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New ETFs focusing on weight-loss drugs have launched. However, industry observers caution about their long-term prospects and the concentrated risks associated with these investments.

ETFs Bet High On Weight Loss Drugs, But Industry Observers Question Long-Term Potential

The week was buzzing with major tech news, with artificial intelligence (AI) taking center stage. From potential partnerships to analyst upgrades and deepfake concerns, here&#8217;s a round-up of the top stories that made headlines.
Meta Eyes Apple&#8217;s AI
Reports surfaced over the weekend that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) are in talks about a potential AI partnership. Wedbush Securities analyst Dan Ives shared his insights, stating that Meta&#8217;s interest lies in integrating its generative AI model into Apple&#8217;s new AI system, Apple Intelligence.
<a href="https://www.benzinga.com/news/24/06/39471487/dan-ives-says-the-golden-goose-for-meta-is-apple-intelligence-right-now-youre-on-the-outside-of-this">Read the full article here</a>.
Apple&#8217;s AI Initiatives Impress Analysts
Rosenblatt analyst Barton Crockett upgraded shares of Apple from Neutral to Buy, raising the price target from $196 to $260. This bullish stance comes on the heels of Apple&#8217;s AI initiatives showcased at the company&#8217;s Worldwide Developers Conference earlier this month.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39503743/apple-to-gain-market-share-with-ai-smartphone-says-bullish-analyst-skate-to-where-t">Read the full article here</a>.
See Also: <a href="https://www.benzinga.com/news/24/06/39515667/jeff-bezos-doubled-productivity-at-amazon-in-its-infancy-by-simply-buying-a-table-the-most-brilliant?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Doubled Productivity At Amazon In Its Infancy By Simply Buying A Table</a>
Deepfakes and the Future of Reality
Twitter co-founder and Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) CEO, Jack Dorsey, warned about the increasing difficulty in distinguishing between reality and fabrication due to the proliferation of deepfakes. He made these remarks at the Festival of the Sun, an event curated by producer Rick Rubin.
<a href="https://www.benzinga.com/news/24/06/39449884/twitter-co-founder-jack-dorsey-thinks-deepfakes-are-taking-us-toward-a-simulated-future-elon-musk-as">Read the full article here</a>.
AI Safety Remains a Priority for Anthropic&#8217;s CEO
Dario Amodei, CEO of Anthropic, an AI startup backed by Alphabet Inc.'s Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) and Jeff Bezos' Amazon.com Inc., reaffirmed his commitment to AI safety, irrespective of the 2024 elections outcome. He expressed his intentions to work with the next president to ensure AI safety and stay ahead of adversaries in this technology.
<a href="https://www.benzinga.com/news/24/06/39450394/whether-donald-trump-wins-election-or-joe-biden-jeff-bezos-backed-anthropics-ceo-says-my-message-is">Read the full article here</a>.
Arm Holdings CEO on the Rapid Growth of AI
Rene Haas, CEO of SoftBank Group subsidiary Arm Holdings, believes that analysts have underestimated the pace at which AI is advancing. He pointed out that AI will significantly change people's lives and that 70% of the world's devices use Arm chips, positioning the company well in the AI race.
<a href="https://www.benzinga.com/markets/equities/24/06/39470998/arm-holdings-ceo-rene-haas-says-experts-underestimated-the-rapid-growth-of-ai-the-analysts-maybe">Read the full article here</a>.
Read Next: <a href="https://www.benzinga.com/news/24/06/39494097/chatgpt-parent-openai-to-block-access-to-ai-tools-amid-growing-tech-tensions-between-washington-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">ChatGPT-Parent OpenAI To Block Access To AI Tools Amid Growing Tech Tensions Between Washington And Beijing</a>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

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Apple's AI Initiatives Impress Analysts, Meta Eyes Apple Intelligence, Arm Holdings CEO On Rapid Growth Of AI And More: This Week In AI

The past week has been a rollercoaster for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with a mix of potential partnership rejections, health accusations, and product leaks making headlines. Here&#8217;s a quick recap of the top stories involving the tech giant.
Apple Rejects Meta&#8217;s AI Integration Proposal
Despite initial discussions in March, Apple has reportedly declined Meta Platforms Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) proposal to incorporate its AI chatbot, Llama, into the iPhone. The decision was partially due to Apple&#8217;s concerns about Meta&#8217;s privacy practices, according to Bloomberg.
<a href="https://www.benzinga.com/news/24/06/39470144/apple-reportedly-said-no-to-metas-offer-for-iphone-ai-integration-due-to-privacy-policy-concerns">Read the full article here.</a>
Former Employee Accuses Apple of Chemical Exposure
Ashley Gjovik, a former Apple employee, has accused the company of exposing her to hazardous chemicals from a secret chip manufacturing facility, leading to severe health issues. The Environmental Protection Agency (EPA) reportedly found 19 potential violations of regulations by Apple at the Santa Clara site.
<a href="https://www.benzinga.com/news/24/06/39470644/former-apple-employee-claims-she-nearly-died-due-to-chemical-exposure-from-secret-chip-plant-i-tippe">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39467166/dan-ives-says-apple-stock-is-headed-to-300-tim-cook-could-claim-godfather-of-ai-tit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dan Ives Says Apple Stock Is Headed To $300, Tim Cook Could Claim &#8216;Godfather Of AI&#8217; Title</a>
Meta&#8217;s &#8216;Golden Goose&#8217; is Apple Intelligence
Wedbush Securities analyst Dan Ives has shared his insights on the potential AI partnership between Apple and Meta. According to Ives, Meta&#8217;s primary interest in the partnership is to penetrate the Apple layer, similar to OpenAI, to tap into Cupertino's significant consumer base.
<a href="https://www.benzinga.com/news/24/06/39471487/dan-ives-says-the-golden-goose-for-meta-is-apple-intelligence-right-now-youre-on-the-outside-of-this">Read the full article here.</a>
Apple Watch X Rumored to Feature Largest Display Yet
Leaked images of the rumored Apple Watch X or Series 10 suggest a larger display and a thinner case. The device is reportedly larger than the current Series 9 but smaller than the Ultra.
<a href="https://www.benzinga.com/news/24/06/39518145/apple-watch-x-cupertinos-special-10th-anniversary-edition-to-reportedly-feature-largest-display-yet">Read the full article here.</a>
Apple&#8217;s Plan to Reduce Assembly Workforce Faces Setback
Apple&#8217;s plan to cut its iPhone assembly workforce by up to 50% over the next few years is reportedly facing challenges due to precision issues. The decision to favor automation over human workers is partly influenced by the supply chain disruptions and delays caused by the COVID-19 pandemic.
<a href="https://www.benzinga.com/news/24/06/39474703/tim-cooks-goal-to-slash-assembly-workers-by-up-to-50-faces-setback-apple-reportedly-facing-precision">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39503743/apple-to-gain-market-share-with-ai-smartphone-says-bullish-analyst-skate-to-where-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple To Gain Market Share With AI Smartphone, Says Bullish Analyst: &#8216;Skate To Where The AI Puck Is Going</a>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Apple Rejects Meta's AI Integration Proposal, Ex-Employee Accuses iPhone-Maker Of Chemical Exposure And More: This Week In Appleverse

As the week wraps up, we look back at a week filled with political debates, social media commentary, and some serious allegations. From Elon Musk&#8216;s witty take on the presidential debate to Bernie Sanders&#8216; concerns about drug pricing, and Mark Cuban&#8216;s accusations against Donald Trump, the week was nothing short of eventful. Here&#8217;s a quick roundup of the top stories.
Musk&#8217;s Take on the Presidential Debate CEO of Tesla Inc., Elon Musk, shared his unique perspective on the recent presidential debate via X, formerly Twitter. In a world where memes rule, Musk declared the debate a &#8220;clear victory…for memes,&#8221; amidst a social media frenzy of memes and video clips featuring presidential candidates Joe Biden and Donald Trump. <a href="https://www.benzinga.com/news/24/06/39548930/elon-musk-says-first-presidential-debate-was-a-clear-victory-not-for-trump-or-biden-but-for">Read the full article here.</a>
Trump Triumphs in Flash Poll Following the first presidential debate, a flash poll revealed that Donald Trump, the presumptive Republican candidate, was the clear winner. The poll, conducted by SSRS on behalf of CNN, showed that 67% of debate watchers believed Trump outperformed Biden, who only received a better performance rating from 33% of respondents. <a href="https://www.benzinga.com/news/24/06/39543594/biden-vs-trump-flash-poll-picks-debate-winner-but-over-one-third-of-voters-doubt-his-ability-to-lead">Read the full article here.</a>
Sanders Criticizes Ozempic Pricing Bernie Sanders (I-Vt.) expressed his concerns about the pricing of popular diabetes drug, Ozempic, and its manufacturer, Novo Nordisk. In a tweet, Sanders pointed out that the drug&#8217;s manufacturer is charging U.S. consumers 10-15 times more than consumers in other countries, predicting that Ozempic will likely become one of the best-selling pharmaceutical products in history. <a href="https://www.benzinga.com/news/24/06/39515914/bernie-sanders-ozempic-will-likely-become-one-of-the-best-selling-pharmaceutical-products-in-history">Read the full article here.</a>
Cuban Slams Trump Billionaire entrepreneur Mark Cuban took to X, formerly Twitter, to criticize former President Donald Trump's actions. Cuban highlighted various controversial actions by Trump, including Trump University, the 2020 election, and immigration policies. He accused Trump of ripping off thousands of hard-working Americans and not paying his bills. <a href="https://www.benzinga.com/news/24/06/39516013/mark-cuban-accuses-trump-of-ripping-off-thousands-of-hard-working-americans-and-not-wanting-to-leave">Read the full article here.</a>
Trump Jr. Bets on Father&#8217;s Golf Skills Following the first presidential debate, Donald Trump Jr. expressed his confidence in his father&#8217;s golfing skills. He offered to bet &#8220;everything&#8221; on his father if a golf match were to take place between former President Donald Trump and incumbent President Joe Biden. <a href="https://www.benzinga.com/news/24/06/39541782/donald-trump-jr-says-he-will-bet-everything-on-his-father-if-joe-biden-and-the-former-president-have">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/news/24/06/39539797/john-bolton-says-it-would-be-a-mistake-if-this-issue-werent-discussed-at-trump-biden-debate-tonight?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">John Bolton Says It Would Be A Mistake If This Issue Weren&#8217;t Discussed At Trump-Biden Debate Tonight</a>
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Politics

Elon Musk's Take On Biden Vs. Trump Debate, Bernie Sanders Criticizes Ozempic Pricing And More: Top Political Updates This Week

The weekend was abuzz with a flurry of news, from reports on national debt to the latest Federal Reserve stress test results. Former President Donald Trump&#8217;s economic policies were under scrutiny, while the call for a rate cut by a prominent economist added to the mix. Here&#8217;s a quick recap of the top stories.
Fed Stress Test Results
Bank of America analyst Ebrahim H. Poonawala highlighted the &#8220;inherent opacity&#8221; of the Federal Reserve stress test results. The tests revealed a wide range of impacts on minimum capital requirements, with Goldman Sachs experiencing the largest year-over-year increase in its stress capital buffer (SCB). This could potentially slow down share buybacks and negatively impact return on equity (ROE) in the latter half of 2024.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Read the full article here.</a>
Trump&#8217;s Debt Legacy
A recent report by the non-partisan Committee for a Responsible Federal Budget (CRFB) revealed that former President Donald Trump added nearly twice as much to the national debt as President Joe Biden. Trump&#8217;s tenure saw an addition of $8.4 trillion to the national debt, while Biden has added $4.3 trillion with seven months left in his term. Trump&#8217;s debt approvals from 2017 through 2021 included $4.8 trillion in non-COVID related and $3.6 trillion in COVID relief.&nbsp;
<a href="https://www.benzinga.com/government/24/06/39462030/trump-added-nearly-two-times-more-to-the-national-debt-than-biden-while-in-office-new-report">Read the full article here.</a>
Newsom&#8217;s Warning On Trump&#8217;s Economic Plan
California Governor Gavin Newsom criticized Trump&#8217;s economic policies, warning that they could cost working families up to $8,300 in higher taxes. Newsom accused Trump of making America more expensive, with measures that would impose an additional 10% tariff on everyday goods and increase labor and production costs for companies.&nbsp;
<a href="https://www.benzinga.com/news/24/06/39518400/gavin-newsom-warns-trumps-big-economic-plan-could-cost-working-families-up-to-8-300-in-higher-taxes">Read the full article here.</a>
Nobel Laureates Warn Of Inflation Under Trump
Sixteen Nobel Prize-winning economists issued a joint warning about the potential economic risks of a second Trump term. They cautioned that Trump&#8217;s proposed policies could reignite inflation, with measures such as making his first-term tax cuts permanent and imposing universal tariffs on all imports.&nbsp;
<a href="https://www.benzinga.com/news/24/06/39494434/trump-will-reignite-inflation-say-16-nobel-prize-winning-economists-in-a-letter-joe-bidens-economic">Read the full article here.</a>
El-Erian&#8217;s Call For Rate Cut
Mohamed El-Erian, chief economic adviser at Allianz, suggested that the Federal Reserve should consider a rate cut in July. However, he expressed skepticism about the likelihood of this happening, pointing to disagreements regarding inflation dynamics and a rapidly slowing economy.&nbsp;
<a href="https://www.benzinga.com/fintech/24/06/39494283/mohamed-el-erian-calls-for-july-rate-cut-by-but-says-i-dont-think-fed-will-take-this-step-we-are-liv">Read the full article here.</a>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

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Gavin Newsom's Warning On Trump's Economic Plan, Mohamed El-Erian's Call For Rate Cut And More: This Week In Economics

In the wake of a debate performance that drew widespread criticism, speculation has been reignited about whether President Joe Biden should bow out before the November election.
What Happened: David Axelrod, a former senior advisor to the White House during President Barack Obama&#8216;s tenure, voiced concerns about Biden&#8217;s debate showing. 
Axelrod <a href="https://www.cnn.com/2024/06/28/politics/joe-biden-debate-performance-panic/index.html">told</a> CNN, &#8220;There are going to be discussions about whether he should continue.&#8221;
Despite the backlash, Biden has stood firm in his reelection bid, pointing to his age as a strength and underscoring his achievements such as the bipartisan infrastructure bill and the Inflation Reduction Act.
Potential Successors
Should Biden decide to step down, several potential successors have been named, as reported <a href="https://www.businessinsider.com/biden-reelection-democrats-harris-newsom-whitmer-klobuchar-booker-cooper-moore-2024-2#vice-president-kamala-harris-1">by</a> Business Insider. Vice President Kamala Harris is viewed as a likely successor, having collaborated closely with Biden on a range of issues. However, her 2020 presidential bid failed to resonate with voters, sparking doubts about her electability.
Also Read: <a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There&#8217;s One Silver Lining</a>
Gavin Newsom, the governor of California, is another potential contender. Despite calls for Biden to abandon his reelection campaign, Newsom defended Biden&#8217;s performance, describing such discussions as &#8220;unnecessary.&#8221;
Other potential successors include Michigan Governor Gretchen Whitmer, Minnesota Senator Amy Klobuchar, New Jersey Senator Cory Booker, North Carolina Governor Roy Cooper, and Maryland Governor Wes Moore.
Why It Matters: Despite the ongoing speculation, it remains unlikely that Biden will exit the race, as he is the only Democrat to have defeated Trump to date. 
If Biden were to step aside, the Democratic National Convention, scheduled to take place in Chicago this August, would be tasked with selecting a new nominee.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39241154/trump-vs-biden-hush-money-conviction-signals-good-news-for-one-candidate-in-tight-presidential-race" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Hush-Money Conviction Signals Good News For One Candidate In Tight Presidential Race</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

These Are The Top Democratic Contenders Who Could Succeed Biden If President Were To Bow Out Of

If re-elected in November, <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> would reportedly withdraw the United States from the <a href="https://www.benzinga.com/topic/climate-change" target="_blank" rel="noreferrer noopener">Paris climate accord for the second time.</a>
Politico <a href="https://www.politico.com/news/2024/06/28/trump-paris-climate-treaty-withdrawal-again-00165903" target="_blank" rel="noreferrer noopener">reported</a>, citing a campaign spokesperson, that conservatives have spent years preparing for Trump&#8217;s withdrawal from the global agreement aimed at reducing greenhouse gas emissions.
After years of groundwork by conservatives, including drafting executive orders, Trump is poised to withdraw from the global climate agreement if re-elected, a lawyer familiar with the process told Politico.
One of these measures is a draft order that could potentially withdraw the United States from the entire United Nations framework supporting global climate negotiations, a move with significant implications for efforts to mitigate global warming.
On Friday, Trump campaign national press secretary Karoline Leavitt confirmed that if asked, Trump would repeat his decision to withdraw the United States from the landmark climate agreement, stating, &#8220;Yes, he has said that,&#8221; the report noted.
Trump&#8217;s intention to withdraw from the Paris accord isn&#8217;t unexpected, following his previous withdrawal and lobbying efforts by conservatives. During a recent debate with President <a target="_blank" href="https://www.benzinga.com/topic/joe-biden" rel="noreferrer noopener">Joe Biden</a> in Atlanta, Trump criticized the agreement as &#8220;a rip-off of the United States&#8221; and &#8220;a disaster.&#8221;
Industry lawyers have reportedly been drafting various executive orders on energy policies for Trump to potentially sign, the report added, citing sources familiar with the effort.
The Paris Agreement is &#8220;a bad deal for the United States,&#8221; said Mandy Gunasekara, the EPA head of staff during the Trump administration and writer of Project 2025&#8217;s energy and environmental provisions. 
&#8220;It does little to meaningfully reduce emissions. It&#8217;s been used to justify onerous regulations that make energy more expensive,&#8221; Politico added.
Given its significant funding role, the U.S.&#8217; departure would hinder the UNFCCC&#8217;s (United Nations Framework Convention on Climate Change) operations. It could also pose considerable challenges for a future president seeking to rejoin the Paris Agreement.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss"> Is Kamala Harris The Answer To Joe Biden&#8217;s Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Equities

Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report

During the recent presidential debate between <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump </a>and <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden</a>, the president sought to showcase his preparedness for another term in office, <a href="https://www.benzinga.com/news/24/06/39562453/us-allies-urge-biden-to-step-down-after-disastrous-debate-performance-important-to-manage-ones-ride" target="_blank" rel="noreferrer noopener">addressing the high expectations of the American public</a>.
However, a recent <a href="https://www.nytimes.com/2024/06/28/opinion/biden-election-debate-trump.html" target="_blank" rel="noreferrer noopener">op-ed</a> by The New York Times&#8217; editorial board points out how Biden has noticeably changed since the start of his first term. 
The president faced challenges articulating his second-term agenda, countering Trump&#8217;s provocations, and holding him accountable for falsehoods and concerning proposals. Multiple times, he struggled to complete sentences, the board wrote. 
Following the debate, Poland&#8217;s top diplomat,&nbsp;Radoslaw Sikorski, compared Biden and the last of the &#8220;five good emperors&#8221; of ancient Rome, who made a detrimental decision in his final years, leading to civil war.
&#8220;It&#8217;s important to manage one&#8217;s ride into the sunset,&#8221; Sikorski <a href="https://x.com/sikorskiradek/status/1806597637740576910" target="_blank" rel="noreferrer noopener">said</a> in a post on X on Friday. 
Calls For A Fresh Face
Polls and interviews indicate voters are eager for new voices to challenge Trump. Biden&#8217;s supporters are finding solace in the possibility of rallying behind an alternative candidate.
The editorial board added that, unlike in many democracies, where campaigns last a few months, U.S. presidential elections are multiyear endeavors, so there is still time for a fresh face.
The most straightforward strategy for Democrats to defeat Trump is to recognize that Biden may not be able to continue his campaign and establish a process to nominate a more capable candidate to challenge Trump in November.
It represents the optimal opportunity to safeguard the nation&#8217;s spirit — the driving force that prompted Biden to pursue the presidency in 2019.
Moreover, it constitutes the highest form of service Biden can render to a country he has steadfastly served over many years, The New York Times added.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563559/investors-predict-impact-of-potential-trump-presidency-on-markets-the-market-is-already-priced-f">Investors Predict Impact Of Potential Trump Presidency On Markets: &#8216;The Market Is Already Priced For That To Happen&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

New York Times Calls For Joe Biden To Withdraw From Presidential Race

The U.S. Department of Justice (DOJ) recently announced a 10-count indictment against Los Angeles-based associates of Mexico's <a href="https://www.benzinga.com/markets/cannabis/23/10/35294836/el-chapo-behind-bars-but-still-in-power-orders-sons-to-quit-fentanyl-trade-to-the-us">Sinaloa drug cartel</a>, which is run by the sons of <a href="https://www.benzinga.com/markets/cannabis/23/01/30516394/el-chapo-wants-to-serve-his-sentence-at-home-does-mexico-have-a-prison-secure-enough-to-hold-him">Joaquin &#8220;El Chapo&#8221; Guzmán</a>, who is serving a <a href="https://www.benzinga.com/markets/cannabis/23/01/30516394/el-chapo-wants-to-serve-his-sentence-at-home-does-mexico-have-a-prison-secure-enough-to-hold-him" target="_blank" rel="noreferrer noopener">life sentence </a>in a supermax prison in Colorado.
These associates are being charged with conspiracy to launder over $50 million in drug-trafficking proceeds through Chinese underground banking networks. The multi-year investigation, dubbed "Operation Fortune Runner," led to the indictment of 24 defendants.
The Sinaloa Cartel and Chinese operatives, according to the DEA, are involved in <a href="https://www.benzinga.com/markets/cannabis/24/01/36707665/dea-seizes-largest-amount-of-fentanyl-in-its-history-386m-lethal-doses-enough-to-kill-every-amer">smuggling</a> <a href="https://www.benzinga.com/markets/cannabis/24/01/36707665/dea-seizes-largest-amount-of-fentanyl-in-its-history-386m-lethal-doses-enough-to-kill-every-amer">massive amounts of fentanyl</a> into the U.S, with the Chinese supplying precursor chemicals to make it and cartel operatives producing it in Mexico.
"The Sinaloa Cartel is largely responsible for the massive influx of fentanyl into the United States over the past approximately eight years, and for the accompanying violence and deaths that have afflicted communities on both sides of the border," a <a href="https://www.dea.gov/press-releases/2024/06/18/federal-indictment-alleges-alliance-between-sinaloa-cartel-and-money">DEA press release</a> noted.
According to the indictment, a Sinaloa Cartel-linked money laundering network collected and processed large amounts of drug proceeds in U.S. currency in Los Angeles. This was done with the help of a California-based money transmitting group linked to Chinese underground banking. The proceeds were allegedly concealed and made accessible to cartel members in Mexico and elsewhere.
"Drug traffickers generate immense amounts of cash through their illicit operations. This case is a prime example of Chinese money launderers working hand in hand with drug traffickers to try to legitimize profits generated by drug activities," said Guy Ficco, IRS criminal investigation chief.
Related news: <a href="https://www.benzinga.com/markets/cannabis/24/05/38596342/gop-senators-slam-cannabis-banking-reform-cartel-cash-and-oklahoma-at-chinese-money-laundering-s">GOP Senators Slam Cannabis Banking Reform, &#8216;Cartel Cash&#8217; And Oklahoma At Chinese Money Laundering Summit</a>
The lead defendant, Edgar Joel Martinez-Reyes, 45, of East Los Angeles, and others allegedly employed various methods to hide the money's source, including trade-based money laundering, structuring assets to avoid federal financial reporting requirements and purchasing <a href="https://www.benzinga.com/crypto">cryptocurrency</a>.
Martin Estrada, the U.S. Attorney for the Central District of California, referred to the destructive impact of drugs like fentanyl and methamphetamine and the need to target international criminal syndicates laundering drug money. 
"As this indictment and our international actions show, we will be dogged in our pursuit of all those who facilitate destruction in our country and make sure they are held accountable for their actions," Estrada said.
Now read: <a href="https://www.benzinga.com/markets/cannabis/24/06/39559399/new-mexicos-dark-discovery-chinese-workers-trapped-on-illegal-cannabis-farms">New Mexico&#8217;s Dark Discovery: Chinese Workers Trapped On Illegal Cannabis Farms</a>
Photo courtesy of U.S. Customs and Border Protection

Cannabis

Government

DEA Indicts LA-Based Sinaloa Cartel Members For Laundering $50M In Drug Money Via Underground Chinese Networks

In the aftermath of the initial 2024 presidential debate, a recent poll reveals a decline in voters&#8217; confidence in President Joe Biden&#8216;s mental and physical fitness. The poll also suggests that Republican candidate Donald Trump was perceived to<a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one"> have outperformed Biden during the debate.</a>
What Happened An Ipsos <a href="https://www.ipsos.com/en-us/538-ipsos-june-2024-presidential-debate-poll">poll</a> conducted before and after the debate showed that less than half of the viewers rated Trump's performance as good or excellent.
However, three out of five viewers believed Trump outshone Biden. Confidence in Biden&#8217;s fitness to serve as president saw a significant decline, particularly among Democrats, dropping from 27% pre-debate to 20% post-debate.
Despite Biden&#8217;s underwhelming performance, a significant number of likely voters reported that they are still likely to consider voting for Biden. 
Among respondents who completed both the pre- and post-debate survey, only 4% are giving less consideration to voting for Biden, compared to 2% for Trump.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39243266/ex-colleagues-of-judge-in-donald-trumps-hush-money-case-say-former-president-will-most-likely-face-t" target="_blank" rel="noreferrer noopener">Ex-Colleagues Of Judge In Donald Trump's Hush-Money Case Say Former President Will Most Likely Face This Sentence</a>
An Ipsos focus group conducted immediately after the debate with six undecided voters found that, while Biden clearly lost the debate, Trump didn&#8217;t necessarily win it.
The group also noted that the debate did a mixed job at covering a range of topics, with a plurality rating the performance of the moderators as about average.
Why It Matters: The results of the poll are significant as they reflect the public&#8217;s perception of the candidates&#8217; performance in the first 2024 presidential debate. The decline in the confidence in Biden&#8217;s fitness, especially among Democrats, could potentially impact his chances in the upcoming election.
However, the fact that a significant number of likely voters are still considering voting for Biden despite his performance in the debate indicates that the race for the presidency is far from over. 
The perception that Trump outperformed Biden, despite less than half of viewers rating his performance as good or excellent, suggests that the public&#8217;s expectations for the candidates may play a significant role in determining the outcome of the election.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump's Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden Widely Criticized Over Debate Performance, But Poll Also Points To Concerning Signs For Trump

During an episode of the personal finance help show, The <a href="https://www.benzinga.com/personal-finance/24/06/39509101/dave-ramsey-calls-out-the-bad-life-plan-many-americans-consider-as-retirement-nowadays-save-enou">Dave Ramsey</a> Show, the show host and celebrated finance guru, Dave Ramsey, received a call from a woman who decided to change her finances. She called for advice and left with an unexpected gift from Ramsey.&nbsp;
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The episode started with caller Tasia, who revealed to Ramsey that she had found his page on the TikTok social media app, which gave her the push she needed to start working her way out of debt. Tasia told Ramsey that she started her emergency fund, which Ramsey and his team have been teaching people to do. According to Ramsey Solutions, a starter emergency fund should have at least $1,000 as a temporary buffer, while a fully-funded emergency fund should save at least 3-6 months of expenses.
In addition to creating an emergency fund, Tasia told Ramsey that his advice helped her avoid overdrafting any accounts. Tasia revealed that she had been overdrafting her bank accounts her whole life, so this was a significant achievement for her, and Ramsey agreed. He told her, "This is a breakthrough, isn't it, kid? Way to go."&nbsp;
When it comes to overdraft, Tasia isn't alone. U.S. Sen. Bob Casey sent a news release in April this year slamming <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">large corporate banks</a> for profiting from excessive overdraft fees. In his statement, Casey wrote, "Roughly 23 million households pay overdraft fees each year" and that "26 percent of Americans reside in a household that faced an overdraft fee or non-sufficient fund fee in the last year." Casey revealed that American families are struggling to make ends meet, and more are going into overdraft. According to ABC News, Americans paid a whopping $9 billion in overdraft fees last year, with banks charging around $35 per transaction in overdraft. Currently, lawmakers are in the process of passing a rule to try and cut these overdraft fees.&nbsp;
Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends<a href="https://www.benzinga.com/money/arrived-private-credit-fund"> would you invest in it</a>?
Now that Tasia has managed to get herself out of overdraft, she can focus on growing her savings account. She told Ramsey that with her three jobs combined, she earns $90,000 annually and has around $30,000 still in debt, with half that amount being student loans. Ramsey told her, "You're ready to go. You're ready to try new stuff because you're sick and tired of being sick and tired." Ramsey also told Tasia that he was proud of her and then revealed his gift to her: a paid 9-week Financial Peace University class and paid access to the EveryDollar budgeting app. Ramsey explained that he's gifting her this experience because she is the reason why he does the show. He explained, "People that are like you, that have for the first time in your whole adult life, you're not doing overdraft because we taught you something," and added, "Now, we're going to teach you how to get rid of this debt." Ramsey told Tasia he would teach her how to be a millionaire.&nbsp;
When Ramsey had finished telling Tasia his gift to her, she was in tears at the unexpected gesture and told him, "This has been my dream to talk to you." Ramsey told Tasia that he would help her take control of her money instead of wondering where it went, giving her the tools to make sound financial decisions. With Ramsey Solutions, Tasia will learn how to use the snowball method of paying off her debts, from smallest to largest. Ramsey promised that if she follows this advice and stays out of restaurants with no vacations, she would be 100% debt-free by next year.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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Personal Finance

Woman Working 3 Jobs Struggling With A Lifetime Of Overdrafts Receives An Unexpected Gift From Dave Ramsey, Bringing Her To Tears

Following <a target="_blank" href="https://www.benzinga.com/topic/joe-biden" rel="noreferrer noopener">Joe Biden&#8217;s</a> stumbling debate performance, Democrats are reportedly in a state of panic, with some exploring alternatives to <a target="_blank" href="https://www.theguardian.com/us-news/article/2024/jun/29/kamala-harris-joe-biden-trump" rel="noreferrer noopener">replace the 81-year-old as their presidential candidate.</a>
Despite Biden&#8217;s campaign dismissing such suggestions, critics continue to openly question his ability to effectively challenge <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>, whom they perceive as a significant threat to American democracy, <a href="https://www.theguardian.com/us-news/article/2024/jun/29/kamala-harris-joe-biden-trump">reported</a> The Guardian.
Check This Out: <a target="_blank" href="https://www.benzinga.com/general/politics/24/06/39558557/kamala-harris-defends-bidens-slow-start-at-debate-with-strong-finish-clinton-newsom-obama-race-t" rel="noreferrer noopener">Kamala Harris Defends Biden&#8217;s &#8216;Slow Start&#8217; At Debate With &#8216;Strong Finish&#8217;: Clinton, Newsom, Obama Race To Support President</a>
If Biden chooses not to run, his 59-year-old vice president and running mate, <a target="_blank" href="https://www.benzinga.com/topic/kamala-harris" rel="noreferrer noopener">Kamala Harris</a>, would be a natural successor.
However, her candidacy would face challenges, as she has encountered low approval ratings and would likely face competition from other candidates for the nomination.
Over the past three-and-a-half years, Kamala Harris&#8217; historic vice presidency has been a divisive issue among Democrats.
Negative media coverage, including some stemming from her own actions, sexist and racist criticisms, and a complex policy portfolio have influenced public opinion of the former California senator.
Currently, approximately 50% of voters hold an unfavorable view of Harris, according to FiveThirtyEight&#8217;s polling average, which is similar to the roughly 40% who view her favorably, reflecting figures comparable to Biden&#8217;s ratings, the report added.
Harris&#8217; staunch defense of abortion rights, a vital issue for Democrats, contrasts sharply with Biden&#8217;s recent debate stumble.
Following Thursday&#8217;s debate this week, where Biden awkwardly pivoted from attacking Trump on abortion bans to discussing immigration and a murder case in Georgia, Harris was quick to support him in subsequent CNN and MSNBC interviews.
She emphasized voters should consider Biden&#8217;s broader accomplishments over the past three-and-a-half years, acknowledging a slow start but asserting he finished strongly.
&#8220;I&#8217;m talking about the choice for November,&#8221; she said on <a target="_blank" href="https://edition.cnn.com/2024/06/28/politics/video/kamala-harris-biden-trump-cnn-debate-digvid" rel="noreferrer noopener">CNN</a>. &#8220;I&#8217;m talking about one of the most important elections in our collective lifetime.&#8221;
Biden&#8217;s age has always posed an electoral challenge, but his shaky debate performance surprised even his most loyal supporters. Speaking at a rally on Friday, Biden admitted his mistakes but maintained he remained the strongest candidate to defeat Trump.
Mounting concerns about Biden&#8217;s mental sharpness have intensified scrutiny of Harris, especially from the right. Republicans have portrayed Harris as a looming threat, with <a href="https://www.benzinga.com/topic/nikki-haley" target="_blank" rel="noreferrer noopener">Nikki Haley </a>cautioning during the GOP primary that voting for Biden meant endorsing &#8220;a President Harris,&#8221; The Guardian added.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/general/politics/24/06/39563409/heres-how-many-people-watched-the-2024-presidential-debate-and-how-fox-beat-cnn-at-its-own-game">Here&#8217;s How Many People Watched The 2024 Presidential Debate And How Fox Beat CNN At Its Own Game</a>
Photo: Shutterstock

Is Kamala Harris The Answer To Joe Biden's Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate

As the week comes to a close, the world of finance and cryptocurrency has been anything but quiet. From former President Donald Trump&#8216;s potential crypto fortune to the introduction of a bill allowing federal tax payments in Bitcoin, the news cycle has been buzzing with intriguing developments. Here&#8217;s a quick recap of the top stories that made headlines.
Trump&#8217;s Crypto Fortune Former President Donald Trump finds himself in the spotlight once again, this time in the realm of cryptocurrency. His digital wallet holds over half a million TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MAGA</a>) tokens, leading to speculation about the value of his holdings. The tokens were allocated to Trump&#8217;s wallet as part of a marketing scheme by MAGA, the first project to do so. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39477411/heres-how-much-profit-donald-trump-would-make-if-he-sold-his-trump-memecoin-today">Read the full article here.</a>
Federal Tax Payments in Bitcoin Congressman Matt Gaetz (R-Fla.) has proposed a bill that would allow federal income tax payments to be made in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). The legislation aims to amend the Internal Revenue Code of 1986, offering taxpayers a new way to settle their federal tax liabilities. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39487764/congressman-matt-gaetz-introduces-bill-to-allow-federal-tax-payments-in-bitcoin">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39487764/congressman-matt-gaetz-introduces-bill-to-allow-federal-tax-payments-in-bitcoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin</a>
Crypto Analyst&#8217;s Take on Memecoins Cryptocurrency analyst Michaël van de Poppe recently shared his views on meme coins, such as Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) and more. Despite their popularity, he expressed a general dislike for them, criticizing celebrities who leverage their following to start meme coins for financial gain. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39449491/noted-crypto-analyst-flags-three-memecoins-with-potential-of-high-returns-in-the-future-cr">Read the full article here.</a>
Ark Invest&#8217;s Big Moves Cathie Wood&#8217;s Ark Invest made significant trades in Roku Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), amidst a volatile market. The firm acquired $7.3 million worth of shares in Roku Inc., a promising Netflix competitor. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516711/cathie-woods-ark-invest-acquires-7-3m-worth-of-shares-in-this-promising-netflix-competitor">Read the full article here.</a>
US Government&#8217;s Bitcoin Transfer Wallets believed to be linked to the U.S. government have transferred a significant amount of cryptocurrency—3,940 Bitcoin valued at $241 million—onto Coinbase. This move comes shortly after a similar transfer by the German government. <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39511595/uncle-sam-on-the-move-us-government-transfers-millions-in-bitcoin-to-coinbase">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516076/bitcoin-ethereum-dogecoin-retrace-on-fears-of-240m-sale-by-us-government-king-crypto-shoul?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Retrace On Fears Of $240M Sale By US Government: King Crypto Should Reclaim</a>
Bitcoin illustration via Shutterstock.

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

Cryptocurrency

$BTC

$DOGE

$MAGA

$SHIB

COIN

MAGA

ROKU

Trump's Crypto Fortune, Proposal For Bill Allowing Federal Tax Payments In Bitcoin, And More: Crypto Weekly Round-Up

New Jersey authorities have decided not to renew the liquor licenses for two golf courses owned by former President Donald Trump, following <a href="https://www.benzinga.com/news/24/06/39243266/ex-colleagues-of-judge-in-donald-trumps-hush-money-case-say-former-president-will-most-likely-face-t">his felony hush-money conviction.</a>
What Happened: According <a href="https://www.businessinsider.com/nj-pull-trump-golf-liquor-licenses-for-hush-money-felonies-2024-6">to</a> Business Insider, the licenses for Trump National Bedminster and Trump National Golf Club in Colts Neck will not be renewed due to Trump&#8217;s recent felony record.
The golf clubs can continue to serve alcohol until a hearing scheduled for July 19. The licenses are set to expire on Sunday.
Despite the licenses being in the name of his son Donald Trump, Jr., Trump maintains a direct beneficial interest in them as the sole beneficiary of the Donald J. Trump Revocable Trust.
The state attorney general&#8217;s office clarified that only after the sentencing, scheduled for July 11, can any New Jersey official disqualify Trump from holding a liquor license.
Also Read: <a href="https://www.benzinga.com/news/24/06/39445340/trump-is-raising-enough-money-to-wipe-out-bidens-once-significant-cash-advantage">Trump Is Raising Enough Money To Wipe Out Biden&#8217;s Once Significant Cash Advantage</a>
According to state liquor law, a license can be revoked if anyone who either owns or financially benefits from the license is convicted of a crime of &#8220;moral turpitude.&#8221; Given Trump&#8217;s financial interest in the clubs and his new criminal record, the licenses were at risk.
&#8220;Felony convictions are universally considered crimes of moral turpitude,&#8221; stated Peter M. Rhodes, a partner at the Haddonfield, New Jersey-based firm Cahill, Wilinski, Rhodes &amp; Joyce, according to Business Insider. 
Why It Matters: This isn&#8217;t the first time Trump&#8217;s New Jersey licenses have been threatened. In 2021, following a fatal drunken driving crash at one of his clubs, Trump narrowly escaped losing his licenses. 
They were retained under a settlement with the then Attorney General Gurbir S. Grewal. The recent decision to revoke the licenses could have significant implications for the operation of the golf clubs.
Now Read: <a href="https://www.benzinga.com/news/24/04/38133891/donald-trump-says-it-would-be-a-great-honor-if-he-were-jailed-for-breaching-gag-order-i-will-gladly">Donald Trump Says It Would Be A &#8216;Great Honor&#8217; If He Were Jailed For Breaching Gag Order: &#8216;I Will Gladly Become A Modern Day Nelson Mandela&#8217;</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Legal

Trump's Felony Conviction Could Leave His Golf Courses Dry, NJ Set To Revoke Liquor Licenses

According to a recent poll, a majority of voters have expressed their belief that President Joe Biden should be replaced as the Democratic candidate. This sentiment comes in the<a href="https://www.benzinga.com/general/politics/24/06/39127315/latest-poll-of-independents-and-republicans-could-spell-trouble-for-donald-trump-following-his-h"> wake of his performance in the recent debate.</a>
What Happened: The <a href="https://pro.morningconsult.com/analysis/biden-trump-debate-poll-june-2024">poll</a>, conducted by Morning Consult, surveyed 2,068 respondents, revealing that 60% of voters believe Biden should &#8220;definitely&#8221; or &#8220;probably&#8221; be replaced. 
This reflects growing concerns among Democrats about the potential need for a new Democratic presidential candidate.
Among Democratic voters, 21% stated that Biden should &#8220;definitely not&#8221; be replaced, while 20% said &#8220;probably not&#8221;. The participants were almost evenly split when asked to choose between Biden and former President Donald Trump, with 45% favoring Biden and 44% favoring Trump.
The poll results mirrored those from a previous survey conducted after Trump&#8217;s criminal conviction on 34 felony counts related to a $130,000 hush money payment. 
According to Morning Consult&#8217;s analysis, this suggests that &#8220;President Joe Biden has lost no immediate ground to Trump.&#8221;
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump&#8217;s Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
However, 57% of respondents who watched the debate said Trump outperformed Biden. This includes 19% of Democrats, 60% of Independents, and 93% of Republicans.
Despite the poll&#8217;s results, Biden campaign spokesperson Seth Schuster dismissed the poll&#8217;s framing, asserting that &#8220;Joe Biden is not dropping out.&#8221;
Why It Matters: These poll results come on the heels of a <a href="https://www.benzinga.com/news/24/06/39445709/trump-vs-biden-rasmussen-poll-now-shows-one-candidate-has-huge-lead-over-other-with-just-4-months-be">Rasmussen poll</a> released just a week prior, which showed Trump taking a 10-point lead over Biden in the race for the White House. The Rasmussen poll showed 46% of likely voters backing Trump, while 36% were supporting Biden.
The recent shift in voter sentiment, as revealed by the Morning Consult poll, underscores the growing concerns among Democrats and the potential need for a new Democratic presidential candidate. 
This could significantly impact the upcoming election and the future of the Democratic party.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39241154/trump-vs-biden-hush-money-conviction-signals-good-news-for-one-candidate-in-tight-presidential-race" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Hush-Money Conviction Signals Good News For One Candidate In Tight Presidential Race</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden  — Although There's One Silver Lining

As <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> and <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden</a> vie for the presidency, investors are weighing the potential impacts on sectors like <a href="https://www.benzinga.com/electric-vehicles" target="_blank" rel="noreferrer noopener">electric vehicles</a> and <a href="https://www.benzinga.com/topic/interest-rates" target="_blank" rel="noreferrer noopener">long-term interest rates.</a>
Trump&#8217;s unpredictable style historically led to sharp market fluctuations, favored by some hedge funds adept at capitalizing on such volatility, <a href="https://www.bloomberg.com/news/articles/2024-06-27/-volatile-and-unpredictable-why-fast-money-traders-like-trump?sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported</a> Bloomberg. 
Check This Out:<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39562652/trump-presidency-would-be-bullish-for-tesla-negative-for-evs-says-top-analyst-after" rel="noreferrer noopener"> &#8216;Trump Presidency Would…Be Bullish For Tesla, Negative For EVs,&#8217; Says Top Analyst After First Face-Off Between Biden And Ex-President</a>
While markets generally dislike uncertainty, hedge funds see opportunity in Trump&#8217;s potential return, recalling the rapid market shifts during his previous term fueled by unexpected policy announcements and social media posts, the report noted.
Volatility has persisted during Biden&#8217;s tenure due to factors like inflation, geopolitical tensions (Russia-Ukraine war) and Federal Reserve policies.
Looking ahead, potential clashes with Republicans over issues such as the debt ceiling could further unsettle markets if Biden secures a second term.
Despite the election months away, markets are already bracing for heightened volatility. Trump&#8217;s policies, including the renewal of tax cuts, stricter immigration enforcement and proposed tariffs, could amplify market fluctuations. Discussions of increased influence over the Federal Reserve add another layer of uncertainty.
&#8220;The consensus view is that Trump will create volatility,&#8221; Vineer Bhansali, founder of the Newport Beach, California-based asset-management firm LongTail Alpha, told Bloomberg. &#8220;The market is already priced for that to happen.&#8221;
&#8220;We in markets love volatility — but we do try not to get too hung up on the amplified emotion that will come from a Trump presidency,&#8221; said George Boubouras, head of research at hedge fund K2 Asset Management Ltd., according to Bloomberg.
Read Next:<a href="https://www.benzinga.com/news/24/06/39562453/us-allies-urge-biden-to-step-down-after-disastrous-debate-performance-important-to-manage-ones-ride" target="_blank" rel="noreferrer noopener"> US Allies Urge Biden To Step Down After Disastrous Debate Performance: &#8216;Important To Manage One&#8217;s Ride Into The Sunset&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Investors Predict Impact Of Potential Trump Presidency On Markets: 'The Market Is Already Priced For That To Happen'

Jeff Bezos, the founder of Amazon, frequently emphasizes the importance of following one&#8217;s passions, a principle he believes is central to achieving success. 
He once explained this philosophy during an address at the George W. Bush Presidential Center&#8217;s Forum on Leadership, advising attendees to transform their passions into their careers.
Many have interpreted Bezos&#8217;s perspective on passion as passive, suggesting it means waiting idly for one&#8217;s purpose to manifest. However, Bezos clarified that realizing one&#8217;s passions involves much more than anticipation — it demands dedication, hard work, and resilience. 
&#8220;You can have a job, or you can have a career, or you can have a calling,&#8221; Bezos explained, advocating for the latter as the ultimate professional fulfillment, <a href="https://www.inc.com/marcel-schwantes/jeff-bezos-said-success-boils-down-to-1-simple-thing.html">according</a> to Inc.com
&#8220;If you can somehow figure out how to have a calling, you have hit the jackpot, because that&#8217;s the big deal,&#8221; he added. 
According to Bezos, passions are not chosen; they are inherent to our beings and naturally guide our career paths and life choices. This intrinsic element of passion shapes our actions and ambitions from a young age, suggesting that everyone has a unique gift that, when embraced, leads to profound satisfaction and success.
Also Read: <a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos">This Amazon Applicant&#8217;s Interview Answer Earned Her A Seat 3 Feet Away From Jeff Bezos</a>
Embracing one&#8217;s passion is essential, not only for the sense of fulfillment it brings but also for its potential to enhance creativity, productivity and overall life satisfaction.
This journey, however, is not devoid of challenges. Many face obstacles such as financial limitations, societal expectations or personal insecurities that might deter them from pursuing their true interests.
Despite these challenges, those who commit to their passions often find the pursuit rewarding. Following one&#8217;s passion means investing time and effort into endeavors that bring joy and excitement. It involves risks and stepping out of comfort zones, but the benefits, including enhanced happiness and productivity, are substantial.
Bezos&#8217; viewpoint aligns with that of Warren Buffett, who once stated, &#8220;In the world of business, the people who are most successful are those who are doing what they love.&#8221; 
This implies that discovering and following one&#8217;s passion is not just a key to success, but also a route to personal fulfillment and happiness.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/01/36625488/amazon-is-reportedly-using-a-secretly-disturbing-tactic-to-get-rid-of-unwanted-employees" target="_blank" rel="noreferrer noopener">Amazon Is Reportedly Using A Secretly Disturbing Tactic To Get Rid Of Unwanted Employees</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Success Stories

Jeff Bezos Reveals The One Secret To Success: 'You Can Have A Job, Or You Can Have A Career, Or ...'

Several prominent U.S. banks have declared their intentions to raise their dividends for Q3, following their successful performance in the Federal Reserve&#8217;s annual stress test.
What Happened: U.S. banks such as JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), and Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) have decided to increase their dividends for the third quarter. 
This decision comes in the wake of the banks proving their resilience against severe economic and market disruptions in the Federal Reserve&#8217;s yearly health assessment, reports Reuters. 
The largest U.S. lender, JPMorgan Chase, has upped its dividend to $1.25 per share from $1.15 and has approved $30 billion in fresh share buybacks, effective July 1. Bank of America and Citigroup have also raised their dividends to 26 cents and 56 cents per share, respectively.
Brian Mulberry, a client portfolio manager at Zacks Investment Management, told the outlet, &#8220;Banks are going to remain conservative on capital as uncertainty over the Basel proposal remains.&#8221;
Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) and Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) have also declared dividend increases to 92.5 cents and $3 per share, respectively. These announcements were made after the banks&#8217; successful completion of the Fed&#8217;s stress test earlier this week, which assesses the capital they need to reserve before they can distribute money to shareholders.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: &#8216;Goldman Sachs Worst Hit, Huntington Best&#8217;</a>
Goldman Sachs&#8217; CEO David Solomon said, according to Reuters, &#8220;This increase does not seem to reflect the strategic evolution of our business and the continuous progress we've made to reduce our stress loss intensity.&#8221;
Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) also announced a dividend increase to 40 cents. This year, 31 large banks were tested, compared to 23 last year. 
The evaluations demonstrated that banks would have sufficient capital to continue lending under several scenarios, including a significant rise in unemployment, extreme market volatility, and drops in residential and commercial mortgage markets.
Why It Matters: The Federal Reserve&#8217;s annual stress test is a critical measure of a bank&#8217;s ability to withstand economic and market disruptions. 
The successful performance of these banks in the test and their subsequent decision to raise dividends indicates their robust financial health and resilience. 
This move is likely to boost investor confidence and could potentially lead to an increase in their stock prices.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">Fed&#8217;s 2024 Stress Test Results Worse Than Expected, Says Goldman Analyst: &#8216;The Market Will View The Results As Disappointing&#8217;</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Federal Reserve

US Banks Bump Up Dividends Following Fed's Successful Stress Test

Robert Kiyosaki, the renowned author of &#8220;Rich Dad Poor Dad,&#8221; has voiced his concerns about Bitcoin ETFs, <a href="https://www.benzinga.com/news/24/02/36923298/rich-dad-poor-dad-author-issues-dire-warning-about-economy-dont-be-fooled-stock-and-bond-markets-abo">questioning their authenticity.</a>
What Happened: Kiyosaki expressed his doubts about Bitcoin ETFs, stating his reluctance to invest in them. He compared them to gold and silver ETFs, arguing that these financial tools do not accurately reflect the assets they are supposed to represent.
Kiyosaki&#8217;s skepticism centers around the authenticity of ETFs. In a post on X on Thursday, he highlighted that a gold ETF could potentially sell the same ounce of gold multiple times, making it an inadequate substitute for owning physical gold.
This is why he prefers to hold actual gold, silver, and Bitcoin, which he keeps secure and away from traditional financial institutions and Wall Street.
His views are in line with his long-standing criticism of traditional financial market instruments and the Federal Reserve&#8217;s monetary policies. 
Also Read: <a href="https://www.benzinga.com/news/22/11/29864685/rich-dad-poor-dad-author-says-economy-is-biggest-bubble-in-world-history-god-have-mercy-on-us-all-1">&#8216;Rich Dad Poor Dad&#8217; Author Says &#8216;God Have Mercy On Us All&#8217; — Economy Is Biggest Bubble In World History</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Q: Would I buy Bitcoin ETFs? A: No Q: Why not? A: For the same reason I do not buy Gold or Silver ETFs. Q: What is wrong with ETFs? A: ETFs are FAKE gold, silver, or Bitcoin. A: For example a gold ETF can sell 1 ounce of gold 100 times and more via 1 ETF. That is…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1806406137933377890?ref_src=twsrc%5Etfw">June 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Kiyosaki has consistently expressed his belief that the dollar is a &#8220;fake&#8221; currency and has urged people to invest in what he considers real money: BTC, gold and silver.
According to Kiyosaki, these assets are tangible and belong to the people, unlike ETFs and other financial products traded on the market. 
Why It Matters: Earlier Kiyosaki had disclosed his purchase of 5 additional Bitcoin amid the Securities and Exchange <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36588889/rich-dad-poor-dad-fame-robert-kiyosaki-says-hes-bought-5-more-bitcoin-amid-spot-etf-approv">Commission's approval of Bitcoin ETFs.</a>
However, his recent comments reveal a shift in his stance. Kiyosaki&#8217;s disinterest in Bitcoin ETFs aligns with his preference for direct ownership of <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38215259/robert-kiyosaki-says-no-to-bitcoin-etfs-prefer-to-stay-as-far-away-from-wall-streets-finan">assets over Wall Street's financial products.</a>
This development is significant as it highlights the ongoing debate about the authenticity and value of ETFs in the cryptocurrency market.
Now Read: <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">As US Debt Crisis Deepens, &#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Warns Of Looming Economic Peril: &#8216;America Is In Serious Trouble Financially&#8217;</a>
Image created using photos on Flickr and Shutterstock

'Rich Dad Poor Dad' Author Robert Kiyosaki Questions Bitcoin ETFs' Authenticity: 'ETFs Are Fake Gold, Silver, Or Bitcoin'

Cable network CNN hosted the first 2024 presidential debate and, like Donald Trump, could possibly be seen as a winner from Thursday night's<a href="https://www.benzinga.com/news/24/06/39543594/biden-vs-trump-flash-poll-picks-debate-winner-but-over-one-third-of-voters-doubt-his-ability-to-lead"> key political event.</a>
And while CNN may have won, another media company may have been a bigger winner from the debate.
What Happened: Millions of viewers tuned into the first presidential debate, which featured Trump and President Joe Biden in a head-to-head matchup ahead of the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
CNN, which is a unit of Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>), hosted the debate and allowed other media companies to simulcast the 90-minute event, which featured two commercial breaks.
According to CNN, 47.9 million viewers <a href="https://www.cnn.com/2024/06/28/media/ratings-debate-trump-biden-cnn/index.html">watched </a>Thursday's debate, based on preliminary estimates from Nielsen. CNN offered a live feed of the debate free of charge but with several rules related to presentation and branding, with 22 networks agreeing to simulcast.
Here are the viewership figures by network, as <a href="https://www.axios.com/2024/06/28/biden-trump-debate-ratings-viewership-election">reported </a>by Axios:
Fox News: 8.82 million
CNN: 8.75 million
ABC: 8.70 million
NBC: 5.17 million
CBS: 4.81 million
MSNBC: 3.94 million
FOX: 3.48 million
Fox Business: 372,000
HLN: 251,000
CNN Espanol: 46,000
Fox News, which is a unit of Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), ranked first in the preliminary ratings. While the ratings may change, the fact that Fox beat or had close to the same viewership as CNN may be a testament to the strong political viewership of Fox News.
Fox also dominated overall with Fox News ranking first and Fox and Fox Business also ranking in the top 10. Together, the three networks had over 12 million viewers compared to the more than 9 million viewers for CNN, CNN-owned HLN and CNN Espanol.
Fox News also ranked first in coverage of both presidential debates in the 2020 election, which were not hosted by any individual network and were broadcast widely.
Other media companies like Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>)-owned ABC and Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>)-owned CBS also saw strong viewership.
Related Link: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39556388/joe-biden-to-be-replaced-in-2024-election-newsom-tops-democrat-wish-list-betting-odds-but-">Joe Biden To Be Replaced In 2024 Election? Newsom Tops Democrat Wish List, Betting Odds, But Says &#8216;We&#8217;ve Got To Have The Back Of This President&#8217;</a>
Why It's Important: CNN broke several records with its hosted presidential debate, including being the most watched event in CNN history and the most watched CNN program on the Max streaming platform.
CNN also had over 30 million views on its digital platforms, including its YouTube channel.
The presidential debate is also the most watched non-sports television event of 2024 so far, when total viewership is counted.
Viewership of the first 2024 presidential debate was down significantly from the last two presidential elections. The first presidential debate between Trump and Biden in 2020 <a href="https://www.benzinga.com/general/politics/24/03/37550422/trump-ready-to-debate-biden-anytime-anywhere-anyplace-how-media-companies-shareholders-could-be-">was watched by</a> 73 million people and the first presidential debate of 2016 between Hillary Clinton and Trump was watched by a record 84 million viewers.
The first debate of 2024 was watched by 35% less people than the first debate of 2020.
Attention now turns to a second presidential debate set for Sept. 10 and will be hosted by ABC. The event will be broadcast on ABC, ANBC News and Hulu, with plans to simulcast to other networks as well.
The second debate of the 2020 presidential election was watched by 63 million viewers. Based on the overall reaction to Thursday's debate, even fewer people could tune in a second time around.
Debates could be good for media companies and the continued political cycle will likely lead to higher advertising revenue for the companies. Lower viewership from the 2020 cycle and lower demand for a second debate could be items to watch going forward.
Read Next: <a href="https://www.benzinga.com/general/politics/24/06/39558557/kamala-harris-defends-bidens-slow-start-at-debate-with-strong-finish-clinton-newsom-obama-race-t">Kamala Harris Defends Biden&#8217;s &#8216;Slow Start&#8217; At Debate With &#8216;Strong Finish&#8217;: Clinton, Newsom, Obama Race To Support President</a>
Photo: Shutterstock

FOXA

PARA

PARAA

Here's How Many People Watched The 2024 Presidential Debate And How Fox Beat CNN At Its Own Game

Alyssa Farah Griffin, the former White House communications director, has expressed her disappointment with President&nbsp;Joe Biden&#8217;s&nbsp;<a href="https://www.benzinga.com/news/24/06/39540268/trump-attacks-biden-defends-in-high-stakes-no-audience-debate-president-appears-to-freeze-and-fumble">debate performance</a>. She has called for Biden to step aside and make way for a more capable candidate.
What Happened: On Friday, Griffin, who is now a host on &#8220;The View,&#8221; voiced her concerns about Biden&#8217;s performance in the debate on the ABC daytime talk show. She said that she felt &#8220;duped&#8221; by the White House&#8217;s portrayal of Biden&#8217;s capabilities,&nbsp;<a href="https://thehill.com/homenews/media/4746055-alyssa-farah-griffin-the-view-biden-trump-presidential-debate-2024/">reported</a>&nbsp;The Hill.
A former Trump administration official, Griffin criticized Biden&#8217;s performance, saying it was &#8220;stunningly worse than I expected.&#8221; 
&#8220;I feel duped,&#8221; she said, adding, &#8220;I feel like I've been told this guy's doing gymnastics.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39543594/biden-vs-trump-flash-poll-picks-debate-winner-but-over-one-third-of-voters-doubt-his-ability-to-lead?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Flash Poll Picks Debate Winner, But Over One-Third Of Voters Doubt His Ability To Lead</a>
 She also noted that Biden&#8217;s performance overshadowed Trump&#8217;s behavior during the debate. &#8220;Biden&nbsp;has been running on Donald&nbsp;Trump as a threat to&nbsp;democracy. He's a threat to&nbsp;our values. I agree with&nbsp;him on that. Donald Trump&nbsp;is a threat to American&nbsp;democracy,&#8221; she told her fellow &#8220;The View&#8221; co-hosts, adding&nbsp;that Biden &#8220;needs to put country before his own ambition, and he needs to step aside and pass the baton.&#8221;
Why It Matters: The first 2024 presidential debate between Biden and Trump was widely criticized, with Biden struggling to articulate his points. A&nbsp;flash poll&nbsp;even named Trump the winner of the debate.
Following Thursday&#8217;s debate and into Friday morning, names such as Hillary Clinton, Michelle Obama, and Gavin Newsom were trending in the news and on social media as <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39556388/joe-biden-to-be-replaced-in-2024-election-newsom-tops-democrat-wish-list-betting-odds-but-">potential replacements for Biden</a>.
Meanwhile, Biden&nbsp;has <a href="https://www.benzinga.com/news/24/06/39562385/biden-acknowledges-tepid-debate-performance-at-north-carolina-rally-says-i-dont-walk-as-easily-as-i">acknowledged his tepid performance</a>&nbsp;and highlighted his commitment to truth-telling in a rally in North Carolina. He said, &#8220;Folks, I don&#8217;t walk as easily as I used to, I don&#8217;t speak as smoothly as I used to, I don&#8217;t debate as well as I used to. But I know what I do know. I know how to tell the truth.&#8221;
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/06/39548930/elon-musk-says-first-presidential-debate-was-a-clear-victory-not-for-trump-or-biden-but-for?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says First Presidential Debate Was A &#8216;Clear Victory,&#8217; Not For Trump Or Biden, But For…</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credit: Shutterstock

Ex-Trump Aide Says She Feels 'Duped' By Team Biden After Debate Performance: 'I Feel Like I've Been Told This Guy's Doing Gymnastics'

Press Releases

Amplify ETFs Launches The Amplify Weight Loss Drug & Treatment ETF (THNR)

With more than 10% of the global population now suffering from obesity, the share prices of companies providing the latest weight-loss drugs have surged.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07092604/LLY.png" alt="" class="wp-image-376834" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07092604/LLY.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07092604/LLY-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>



However, according to industry observers, investors considering exposure through the newly launched weight-loss exchange-traded funds (ETFs) need to evaluate their potential.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07092627/NVO.png" alt="" class="wp-image-376835" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07092627/NVO.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07092627/NVO-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>



The Roundhill GLP-1 Weight Loss ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OZEM#NASDAQ">OZEM</a>) and the Amplify Weight Loss Drug and Treatment ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THNR#NYSE">THNR</a>) debuted on May 21 with an <a href="https://www.benzinga.com/general/biotech/24/05/38951889/exclusive-roundhill-investments-launches-weight-loss-etf-for-exposure-to-blockbuster-drugs-like-o" target="_blank" rel="noreferrer noopener">expense ratio of 0.59%</a>.



Both ETFs have significant weightings in industry giants Eli Lilly And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>), with OZEM and THNR allocating about 40% and 30%, respectively, to <a target="_blank" href="https://www.benzinga.com/general/biotech/24/05/39096628/new-weight-loss-etf-is-essentially-a-play-on-eli-lilly-novo-nordisk" rel="noreferrer noopener">these companies</a>.



Eli Lilly and Novo Nordisk are the only companies licensed to supply GLP-1 agonist drugs for weight loss.



Recent trials have shown that they can also reduce the risk of heart attacks and strokes, and there are anecdotal reports of their effectiveness in curbing cravings for substances like alcohol.



The Financial Times <a href="https://www.ft.com/content/f1609e9b-75fe-4f7e-bb6b-b66a4eacc530" target="_blank" rel="noreferrer noopener">noted</a> that industry observers are cautious about the long-term prospects of these drugs.



Kenneth Lamont, senior research analyst with Morningstar, said &#8220;solving obesity&#8221; has been a long-sought goal with many setbacks.



A VettaFi research paper highlighted the historical pattern of promising weight-loss drugs eventually facing serious issues, such as the 1933 drug 2,4-Dinitrophenol and various amphetamines over the decades.



The Financial Times added that investors should also be aware Eli Lilly and Novo Nordisk&#8217;s current advantages might be challenged by new drugs in the pipeline which could offer benefits like less frequent administration, oral options instead of injections and fewer side effects.



There is also a case for considering ETFs to capture the weight-loss drug market&#8217;s potential.



THNR, for instance, includes companies expected to bring new drugs to market soon and Fujifilm Holdings, which manufactures injection devices that are currently in shortage.



Christian Magoon, CEO of Amplify, believed this shortage indicated potential growth in the injectable GLP-1 drug market, especially given that many insurance companies do not cover these drugs as part of regular medical expenses.



Dave Mazza, CEO of Roundhill, emphasized the importance of active management in his fund, given the industry&#8217;s fast-paced developments.



However, Lamont questioned whether ETFs such as OZEM and THNR are the best approach, noting their concentrated bets and questioning the need to pay an annual fee of 0.59% when investors could achieve similar exposure by buying a few key stocks directly.



NVO, LLY Price Action: Novo Nordisk shares are up 0.25% at $142.76, and Eli Lilly shares are down 0.27% at $835.02 at last check Friday.



Read Next: <a href="https://www.benzinga.com/general/biotech/24/06/39228433/ozempic-wegovy-create-domino-effect-as-new-products-emerge-across-industries-to-capture-new-consu">Ozempic, Wegovy Create Domino Effect As New Products Emerge Across Industries To Capture New Consumer Habits</a>



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo: I Yunmai via Unsplash

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Amplify ETF Trust Amplify Weight Loss Drug & Treatment ETF

News

Latest news for Amplify ETF Trust Amplify Weight Loss Drug & Treatment ETF (ARCA:THNR)

Friday, June 07, 2024