTCOIN)</td>
<td>+9.95%</td>
<td>$1.92</td>
</tr>
<tr>
<td>DeXe (DEXE)</td>
<td>+2.10%</td>
<td>$17.55</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.45 trillion, contracting by 5.15% in the last 24 hours.
Stock futures edged slightly lower Sunday evening. The Dow Jones Industrial Average Futures fell 30 points, or 0.07%, as of 9 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dipped 0.07%, while Nasdaq 100 Futures slipped 0.13%.
The moves come after major averages posted their biggest weekly gain since the presidential elections in November. The Dow Jones Industrial Average and the S&amp;P 500 rose 3.19% and 3.40%, respectively.
The New York Stock Exchange and Nasdaq will remain closed on Monday to commemorate Martin Luther King Jr. Day.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital identified $104,500 as a crucial resistance level for Bitcoin.
"Weekly close above red [$104,500] followed by a successful retest would likely confirm the breakout to new ATHs," the analyst stated, adding a caveat.
"However, a weekly close below red and it&#8217;s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is trying to assert itself relative to this final major Weekly resistance before new All Time Highs Weekly Close above red followed by a successful retest would likely confirm the breakout to new ATHs However, a Weekly Close below red and it&#39;s possible BTC could… <a href="https://t.co/WTKEEpziNt">pic.twitter.com/WTKEEpziNt</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1881009268293251171?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, Michaël van de Poppe, another popular cryptocurrency market commentator, maintained his bullish view on altcoins.
"I expect that we&#8217;ll see strength on Ethereum, Chainlink, Aave, and a lot of altcoins in the coming week as yields are going down and the DXY becomes weaker," he added. "Great times are ahead of us."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A tremendous weekend with <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> and a cascade on the altcoins. I expect that we&#39;ll see strength on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>, <a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAVE</a> and a lot of altcoins in the coming week as Yields are going down and the <a href="https://twitter.com/search?q=%24DXY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DXY</a> becomes weaker. Great times are ahead of us.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1881090758167474264?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by CMP_NZ on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43035888/donald-trump-reportedly-open-to-us-crypto-reserve-as-bitcoin-reserve-chatter-gathers-steam">Donald Trump Reportedly Open To US Crypto Reserve As Bitcoin Reserve Chatter Gathers Steam</a></li>
</ul>

Movers

Trading Ideas

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Plunge As Official Trump Memecoin Loses Way: Analyst Says 'Great Times Are Ahead' For These Coins As Dollar Index Weakens

Jeff Bezos-backed Perplexity reportedly bid to merge with TikTok U.S. on Saturday, but Wedbush analyst Dan Ives hinted Elon Musk&#8217;s X could ultimately <a href="https://www.benzinga.com/general/social-media/25/01/42994923/mrbeast-discussing-buying-tiktok-with-billionaires-to-prevent-us-shutdown-lets-see-if-we-can-pull-this-off">seal the deal</a> amid rising speculation.
What Happened: On Saturday, Perplexity submitted a bid to ByteDance, TikTok&#8217;s Chinese parent company, to form a new entity that includes Perplexity, TikTok U.S., and new capital partners, <a href="https://www.cnbc.com/2025/01/18/perplexity-ai-makes-a-bid-to-merge-with-tiktok-us.html">reported</a> CNBC, citing sources familiar with the matter.
The proposed merger would allow most of ByteDance&#8217;s current investors to maintain their equity stakes while improving Perplexity&#8217;s video capabilities.
See Also: <a href="https://www.benzinga.com/tech/25/01/43051084/mrbeast-unveils-mystery-box-giveaway-to-celebrate-beast-games-episode-6-release-on-amazon-prime-video">MrBeast Unveils Mystery Box Giveaway To Celebrate Beast Games Episode 6 Release On Amazon Prime Video</a>
The source estimates the deal&#8217;s value to exceed $50 billion, contingent on ByteDance&#8217;s shareholders&#8217; decisions to stay or cash out.
Perplexity, <a href="https://www.benzinga.com/news/24/03/37421021/this-jeff-bezos-backed-ai-tool-can-replace-search-engine-for-many-people-says-top-ex-googler-but-the">a startup challenging</a> Alphabet Inc.‘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, saw its <a href="https://www.benzinga.com/tech/24/12/42570376/jeff-bezos-backed-perplexity-raises-500-million-tripling-its-valuation-to-9-billion-as-competition-with-google-and-openai-heats-up">valuation soar from $500 million to $9 billion</a> last year.
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: Previously, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk was considered a potential buyer, though <a href="https://www.benzinga.com/25/01/43019833/elon-musk-buying-tiktok-could-hurt-tesla-warns-gary-black-but-dan-ives-thinks-it-makes-sense">concerns were raised</a> about the impact on the EV giant.
TikTok, which went dark for some time later Saturday started restorning its services on Sunday. Donald Trump &#8220;most likely&#8221; plans to extend TikTok&#8217;s deadline by 90 days to facilitate a deal.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/19214002/Screenshot-2025-01-20-at-8.09.56%E2%80%AFAM-926x1024.png" alt="" class="wp-image-740667" /><figcaption class="wp-element-caption">Source: Truth Social</figcaption></figure>
Musk also took to X, formerly Twitter, and highlighted that while his social media app is not allowed to operate in China, banning TikTok in the U.S. would be &#8220;against freedom of speech.&#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">I have been against a TikTok ban for a long time, because it goes against freedom of speech. That said, the current situation where TikTok is allowed to operate in America, but &#120143; is not allowed to operate in China is unbalanced. Something needs to change. <a href="https://t.co/YVu2hkZEVZ">https://t.co/YVu2hkZEVZ</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1880975630646612254?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Before Trump&#8217;s statement about potentially extending TikTok&#8217;s deadline, Ives took to X and predicted that the 90-day window would be used to work on a deal with U.S. tech players, with Musk&#8217;s X being a likely candidate.
<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">Biden Admin never issued the statement…so TikTok went dark for 170 mm users. We believe Trump turns it back on with an Executive Order on Monday once he is sworn in as US President. Then 90 days to work on buyer/partnership with US tech player likely being Musk/X in our view <a href="https://t.co/O2UdLOCMIO">https://t.co/O2UdLOCMIO</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1880874865269547354?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
ByteDance has previously suggested it will not sell TikTok U.S.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/24/12/42715441/openais-for-profit-transition-trumps-ai-advisor-and-googles-code-red-this-week-in-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s For-Profit Transition, Trump&#8217;s AI Advisor, And Google&#8217;s Code Red: This Week In AI</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.

Media

GOOG

GOOGL

Jeff Bezos-Backed Perplexity Reportedly Makes $50 Billion Move To Merge With TikTok, But Elon Musk's X Remains This Analyst's Favorite Bidder

Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) expects continued U.S. government support for its Arizona chip plants under President-elect Donald Trump&#8216;s administration, despite his <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">previous criticism of Taiwan&#8217;s semiconductor industry.</a>
What Happened: TSMC CFO Wendell Huang said the company has already received its first $1.5 billion installment of the promised $6.6 billion in CHIPS Act funding during the fourth quarter of 2024, in a CNBC <a href="https://www.cnbc.com/2025/01/19/tsmc-confident-in-continued-chips-act-funding-under-trump-says-cfo.html">interview</a>. The funds are part of the President Joe Biden administration&#8217;s $53 billion initiative to strengthen domestic semiconductor manufacturing.
&#8220;As a matter of fact, in the fourth quarter, we already received the first batch of government support,&#8221; Huang said, noting that future funding would be distributed as construction and production milestones are met.
The company&#8217;s confidence comes despite Trump&#8217;s campaign rhetoric accusing Taiwan of &#8220;stealing&#8221; U.S. chip business and criticizing the CHIPS Act&#8217;s cost. Industry experts anticipate the program will largely continue under Trump due to strong bipartisan support for domestic semiconductor production.
TSMC&#8217;s Arizona investment, totaling over $65 billion across three facilities, represents a crucial piece of U.S. efforts to secure domestic chip manufacturing capabilities. The company&#8217;s first Arizona fab began producing advanced chips in the fourth quarter of 2024 following some delays, with a second facility expected to start operations in 2028.
See Also: <a href="https://www.benzinga.com/news/25/01/43078027/vivek-ramaswamy-expected-to-exit-trumps-doge-task-force-amid-ohio-governor-bid-report">Elon Musk&#8217;s DOGE Co-Lead Vivek Ramaswamy Expected To Exit Trump Admin Task Force Amid Ohio Governorship Bid</a>
What Happened: CEO C.C. Wei emphasized TSMC&#8217;s &#8220;long-standing and good relationship&#8221; with U.S. authorities during the company&#8217;s recent earnings call, where it reported record fourth-quarter profits driven by strong AI chip demand. While choosing to maintain a low profile by skipping Trump&#8217;s inauguration, Wei assured investors of &#8220;frank and open communication&#8221; with both <a href="https://www.benzinga.com/25/01/43053982/taiwan-semiconductor-chief-calls-us-semiconductor-sanctions-manageable-to-skip-trump-inauguration">current and future administrations</a>.
The semiconductor giant faces some challenges in its U.S. expansion, including longer construction timelines due to regulatory requirements and skilled labor shortages. However, Wei expressed confidence in eventually achieving the <a href="https://www.benzinga.com/news/large-cap/25/01/43025761/ai-chip-stocks-gain-momentum-on-taiwan-semiconductor-performance-bidens-semiconductor-sanctions-kick-in">same quality standards in Arizona as in Taiwan</a>.
This development comes as TSMC projects its AI-related revenue to double in 2025, following a tripling in 2024, underlining the strategic importance of its U.S. operations in meeting growing <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43035566/taiwan-semiconductor-projects-ai-revenue-to-double-in-2025-highlights-advanced-packaging-as-growth-driver-analyst">advanced chip demand</a>.
In July, Trump indicated that <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">Taiwan should bear the cost of its defense</a>. "I know the people very well, respect them greatly. They did take about 100% of our chip business. I think, Taiwan should pay us for defense," he said.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43078040/trump-coin-tanks-36-even-as-melania-trump-launches-her-own-token-top-analyst-says-his-short-is-going-very-very-well">Trump Coin Tanks 36%, Even As Melania Trump Launches Her Own Token: Top Analyst Says His Short Is &#8216;Going Very, Very Well&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Once Said Taiwan Took '100% Of Our Chip Business,' But TSMC Confident Of Support For Arizona Plants Under Incoming President

President-elect Donald Trump&#8217;s official meme coin plunged sharply Sunday evening, coinciding with the launch of another token launched by Melania Trump. 
What happened: The OFFICIAL TRUMP token crashed nearly 36% from $73 to $46 late Sunday evening, wiping out nearly $5 billion worth of market capitalization, <a href="https://dexscreener.com/solana/9dirurpjnanzhn6ts5hglouhtjrt1jgspbxnycrfz2ad">according </a>to data from DEX Screener. The dump followed the launch of a similar token by the incoming first lady, Melania Trump.
Melania Trump shared a link to the official website of the meme coin MELANIA in her X post, with a caption, "The Official Melania Meme is live!" Donald Trump has reshared the post.
<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">The Official Melania Meme is live! You can buy $MELANIA now.  <a href="https://t.co/8FXvlMBhVf">https://t.co/8FXvlMBhVf</a> FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P <a href="https://t.co/t2vYiahRn6">pic.twitter.com/t2vYiahRn6</a>
&mdash; MELANIA TRUMP (@MELANIATRUMP) <a href="https://twitter.com/MELANIATRUMP/status/1881094861279129643?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The coin, which was themed around the incoming first lady, was launched on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), much like the <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076559/donald-trumps-meme-coin-trump-rallies-103-in-a-day-creates-billions-out-of-thin-air">token's launch tied to her husband</a> a couple of days ago.
The meme coin's website issued a disclaimer, stating, "Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments."
MELANIA token has <a href="https://dexscreener.com/solana/9dirurpjnanzhn6ts5hglouhtjrt1jgspbxnycrfz2ad">jumped</a> over 21,000% in the last 24 hours to a market capitalization of $11.39 billion and generating approximately $383 million in liquidity in just four hours.
Popular cryptocurrency analyst Ali Martinez revealed that he shorted the OFFICIAL TRUMP token and that it was &#8220;going well.&#8221; Earlier he announced selling all of his TRUMP tokens.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> short is going very, very well! <a href="https://t.co/n7FH2Ce9um">https://t.co/n7FH2Ce9um</a> <a href="https://t.co/kEv9QXuaFN">pic.twitter.com/kEv9QXuaFN</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1881092494680879112?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another widely-followed cryptocurrency investor, Altcoin Gordon, disclosed opening a $500,000 short on the token. 
&#8220;Liquidation is $90 If it hits $55, I will make $2.7 million. I am ready for the sell-off,&#8221; the trader revealed their strategy.
<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">I just opened a $500K short on Trump coin Liquidation is $90 If it hits $55 I will make $2.7M. I am ready for the sell off. You think I will win? <a href="https://t.co/uRNU5yMP4H">pic.twitter.com/uRNU5yMP4H</a>
&mdash; Gordon (@AltcoinGordon) <a href="https://twitter.com/AltcoinGordon/status/1880962042993299522?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">Italy&#8217;s Largest Bank Leaps Into Bitcoin Trading With $1 Million &#8216;Test&#8217; Investment But CEO Says He Doesn&#8217;t Invest In BTC Personally</a>
Why It Matters: The launch of OFFICIAL TRUMP created a stir in the cryptocurrency space, as its fully diluted valuation reached a whopping $74 billion at one time.
Reports <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076559/donald-trumps-meme-coin-trump-rallies-103-in-a-day-creates-billions-out-of-thin-air">suggested </a>that&nbsp; CIC Digital LLC, an affiliate of the Trump Organization, and a related entity, Fight Fight Fight LLC, own an 80% share of the digital asset, fueling speculation of an increase in Trump&#8217;s fortune as a result of the meme coin.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a>&#39;s meme coin just traded at $74. The total Supply is 1B, and 200M is in circulation. Total mktcap is $74B. Trump&#39;s paper profit is ~$60B (80% of which is not in circulation). Does this make him the greatest crypto billionaire in history? And it took just 36 hours!… <a href="https://t.co/v52wgtv9On">pic.twitter.com/v52wgtv9On</a>
&mdash; Jim Bianco (@biancoresearch) <a href="https://twitter.com/biancoresearch/status/1881001234838016370?ref_src=twsrc%5Etfw">January 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
However, naysayers didn't hold back. Anthony Scaramucci, a prominent cryptocurrency advocate and former White House Communications Director, <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076714/scaramucci-criticizes-donald-trumps-meme-coin-launch-idi-amin-level-corruption">labeled the launch</a> as "Idi Amin-level corruption."
Donald Trump was all set to take the presidential oath on Monday. He has confirmed that his inaugural address will take place indoors in the Capitol Rotunda due to dangerously cold weather in Washington, D.C.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/42993521/michael-saylors-microstrategy-not-alone-in-bitcoin-acquisition-says-bitwise-chief-investment-officer-its-a-bona-fide-megatrend">Michael Saylor&#8217;s MicroStrategy Not Alone In Bitcoin Acquisition, Says Bitwise Chief Investment Officer: &#8216;It&#8217;s A Bona Fide Megatrend&#8217;</a></li>
</ul>

Politics

$SOL

Trump Coin Tanks 36%, Even As Melania Trump Launches Her Own Token: Top Analyst Says His Short Is 'Going Very, Very Well'

Vivek Ramaswamy, co-leader of President-elect Donald Trump&#8216;s Department of Government Efficiency, is expected to step down from his position, potentially complicating the administration&#8217;s ambitious federal spending reduction goals. 
What Happened: Ramaswamy, 39, plans to pursue a campaign for Ohio governor by month&#8217;s end, <a href="https://www.cbsnews.com/news/vivek-ramaswamy-expected-to-depart-doge/">reported</a> CBS News citing multiple sources. The departure comes as Ramaswamy&#8217;s DOGE co-leader, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk, recently scaled back expectations for budget cuts from $2 trillion to a more <a href="https://www.benzinga.com/startups/25/01/43046108/musks-doge-ambitions-shrink-why-2-trillion-budget-cuts-may-be-out-of-reach">modest $1 trillion target</a>.
During a recent interview on X, Musk characterized even this reduced goal as an &#8220;epic outcome&#8221; if achieved.
The leadership shake-up has caught Wall Street&#8217;s attention, though analysts remain optimistic about its impact on the defense sector. 
Truist Securities analyst Michael Ciarmoli initiated coverage of Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) and Northrop Grumman Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) with Buy ratings, describing DOGE-related concerns as &#8220;overblown&#8221; given the <a href="https://www.benzinga.com/analyst-ratings/initiation/25/01/43010706/doge-fears-for-defense-contractors-lockheed-martin-northrop-grumman-overblown-analyst-says">advisory nature of the department</a>.
Ramaswamy did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/25/01/43076609/tiktok-back-online-in-us-after-trump-vows-monday-executive-order">TikTok Back Online In US After Trump Vows Monday Executive Order</a>
Why It Matters: According to the report, internal dynamics are growing friction between Ramaswamy and incoming DOGE staff, with associates of Musk privately expressing frustration over Ramaswamy&#8217;s limited participation in key initiatives.
The department, while not a full federal agency, is tasked with advising on bureaucracy reduction and federal spending cuts, with a mandate to <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">complete its work by July 2026</a>.
Market observers note that previous attempts at significant federal spending reductions have faced congressional resistance, with even modest proposals struggling to gain traction. 
Read Next: 
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<li><a href="https://www.benzinga.com/25/01/43077969/bernie-sanders-slams-elon-musks-vision-of-super-high-iq-aristocracy-who-are-going-to-be-running-the-world-for-us">Bernie Sanders Slams Elon Musk&#8217;s Vision Of &#8216;Super High IQ&#8217; Aristocracy Who Are &#8216;Going To Be Running The World For Us&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Government

Elon Musk's DOGE Co-Lead Vivek Ramaswamy Expected To Exit Trump Admin Task Force Amid Ohio Governorship Bid

On Sunday, Sen. Bernie Sanders (I-Vt.) criticized Elon Musk&#8217;s vision of a &#8220;super high IQ&#8221; aristocracy, questioning the billionaire&#8217;s intentions with technology and wealth distribution.
What Happened: Sanders took to X to express his concerns about Musk&#8217;s vision of a superior aristocracy of people with &#8220;super high IQs&#8221;. 
He questioned whether Musk&#8217;s goal with technology was to improve life for everyone or to further concentrate wealth and power among the elite.
In a video attached to the post, Sanders said this &#8220;aristocracy&#8221; who are living an extraordinary life while claiming they know all about technology are &#8220;going to be running the world for us.&#8221;
Sanders suggested that artificial intelligence holds the potential to improve life for everyone, but emphasized the need to ensure this benefit is realized rather than allowing power to become further concentrated among the elite. He criticized Musk, claiming such concentration is precisely what Musk represents.
&#8220;These guys are smart. They are aggressive. They want even more wealth. They want even more power,&#8221; said Sanders. He said they were &#8220;enormously dangerous.&#8221;
Earlier in the video, Sanders singled out Musk for being a part of this new aristocracy but with a difference. &#8220;You don&#8217;t hear Mr. Musk talking about the need to provide health care to all people as a human right. You don&#8217;t hear Mr. Musk talking about the need to make sure that all our people have decent education or live in safe, affordable housing.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You may have heard Mr. Musk talking about a superior aristocracy of people with "super high IQs." Does he want to use technology to improve life for all? No. What he wants is even more wealth and even more power for the people on top. <a href="https://t.co/9MPZBX4Ts5">pic.twitter.com/9MPZBX4Ts5</a>
&mdash; Bernie Sanders (@BernieSanders) <a href="https://twitter.com/BernieSanders/status/1880673552774664665?ref_src=twsrc%5Etfw">January 18, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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This is not the first time Sanders has <a href="https://www.benzinga.com/24/12/42676387/bernie-sanders-the-american-people-are-disgusted-with-musk-calls-on-democrats-to-end-super-pacs-in-primaries">criticized Musk</a>. He has previously expressed his disdain for billionaires, including Musk, influencing elections and called for an immediate ban on Super PACs by the Democratic National Committee.
See Also: <a href="https://www.benzinga.com/news/25/01/43077036/elon-musks-mom-maye-model-author-and-international-dietitian-is-a-sensation-on-rednote-as-tiktokers-flee-to-the-chinese-platform">Elon Musk&#8217;s Mom Maye – Model, Author And &#8216;International Dietitian&#8217; – Is A Sensation On RedNote As TikTokers Flee To The Chinese Platform</a>
Why It Matters: Sanders&#8217; criticism comes in the wake of President Joe Biden&#8217;s farewell address, where he raised concerns about an <a href="https://www.benzinga.com/news/25/01/43019094/bidens-farewell-address-targets-tech-oligarchy-in-trump-2-0-era-president-says-americans-face-avalanche-of-misinformation">emerging tech oligarchy</a> and social media's impact on American democracy. This signals potential regulatory headwinds for the technology sector, including companies led by Musk.
Furthermore, Musk&#8217;s <a href="https://www.benzinga.com/news/24/12/42627827/bernie-sanders-blasts-president-elon-musk-others-join-chorus-as-gov-shutdown-looms">influence in the political dynamics</a> of President-elect Donald Trump&#8217;s team has been a point of contention. His criticism of a bipartisan spending bill during a government shutdown highlighted his outsized role in Trump&#8217;s administration. Notably, Sanders&#8217; post comes just a day ahead of Trump being inaugurated as <a href="https://www.benzinga.com/topic/donald-trump">the 47th president</a>.
Despite his criticisms, Sanders has also <a href="https://www.benzinga.com/startups/24/12/42508653/bernie-sanders-supports-elon-musks-doge-stating-that-it-must-target-the-pentagons-886-billion-budget">acknowledged Musk&#8217;s initiatives</a>, such as the Department of Government Efficiency (DOGE), co-chaired by Musk and Vivek Ramaswamy. He agreed with Musk&#8217;s criticism of the Pentagon's $886 billion budget, which had failed its 7th audit in a row.
Image via Shutterstock
Did You Know?
Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Bernie Sanders Slams Musk's Vision Of 'Super High IQ' Aristocracy

In a recent conversation on her podcast, <a href="https://www.benzinga.com/personal-finance/25/01/42834090/should-i-cash-out-my-annuity-suze-orman-reveals-why-this-listeners-investment-isnt-as-good-as-it-seems">Suze Orman</a> addressed a question from a listener, Vanessa, who purchased a whole life insurance policy for her 10-year-old daughter in 2017. The policy had a $100,000 benefit and required 20 years of monthly payments at $75. Vanessa and her husband had already paid $6,750 over 7.5 years, but with the policy's current value at $3,353, they were unsure whether to continue or cash out and redirect the funds elsewhere.
Orman didn't mince words. "Why did you buy life insurance on a 10-year-old child?" she asked incredulously. "Who sold you that?" She clarified her belief that <a href="https://www.benzinga.com/personal-finance/24/10/41260491/suze-orman-on-using-life-insurance-to-buy-out-family-not-immoral-but-it-wont-solve-your-problem">life insurance</a> is primarily for those with financial dependents. The purpose, she explained, is to replace income in the event of a provider's death, not to insure a child who is not financially responsible for others.
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Orman stated that the policy didn't make much financial sense either. At the end of the 20-year term, Vanessa would have paid $18,000 in premiums for the $100,000 policy. Whole life insurance accrues cash over time, but Orman argued that the returns aren't great compared to other investment options they could pursue.&nbsp;
Instead, she suggested redirecting the money to a <a href="https://www.benzinga.com/personal-finance/24/01/42757069/i-dont-care-what-tax-bracket-youre-in-suze-orman-insists-youd-be-crazy-to-have-anything-other-than-a-roth-retirement-account">Roth IRA</a> or an S&amp;P 500 ETF could yield significantly better outcomes. For instance, if the family cashed out the current value of $3,353 and invested it, the growth potential could be exponential, especially over decades.
Using a hypothetical example, Orman illustrated the benefits of investing:
If the $3,353 was invested in a Roth IRA, earning an average annual return of 8% and $75 was added monthly for 12.5 years, the account could grow to approximately $27,000.
See Also: <a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a>
That investment might grow to $140,000 by age 50. By age 70, it could potentially reach $600,000 – all tax-free in a Roth IRA.
"That's money that she could use," Orman said, emphasizing the flexibility and long-term benefits of investing. "That $100,000 life insurance policy doesn&#8217;t help her at all, really, while she&#8217;s alive."
If life insurance is necessary, Orman suggested term life insurance as a more practical option. Term policies provide coverage for a set period, often at much lower premiums, allowing individuals to allocate more money toward <a href="https://www.benzinga.com/25/01/42793107/pay-off-the-car-loan-or-save-the-cash-suze-orman-shares-what-makes-the-most-sense-for-a-72-year-old-listeners-25k-dilemma">savings and investments</a>.
Trending: Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a>
Orman's recommendation to Vanessa was clear: stop the whole life policy. She advised investing the money in a brokerage account if the cash value can't be transferred directly into a Roth IRA. Over time, the compounding growth could create a financial cushion far more valuable than the whole life policy's benefit.
While Vanessa's intentions were likely well-meaning, Orman's analysis underscores the importance of aligning financial decisions with long-term goals. In this case, investing the funds could provide Vanessa's daughter with a more robust financial future.
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<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.</li>
<li><a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a></li>
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Personal Finance

Why Did You Buy Life Insurance On A 10-Year-Old Child?' Suze Orman Tells Parents They Made A Mistake And To Quit The Policy

These eight mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>H&amp;E Equipment Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HEES#NASDAQ">HEES</a>) shares rocketed 100.59% after United Rentals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>) announced it would acquire the <a href="https://www.benzinga.com//node/42974291" target="_blank" rel="noreferrer noopener">company for around $4.8 billion</a>. UBS downgraded H&amp;E Equipment to Neutral from Buy and raised the price <a href="https://www.benzinga.com/quote/HEES/analyst-ratings" target="_blank" rel="noreferrer noopener">forecast to $92 from $60</a>.</li>
<li>SEMrush Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMR#NYSE">SEMR</a>) shares jumped 36.17%, probably due to overall market strength after CPI data was in line with estimates and core CPI rose by less than expected. Also, Morgan Stanley upgraded the company to Overweight from Equal-Weight and raised the <a href="https://www.benzinga.com/quote/semr/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast to $20 from $17</a>.</li>
<li>Compass, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COMP#NYSE">COMP</a>) shares upped 26.36% after the company raised its <a href="https://www.benzinga.com//node/42997946" target="_blank" rel="noreferrer noopener">fourth-quarter and FY24 guidance</a>.</li>
<li>Blueprint Medicines Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPMC#NASDAQ">BPMC</a>) shares grew 25.87% after the company reported a year-over-year increase in <a href="https://www.benzinga.com//node/42935745" target="_blank" rel="noreferrer noopener">FY24 AYVAKIT revenue results</a>.</li>
<li>Alignment Healthcare, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALHC#NASDAQ">ALHC</a>) stock grew 22.73%.</li>
<li>Option Care Health, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPCH#NASDAQ">OPCH</a>) shares gained 21.55% last week after the company approved a new $500 million stock repurchase program and issued FY24 adjusted EPS guidance above estimates. Barrington Research maintains Option Care Health with an Outperform rating and raised the <a href="https://www.benzinga.com/quote/OPCH/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast from $32 to $33</a>.</li>
<li>ImmunityBio, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBRX#NASDAQ">IBRX</a>) stock escalated 21.49% on updates on its ongoing FDA discussions regarding three areas of its clinical development pipeline: non-muscle invasive bladder cancer (NMIBC) and <a href="https://www.benzinga.com//node/43038889" target="_blank" rel="noreferrer noopener">non-small cell lung cancer (NSCLC)</a>.</li>
<li>IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) stock surged 20.29%  after Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) issued a statement to its business customers to get "quantum ready" and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) announced <a href="https://www.benzinga.com/25/01/43011494/whats-going-on-with-ionq-stock-today" target="_blank" rel="noreferrer noopener">its first-ever quantum day event</a>.</li>
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<li><a href="https://www.benzinga.com/news/large-cap/25/01/43076444/moderna-gamestop-and-snap-are-among-top-large-cap-losers-last-week-jan-13-jan-17-are-the-others-in-your-portfolio" target="_blank" rel="noreferrer noopener">Moderna, GameStop And Snap Are Among Top Large-Cap Losers Last Week (Jan 13-Jan 17): Are The Others In Your Portfolio?</a></li>
</ul>
Image via Shutterstock

Mid Cap

ALHC

BPMC

COMP

HEES

IBRX

IONQ

MSFT

NVDA

OPCH

SEMR

IonQ, H&E Equipment Services And ImmunityBio Are Among Top Mid Cap Gainers Last Week (Jan 13-Jan 17): Are The Others In Your Portfolio?

Trump Said He Will Use Emergency Powers To Allow People To Build Big AI Plants

President-elect Donald Trump and his incoming VP JD Vance debuted their new presidential and vice presidential portraits last week and, well, they could not have been more different.
Daniel Torok, the President-elect's chief photographer, revealed the portraits on X. "We are entering the GOLDEN AGE OF AMERICA," Torok wrote. His feed quickly filled up with hilarious commentary comparing and contrasting Trump and Vance as mafia don to blue-eyed Boy Scout.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We are entering the GOLDEN AGE OF AMERICA! &#x2764;&#xFE0F;&#x1f1fa;&#x1f1f8; <a href="https://t.co/tU3nCgAqEi">pic.twitter.com/tU3nCgAqEi</a>
&mdash; Daniel Torok (@dto_rok) <a href="https://twitter.com/dto_rok/status/1879743327781945429?ref_src=twsrc%5Etfw">January 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"They go hard," <a href="https://www.donaldjtrump.com/news/07024bed-769c-482f-a243-5c5ee1682e9e">wrote</a> Trump's transition team in a one-sentence press release about the official portraits. There was no explanation about who or what went hard though we presume the two men in the portrait.
Clearly Trump's demeanor, eyes squinting, defiant mob-boss look on his face, is not a far cry from the mugshot seen around the world when <a href="https://www.benzinga.com/news/23/08/33851310/donald-trump-election-fraud-probe-georgia-grand-jury-reportedly-issues-10-indictments">he was booked</a> into the Fulton county jail on charges of attempting to steal the 2020 presidential election. He was clearly fuming then. But now? Several years later and the leader of the free world, what&#8217;s he so annoyed about?
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076559/donald-trumps-meme-coin-trump-rallies-103-in-a-day-creates-billions-out-of-thin-air">Donald Trump&#8217;s Meme Coin &#8216;TRUMP&#8217; Rallies 103% in a Day, Creates Billions Out of Thin Air</a>
<h2 class="wp-block-heading">There&#8217;s A Method To His Meanness</h2>
In addition to evoking a tough-guy, almost scary, masculine energy in his 2025 presidential portrait, we now know that the 2023 mugshot went on to serve a higher purpose: it <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36205739/trump-mug-shot-gets-nft-treatment-how-you-can-also-own-a-piece-of-the-suit-he-wore">helped raise funds</a> for Trump&#8217;s 2024 election campaign as part of a collection of non-fungible tokens (NFTs).
The threatening face ultimately made its way to <a href="https://www.benzinga.com/25/01/42890191/trump-themed-nfts-launch-on-bitcoin-network-for-first-timeheres-what-you-should-know">the recent launch</a> of Trump's latest NFT collection, &#8220;Trump Bitcoin Digital Trading Cards,&#8221; on the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) network. 
CollectTrumpCards, the U.S. president as of Jan 20&#8217;s official <a href="https://x.com/collecttrump?lang=en">NFT account on X</a>, announced that buyers of 100 &#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36205739/trump-mug-shot-gets-nft-treatment-how-you-can-also-own-a-piece-of-the-suit-he-wore">Mugshot Edition</a>&#8221; NFTs can claim them on Magic Eden by submitting their Bitcoin wallet. 
So there&#8217;s money to be made on coins, as witnessed by the <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43076559/donald-trumps-meme-coin-trump-rallies-103-in-a-day-creates-billions-out-of-thin-air">Saturday launch </a>of the meme coin TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) that immediately soared to to $5.6 billion within just 24 hours. 
And then there&#8217;s JD Vance whose bright blue eyes and congenial smile remind one of a boy scout leader in a small Ohio town who made it big and couldn't be happier.
Things sure have changed since Gilbert Stuart painted George Washington&#8217;s portrait in 1797.
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Photo courtesy of Trump-Vance Transition Team/EPA-EFE/Shutterstock

$TRUMP

Donald Trump And JD Vance's Official Portraits: Mugshot Meme Vs Smiling Boy Scout?

AAPL

President Elect Trump At Pre-Inauguration Rally, Said He Spoke With Apple's Tim Cook Today; Cook Said They'd Make Massive Investment In The U.S.

<a href="https://www.benzinga.com/personal-finance/25/01/42953411/nba-star-shaq-learned-true-meaning-of-pressure-after-his-dad-took-him-to-a-homeless-family-he-paid-36000-to-get-them-off-the-streets">Shaquille O'Neal</a> doesn't just walk into a room—he fills it, and not just because of his 7'1" frame. The NBA legend and Hall of Famer has a knack for showing up at the right time, and in one particularly unforgettable moment, he did so with his signature mix of generosity and flair.&nbsp;
In 2021, as reported by CBS News, Shaq was browsing a Zales jewelry store in Atlanta when he noticed a young man nervously making payments on an engagement ring. What happened next is classic Shaq.
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The basketball icon casually pulled out his credit card and handed it to the cashier, covering the remaining balance for the surprised customer. The interaction, captured on video, shows the stunned man shaking Shaq's hand and taking a photo with the legend himself. Speaking later on TNT's Inside the NBA, Shaq explained, "I saw the guy, he was just so shy. He was saying, ‘How much do I still owe to pay off the ring?' So I told him, ‘You know what, tell your girlfriend I got it.'"
It wasn't a publicity stunt—just Shaq being Shaq. On the broadcast, he elaborated: "I try to do something good every day. Whether it's buying furniture for a family or helping someone pay off layaway, <a href="https://www.benzinga.com/personal-finance/24/12/42715996/nba-legend-shaq-abandoned-a-40-million-reebok-shoe-deal-after-a-lady-confronted-him-over-high-price-tag-maam-i-dont-make-the-prices">I just like making people happy</a>."
But this wasn't just a one-off moment. O'Neal has a long history of stepping up when he sees a need. From paying for the funeral of a young girl in Houston killed by gun violence to donating a year's rent for an Atlanta family whose home wasn't wheelchair-accessible, Shaq's generosity knows no bounds. "If I see someone struggling, I try to take care of it," he has said.
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Of course, these acts of kindness are only one part of his larger-than-life persona. While many know him for his basketball accolades—four NBA championships, 15 All-Star appearances, and a spot in the Hall of Fame—Shaq has built an empire off the court that's just as impressive. With an estimated net worth of $500 million, he's a savvy entrepreneur who's invested in the likes of <a href="https://www.benzinga.com/personal-finance/24/10/41432168/nba-icon-shaquille-oneal-says-an-accidental-babysitting-gig-led-to-his-early-investment-in-googl">Google during its early days</a>, as well as other businesses like Papa John's, Krispy Kreme, and Ring. He also owns dozens of franchises, and has endorsement deals that stretch across industries.
But what makes Shaq unique isn't just his business acumen or his basketball legacy. It's his ability to connect with people, whether he's shaking hands with a stranger at Zales or tipping a waitress $1,000 to fix her car. As he said about the young man in Atlanta, "He was a hardworking guy just trying to do something special for someone he loves. How could I not help him?"
Shaq's story isn't just about success—it's about using that success to lift others. And whether he's paying for an engagement ring or helping a family get back on their feet, he proves time and again that being a true legend is about more than just talent; it's about heart.
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NBA Legend Shaq Spotted A Young Man Buying An Engagement Ring In Zales When He Swooped In And Paid For It — 'Tell Your Girlfriend I Got It'

In the wake of a contentious app update, Sonos Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SONO#NASDAQ">SONO</a>) CEO Patrick Spence stepped down from his role last week.
What Happened: Spence&#8217;s departure follows an app update that resulted in a decrease in sales and customer satisfaction for Sonos. 
The update, which eliminated features that customers found useful, was intended to lay the groundwork for future improvements but instead disrupted many features for existing users.
Interim CEO Tom Conrad, in a communication to staff, acknowledged the company&#8217;s errors and stressed the importance of rebuilding customer trust, as reported <a href="https://www.theverge.com/2025/1/13/24342354/sonos-interim-ceo-tom-conrad-employee-letter?utm_source=chatgpt.com">by</a> The Verge.
"I've heard from many of you about your own frustrations about how far we've drifted from our shared ideals," he wrote in the letter. 
"There's a tremendous amount of work in front of us, including what I'm sure will be some very challenging moments, decisions, and trade-offs, but I'm energized by the passion I see all around me for doing right by our customers and getting back to the innovation that is at the heart of Sonos' incredible history," Conrad wrote. 
&#8220;I know as well as anyone the incredible power of what we can do. A Sonos Move was playing in the delivery room when my daughter (11 months just last week!) was born. Sonos provides a similar soundtrack for millions of lives throughout the world every single day. When it all works, it's absolute magic,&#8221; he further added. 
Also Read: <a href="https://www.benzinga.com/25/01/43076734/could-cupertino-save-struggling-sonos-speculation-about-apple-bid-abounds">Could Cupertino Save Struggling Sonos? Speculation About Apple Bid Abounds</a>
&#8220;It's also true that when it doesn't work, our customers are taken out of the moment and are right to feel that we've let them down. I think we'll all agree that this year we've let far too many people down. As we've seen, getting some important things right (Arc Ultra and Ace are remarkable products!) is just not enough when our customers' alarms don't go off, their kids can't hear their playlist during breakfast, their surrounds don't fire, or they can't pause the music in time to answer the buzzing doorbell,&#8221; he wrote in the letter. 
Despite successful product introductions like&nbsp;the Sonos Ace headphones and&nbsp;the Arc Ultra soundbar, Sonos faces a challenging journey to mend its brand and customer relationships.
Why It Matters: The resignation of Spence underlines the significant impact of the app update debacle on Sonos&#8217;s leadership and overall business. 
The company&#8217;s future success hinges on its ability to restore customer confidence and effectively manage the fallout from the controversial update. 
The shakeup in leadership, coupled with the need to repair its brand image, presents a critical juncture for Sonos. The company&#8217;s next steps will be closely watched by investors and customers alike.
Read Next
<a href="https://www.benzinga.com/news/management/25/01/42947823/sonos-shares-jump-after-company-announces-ceo-transition-the-details">Sonos Announces CEO Transition: The Details </a>
Image: Shutterstock

SONO

Sonos' Interim CEO Hits The Right Notes In Employee Letter, Here's The Key Takeaway

Charlie Munger, who passed away in 2023 at the age of 99, shared his final reflections on life and career, offering profound insights into his journey to success.
What Happened: Munger, a Harvard Law graduate, initially embarked on his career in a prestigious California firm. Despite his success, he sought&nbsp;more than what a senior&nbsp;law partner could earn, leading him to explore investments in stocks, businesses, and property development, and eventually founding a law firm with colleagues.
Munger&#8217;s&nbsp;three basic rules for career&nbsp;satisfaction included striving to deserve what you want, working under people you admire, and having intense interest in your work. He emphasized the importance of reputation and integrity, and the joy derived from earning deserved trust.
&#8220;I have three basic rules for career satisfaction that have always helped me, and I believe they can help any young person evaluating a career decision. While meeting all three is nearly impossible, you should try anyway,&#8221; Munger <a href="https://www.cnbc.com/2023/11/29/charlie-munger-these-basic-career-rules-made-me-successful-in-life-with-warren-buffett-i-had-all-3.html">wrote</a> for CNBC.
First, he advised never to sell anything one wouldn't buy for oneself. He believed the best approach to achieving what one wants is to focus on deserving it, a notion rooted in the golden rule. 
&#8220;There is no ethos, in my opinion, that is better for any person to have. By and large, the people who have had this ethos win in life, and they don't win just money and honors — they win the respect and the deserved trust of the people they deal with,&#8221; he wrote. 
Also Read: <a href="https://www.benzinga.com/markets/25/01/42935637/heres-how-charlie-mungers-final-investment-move-doubled-his-money-reveals-his-close-friend-li-lu">Here&#8217;s How Charlie Munger&#8217;s Final Investment Move Doubled His Money, Reveals His Close Friend Li Lu</a>
Second, Munger stressed the importance of working only for those one respects and admires. He warned against working under individuals one does not admire, noting the risks posed by authority figures who exert influence, especially through rewards. 
Munger further wrote, &#8220;Generally, your outcome in life will be more satisfactory if you work under people whom you correctly admire.&#8221;
Finally, Munger encouraged working alongside people whose company one genuinely enjoys. He argued that excelling in any field requires a deep interest in the subject and enjoyment of the process. He advocated for aligning one&#8217;s work with personal interests and surrounding oneself with enjoyable colleagues. 
&#8220;I've had marvelous partners, full of assiduity, all my life. I think I got them partly because I tried to deserve them, and partly because I was shrewd enough to select them, and partly because there was some luck,&#8221; he concluded. &nbsp;
Why It Matters: Munger&#8217;s career and life philosophy have been a guiding light for many in the investment world. His emphasis on integrity, reputation, and passion for work, coupled with his successful partnership with Warren Buffett, have left an indelible mark on the industry. 
His passing leaves a void that will be hard to fill, but his teachings and principles will continue to inspire and guide future generations of investors. His legacy is a testament to the power of perseverance, integrity, and passion in achieving success.
Read Next
<a href="https://www.benzinga.com/news/24/06/39347990/this-famous-piece-of-wisdom-from-charlie-munger-can-go-a-long-way-in-investing-and-in-life-say-inves" target="_blank" rel="noreferrer noopener">This Famous Piece Of Wisdom From Charlie Munger Can Go A Long Way In Investing — And In Life, Say Investment Experts</a>

Success Stories

COST

DJCO

Charlie Munger's 3 Rules For Success: 'Don't Sell What You Wouldn't Buy, Work For Those You Admire, Partner With People You Enjoy'

Billionaire entrepreneur Mark Cuban has shared that the best time to start a business is when you&#8217;re at your lowest. This strategy, he says, is what <a href="https://www.benzinga.com/news/24/10/41196856/heres-how-mark-cubans-drunken-splurge-of-125-000-turned-into-a-profitable-investment">transformed him into a millionaire</a>.
What Happened: In a recent podcast interview, Cuban said that having nothing to lose is the ideal time to kickstart a business. This was his situation&nbsp;when he launched his first&nbsp;tech company, MicroSolutions, in 1983.
Cuban, who had recently lost his job and was living in a crowded apartment, sold MicroSolutions seven years later for $6 million, turning him into a millionaire. His subsequent venture, Broadcast.com, was&nbsp;sold to Yahoo for $6&nbsp;billion in 1999, catapulting him into the billionaire&#8217;s club.
"If you've got nothing, it's the perfect time to start a business. If you want to take that next step, you have to be able to deal with the consequences of changing your circumstances. Creating a business gives you the greatest potential upside and the greatest leverage on your time, but it also creates the most risk,&#8221; Cuban <a href="https://www.youtube.com/watch?v=0cn3VBjfN8g">said</a>.  
Today, 66-year-old Cuban boasts&nbsp;an estimated net worth of&nbsp;$7.79 billion. He underscored the significance of being ready for the risks and uncertainties that come with entrepreneurship. 
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/11/41703723/mark-cubans-million-dollar-advice-to-teens-if-i-were-16-again-id-start-this-lucrative-side-hustle" target="_blank" rel="noreferrer noopener">Mark Cuban's Million-Dollar Advice To Teens: ‘If I Were 16 Again, I'd Start This Lucrative Side Hustle'</a>
He further recommended&nbsp;saving at least six months&#8217;&nbsp;worth of living expenses and conducting an in-depth study of the prospective business&#8217; industry.
Why It Matters: Cuban&#8217;s advice comes at a time when many are grappling with job losses and financial instability due to the ongoing pandemic. 
His success story serves as a beacon of hope and inspiration for aspiring entrepreneurs. His emphasis on preparedness and research highlights the importance of strategic planning in business. 
His journey from a crowded apartment to a billionaire&#8217;s lifestyle is a testament to the power of resilience and determination in the face of adversity.
Read Next
<a href="https://www.benzinga.com/news/24/12/42380812/mark-cuban-shares-the-one-thing-he-splurged-on-after-striking-it-rich-im-not-a-big-spender">Mark Cuban Shares The One Thing He Splurged On After Striking It Rich: &#8216;I&#8217;M Not A Big Spender&#8217;</a>

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