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Tryp Therapeutics finalizes merger with Exopharm, prepares for ASX listing with strategic shareholder benefits. Explore merger details now!

Tryp Therapeutics Set To Finalize Merger With Exopharm, Announces Trading Halt Ahead Of ASX Listing

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Psychedelics Developer Secures $100M In Series A Funding, Will Support MDMA Approval To Treat PTSD



Psyched: $100M For MDMA Therapy, VA Funds, 2024 Watchlist, Reform Updates And More

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Psychedelics biotech Tryp Therapeutics (OTCQB: TRYPF) is advancing its psilocybin-based portfolio through several recent milestones.

Tryp Therapeutics Explores Psilocybin&#39;s Potential In New Trials To Treat IBS And Fibromyalgia

Tryp Therapeutics Inc Ordinary Shares

The week has been a whirlwind of events, with President Joe Biden warning of a potential tech oligarchy, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) extending support to wildfire-stricken California, Mary Trump criticizing her uncle&#8217;s wildfire comments, Steve Bannon targeting Elon Musk, and a significant shift in cannabis policy. Let&#8217;s dive into the details.
Biden&#8217;s Tech Oligarchy Warning
President Joe Biden, in his farewell speech, expressed concerns about the emergence of a tech oligarchy that could pose significant threats to the country. The President&#8217;s warning has sparked a debate, with figures like Bernie Sanders and Kevin O&#8217;Leary holding contrasting views on the role of America&#8217;s wealthiest individuals.
<a href="https://www.benzinga.com/tech/25/01/43046693/biden-warns-of-musk-bezos-zuckerberg-oligarchy-but-is-he-to-blame-mark-cuban-says-president-pushed-them-all-into-the-arms-of-trump">Read the full article here.</a>
Tesla&#8217;s Support for California Amid Wildfires
Despite his feud with Gavin Newsom, Tesla CEO Elon Musk has announced that the company will delay Cybertruck deliveries in California to aid in wildfire relief efforts. The trucks will be used to power Starlink internet terminals in areas that have lost connectivity due to the fires.
<a href="https://www.benzinga.com/general/space/25/01/42939786/despite-elon-musks-feud-with-gavin-newsom-tesla-rolls-out-support-for-california-amid-wildfires-with-cybertrucks-starlink-and-megapack-chargers">Read the full article here.</a>
Mary Trump&#8217;s Blast at Uncle&#8217;s Wildfire Comments
Mary Trump, President-elect Donald Trump&#8217;s estranged niece, has criticized her uncle&#8217;s controversial comments on the ongoing wildfires in southern California. The fires have led to the death of at least 16 people and the evacuation of over 153,000 residents.
<a href="https://www.benzinga.com/news/25/01/42935659/mary-trump-blasts-uncle-over-wildfire-comments-if-donald-trump-can-profit-from-your-death-he-will-facilitate-it">Read the full article here.</a>
Steve Bannon&#8217;s Attack on Elon Musk
Steve Bannon, former adviser to the Trump White House, has vowed to expel Elon Musk from the MAGA movement, labeling him as &#8220;truly evil&#8221;. Bannon&#8217;s threat comes despite Musk&#8217;s substantial financial support to President-elect Donald Trump&#8217;s return to the White House.
<a href="https://www.benzinga.com/news/25/01/42935180/steve-bannon-targets-elon-musk-pledges-to-expel-him-from-maga-movement-he-is-a-truly-evil-guy">Read the full article here.</a>
Shift in Cannabis Policy
The National Cannabis Roundtable (NCR) and the U.S. Cannabis Council (USCC) have announced a merger, aiming to represent the cannabis industry more effectively. The newly formed U.S. Cannabis Roundtable will address the 119th Congress and the incoming Trump administration, representing businesses operating in 38 states.
<a href="https://www.benzinga.com/government/regulations/25/01/43042694/president-trumps-endorsement-represents-a-sea-change-in-cannabis-policy-says-trulieve-ceo-as-advocacy-groups-join-forces">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/43073132/cathie-wood-is-betting-big-on-this-ai-darling-and-no-its-not-nvidia">Cathie Wood&#8217;s Ark Invest Is Betting Big On This AI Darling And No It&#8217;s Not Nvidia</a></li>
</ul>
Photos 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/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Politics

General

TSLA

Biden's Tech Oligarchy Warning, Tesla's Wildfire Support, Bannon's Musk Attack, And Cannabis Policy Shift: This Week In Politics

When it comes to modern politics, it's not just about policies – it's about how you sell them. And according to billionaire entrepreneur Mark Cuban, Democrats and Republicans are playing vastly different games when it comes to winning over voters.
Cuban's comments came during a <a href="https://bsky.app/profile/mcuban.bsky.social/post/3lfiyz2sycs2d">discussion</a> on Bluesky about job growth under President Joe Biden. While Biden boasts impressive numbers – 16.1 million jobs <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/10/statement-from-president-joe-biden-on-the-december-2024-jobs-report/">created</a>, more than the full terms of Trump, Obama or George W. Bush–Cuban thinks these numbers aren't connecting with everyday people the way they should.
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a></li>
</ul>
The conversation started when Peter Baker, chief White House Correspondent for The New York Times and MSNBC analyst, shared an Axios article that highlighted how more jobs have been created under Biden than during the full terms of Trump, Obama or Bush 43.
In response, journalist Kara Swisher said, &#8220;It is truly about who tells a better story – or really a story people want to hear and makes them see what they believe rather than believe what they see.&#8221;
Cuban replied, &#8220;The reality is that Salesmanship is the differentiation between the two parties. The Dems couldn&#8217;t sell dollar bills for 50c. Trump has found his audience and can sell them dollar bills for $5. When everything is a story the algorithm flashes at you as you scroll, you better be selling fast.&#8221;
See Also: Built on the trusted network of Fortune 500 companies, <a href="https://www.benzinga.com/money/web3-enabler-the-most-boring-blockchain-company-partners-with-salesforce">this blockchain company partners with Salesforce to uproot lengthy and expensive B2B transactions, and you can invest with just $100.</a>
<h2 class="wp-block-heading">The Numbers Don't Lie</h2>
Axios reported that the U.S. economy has added more jobs under Biden than any of his recent predecessors. In 2024 alone, 2.23 million jobs were created, <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42912480/us-economy-adds-256000-payrolls-in-december-as-tight-labor-market-tops-forecasts-dollar-treasury-yields-spike">including 256,000 in December</a>. Here's how it stacks up:
<ul>
<li>Joe Biden (2021–2024): +16.1 million jobs</li>
<li>Donald Trump (2017–2020): -2.1 million jobs (pandemic losses; pre-pandemic gains: +6.6 million)</li>
<li>Barack Obama (2009–2016): +7.1 million jobs</li>
<li>George W. Bush (2001–2008): +5.2 million jobs</li>
</ul>
By comparison, Bill Clinton's presidency saw a whopping 23 million jobs added. However, Biden's annual average growth is higher, driven by the post-pandemic recovery. Despite these numbers, Cuban argues that the Democrats are failing to share this message and connect with voters.
Trending: <a href="https://www.benzinga.com/money/qnetic-2">This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here&#8217;s Why Early Investors Are Flocking To Invest Before Funding Closes</a>
<h2 class="wp-block-heading">Trump's Masterclass in Selling</h2>
Trump, on the other hand, has mastered the art of selling. He understands his audience and crafts simple, catchy ideas that stick. From rallies to social media posts, he's turned complicated issues into statements his supporters can get behind.
Cuban's metaphor about dollar bills stresses the stark difference in approach. While Trump can persuade his followers to buy into his vision – even at a premium – the Democrats struggle to make their case even when the value is obvious.
After all, Trump famously said in 2016, &#8220;I could stand in the middle of Fifth Avenue and shoot somebody and I wouldn&#8217;t lose any voters. It&#8217;s, like, incredible.&#8221;
Cuban's critique is a wake-up call for Democrats to rethink their approach. Biden's job growth numbers are strong, but without a good story to back them up, they're being drowned out by louder, flashier messages from Republicans.
In a world driven by algorithms and attention spans measured in seconds, the ability to sell a story is a necessity. As Cuban points out, that&#8217;s where the Democrats are failing.
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<li>According to Juniper Research, the total value of B2B cross-border payments stored on the blockchain is projected to exceed $4.4 trillion — <a href="https://www.benzinga.com/money/web3-enabler-future-of-enterprise-transactions">Join the first company to bring blockchain payments to Salesforce early with just $100.</a></li>
</ul>

Mark Cuban Says Trump's Messaging Skills Overshadow Biden's 16 Million Jobs–'He Can Sell Them Dollar Bills For $5'

Online trading platform Robinhood reportedly transferred a whopping 131 million Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) within the span of an hour, sparking intrigue and <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42256959/dogecoin-trading-volume-skyrockets-76-indicating-potential-major-price-upswing">speculation among crypto enthusiasts</a>.
What Happened: According to <a href="https://whale-alert.io/transaction/dogecoin/942ce5c784b2e9f4d6c5b0fde2c028767d54eefd13c00068b10c71c543c80935">data</a>, this massive amount of DOGE was moved in two significant transactions.
The initial&nbsp;transaction involved the transfer of&nbsp;80,452,117 DOGE, valued at approximately&nbsp;$33,127,063, from Robinhood to an&nbsp;unidentified wallet. 
The subsequent transaction witnessed&nbsp;51,954,195 DOGE, worth around $21,334,106,&nbsp;being transferred from Robinhood to leading cryptocurrency exchange,&nbsp;Coinbase.
<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">&#x1f6a8; &#x1f6a8; 80,452,117 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> (33,127,063 USD) transferred from <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw">#Robinhood</a> to unknown wallet<a href="https://t.co/FV4f1wCkh1">https://t.co/FV4f1wCkh1</a>
&mdash; Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1880312975711461739?ref_src=twsrc%5Etfw">January 17, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
These considerable transactions could&nbsp;be associated with whales or&nbsp;institutional entities. The transfer to Coinbase might imply&nbsp;a potential sale or preparation&nbsp;for trading activity. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42497156/dogecoin-poised-for-85-surge-as-whales-accumulate-130-billion-doge">Dogecoin Poised For 85% Surge As Whales Accumulate 130 Billion DOGE</a>
Conversely,&nbsp;the transfer to an unknown&nbsp;wallet could suggest private custody or acquisition&nbsp;by a large holder or&nbsp;whale. Nevertheless, the precise motive behind the transfers remains a mystery.
Why It Matters: These recent transactions underscore the increasing activity and interest in DOGE. The transfers could potentially indicate a shift in the market dynamics, with large players possibly moving their assets for various strategic reasons. However, without concrete information, these remain speculative assumptions.
The movement of such a large amount of DOGE also highlights the role of Robinhood as a significant player in the crypto trading space. The platform&#8217;s involvement in these transactions could have implications for its user base and the broader crypto market.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42380572/dogecoins-whopping-60-9b-movement-in-24-hours-a-bullish-sign" target="_blank" rel="noreferrer noopener">Dogecoin's Whopping 60.9B Movement In 24 Hours: A Bullish Sign?</a>

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

Cryptocurrency

$DOGE

Robinhood Moves 131 Million DOGE In An Hour: What's Happening?

Billionaire hedge fund manager Stanley Druckenmiller regrets the decision to sell his fund&#8217;s stake in Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), a frontrunner in the artificial intelligence sector.
What Happened: In an interview with Bloomberg last year, Druckenmiller confessed that offloading Nvidia was a &#8220;big mistake.&#8221; The decision was primarily driven by the stock&#8217;s valuation, given that its price had tripled within a span of a year.
Nvidia, a significant player in the AI realm, has been registering&nbsp;record revenue and profit growth,&nbsp;courtesy of its industry-leading graphics processing unit (GPU) technology. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> Druckenmiller says selling Nvidia was a &quot;big mistake.&quot; &quot;I&#39;ve made so many mistake in my investment career, one of them was I sold all my Nvidia probably somewhere between $800 and $950.&quot; &quot;Yes, I think Nvidia is a wonderful company and were the price to come down we&#39;d get… <a href="https://t.co/egL9SBZJCA">pic.twitter.com/egL9SBZJCA</a>
&mdash; Hedge Vision (@HedgeVision) <a href="https://twitter.com/HedgeVision/status/1846605054251348468?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Despite Druckenmiller&#8217;s remorse, other billionaire investors like Ken Griffin of Citadel and David Shaw of D.E. Shaw have also downsized their Nvidia holdings.&nbsp;David Tepper of Appaloosa Management&nbsp;offloaded a substantial chunk of his Nvidia stake due to uncertainties surrounding long-term performance.
Also Read: <a href="https://www.benzinga.com/markets/25/01/42935107/peter-lynchs-money-making-advice-when-things-go-from-terrible-to-semi-terrible-to-ok-you-can-make-a-lot-of-money">Peter Lynch&#8217;s Money-Making Advice: &#8216;When Things Go From Terrible to Semi-Terrible to OK, You Can Make a Lot of Money&#8217;</a>
While Nvidia continues to reign supreme in the GPU market, several of its clients,&nbsp;including Microsoft, Alphabet, Amazon, Tesla,&nbsp;and Meta Platforms, are venturing into chip development. This could potentially decelerate Nvidia&#8217;s growth due to heightened competition.
Despite the promising outlook, some speculate that the stock&#8217;s recent surge is not entirely rooted in solid fundamentals, but is more likely a result of clever marketing strategies in the run-up to the Blackwell launch.
Why It Matters: The regret expressed by Druckenmiller underscores the potential of Nvidia and the AI industry. Despite the stock&#8217;s high valuation and increased competition, Nvidia&#8217;s innovative technology and potential revenue growth make it a key player in the market. 
However, the decisions of other billionaire investors to reduce their positions highlight the uncertainties surrounding the company&#8217;s long-term performance. 
Read Next
<a href="https://www.benzinga.com/markets/24/12/42499608/investment-guru-peter-lynch-if-you-cant-explain-to-an-11-year-old-in-2-minutes-or-less-why-you-own-t" target="_blank" rel="noreferrer noopener">Investment Guru Peter Lynch: ‘If You Can&#8217;t Explain To An 11-Year-Old In 2 Minutes Or Less Why You Own The Stock, You Shouldn&#8217;t Own It&#8217;</a>
Image: Wikimedia Commons

Success Stories

NVDA

Billionaire Stanley Druckenmiller: Selling This AI Stock Was a 'Big Mistake'

President-elect Donald Trump said Saturday that he may provide a 90-day extension to ByteDance-owned TikTok to delay or prevent a ban in the U.S.
What Happened: During an interview with NBC on Saturday, Trump suggested that he is &#8220;most likely&#8221; to grant TikTok a 90-day extension from a potential U.S. ban.
"I think that would be, certainly, an option that we look at. The 90-day extension is something that will be most likely done, because it's appropriate. You know, it's appropriate. We have to look at it carefully. It's a very big situation," Trump said.
This extension would provide ByteDance additional time to sell to a non-Chinese buyer, in compliance with the law enacted by President Joe Biden last year. However, Trump&#8217;s final decision on this matter is still pending.
As reported <a href="https://www.nbcnews.com/politics/donald-trump/trump-likely-give-tiktok-90-day-extension-avoid-ban-rcna188258">by</a> NBC News, the existing deadline for TikTok&#8217;s compliance is midnight Sunday. An extension announced on Monday might not be able to prevent the app from going offline for at least a day. The future of TikTok has been a major concern during the last days of the Biden administration.
The Biden administration has consistently stated that it does not intend to enforce the law, thereby shifting the responsibility to the incoming Trump administration. However, TikTok expressed apprehensions on Friday that the assurances from the White House might&nbsp;not be enough to prevent&nbsp;the app from being shut down.
Also Read: <a href="https://www.benzinga.com/25/01/43073056/tiktok-says-it-will-be-forced-to-go-dark-in-us-on-jan-19-after-supreme-court-upholds-ban">TikTok Says It Will Be &#8216;Forced To Go Dark&#8217; In US On Jan 19 After Supreme Court Upholds Ban</a>
Trump&#8217;s potential support for TikTok marks a significant departure from his previous&nbsp;stance during his first term,&nbsp;when he attempted to ban the app along with&nbsp;the Chinese messaging app WeChat.&nbsp;
Meanwhile, on Saturday, the Biden administration called TikTok&#8217;s statement on going dark on Sunday a &#8220;stunt.&#8221;
&#8220;It is a stunt, and we see no reason for TikTok or other companies to take actions in the next few days before the Trump Administration takes office on Monday,&#8221; White House Press Secretary Karine Jean-Pierre told Reuters. 
&#8220;We have laid out our position clearly and straightforwardly: actions to implement this law will fall to the next administration. So TikTok and other companies should take up concerns with them.&#8221;
&#8220;President Biden&#8217;s position on TikTok has been clear for months, including since Congress sent a bill in overwhelming, bipartisan fashion to the President&#8217;s desk: TikTok should remain available to Americans, but simply under American ownership or other ownership that addresses the national security concerns identified by Congress in developing this law,&#8221; Jean-Pierre added in the statement.
Why It Matters: TikTok&#8217;s potential ban in the US has been a contentious issue, with the app&#8217;s fate hanging in the balance during the transition between the Biden and Trump administrations. 
The proposed 90-day extension could provide much-needed respite for TikTok and its parent company, ByteDance, allowing them additional time to comply with US regulations. 
However, the future of the app in the US market remains uncertain until a final decision is made by the incoming Trump administration.
Read Next
<a href="https://www.benzinga.com/news/24/09/40866761/is-amazon-eyeing-tiktok-for-a-possible-acquisition">Is Amazon Eyeing TikTok For A Possible Acquisition?</a>
Image: Shutterstock

Social Media

Tech

Trump Floats Possibility of 90-Day Reprieve From TikTok Ban

Billionaire entrepreneur Mark Cuban has shown interest in funding a TikTok alternative. This move comes in light of the potential shutdown of TikTok this weekend, with Cuban considering leveraging the protocol developed by microblogging site Bluesky.
What Happened: Cuban is contemplating this step in response to legislation requiring TikTok to sell its platform or face a nationwide ban. ByteDance, the Chinese parent company of TikTok, has continually asserted that it is not for sale.
In a TikTok video on his account Tuesday, Cuban proposed this&nbsp;alternative version of the video-sharing&nbsp;app. 
He said, &#8220;There&#8217;s an app called Bluesky and it&#8217;s built on the AT Protocol. I would be open to investing in supporting anybody — or somebody who creates a TikTok replacement built on the AT Protocol.&#8221;
Bluesky, a decentralized social media platform, enables users to host their data on servers not owned by the company. The platform, created by Twitter founder Jack Dorsey in 2019, has expanded to a user base of over 27 million people, <a href="https://gizmodo.com/mark-cuban-says-hell-back-a-tiktok-alternative-built-off-blueskys-protocol-2000551599">reports</a> Gizmodo.
Also Read: <a href="https://www.benzinga.com/25/01/43073056/tiktok-says-it-will-be-forced-to-go-dark-in-us-on-jan-19-after-supreme-court-upholds-ban">TikTok Says It Will Be &#8216;Forced To Go Dark&#8217; In US On Jan 19 After Supreme Court Upholds Ban</a>
However, the fate of TikTok&#8217;s U.S. app remains uncertain. Reports suggest that the company is seeking a last-minute reprieve from incoming President Donald Trump. TikTok CEO Shou Chew is scheduled to attend Trump&#8217;s inauguration, and Trump is reportedly contemplating an executive order to save the platform.
Why It Matters: The potential shutdown of TikTok in the U.S. has sparked interest in alternatives to the popular video-sharing platform. Cuban&#8217;s proposal of a TikTok alternative based on Bluesky&#8217;s protocol could potentially offer a new avenue for social media users, especially with the growing concerns over data privacy. 
The move also highlights the increasing interest in decentralized social media platforms, which offer users more control over their data. 
The unfolding events surrounding TikTok&#8217;s future in the U.S. will undoubtedly have significant implications for the social media landscape.
Read Next
<a href="https://www.benzinga.com/news/24/09/40866761/is-amazon-eyeing-tiktok-for-a-possible-acquisition">Is Amazon Eyeing TikTok For A Possible Acquisition?</a>

Mark Cuban Open To Financing TikTok Alternative Based on Bluesky Protocol

The cryptocurrency market saw a notable surge on Saturday. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) all experienced a rise in value, as traders anticipate a potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42379899/trump-fuels-bitcoin-rally-but-where-will-it-go-next-year">&#8216;Trump bump&#8217; with the upcoming second Donald Trump presidency.</a>
What Happened: The crypto market sprung to life on the final trading day before the Trump&nbsp;administration takes over. Bitcoin spearheaded the rally, surging 2.81% and almost touching&nbsp;$104,987 per token. Ethereum (ETH&nbsp;-0.22%) and Dogecoin (DOGE -0.16%) also saw gains.
There is widespread speculation that President-elect Trump will prioritize cryptocurrency, with rumors of an executive order on his first day in office. This might include the appointment of a more crypto-friendly chairman for the Securities and Exchange Commission.
However, traders are advised to be cautious of the speed of policy changes in Washington. While changes to the industry&#8217;s rules may require congressional action, this doesn&#8217;t necessarily translate to a direct value gain for meme coins and blockchain tokens.
Instead, it could lead to&nbsp;assets like stocks and bonds&nbsp;trading&nbsp;on the blockchain and more&nbsp;business formation taking place on the blockchain.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42499633/exclusive-eric-trump-declares-bitcoin-the-future-details-tax-free-crypto-goals-for-trump-presidency">EXCLUSIVE: Eric Trump Declares Bitcoin The Future, Details Tax-Free Crypto Goals For Trump Presidency</a>
Despite the current speculation-driven surge, the market may face disappointment if the news doesn&#8217;t meet high expectations. 
The Federal Reserve cannot&nbsp;make Bitcoin or any other&nbsp;cryptocurrency a reserve currency without&nbsp;Congressional action, which seems unlikely in the current political climate.
The market movement today is largely driven by speculation that Trump will be beneficial for the crypto market. However, similar speculation in 2021 led to a market crash in 2022, cautioning investors against buying tokens based solely on speculation.
Why It Matters: The potential for a &#8216;Trump bump&#8217; in the cryptocurrency market is significant, given the President-elect&#8217;s rumored focus on this sector. 
However, the history of speculation-driven surges and crashes in the crypto market serves as a warning to investors. The potential for policy changes under the new administration could have far-reaching implications for the industry, but these changes are uncertain and could take time to implement. 
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done" target="_blank" rel="noreferrer noopener">Trump Aims To Make US ‘Crypto Capital Of The Planet': ‘We'll Get It Done'</a>
Image: Midjourney

$BTC

$ETH

Bitcoin, Ethereum and Dogecoin Spike on Optimism Over New Trump Presidency

As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) nears the $106,000 mark, the probability of the U.S. establishing a strategic Bitcoin reserve has surged to <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42049183/heres-how-a-bitcoin-whale-nets-179m-from-a-120-investment">an all-time high of 70%</a>.
What Happened: Well-known venture capitalist and Bitcoin enthusiast Anthony Pompliano shared data indicating a significant increase in the likelihood of incoming president Donald Trump creating a strategic Bitcoin reserve in 2025.
This information was shared as Bitcoin briefly hit the $106,000 mark before experiencing a minor pullback. The cryptocurrency is currently trading at $103,120 per coin, marking&nbsp;a 2.71% decline within several&nbsp;hours.
The speculation surrounding the new presidential administration&#8217;s plans to approve&nbsp;the creation of a strategic&nbsp;Bitcoin reserve has been a key factor in the cryptocurrency&#8217;s recent price surge. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The odds of a strategic bitcoin reserve just hit an all-time high of 70%. <a href="https://t.co/A1ZjppwKQj">pic.twitter.com/A1ZjppwKQj</a>
&mdash; Anthony Pompliano &#x1f32a; (@APompliano) <a href="https://twitter.com/APompliano/status/1880461596172161257?ref_src=twsrc%5Etfw">January 18, 2025</a></blockquote>
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Another significant factor driving Bitcoin&#8217;s price is the upcoming inauguration of President Donald Trump on January 20.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42933328/analyst-warns-of-bitcoins-uncertain-future-amid-key-support-breakdown-it-could-get-ugly" target="_blank" rel="noreferrer noopener">Analyst Warns of Bitcoin's Uncertain Future Amid Key Support Breakdown: ‘It Could Get Ugly'</a> 
The Department of Justice (DOJ) has also recently received court permission to sell 69,370 BTC seized from a Silk Road hacker in 2020.
The sale could net the US government over $7 billion, but many in the crypto community hope President Trump will prevent the sale and retain the Bitcoin for the proposed strategic reserve.
Why It Matters: The establishment of a strategic Bitcoin reserve by the US government would be a significant endorsement for the cryptocurrency, potentially driving its value even higher. 
The move would also mark a shift in the government&#8217;s stance towards cryptocurrencies, which have been viewed with skepticism by some regulators.
The potential sale of the seized Bitcoin by the DOJ could also have a significant impact on the market. If the sale goes ahead, it could flood the market with Bitcoin, potentially driving down the price. 
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Image: Shutterstock

Odds of US Strategic Bitcoin Reserve Under Trump Skyrocket as BTC Nears $106,000

New York Mayor Eric Adams met with President-elect Donald Trump at his West Palm Beach golf club <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42323060/nyc-mayor-eric-adams-takes-victory-lap-remember-yall-laughed-when-i-first-got-my-bitcoin-whos-laughing-now" target="_blank" rel="noreferrer noopener">just days before the inauguration</a>.
The meeting, which lasted around an hour, focused on a range of issues concerning New York City, including border security, the deportation of violent offenders, and ways the federal government could assist with the city&#8217;s needs, <a target="_blank" href="https://www.cbsnews.com/newyork/news/eric-adams-donald-trump-meeting/" rel="noreferrer noopener">reports</a> CBS News.
Adams also highlighted discussions on improving public safety through the ceasefire agreement between Israel and Hamas and the potential for bringing manufacturing jobs back to New York, especially in the Bronx.
In a statement, Adams described the conversation as productive, emphasizing the importance of federal investments in New York, particularly regarding infrastructure and public safety, CBS News adds. He noted that working with the federal government is crucial to the success of New York City.
While the meeting itself was not surprising, as Adams has consistently shown a willingness to engage with all levels of government, some of his political opponents raised concerns about an ulterior motive.
Read Now: <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/25/01/43064144/wall-street-roars-ahead-of-trumps-inauguration-intel-rallies-bitcoin-tops-105000-whats-driving-markets-friday" rel="noreferrer noopener">Wall Street Roars Ahead Of Trump's Inauguration, Intel Rallies, Bitcoin Tops $105,000: What's Driving Markets Friday?</a>
There were speculations that Adams might be seeking a pardon from Trump in light of his ongoing corruption charges.
Adams, however, dismissed these claims, stating that his primary focus was on securing federal assistance for New York.
He reaffirmed his intention to collaborate with the incoming administration for the benefit of the city&#8217;s residents, CBS News adds.
This meeting came as preparations were underway for Trump's inauguration, including heightened security measures in Washington, D.C. With the inauguration now moved indoors due to freezing temperatures, security concerns remain a priority as 250,000 guests, including prominent figures, prepare to attend.
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Equities

Mayor Eric Adams Meets Donald Trump Before Inauguration: Focus on NYC Priorities and Federal Help

In the wake of the launch of a meme coin themed to President-elect Donald Trump, the cryptocurrency Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) has surged 15% on Saturday.
What Happened: According to Coinmarketcap, the SOL token of Solana experienced a significant value increase following the launch of a Trump-themed meme coin on the Solana blockchain. 
On Saturday, SOL&#8217;s price soared more than 15% to $254.71. The newly introduced meme coin, named &#8220;Official Trump&#8221; (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>), was unveiled on Trump&#8217;s social media accounts late Friday and has since garnered more than $5 billion, making it the largest meme coin on the Solana network, according <a href="https://www.coingecko.com/en/categories/solana-meme-coins">to</a> CoinGecko.
Trump himself, and entities directly connected to him, have earned as much as $25 billion from the offering, <a href="https://www.axios.com/2025/01/18/trump-meme-coin-25-billion">according</a> to Axios.
This development is timed ahead of Trump&#8217;s inauguration on Monday, which is anticipated to usher in a new era of innovation and productivity in the crypto industry. It also coincides with the conclusion of Gary Gensler&#8216;s term as chairman of the Securities and Exchange Commission.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43073327/official-trump-memecoin-jumps-over-260-ahead-of-president-elects-white-house-inauguration-market-cap-reaches-whopping-4-billion-within-8-hours-of-launch">&#8216;Official Trump&#8217; Memecoin Jumps Over 260% Ahead Of President-Elect&#8217;s White House Inauguration</a>
Solana,&nbsp;the fourth-largest cryptocurrency by market&nbsp;cap, was established in 2020 as a quicker and more affordable alternative to Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). It hosts&nbsp;popular meme coins like dogwifhat and&nbsp;Pudgy Penguins, in addition to&nbsp;decentralized finance (DeFi) and gaming&nbsp;projects.
The decision deadline&nbsp;for potential ETFs from Bitwise,&nbsp;VanEck, 21Shares, and Canary is January 25. ProShares&nbsp;also filed for four different&nbsp;ETFs based on SOL on Friday.
Why It Matters: The introduction of the Trump-themed memecoin and its subsequent success highlights the growing influence of political figures on the cryptocurrency market. 
The surge in Solana&#8217;s value following the meme coin&#8217;s launch underscores the potential of such themed coins to drive market trends. With the end of Gensler&#8217;s term, the crypto industry is poised for potential regulatory changes that could further impact the market dynamics. 
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$SOL

$TRUMP

Solana Skyrockets, Sees 15% Surge Following Launch Of Trump-Themed Meme Coin

Major players in the cryptocurrency industry have made substantial donations to President-elect <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42379899/trump-fuels-bitcoin-rally-but-where-will-it-go-next-year">Donald Trump&#8216;s inaugural fund</a>.
What Happened: Companies such as&nbsp;Ripple,&nbsp;Coinbase,&nbsp;Kraken,&nbsp;Robinhood, and&nbsp;Circle&nbsp;have collectively donated a minimum of $10 million to the inauguration fund since Election Day. 
According to a report <a href="https://www.politico.com/news/2025/01/17/crypto-money-trump-inauguration-00199088">by</a> Politico, these contributions will be used to finance official events related to the inauguration, symbolizing the industry&#8217;s support for Trump, who is anticipated to be the first U.S. president with a clear pro-crypto stance.
The cryptocurrency industry also hosted a sold-out unofficial inaugural ball on Friday night at the Andrew W. Mellon Auditorium in Washington. The event, which included Snoop Dogg as a musical guest, was partly organized by David Bailey, who manages a Bitcoin conference where Trump was a speaker last summer.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42499633/exclusive-eric-trump-declares-bitcoin-the-future-details-tax-free-crypto-goals-for-trump-presidency">EXCLUSIVE: Eric Trump Declares Bitcoin The Future, Details Tax-Free Crypto Goals For Trump Presidency</a>
Ripple, currently facing&nbsp;enforcement action from the SEC, has&nbsp;donated $5 million in digital&nbsp;tokens to the inaugural committee.&nbsp;U.S. crypto exchanges Coinbase and&nbsp;Kraken, as well as stablecoin company Circle, each donated $1 million. Online brokerage Robinhood made a contribution of $2 million.
Why It Matters: These donations have sparked controversy, with Democrats and watchdog groups accusing the president of trading influence. However, the crypto industry perceives this as a celebratory moment and a chance to interact with the incoming administration. 
Amid ongoing regulatory uncertainties, these firms are likely seeking to build a strong relationship with the new administration, hoping for a more favorable regulatory climate for cryptocurrencies.
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Crypto Firms Donate Millions to Trump Inaugural Fund, Host Unofficial Ball Featuring Snoop Dogg

According to the New York Post. According to the New York Post, creating &#8220;a modern-day Berkshire Hathaway&#8221; is no mean feat, but that&#8217;s exactly what billionaire investor and hedge fund manager <a href="https://www.benzinga.com/politics/25/01/42991402/bill-ackman-backs-former-hedge-funder-whitney-tilson-for-nyc-mayor">Bill Ackman</a> intends to do. The Pershing Square CEO plans to increase his stake in real estate company Howard Hughes Holdings and take the company private.&nbsp;
Ackman said in a letter to investors that Pershing currently holds a 37.6% stake in HHH and plans to offer $85 a share to buy out the rest of the firm.
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<h2 class="wp-block-heading">Emulating The Buffet Playbook</h2>
&#8220;With apologies to Mr. Buffet, HHH would become a modern-day <a href="https://www.benzinga.com/personal-finance/25/01/43004055/warren-buffett-has-advice-for-people-trying-to-get-rich-by-copying-his-moves-you-can-piggyback-but-you-cant-buy-the-whole-businesses">Berkshire Hathaway </a>that would acquire controlling interests in operating companies,&#8221; Ackman, 58, who has a net worth of $9.2 billion, wrote.&nbsp;
Following the news, Howard Hughes shares increased 9.5% to $78.62. Ackman has been involved with the real estate company for a decade and only stepped down from its board in April after serving as its chairman since 2010.
&#8220;We, like other long-term shareholders and this board, have been displeased with the company&#8217;s stock price performance,&#8221; Ackman said in the letter, according to<a href="https://www.reuters.com/markets/deals/billionaire-ackmans-pershing-square-offers-85-per-share-rest-howard-hughes-2025-01-13/#:~:text=Ackman%20has%20been%20personally%20involved,Sign%20up%20here."> Reuters</a>. When the deal is complete, it would increase Pershing Square&#8217;s stake in Howard Hughes to somewhere between 61% and 69%, depending on how many investors agree to be bought out from the 38% it currently holds.
See Also: CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast —<a href="https://www.benzinga.com/money/integris"> here&#8217;s how to invest in their private credit fund that targets 12% annual interest rate.</a>
<h2 class="wp-block-heading">The Roots Of Howard Hughes</h2>
Howard Hughes was an offshoot of real estate investment trust General Growth Properties, forming its own entity in 2010. It owns and manages various types of US real estate, including commercial, residential and mixed-use. It has a market value of $3.6 billion.&nbsp;
Ackman formed Pershing Square in 2004. One of his most notable moves was the rescue of mall operator General Growth Properties, from which he became involved in Howard Hughes. According to Forbes, Pershing Square&#8217;s stock portfolio is concentrated in seven companies, including Chipotle, Hilton and Google parent Alphabet, the latter of which he has over 20% of its stock invested, according to<a href="https://www.fool.com/investing/2024/02/26/billionaire-bill-ackman-20-percent-1-stock/#:~:text=resources%2C%20and%20more.-,Billionaire%20Bill%20Ackman%20Has%20Nearly%2020%25%20of%20His%20Pershing%20Square,in%201%20%22Magnificent%20Seven%22%20Stock&amp;text=Bill%20Ackman's%20firm%20took%20advantage,strength%20are%20all%20attractive%20traits"> </a>The Motley Fool. Ackman is notable amongst other fund managers because of his large social media following with over a million followers on X.&nbsp;
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<h2 class="wp-block-heading">A Shrewd Gamble On Alphabet</h2>
Ackman has been bullish on Google&#8217;s parent company, <a href="https://www.benzinga.com/tech/25/01/43014233/google-expands-collaboration-with-associated-press-to-deliver-up-to-date-information-in-gemini-ai-app">Alphabet</a>. When Google&#8217;s answer to ChatGPT, Bard, stumbled and the share price dropped, Ackman began aggressively buying stock. His Pershing Square hedge fund owns class A and class C shares of the tech giant worth roughly $2.1 billion as of June 30, 2024. It was a prescient move. In the second quarter of 2024, Google Cloud revenue increased 29% to $10.3 billion. Its operating income almost tripled year over year to $1.17 billion. Alphabet CEO Sundar Pichai said in the Q2 earnings call that his company&#8217;s generative AI solutions &#8220;have already generated billions in revenues and are being used by more than 2 million developers.&#8221;
In emulating Berkshire Hathaway with his Howard Hughes purchase, Ackman is again carefully treading in Warren Buffet&#8217;s footsteps. Preferring to look at a company&#8217;s enduring competitive advantage over short-term stumbles is a classic Berkshire Hathaway move. Ackman has been quite open about sticking to the Buffet playbook. &#8220;I&#8217;ve been a kind of Warren Buffett devotee,&#8221; he told<a href="https://www.cnbc.com/2023/09/28/cnbc-transcript-pershing-square-capital-management-ceo-bill-ackman-speaks-with-cnbcs-scott-wapner-live-during-the-cnbc-delivering-alpha-conference-today.html"> CNBC</a> in 2023. &#8220;He&#8217;s been my unofficial mentor for many years.&#8221;&nbsp;
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Real Estate

Bill Ackman Offers $1B For Real Estate Giant Howard Hughes To Emulate Berkshire Hathaway

President-elect <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> has confirmed that his inaugural address on Monday will take place indoors in the Capitol Rotunda due to dangerously <a href="https://www.benzinga.com/general/travel/25/01/43036258/polar-vortex-brings-winters-coldest-air-for-trumps-inauguration-day-what-it-means-for-utilities-retailers-energy-stocks" target="_blank" rel="noreferrer noopener">cold weather in Washington, D.C.</a>
The move comes as temperatures are expected to plunge into the teens, with the wind chill making it feel even colder, BBC <a href="https://www.bbc.com/news/articles/ceq9917rl18o" target="_blank" rel="noreferrer noopener">reports</a>.
Trump announced the move indoors on his Truth Social platform, saying he didn't want anyone to be harmed by the extreme conditions, particularly the tens of thousands of law enforcement, first responders, and supporters expected to attend.
The inaugural parade, as well as the three official inaugural balls, will also be moved indoors to the Capital One Arena in downtown Washington, about a mile from the Capitol.
While the change in venue is a historic first for a U.S. presidential inauguration, it is not unprecedented.
The last time an inauguration was held indoors was in 1985 at the start of President Ronald Reagan's second term, when similarly harsh weather forced the ceremony indoors, BBC adds.
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Temperatures in Washington on Inauguration Day are expected to be unusually cold, with lows dipping to 12°F (-11°C) and highs reaching only 23°F (-5°C).
The cold is part of a larger polar vortex affecting much of the country.
For those planning to attend, Trump advised on social media to "dress warmly" if they decide to brave the elements, though he emphasized that everyone's safety would come first, BBC reports.
In addition to the indoor address, a live viewing of the inaugural speech will be available at the Capital One Arena.
Trump, who plans to visit the arena after his swearing-in ceremony, expressed confidence that the event would still be memorable and safe for all involved.
Despite the changes, Trump reassured his supporters that the inauguration would still be a historic occasion, calling for a united effort to "Make America Great Again."
Although attendance will be limited due to the indoor setting, the event will be broadcast widely, allowing many to witness the occasion from afar.
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Image: Shutterstock

Dangerous Temperatures Force Trump Inauguration Indoors

Top banks reported strong earnings this week, with impressive results from Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) and Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>).
Despite significant gains in their stock prices, analysts believe these banks still have room for growth, thanks to lower price-to-earnings multiples compared to the broader market, <a target="_blank" href="https://www.cnbc.com/2025/01/17/jim-cramer-parses-bank-earnings-stocks-have-quite-a-bit-more-upside.html" rel="noreferrer noopener">reports</a> CNBC.
Investors who owned shares in these banks likely benefitted from the positive earnings reports, with some experts suggesting adding one or two of these names to portfolios moving forward.
Jim Cramer, the host of CNBC&#8217;s &#8220;Mad Money,&#8221; reviewed the week&#8217;s earnings and expressed confidence in the banking sector&#8217;s continued potential.
Cramer also discussed how next week&#8217;s market could be influenced by the inauguration of President-elect Donald Trump, who is expected to take action on deregulation and other pro-business policies, CNBC reports.
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Earnings reports from Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) and American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) will also take center stage next week.
Cramer noted he is optimistic about results from 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) and United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>), predicting a strong quarter for both.
He is especially bullish on GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>), citing the growing demand for energy in the data center sector, though he is more cautious about Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>)&nbsp;&nbsp;due to market uncertainties.
With earnings rolling in and political changes ahead, investors should stay vigilant, as market conditions could shift quickly in the coming days. Cramer&#8217;s advice is to keep an eye on both corporate performance and potential regulatory changes under the new administration, CNBC adds.
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Movers

Jim Cramer's Market Outlook: Strong Earnings, Trump Inauguration, and What's Next for Investors

If your car has started breaking down or is racking up repair bills, it might be time for a replacement. But how much car can you afford?&nbsp;
Financial expert <a href="https://www.benzinga.com/24/12/42467913/dave-ramsey-warns-against-hammock-parenting-7-2-million-able-bodied-men-arent-even-looking-for-work-and-its-not-their-fault">Dave Ramsey</a> has a straightforward answer: only buy what you can pay for in cash. This principle could save you thousands and help you avoid the trap of long-term debt.
Financing might seem easy, but it can cost significantly more in the long run. As of late 2024, the average interest rate for a new-car loan was 6.6%, while used car loans averaged 10.8%, according to Edmunds.com.&nbsp;
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That means financing a $30,000 car for five years at 6.6% interest would add over $5,300 in extra costs. Ramsey's advice is simple: avoid the debt and stick to what you can pay up front.
To set your budget, start by looking at your savings.&nbsp;
How much can you spend without affecting your other financial priorities? If you have debt to pay off or are saving for a house, those goals should come first. If you're trading in your current car, tools like Kelley Blue Book can help estimate its value and add that to your budget.&nbsp;
Ramsey also recommends a key rule: the total value of all your vehicles should not exceed half your annual income. For example, if you earn $70,000 a year, your cars' combined value should stay under $35,000. This guideline helps prevent tying up too much of your wealth in assets that lose value over time.
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Depreciation is a big reason to think twice about buying a new car. According to a 2024 report by LeaseLoco, new cars can lose up to 20% of their value in the first year and nearly 50% within three years.&nbsp;
Ramsey suggests avoiding new cars unless you have a net worth of at least one million dollars. Opting for a reliable used car can save you thousands while still providing a dependable ride.
It's also important to factor in the cost of owning a car beyond the sticker price. In 2024, AAA estimated the average annual cost of owning a vehicle – including fuel, maintenance and insurance – at $12,297.&nbsp;
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According to CarEdge, luxury vehicles often incur higher maintenance and repair costs than standard cars. For instance, the 10-year maintenance cost for a BMW 7 Series is approximately $14,768, whereas a standard Toyota Camry averages around $4,203 over the same period.&nbsp;
Even hybrids and <a href="https://www.benzinga.com/startups/24/10/41198502/toyota-slows-down-ev-production-amid-industrywide-shift-heres-why-theyre-changing-course">electric vehicles</a> may not always provide the savings you expect, given their higher up front prices.
If your current vehicle still runs, Ramsey suggests keeping it while you save for your next one. Set a goal based on the cost of the car you want and divide that amount by the months you plan to save.&nbsp;
For instance, saving $1,250 monthly could get you $15,000 in a year – without a single loan payment. If your car breaks down unexpectedly, repairing it or using your emergency fund may be better than rushing into a new purchase.
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Personal Finance

Dave Ramsey Warns: 'Asking How Much a Month' Could Cost You $10,000 Extra On Your Car Purchase

Elon Musk has stirred the pot with a recent post on X shifting &#8220;from MAGA to MEGA&#8221; to &#8220;Make Europe Great Again!&#8221;
What Happened: On Saturday, Musk&nbsp;took to X to express his new vision, transitioning from MAGA to MEGA. His post has since garnered significant attention, with over 28.7 million views.
<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">From MAGA to MEGA: Make Europe Great Again!
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1880536914690036015?ref_src=twsrc%5Etfw">January 18, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Musk&#8217;s post, &#8220;From MAGA to MEGA: Make&nbsp;Europe Great Again!&#8221; implies a shift in focus towards Europe, a region that has been a significant player in the global tech and automotive industries.
The slogan associated with Hungary&#8217;s hard-right Prime Minister Viktor Orban has sparked controversy among European political leaders.
Last week on Thursday, the European Commission demanded documents related to X&#8217;s &#8220;recommender systems,&#8221; which suggest content to users. 
Also Read: <a href="https://www.benzinga.com/general/health-care/25/01/42935746/is-elon-musks-mental-health-a-cause-for-concern-biographer-thinks-so">Is Elon Musk&#8217;s Mental Health a Cause for Concern? Biographer Thinks So</a>
&#8220;Today&nbsp;we are taking further steps&nbsp;to shed light on the&nbsp;compliance of X's recommender systems&nbsp;with the obligations under the&nbsp;DSA,&#8221; stated Henna Virkunnen,&nbsp;Executive Vice-President for Tech Sovereignty,&nbsp;Security and Democracy.
Why It Matters: Musk&#8217;s tweet comes at a time when Europe is striving to establish itself as a leader in the tech and automotive sectors. His call to &#8220;Make Europe Great Again&#8221; could be seen as a rallying cry for European innovation and progress.
As the CEO of&nbsp;Tesla Inc.&nbsp;and&nbsp;SpaceX, Musk&#8217;s words carry weight in the industry. His endorsement of Europe&#8217;s potential could stimulate further growth and investment in the region.
However, Musk&#8217;s post also raises questions about his future plans. Could this be a hint towards a greater European focus for his companies, or is it merely a commentary on the current global landscape? Only time will tell.
Read Next
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Image: Shutterstock

Global

Elon Musk Sparks Controversy With Hard-Right 'Make Europe Great Again!' Post

The cryptocurrency sector is optimistic of what is to come with Donald Trump serving as the next president. Optimism comes as many cryptocurrencies have hit all-time highs since Trump won the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778425/bitcoins-all-time-high-a-groundbreaking-milestone-and-strong-post-election-rally-coming-ex">2024 presidential election.</a>
A new Benzinga reader poll predicts which cryptocurrency could have the best return early in Trump's presidency.
What Happened: Trump <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43065423/donald-trump-to-mention-bitcoin-or-crypto-at-the-inauguration-polymarket-traders-say-theres-a-chance">will be sworn in </a>as the next president of the United States on Monday, marking his second non-consecutive term as the leader of the country.
The stock market will be closed on Monday in honor of Martin Luther King Jr. Day, which is a federal holiday.
While investors won't be able to buy and sell stocks that could be mentioned individually or part of sectors that are highlighted during Trump's inauguration speech, the cryptocurrency market will be open.
"Which crypto will pump the most on Donald Trump's Inauguration Day?" Benzinga recently asked readers.
Here were the results:
<ul>
<li>XRP Token (CRYTO:XRP): 41%</li>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>): 35%</li>
<li>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>): 14%</li>
<li>None, Crypto Will Crash: 7%</li>
<li>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>): 4%</li>
</ul>
The winner of the poll was XRP Token, which is one of the top gaining cryptocurrencies over the last year. XRP, which is from Ripple Labs, has been in the spotlight a lot recently, including thanks to a <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42865935/trump-meets-top-ripple-executives-ceo-says-strong-start-to-2025-as-technicals-favor-xrp-bulls">visit by Ripple executives</a> to meet with Trump.
The poll saw only 7% of readers predict that cryptocurrency would crash on Monday, which could end up being the result of sell the news as cryptos trade higher ahead of Monday.
If Trump announces cryptocurrency related initiatives on Monday, the sector could see strength, but likewise cryptos could fall if he minimizes the sector in his speech.
Why It's Important: Benzinga readers have selected XRP and Bitcoin as winners in several polls, which won't make the latest results a huge surprise.
An early<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378513/can-bitcoin-ethereum-dogecoin-shiba-inu-or-solana-beat-xrp-in-2025-poll-says-yes-one-coin-stands-out"> December 2024 poll </a>asked Benzinga readers if any of several hand-picked cryptocurrencies would outperform XRP in 2025.
The results were:
<ul>
<li>Bitcoin: 28%</li>
<li>Solana: 15%</li>
<li>Dogecoin: 13%</li>
<li>Ethereum: 10%</li>
<li>Shiba Inu: 10%</li>
<li>Hedera: 1%</li>
<li>None of the Above: 24%</li>
</ul>
Bitcoin won the poll with 28% of readers believing the leading cryptocurrency will outperform the other options in 2025.
Ranking second in the poll was None of the Above, which means 24% of readers think XRP will outperform the other six cryptocurrencies including Bitcoin in 2025.
Here are the current returns of the cryptocurrencies in the new poll:
<ul>
<li>XRP: 1-Month +32.0%, 1-Year +478.1%</li>
<li>BTC: 1-Month: -1.6%, 1-Year +145.3%</li>
<li>DOGE: 1-Month +3.5%, 1-Year +414.9%</li>
<li>SHIB: 1-Month -0.9%, 1-Year +155.1%</li>
</ul>
XRP and Dogecoin have already had huge one-year gains and XRP is up significantly over the last month, which could make any additional gains on Monday icing on the cake as more eyes are on the cryptocurrency sector in 2025.
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The study was conducted by Benzinga from Jan. 16, 2025 through Jan. 17, 2025. It included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 107 adults.

Exclusives

$SHIB

$XRP

EXCLUSIVE: Will Bitcoin, Dogecoin, Shiba Inu Or XRP Gain More On Trump's Inauguration Day? 41% Pick This Crypto

Donald Trump&#8217;s renewed push for control of Greenland comes as Denmark announces a $2 billion Arctic defense upgrade. This upgrade points to the strategic value of an island that hosts America&#8217;s northernmost military installation and holds vast mineral wealth.
Located just 1,500 kilometers from the North Pole, Greenland&#8217;s Pituffik Space Base houses 200 U.S. military personnel and 450 allied forces, forming an important part of America&#8217;s missile warning system.&nbsp;
According to a report issued by the Financial Times, the base could be the reason Trump calls the acquisition &#8220;an absolute necessity&#8221; for national security.
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Denmark&#8217;s Christmas Eve announcement of major military investments, including new ships, drones and expanded facilities for F-35 aircraft, follows Trump&#8217;s refusal to rule out using force to gain control of the island. Danish Foreign Minister Lars Løkke Rasmussen responded by offering to discuss &#8220;even more closely&#8221; coordinating with U.S. security interests.
The world&#8217;s largest island sits at a critical Arctic shipping crossroads and contains 25 of 34 minerals deemed strategically critical by European regulators, including materials essential for electric vehicles and military equipment. China&#8217;s <a href="https://www.benzinga.com/news/global/25/01/42884764/how-trump-could-impact-chinas-role-in-emerging-greenland-mining-frontier">dominant position in rare earth production</a> has heightened U.S. interest in the deposits.
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Despite Trump&#8217;s focus on security, Greenland&#8217;s 57,000 residents maintain strong independence aspirations. Prime Minister Mute Egede, who has accelerated pushes for sovereignty, firmly said Greenland &#8220;is not for sale.&#8221; The territory currently receives nearly $1 billion annually in Danish subsidies.
Denmark&#8217;s limited Arctic presence – just 75 troops in its Greenland Command – was highlighted when a stranded cruise ship waited four days for military rescue in 2023. The gap between responsibility and capability drives U.S. strategic concerns about Chinese and Russian Arctic ambitions.
While some Greenlandic officials privately welcome increased U.S. military presence, they resist any suggestion of replacing one colonial relationship with another. &#8220;We don&#8217;t want a new colonial power. But we can&#8217;t look after defence ourselves,&#8221; one official told the Financial Times.
Trump&#8217;s son Donald Jr.&#8217;s <a href="https://www.benzinga.com/news/global/25/01/42857403/trump-sends-don-jr-on-mission-to-get-the-deal-done-and-make-greenland-part-of-our-nation">arrival in Greenland last week</a> for what he called &#8220;a little bit of fun&#8221; has intensified speculation about future U.S. moves toward the strategic territory as climate change reshapes Arctic politics and economics.
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Why Trump Sees Greenland As A $2 Billion Security Deal

The yearlong ban that California&#8217;s insurance authority rushed to impose on cancellations in parts of Los Angeles hardest hit by wildfires was likely the last thing insurance companies wanted in the face of anticipated record-breaking claims.
&#8220;Losing your insurance should be the last thing on someone&#8217;s mind after surviving a devastating fire,&#8221; Insurance Commissioner Ricardo Lara said in a statement. &#8220;This law gives millions of Californians breathing room and hits the pause button on insurance non-renewals while people recover.&#8221;
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<li>This Jeff Bezos-backed startup will allow you to <a href="https://arrivedhomes.go2cloud.org/aff_c?offer_id=15&amp;aff_id=1006&amp;aff_sub=yahoo&amp;aff_sub2=byerscta100">become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.</a></li>
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<h2 class="wp-block-heading">Insurers Must Write New Policies If They Want To Do Business In California</h2>
The insurance commissioner is literally holding insurance companies&#8217; feet to the fire. As Realtor.com reported, the moratorium on cancellations follows the commissioner&#8217;s unveiling of a new rule requiring private insurance firms to start writing new policies in high-risk areas if they wanted to keep doing business in California, but with the concession that they would be allowed to pass the costs on to their customers.
As of Wednesday, Jan. 15, the Los Angeles area wildfires had killed at least 25 people, destroyed more than 12,000 structures and charred more than 60 square miles. The largest by far – the Palisades and Eaton wildfires – continue to burn out of control. The fire has come at the worst possible time for homeowners – just months after private insurers canceled 1,600 policies in <a href="https://www.benzinga.com/general/entertainment/25/01/42933292/wildfires-destroy-celebrity-homes-in-pacific-palisades-paris-hilton-says-the-heartbreak-is-truly-indescribable">Pacific Palisades</a> over high fire risks. At the same time, major <a href="https://www.benzinga.com/money/best-homeowners-insurance">private insurers</a> like State Farm, Nationwide, Farmers Insurance, Allstate, USAA and The Hartford stopped writing new policies in high-risk areas or limited their coverage.
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Faced with the prospect of having their homes uninsured, almost half a million Californians were forced to enroll in the Fair Access to Insurance Requirements (FAIR) Plan, the state-sponsored insurer of last resort. According to Reuters, more than 1,400 homes were covered by the FAIR Plan last year in the Palisades neighborhood alone, up 85% from the previous year.
&#8220;One sees relatively low premiums in high-risk markets in California, but that might be starting to change,&#8221; said Philip Mulder, a University of Wisconsin professor who studies the industry.
<h2 class="wp-block-heading">Massive Losses</h2>
According to AccuWeather, the total economic loss to Southern California from the wildfires is estimated to be between $135 billion and $150 billion, which will rise the longer the fires burn.
&#8220;These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history,&#8221; stated AccuWeather Chief Meteorologist Jonathan Porter.&nbsp;
Trending: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks-y2">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
&#8220;Hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes. The devastation left behind is heartbreaking and the economic toll is staggering. To put this into perspective, the total damage and economic loss from this wildfire disaster could reach nearly 4% of the annual GDP of the state of California.&#8221;
<h2 class="wp-block-heading">Soaring Insurance Costs</h2>
Property owners have seen insurance costs soar over the last two years in the wake of one natural disaster after another. According to CBS News, the worst hit were <a href="https://www.benzinga.com/real-estate/24/01/36453695/a-49-unit-affordable-housing-community-in-los-angeles-has-taken-17-years-to-build-and-its-still-not">affordable housing</a> providers, where nearly one in three policies experienced rate increases of at least 25% in the most recent coverage renewal period. The LA wildfires are likely to add crippling losses to an industry already gasping for air.
Bloomberg reports that new estimates of the insurance industry&#8217;s total losses are now as high as $40 billion and some estimates are even higher.
Trending: Commercial real estate has historically outperformed the stock market, and<a href="https://equitymultiple.com/benzinga?invite=benzinga&amp;utm_campaign=product-promotion-earn&amp;utm_source=yahooFinance&amp;utm_medium=affiliate&amp;utm_content=stockmarket-yahoo"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a>
Dave Jones, a former California Insurance Commissioner, doesn&#8217;t expect this event to push any insurers into insolvency. Jones, now at UC Berkeley&#8217;s Center for Law, Energy and the Environment, told NPR, &#8220;It will be an earnings event for them as they say in the industry, which means they won&#8217;t make profits this year for sure.&#8221; Added Jones: &#8220;There&#8217;s no question that before these wildfires, they … were going to raise rates more. Now, with these wildfires, they&#8217;re going to be able to ask for even higher rate increases.&#8221;
<h2 class="wp-block-heading">Insurers Are Hiring Private Firefighters</h2>
The Guardian reported that some insurance companies send out private firefighters to protect insured properties to limit their payouts.
One such company is Wildfire Defense Systems. Founder Dave Torgerson said his company is working to &#8220;break the ignition cycle&#8221; by stopping individual buildings from catching fire. They use fire-blocking gels, flame retardants and other equipment to protect at-risk buildings. &#8220;The biggest component of making a structure survive a wildfire incident is labor.&#8221;
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California Bans Insurance Policy Cancellations In Boost To Property Owners. The Insurance Industry Prepares For Record-Breaking Losses

Chicago is preparing for a significant immigration raid less than 24 hours after Donald Trump takes the oath of office to begin his second term as president.
What Happened: The large-scale deportation raid in Chicago is slated to begin on Tuesday, immediately following Trump&#8217;s Monday inauguration. The action will be the initial phase of Trump&#8217;s pledge to deport millions of foreign nationals.
According to a report <a href="https://www.wsj.com/politics/policy/trump-to-begin-large-scale-deportations-tuesday-e1bd89bd?mod=e2tw">by</a> The Wall Street Journal, multiple sources involved in the immigration operation&#8217;s planning have learned that Immigration and Customs Enforcement (ICE) intends to deploy between 100 and 200 officers for this week-long operation.
Chicago Alderman Michael Rodriguez is taking steps to prepare his constituents for the upcoming raids, distributing legal advice on cards. However, the exact start time of the operation remains uncertain.
Tom Homan, Trump&#8217;s border czar Thomas Homan had previously declared his intention to make Chicago the focal point for mass deportations. He reaffirmed his commitment to this plan at a Republican event last month.
Also Read: <a href="https://www.benzinga.com/news/24/12/42715951/trump-backs-immigration-visas-musk-praises-his-stance-and-says-rising-tide-lifts-all-boats">Trump Backs Immigration Visas, Musk Praises His Stance and Says &#8216;Rising Tide Lifts All Boats&#8217;</a>
"We're going to start right here in Chicago, Illinois," Homan said at a holiday party on Chicago's North Side. "And if the Chicago mayor doesn't want to help, he can step aside. But if he impedes us, if he knowingly harbors or conceals an illegal alien, I will prosecute him."
Since late 2020, approximately 10 million people have migrated to the U.S., accounting for both legal and illegal arrivals and subtracting those who departed. This influx has alleviated labor shortages and contributed to faster economic growth.
Why It Matters: This impending mass deportation raid in Chicago represents a significant step in the implementation of Trump&#8217;s immigration policies. 
The scale of the operation, involving up to 200 officers, underscores the administration&#8217;s commitment to its hardline stance on immigration. The impact of this operation will likely be felt not just by the individuals targeted for deportation, but also by the broader community, as it grapples with the social and economic implications of such a large-scale action. 
The response of local officials such as Rodriguez highlights the tension between federal immigration policies and local community interests.
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Image: Shutterstock

Chicago Braces For Massive Immigration Raid Hours After Donald Trump's Second Inauguration

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Tryp Therapeutics Announces 99.92% Votes Cast by Shareholders in Favor of Arrangement Agreement at Annual General and Special Meeting of Securityholders, and Receipt of Final Order

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