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<a href="https://www.benzinga.com/topic/bill-ackman" target="_blank" rel="noreferrer noopener">Bill Ackman</a>&#8216;s primary hedge fund wiped out most of its 2024 gains during late July, adding to the billionaire&#8217;s troubles after he withdrew his IPO for a US-traded closed-end <a href="https://www.benzinga.com/news/24/07/39766570/bill-ackman-says-his-unofficial-mentor-warren-buffett-inspired-him-to-take-pershing-square-funds-pub" target="_blank" rel="noreferrer noopener">fund this week due to weak demand</a>.
<a href="https://www.benzinga.com/topic/pershing-square" target="_blank" rel="noreferrer noopener">Pershing Square Holdings</a> had gained 8.7% by mid-July but lost 4.7% in the latter half of the month, leaving it with a year-to-date gain of just 0.7%, <a href="https://www.bloomberg.com/news/articles/2024-08-02/ackman-s-pershing-lost-4-7-in-july-erasing-most-of-2024-gains?sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported</a> Bloomberg.
A major factor in the decline was Pershing Square&#8217;s investment in Universal Music Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UMGNF#OTC">UMGNF</a>), whose shares fell 24% following disappointing earnings last week.
Meanwhile, Ackman&#8217;s ambitious plan to launch a new investment fund on the New York Stock Exchange has faltered, <a href="https://www.bloomberg.com/news/articles/2024-08-01/ackman-s-ipo-dream-collapses-from-25-billion-to-0-in-weeks?sref=TBDibEcD" target="_blank" rel="noreferrer noopener">added</a> Bloomberg.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/40030679/as-bill-ackmans-pershing-square-struggles-to-reach-ipo-stage-major-hedge-fund-opts-out-investing-in" rel="noreferrer noopener">As Bill Ackman&#8217;s Pershing Square Struggles To Reach IPO Stage, Major Hedge Fund Opts Out Investing In Upcoming Fund: Report</a>
Ackman spent recent weeks promoting his U.S.-traded closed-end fund, initially projected to raise $25 billion, but withdrew the deal on July 31 after only $2 billion in interest.
Earlier this week, Pershing Square decided to withdraw the IPO entirely.
Ackman acknowledged that a key concern was whether investors would be better off waiting to invest in the aftermarket rather than during the IPO.
This led to a decision to reevaluate the IPO&#8217;s structure, with plans to return with a revised proposal&nbsp;<a target="_blank" href="https://www.cnbc.com/2024/07/31/bill-ackmans-pershing-square-withdraws-ipo-as-demand-for-offering-waned.html" rel="noreferrer noopener">according to CNBC.</a>
Through July, the S&amp;P 500 Index had risen by 15.8% for the year.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/40082441/bill-ackman-hits-pause-on-pershing-square-ipo-after-investors-hesitate" target="_blank" rel="noreferrer noopener">Bill Ackman Hits Pause On Pershing Square IPO After Investors Hesitate</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Equities

News

Markets

Media

General

UMGNF

Bill Ackman's Pershing Square Sinks 4.7% In July, Dashing 2024 Gains

Approximately 30 seconds before shots were fired at <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> at a rally in Butler, Pa., last month, a local police officer reportedly <a href="https://www.benzinga.com/news/24/07/40030416/trump-says-melania-was-traumatized-watching-him-being-shot-fearing-the-worst-had-happened-she-cant-r" target="_blank" rel="noreferrer noopener">had radioed about a man with a gun</a>.
This critical information did not reach the Secret Service at the time because their agents were stationed at a different command post and did not have access to the same radio traffic, reported NBC News.
&#8220;That was unique,&#8221; Ronald Rowe Jr., the acting director of the Secret Service, said Friday. &#8220;We have to rethink where we put our security rooms and we are in fact doing that now moving forward.&#8221;
The revelation highlights a key unanswered question from the July 13 assassination attempt: Why wasn&#8217;t Trump removed from the stage after police spotted a gunman on a rooftop less than 150 yards away?
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/40026814/trump-shooter-researched-assassination-attempt-on-slovakias-prime-minister-fbi-provides-details-on-c" rel="noreferrer noopener">Trump Shooter Researched Assassination Attempt On Slovakia&#8217;s Prime Minister, FBI Provides Details On &#8216;Careful Planning&#8217;</a>
The would-be assassin, Thomas Matthew Crooks, 20, began shooting minutes into Trump&#8217;s speech, injuring the former president, killing one person, and wounding two others, NBC News added.
In the wake of the incident, the Secret Service has faced intense scrutiny. Initially, they were criticized for failing to secure the building used by the gunman, with the Secret Service initially blaming local law enforcement but later acknowledging their responsibility.
Earlier this week, Rowe revealed a crucial 30-second gap between when police spotted Crooks and when he opened fire.
Rowe detailed communication failures, noting that Secret Service agents and local partners were stationed in separate command posts, hindering coordination.
&#8220;It is plainly obvious to me that we didn&#8217;t have access to certain information,&#8221; Rowe said. &#8220;Not by anybody&#8217;s fault. It just so happened that there was a sense of urgency [on the radio, and] that there might have been radio traffic that we missed. We have to do a better job of that,&#8221; NBC News added.
Read Next:
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<li><a href="https://www.benzinga.com/government/24/07/39778541/trump-shooting-recalls-memories-of-reagan-assassination-attempt-heres-how-markets-react-to-political" target="_blank" rel="noreferrer noopener">Trump Shooting Recalls Memories Of Reagan Assassination Attempt: Here&#8217;s How Markets React To Political Violence</a></li>
</ul>
Image: Shutterstock

Politics

Trump Shooting Security Failure: Separate Command Posts And Radio Traffic Gap Hampered Secret Service Response

Donald Trump has agreed to a debate with Kamala Harris. The debate is <a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an">scheduled to air on Fox News on September 4</a>.
What Happened: Trump announced his acceptance of the debate invitation via his social media platform Truth Social, saying he will meet her on the debate stage. The debate will be held in Pennsylvania.
Trump said in the <a href="https://truthsocial.com/@realDonaldTrump/posts/112896042195717073">post</a> that a previously planned ABC News debate, agreed to when Joe Biden was still Trump&#8217;s expected rival, had been canceled due to Trump&#8217;s ongoing litigation against the network and its host, George Stephanopoulos.
&#8220;I have agreed with FoxNews to debate Kamala Harris on Wednesday, September 4th. The Debate was previously scheduled against Sleepy Joe Biden on ABC, but has been terminated in that Biden will no longer be a participant, and I am in litigation against ABC Network and George Slopadopoulos, thereby creating a conflict of interest. The FoxNews Debate will be held in the Great Commonwealth of Pennsylvania, at a site in an area to be determined, Trump wrote. 
&#8220;The Moderators of the Debate will be Bret Baier and Martha MacCallum, and the Rules will be similar to the Rules of my Debate with Sleepy Joe, who has been treated horribly by his Party – BUT WITH A FULL ARENA AUDIENCE!….&#8221; Trump added in the post.
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
Trump also that the ABC debate, initially agreed upon while President Joe Biden was considered the likely Democratic nominee, has been canceled because Biden will no longer participate.
Trump also referred to his ongoing defamation lawsuit against ABC and its anchor George Stephanopoulos as a factor, despite the fact that this lawsuit was already in place months before he had agreed earlier this summer to debate Biden on the network.
Unlike the June 27 CNN debate between Trump and Biden, which did not have a studio audience, the Fox News debate will include spectators. Harris had previously expressed her readiness to debate Trump, accusing him of retreating from the earlier agreement to debate on ABC News.
This news comes after Harris secured enough delegates to officially become the Democratic Party&#8217;s nominee for president, following Biden&#8217;s withdrawal from his re-election campaign. Trump had previously stated he would not debate Harris as she was not the party&#8217;s official candidate. However, he now appears ready to face Harris on the debate stage.
Trump also commented on the Democratic Party&#8217;s decision to replace Biden with Harris, calling it a &#8220;Threat to Democracy,&#8221; but added that he was &#8220;totally prepared to accept the results of this &#8216;coup,&#8217; and replace Joe on the Debate stage with Crazy Kamala Harris.&#8221;
According to the report <a href="https://www.usatoday.com/story/opinion/columnist/2024/08/02/trump-harris-presidential-debate-election/74635051007/">by</a> USA Today, Trump supporters believe that a debate could stir up further discord within the Democratic Party. They also hope that the debate would focus more on policy rather than personal attacks.
Despite the political uncertainty, Trump&#8217;s supporters remain confident in his chances, even as Harris shows signs of gaining momentum in swing-state polls.
Why It Matters: This debate signifies a crucial moment in the political landscape, with Harris stepping in as the Democratic nominee following Biden&#8217;s exit. It also marks a shift in Trump&#8217;s stance, away from his previous refusal to debate Harris.
The debate will provide an opportunity for both parties to present their views and strategies ahead of the upcoming elections. The presence of an audience, unlike the previous CNN debate, adds a layer of public scrutiny and direct engagement. 
This event will undoubtedly be closely watched by voters, political analysts, and media outlets alike.
Did You Know?
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image created using artificial intelligence via Midjourney.

Donald Trump Agrees To Debate Kamala Harris On Fox News

Electric-vehicle stocks came under selling pressure in the week ended Aug. 2 amid the <a href="https://www.benzinga.com/news/earnings/24/08/40128529/wall-street-set-to-tumble-as-macro-concerns-return-vix-spikes-and-global-markets-sell-off-safe-have">broader market meltdown</a> even as most smaller names prepare to unveil their quarterly numbers.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla Stock Dips, China Standing Surges: Shares of Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) declined over 5% over the week, with part of the weakness stemming from the uncertain near-term outlook denting investor confidence. That said, the company had some good tidings this week as it reported robust sales in China, one of its key markets.
Data released by the China Passenger Car Association showed that Tesla sold 74,117 made-in-China EVs in July, CnEVPost <a href="https://cnevpost.com/2024/08/02/tesla-china-sales-jul-2024/">reported</a>. This marked a 4.4% month-over-month increase and a 15.3% year-over-year climb. The CPCA releases a more detailed report, breaking down the exports and domestic sales next week, and it will give a clearer picture of domestic EV demand.
Tesla CEO Elon Musk had good news on the full self-driving technology as he said in a post on X, a social-media platform he owns that doubling average miles between interventions in the near term. &#8220;We have a clear path to doubling average miles between interventions in August," Musk said, hinting that the performance of FSD software will likely improve,&#8221; he said.
BYD Strikes Pact With Uber: Ride-hailing company Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and Chinese EV maker BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) announced a multi-year strategic partnership to bring 100,000 new BYD vehicles onto the Uber platform across key global market, starting with Europe and Latin America.
The partnership will likely offer drivers access to &#8220;best-in-class pricing and financing for BYD vehicles on the Uber platform.&#8221;
The association assumes importance as Tesla, which competes with BYD in the Chinese market, is working on its own robotaxi service. 
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Lucid Shares Gravity Production Update: Luxury EV maker Lucid Motor Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) CEO Peter Rawlinson shares a video of the rollout of the first pre-production Gravity EV from the Arizona factory. &#8220;I feel so honored to have just driven the very first pre-production Lucid Gravity fresh off the production line at our Arizona factory,&#8221; he said in a LinkedIn<a href="https://www.linkedin.com/feed/update/urn:li:activity:7224214951429648384/"> post, </a>adding that &#8220;Lucid Gravity moves another step closer to customer&#8217;s hands.&#8221;
The Gravity is a SUV with a projected range of up to 440 miles and is based the company&#8217;s next generation proprietary electric powertrain. It is expected to launch in late-2024 and is priced under $80,000.
Ford &#8216;s EV Sales Perk Up: Legacy automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) <a href="https://www.benzinga.com/news/24/08/40145024/ford-reports-31-increase-in-ev-sales-driven-by-popularity-of-tesla-cybertruck-rival-f-150-lightning">reported EV sales of 8,242 for July, up 31% from a year-ago.</a> Mustang Mach-E sales climbed 16% to 4,592 units and the F-150 Lightning EV pickup trucks sales jumped 82 to 2,822 units. The sales growth came on the back of the new incentives offered by the company through its Summer Sales event, which began on July 9. Pureplay EV sales rose 31%, but it trailed the 47% sales growth recorded for hybrids. Ford&#8217;s ICE sales, meanwhile, fell 5%, dragging the overall growth to a negative 0.2%.
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session up 0.72% at $19.31 according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF fell 3.47%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40004926/tesla-investor-who-significantly-reduced-stake-ready-to-buy-back-in-heres-what-ev-m">Tesla Investor Who Significantly Reduced Stake Ready To Buy Back In? Here&#8217;s What EV Maker Should Do To Win His Confidence</a></li>
</ul>
Here&#8217;s how the EV stocks fared this week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-5.52%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-8.58%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>-11.16%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+0.31%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-13.42%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-30.42%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-13.04%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>-9.19%</td>
</tr>
<tr>
<td>Lucid</td>
<td>-7.69%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>)</td>
<td>-14.49%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-15.11%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-5.33%</td>
</tr>
</tbody>
</table>
</figure>
Image via Shutterstock

BYDDF

BYDDY

FFIE

GOEV

HYZN

KARS

LCID

NKLA

RIVN

TSLA

UBER

WKHS

XPEV

Elon Musk's FSD Update, Uber Ties Up With Tesla Rival, Lucid Readying For Gravity Launch And More: Biggest EV Stories Of The Week

Berkshire Hathaway&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) <a href="https://www.benzinga.com/markets/equities/24/08/40146436/warren-buffetts-berkshire-hathaway-q2-operating-profit-climbs-over-15-cash-hoard-swells-to-277b-">10-Q report for the second quarter</a> showed the Warren Buffett-led firm significantly reducing its stake in tech giant Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
What Happened: Berkshire said the fair value of its Apple holding at the end of the second quarter was $84.2 billion, down about 38% from $135.4 billion at the end of the first quarter. Looking at the reduction from the perspective of number of shares, the math works as follows:
<ul>
<li>Berkshire had 789.37 million shares of Apple at the end of the March quarter (according to 13F filing)</li>
<li>Apple&#8217;s average stock price for the June quarter was $186.14 and the stock ended the quarter at $210.62.</li>
<li>The $84.2 billion worth of stake Berkshire disclosed in the 10-Q for the second quarter suggests Berkshire may have been left with 399.77 million shares (taking the closing price for the quarter).</li>
</ul>
The math suggests a 49.36% reduction in Apple stake by Berkshire in terms of the number of shares.
Apple, which reported quarterly results Thursday, said its board declared a quarterly cash dividend&nbsp;of&nbsp;25&nbsp;cents per share, payable on&nbsp;Aug. 15&nbsp;to shareholders of record as of Aug. 12. The 390-million shares Berkshire is estimated to have sold would have fetched the Buffett-led firm a dividend income of $97.5 million.
If Berkshire held onto the 789.37 million shares it owned at the end of the March quarter, it could have reaped a dividend windfall of a little over $197 million. 
See Also:&nbsp;<a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock" target="_blank" rel="noreferrer noopener">Everything You Need to Know About Apple Stock</a>
Cramer Explores Motive: Commenting on Berkshire&#8217;s action, CNBC Mad Money host Jim Cramer said Buffett&#8217;s decision may have been prompted by Apple&#8217;s China weakness. &#8220;Warren crushed Apple and the story is being viewed as &#8216;China risk,&#8221; he said in a post on X, formerly Twitter.
&#8220;Cramer apparently doesn&#8217;t subscribe to the idea. &#8220;Did anyone bother to read or see how well Apple did in China this q? Probably their relative best. Again, not defending this market or the stories, just offering a non-panicked perspective,&#8221; he said.
<a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">Apple reported a 6.54% year-over-year drop in Greater China revenues</a> in the June quarter, and sequentially, the drop was a steeper 10%. CEO Tim Cook clarified on the call the weakness was due to macro conditions and domestic competition. 
Incidentally, when Berkshire trimmed its Apple position by 13% in the March quarter, Buffett said the move was <a href="https://www.benzinga.com/markets/equities/24/05/38630421/warren-buffett-confidence-in-apple-wanes-berkshire-cuts-stake-by-18-amid-tech-giants-troubles" target="_blank" rel="noreferrer noopener">to raise cash during times of economic uncertainty and to foot its federal tax bill</a>.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40122623/apple-analyst-warns-investors-about-betting-against-tech-giant-as-iphone-maker-on-c">Apple Analyst Warns Investors About Betting Against Tech Giant As iPhone Maker On Cusp Of AI-Driven Supercycle: &#8216;Flex The Muscles Moment For Cook &amp; Co&#8217;</a></li>
</ul>
Image: Shutterstock

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'Warren Crushed Apple' Says Jim Cramer As Buffett Cuts Stake In Tech Giant By Nearly Half: Here's How Much Dividend Income Berkshire Forgoes

A judge has officially concluded <a href="https://www.benzinga.com/topic/rudy-giuliani" target="_blank" rel="noreferrer noopener">Rudy Giuliani&#8217;s</a> bankruptcy, paving the way for lawsuits related to his work for <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> to move forward.
This decision comes after a two-week delay caused by Giuliani&#8217;s failure to cover specific legal fees, reported Reuters.
Giuliani filed for Chapter 11 bankruptcy in December after being ordered by a court to pay $148 million to two Georgia election workers he falsely accused of vote-rigging in the 2020 election.
The bankruptcy filing had halted the collection of the judgment and frozen other lawsuits tied to his work for Trump.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39332267/hunter-biden-abandons-lawsuit-against-former-trump-lawyer-rudy-giuliani-court-documents-reveal" rel="noreferrer noopener">Hunter Biden Abandons Lawsuit Against Former Trump Lawyer Rudy Giuliani, Court Documents Reveal</a>
Bankruptcy Ends After Fee Dispute Resolution
U.S. Bankruptcy Judge Sean Lane ended Giuliani&#8217;s bankruptcy on Friday, following his July 12 ruling that Giuliani should be removed from bankruptcy due to missing financial disclosures and refusal to repay creditors. Last week, Lane considered alternatives such as appointing a trustee or compelling Giuliani to testify about his refusal to pay fees.
Giuliani has now resolved the fee dispute by depositing $100,000 into an escrow account, with the final amount owed to be determined. Creditors had sought approximately $350,000 for their investigation into his finances. Remaining fees will be covered by selling Giuliani&#8217;s New York penthouse or luxury Florida condo. Giuliani&#8217;s attorney, Heath Berger, confirmed that the New York apartment is up for sale and Giuliani plans to relocate to Florida.
Lawsuits and Appeals Continue
The bankruptcy had stalled the collection of the $148 million judgment against Giuliani by two Georgia election workers and froze other lawsuits from his Trump-related work. Giuliani plans to appeal the defamation verdict, according to his attorneys.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Trump's Ex-Lawyer Rudy Giuliani Cleared From Bankruptcy After Fee Dispute Settled

It&#8217;s been nine months since Ohioans <a href="https://www.benzinga.com/markets/cannabis/23/11/35664155/ohio-legalizes-cannabis-and-overwhelmingly-approves-abortion-rights">voted to legalize adult-use marijuana</a>. While the law went into effect in December 2023, retail sales remained on hold due to regulatory requirements and a few <a href="https://www.benzinga.com/markets/cannabis/23/08/34076802/gop-battle-over-marijuana-legalization-deepens-in-ohio-as-republican-congressman-announces-hell-">political skirmishes</a>. 
<h2 class="wp-block-heading">The Wait Is Nearly Over</h2>
Medical marijuana dispensaries across Ohio learned that they will receive certificates of operation allowing them to open for recreational cannabis consumers on Tuesday, August 6, provided they tick a few final boxes, <a href="https://www.ideastream.org/2024-08-02/ohio-medical-marijuana-dispensaries-get-green-light-for-recreational-sales-tuesday">reported</a> several news outlets.
Ohio's Division of Cannabis Control (DCC) announced in a statement Friday that it intends to issue the first <a href="https://www.benzinga.com/markets/cannabis/24/07/40084282/ohio-approves-34-dispensaries-as-recreational-sales-near-new-cannabis-dui-testing-bill-controver">dual-use certificates</a> allowing some existing medical marijuana shops to begin the first recreational weed sales. While the DCC statement offered few details, it promised more to come.
&#8220;There will be no sales over the weekend,&#8221; said Jamie Crawford, a spokesman for the division. &#8220;We will provide a formal announcement on Monday.&#8221;
<h2 class="wp-block-heading">Advocates Approve</h2>
"We are stepping into a new future for Ohio where citizens will have access to safe products and communities will feel the benefits of this growing industry through tax revenue and job opportunities," <a href="https://spectrumnews1.com/oh/columbus/news/2024/08/02/ohio-recreational-marijuana-sales-dual-use-licenses">said</a> Tom Haren, spokesperson for the Ohio Cannabis Coalition.
The announcement came several weeks after the DCC <a href="https://www.benzinga.com/markets/cannabis/24/06/39462240/ohio-moves-closer-to-legal-weed-sales-clevelands-historic-rock-n-roll-record-rendezvous-gets-new">gave preliminary approval</a> to medical marijuana dispensaries, growers and processors seeking to enter the adult-use market. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39367272/ohios-medical-marijuana-dispensaries-will-soon-change-their-shingle-and-include-recreational-wee">Ohio&#8217;s Medical Marijuana Dispensaries Will Soon Change Their Shingle And Include Recreational Weed Sales As $1B Program Moves Forward</a>
<h2 class="wp-block-heading">Multi-State Operators Ready To Join Ohio's Recreational Market</h2>
Florida-based Trulieve (CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) sent out a <a href="https://www.benzinga.com/pressreleases/24/08/n40140016/trulieve-to-launch-adult-use-sales-in-ohio-on-tuesday-august-6th">press release</a> Friday afternoon saying it would begin sales on Tuesday, August 6, so we're assuming they also got the news.
&#8220;We are excited to be among the first group of operators to launch adult use sales in&nbsp;Ohio&nbsp;following a successful ballot initiative last year,&#8221; said Trulieve&#8217;s&nbsp;CEO <a href="https://www.benzinga.com/topic/kim-rivers">Kim Rivers</a>. &#8220;We are committed to maintaining excellent service standards for our existing medical patients while welcoming new adult use customers to our dispensaries.&#8221;
And did we mention that Ohio&#8217;s weed industry could generate&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/11/35554841/ohios-260m-economic-boom-in-first-year-of-legal-cannabis-new-study-predicts-windfall">$1 billion annually</a> by serving its estimated one million monthly users while also creating 3,300 full time jobs in the first year?
An Ohio State University&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/11/35554841/ohios-260m-economic-boom-in-first-year-of-legal-cannabis-new-study-predicts-windfall" target="_blank" rel="noreferrer noopener">analysis&nbsp;suggested</a>&nbsp;that legal cannabis could potentially generate between $276.2 million and $403.6 million in annual tax revenue. 
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/03104648/CCC-Oct-24-Banner-1-9.gif" alt="" class="wp-image-474544" /></figure>
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Cannabis

Government

Regulations

Legal

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TCNNF

TRUL

Ohio Medical Marijuana Dispensaries Approved To Launch Recreational Cannabis Sales On August 6

Robert Kiyosaki, the renowned author of "Rich Dad Poor Dad," sees recent stock market declines as an opportunity for wealth accumulation, <a href="https://www.benzinga.com/news/23/12/36166390/as-us-debt-crisis-deepens-rich-dad-poor-dad-author-robert-kiyosaki-warns-of-looming-economic-peril-a">echoing his &#8216;Rich Dad&#8217; teachings</a>.
What Happened: In a Saturday post on X, Kiyosaki expressed his views on the current financial situation.
&#8220;As many have warned….the stock market crash has arrived. Losses are substantial,&#8221; he said on X. He went on to explain that such times present opportunities for the rich to get richer by buying assets at discounted prices. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39563506/rich-dad-poor-dad-author-robert-kiyosaki-questions-bitcoin-etfs-authenticity-etfs-are-fake">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Questions Bitcoin ETFs&#8217; Authenticity: &#8216;ETFs Are Fake Gold, Silver, Or Bitcoin&#8217;</a>
&#8220;Markets are crashing. Great news. Asset markets are having a sale. This is your turn to get richer,&#8221; Kiyosaki added.
<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">As many have warned….the stock market crash has arrived. Losses are substantial. Rich dad taught his son and me when markets are crashing is the time the rich get richer….buying assets at bargain basement orices. Markets are crashing. Great news. Asset markets are having…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1819456338197729654?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Kiyosaki&#8217;s perspective is rooted in his &#8216;Rich Dad&#8217; teachings, which advocate for financial education and investing in assets. His tweet reflects this philosophy, suggesting that market crashes are not necessarily a cause for panic, but rather an opportunity for savvy investors to increase their wealth. 
This viewpoint, while potentially controversial, is consistent with Kiyosaki&#8217;s long-standing emphasis on financial literacy and strategic investment.
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Image: Shutterstock

Market-Moving Exclusives

'Rich Dad Poor Dad' Author Robert Kiyosaki Sees Wealth Accumulation In Market Declines: 'Markets Are Crashing, Great News, This Is Your Turn To Get Richer'

Donald Trump&#8216;s plan to eliminate taxes on Social Security benefits has raised <a href="https://www.benzinga.com/news/24/07/39657200/ex-trump-staffer-shares-texts-to-prove-that-ex-presidents-campaign-settled-to-keep-discrimination-an">concerns among certain think tanks</a>.
They warn that such a move could potentially shorten the lifespan of Social Security and Medicare programs, contradicting Trump&#8217;s campaign promise to shield these programs from cuts.
What Happened: The nonpartisan Committee for a Responsible Federal Budget and the right-leaning Tax Foundation have both indicated that Trump&#8217;s plan could hasten the insolvency date of Medicare by six years and Social Security by almost two years. 
According to a report <a href="https://www.semafor.com/article/08/02/2024/trumps-social-security-tax-cut-plan-would-jeopardize-entitlements">by</a> Semafor, this is primarily because the elimination of the tax on benefits would reduce federal revenue, thereby diminishing the government&#8217;s ability to spend on these programs.
Trump has dismissed these concerns, arguing that his plan could create an environment conducive to finding solutions to the funding gaps.
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
He assured that his administration would safeguard Social Security and not harm seniors. Critics, on the other hand, warn that the plan could lead to cuts in benefit checks for retirees and payments to hospitals treating Medicare-dependent patients.
"One of the things good about that is that's when people will make a deal," Trump <a href="https://www.foxbusiness.com/video/6359799256112">told</a> Fox News. "But we're going to take care of Social Security, we're not going to do anything to hurt our seniors. There is so much cutting, there is so much waste in our government."
Currently, seniors with annual incomes between $25,000 and $34,000 are required to pay income tax on 50% of their Social Security benefit, while those earning above $34,000 must pay tax on 85%. 
"President Trump is calling for the largest deportation program since President Eisenhower to end the financial drain on our healthcare system and ensure that our country can continue to care for American citizens who rely on Medicaid, Medicare, and Social Security – not illegal immigrants," Trump spokesperson Karoline Leavitt told the outlet.
&#8220;If Trump's plan is turned into law, a large share of the benefit will flow towards richer seniors. In the bottom half of seniors, less than half will get any tax cut," Marc Goldwein, senior vice president at CRFB, told Semafor.
Trump&#8217;s proposed tax cut plan, which is projected to cost at least $1.6 trillion over a decade, is being viewed as a financial burden.
Why It Matters: "It's a big fiscal idea comparable to TCJA 1.0," Brendan Duke, senior director of economic policy at the Center for American Progress Action Fund, told Semafor, referring to the 2017 GOP tax cuts. 
Critics also argue that if the plan becomes law, a significant portion of the benefit will flow towards wealthier seniors, thereby exacerbating income inequality among the elderly population.
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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.
Image: Shutterstock

Does Donald Trump's Proposed Tax Cut Threaten Social Security And Medicare? Here's What Think Tanks Warn

Hedge fund kingpin Ken Griffin's real estate empire just got bigger with the $90 million purchase of a fancy new pad in St. Tropez.
According to the Wall Street Journal, the 2-acre property with four buildings adds to <a href="https://www.benzinga.com/general/hedge-funds/24/07/39783424/ken-griffin-is-once-again-top-donor-to-republicans-who-aim-to-control-congress">Griffin'</a>s already impressive real estate collection, which first reported the acquisition on the French Riviera. The estate is in a secluded area with just a handful of neighbors. The deal, which closed in late June, is among the priciest ever in St. Tropez.
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Domaine de la Capilla carries the star-studded legacy of Gunter Sachs, the legendary photographer and former husband of iconic actress Brigitte Bardot.
The property, a playground for the elite during Sachs' ownership, was passed down to his sons before finding its way into Griffin's hands.
Situated on Tahiti Beach, a northern extension of the world-renowned Pampelonne Beach, Griffin's acquisition puts him at the epicenter of St. Tropez's glamorous lifestyle. The exclusive enclave on the French Riviera, catapulted to international fame by Bardot's 1956 film "And God Created Woman," has long been a favored destination for the rich and famous.
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St. Tropez has long been a magnet for the rich and famous. In addition to Bardot, Johnny Depp once owned a massive estate in Plan de la Tour, near St. Tropez. Brad Pitt and Angelina Jolie spent considerable time in the region and owned properties nearby. Leonardo DiCaprio is often spotted enjoying the St. Tropez lifestyle, though property ownership is unclear, and model Kate Moss is a frequent visitor to the area.&nbsp;
High-end real estate along France's southeastern coast is booming. According to Beauchamp Estates, home prices higher than $16 million have skyrocketed by 15% to 20% in the past five years.
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Griffin is no stranger to this ultraluxury market. His global property portfolio boasts a $122 million mansion near Buckingham Palace and a record-breaking $240 million New York City penthouse, a title it still holds from its 2019 purchase.
Griffin also has been making significant real estate investments in South Florida, amassing multiple properties on Miami's exclusive Star Island and Palm Beach. The acquisitions are part of his strategy to create some of the most lavish estates in the country. The billionaire is reportedly on track to build the <a href="https://www.benzinga.com/real-estate/24/05/38967579/palm-beach-mansion-sells-for-152-million-pioneering-new-luxury-asset-class">world's most expensive home</a>, estimated to be worth $1 billion.
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Real Estate

Ken Griffin Expands Real Estate Empire With $90 Million St. Tropez Purchase

As <a href="https://www.benzinga.com/topic/kamala-harris" target="_blank" rel="noreferrer noopener">Kamala Harris</a> prepares to formally accept the Democratic presidential nomination, she faces the crucial task of selecting a running mate who can enhance her White House bid and counter <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s</a> challenge.
Just two weeks after <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden&#8217;s</a> unexpected exit from the race, Harris has surged to the forefront of the Democratic ticket, securing the party&#8217;s nomination in a &#8220;virtual roll call&#8221; on Friday.
Polls indicate she is closing the gap with Trump, igniting renewed enthusiasm among Democrats, <a target="_blank" href="https://www.theguardian.com/us-news/article/2024/aug/03/kamala-harris-choose-vp-speculation" rel="noreferrer noopener">reported </a>The Guardian.
Top VP Contenders
Harris&#8217; decision is complicated by the need to balance momentum with appeasing the Democratic base. Key contenders for the VP slot include:
<ul>
<li>Josh Shapiro: Governor of Pennsylvania and former state attorney general with high bipartisan approval but facing progressive scrutiny.</li>
<li>Andy Beshear: Kentucky Governor with a reputation for progressive policies and a strong stance against Trump and his running mate, JD Vance.</li>
<li>Tim Walz: Minnesota Governor known for his progressive views and military background.</li>
<li>JB Pritzker: Illinois Governor with significant political and financial influence.</li>
<li>Mark Kelly: Senator from Arizona, a former Navy pilot and astronaut with strong credentials.</li>
<li>Pete Buttigieg: Transportation Secretary and former presidential candidate.</li>
</ul>
Shapiro&#8217;s odds in online betting markets jumped from 33% to over 70% on July 30 and 31 <a href="https://www.fox29.com/news/shapiro-cancels-weekend-events-harris-vp-announcement-philadelphia-rally?taid=66ac6b5b4980560001586561&amp;utm_campaign=trueanthem&amp;utm_medium=trueanthem&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">after</a> the governor canceled weekend fundraising events in the Hamptons for Aug. 3 and 4. &#8220;The Governor&#8217;s trip was planned several weeks ago and included several fundraisers for his own campaign committee,&#8221; Shapiro Spokesman Manuel Bonder told FOX 29.
Harris will kick off a campaign tour with her new running mate in Philadelphia on Tuesday, meaning that an announcement may be imminent. The city for the kickoff has led to speculation that Shapiro will be her choice.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/politics/24/08/40139151/kamala-harris-secures-democratic-nomination-will-momentum-propel-her-to-november-victory-after-b" rel="noreferrer noopener">Kamala Harris Secures Democratic Nomination: Will Momentum Propel Her To November Victory After Biden&#8217;s Exit?</a>
Key Considerations
Harris, at 59, is evaluating candidates who range from 51 to 60 years old, the report read. The choice must address perceptions about a ticket with either two women or two people of color.
The selected VP will need to effectively challenge <a href="https://www.benzinga.com/topic/jd-vance" target="_blank" rel="noreferrer noopener">JD Vance</a>, especially in potential debates.
Despite a challenging start, Harris&#8217; prospects have brightened significantly since Biden&#8217;s decision, boosting fundraising and voter enthusiasm.
Harris Faces Key VP Choice As Election Nears
The vice-presidential role on the ticket, often undervalued, can be crucial for rallying support and providing effective counterpoints in the campaign. Harris&#8217;s decision will be pivotal in shaping the upcoming race against Trump.
As the vetting process wraps up, overseen by former U.S. Attorney General Eric Holder, Harris is expected to announce her choice soon.
The decision, shrouded in strategic importance, could well influence the final outcome of the presidential race.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Photo: Shutterstock

Kamala Harris' Urgent VP Decision: Who Will Help Her Take On Trump?

As any parent of a newly licensed teenager knows, insuring a young driver can be a budget-busting affair. Recent data reveals that the expense of adding a teen to an <a href="https://www.benzinga.com/money/best-car-insurance">auto insurance policy</a> has soared, with some states imposing almost unbearable premiums. Here's a closer look at where teenage drivers face the steepest insurance rates and why the costs can be so exorbitant.
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According to MarketWatch, full coverage <a href="https://www.benzinga.com/money/best-car-insurance-for-teens">car insurance for teens</a> is, on average, 206% more expensive than the national average estimate of $1,730, and it can even be up to 485% more expensive than older drivers.&nbsp;
When comparing auto insurance rates by state, a stark disparity can make a huge difference in a family's finances. For instance, for teenage drivers, Delaware takes the top spot with an average annual premium of $13,788. Rhode Island and Louisiana follow close behind with annual premiums of $13,472 and $13,261, respectively. On the other end of the spectrum, Hawaii is significantly more affordable, with annual premiums of $1,805 for teen drivers.&nbsp;
While the reasons behind each individual premium vary, the primary factors for teens receiving higher premiums include a higher likelihood of accidents, distracted driving, and riskier behaviors in general. Safeteendriving.org shares that the fatal crash rate per mile driven for 16-19-year-olds is about three times higher than it is for drivers aged 20 and older. The risk is highest for 16-17-year-olds.&nbsp;
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Other factors against teen drivers include lack of experience – both in life and driving – and gender. Statistically speaking, men are more likely to be involved in serious car accidents. As for experience, teens' ages prevent them from having the experience they need for a proven record of good driving, as well as any other financial history that would show they can pay their premiums on time.&nbsp;
So, if you have or will have teen drivers, understanding what costs you have coming can be helpful. If you live in any of these 10 states, you may be facing some daunting premiums for your teen drivers:&nbsp;
<ol>
<li>Delaware: $13,788</li>
<li>Rhode Island: $13,472</li>
<li>Louisiana: $13,261 </li>
<li>Nevada: $11,788 </li>
<li>Connecticut: $11,410</li>
<li>Utah: $8,534 </li>
<li>Wisconsin: $8,434 </li>
<li>Oregon: $8,403</li>
<li>Tennessee: $6,897 </li>
<li>Idaho: $6,433</li>
</ol>
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Fortunately, they won't have to pay crazy-expensive insurance premiums forever. Prices drop drastically as drivers gain more experience, prove they can navigate the roads safely, and take more accountability for themselves. For example, the insurance premiums in Delaware drop from $13,799 to $2,852 for 25-year-old drivers.&nbsp;
In those same 10 states with the most expensive teen auto insurance premiums, the prices are vastly different for drivers once they turn 25:&nbsp;
<ol>
<li>Delaware: $2,852</li>
<li>Rhode Island: $2,381</li>
<li>Louisiana: $3,008</li>
<li>Nevada: $2,768</li>
<li>Connecticut: $1,951</li>
<li>Utah: $1,913</li>
<li>Wisconsin: $1,686</li>
<li>Oregon: $1,903</li>
<li>Tennessee: $1,521</li>
<li>Idaho: $1,412</li>
</ol>
Because insurance costs can vary dramatically based on location, it's important to explore all available options and seek ways to mitigate these expenses. For personalized strategies tailored to your unique situation, consulting a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> can be an invaluable step in managing your family&#8217;s insurance costs and overall financial planning.
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Insurance

Teen Driver Insurance Nightmare: Which States Are Gouging Parents the Most?

Warren Buffett-led Berkshire Hathaway, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) reported second-quarter net earnings on Saturday that fell year-over-year as a decline in investment gains more than offset an increase in operating earnings. The company&#8217;s <a href="https://www.benzinga.com/markets/equities/24/05/38630421/warren-buffett-confidence-in-apple-wanes-berkshire-cuts-stake-by-18-amid-tech-giants-troubles">offloading of its stake in tech giant</a> Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPL#NASDAQ">APPL</a>) continued.
Berkshire&#8217;s Key Q2 Metrics: Second-quarter net earnings fell 15.50% year-over-year from $35.91 billion to $30.35 billion. Operating earnings, which refer to income generated by its portfolio companies, climbed 15.48% to $11.60 billion. On the other hand, gains from its investment portfolio fell 27.52% to $18.75 billion.
The fall in the investment gains came amid volatile market conditions. Taking the S&amp;P 500 as a proxy to the broader market performance, the equity market rose 3.92% in the second quarter. The index gyrated between a high and low of 5,523.64 and 4,953.56, respectively during the quarter.
The 10-year U.S. note yield remained above the 4% level, moving between 4.188% and 4.638%.
The net earnings per Class A share fell from $24,775 in the second quarter of 2023 to $21,122 in the second quarter of 2024.
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Operating Earnings &#8211; Segment-wise Breakdown: Insurance and insurance investment income rose 81.5% and 40.1%, respectively to $2.26 billion and $3.32 billion.
Operating earnings from freight and railroad operator BNSF slipped slightly at $1.23 billion. Berkshire Hathaway Energy Company earnings and operating income contribution from other businesses declined 16.6% and 3.51%, respectively, to $655 million and $3.38 billion, respectively.
Investment Holdings: Disclosure regarding key portfolio holdings show that Berkshire trimmed its core holdings to 72% of its total equity holdings from 79% at the end of the December quarter. Fair value of the company&#8217;s equity investments was at $284.9 billion compared to $335.9 billion at the end of the first quarter.
The aggregate fairly value of the five core holdings and changes in stake versus the first quarter as follows:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>End-Q2&#8217;24</td>
<td>End-Q1&#8217;24</td>
<td>Change (%)</td>
</tr>
<tr>
<td> Apple</td>
<td>$84.2B</td>
<td>$135.4B</td>
<td>-37.8%</td>
</tr>
<tr>
<td>Bank of America, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</td>
<td>$41.1B</td>
<td>$39.2B</td>
<td>+4.9%</td>
</tr>
<tr>
<td>American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)</td>
<td>$35.1B</td>
<td>$34.5B</td>
<td>+1.7%</td>
</tr>
<tr>
<td>Coca-Cola Co. (NYSE: KO</td>
<td>$25.5B</td>
<td>$24.5B</td>
<td>+4.1%</td>
</tr>
<tr>
<td>Chevron Corp.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>)</td>
<td>$18.6B</td>
<td>$19.4B</td>
<td>-4.1%</td>
</tr>
</tbody>
</table>
</figure>
Berkshire began trimming its Apple stake in the first quarter and Buffett said at the annual shareholder meeting that Apple will continue to be its top holding. He attributed the <a href="https://www.benzinga.com/markets/equities/24/05/38630421/warren-buffett-confidence-in-apple-wanes-berkshire-cuts-stake-by-18-amid-tech-giants-troubles">trimming to raise cash during uncertain economic conditions and to foot its federal tax bill.</a>
Fair value of investments in fixed maturity securities fell slightly to $16.6 billion, down from $17.2 billion at the end of the March quarter.
Cash Swell: Berkshire&#8217;s cash and cash-equivalents ballooned to $276.94 billion at the end of the second quarter, up from roughly $189 billion at the end of the first quarter.
Berkshire Class A shares listed on the NYSE has gained 18.21% for the year-to-date period compared to the 12.83% gain for the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the broader S&amp;P 500 Index. They ended Friday&#8217;s session down 0.86% at $641,435, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/40030472/warren-buffetts-berkshire-trims-position-in-its-second-biggest-stock-holding-by-3-2b-this-month-">Warren Buffett&#8217;s Berkshire Trims Position In Its Second Biggest Stock Holding By $3.2B This Month: What It Means For Investors?</a></li>
</ul>
Photo: Shutterstock

APPL

Warren Buffett's Berkshire Hathaway Q2 Operating Profit Climbs Over 15%, Cash Hoard Swells To $277B As It Dumps Significant Stake In Apple

Benzinga examined the prospects for <a href="http://www.benzinga.com/trading-ideas">many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
On Friday, U.S. stock markets fell as July&#8217;s job growth was slower than anticipated, with the unemployment rate rising to its highest level since October 2021. Nonfarm payrolls increased by only 114,000, down from June&#8217;s 179,000 and missing the 175,000 forecast by economists. 
The Nasdaq Composite dropped 3.4% this week, marking an 8.8% decline over three weeks, its worst performance since September 2022. As the first major index to enter correction territory, the Nasdaq has fallen over 10% from its record high.
The S&amp;P 500 Index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), fell for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40141685/s-p-500-falls-for-third-straight-week-middle-east-in-turmoil-fed-holds-steady-but-u">a third consecutive week</a> as weaker economic data and geopolitical tensions dampened investor confidence despite Fed Chair Jerome Powell&#8216;s hints at a potential rate cut.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/40016868/jim-cramer-joins-multiple-analysts-calling-the-bottom-in-crowdstrike-stock">&#8220;Jim Cramer Joins Multiple Analysts Calling The Bottom In CrowdStrike Stock,&#8221;</a> by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, reports that Jim Cramer and several analysts believe CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) stock has hit its bottom, expecting a recovery following a major decline due to a recent global IT outage caused by a software update.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40089232/dogecoins-real-bull-run-has-not-even-begun-yet-says-trader-as-memecoin-battles-stagnation">&#8220;Dogecoin&#8217;s Real Bull Run Has &#8216;Not Even Begun Yet,&#8217; Says Trader As Memecoin Battles Stagnation,&#8221;</a> by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, reports that a crypto trader predicts that Dogecoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) bull run has yet to start, despite recent stagnation, as technical indicators like the Relative Strength Index suggest a potential peak by early 2025.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40112850/wall-street-analyst-predicts-end-to-tech-rout-much-of-the-selloff-may-be-in-the-rea">&#8220;Wall Street Analyst Predicts End To Tech Rout: &#8216;Much Of The Selloff May Be In The Rearview Mirror,'&#8221;</a> by <a href="https://www.benzinga.com/author/piero-cingari">Piero Cingari</a>,&nbsp;reports that Ed Yardeni of Yardeni Research believes the tech selloff might be ending, despite recent declines in Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) stocks, and notes that increased capital expenditure for AI development is a positive indicator for future growth.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40016374/bitcoin-super-cycle-will-cause-daily-pumps-of-10-30-trader-predicts-until-then-every-dip-i">Bitcoin &#8216;Super Cycle&#8217; Will Cause Daily Pumps Of 10-30%, Trader Predicts: &#8216;Until Then, Every Dip Is A Massive Buying Opportunity&#8217;</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40110023/meta-platforms-in-rarified-air-with-scale-growth-profitability-12-analysts-size-up-">Meta Platforms &#8216;In Rarified Air&#8217; With Scale, Growth, Profitability: 12 Analysts Size Up Q2 Results, How &#8216;Zuck Won AI Bingo Before The Game Started&#8217;</a>
<a href="https://www.benzinga.com/markets/equities/24/07/40029731/apple-operating-in-an-alternative-universe-says-top-analyst-as-cupertinos-strategy-will-likely-w">Apple &#8216;Operating In An Alternative Universe,&#8217; Says Top Analyst, As Cupertino&#8217;s Strategy Will Likely Weather Margin-Squeezing Effect Of AI Spending</a>
The Bears
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40088915/elon-musks-tesla-will-lose-money-on-bitcoin-purchase-predicts-peter-schiff-that-was-a-mist">&#8220;Elon Musk&#8217;s Tesla Will Lose Money On Bitcoin Purchase, Predicts Peter Schiff: &#8216;That Was A Mistake,'&#8221;</a> by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, reports that Peter Schiff criticizes Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment, predicting financial losses for the company, while Tesla holds $184 million in Bitcoin, reflecting an unrealized gain of 118% on its purchase.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40140075/intel-faces-turbulence-as-6-analysts-weigh-in-on-restructuring-earnings-miss-we-don">&#8220;Intel Faces Turbulence As 6 Analysts Weigh In On Restructuring, Earnings Miss: &#8216;We Don&#8217;t See An Easy Fix,'&#8221;</a> by <a href="https://www.benzinga.com/author/surbhi-jain">Surbhi Jain</a>, reports that analysts have downgraded Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) after its disappointing earnings and major restructuring announcement, with concerns over the company&#8217;s ability to recover amid competitive pressures and strategic challenges.
<a href="https://www.benzinga.com/news/24/07/40020347/nuscale-power-stock-sinks-on-report-the-company-is-under-sec-investigation-what-investors-need-to-kn">&#8220;NuScale Power Stock Sinks On Report The Company Is Under SEC Investigation: What Investors Need To Know,&#8221;</a> by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, reports that NuScale Power Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) shares dropped over 18% after Hunterbrook claimed the SEC is investigating the company, which denies any knowledge of an investigation, citing Hunterbrook&#8217;s vested interest in manipulating the stock market.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/economics/24/07/40046690/if-unemployment-rises-to-4-2-in-july-it-would-trigger-this-key-recessionary-indicator">If Unemployment Rises To 4.2% In July, It Would Trigger This Key Recessionary Indicator</a>
<a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/40025773/bad-news-ahead-for-investors-august-september-are-worst-two-months-over-past-20-years-">Bad News Ahead For Investors? August, September Are Worst Two Months Over Past 20 Years — But 2024 Could Be Different</a>
<a href="https://www.benzinga.com/news/24/08/40124678/delta-air-lines-ceo-calls-microsoft-most-fragile-platform-after-crowdstrike-outage-causes-500m-loss">Delta Air Lines CEO Calls Microsoft &#8216;Most Fragile Platform&#8217; After CrowdStrike Outage Causes $500M Loss: &#8216;When Was The Last Time You Heard About A Big Outage At Apple?&#8217;</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence via Midjourney.

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

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$DOGE

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MSFT

Benzinga Bulls And Bears: Tesla, Microsoft, Intel, CrowdStrike And Crypto Trader Says Dogecoin's Bull Run Has 'Not Even Begun Yet'

Neuralink Corp. founder Elon Musk disclosed that the primary focus of his <a href="https://www.benzinga.com/topic/neuralink">brain-computer interface company</a> is to address neuron damage.
What Happened: In a recent episode of the Lex Fridman podcast, Musk stated that the company's "first order of business" is about addressing basic neurological damage, to help people with conditions such as schizophrenia, seizures, and memory issues.
Musk compared the process to a &#8220;tech tree,&#8221; where the basics need to be established before more complex applications can be explored.
He believes that the potential for profound improvement in communication is worth the risk associated with a new device. Once the risk is minimized, the company might consider aiming for augmentation, giving people &#8220;superpowers.&#8221;
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.
"The first several years are really just solving basic neurological damage, like for people who have essentially complete or near complete loss from the brain to the body, like Stephen Hawking," he added.
See Also: <a href="https://www.benzinga.com/news/24/07/40003033/elon-musk-blocked-vampires-fame-james-wood-for-slamming-his-blocking-ban-now-the-actor-cant-stop-sin?itm_source=parsely-api">Elon Musk Blocked &#8216;Vampires&#8217; Fame James Woods For Slamming His Blocking Ban</a>
Musk also hinted at the possibility of vision restoration, albeit initially low-res, and the potential for vision in different wavelengths, akin to Geordi La Forge from Star Trek.
Why It Matters: <a href="https://www.benzinga.com/general/biotech/24/03/37863779/elon-musk-reveals-blindsight-will-be-next-neuralink-product-we-believe-we-can-still-restore-visio">Earlier this year</a>, Musk revealed that Blindsight, a product aimed at restoring vision, would be the next offering from Neuralink.
In May, <a href="https://www.benzinga.com/news/24/05/38873201/elon-musks-neuralink-patient-noland-arbaugh-shares-his-journey-from-paralysis-to-cyborg-once-you-get">Neuralink&#8217;s first patient,</a> Noland Arbaugh, shared his journey from paralysis to becoming a &#8220;celebrity cyborg,&#8221; demonstrating the potential of the technology.
In June, AI safety researcher<a href="https://www.benzinga.com/news/24/06/39138007/elon-musks-neuralink-incredible-technology-can-make-humans-superhuman-says-ai-expert-but-warns-of-fu"> Roman Yampolskiy highlighted</a> the revolutionary potential of Neuralink but also warned of major risks.
Finally, in July, Musk announced plans to implant the <a href="https://www.benzinga.com/news/24/07/39722865/elon-musks-neuralink-aims-to-boost-brain-implant-patients-to-high-single-digits-by-year-end-the-idea">Neuralink device into a second human patient, </a>with the goal of having the technology in several more patients by the end of the year.
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Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/08/40145058/elon-musk-says-real-time-data-from-x-tesla-cars-and-optimus-robots-in-future-will-make-grok-best-ai">Elon Musk Says Real-Time Data From X, Tesla Cars, And Optimus Robots In Future Will Make Grok &#8216;Best AI System In The World&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

Health Care

Elon Musk Says Neuralink's 'First Order Of Business' Is Solving Neuron Damage 'For People…Like Stephen Hawking'

Tesla and SpaceX CEO Elon Musk has publicly thrown his support behind former President Donald Trump, commending his courage and leadership, despite not aligning with all his views.
What Happened: In a conversation with Lex Fridman posted on social media platforms on Friday, Musk made it clear that his endorsement doesn&#8217;t imply agreement with all of Trump&#8217;s actions or statements.
&#8220;I think people tend to take, say, an endorsement as, well, I agree with everything that person has ever done their entire life 100% wholeheartedly, and that's not going to be true of anyone,&#8221; Musk said.
However, he admired the former president&#8217;s bravery <a href="https://www.benzinga.com/news/24/07/40026814/trump-shooter-researched-assassination-attempt-on-slovakias-prime-minister-fbi-provides-details-on-c">during an assassination attempt</a>. 
&#8220;I thought Trump displayed courage under fire, objectively. He's just got shot. He's got blood streaming down his face, and he's fist-pumping, saying, &#8216;Fight,'&#8221; the mogul stated.
Adding, &#8220;That's impressive. You can't feign bravery in a situation like that. Most people would be ducking because there could be a second shooter.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39255336/trump-praises-electric-vehicles-elon-musk-in-one-speech-blames-evs-for-destroying-bridges-in-another">Trump Praises Electric Vehicles, Elon Musk In One Speech; Blames EVs For Destroying Bridges In Another</a>
The Tesla CEO also underscored the need for a strong and courageous leader to represent the nation, particularly when interacting with formidable world leaders. 
He drew a comparison between Trump&#8217;s resilience and Joe Biden&#8217;s <a href="https://www.benzinga.com/news/24/07/39653890/biden-dismisses-health-concerns-defends-poor-debate-performance-amid-calls-to-withdraw-from-2024-rac">physical struggles</a>, indicating a clear preference for the former.
&#8220;The president of the U.S. have got to represent the country, and they're representing you,&#8221; Musk said, adding, &#8220;You want someone who is strong and courageous to represent the country. That is not to say that he is without flaws,&#8221; referring to Trump.
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.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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Why It Matters: Musk&#8217;s endorsement of Trump could have significant implications for his business ventures, including&nbsp;Tesla, SpaceX, and X. 
Previously, it was reported that <a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures">Trump&#8217;s presidency could bring about</a> regulatory changes that would benefit Musk's companies.
Despite previously stating he would not donate to either Biden or Trump in the 2024 presidential election, Musk has reportedly donated millions to a <a href="https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi">political action committee</a> supporting Trump. 
This move has also raised <a href="https://www.benzinga.com/news/24/07/39804113/exclusive-elon-musk-is-burning-his-own-blue-bridges-by-donating-to-trump-says-market-expert">eyebrows among investors and analysts</a>, given Trump&#8217;s past criticism of Musk and the electric vehicle sector.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Elon Musk Says His Endorsement Of Trump Doesn't Mean He Agrees With Everything Ex-President Is Saying, But Tesla CEO Thinks GOP Presidential Candidate 'Displayed Courage Under Fire'

Amazon.com Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) lower-than-expected net sales for the second quarter and<a href="https://www.benzinga.com/news/earnings/24/08/40131294/whats-going-on-with-amazon-stock-after-earnings"> disappointing outlook</a> weighed heavily on the company&#8217;s share price on Friday, and also on its founder Jeff Bezos&#8216; net worth. This slump was part of a larger financial hit that erased $134 billion from the wealth of the globe&#8217;s 500 richest individuals.
What Happened: Amazon shares closed down nearly 9% at $167.90 on Friday after the company reported second-quarter net sales of $148 billion, up 10% year-over-year, but missing a Street consensus estimate of $148.56 billion.
According to Bloomberg&#8217;s Billionaires Index, this took Bezos&#8217;s net worth down by about $15.2 billion. However, he is still second on the index, overrun only by Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk with a net worth of about $226.9 billion. Bernard Arnault and family of LVMH trail closely behind Bezos with a total net worth of $182 billion.
The Nasdaq 100 Index also experienced a 2.4% drop, impacting the wealth of other tech billionaires such as Elon Musk and Oracle Corp.&#8216;s Larry Ellison, who lost $6.6 billion and $4.4 billion respectively. The tech-centric index has been affected by potential Federal Reserve rate cuts and disappointing high-profile earnings, leading to a correction that has wiped out over $2 trillion in value in just over three weeks, as per <a href="https://www.bloomberg.com/news/articles/2024-08-02/bezos-wealth-drops-by-21-billion-as-amazon-sinks-on-ai-fears?srnd=homepage-americas">Bloomberg</a>. 
Other tech billionaires, including Mark Zuckerberg, Sergey Brin, and Larry Page, also suffered losses of over $3 billion each as shares of Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) fell in New York trading. In total, tech tycoons saw $68 billion shaved off their fortunes, according to Bloomberg&#8217;s wealth index.
The drop in net worth is not Bezos&#8217; biggest one-day wipeout to date. Bezos&#8217; net worth fell by $36 billion in a day on April 4, 2019, after his divorce settlement, the report added.
Why It Matters: Amazon CEO Andy Jassy reiterated the company&#8217;s commitment to AI investments on Thursday, concerning investors who worry that this year&#8217;s AI-fueled gains are overdone or the market is too concentrated, Bloomberg noted.
The company also said that it expects cash capital expenditure to &#8220;meaningfully increase&#8221; in 2024 due to investment in technology infrastructure. For the second quarter, the company&#8217;s cash capital expenditure was $16.4 billion, significantly higher than the $10.4 billion in the corresponding quarter of last year.
Amazon also issued soft third-quarter guidance&nbsp;for net sales on Thursday in a range of $154 billion to $158.5 billion, below the consensus estimate.&nbsp;
Several analysts subsequently <a href="https://www.benzinga.com/analyst-ratings/price-target/24/08/40135676/10-amazon-analysts-assess-q2-earnings-strong-aws-growth-retail-challenges">lowered their price target on the company&#8217;s shares</a> including Pipe Sandler&#8217;s Thomas Champion and JPMorgan&#8217;s Doug Anmuth. 
Price Action: Despite the slump on Friday, Amazon stock is up by nearly 12% year-to-date, according to data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>. 
Read Now:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40141685/s-p-500-falls-for-third-straight-week-middle-east-in-turmoil-fed-holds-steady-but-u">S&amp;P 500 Falls For Third Straight Week, Middle East In Turmoil, Fed Holds Steady But Urgency For Rate Cuts Grows: This Week In The Market</a></li>
</ul>
Image Via Shutterstock

AMZN

GOOG

World Billionaires Lose $134B In Friday Market Slump, Jeff Bezos And Elon Musk Take The Biggest Hits

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk said on Friday that he discussed the idea of a &#8216;government deficiency commission&#8217; with Republican Presidential candidate Donald Trump in case the former President <a href="https://www.benzinga.com/markets/equities/24/06/39562285/jim-cramer-says-trumps-return-to-white-house-could-be-good-for-your-portfolio-hate-him-or-like-h">reclaims the White House</a>. The CEO also expressed his willingness to be part of it. 
What Happened: &#8220;I have discussed with Trump the idea of a government deficiency commission,&#8221; Musk told Lex Fridman in a podcast published on Friday. &#8220;And I would be willing to be part of that commission.&#8221;
While Musk did not detail the purpose of the commission, he hinted that it might be aimed at removing an &#8220;accumulation of laws and regulations.&#8221; 
&#8220;That's (accumulation of regulations) like the hardening of the arteries. Or a way to think of it is being tied down by a million little strings like Gulliver. You can't move. And it's not like any one of those strings is the issue, it's that you've got a million of them,&#8221; Musk said. 
The billionaire entrepreneur added that there needs to be a &#8220;garbage collection&#8221; system for regulations to prevent them from accumulating and preventing key projects such as building high-speed rail in the country. 
Musk also said that the commission, if constituted, will face major resistance. 
&#8220;You're attacking the matrix at that point. The matrix will fight back,&#8221; Musk said
Why It Matters: Musk officially endorsed Republican candidate&nbsp;Donald Trump&nbsp;in July after a shooting incident at a rally in Pennsylvania. Trump, however, is seeking the <a href="https://www.benzinga.com/news/24/07/40031325/former-tesla-exec-says-biden-administrations-treatment-of-ev-giant-was-pretty-fair-despite-musks-all">elimination of subsidies for electric vehicles.</a> 
&#8220;I will end the electric vehicle mandate on day one, thereby saving the auto industry from complete obliteration which is happening right now, and saving US customers thousands and thousands of dollars per car,&#8221;&nbsp;<a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures" target="_blank" rel="noreferrer noopener">Trump said&nbsp;</a>earlier last month at the fourth and final night of the Republic National Convention in Milwaukee.
However, Musk said during the company's second-quarter earnings in late July that the impact of the elimination of subsidies&nbsp;<a href="https://www.benzinga.com/news/24/07/39934750/trump-presidency-and-ira-cut-would-be-devastating-for-competitors-says-elon-musk-long-term-probably" target="_blank" rel="noreferrer noopener">would only be slight for Tesla</a>&nbsp;but devastating for its competitors. The elimination of EV subsidies would probably help Tesla in the long term, he added.
In May, the Wall Street Journal reported, citing sources, that Trump is <a href="https://www.benzinga.com/general/politics/24/05/39070289/elon-musk-in-the-white-house-tesla-ceo-could-land-advisory-role-for-donald-trump-report">considering tapping Musk as a policy advisor</a> if he reclaims the white house in November&#8217;s election. While representatives of Musk and Trump did not respond to the report, some experts believe that Musk is hoping to have some influence on policy if Trump wins. 
"It seems fair to think he (Musk) is hoping to have some influence on EV-related policy should he (Trump) win," David Barrett,&nbsp;CEO of&nbsp;EBC Financial Group, <a href="https://www.benzinga.com/news/24/08/40130730/harris-buttigieg-could-be-beneficial-for-tesla-but-expert-says-elon-musk-still-hopes-to-have-some-in">told </a>Benzinga earlier this week. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40145263/tesla-investor-sawyer-merritt-says-this-can-help-ev-giant-reduce-their-own-costs-between-15-30-elon">Tesla Investor Sawyer Merritt Says This Can Help EV Giant &#8216;Reduce Their Own Costs Between 15%-30%:&#8217; Elon Musk Calls It &#8216;&#8230;A Major Breakthrough&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Elon Musk Says He Spoke To Donald Trump About 'Government Deficiency Commission:' Tesla CEO Expresses Interest In Joining Body To Reduce 'Accumulation Of Laws'

Anthony Scaramucci, the former White House Communications Director, suggested that Donald Trump should consider <a href="https://www.benzinga.com/general/politics/24/07/39780777/trump-picks-senator-j-d-vance-as-running-mate-musk-says-great-choice-for-vp">replacing his running mate</a> JD Vance (R-Ohio).
What Happened: On Friday, Scaramucci took to X, formerly Twitter, and said that the former President has to replace Vance to strengthen <a href="https://www.benzinga.com/general/politics/24/08/40139151/kamala-harris-secures-democratic-nomination-will-momentum-propel-her-to-november-victory-after-b">his political stance against</a> Vice President Kamala Harris.
&#8220;Trump has to replace Vance&nbsp;to get back in the&nbsp;race,&#8221; he said.
<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">Trump has to replace Vance to get back in the race.
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1819449611221979241?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/general/politics/24/07/40070258/trump-vs-harris-election-forecaster-with-9-out-of-10-accurate-predictions-gives-this-candidate-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Election Forecaster With 9 Out Of 10 Accurate Predictions Gives This Candidate The Edge In 2024 Race</a>
Why It Matters: Scaramucci&#8217;s suggestion comes after <a href="https://www.benzinga.com/news/24/07/39997182/former-white-house-official-anthony-scaramucci-mocks-jd-vance-says-thank-you-for-knocking-me-out-of">his previous&nbsp;mockery&nbsp;of Vance</a>, whom he thanked for replacing him as the worst Trump hire. 
"I just want to personally thank JD Vance for knocking me out of the position of the worst Donald Trump hire. I didn&#8217;t think it would happen but here we are and I am grateful,&#8221; he stated last month.
Vance's vice presidential campaign has <a href="https://www.benzinga.com/news/24/07/39979544/can-trump-replace-jd-vance-amid-kamala-harris-picking-pace-experts-warn-that-could-be-extraordinaril" target="_blank" rel="noreferrer noopener">been under scrutiny</a>, with speculation about his potential replacement due to underwhelming polling and the growing momentum of Vice President Kamala Harris.
Vance's campaign has also been described as <a href="https://www.benzinga.com/news/24/07/40026875/trump-vp-pick-jd-vance-blasted-by-fellow-ohio-rep-landsman-one-of-the-cruelest-most-chaotic-and-down" target="_blank" rel="noreferrer noopener">"cruel and chaotic"</a> by fellow Ohio Rep. Greg Landsman (R-Ohio).
Meanwhile, the former White House official has previously also called <a href="https://www.benzinga.com/news/24/07/40001605/anthony-scaramucci-says-donald-trumps-verbal-sparring-with-kamala-harris-a-mistake-adds-vice-preside">Trump&#8217;s verbal attacks on Harris</a> a mistake. &#8220;He doesn't know what punches are going to land on her yet, neither does his team," he said at the time.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40120876/elon-musk-says-good-that-biden-administration-declared-nicol-s-maduro-rival-as-venezuela-election-wi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says &#8216;Good&#8217; That Biden Administration Declared Nicolás Maduro Rival As Venezuela Election Winner</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Anthony Scaramucci Says If Trump Wants To 'Get Back In The Race' With Kamala Harris, Ex-President Will Have To Do This

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk said on Friday that its <a href="https://www.benzinga.com/news/24/07/39615273/tesla-more-than-doubles-energy-storage-deployment-to-mark-its-best-quarter-yet-even-as-ev-demand-con">Powerwall 3</a> is a &#8216;great product&#8217; of which the company could make over 700,000 units in a year. 
What Happened: &#8220;This really is a great product. Took 3 major iterations, as usual, to get to something great,&#8221; Musk wrote.
<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">This really is a great product. Took 3 major iterations, as usual to get to something great.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1819464954736717880?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Powerwall 3 is the latest iteration of Tesla&#8217;s powerful home battery which stores solar energy for use when the grid goes down. It is manufactured by Tesla at its gigafactory in Nevada. 
The company said on Friday that it can build a Powerwall 3 every 25 seconds, or more than 700,000 units per year.
The Powerwall 3 has an energy capacity of 13.5 kWh per unit and can thrive in extreme weather conditions. It also features an integrated solar inverted allowing solar to be connected directly, Tesla said. 
One unit of Powerwall 3 is priced at $9,300 for California Street in San Francisco. 
Why It Matters: Tesla reported a whopping 100% year-on-year jump in revenue from its&nbsp;<a href="https://www.benzinga.com/news/24/07/39615273/tesla-more-than-doubles-energy-storage-deployment-to-mark-its-best-quarter-yet-even-as-ev-demand-con" target="_blank" rel="noreferrer noopener">energy generation and storage segment&nbsp;</a>in the second quarter, even as revenue from the automotive segment dipped. The company&#8217;s second-quarter revenue from the segment totaled $3 billion after it deployed 9.4 GWh of energy storage products. 
For the entirety of 2024, the company now expects the growth rate of revenue in its energy business to outpace the automotive business.
During Tesla's annual shareholder meeting in June, Musk&nbsp;said that the company is on track to complete a "massive number of energy deployments."
"We seem to be tracking to sort of a 200- to 300-percent year-over-year growth in energy storage deployment and stationary pack. So it&#8217;s giant. And the limiting factor really is being able to build more Megapacks and build more Powerwalls," <a href="https://www.benzinga.com/news/24/07/39953878/teslas-energy-and-storage-segment-doubles-revenue-in-q2-to-make-up-for-decline-in-car-sales">he said.</a>
The company is currently ramping up production at its Lathrop Megafactory which is capable of producing 40 GWh of energy storage products a year and also eyeing starting production at its Shanghai Megafactory in the first quarter of 2025.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40145024/ford-reports-31-increase-in-ev-sales-driven-by-popularity-of-tesla-cybertruck-rival-f-150-lightning">Ford Reports 31% Increase In EV Sales, Driven By Popularity Of Tesla Cybertruck Rival F-150 Lightning</a></li>
</ul>
Photo by AngieC333 on Shutterstock

Tesla Says It Can Make One Powerwall 3 Every 25 Seconds: CEO Elon Musk Terms It 'A Great Product'

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