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The Fund seeks to achieve its investment objective by investing at least 80 percent of its total assets in securities included in the Index. The rules-based index is comprised of U.S. equity exchange traded funds (ETFs). The primary goal of the Index is to gain exposure to U.S. large cap equities while attempting to lower volatility by avoiding sectors that are currently in a down trending cycle.

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THOR Low Volatility ETF

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Kamala Harris has surged ahead of <a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate">Donald Trump in eight national polls.</a>
What Happened: These polls suggest a lead for Harris over Trump, ranging from 1 to 4 points. The latest survey by RMG Research, conducted among 3,000 registered voters from July 29 to July 31, shows Harris leading Trump by 5 points nationwide.
Similarly, a poll by Civiqs also indicated a 5-point lead for Harris over Trump. In a Leger poll, Harris led Trump by 3 points, which increased to 7 points when third-party and independent candidates were included.
According to a report <a href="https://www.newsweek.com/kamala-harris-donald-trump-national-polls-1933639">by</a> Newsweek, four other national polls, including those by The Economist and YouGov, Redfield and Wilton Strategies, Angus Reid, and Florida Atlantic University, showed a smaller lead of 2 points for Harris over Trump.
However, despite these numbers favoring Harris, some experts still view Trump as the favorite for the November election. Election analyst and statistician Nate Silver opined that while Harris is more likely to win the popular vote, Trump has a higher chance of winning the Electoral College.
Also Read: <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">Ex-Trump Staffer Shares Texts To Prove That Ex-President&#8217;s Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a>
Why It Matters: While Harris is leading in these polls, aggregate polls from The New York Times, The Hill, and RealClearPolitics show Trump leading Harris by between 1 and 2 points. 
The Democratic nominee is expected to announce her running mate in the coming days, which could potentially influence the polling numbers.
It&#8217;s important to note that while national polls provide a snapshot of the overall voter sentiment, the U.S. presidential election is ultimately decided by the Electoral College. 
Therefore, state-level polls and swing states often play a decisive role in the election outcome.
Did You Know?
<ul>
<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.

News

Politics

Kamala Harris Takes The Lead In Eight New National Polls

In the days leading up to Donald Trump&#8216;s inauguration as president in 2017, a $10 million cash withdrawal in Cairo triggered a covert investigation by the Justice Department. The probe aimed to uncover potential financial <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">backing from the Egyptian government to Trump</a>.
What Happened: The investigation focused on a $9.998 million withdrawal from a state-run Egyptian bank. The U.S. intelligence community suspected that the funds might have been intended to support Trump&#8217;s campaign. 
The withdrawal involved two individuals departing from Cairo&#8217;s National Bank of Egypt with large bags filled with $100 bills, weighing a total of 200 pounds.
According to a report <a href="https://www.washingtonpost.com/investigations/2024/08/02/trump-campaign-egypt-investigation/">by</a> The Washington Post, the disclosure of this transaction in 2019 amplified an ongoing investigation into classified U.S. intelligence suggesting that Egyptian President Abdel Fatah El-Sisi was trying to funnel money to Trump. The internal probe, known as &#8220;Team 10,&#8221; was discreetly examining the potential of illegal foreign contributions to Trump&#8217;s campaign.
Despite the growing evidence, the case encountered significant internal opposition. High-ranking Justice Department officials, including then-Attorney General William Barr, cast doubt on the investigation&#8217;s credibility, effectively halting the case by mid-2019. 
Also Read: <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">Ex-Trump Staffer Shares Texts To Prove That Ex-President&#8217;s Campaign Settled To Keep Discrimination And Sexual Harassment Lawsuits Quiet</a>
Barr&#8217;s reluctance to advance the investigation was perceived by some as an attempt to stop the DOJ from partaking in what Trump frequently denounced as a politically driven &#8220;witch hunt.&#8221;
When the investigation officially concluded in June 2020, no direct evidence had been discovered linking Trump&#8217;s campaign to the Egyptian funds. 
However, some within the Justice Department argued that the case was closed prematurely due to political considerations rather than a lack of evidence, leaving crucial questions unresolved.
Why It Matters: The investigation&#8217;s closure without definitive evidence linking the Egyptian funds to Trump&#8217;s campaign raises questions about the influence of political considerations on the Justice Department&#8217;s decision-making process. 
The premature closure of the case, despite the presence of substantial evidence, suggests potential political interference in the department&#8217;s operations. 
This incident underscores the need for transparency and independence in the Justice Department&#8217;s investigations to maintain public trust in the institution.
Check This Out:
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<li>Lawmakers Made Huge Investments This Year.&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.

Secret DOJ Probe Examined Possible Link Between $10M Cairo Cash Withdrawal And Donald Trump

A new book by New York Times journalist Anupreeta Das reveals that Microsoft Corp. co-founder Bill Gates was reportedly not allowed to be <a href="https://www.benzinga.com/news/24/06/39565739/warren-buffett-went-to-china-with-bill-gates-once-and-didnt-eat-chinese-food">alone with young interns at the company</a>.
What Happened: Das&#8217;s forthcoming book &#8220;Billionaire, Nerd, Savior, King: Bill Gates and His Quest to Shape Our World&#8221; paints Gates as a relentless flirt, allegedly making unsolicited advances towards women.
&#8220;It was not unusual for Gates to flirt with women and pursue them, making unwanted advances such as asking a Microsoft employee out to dinner while he was still the company's chairman," Das wrote in the book. 
The book also alleges that Gates&#8217; supposed infidelity led to long-standing resentment from his wife, Melinda French Gates. The issues reportedly started shortly after their 1994 wedding, with Gates still harboring feelings for his ex-girlfriend, tech entrepreneur Ann Winblad, <a href="https://nypost.com/2024/08/02/business/bill-gates-tell-all-book-claims-microsoft-banned-young-interns-from-being-alone-with-flirty-mogul-before-divorce-kid-in-a-candy-store/">reports</a> the New York Post.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/02/37058173/heres-what-bill-gates-said-he-would-ask-a-time-traveler-from-the-year-2100" target="_blank" rel="noreferrer noopener">Here's What Bill Gates Said He Would Ask A Time Traveler From The Year 2100</a>
According to Das, French Gates revamped her husband&#8217;s security team due to concerns about his whereabouts and instructed their housekeepers not to disclose his direct phone number when women called their home.
The book suggests that Gates&#8217; flirtatious behavior extended to young women at the Bill and Melinda Gates Foundation. Das&#8217; book also delves into Gates&#8217; controversial association with Jeffrey Epstein, which reportedly was the last straw for French Gates, leading to their divorce in 2021.
A representative for Gates has lambasted the book, saying it is based on &#8220;second- and third-hand hearsay and anonymous sources,&#8221; and includes &#8220;highly sensationalized allegations and outright falsehoods.&#8221;
Why It Matters: The allegations in Das&#8217; book, if true, could tarnish Gates&#8217; reputation and potentially impact his business dealings. The claims also raise questions about the corporate culture at Microsoft during Gates&#8217;s tenure.
The company&#8217;s response to these allegations, and any potential fallout, will be closely watched by investors and the tech industry at large.
Read Next:
<a href="https://www.benzinga.com/news/24/07/39656863/steve-ballmer-is-now-worth-just-as-much-as-if-not-more-than-his-old-boss-bill-gates">Steve Ballmer Is Now Worth Just As Much As — If Not More Than — His Old Boss Bill Gates</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Shutterstock

Tech

MSFT

New Book Claims Bill Gates Was Banned From Being Alone With Interns At Microsoft

A political action committee (PAC) established by Tesla Inc CEO Elon Musk is reportedly using voter data to favor <a href="https://www.benzinga.com/news/24/07/39872015/teslas-elon-musk-recently-pledged-a-huge-donation-to-donald-trump-and-the-ex-president-returned-the">Donald Trump over Kamala Harris.</a>
What Happened: America PAC has been running digital ads promoting voter registration. But the registration process linked to in the ads differs based on the user&#8217;s geographical location.
As reported <a href="https://www.cnbc.com/2024/08/02/elon-musk-pac-voter-data-trump-harris.html">by</a> CNBC, users in non-competitive states are directed to a voter registration page, while those in battleground states are asked to provide detailed personal information.
After submitting the information, users are not led to a voter registration page but instead receive a &#8220;thank you&#8221; page. This method gathers valuable personal data for the political operation without facilitating voter registration.
&#8220;I have created a PAC, or a super PAC,&#8221; Musk disclosed in a recent <a href="https://x.com/jordanbpeterson/status/1815427698703090085">interview</a>. The PAC has spent more than $800,000 since early July on digital ads targeting voters in key battleground states.
Also Read: <a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures">What A Second Trump Presidency Would Mean For Elon Musk And His Many Ventures</a>
The PAC&#8217;s strategy to collect information under the pretense of &#8220;voter registration&#8221; is a key component of its plan to personally connect with voters. &#8220;America PAC is focusing on door-to-door canvassing in support of Trump,&#8221; Brendan Fischer, a deputy executive director at campaign finance watchdog Documented, told CNBC.
Since June, America PAC has spent more than $21 million on canvassing, digital media, text message services, and phone calls, as per Federal Election Commission filings.
While the PAC&#8217;s website does not disclose its political leaning, federal filings indicate that all its work is intended to either back Trump or undermine his opponent.
Other prominent supporters of this initiative include veteran investor Doug Leone, cryptocurrency investors Cameron and Tyler Winklevoss, and a company managed by seasoned venture capitalist Joe Lonsdale.
Why It Matters: The use of voter data by Musk&#8217;s PAC to favor one candidate over another raises concerns about the transparency and fairness of the electoral process. 
The PAC&#8217;s strategy of collecting personal data under the guise of voter registration could potentially influence the outcome of the election. 
This highlights the growing influence of big tech and billionaires in American politics, which could have far-reaching implications for democracy.
Check This Out:
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<li>Lawmakers Made Huge Investments This Year.&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.

Here's How An Elon Musk-Backed PAC Harnesses Voter Data To Support Donald Trump

Kamala Harris&#8216; presidential campaign raised a staggering $310 million in July. That figure is more than double the amount raised by her Republican rival <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">Donald Trump</a>.
What Happened: The surge in fundraising was sparked by Harris&#8217; entry into the presidential race. The campaign and its associated committees now boast $377 million in cash on hand, providing them with a $50 million advantage over Trump&#8217;s $327 million war chest.
According to the report <a href="https://www.politico.com/news/2024/08/02/harris-campaign-fundraising-numbers-july-00172400">by</a> Politico, this influx of funds has significantly improved the financial situation of the Democrats, who had been struggling financially in recent months.
Following a series of setbacks for Joe Biden, including a poor debate performance and calls for him to step down, fundraising had stalled. However, Biden&#8217;s departure from the ticket on July 21 and Harris&#8217; subsequent elevation reignited the fundraising efforts.
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>
Major Democratic donors pledged $150 million to a pro-Democratic presidential super PAC, and small-dollar donors flocked to support Harris&#8217;s campaign. A series of virtual fundraisers also raised more than $20 million.
Two-thirds of the July total came from first-time donors, with the majority of donations being $200 or less. The campaign also reported an increase in donations from Gen Z and millennial donors.
&#8220;This is a history-making haul for a candidate who will make history this November,&#8221; Harris campaign manager Julie Chavez Rodriguez told the outlet. &#8220;The tremendous outpouring of support we&#8217;ve seen in just a short time makes clear the Harris coalition is mobilized, growing, and ready to put in the work to defeat Trump this November.&#8221;
Why It Matters: The record-breaking fundraising haul signifies a shift in momentum for the Democratic Party. The substantial financial backing for Harris&#8217;s campaign indicates a broad base of support, including from younger donors, which could prove crucial in the upcoming election.
The funds will enable the campaign to invest in key battleground states and expand its outreach efforts, potentially swaying undecided voters. 
The financial advantage over Trump&#8217;s campaign could also provide a strategic edge in the final months leading up to the election.
Did You Know?
<ul>
<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.

Kamala Harris' Campaign Outpaces Donald Trump's With Staggering $310M In July Fundraising

North Korea views <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>&#8216;s potential return to the White House as a &#8220;once-in-a-thousand-year chance&#8221; to advance its <a href="https://www.benzinga.com/news/24/07/40004935/after-kim-jong-uns-defense-pact-with-russia-global-economy-could-lose-4-trillion-if-war-erupts-betwe">nuclear ambitions and diplomatic leverage</a>.
Ri Il Kyu, the highest-ranking defector to flee North Korea since 2016, met with <a href="https://www.benzinga.com/topic/kim-jong-un" target="_blank" rel="noreferrer noopener">Kim Jong Un</a> on seven separate occasions, <a href="https://www.bbc.com/news/articles/c0jqjwdyl1ko" target="_blank" rel="noreferrer noopener">reported</a> BBC.
The former diplomat, who was stationed in Cuba when he fled with his family to South Korea last November, recalls &#8220;shivering with nerves&#8221; during his first meeting with Kim. However, in each of their meetings, he observed Kim to be &#8220;smiling and in a good mood.&#8221;
In his first interview with an international broadcaster, Ri offers a rare glimpse into the ambitions of one of the world&#8217;s most secretive and repressive states.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/08/40092218/kim-jong-uns-north-korea-allegedly-obtains-south-korean-spy-data-military-intel-employee-arrested-fo" rel="noreferrer noopener">Kim Jong Un&#8217;s North Korea Allegedly Obtains South Korean Spy Data: Military Intel Employee Arrested For Leaking Secrets</a>
He asserts that North Korea still sees Trump as a potential negotiating partner for its nuclear weapons program despite talks with Kim collapsing in 2019.
Trump has previously praised his relationship with Kim as a major achievement, even claiming they &#8220;fell in love&#8221; through their letters. Last month, he suggested at a rally that Kim would prefer him back in office, saying, &#8220;I think he misses me, if you want to know the truth,&#8221; BBC added.
According to Ri, North Korea aims to leverage its close personal ties with Trump, despite Pyongyang&#8217;s official claim last month that it &#8220;did not care&#8221; about the U.S. presidential election.
He suggests that North Korea is unlikely to abandon its nuclear weapons but might negotiate a freeze on its nuclear program in exchange for sanctions relief from the U.S.
Ri contends that North Korea views its recent alliance with Russia, bolstered by the Ukraine war, as advantageous. He reveals that Pyongyang has sold millions of rounds of ammunition to Moscow, gaining food, fuel, and potentially military technology in return.
This arrangement, according to Ri, has primarily benefited North Korea by enabling it to further develop its nuclear weapons program.
&#8220;North Korea understands that the only path to its survival, the only way to eliminate the threat of invasion and develop its economy, is to normalise relations with the United States,&#8221; Ri says.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/08/40131994/amid-rising-threat-from-kim-jong-uns-north-korea-germany-joins-us-led-united-nations-command-to-stre" target="_blank" rel="noreferrer noopener">Amid Rising Threat From Kim Jong Un&#8217;s North Korea, Germany Joins US-Led United Nations Command To Strengthen South Korea&#8217;s Border Policing</a></li>
</ul>
Image: Shutterstock

Equities

Markets

Media

General

Defector Says Donald Trump's Return To White House Would Be 'Once-In-A-Thousand-Year Chance' For North Korea

<a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> returns to Georgia on Saturday to campaign in a battleground state that he lost by fewer than 12,000 votes in 2020 and that both parties view as competitive once more.
Trump&#8217;s event with his running mate <a href="https://www.benzinga.com/topic/jd-vance" target="_blank" rel="noreferrer noopener">JD Vance</a> follows <a href="https://www.benzinga.com/topic/kamala-harris" target="_blank" rel="noreferrer noopener">Kamala Harris</a>&#8216; recent rally with thousands at the same Georgia State University basketball arena in Atlanta, <a href="https://apnews.com/article/trump-vance-atlanta-georgia-harris-rally-b21c25bbbfafdd0343c8812f6c3d7c9e" target="_blank" rel="noreferrer noopener">reported</a> AP News.
Both parties are targeting Georgia, a crucial Sun Belt battleground.
Just two weeks ago, Democrats shifted focus from Georgia to Midwestern &#8220;blue wall&#8221; states crucial to a Democratic victory. But Joe Biden&#8216;s exit from the campaign and Harris&#8217; move to the top of the ticket have sparked Democratic hopes for a broader electoral strategy.
&#8220;The momentum in this race is shifting,&#8221; Harris told a lively crowd on Tuesday.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/08/40147079/donald-trump-accepts-invitation-to-debate-kamala-harris-on-fox-news-calls-her-crazy" rel="noreferrer noopener">Donald Trump Accepts Invitation To Debate Kamala Harris On Fox News, Calls Her &#8216;Crazy&#8217;</a>
In the 2020 election, Biden won Georgia by 11,779 votes.
Trump, who then pressured Georgia Secretary of State Brad Raffensperger to &#8220;find&#8221; votes, was indicted for his efforts to overturn the results, AP News added.
However, the case is currently on hold as courts determine if the Fulton County District Attorney can proceed with the prosecution.
In announcing Saturday&#8217;s rally, Trump&#8217;s campaign blamed Harris for inflation and rising gas prices since the end of the Trump administration.
The campaign also highlighted the case of Laken Riley, a Georgia nursing student killed while jogging on February 22, with a Venezuelan citizen indicted for her murder.
Trump and his allies have frequently branded Harris as the Biden administration&#8217;s &#8220;border czar,&#8221; referring to her role in leading White House migration efforts.
The focus by both Harris and Trump on Georgia highlights its renewed importance for November.
Trump&#8217;s rally in Atlanta targets the state&#8217;s largest media market, including traditionally Republican suburbs and exurbs that have become more competitive due to increased diversity and population growth.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40146623/kamala-harris-urgent-vp-decision-who-will-help-her-take-on-trump" target="_blank" rel="noreferrer noopener">Kamala Harris&#8217; Urgent VP Decision: Who Will Help Her Take On Trump?</a></li>
</ul>

Trump Returns To Georgia: Battleground Becomes Key Focus As Presidential Race Tightens

Meta Platforms Inc. is said to be offering millions to Hollywood stars for the rights to use their voices in <a href="https://www.benzinga.com/news/24/06/39447797/apple-eyes-meta-for-potentially-game-changing-ai-partnership-report">artificial intelligence (AI) projects</a>.
What Happened: According to a report, Meta is currently in negotiations with celebrities such as Judi Dench, Awkwafina, and Keegan-Michael Key. The specifics of the project are still under wraps, and Meta has chosen not to comment on the matter.
The tech giant, which owns Facebook and Instagram, is racing against time to finalize these deals before its Connect 2024 event in September. The company&#8217;s goal is to create a range of AI tools, which may include a chatbot that could function as a digital assistant or companion, <a href="https://www.bloomberg.com/news/articles/2024-08-02/meta-is-offering-hollywood-stars-millions-for-ai-voice-projects?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a> Bloomberg.
However, the negotiation process has been a rollercoaster ride due to disagreements over the terms of voice usage. While Meta is pushing for rights to the actors&#8217; voices for various applications over a fixed term on a single project, the actors&#8217; representatives are advocating for more stringent restrictions.
Also Read: <a href="https://www.benzinga.com/news/24/07/39999229/dont-look-now-but-zuckerbergs-threads-is-picking-up-steam">Don&#8217;t Look Now, But Zuckerberg&#8217;s Threads Is Picking Up Steam</a>
The integration of AI in the entertainment industry has sparked concerns among Hollywood professionals, who fear job displacement due to technological advancements. Despite these apprehensions, SAG-AFTRA, the main union for actors, has apparently reached a consensus with Meta on the terms.
In the past, Meta has dabbled with text-based chatbots that were inspired by celebrities such as Dwyane Wade and Paris Hilton. However, this program has since been discontinued.
The news also follows on a controversy involving an AI voice assistant from OpenAI that sounded very much like Scarlett Johansson.
Why It Matters: This move by Meta signifies a growing trend of tech companies leveraging the star power of celebrities to enhance their AI offerings. The use of recognizable voices could potentially make AI tools more appealing to users, thus driving user engagement and growth for the company. 
However, the negotiations highlight the ongoing debate over the ethical use of AI, particularly in terms of job displacement and the rights of individuals to their own voice. The outcome of these discussions could set a precedent for future collaborations between tech companies and celebrities.
Read Next:
&nbsp;<a href="https://www.benzinga.com/news/23/03/31129297/zuckerbergs-life-changing-advice-to-young-people" target="_blank" rel="noreferrer noopener">Zuckerberg's Life-Changing Advice To Young People</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Shutterstock

Social Media

Meta Seeks A-List Hollywood Celebrities To Voice AI Tools

<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.
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Image created using artificial intelligence via Midjourney.

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>
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Image: Shutterstock

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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</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>.
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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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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.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
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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<li>This billion-dollar fund has invested in the next big real estate boom,<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> here's how you can join for $10.</a></li>
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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;
Trending: This billion-dollar fund has invested in the next big real estate boom,<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> here's how you can join for $10.</a>
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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