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Despite the recent market turmoil, Jim Cramer has offered a reassuring perspective, suggesting that the current corporate earnings do <a href="https://www.benzinga.com/news/24/08/40177780/i-do-not-think-the-us-economy-is-in-recession-sahm-rule-creator-refutes-claims-amid-market-turmoil">not indicate an impending recession</a>.
What Happened: CNBC host Cramer shared his insights on the corporate earnings reports, indicating that they do not signal a serious recession. He emphasized that the microdata from individual companies&#8217; reports does not support the notion of an imminent recession, <a href="https://www.cnbc.com/2024/08/06/cramer-says-tuesdays-earnings-dont-indicate-a-serious-recession.html">reported</a> CNBC on Tuesday.
"I think we're in a recessionless recession because I follow the actual micro data from individual companies that report," Cramer said. "When you run down the companies that reported in the last 24 hours, it's very hard to make the case that we're headed for a serious recession from here."
He highlighted the strong performance of companies such as Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) and Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>), which exceeded expectations. Cramer also pointed out the encouraging results from consumer discretionary companies like Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), Molson Coors Beverage Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), Planet Fitness Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>), and Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>).
&#8220;There was just great quarter after great quarter after great quarter this morning. They just can&#8217;t be seen by those who refuse to do the homework and only listen to central bankers,&#8221; Cramer said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40154562/fed-may-be-bullied-into-50-bps-cut-in-september-says-mohamed-el-erian-as-global-mar?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Fed May Be &#8216;Bullied&#8217; Into 50 BPS Cut In September, Says Mohamed El-Erian, As Global Markets Melt Down</a>
Why It Matters: Cramer&#8217;s comments come amid a period of economic uncertainty and market volatility. Despite the fears of a recession, several experts have expressed a contrary view. 
For instance, economist Claudia Sahm, who developed the Sahm Rule, has stated that she <a href="https://www.benzinga.com/news/24/08/40177780/i-do-not-think-the-us-economy-is-in-recession-sahm-rule-creator-refutes-claims-amid-market-turmoil">does not believe the U.S. economy is in a recession</a>. 
Similarly, veteran Wall Street investor Ed Yardeni has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40170709/veteran-wall-street-analyst-counters-recession-fears-we-dont-expect-a-hard-landing-">challenged the recession fears</a>, asserting that he does not expect a hard landing.
Despite the ongoing debate, the market has been experiencing significant fluctuations. The possibility of an emergency rate cut by the Federal Reserve was even speculated <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40203305/should-fed-make-an-emergency-cut-before-september-meeting-no-not-even-close-analy">after recent shockwaves</a> in the interest rate markets. However, the implied probability of a Fed emergency rate cut in 2024 dropped sharply to 14% by Tuesday.
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

News

Economics

Markets

BLDR

PLNT

UBER

Jim Cramer Says 'We're In A Recessionless Recession,' Points To Uber And Other Strong Corporate Earnings As Reassuring Sign

Renowned economist Peter Schiff has sparked a debate over the value and purpose of owning Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in ETFs, arguing that the method contradicts some of its core values.
What Happened: On Tuesday, Schiff wrote on X that having exposure to the world&#8217;s largest cryptocurrency through ETFs undermines the core principles of the cryptocurrency, including its decentralization and peer-to-peer nature. 
&#8220;It&#8217;s no longer decentralized, [it&#8217;s] not peer-to-peer, it&#8217;s easily seized by authorities, can&#8217;t be used as a currency for payments, or transferred across borders. It&#8217;s not your keys, not your coins,&#8221; Schiff stated.
The Bitcoin critic added that the bulk of the demand for ETFs was coming from people who don&#8217;t value King Crypto&#8217;s fundamentals and see them just as a medium to cash out at profits. &#8220;This shows the pyramid scheme will soon collapse,&#8221; he warned.
It&#8217;s worth noting that BTC can also be taken over by government authorities, as seen in the case of the seizure of around 50,000 Bitcoin in late 2022, linked to the<a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29596887/us-department-of-justice-seizes-3-36b-in-bitcoin-from-silk-road-dark-web-fraud" target="_blank" rel="noreferrer noopener"> infamous Silk Road online marketplace.</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Owning <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in ETFs defeats the entire purpose of owning it in the first place. It&#39;s no longer decentralized, its not peer-to-peer, it&#39;s easily seized by authorities, can&#39;t be used as a currency for payments, or transferred across boarders. It&#39;s not your keys, not your coins.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1820826895232995448?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40209165/trumps-son-eric-posts-crypto-cliffhanger-says-big-announcement-incoming-are-we-getting-a-m">Trump&#8217;s Son Eric Posts Crypto Cliffhanger, Says &#8216;Big Announcement&#8217; Incoming — Are We Getting A Memecoin For &#8216;Real&#8217; This Time?</a>
Bloomberg ETF analyst Eric Balchunas regarded Schiff&#8217;s remarks as fair. However, in a witty rejoinder, he questioned whether the same rationale should apply to ETFs tracking the price of gold &#8211; the asset that Schiff strongly supports. &#8220;Should the motto be &#8216;Not sitting in your own safe, not your gold,&#8221; inquired Balchunas.
U.S.-based Bitcoin ETFs recorded net outflows of $148.56 million as of August 6, <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">according </a>to data from SoSo Value. Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>) saw redemptions of $32.18 million, while Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) saw a capital exit of $64.48 million.
Why It Matters: Schiff&#8217;s criticism comes amid a volatile period for Bitcoin. The cryptocurrency recently sank below $50,000, causing concern among investors. 
Schiff has warned of a potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40195646/bitcoin-rebounds-after-plunge-as-peter-schiff-warns-of-crypto-graveyard">&#8220;crypto graveyard&#8221; </a>and predicted massive sell-offs in Bitcoin ETFs if the currency fell below its July low. His comments have also sparked debate over the value and stability of <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40169225/peter-schiff-thinks-bitcoin-will-never-be-a-reserve-asset-but-others-see-the-drop-as-a-tes">Bitcoin as a reserve asset</a>, with some commentators arguing that new money cannot have low volatility before being adopted by nations. 
Price Action: At the time of writing, Bitcoin was trading at $56,561.31, rising 1.51% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
Photo courtesy: Gage Skidmore on Flickr
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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

Cryptocurrency

$BTC

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

GBTC

Peter Schiff Says Owning Bitcoin In ETFs Is The Antithesis Of 'Not Your Keys, Not Your Coins' — Gets A Gold Jibe In Return From Noted Analyst

U.S. stocks experienced a surge in trading on Tuesday, with the Dow Jones index jumping by nearly 300 points to 38,997.66. The NASDAQ and the S&amp;P 500 also followed suit, rising 1.03% to 16,366.85 and 1.04% to 5,240.03 respectively.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>)
Reddit shares dipped by 4.31% to close at $54.36. The company reported a strong second quarter with revenue of $281.2 million, beating the consensus estimate of $253.58 million. Daily active unique users <a href="https://www.benzinga.com/news/earnings/24/08/40202848/reddit-q2-earnings-strong-quarter-across-the-board-revenue-beat-daily-active-users-up-51-and-more">increased by 51% year-over-year to 91.2 million</a>.
Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>)
Dell shares fell by 3.58% to close at $94.67. The company announced a <a href="https://www.benzinga.com/news/24/08/40200365/dell-technologies-are-trading-lower-whats-going-on">significant reorganization</a> within its sales teams, including job cuts and a new focus on artificial intelligence (AI) products and services.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40158903/terrible-plan-billionaire-ken-griffin-donates-12m-to-defeat-floridas-cannabis-legalization-measu?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Terrible Plan&#8217;: Billionaire Ken Griffin Donates $12M To Defeat Florida&#8217;s Cannabis Legalization Measure</a>
Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>)
Airbnb shares rose by 4.12% to close at $130.47. The company reported <a href="https://www.benzinga.com/news/earnings/24/08/40203008/airbnb-shares-fall-after-mixed-q2-results-eps-miss-revenue-beats">mixed second-quarter results</a>, with sales of $2.748 billion beating the analyst consensus estimate, but GAAP earnings of 86 cents per share missing the consensus estimate.
Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)
Rivian shares increased by 1.30% to close at $14.80. The electric vehicle manufacturer reported <a href="https://www.benzinga.com/news/earnings/24/08/40203182/rivian-q2-earnings-highlights-revenue-beat-eps-miss-volkswagen-jv-to-speed-up-the-transition-away-f">second-quarter revenue of $1.16 billion</a>, beating the Street consensus estimate.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares rose by 0.88% to close at $200.64. CEO Elon Musk <a href="https://www.benzinga.com/general/entertainment/24/08/40207366/elon-musk-sends-tucker-carlson-a-cybertruck-to-review-newscaster-does-donuts-shoots-at-vehi">sent a Cybertruck</a> to political commentator Tucker Carlson for a review.
Photo by Phongphan on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Reddit, Dell, Airbnb, Rivian, Tesla: Why These 5 Stocks Are On Investors' Radars Today

The Bank of Japan has stated that it will not raise interest rates during periods of market instability. This decision was confirmed by Deputy Governor Shinichi Uchida on Wednesday.
What Happened: Uchida highlighted the impact of a stronger yen on the BOJ&#8217;s policy decisions, as it reduces the upward pressure on import prices and overall inflation, reported Reuters. 
He also noted that stock market volatility could influence corporate activity and consumption, further affecting the central bank&#8217;s decision-making process.
Uchida emphasized the necessity of maintaining the current levels of monetary easing due to the sharp volatility in domestic and overseas financial markets. 
He also stated that the BOJ&#8217;s interest rate path would &#8220;obviously&#8221; change if market volatility affects its economic and price outlook, its view on risks, and the likelihood of durably achieving its 2% inflation target.
&#8220;We won&#8217;t raise interest rates when financial markets are unstable,&#8221; Uchida said.
See Also: <a href="https://www.benzinga.com/news/earnings/24/08/40157665/nasdaq-r2k-futures-tumble-over-4-vix-spikes-over-100-bitcoin-plunges-hard-as-global-sell-off-deepen?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, R2K Futures Tumble Over 4%, VIX Spikes Over 100%, Bitcoin Plunges Hard As Global Sell-Off Deepens Amid Recession Fears</a>
Why It Matters: This announcement comes in the wake of a <a href="https://www.benzinga.com/markets/forex/24/08/40199820/investors-should-blame-bank-of-japan-for-major-selloff-economist-says">major selloff in global markets</a>, which was attributed to the unwinding of the Japanese yen &#8220;carry trade&#8221; caused by the BOJ&#8217;s decision to raise interest rates, according to Jim Bianco, founder of&nbsp;Bianco Research. 
The Nikkei 225 index experienced its largest drop in decades, with the Dow Jones Industrial Average and the S&amp;P 500 also suffering significant losses.
Just a week before the selloff, the BOJ had <a href="https://www.benzinga.com/news/24/07/40058319/bank-of-japan-raises-main-interest-rate-unwinds-longstanding-easy-policy-even-as-jerome-powells-take">increased its benchmark interest rate</a> and announced plans to reduce its bond purchasing program.
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Bank Of Japan Deputy Shinichi Uchida Says, 'We Won't Raise Interest Rates When Financial Markets Are Unstable'

Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) CEO Steve Huffman explained restricting access to its content after he previously called on Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Anthropic, and Perplexity to pay for continue scrapping the site&#8217;s data.
What Happened: On Tuesday, during Reddit&#8217;s <a href="https://www.benzinga.com/news/earnings/24/08/40202848/reddit-q2-earnings-strong-quarter-across-the-board-revenue-beat-daily-active-users-up-51-and-more">second-quarter earnings</a> call, Huffman responded to a query from Daniel Salmon of New Street Research regarding limitations on content access in some cases, including Microsoft Bing.
Huffman stated that Reddit&#8217;s content is extremely valuable. While the company has traditionally allowed search engines to crawl and index its content, changes in the usage of Reddit&#8217;s data have necessitated a policy shift.
&#8220;We&nbsp;can no longer assume intent&nbsp;for what Reddit&#8217;s data is&nbsp;being used for,&#8221; Huffman said, adding that Reddit has transitioned from being &#8220;default open&#8221; to &#8220;default blocking crawlers.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/government/24/08/40169996/alphabet-loses-antitrust-suit-over-google-search-dominance-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Alphabet Loses Antitrust Suit Over Google Search Dominance: Report</a>
Huffman went on to say that Reddit remains accessible to users and continues to offer its content&nbsp;for free for non-commercial use. However, a public content policy has been implemented that prioritizes user privacy and limits the use of Reddit data for user identification or ad targeting.
&#8220;We&nbsp;want to know where Reddit&nbsp;data is going and what&nbsp;it&#8217;s being used for,&#8221; he said, underscoring the company&#8217;s dedication to data transparency and user privacy.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This move by Reddit follows Huffman&#8217;s call for companies like Microsoft to pay for scraping the site&#8217;s data. 
In an interview earlier this month, Huffman expressed concern over the lack of control and knowledge about how Reddit&#8217;s data is used and displayed without these agreements. He specifically called out Microsoft, Anthropic, and Perplexity for their reluctance to negotiate, describing the process of blocking these companies as &#8220;a real pain in the a&#x2A;&#x2A;,&#8221; <a href="https://www.theverge.com/2024/7/31/24210565/reddit-microsoft-anthropic-perplexity-pay-ai-search">reported</a> The Verge.
Meanwhile, on Tuesday, Reddit&#8217;s second-quarter earnings report showed a strong quarter with a 54% year-over-year increase in total revenue and a 51% increase in daily active unique users.
Price Action: On Tuesday, Reddit shares closed at $54.36, marking a 4.31% drop. The decline persisted in after-hours trading, with the stock falling another 4.53%, reaching $51.90, according to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

MSFT

Steve Huffman Explains Why His Platform Has Started Restricting Content Access For Some, Including Microsoft: 'We Want To Know Where Reddit Data Is Going And What It's Being Used For'

Leading cryptocurrencies made further advances Tuesday as investors hope to recoup losses after "Black Monday."
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9:00 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.92%</td>
<td>$56,697.70</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.11%</td>
<td>$2,496.40</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.90%</td>
<td>$0.09786</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin bounced as high as $56,988 during trading hours, and price action remained choppy overnight. The world's largest cryptocurrency traded 14.23% lower over the week.
Ethereum too remained volatile during the day, oscillating between $2,430 and $2,550. The Altcoin King was down 23% over the week.
In the past 24 hours, 54,989 traders were liquidated, with the total liquidations at $176.41 million. This comes after more than a billion dollars locked in speculative bets was wiped out on Monday.
Bitcoin's Open Interest marginally increased in the last 24 hours, signaling caution among investors. Ethereum recorded a 1.28% decline in OI.
The Longs/Shorts Ratio rose in the last 24 hours, indicating the closure of bearish bets in comparison to bullish ones.
The Cryptocurrency Fear &amp; Greed Index improved from "Extreme Fear" to "Fear" due to the rebound.&nbsp;
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:00 p.m. EDT)</td>
</tr>
<tr>
<td>Cat in a dogs world (MEW)</td>
<td>+20.52%</td>
<td>$0.005766</td>
</tr>
<tr>
<td>Notcoin (NOT)</td>
<td>+16.62%</td>
<td>$0.01203</td>
</tr>
<tr>
<td>Akash Network (AKT)</td>
<td>+7.72%</td>
<td>$2.47</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stood at $1.97 trillion, declining 0.88% in the last 24 hours.
The stock market rebounded Tuesday after Monday's heavy sell-offs. The Dow Jones Industrial Average gained 294.39 points, or 0.76%, to close at 38,997.66. The S&amp;P 500 lifted 1.04% to end at 5,240.03. The tech-heavy Nasdaq Composite added 1.03% to finish at 16,366.85.
The recovery came after a sharp rally in Japanese stocks. After recording its worst performance since the &#8220;Black Monday&#8221; crash of 1987, the Nikkei 225 bounced 10% Tuesday.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Legendary trader Peter Brandt likened Bitcoin's ongoing post-halving correction to the 2015-2017 cycle. Based on the trajectory of previous post-halving cycles, Brandt predicted that a new all-time high for King Crypto would take &#8220;many weeks&#8221; from now.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Price history of Bitcoin Halving Cycles <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Key points: 1. Current post halving correction is similar to 2015-2017 2. Post halving corrections in past two cycles indicate that a new bull cycle high could be many weeks from now <a href="https://t.co/2dMvoJcrNx">pic.twitter.com/2dMvoJcrNx</a>
&mdash; Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820824087523885359?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Earlier in the day, Ali Martinez, known for his analyses and price predictions in the cryptocurrency space, forecast the possibility of another pullback.
"Though BTC might climb to $56,000-$57,000 at the wedge&#8217;s upper boundary, watch for a potential breakdown that could pull BTC back to around $51,000," the analyst stated.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In the short term, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> forms a rising wedge, a pattern often linked to downtrends. Though <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> might climb to $56,000-$57,000 at the wedge&#39;s upper boundary, watch for a potential breakdown that could pull <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> back to around $51,000! <a href="https://t.co/qwBvwwHNnO">pic.twitter.com/qwBvwwHNnO</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1820763336625066097?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40209165/trumps-son-eric-posts-crypto-cliffhanger-says-big-announcement-incoming-are-we-getting-a-m">Trump&#8217;s Son Eric Posts Crypto Cliffhanger, Says &#8216;Big Announcement&#8217; Incoming — Are We Getting A Memecoin For &#8216;Real&#8217; This Time?</a></li>
</ul>

Movers

Trading Ideas

$DOGE

$ETH

Bitcoin Gains, Ethereum, Dogecoin Dip As Investors Emerge From A State Of 'Extreme Fear' — Legendary Trader Peter Brandt Makes A Prediction About King Crypto's New High

Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) has revealed plans to introduce new monetization features for developers on its platform. The move is expected to enable users to create and earn money directly on the site.
What Happened: During the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/08/40202848/reddit-q2-earnings-strong-quarter-across-the-board-revenue-beat-daily-active-users-up-51-and-more">second-quarter earnings call</a>, Reddit&#8217;s CEO Steve Huffman disclosed the company&#8217;s intention to introduce monetization features within Reddit&#8217;s developer platform. This would allow users to create and earn money directly on the platform.
&#8220;We&#8217;re working towards enabling monetization within the developer platform to empower our users to create and earn money on the platform this year,&#8221; Huffman stated during the call.
The developer platform, which is currently in public beta with a few hundred active developers, has shown promising results. Huffman highlighted examples of custom post types, such as scoreboards and stock tickers, being used in sports and investing communities on the site.
While specific details about the monetization features remain unclear, Huffman expressed enthusiasm about the potential for users to surprise the company with innovative applications.
Huffman tempered expectations for immediate large-scale implementation, stating, &#8220;I can&#8217;t promise scale or anything like that this year. But getting to that kind of end-to-end proof of concept will be, I think, a really important milestone.&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40179293/strategist-warns-theres-a-serious-collapse-thats-coming-after-mondays-global-market-crash-tons-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Strategist Warns &#8216;There&#8217;s A Serious Collapse That&#8217;s Coming&#8217; After Monday&#8217;s Global Market Crash: &#8216;Tons And Tons Of Yen Carry Trades…Have To Be Closed Out&#8217;</a>
Why It Matters: Reddit&#8217;s move to enable monetization features for developers is part of a broader strategy to diversify revenue streams and enhance user engagement. 
The announcement follows a series of significant financial updates from the company. In <a href="https://www.benzinga.com/news/earnings/24/08/40202848/reddit-q2-earnings-strong-quarter-across-the-board-revenue-beat-daily-active-users-up-51-and-more">the second quarter</a>, Reddit reported a 54% year-over-year increase in revenue, reaching $281.2 million, and a 51% rise in daily active users.
Reddit&#8217;s third-quarter revenue forecast surpassed Wall Street&#8217;s expectations, indicating a <a href="https://www.benzinga.com/markets/equities/24/08/40209259/reddit-forecasts-q3-revenue-above-expectations-but-stock-slides-what-you-need-to-know">rebound in the digital ad market</a>. However, the stock experienced a decline due to the upcoming end of the pre-IPO lockup for private investors and conservative quarterly forecasts.
Moreover, Reddit&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38703190/reddits-enhanced-advertising-tools-drive-sizable-upside-jpmorgan">enhanced advertising tools</a> have driven significant upside, as noted by JPMorgan analyst Doug Anmuth. The analyst emphasized the need for sustained execution and growth amid tougher competition in the online ad market.
Price Action: Reddit Inc. closed at $54.36 on Tuesday, down 4.31%. In after-hours trading, the stock continued to decline, falling by an additional 4.53%. However, year to date, Reddit Inc. has seen an overall increase of 7.77%, according to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/08/40154197/trump-says-kamala-doesnt-have-a-clue-biden-is-sound-asleep-as-stock-markets-crash-globally-i-told-yo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says &#8216;Kamala Doesn&#8217;t Have A Clue. Biden Is Sound Asleep&#8217; As Stock Markets Crash Globally: &#8216;I Told You So!!!&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Reddit To Launch Monetization Features For Developers, CEO Steve Huffman Says Users Can 'Create And Earn Money On The Platform This Year'

Ark Invest led by Cathie Wood made significant trades in Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), and Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) on Tuesday.
Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>), ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) and ARK Autonomous Technology &amp; Robotics ETF (BATS: ARKQ) were among the ETFs that made these trades.
<h3 class="wp-block-heading">The Reddit Trade</h3>
Ark Invest purchased 35,955 shares of Reddit through ARKF. At the last closing price of $54.36, this trade is valued at approximately $1.95 million.
Reddit reported a <a href="https://www.benzinga.com/news/earnings/24/08/40202848/reddit-q2-earnings-strong-quarter-across-the-board-revenue-beat-daily-active-users-up-51-and-more">strong second-quarter performance</a> with a 54% year-over-year increase in total revenue and a 51% rise in daily active unique users (DAUq) to 91.2 million. Despite this, the stock has been on a decline due to the upcoming end of the pre-IPO lockup for private or pre-IPO investors and the stock's low average revenue per user (ARPU) growth.
<h3 class="wp-block-heading">The Amazon Trade</h3>
Ark Invest bought 39,942 shares of Amazon.com through ARKK, ARKQ, ARKW, ARKF and ARKX. This trade is estimated to be worth around $6.5 million, based on the last closing price of $161.93.
Amazon has been a popular choice for Ark Invest. The company made <a href="https://www.benzinga.com/markets/equities/24/08/40177308/cathie-wood-led-ark-invest-went-shopping-for-amd-tesla-amazon-coinbase-robinhood-meta-and-palant">significant trades</a> in Amazon on Monday, a day marked by a substantial market downturn. The investment firm also went shopping for AMD, Tesla, and other shares amid the market crash.
<h3 class="wp-block-heading">The AMD Trade</h3>
Ark Invest acquired 105,002 shares of Advanced Micro Devices via ARKK, ARKQ and ARKW. This trade is valued at approximately $13.7 million, based on the last closing price of $130.18. 
It should be noted that on Monday amid a global market rout, AMD shares rose after a morning dip driven by NVIDIA&#8217;s <a href="https://www.benzinga.com/news/24/08/40170023/amd-shares-rebound-whats-going-on">design flaw </a>in its Blackwell accelerators, which could delay shipments until early 2025. NVIDIA later addressed concerns, easing market fears, despite weak performance from other chipmakers like Intel.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40147514/defector-says-donald-trumps-return-to-white-house-would-be-once-in-a-thousand-year-chance-for-no?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Defector Says Donald Trump&#8217;s Return To White House Would Be &#8216;Once-In-A-Thousand-Year Chance&#8217; For North Korea</a> 
<h3 class="wp-block-heading">Other Key Trades:</h3>
<ul>
<li>ARKF sold shares of Block Inc </li>
<li>ARKF bought shares of Robinhood Markets Inc </li>
<li>ARKG sold shares of Teladoc Health Inc</li>
<li>ARKG sold shares of Verve Therapeutics Inc </li>
<li>ARKK sold shares of Zoom Video Communications Inc </li>
<li>ARKK sold shares of Block Inc </li>
<li>ARKK bought shares of Coinbase Global Inc </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40131648/anthony-scaramucci-says-trump-could-drop-his-presidential-bid-against-kamala-harris-if-this-happens?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Trump Could Drop His Presidential Bid Against Kamala Harris If This Happens: &#8216;I Know How This Man Thinks&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

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ARKF

ARKK

ARKQ

ARKW

ARKX

Cathie Wood's Ark Invest Loads Up On Reddit As Platform Reports Q2 Revenue Increase, Also Buys $13.7M Worth Of Nvidia-Rival AMD's Stock

<a href="https://www.benzinga.com/markets/cannabis/23/05/32343304/growlink-to-acquire-floenvy-adding-critical-workflow-management-and-data-analytics-functions-to-">Growlink</a>, a Denver based provider of controlled environment agriculture (CEA) solutions, recently <a href="https://www.prnewswire.com/news-releases/growlink-secures-strategic-investment-from-casa-verde-to-accelerate-innovation-and-growth-302214591.html">announced</a> the successful closure of a $2 million seed financing round led by <a href="https://www.benzinga.com/markets/cannabis/23/08/34150539/snoop-doggs-vc-fund-casa-verde-backs-cannabis-insurance-tech-co-exciting-opportunity-to-disrupt-">Casa Verde</a>. This investment marks a significant milestone for the company, known for its advanced controllers, sensors and <a href="https://www.benzinga.com/topic/cannabis-cultivation">cultivation</a> software designed to optimize agricultural yield with minimal resources.
Co-founders Ted Tanner and David Holmes bring experience, having built technology companies together for over 26 years, with two previous successful endeavors .
<h3 class="wp-block-heading">Growlink: AI Capabilities</h3>
For over a decade, Growlink has operated profitably without external funding or debt, steadily growing its customer base to over 2,200 active locations in 35 countries. Acoording to the company, most US-based <a href="https://www.benzinga.com/money/multi-state-operators">multi-state operators </a>are using their technology.
The recent funding will enable Growlink to expand its AI capabilities and enhance its third-party integration platform. This platform ensures seamless connectivity between various hardware and the Growlink cloud. Users will gain access to advanced control algorithms, cultivar blueprints and AI crop steering programs.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/23/08/34150539/snoop-doggs-vc-fund-casa-verde-backs-cannabis-insurance-tech-co-exciting-opportunity-to-disrupt-">Snoop Dogg&#8217;s VC Fund Casa Verde Backs Cannabis Insurance Tech Co.: &#8216;Exciting Opportunity To Disrupt Antiquated Industry&#8217;</a>
<h3 class="wp-block-heading">Glowlink Strategic Partnership </h3>
Casa Verde has been funding cannabis enterprises for several years now. The company, known for its link to rap superstar <a href="https://www.benzinga.com/markets/cannabis/22/01/25262014/snoop-doggs-casa-verde-helps-cannabis-brand-tsumo-snacks-raise-4m">Snoop Dogg</a>, is also recognized for its focus on cannabis technology.
Based in Los Angeles, Casa Verde has invested in critical solutions across the cannabis supply chain. Karan Wadhera, managing partner of Casa Verde, emphasized the importance of Growlink&#8217;s technology. &#8220;Growlink drives immediate ROI for underserviced cultivators and is a foundational component of any technology stack that prioritizes quality and efficiency,&#8221; he said.
Tanner, CEO of Growlink, expressed enthusiasm about the partnership. &#8220;We are thrilled to partner with Casa Verde, an investor that shares our vision and passion for advancing the cannabis cultivation industry. Their support will be instrumental in accelerating our growth and expanding our capabilities.&#8221;
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40158903/terrible-plan-billionaire-ken-griffin-donates-12m-to-defeat-floridas-cannabis-legalization-measu">&#8216;Terrible Plan&#8217;: Billionaire Ken Griffin Donates $12M To Defeat Florida&#8217;s Cannabis Legalization Measure</a></li>
</ul>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/06135738/CCC-Oct-24-Banner-1-18.gif" alt="" class="wp-image-479770" /></a></figure>
Cover: AI generated image

Cannabis

Growlink Secures Strategic Investment From Casa Verde To Support Cannabis AI Capabilities

Researchers at the University of California Davis have developed a groundbreaking tool to swiftly track neurons and biomolecules activated by <a href="https://www.benzinga.com/markets/psychedelics">psychedelic drugs</a>. This non-invasive method, called CaST for Ca2+-activated Split-TurboID, has been described in <a href="https://www.nature.com/articles/s41592-024-02375-7">research</a> recently published in Nature Methods and <a href="https://neurosciencenews.com/cast-psychedelics-neurons-27516/">reported</a> by Neuroscience News. The new protein-based tool provides unprecedented insights into the neuroplastic effects of psychedelics, promising advancements in <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">treatments</a> for brain disorders like depression and PTSD.
<h3 class="wp-block-heading">Rapid Tagging Revolutionizes Research</h3>
As described by the study authors, CaST stands out due to its speed, achieving cellular tagging in just 10 to 30 minutes, a significant improvement over traditional methods that take hours. This accelerated process is set to enhance research efficiency and guide the development of therapies with fewer side effects by pinpointing the cellular mechanisms psychedelics target.
The UC Davis research team, led by Christina Kim, assistant professor of neurology, used CaST to monitor neurons in mice dosed with psilocybin. The tool identified neurons in the prefrontal cortex, a critical region for mental health, by tagging cells with high calcium levels—a marker of neuronal activity. "What's nice about CaST is that it can be used in a freely behaving animal," Kim noted, highlighting the tool&#8217;s versatility.
<h3 class="wp-block-heading">Unlocking The Benefits Of Psychedelics</h3>
Psychedelic compounds like <a href="https://www.benzinga.com/topic/lsd">LSD</a>, <a href="https://www.benzinga.com/topic/dmt">DMT</a> and <a href="https://www.benzinga.com/topic/psilocybin-assisted-therapy">psilocybin</a> are known for promoting the growth and strengthening of neurons in the brain's prefrontal cortex. Understanding the cellular mechanisms these drugs act upon is crucial. "It's important to think about the cellular mechanisms that these psychedelics act upon," said Kim. "Once we know that, we can design different variants that target the same mechanism but with fewer side effects."
<h3 class="wp-block-heading">Collaboration And Future Directions</h3>
The research, conducted in collaboration with David Olson, founding director of the Institute for Psychedelics and Neurotherapeutics, is paving the way for more extensive studies. The team plans to enable brain-wide cellular labeling with CaST and enrich the signature of individual proteins produced by neurons affected by psychedelics.
"We can send those samples to the UC Davis Proteomics Core Facility and they can give us an unbiased picture of all the proteins we identified," Kim explained. By comparing the neuronal activity induced by psychedelics to that induced by non-hallucinogenic neurotherapeutics, researchers aim to deepen their understanding of the therapeutic effects of psychedelics.
<h3 class="wp-block-heading">Promising Implications for Mental Health</h3>
The findings from this research could significantly impact the treatment of brain disorders. By identifying how psychedelics benefit cellular profiles, scientists can elucidate the step-by-step processes of their therapeutic effects. Kim expressed excitement about future experiments, stating, "CaST will be an important tool for studying the mechanisms of action of these neurotherapeutic drugs."
Cover image made with AI

Psychedelics

New Tool Tracks Psychedelic Effects In Brain Neurons In Minutes Rather Than Hours

Quarterly earnings will highlight efficient operators&#39; growing market share and building sustainable platforms. Pablo Zuanic, senior analyst at Zuanic &amp; Associates, provides an overview of the cannabis market trends in key states ahead of the second quarter earnings season.
Zuanic emphasizes that federal reform expectations,<a href="https://www.benzinga.com/markets/cannabis/24/06/39560744/irs-confirms-no-federal-tax-deductions-for-marijuana-businesses-until-rescheduling-is-finalized"> IRS news on 280E</a>, refinancing potential&nbsp;and M&amp;A strategies will be the main drivers of sentiment.
<h3>State Performance Highlights</h3>
<ul>
<li><a href="http://These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link. Photo: AI-generated image.">Florida</a>: Despite a slowing pace and price deflation, Florida&#39;s medical marijuana sales reached $479 million in 2Q24, with a slight decrease of 2% quarter-over-quarter (QoQ). Trulieve (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>) remains the leader with 142 stores, followed by Verano (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vrnof#OTC">VRNOF</a>) with 77 stores.</li>
<li><a href="https://www.benzinga.com/topic/illinois-cannabis">Illinois</a>: Sales grew to $505 million in 2Q24, a 2% QoQ increase, though the market underperforms with $158 per capita spent compared to Michigan&#39;s $333. Ascend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aawh#OTC">AAWH</a>), Curaleaf (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>), Verano, Cresco (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>)&nbsp;and Green Thumb (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>) each have 10 stores in the state.</li>
<li><a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania</a>: Robust growth continues with 2Q24 sales at $426 million, up 11% year-over-year. The state boasts healthy retailer economics with annualized revenue per store at $9.4 million. Verano leads with 18 stores.</li>
<li><a href="https://www.benzinga.com/topic/arizona-cannabis">Arizona</a>: Sales declined 7% QoQ to $301 million in 2Q24, with ongoing deflation impacting both growers and retailers. Trulieve and Curaleaf lead with 21 and 16 stores, respectively.</li>
<li><a href="https://www.benzinga.com/topic/maryland-cannabis">Maryland</a>: With recreational sales starting on 7/1/23, total sales reached $284 million in 2Q24, up 130% YoY. Curaleaf and Green Thumb are significant players in the state with multiple stores each.</li>
<li><a href="https://www.benzinga.com/topic/new-jersey-cannabis">New Jersey</a>: Although growing, New Jersey lags in per capita spending with sales totaling $225 million in 1Q24. Curaleaf, Verano, and Green Thumb have a notable presence with multiple operational stores.</li>
<li><a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a>: Medical marijuana sales remained flat at $120 million in 2Q24, but prices are rising as <a href="https://www.benzinga.com/markets/cannabis/24/08/40172821/its-official-ohio-begins-recreational-cannabis-sales-on-tuesday-heres-where-and-how-you-know-the">retailers begin&nbsp;recreational sales</a>. Cresco, Green Thumb, and Columbia Care (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cchwf#OTC">CCHWF</a>) are key operators in the state.</li>
<li><a href="https://www.benzinga.com/topic/michigan-cannabis">Michigan</a>: The state continues to see strong growth with 2Q24 sales at $837 million, up 6% QoQ and 11% YoY. Michigan leads in per capita spending with $333. Green Peak Innovations and Lume Cannabis Co. are significant players with extensive store networks.</li>
</ul>
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/08/40139356/cannabis-sales-in-u-s-hit-32b-in-june-key-drivers-behind-all-time-record-revealed">&nbsp;Cannabis Sales In U.S. Hit $32B In June: Key Drivers Behind All-Time Record Revealed</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-generated image.&nbsp;

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CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

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VRNOF

Cannabis Boom Or Bust: State Trends Marijuana Investors Can't Afford To Ignore In 2Q24

Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) has projected <a href="https://www.benzinga.com/news/earnings/24/08/40202848/reddit-q2-earnings-strong-quarter-across-the-board-revenue-beat-daily-active-users-up-51-and-more">third-quarter revenue</a> that surpasses Wall Street&#8217;s expectations, indicating a rebounding digital ad market. However, the stock experienced a decline in extended trading.
What Happened: Reddit&#8217;s forecast for the third quarter, its second since going public in March, suggests a resurgence in the digital ad market, attracting more advertisers to the platform, reported Reuters. 
Analysts have attributed the stock&#8217;s decline to the upcoming end of the pre-IPO lockup for private or pre-IPO investors on Friday. Additionally, the stock&#8217;s low average revenue per user (ARPU) growth and the conservative quarterly forecast have also been cited as reasons for the downturn.
Despite these factors, Reddit&#8217;s earnings have sparked optimism about the company&#8217;s content licensing deals with Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) backed OpenAI.
Reddit&#8217;s CEO, Steve Huffman, announced plans to test new AI-powered search results later this year. The company expects its third-quarter revenue to be between $290 million and $310 million, compared to analysts&#8217; average estimate of $278.7 million, according to LSEG data.
&#8220;(This) is probably a &#8216;sell the news&#8217; reaction to get out of the stock ahead of this Friday, when the pre-IPO lockup ends for private or pre-IPO investors,&#8221; Michael Ashley Schulman, Chief Investment Officer, Running Point Capital said.
See Also: <a href="https://www.benzinga.com/news/24/08/40160572/donald-trump-blames-kamala-harris-for-global-market-crash-says-were-heading-towards-world-war-iii?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Blames Kamala Harris For Global Market Crash, Says &#8216;We Are Heading To World War III&#8217;</a>
Why It Matters: Reddit&#8217;s forecast comes on the heels of a strong second-quarter performance, where the company reported a revenue of $281.2 million, a 54% increase from the previous year. 
The company&#8217;s daily active unique visitors also rose by 51% to 91.2 million in the second quarter, while its global ARPU increased by about 2% to $3.08. Despite these positive results, the company&#8217;s shares experienced a decline in extended trading.
Reddit&#8217;s strong performance in <a href="https://www.benzinga.com/news/earnings/24/08/40202848/reddit-q2-earnings-strong-quarter-across-the-board-revenue-beat-daily-active-users-up-51-and-more">the second quarter</a> showed a significant increase in daily active unique users by 51% year-over-year. This growth in user engagement is crucial for attracting advertisers, which is a key revenue stream for the platform.
In May, JPMorgan highlighted Reddit&#8217;s enhanced advertising tools as drivers for &#8220;sizable upside.&#8221; The company&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38703190/reddits-enhanced-advertising-tools-drive-sizable-upside-jpmorgan">first-quarter results</a> had already surpassed expectations, setting a positive tone for subsequent quarters.
Furthermore, the <a href="https://www.benzinga.com/news/earnings/24/05/38675135/reddit-earnings-forecast-spark-community-debate-about-platforms-value">debate about Reddit&#8217;s value</a> underscores the platform&#8217;s potential and the high expectations from its user base and investors. 
Price Action: Reddit Inc. closed at $54.36 on Tuesday, down 4.31%. In after-hours trading, the stock continued to decline, falling by an additional 4.53%. However, year to date, Reddit Inc. has seen an overall increase of 7.77%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40179293/strategist-warns-theres-a-serious-collapse-thats-coming-after-mondays-global-market-crash-tons-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Strategist Warns &#8216;There&#8217;s A Serious Collapse That&#8217;s Coming&#8217; After Monday&#8217;s Global Market Crash: &#8216;Tons And Tons Of Yen Carry Trades…Have To Be Closed Out&#8217;</a></li>
</ul>
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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

GOOG

GOOGL

Reddit Forecasts Q3 Revenue Above Expectations, But Stock Slides: What You Need To Know

Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has pointed the finger at&nbsp;Delta Air Lines Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) for its extended recovery&nbsp;from a global cyber outage.
What Happened: On Tuesday, Microsoft stated that unlike its competitors the airline&#8217;s lack of IT modernization contributed to the prolonged recovery, reported Reuters.
Delta, on the other hand, defended its IT infrastructure, stating it has invested billions&nbsp;in IT capital expenditures since 2016.
&#8220;Delta has a long track record of investing in safe, reliable and elevated service for our customers and employees,&#8221; a company spokesperson told Reuters.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40145805/elon-musk-says-his-endorsement-of-trump-doesnt-mean-he-agrees-with-everything-ex-president-is-saying?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says His Endorsement Of Trump Doesn&#8217;t Mean He Agrees With Everything Ex-President Is Saying, But Tesla CEO Thinks GOP Presidential Candidate &#8216;Displayed Courage Under Fire&#8217;</a>
Last week, Delta CEO Ed Bastian said that although the airline heavily relies on the two tech companies, they had failed to provide &#8220;exceptional service.&#8221; He also said that Microsoft <a href="https://www.benzinga.com/news/24/08/40124678/delta-air-lines-ceo-calls-microsoft-most-fragile-platform-after-crowdstrike-outage-causes-500m-loss">had the &#8220;most fragile platform.&#8221;</a>
Microsoft&#8217;s lawyer, Mark Cheffo, <a href="https://www.benzinga.com/news/24/07/40047547/delta-seeks-damages-from-microsoft-crowdstrike-after-major-system-outage">refuted Delta&#8217;s claims</a>, stating that Microsoft&#8217;s software was not the cause of the CrowdStrike incident. 
He added that Microsoft had offered assistance to Delta at no charge, but the airline declined the help. Cheffo also said that Microsoft CEO Satya Nadella emailed Bastian but never received a reply.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Last month, a software update by cybersecurity firm&nbsp;CrowdStrike Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) triggered system issues&nbsp;for Microsoft customers, including many&nbsp;airlines. However, while&nbsp;disruptions subsided the next day&nbsp;for other major U.S. carriers, <a href="https://www.benzinga.com/news/24/07/39915506/delta-air-lines-needs-more-recovery-time-after-crowdstrike-outage-flight-disruptions-to-extend-2-mor">they persisted at Delta</a>.
The airline is estimated to have lost $500 million due to the disruptions and&nbsp;is also facing an investigation&nbsp;by the U.S. Transportation Department.
Previously, CrowdStrike <a href="https://www.benzinga.com/news/24/08/40152392/delta-will-have-to-explain-why-it-didnt-take-responsibility-security-companys-lawyers-fireback-at-te">also denied Delta&#8217;s allegations</a>, stating that it had reached out to offer assistance but received no response from the airline. The letter also addressed Delta's consideration of legal actions, stating that the airline's threats of a lawsuit have perpetuated a &#8220;misleading narrative.&#8221;
Photo Courtesy: Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/08/40145805/elon-musk-says-his-endorsement-of-trump-doesnt-mean-he-agrees-with-everything-ex-president-is-saying?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says His Endorsement Of Trump Doesn't Mean He Agrees With Everything Ex-President Is Saying, But Tesla CEO Thinks GOP Presidential Candidate ‘Displayed Courage Under Fire'</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Legal

Media

CRWD

Microsoft Blames Delta's Outdated IT For Delayed Global Cyber Outage Recovery After Airline Decides To Seek Damages Against Software Giant And CrowdStrike

Eric Trump, the son of former President Donald Trump, sparked speculation by hinting at a &#8220;big&#8221; announcement related to cryptocurrencies and decentralized finance.
What Happened: On Tuesday, Eric Trump, who is the Executive Vice President of his father&#8217;s conglomerate, The Trump Organization, wrote on X, &#8220;I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…&#8221;. 
In the post, he also tagged the official handles of the company, father Donald Trump, and his elder brother Donald John Trump Jr., with whom he runs the company.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…<a href="https://twitter.com/Trump?ref_src=twsrc%5Etfw">@Trump</a> <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> <a href="https://twitter.com/DonaldJTrumpJr?ref_src=twsrc%5Etfw">@DonaldJTrumpJr</a>
&mdash; Eric Trump (@EricTrump) <a href="https://twitter.com/EricTrump/status/1820906993802211751?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The cryptic post triggered questions and speculations within the cryptocurrency community, with prominent influencer AshRobin asking, &#8220;We getting a Trump memecoin for real this time?&#8221;
For the curious, this was in reference to TrumpCoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">DJT</a>), a Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based memecoin that gained attention in June when Martin Shkreli, who served over six years in prison for securities fraud, <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39410022/trumpcoin-was-launched-by-barron-trump-with-donald-trumps-approval-martin-shkreli-alleges">claimed that the token was an official project</a> of former President Trump, launched with the help of his 18-year-old son Barron Trump.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40203958/what-really-caused-bitcoin-ethereum-to-crash-analyst-has-answers">What Really Caused Bitcoin, Ethereum To Crash? Analyst Has Answers</a>
Why It Matters: The Trump family&#8217;s growing interest in cryptocurrencies comes at a time when the industry is gaining mainstream acceptance. The Republican presidential nominee has tried to build political support around the asset class <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">with a recent proposal</a> for a state Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve.
Earlier this week, Trump expressed his support for cryptocurrencies, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40176950/trump-says-government-shouldnt-be-selling-bitcoin-crypto-is-like-ai-if-we-dont-build-it-ch">describing them as &#8220;modern currencies&#8221;</a> and emphasizing that &#8220;smart&#8221; people were invested in them.
Trump&#8217;s upcoming interview with Tesla CEO Elon Musk adds to the anticipation. The interview <a href="https://www.benzinga.com/general/social-media/24/08/40200731/donald-trump-elon-musk-set-for-monday-interview-will-the-talk-be-on-x-or-truth-social">could potentially touch upon cryptocurrencies</a>, given the recent developments and Musk&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018603/elon-musk-has-a-soft-spot-for-dogecoin-warns-followers-if-you-see-me-pumping-crypto-its-no">known interest</a> in the sector.
Photo by Joseph Sohm on Shutterstock
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Politics

$DJT

$SOL

Trump's Son Eric Posts Crypto Cliffhanger, Says 'Big Announcement' Incoming — Are We Getting A Memecoin For 'Real' This Time?

Minnesota Governor Tim Walz (D), who has emerged as Kamala Harris&#8217;s Vice Presidential choice, expressed his disapproval of Donald Trump and J.D. Vance, calling the competing presidential duo &#8220;creepy&#8221; and &#8220;weird.&#8221; This comes amid the 2024 election campaign.
What Happened: On a Monday, Walz took to X to voice his opinion about Trump and Vance. His post read, &#8220;I&#8217;ll just say it: Donald Trump and JD Vance are creepy and, yes, weird. We are not going back.&#8221;
<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">I&#39;ll just say it: Donald Trump and JD Vance are creepy and, yes, weird. We are not going back.
&mdash; Tim Walz (@Tim_Walz) <a href="https://twitter.com/Tim_Walz/status/1820963794304065554?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/news/24/08/40152046/mike-pence-urged-to-endorse-kamala-harriss-presidential-run-by-republicans-for-harris-do-the-right-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mike Pence Urged To Endorse Kamala Harris&#8217;s Presidential Run By &#8216;Republicans For Harris&#8217; — &#8216;Do The Right Thing&#8217;</a>
Walz&#8217;s comments come shortly after he was selected as the running mate for Vice President Kamala Harris in the 2024 presidential election.
Separately, Walz mocked Vance's "regular guy" persona and challenged him to a debate. Walz pointed out Vance&#8217;s <a href="https://www.benzinga.com/news/24/08/40208653/tim-walz-mocks-regular-guy-image-of-jd-vance-challenges-him-to-a-debate-he-studied-at-yale-and-had-h">elite background</a> and connections with Silicon Valley.
Why It Matters: Walz&#8217;s selection as Harris&#8217; running mate is seen as a strategic move by the Democratic party. According to a Benzinga article, Harris&#8217; choice of Walz could <a href="https://www.benzinga.com/news/24/08/40208653/tim-walz-mocks-regular-guy-image-of-jd-vance-challenges-him-to-a-debate-he-studied-at-yale-and-had-h">potentially help</a> the Democrats secure swing states in the upcoming election.
Before joining the Democratic ticket, Walz had a <a href="https://www.benzinga.com/government/24/08/40194625/tim-walz-tapped-by-kamala-harris-for-dem-vp-slot-what-is-the-minnesota-governors-business-background">successful career</a> as a public school teacher and gained support from key figures and groups within the party, including former House Speaker Nancy Pelosi (D-Calif.) and various labor unions. His business background and popularity within the party&#8217;s left wing were also detailed in a previous Benzinga report.
Photo via Shutterstock.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Trump And JD Vance Are 'Creepy' And 'Weird,' Says Kamala Harris VP Pick Tim Walz: 'We're Not Going Back'

Mexico has invited Russian President Vladimir Putin to the inauguration of President-elect Claudia Sheinbaum on October 1. This invitation comes despite an active arrest warrant issued by the International Criminal Court (ICC) against Putin.
What Happened: A Reuters report on Friday stated that Russia&#8217;s Izvestia newspaper had received confirmation of the invitation from Mexico&#8217;s embassy in Russia. &#8220;Russia&#8217;s invitation to take part in the inauguration of President Sheinbaum was sent to President Putin,&#8221; a representative of the Mexican embassy revealed.
It remains unclear whether Putin will personally attend the ceremony or send a high-ranking official on his behalf. The Mexican foreign ministry has redirected inquiries to Sheinbaum&#8217;s team, which has not yet issued a response.
The ICC issued an arrest warrant for Putin in 2023, accusing him of war crimes related to the illegal deportation of hundreds of children from Ukraine following Russia&#8217;s full-scale invasion in February 2022. Despite Russia not being an ICC member, Mexico is.
Interestingly, Mexico and Russia have been fortifying their relationship recently. Putin congratulated Sheinbaum on her June victory, referring to Mexico as Russia&#8217;s &#8220;historically friendly partner in Latin America.&#8221; A Russian military unit even participated in a parade marking Mexico&#8217;s independence day in September 2023, a move that sparked controversy.
See Also: <a href="https://www.benzinga.com/news/24/08/40181299/trump-vs-harris-veteran-pollster-says-this-candidate-is-building-real-lead-riding-high-on-momentum-d?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Veteran Pollster Says This Candidate Is Building &#8216;Real Lead,&#8217; Riding High On Momentum Despite Economic Headwinds</a>
Why It Matters: Sheinbaum, the first woman to be elected as Mexico&#8217;s president, has a <a href="https://www.benzinga.com/news/24/06/39139278/who-is-mexicos-newly-elected-president-claudia-sheinbaum-and-why-are-her-officials-concerned-about-t">significant academic background</a> in physics and energy engineering. She previously served as the mayor of Mexico City and contributed to a United Nations climate panel that won a Nobel Peace Prize.
Following Sheinbaum&#8217;s victory in the presidential election, the Mexican Peso experienced its <a href="https://www.benzinga.com/24/06/39137050/mexican-peso-suffers-worst-day-in-four-years-after-sheinbaum-wins-presidential-elections">worst single-day performance</a> in four years. The IPC, the main index of Mexico&#8217;s stock market, also closed 0.3% lower.
Sheinbaum, who secured between 58.3% and 60.7% of the vote, faces <a href="https://www.benzinga.com/markets/cannabis/24/06/39140057/mexicos-first-female-president-faces-persistent-challenges-drug-cartels-border-issues-repairing-">persistent challenges</a> such as drug cartels, border issues, and repairing relations with the US. Her invitation to Putin amidst an ICC arrest warrant could be seen as a significant diplomatic move in this context.
Photo by Jorge Aguilar on Unsplash
Check This Out:
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Mexico Invites Russian President To Inauguration Of Its First Woman President Claudia Sheinbaum Despite Arrest Warrant

Vice President Kamala Harris&#8216; newly-picked <a href="https://www.benzinga.com/general/politics/24/08/40190330/kamala-harris-picks-tim-walz-as-running-mate-will-minnesota-governor-help-dems-take-swing-states">running mate</a>, Minnesota Governor Tim Walz (D), took a jab at Sen. JD Vance&#8217;s (R-Ohio) portrayal of himself as a regular person in America&#8217;s heartland, challenging him to a debate.
What Happened: On Monday, Walz posted a sarcastic critique of Vance&#8217;s self-proclaimed &#8216;regular guy&#8217; image, pointing out Vance&#8217;s elite education, Silicon Valley funding, and bestselling book &#8220;Hillbilly Elegy.&#8221; He ended the post on X with a challenge to debate Donald Trump&#8217;s running mate if Vance was willing to &#8220;get off the couch and show up.&#8221;
<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">Like all regular people in America&#39;s heartland, JD Vance studied at Yale, had his career funded by Silicon Valley billionaires, and wrote a bestseller trashing that community. Come on. I can&#39;t wait to debate the guy—that is, if he&#39;s willing to get off the couch and show up. <a href="https://t.co/4orv0v2xTZ">pic.twitter.com/4orv0v2xTZ</a>
&mdash; Tim Walz (@Tim_Walz) <a href="https://twitter.com/Tim_Walz/status/1820963380108157166?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/08/40131648/anthony-scaramucci-says-trump-could-drop-his-presidential-bid-against-kamala-harris-if-this-happens?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Trump Could Drop His Presidential Bid Against Kamala Harris If This Happens: &#8216;I Know How This Man Thinks&#8217;</a>
Why It Matters: This comes after Harris selected Walz as her running mate for the 2024 presidential election. Prior to joining the Democratic ticket on Tuesday, Walz, a former public school teacher, <a href="https://www.benzinga.com/government/24/08/40194625/tim-walz-tapped-by-kamala-harris-for-dem-vp-slot-what-is-the-minnesota-governors-business-background">garnered support</a> from key figures and organizations within the party, including former House Speaker Nancy Pelosi (D-Calif.) and various labor unions.
Tim Walz, a former public school teacher and football coach, served 24 years in the Army National Guard, achieving the rank of Command Sergeant Major. 
He transitioned into politics, winning a congressional seat in 2006 and later becoming the Governor of Minnesota in 2018. Known for his moderate-liberal stance, Walz supported the Affordable Care Act and minimum wage increases while opposing the 2008 financial bailouts. As governor, he legalized recreational cannabis, passed tax cuts for the middle class, and expanded free school meals. His net worth, modest compared to other officials, primarily consists of a rental property and a state retirement pension.
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Tim Walz Mocks 'Regular Guy' Image Of JD Vance, Challenges Him To A Debate: He Studied At Yale And Had His Career 'Funded By Silicon Valley Billionaires'

Jeff Bezos, the founder of Amazon.com, Inc. currently has a net worth of $185 billion, making him the second person on the list of world&#8217;s wealthiest individuals after Elon Musk. He founded the <a href="https://www.benzinga.com/news/24/05/39052499/jeff-bezos-wanted-to-be-a-theoretical-physicist-but-this-was-the-moment-when-the-amazon-founder-deci">e-commerce giant in 1994</a>, which at the time of writing, had a market capitalization of $1.699 trillion.
The professional journey of Bezos has demonstrated a deep understanding of effective leadership. Naturally, aspiring entrepreneurs and business leaders can glean valuable insights from his <a href="https://www.benzinga.com/news/22/07/27945075/20-pithy-quotes-from-jeff-bezos-on-customers-taking-risks-and-what-really-grinds-his-gears">wisdom on several key subjects</a>.
One such subject is the ability to achieve goals. The Amazon founder once said, &#8220;Life's too short to hang out with people who aren't resourceful.&#8221; 
This statement underscores his belief in the power of a capable and innovative team. As Bezos built Amazon from a small online bookstore into a global e-commerce titan, several key individuals played crucial roles in the company's success.
See Also: <a href="https://www.benzinga.com/news/24/07/39666069/jeff-bezos-described-his-unique-life-philosophy-which-follows-a-dorky-framework-revolving-regret-min">Jeff Bezos Described His Unique Life Philosophy Which Follows A Dorky Framework Revolving &#8216;Regret Minimization&#8217;</a>
Here are three significant people who significantly contributed to Amazon's meteoric rise along with Bezos:
Mackenzie Scott
Bezos's former wife was instrumental in Amazon's early days. An <a href="https://www.benzinga.com/personal-finance/24/03/37892348/jeff-bezos-ex-wife-mackenzie-scott-had-an-excruciating-job-making-and-selling-sandwiches-to-pay-">accomplished writer</a> and Princeton University graduate, Scott was one of the company's first employees (accountant). 
She reportedly helped Bezos brainstorm a name for the company and managed the shipping of packages through UPS. Scott was also instrumental in creating Amazon's first business plan.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Jeff Wilke
He joined Amazon in 1999 and was a driving force behind the company's operational efficiency. As the CEO of Worldwide Consumer, Wilke was responsible for streamlining <a href="https://www.benzinga.com/news/20/09/17672494/amazon-confirms-prime-day-coming-oct-13-to-focus-on-small-businesses">Amazon's supply chain and logistics</a>. 
Bezos has previously called Wilke his mentor who built Amazon alongside him for 22 years. He was the likely successor to Bezos as CEO, however left the company in 2021 and the job instead went to Andy Jassy.
Andy Jassy
Jassy succeeded Bezos as <a href="https://www.benzinga.com/news/24/05/38914907/amazon-ceo-andy-jassy-identifies-the-most-crucial-skill-for-success-embarrassing-amount-depends-on-t">Amazon's CEO in 2021</a>. Joining Amazon in 1997, Jassy helped build Amazon Web Services from the ground up, transforming it into a multi-billion-dollar cloud computing business. 
While the current Amazon CEO has not been in the public eye like the e-commerce giant&#8217;s founder, Jassy was once called Bezos&#8217; &#8220;shadow,&#8221; which entailed participating in all the meetings, including one-on-ones.
During the 18 months Jassy spent shadowing Bezos, he reportedly identified several inefficiencies in how teams at Amazon worked together.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Jeff Bezos Once Said 'Life's Too Short To Hang Out With People Who Aren't Resourceful' — Who Are The People That Helped The Amazon Founder Take Steps Toward Success

Scotiabank analyst Tristan Richardson maintains Sunnova Energy Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>) with a Sector Outperform and raises the price target from $10 to $14.

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Scotiabank Maintains Sector Outperform on Sunnova Energy Intl, Raises Price Target to $14

A Senate committee has dashed hopes for legalized recreational cannabis sales in Washington, D.C. The committee approved a spending bill that keeps a controversial rider in place. This decision prevents D.C. from using local tax dollars to implement a <a href="https://www.benzinga.com/markets/cannabis/24/06/39195975/gop-house-committees-lifts-d-c-cannabis-sales-ban-in-2025-spending-bill-adds-federal-bank-safegu">system for adult-use cannabis sales</a>, despite voter support for <a href="https://www.benzinga.com/markets/cannabis/22/03/26059994/whats-up-with-cannabis-in-the-capital-congress-upholds-dc-weed-sales-ban-protects-state-medical-">legalization</a> in 2014.
<h3 class="wp-block-heading">What Happened?</h3>
Last week, the Senate Appropriations Committee passed the Financial Services and General Government (FSGG) and Labor, Health and Human Services, and Education, and Related Agencies (Labor/HHS) spending bill. The bill maintains the rider blocking D.C. from regulating recreational cannabis sales. Advocates had hoped for change when the <a href="https://docs.house.gov/meetings/AP/AP23/20240605/117405/BILLS-118-SC-AP-FY2025-FServices-FY25FSGGSubcommitteeMark.pdf">House version</a> of the bill <a href="https://www.benzinga.com/markets/cannabis/24/06/39195975/gop-house-committees-lifts-d-c-cannabis-sales-ban-in-2025-spending-bill-adds-federal-bank-safegu">initially omitted </a>this rider, removing the longstanding prohibition on Washington, D.C. However, it was reinserted through a package of Republican amendments, keeping the restriction in place.
Sen. Chris Van Hollen (D-MD), chair of the FSGG Senate Appropriations subcommittee, noted the decision was a compromise to advance the overall spending measure, <a href="https://www.marijuanamoment.net/senate-committee-keeps-d-c-marijuana-sales-ban-intact-while-also-criticizing-research-restrictions-on-psychedelics-and-cannabis/">reported</a> Marijuana Moment.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/07/39937544/medical-marijuana-market-in-d-c-at-risk-of-perishing-affected-business-owner-explains">Medical Marijuana Market In D.C. At Risk Of Perishing, Affected Business Owner Explains</a>
<h3 class="wp-block-heading">Concerns Over Research Restrictions</h3>
Adding to the disappointment, the Senate committee&#8217;s report also expressed concerns about restrictive barriers imposed on marijuana and psychedelics research by existing laws. These concerns echo the broader push for drug policy reform that seeks to ease research restrictions.
The decision highlights the ongoing struggle between federal authority and local autonomy in D.C. Despite significant public and political support for cannabis reform, cannabis ecosystem doesn&#8217;t seem to find its way in the district.
<a href="https://www.benzinga.com/markets/cannabis/24/01/36597430/new-emergency-law-empowers-authorities-to-crack-down-on-cannabis-gifting-shops-in-d-c">Earlier this year</a>, D.C. Council green-lighted an emergency measure to&nbsp;give city officials the authority to impose penalties on unlicensed marijuana <a href="http://impose penalties on unlicensed marijuana gifting shops, to crack down on gifting https://www.benzinga.com/markets/cannabis/22/09/29058702/ex-mexico-president-pushes-for-marijuana-legalization-d-c-voters-against-crackdown-on-cannabis-g">gifting</a> shops, to crack down on them. This happened after D.C. regulators made a move to change cannabis gifting shops into <a href="https://www.benzinga.com/markets/cannabis/22/08/28589836/self-certification-in-washington-dc-after-its-entry-into-force-medical-cannabis-registrations-in">medical care centers</a>. 
At the bottom of these regulatory changes lies the issue of district federal dependance. The Senate&#8217;s decision to maintain the prohibition on D.C. cannabis sales marks a significant setback for the cannabis reform movement, which will need a broader reform to grant freer access to users. The ongoing battle between federal control and local autonomy remains a substantial hurdle.
<ul>
<li>Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40176980/state-by-state-price-of-weed-across-the-u-s-in-august-2024">State By State: Price Of Weed Across The U.S. In August 2024</a></li>
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