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Cemtrex Inc is a multi-industry technology company. It has expanded in a range of sectors, including smart technologies, virtual and augmented realities, industrial solutions, and intelligent security system. The company's operating segment includes, Security segment, Industrial Services segment and the corporate segment. The security segment provides end to end security to all industrial, corporate and governmental security via owned subsidiary Vicon. Whereas AIS part Industrial Service Segment is expertise services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers. It generates maximum revenue from the Industrial Service Segment. It geographically operates in USA, UK and India, with maximum of revenue from USA.

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Leading cryptocurrencies dipped on Sunday ahead of the Federal Reserve's monetary policy meeting.
What Happened: Bitcoin experienced sell-offs throughout the evening after peaking at $96,000 in the early morning hours.
Ethereum also slipped below $1,800 overnight, with trading volume rising by more than 6% in the last 24 hours.
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<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.12%</td>
<td>$93,908.78</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>-2.46%</td>
<td>$1,797.63</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>-3.68%</td>
<td>$0.1696</td>
</tr>
</tbody>
</table>
</figure>
The apex cryptocurrency's market dominance rose to a yearly high of 63.9% on Sunday, while Ethereum's share was 7.4%.
The pullback eroded over $180 million worth of long positions from the market in the last 24 hours. Additionally, Bitcoin&#8217;s Open Interest fell over 3% in the last 24 hours to $62.19 billion.&nbsp;
Over 50% of Binance traders with open BTC positions were positioned short on Bitcoin as of this writing, per the Long/Short Ratio.
The market sentiment turned "Neutral,", according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
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<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:30 p.m. ET)</td>
</tr>
<tr>
<td>Flare (FLR)</td>
<td>+7.93%</td>
<td>$0.0204</td>
</tr>
<tr>
<td>Core (CORE)</td>
<td>+6.49%</td>
<td>$0.7281</td>
</tr>
<tr>
<td>Solayer (LAYER)</td>
<td>+5.14%</td>
<td>$3.21</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization dropped 1.58% to $2.94 trillion in the last 24 hours.
Stock futures inched lower Sunday night. The Dow Jones Industrial Average Futures slid 249 points, or 0.61%, as of 9:31 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dipped 0.64%, while Nasdaq 100 Futures lost 0.64%.
Equities have rebounded sharply over the last two weeks, with the S&amp;P 500 recouping all losses since President Donald Trump<a href="https://www.benzinga.com/markets/options/25/04/44636496/why-tsem-stock-bounce-back-liberation-day-panic"> imposed sweeping tariffs</a> on trade partners on "Liberation Day."
This week, the market will look forward to the Fed's policy meeting, which begins on Tuesday. Traders have priced in a roughly 97% chance that interest rates will remain at their current 4.25%-4.50% range, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool data.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency analyst and trader Ali Martinez warned about a potential Bitcoin pullback, citing a "sell signal" by the TD Sequential indicator.
"If Bitcoin were to lose the $94,765 support level, a price correction to $90,000 or even $86,000 could follow," Martinez projected.
Typically, parabolic slope patterns are characterized by a steep, rapid, and exponential rise in price, followed by a sharp decline.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> flashes a sell signal! <a href="https://t.co/97hj7iObdQ">pic.twitter.com/97hj7iObdQ</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1919127139301114179?ref_src=twsrc%5Etfw">May 4, 2025</a></blockquote>
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Cryptocurrency analyst Michaël van de Poppe noted that Ethereum's valuation has dropped to its lowest since August 2022, the COVID bottom in March 2020 and January 19.
"Forward-looking 12 months after those dates prices were substantially higher. Happy to accumulate ETH," Van de Poppe stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The valuation of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is on its lowest point since: &#8211; August &#39;22 &#8211; COVID Bottom March &#39;20 &#8211; January &#39;19 All marked the bottom. Forward-looking 12 months after those dates prices were substantially higher. Happy to accumulate <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>. <a href="https://t.co/yzlP9EzSI2">pic.twitter.com/yzlP9EzSI2</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1919121602874122726?ref_src=twsrc%5Etfw">May 4, 2025</a></blockquote>
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Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45186028/arthur-hayes-foresees-bitcoins-leap-to-1-million-says-bitcoin-does-best-when-money-is-printed">Arthur Hayes Foresees Bitcoin&#8217;s Leap To $1 Million, Says Bitcoin Does Best When Money Is Printed</a></li>
</ul>
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Bitcoin, Ethereum, Dogecoin Slide As Traders Turn Cautious Before Fed Meeting: Analyst Foresees BTC 'Correction' To $86,000

On Saturday, the ‘Oracle of Omaha's <a href="https://www.benzinga.com/25/05/45184410/warren-buffett-to-step-down-as-berkshire-hathaway-ceo-by-end-of-year-asks-board-to-confirm-greg-abel-as-successor">departure as</a> Berkshire Hathaway's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO has triggered an outpouring of admiration from Silicon Valley to Wall Street.
What Happened: Warren Buffett, 94, announced that he plans to step down as CEO of Berkshire Hathaway by the end of the year, bringing to a close one of the most celebrated careers in corporate America.
The announcement came during Berkshire's annual shareholders meeting in Omaha, Nebraska.
"I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett said, referring to Greg Abel, <a href="https://www.benzinga.com/markets/25/05/45183000/warren-buffetts-right-hand-man-greg-abel-is-quietly-taking-over-day-to-day-leadership-at-berkshire-hathaway-gotten-much-more-involved-in-capital-allocation-decisions">Berkshire's vice chairman</a>, who will take the reins.
Also Read:&nbsp;<a href="https://www.benzinga.com/25/02/43900955/berkshire-hathaways-q4-profits-soar-71-warren-buffett-says-his-firm-has-paid-more-taxes-than-tech-titans-in-trillions" target="_blank" rel="noreferrer noopener">Berkshire Hathaway Q4 Profits Soar 71%, Buffett Says Firm Pays More Taxes Than ‘Tech Titans&#8217; With Market Value in ‘Trillions&#8217;</a>
His statement was met with a prolonged standing ovation, reportedly lasting up to 10 minutes, from a crowd of thousands who gathered to honor his decades of leadership.
Business leaders and public figures across industries were quick to pay tribute.
"There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom," Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook wrote on X, formerly Twitter. "It's been one of the great privileges of my life to know him. And there's no question that Warren is leaving Berkshire in great hands with Greg."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It's been one of the great privileges of my life to know him. And there's no question that Warren is leaving Berkshire in great hands with Greg. <a href="https://t.co/7p5zXtq5hP">pic.twitter.com/7p5zXtq5hP</a>
&mdash; Tim Cook (@tim_cook) <a href="https://twitter.com/tim_cook/status/1918745258818482382?ref_src=twsrc%5Etfw">May 3, 2025</a></blockquote>
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CNBC's Mad Money host Jim Cramer praised Buffett as "our only G.O.A.T." and said he was "in awe" of the legendary investor.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In awe of Buffett and congratulate him on the greatest run of all time. Our only G.O.A.T.
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1918752821622514086?ref_src=twsrc%5Etfw">May 3, 2025</a></blockquote>
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In a <a href="https://www.businessinsider.com/warren-buffett-steps-down-berkshire-hathaway-business-leaders-react-2025-5">statement</a> to Business Insider, Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) co-founder Bill Gates called him "one of the greatest CEOs ever" and "hands-down the most successful investor of all time."
Billionaire and Dallas Mavericks owner Mark Cuban shared a more personal memory. "We used to go to DQ in Omaha," he said in an email to BI. "It was the highlight of my year." He also shared a video of Buffett's ovation on X.
Spencer Hakimian, founder of Tolou Capital Management, shared a similar video on X and wrote, "Curtain call for the captain."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Warren Buffett just got a 10 minute long standing ovation after announcing his retirement. Curtain call for the captain. &#x1f979; <a href="https://t.co/RRk4CpgFZh">pic.twitter.com/RRk4CpgFZh</a>
&mdash; Spencer Hakimian (@SpencerHakimian) <a href="https://twitter.com/SpencerHakimian/status/1918729831144894824?ref_src=twsrc%5Etfw">May 3, 2025</a></blockquote>
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JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon added to the chorus of praise, saying, "Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense. I&#8217;ve learned so much from him to this very day, and I am honored to call him a friend," reported Reuters.
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>.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/25/02/43901149/buffett-reflects-on-60-years-at-berkshire-helm-cardinal-sin-is-delaying-the-correction-of-mistakes" target="_blank" rel="noreferrer noopener">Buffett Reflects on 60 Years at Berkshire Helm: ‘Cardinal Sin Is Delaying the Correction of Mistakes&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credit: Prachaya Roekdeethaweesab / Shutterstock.com

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'Curtain Call For The Captain:' Tim Cook, Bill Gates, Mark Cuban And Other Top Business Leaders React As Warren Buffett Bows Out

Memecoins parodying xAI's Grok chatbot surged Sunday after founder Elon Musk changed his X profile picture to the satirical avatar.
What happened: In an X post, Musk tagged Grok's parody account Gork, saying, "sup @gork changed my pp to urs wdyt."
Musk changed his profile name to "gorklon rust" and began using a jazzed-up version of Gork&#8217;s profile photo with a colorful sunglass as an accessory.
Gork responded to the change, saying &#8220;Looks good i guess, but did u have to copy my whole face like that smh.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">sup <a href="https://twitter.com/gork?ref_src=twsrc%5Etfw">@gork</a> changed my pp to urs wdyt
&mdash; gorklon rust (@elonmusk) <a href="https://twitter.com/elonmusk/status/1919087089276142005?ref_src=twsrc%5Etfw">May 4, 2025</a></blockquote>
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Musk's new avatar ignited a sharp rally in meme cryptocurrencies themed around Gork.&nbsp;
Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based New XAI gork (Gork) jumped 76% within ten minutes of the X post, <a href="https://coinmarketcap.com/currencies/new-xai-gork/">according </a>to CoinMarketCap. The coin's market capitalization rose to $75.35 million as of this writing.
Another meme coin, gork AI Agent (GORK), skyrocketed 281% in the last 24 hours.
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45125478/nayib-bukele-led-el-salvador-will-continue-to-buy-bitcoin-says-minister-on-imf-requirement">El Salvador Committed To Buy Bitcoin Despite IMF Requirement, Says Minister— &#8216;Important Project&#8217; Started By Nayib Bukele</a>
Why It Matters: Grok is a conversational artificial intelligence assistant developed by Musk&#8217;s xAI that provides human-like answers to queries. It can access real-time knowledge through the web and the X social media platform.
Gork is the parody account of Grok, known for its wit and sense of humor.
This is not the first time Musk changing his X avatar has spurred a rally in cryptocurrencies. Last year, the tech titan <a href="https://www.benzinga.com/24/12/42739155/elon-musk-changes-his-name-to-kekius-maximus-on-x-sending-to-memecoin-skyrocketing-over-600">changed his profile name to &#8220;Kekius Maximus</a>,&#8221; sending the memecoin of the same name soaring more than 600% over the next few hours.
Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/05/45127052/el-erians-monthly-asset-performance-table-highlights-oils-20-loss-bitcoin-and-golds-gain">Bitcoin, Gold Shine In April While Stocks, Oil Suffer— Mohamed El-Erian Flags Diverging Market Trends</a></li>
</ul>
Photo Courtesy: bella1105 on Shutterstock.com

$BNB

$SOL

'Gorklon Rust'? Elon Musk Trolls With Grok Parody, Sends Memecoins Soaring: 'Did U Have To Copy My Whole Face?'

Dave Ramsey might be <a href="https://www.benzinga.com/personal-finance/25/04/44589696/dave-ramsey-slams-young-adults-youre-broke-because-youre-stupid">known for calling people "stupid"</a> on his show when they make bad money decisions, but behind the scenes, it seems he's anything but heartless.&nbsp;
In an <a href="https://www.youtube.com/watch?v=o-4AxJAIMqQ">October interview with Tucker Carlson</a>, the personal finance guru got visibly emotional after Carlson shared what people were saying about him: "No one treats his employees better than Dave Ramsey."
Carlson recalled, "I was having dinner with someone the other night, and your name came up. This person just said, ‘The thing about Dave Ramsey is no one I have ever seen treats his employees better than he does.'" Carlson said he'd heard the same thing from multiple people and "reported it out" just to verify it was true.
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Ramsey didn't just confirm it—he proved it.
"We had one team member that had cancer," Ramsey told Carlson. "They didn't work for two years, and they got paid the entire two years. And now they're back on our team. She made it. She's wonderful. Everybody loves her."
For Ramsey, it wasn't even a question. "There's no way we weren't going to take care of her. She'd been with us 15 years, and she's like a sister," he said.
The financial radio host explained that his company's HR manual isn't packed with legal jargon—it's built on a simple biblical principle: "Treat other people like you'd want to be treated." If an employee is in crisis, Ramsey believes it's his responsibility to step up, especially now that he has the means.
"In the early days, we didn't have money to do stuff like that," he admitted. "But if we have the money, and we can take care of somebody that needs to be taken care of, we simply do it. Because it's what I'd want somebody to do for my kid or for me if I was in trouble."
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a>
It's an approach that has built more than just goodwill. Ramsey said that kind of loyalty creates a workplace where people stick around—and take care of each other. Some employees mow lawns or cook meals for sick coworkers. Others help new hires move. "Who does that? We do," Ramsey said.
But he was clear: loyalty is a two-way street. "If you're <a href="https://www.benzinga.com/personal-finance/25/04/45056965/dave-ramsey-says-doctors-and-lawyers-are-like-actors-notoriously-bad-with-money-just-because-you-make-a-lot-doesnt-mean-youre-winning">disloyal to leadership</a>, I will fire your butt," he said bluntly. "I'm not going to give you money to run me."
At the end of the day, Ramsey said he doesn't want to look back on his life with regrets about the people he could have helped. "How selfish would it be not to do that?"
For all his <a href="https://www.benzinga.com/personal-finance/25/04/44954582/dave-ramsey-tells-an-18-year-old-with-a-6-figure-debt-to-take-a-year-off-college-to-make-money-your-situation-sucks-beyond-belief">tough talk on the air</a>, Ramsey's built a company culture that's heavy on accountability—but even heavier on compassion.
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Image: Shutterstock

Personal Finance

Dave Ramsey Paid An Employee With Cancer Her Full Salary For 2 Years While Unable To Work — But Says If You're Disloyal, 'I Will Fire Your Butt'

Robert Kiyosaki recently expressed concerns over job security in the face of increasing tariffs and the rise of <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43901226/robert-kiyosaki-says-everything-bubble-will-cause-historic-market-crash-bitcoin-will-be-fastest-to-recover">artificial intelligence (AI).</a>
What Happened: On Saturday, Kiyosaki, the author of the best-selling book &#8220;Rich Dad Poor Dad,&#8221; questioned the safety of jobs in a world where AI is rapidly advancing and tariffs are being raised. 
He applauded President Donald Trump&#8216;s efforts to bring back American manufacturing jobs through tariff hikes, but also highlighted the threat posed by AI to professional jobs.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">HOW SAFE IS YOUR JOB? President Trump is raising tariffs to bring back American manufacturing jobs. I applaud his courage. BUT WHAT ABOUT Artificial Intelligence? For over 25-years I have been saying the worst financial advice Is: "Go to school. Get a job. Work hard. Pay…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1918803600735871379?ref_src=twsrc%5Etfw">May 3, 2025</a></blockquote>
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Kiyosaki urged his followers to increase their financial education and adapt to the changing world. &#8220;Please take care. The world is changing. Please change with it. Tariffs won&#8217;t protect you. Tariffs only increase inflation… as jobs are lost…and wages come down. Please increase your financial education and get richer…as the world changes. I know you can do it,&#8221; he wrote.
Also Read: <a href="https://www.benzinga.com/news/25/04/44886845/robert-kiyosaki-says-millions-could-be-out-of-work-heres-his-game-plan">Robert Kiyosaki Says Millions Could Be Out of Work — Here&#8217;s His Game Plan</a>
Kiyosaki criticized the traditional financial advice of going to school, getting a job, working hard, paying taxes, saving money, getting out of debt, and investing for the long term in the stock market. 
He argued that this advice did not protect millions of factory workers when their jobs were exported to China after its admission into the World Trade Organization in 2001.
Why It Matters: Kiyosaki&#8217;s concerns reflect a growing debate about the impact of AI on jobs. 
While AI has the potential to increase productivity and create new jobs, it also threatens to automate many existing jobs, including those of highly educated professionals like doctors, lawyers, and engineers.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44550875/robert-kiyosaki-thinks-saving-in-cash-is-a-bad-idea-heres-why" target="_blank" rel="noreferrer noopener">Robert Kiyosaki Thinks Saving in Cash Is a Bad Idea. Here's Why.</a>

Robert Kiyosaki's Stern Warning: 'Tariffs Won't Protect You, Tariffs Only Increase Inflation As Jobs Are Lost And Wages Come Down'

Famed investor Peter Lynch cautioned against the practice of market timing, underscoring the significance of retaining shares of robust companies <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">amidst market turbulence</a>.
What Happened: Lynch has consistently endorsed a disciplined, long-term investment strategy. He asserts that attempts to foresee market downturns often result in greater financial damage than the downturns themselves.
Lynch&#8217;s investment philosophy echoes that of Warren Buffett, promoting patient investment in high-growth companies over trying to forecast market volatility. He alerts novice investors about the potential hazards of bracing for market corrections, which could lead to missing profitable opportunities during a bull market.
&#8220;Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,&#8221; Lynch was quoted as saying.
Also Read: <a href="https://www.benzinga.com/markets/25/04/44676870/peter-lynchs-advice-if-you-cant-explain-to-an-11-year-old-in-two-minutes-or-less-why-you-own-the-sto">Peter Lynch&#8217;s Advice: &#8216;If You Can&#8217;t Explain to an 11-Year-Old in Two Minutes or Less Why You Own the Stock, You Shouldn&#8217;t Own It&#8217;</a>
While some investors might be inclined to sell shares or postpone their regular equity purchases in expectation of a market correction, Lynch advises against such impulsive actions. He stresses the importance of adhering to a consistent investment strategy, irrespective of market prognostications.
Why It Matters: Lynch&#8217;s advice comes at a crucial time when investors are grappling with market uncertainty. His words serve as a reminder that long-term, disciplined investing often yields better results than trying to predict market movements. 
His philosophy, which aligns with that of other investment stalwarts like Warren Buffett, underscores the importance of patience and consistency in investment strategy. 
As new investors navigate the complexities of the market, Lynch&#8217;s advice against market timing could serve as a guiding principle.
Read Next
<a href="https://www.benzinga.com/news/25/03/44211455/peter-lynchs-evergreen-market-advice-if-you-cant-find-growth-companies-in-innings-three-through-five-look-at-turnarounds">Peter Lynch&#8217;s Evergreen Market Advice: &#8216;If You Can&#8217;t Find Growth Companies In Innings Three Through Five, Look At Turnarounds&#8217;</a>

Success Stories

Peter Lynch's Market Observation: 'Far More Money Has Been Lost By Investors Preparing For Corrections, Than Has Been Lost In Corrections Themselves'

Philanthropist Melinda French Gates has expressed her apprehensions regarding the cuts made by Elon Musk and the Department of Government Efficiency (DOGE) during President Donald Trump&#8216;s tenure.
What Happened: Gates, a lifelong philanthropist, underscored the significance of government funding in expanding philanthropic efforts on Sunday. She drew attention to the crucial role played by her foundation and the Giving Pledge, co-founded with her former spouse&nbsp;Bill Gates&nbsp;and&nbsp;Warren Buffett, in motivating billionaires to donate half of their wealth.
According to the report <a href="https://www.thestreet.com/politics/melinda-french-gates-takes-a-big-shot-at-elon-musks-doge-cuts">by</a> Street, Gates expressed her concern over the cuts to programs like USAID, stating that they could have devastating impacts on families worldwide. She underscored the fact that philanthropy alone cannot meet the needs of global health initiatives, and government funding is crucial to scale up these efforts.
Despite her usual avoidance of politics, Gates&#8217; comments on the DOGE cuts made by Musk, who heads the semi-official government agency, were clear. She stressed that the cuts could result in millions of women losing&nbsp;access to maternal health services&nbsp;and a significant increase in malaria cases.
Also Read: <a href="https://www.benzinga.com/news/22/10/29194457/melinda-gates-on-divorce-with-bill-gates-unbelievably-painful-i-just-couldnt-stay-in-that-marriage-2">Melinda Gates On Divorce With Bill Gates: &#8216;I Just Couldn&#8217;t Stay In That Marriage&#8217;</a>
Gates&nbsp;believes that while philanthropists can&nbsp;take risks that governments can&#8217;t, collaboration between the two is essential for effecting change on a large scale.
Why It Matters: Gates&#8217; criticism of Musk&#8217;s DOGE cuts comes at a time when the role of philanthropy and government in addressing global issues is under scrutiny. The cuts to government programs like USAID, as highlighted by Gates, could have far-reaching impacts on global health initiatives. Her comments underscore the importance of a collaborative approach between philanthropy and government in addressing these challenges.
Furthermore, Gates&#8217; emphasis on the role of her foundation and the Giving Pledge in encouraging billionaires to donate half of their wealth underscores the potential of philanthropy in addressing global challenges. However, as Gates points out, philanthropy alone cannot meet these needs, and government funding is crucial.
Her comments serve as a reminder of the importance of collaboration between philanthropy and government in effecting large-scale change, and the potential consequences of cuts to government funding for global health initiatives.
Read Next
<a href="https://www.benzinga.com/news/24/08/40147612/new-book-claims-bill-gates-was-banned-from-being-alone-with-interns-at-microsoft">New Book Claims Bill Gates Was Banned From Being Alone With Interns At Microsoft</a>

Politics

Melinda French Gates Takes Aim at Elon Musk's DOGE Cuts, Highlights Importance of Philanthropy and Government

<h2 class="wp-block-heading">SEC Charges 3 Texans With Running $91 Million Ponzi Scheme</h2>
The Securities and Exchange Commission on Tuesday charged Texas residents Kenneth W. Alexander II, Robert D. Welsh and Caedrynn E. Conner with running a Ponzi scheme that raised at least $91 million from<a href="https://www.benzinga.com/news/legal/25/04/45029644/financial-crime-weekly-man-charged-with-operating-198-million-crypto-ponzi-scheme"> over 200 investors.</a>
According to the SEC, from May 2021 to February 2024, Alexander and Welsh <a href="https://www.sec.gov/newsroom/press-releases/2025-71">operated the scheme</a> through Vanguard Holdings Group Irrevocable Trust, which they claimed was a lucrative international bond trading business.&nbsp;
Investors were promised 12 monthly payments of 3% to 6%, with their principal returned after 14 months. In reality, VHG had no meaningful revenue, and the returns paid to investors came from new investor funds, not trading profits.
Read Next: <a href="https://www.benzinga.com/news/management/25/05/45180224/these-ev-makers-could-shine-if-musk-leaves-tesla?utm_source=articleShare">These EV Makers Could Shine If Musk Leaves Tesla&nbsp;</a>
Conner, through his own entity Benchmark Capital Holdings Irrevocable Trust, funneled more than $46 million into VHG via a similar program. The three also offered a supposed "pay order" financial instrument to protect investments, but the SEC alleges this protection was fictitious.
The SEC's complaint further states that Alexander and Conner misappropriated millions for personal use, including Conner's purchase of a $5 million home. The SEC is seeking permanent injunctions, repayment of ill-gotten gains with interest and civil penalties against all three defendants.&nbsp;
"As we allege, the defendants conducted a large-scale Ponzi scheme that caused devastating losses to investor victims, while Alexander and Conner misappropriated millions of dollars of investor funds," said Sam Waldon, Acting Director of the SEC's Division of Enforcement. "We remain unwavering in our commitment to hold individuals accountable for defrauding investors."
<h2 class="wp-block-heading">Raytheon, RTX Agree To Pay $8.4 Million To Settle Allegations</h2>
Raytheon Co., its parent RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) and Nightwing Group have agreed to pay $8.4 million to settle allegations that Raytheon violated the False Claims Act by not meeting cybersecurity requirements in contracts and subcontracts with the Department of Defense.&nbsp;
Raytheon sold its Cybersecurity, Intelligence and Services business to Nightwing in March 2024. The settlement addresses alleged conduct from 2015 to 2021, before Nightwing acquired the business.
The U.S. Department of Justice alleged that Raytheon and its former subsidiary, Raytheon Cyber Solutions, Inc., failed to implement required cybersecurity controls and did not develop or maintain a system security plan for an internal development system used for unclassified work on 29 DoD contracts.&nbsp;
The actions allegedly violated the Defense Federal Acquisition Regulation Supplement and Federal Acquisition Regulation rules which require contractors to safeguard federal contracts and covered defense information. The case was resolved under the False Claims Act, with a portion of the settlement awarded to the whistleblower who brought the case to the government's attention.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/management/25/05/45140155/musk-shifts-focus-back-to-tesla-says-doge-will-endure-without-him-is-buddha-needed-for-buddhism?utm_source=articleShare">Musk Shifts Focus Back To Tesla, Says DOGE Will Endure Without Him: &#8216;Is Buddha Needed For Buddhism?&#8217;</a></li>
</ul>
Photo: Shutterstock

Legal

Financial Crime Weekly: SEC Charges 3 Texans With Running $91 Million Ponzi Scheme & Raytheon, RTX Agree To Pay $8.4 Million To Settle Allegations

Elon Musk, the CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), has been accused by Chechen leader Ramzan Kadyrov <a href="https://www.benzinga.com/news/24/08/40432032/putin-ally-unveils-tesla-cybertruck-with-machine-gun-invites-musk-to-russia">of remotely disabling his Cybertruck.</a>
What Happened: Kadyrov, who has been in power in&nbsp;Chechnya since 2007, alleged that&nbsp;his Cybertruck was &#8220;remotely disabled&#8221;&nbsp;by Musk. 
The Chechen leader&nbsp;voiced his discontent in a Telegram <a href="https://t.me/RKadyrov_95/5103">post</a>, where he described Musk&#8217;s actions as unmanly.
"Elon Musk behaved badly. He gives expensive gifts from the heart, and then turns them off remotely," Kadyrov wrote in the post. 
Then he added in the post saying, "That's not manly. How could you do that, Elon?" He also mentioned that he had to tow the vehicle after Tesla shut it down.&#8221;
In the past, Kadyrov had posted a video that displayed&nbsp;the Cybertruck, fitted with what&nbsp;appeared to be a machine&nbsp;gun. He hinted that the&nbsp;vehicle, which he claimed&nbsp;was a gift from Musk.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/02/37195508/putin-pal-elon-musk-fires-back-at-critics-accusing-him-of-supporting-russia" target="_blank" rel="noreferrer noopener">Putin Pal? Elon Musk Fires Back At Critics Accusing Him Of Supporting Russia</a>
"We received a Tesla Cybertruck from the esteemed Elon Musk. I was pleased to test this new technology and personally witnessed why it&#8217;s rightfully called the ‘Cyberbeast," he said in a statement.
However, Musk has firmly denied ever gifting&nbsp;the Cybertruck to Kadyrov. The&nbsp;process by&nbsp;which the warlord procured the&nbsp;vehicle is still a mystery, considering the&nbsp;direct export of a Cybertruck&nbsp;from the US to Chechnya&nbsp;is forbidden due to US sanctions.
Why It Matters: Kadyrov&#8217;s accusations against Musk are significant due to the involvement of a high-profile individual and a globally renowned brand. This incident brings to light&nbsp;questions about the security and&nbsp;remote control features of Tesla&#8217;s vehicles. 
Furthermore, it highlights&nbsp;the potential misuse of such&nbsp;vehicles in regions of conflict, which could have serious consequences for international security and Tesla&#8217;s reputation.
Read Next
<a href="https://www.benzinga.com/news/24/08/40429944/elon-musks-controversial-civil-war-prophecy-is-europe-on-the-edge" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Controversial Civil War Prophecy: Is Europe On The Edge?</a>

TSLA

Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Now Says Elon Musk 'Remotely Disabled' The Militarized EV

In an exclusive interview with NBC News, President Donald Trump said that he expects his presidency to end after the 2028 election.
What Happened: Trump confirmed he would not pursue a third term, acknowledging the constitutional limitations. He also identified potential successors within the Republican Party, including Vice President JD Vance and Secretary of State Marco Rubio.
Despite previous hints at considering a third run, Trump now acknowledges the legal barriers that prevent such a move. 
&#8220;It&#8217;s&nbsp;something that, to the best&nbsp;of my knowledge, you&#8217;re&nbsp;not allowed to do. I&nbsp;don&#8217;t know if that&#8217;s constitutional that they&#8217;re&nbsp;not allowing you to do&nbsp;it or anything else,&#8221; Trump <a href="https://www.nbcnews.com/politics/2028-election/-eight-year-president-trump-weighs-third-term-speculation-rcna204579">said</a> during the interview.
Addressing the recent speculation sparked by the sale of Trump 2028-branded red hats by the Trump Organization, Trump clarified his intention is to&nbsp;pass the torch ahead of&nbsp;the next presidential election. 
Also Read: <a href="https://www.benzinga.com/news/25/05/45184463/donald-trumps-support-tanks-early-in-second-term-poll-numbers-paint-grim-picture">Donald Trump&#8217;s Support Tanks Early in Second Term — Poll Numbers Paint Grim Picture</a>
&#8220;There&nbsp;are many people selling the&nbsp;2028 hat,&#8221; Trump noted. &#8220;But this is not something I&#8217;m looking to do. I&#8217;m&nbsp;looking to have four great&nbsp;years and turn it over&nbsp;to somebody, ideally a great&nbsp;Republican, a great Republican to&nbsp;carry it forward.&#8221;
Trump commended both Vance and Rubio but held back from endorsing any potential successor. He stressed that such discussions are &#8220;far too early.&#8221;
Why It Matters:&nbsp;Trump&#8217;s confirmation of not seeking a third term brings clarity to the political landscape and sets the stage for potential successors within the Republican Party. 
His mention of JD Vance and Marco Rubio as potential successors indicates a shift in focus towards grooming the next generation of Republican leadership. 
The sale of Trump 2028-branded merchandise had fueled speculation about his future political ambitions, but his latest comments suggest a commitment to abide by constitutional norms. 
This development could impact the strategies of other potential Republican candidates as they prepare for the next presidential election.
Read Next
<a href="https://www.benzinga.com/news/25/04/45027947/trumps-second-term-viewed-as-chaotic-and-scary-by-majority-of-voters" target="_blank" rel="noreferrer noopener">Trump's Second Term Viewed as ‘Chaotic' and ‘Scary' by Majority of Voters</a>

Topics

Donald Trump Weighs In on Third-Term Speculation: 'I Don't Know If It's Constitutional'

Arthur Hayes, the founder of BitMEX, anticipates that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could potentially reach a value of $1 million by 2028. 
What Happened: Hayes holds the belief that Bitcoin could reach a seven-figure price in the upcoming years. During an interview, Hayes projected that Bitcoin could hit a price of $1 million by the end of 2028.
He said this surge is expected due to the easing of US monetary policy and the growing acceptance of Bitcoin as a safe-haven asset.
During the <a href="https://www.youtube.com/watch?v=7GpQPiF-RBg">interaction</a>, Hayes attributes the potential surge in Bitcoin&#8217;s price to the expected easing of US monetary policy. He stated, &#8220;we know you&#8217;re going to print more money, we know that Bitcoin does best when money is printed.&#8221;
Hayes also highlighted the US budget deficit, which he anticipates will continue to rise even after the change of administration, as a bullish catalyst for Bitcoin&#8217;s potential rise to a price of $1 million. 
"We know you're going to print more money, we know that Bitcoin does best when money is printed. I don't know, I can't tell you what stock is going to do well, that's hard. But I can tell you where Bitcoin's going to go," Hayes said during the interview. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44889273/robert-kiyosakis-bitcoin-forecast-could-1-million-be-realistic">Robert Kiyosaki&#8217;s Bitcoin Forecast: Could $1 Million Be Realistic?</a>
&#8220;So the things that drive the budget are only going up and interest on the Treasury debt again is expanding exponentially because even if Trump is successful on his plan, which is 3% deficit by 2028, because of where you started with, the size of the debt, your interest costs are still expanding exponentially,&#8221; he said. 
&#8220;So again there's just no way mathematically, unless they decide we're going to shut down the government which is not what he's talking about that they're going to be able to spend less than Biden," he added. 
The BitMEX founder also mentioned the increasing acceptance of Bitcoin as a safe-haven asset as another factor that will positively impact the flagship crypto asset. 
He stated, &#8220;We now have an ETF, we now have this narrative in an institutional investor's mind that, ‘Oh, Bitcoin is not just NASDAQ, high beta. It's actually a hedge against the fall of American exceptionalism, the fall of the American hegemonic empire, maybe I should own some of this. This is going to do well.'"
Why It Matters: Hayes&#8217; prediction comes at a time when Bitcoin&#8217;s acceptance is growing globally. The potential easing of US monetary policy, coupled with the increasing adoption of Bitcoin as a safe-haven asset, could indeed provide the necessary impetus for Bitcoin&#8217;s price to reach the $1 million mark. 
The continued increase in the US budget deficit could also serve as a catalyst for this surge. However, only time will tell if these factors will indeed propel Bitcoin to the projected seven-figure price.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44889289/this-crypto-analyst-predicts-bitcoin-could-soar-137-under-perfect-market-conditions">This Crypto Analyst Predicts Bitcoin Could Soar 137% Under Perfect Market Conditions</a>

Arthur Hayes Foresees Bitcoin's Leap To $1 Million, Says Bitcoin Does Best When Money Is Printed

Shibarium, the Layer-2 blockchain of Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), has reported a significant 54% increase in transactions. This surge indicates a growing interest and engagement in the network.
What Happened:&nbsp;The daily transactions on Shibarium rose&nbsp;from 2.01 million to 3.1&nbsp;million within a span of 24 hours. Simultaneously, the total addresses on Shibarium hit a new peak of 204,182,966, indicating a rise in user participation.
Shibarium&#8217;s other metrics also demonstrated growth. According to reports, the network has executed over 1.13 billion transactions in total, with the recent spike in daily transactions contributing to this increase. The total blocks on the network have exceeded&nbsp;10 million, with the most&nbsp;recent count at 10,791,495.
Along with the surge in transactions, the SHIB token burn rate has also skyrocketed by a whopping 22,598%, with 25,770,312 SHIB tokens taken out of circulation in the past 24 hours. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44778101/shiba-inus-burn-rate-skyrockets-580-as-cryptocurrency-market-rebounds">Shiba Inu&#8217;s Burn Rate Skyrockets 580% as Cryptocurrency Market Rebounds</a>
This surge aligns with the 54% transaction increase on Shibarium, underlining the heightened&nbsp;activity in the Shiba Inu&nbsp;ecosystem.
However, despite the heightened activity, the price of Shiba Inu has not witnessed a corresponding increase.&nbsp;At the time of writing,&nbsp;SHIB was down 2.5% in&nbsp;the last 24 hours to&nbsp;$0.00001231 and down 6.8% weekly,&nbsp;mirroring the current profit-taking trend in the crypto market.
Why It Matters:&nbsp;The surge in Shibarium&#8217;s transactions and the increase in SHIB token burn rate are indicative of the growing adoption and user engagement&nbsp;in the Shiba Inu ecosystem.&nbsp;
This growth in activity, however, has not translated into a rise in SHIB&#8217;s price, reflecting the broader profit-taking trend in the cryptocurrency market. 
The developments in Shibarium and the Shiba Inu ecosystem will be closely watched by investors and market participants for potential impacts on SHIB&#8217;s price and the broader crypto market.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44348135/shiba-inus-burn-rate-soars-removing-505-million-tokens-from-circulation" target="_blank" rel="noreferrer noopener">Shiba Inu's Burn Rate Soars, Removing 505 Million Tokens From Circulation</a>
Image: Shutterstock

$SHIB

Shiba Inu's Shibarium Is Booming — Here's What's Driving the 54% Transaction Surge

Outgoing CEO Warren Buffett&#8217;s investment strategy continues to yield significant gains, with Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) stocks trading near record highs despite market volatility.
Buffett&#8217;s investment strategy has resulted in a 17% year-to-date rally for Berkshire Hathaway last week,&nbsp;a stark contrast to the&nbsp;S&amp;P 500&#8217;s 5% decline.
The 94-year-old billionaire investor has consistently championed long-term, fundamentals-based investing. His successful investment decisions, such as a perfectly timed massive investment in Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) in 2016, which has since soared over 800%, have significantly increased his wealth.
According to a data by Bloomberg, Buffett is currently&nbsp;the sixth richest person in&nbsp;the world, with a net&nbsp;worth of $166 billion.
Other successful investments include long-held stocks like&nbsp;Coca-Cola Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), which has risen about 15% this year, and&nbsp;Verisign Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>), an internet stock that has soared 35% year-to-date.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/05/45184120/warren-buffett-warns-tariffs-could-backfire-on-economy-says-trade-should-not-be-a-weapon-its-a-big-mistake-i-dont-think-its-wise">Warren Buffett Warns Tariffs Could Backfire on Economy, Says, &#8216;Trade Should Not Be A Weapon. It&#8217;s A Big Mistake, I Don&#8217;t Think It&#8217;s Wise&#8217;</a>
Despite Buffett&#8217;s shift&nbsp;into the role of chairman&nbsp;and non-executive chairman, his investment philosophy continues to guide Berkshire Hathaway&#8217;s decisions, cementing his legendary status among investors. 
His strategy of long-term, fundamentals-based investing has proven to be a successful approach, as evidenced by the significant gains of Berkshire Hathaway stocks. 
This strategy has not only weathered market volatility but has also led to substantial wealth accumulation for Buffett, making him one of the richest people in the world.
Buffett&#8217;s successful investments in companies like Apple, Coca-Cola, and Verisign underscore his ability to identify stocks with strong fundamentals and growth potential. 
These investments have not only yielded significant returns but have also contributed to the overall performance of Berkshire Hathaway, further solidifying Buffett&#8217;s reputation as a savvy investor.
Read Next
<a href="https://www.benzinga.com/news/earnings/25/05/45183890/berkshire-hathaways-q1-2025-earnings-plunge-amid-tariff-concerns-operating-profit-fell-14-cash-hit-a-record">Berkshire Hathaway&#8217;s Q1 2025 Earnings Plunge Amid Tariff Concerns, Operating Profit Fell 14%, Cash Hit A Record</a>
Image: Shutterstock

VRSN

Want To Invest Like Warren Buffett? Here's What You're Probably Missing

Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), the largest U.S. crypto exchange, asked the U.S. Supreme Court on Wednesday to hear a case that could restrict the IRS's ability to monitor crypto transactions on exchanges <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42904654/coinbase-subpoenaed-over-polymarket-involvement-federal-agency-seeks-customer-information">and other platforms.</a>&nbsp;
The Details: The case, Harper v. O'Donnell, centers on the IRS's use of a "John Doe" summons to demand transaction data from Coinbase about thousands of users, even if they weren't suspected of wrongdoing.Coinbase, along with several states and privacy groups, filed an amicus brief arguing that the government's sweeping data requests threaten Americans' digital privacy.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/management/25/05/45180224/these-ev-makers-could-shine-if-musk-leaves-tesla?utm_source=articleShare">These EV Makers Could Shine If Musk Leaves Tesla&nbsp;</a>
The company challenged the longstanding "third-party doctrine," which says people lose privacy rights over information shared with companies like banks or crypto exchanges. Coinbase argued that the doctrine is outdated for the digital age, where sharing data with third parties is routine and often necessary.
The company also warned that letting the IRS collect such data without a warrant allows near-total surveillance of users' financial activity and likened it to a "financial ankle monitor." Coinbase urged the Court to clarify that the Fourth Amendment should protect digital financial records and that users do not forfeit the right to privacy simply by using online platforms.
Why It Matters: If the Supreme Court agrees to hear the case and rules in favor of privacy advocates, it could reshape how digital data is protected under the Constitution and force changes in how both government agencies and private companies handle user information.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/management/25/05/45140155/musk-shifts-focus-back-to-tesla-says-doge-will-endure-without-him-is-buddha-needed-for-buddhism?utm_source=articleShare">Musk Shifts Focus Back To Tesla, Says DOGE Will Endure Without Him: &#8216;Is Buddha Needed For Buddhism?&#8217;</a></li>
</ul>
Photo: Shutterstock

Government

Regulations

COIN

Coinbase Challenges IRS Data Demands At US Supreme Court

Oracle of Omaha Warren Buffett dispensed some essential guidance for budding investors &#8211; associate with the right people and engage in work that you are passionate about.
What Happened: Buffett, at the&nbsp;Berkshire Hathaway&#8217;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)&nbsp;Annual General Meeting on Saturday, underscored the significance of being in the right company. 
Answering to a question at the meeting, he <a href="https://www.youtube.com/watch?v=Kx7U5ziIavo">said</a>, &#8220;Who you associate with is just enormously important, and don't expect you'll make every decision right on that. You're going to have your life progress in the general direction of the people that you work with, that you admire, that become your friends."&nbsp;
Buffett went on to stress that these associations can contribute to more than just professional success. &#8220;You'll&nbsp;not only learn how to&nbsp;be successful in business, you'll&nbsp;learn how to be successful&nbsp;in life,&#8221; he elaborated.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/05/45184120/warren-buffett-warns-tariffs-could-backfire-on-economy-says-trade-should-not-be-a-weapon-its-a-big-mistake-i-dont-think-its-wise">Warren Buffett Warns Tariffs Could Backfire on Economy, Says, &#8216;Trade Should Not Be A Weapon. It&#8217;s A Big Mistake, I Don&#8217;t Think It&#8217;s Wise&#8217;</a>
"there are people that make you want to be better than you are and you want to hang out with people that are better than you are and that you feel are better than you," Buffett added. &nbsp;
The billionaire investor also encouraged young investors to seek work they love, roles they would take up even if they weren't financially dependent on it. He warned against associating with individuals or organizations that compel you to engage in activities that you shouldn&#8217;t be partaking in.
Buffett credits a significant part of his contentment and longevity to being in the company of&nbsp;the right people and doing&nbsp;what he enjoys. 
&#8220;A&nbsp;happy person lives longer than&nbsp;somebody that's doing things they&nbsp;don't really admire that much&nbsp;in life,&#8221; he added.
Read Next
<a href="https://www.benzinga.com/news/25/04/44890758/warren-buffetts-success-mantra-for-gen-z-figure-out-what-your-strengths-are-then-pick-the-right-people-and-dont-be-afraid-of-making-mistakes">Warren Buffett&#8217;s Success Mantra for Gen Z: &#8216;Figure Out What Your Strengths Are, Then Pick the Right People and Don&#8217;t Be Afraid of Making Mistakes&#8217;</a>
Image: Shutterstock

Warren Buffett Shares Surprising Advice for Young Investors—And It's Not About Stocks: 'Who You Associate With Is Just Enormously Important'

In a recent post on Truth Social, President Donald Trump claimed that the United States played a significantly larger role in winning both World Wars than its allies.
What Happened: Trump stated on the Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/114435902192931017">post</a>,&nbsp;&#8220;Many of our allies and&nbsp;friends are celebrating May 8th&nbsp;as Victory Day, but we&nbsp;did more than any other&nbsp;Country, by far, in producing&nbsp;a victorious result on World&nbsp;War II.&#8221;
The former President&#8217;s remarks have drawn criticism, with detractors arguing that they overlook the substantial sacrifices and pivotal roles played by other Allied nations including the Soviet Union and the United Kingdom.
Historians have highlighted that the victory in WWII was achieved through cooperation, shared sacrifice, and a multinational alliance.
Trump&#8217;s post, which garnered over&nbsp;14,000 likes on Truth Social,&nbsp;also suggested&nbsp;renaming May 8th as Victory&nbsp;Day for World War II&nbsp;and November 11th&nbsp;as Victory Day for World&nbsp;War I. 
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&#8220;I am hereby renaming May 8th as Victory Day for World War II and November 11th as Victory Day for World War I. We won both Wars, nobody was close to us in terms of strength, bravery, or military brilliance. We are going to start celebrating our victories again!&#8221; Trump said.
Critics caution that such rhetoric could potentially strain diplomatic relations and oversimplify a multifaceted global conflict.
Why It Matters:&nbsp;This is not the first&nbsp;instance of Trump&#8217;s remarks on history or alliances causing controversy. During his tenure as President, he often had disagreements&nbsp;with NATO leaders and accused&nbsp;allies of not fulfilling their defence spending obligations. 
His recent comments on WWII victory could potentially reignite debates on international alliances and the shared history of global conflicts. 
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Donald Trump Downplays Allies' Roles in World Wars, Credits US for Victories: 'We Won Both Wars, Nobody Was Close To Us'

President Donald Trump says that his administration will strip Harvard University of its tax-exempt status, intensifying an <a href="https://www.benzinga.com/25/04/44804541/trump-administration-halts-2-2-billion-in-harvard-grants-after-university-says-dont-dictate-what-we-can-teach-or-who-we-admit" target="_blank" rel="noreferrer noopener">ongoing confrontation with the Ivy League institution</a>.
&#8220;We are going to be taking away Harvard&#8217;s Tax Exempt Status. It&#8217;s what they deserve,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114437989795464761" target="_blank" rel="noreferrer noopener">posted</a> on X.
The move marks a significant escalation in his campaign to pressure elite universities over alleged discriminatory practices and campus unrest.
The president&#8217;s declaration follows weeks of growing tension between the administration and Harvard, which Trump has accused of harboring antisemitism and violating the public interest, <a href="https://www.cnbc.com/2025/05/02/trump-harvard-tax-exempt-revoke.html" target="_blank" rel="noreferrer noopener">reports</a> CNBC.
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Trump&#8217;s administration has previously taken steps to financially target the university, including freezing $2.2 billion in federal grants in April.
In April, he warned that losing tax-exempt status was a real possibility if schools did not make structural changes that would enable greater federal oversight.
&#8220;Perhaps Harvard should lose its Tax Exempt Status and be Taxed as a Political Entity if it keeps pushing political, ideological, and terrorist inspired/supporting &#8220;Sickness?&#8221; Remember, Tax Exempt Status is totally contingent on acting in the PUBLIC INTEREST,&#8221; Trump <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/posts/114342374504628520" rel="noreferrer noopener">posted </a>on X on April 15.
Harvard swiftly filed a legal complaint, calling the decision an &#8220;unprecedented and improper&#8221; abuse of federal authority, the report reads.
In addition, the Department of Homeland Security has begun revoking visas for international students at Harvard, raising further alarm across the academic sector.
Trump has tied Harvard&#8217;s tax benefits to its compliance with &#8220;public interest,&#8221; stating that institutions failing that standard should lose their federal privileges.
The Treasury Department has reportedly instructed the IRS to evaluate the legality of revoking Harvard&#8217;s nonprofit status, while Homeland Security officials have raised concerns about the university&#8217;s visa sponsorships.
However, CNBC added that a spokesperson for Harvard warned that such punitive actions would jeopardize the school&#8217;s educational mission and could destabilize higher education across the country.
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Image: Shutterstock

Trump: Harvard's Not a School, It's a 'Political Entity' That Should Be Taxed

Anthony Scaramucci, who is known for his short stint as the White House communications director under Donald Trump, has opened up about his professional setbacks, including a significant loss due to a fraudulent act by Sam Bankman-Fried.
What Happened: Scaramucci&#8217;s professional journey has been marked by several setbacks. He was first dismissed from his job at&nbsp;Goldman Sachs, and later from the White House. 
However, the most substantial setback came when he discovered that his business partner, Sam Bankman-Fried, was involved in fraudulent activities.
"I think the worst day I had professionally was discovering that Sam Bankman-Fried was a fraud. I mean, getting fired from the White House, okay—it's politics. I'm a big boy, you know, get over it, it'll be fine. But when he got exposed as a fraud, that was a blow to me because I trusted the guy. I liked him," Scaramucci <a href="https://fortune.com/2025/04/14/anthony-scaramucci-worst-day-of-his-career-sam-bankman-fried-fired-trump-white-house/">told</a> Fortune. 
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"The assets turned out to be extremely valuable, but he's going to be in jail for a very, very long period of time because he had a bad set of morals. He probably didn't have a good guidance system," he added. 
In 2021, Scaramucci and Bankman-Fried became business partners when the latter purchased Scaramucci&#8217;s early investment, the crypto exchange LedgerX. Scaramucci sold a 30% stake&nbsp;of his investment management firm,&nbsp;SkyBridge Capital, to Bankman-Fried, who was later found guilty of fraud.
Despite a significant loss from&nbsp;his $10 million investment in&nbsp;FTX and a legal battle to regain his company stake, Scaramucci has shown remarkable resilience. He emphasizes the importance of integrity and learning from mistakes, stating, &#8220;You&nbsp;can never play the victim&nbsp;in life.&#8221;
Why It Matters: Scaramucci&#8217;s experience serves as a cautionary tale for investors in the volatile cryptocurrency market. Despite his past experience with Bankman-Fried, Scaramucci remains open to new investment opportunities, including in cryptocurrency. 
He continues to seize opportunities, launching a podcast, writing a new book, and maintaining an active social media presence. His resilience and ability to bounce back from setbacks offer valuable lessons for investors and entrepreneurs alike.
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Scaramucci Calls Sam Bankman-Fried Revelation Worst Day of His Career: 'I Trusted the Guy, I Liked Him'

<ul>
<li>Donald Trump Jr.'s new private social club held a launch party Saturday</li>
<li>Several big names were in attendance, including founding members Cameron and Tyler Winklevoss, Secretary of State Marco Rubio, and Attorney General Pam Bondi</li>
<li>Executive Branch, which is set to open in Washington D.C. next year, will be the second most expensive private club in the country, with membership fees of $500,000</li>
</ul>
Donald Trump Jr.'s new members-only social club, called Executive Branch, held a launch party on Saturday, <a href="https://www.cnbc.com/2025/04/28/donald-trump-jr-private-members-club-executive-branch.html">CNBC</a> reports. In attendance were several founding members, including Cameron Winklevoss and Tyler Winklevoss, founders of cryptocurrency exchange Gemini, and newly appointed crypto czar David Sacks.
Executive Branch was founded by Donald Trump Jr. alongside Alex and Zach Witkoff, the sons of billionaire investor and U.S. Special Envoy to the Middle East Steve Witkoff, and Omeed Malik and Christopher Buskirk of 1789 Capital. Donald Trump Jr. was named a partner of the investment firm in 2024.
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Sources told CNBC that the club will open at a location in the Georgetown neighborhood of Washington D.C., sometime next year. Invited members will be required to pay a $500,000 membership fee, as well as annual dues, which have not been disclosed.
The club is the latest in a string of private membership clubs that have opened across the country in the past five years. Similar spaces offer exclusive restaurants and bars, meeting rooms, gyms, and spas.&nbsp;
Executive Branch will be the second most expensive club in the country, according to CNBC, falling just behind President Donald Trump's Mar-a-Lago Resort. Membership fees at the Florida club were raised to $1 million last summer.
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Insiders told CNBC that Executive Branch will have a select and smaller membership than its competitors. "We don't want members of the media or just a lot of lobbyists joining," said one person close to the club. "We want people to feel comfortable having conversations in privacy."&nbsp;
On top of paying the hefty fees, prospective members will have to be heavily vetted and approved by the founders, CNBC reports. Membership will only be offered following a referral and close screening process.
Those with knowledge of the club told CNBC that they expect it will play a similar role during this administration that the Trump International Hotel played during the last Trump administration, becoming a social hub for administration officials, Republican congressional leaders, foreign dignitaries, lobbyists, and business leaders.
Several government officials and members of the cabinet attended the launch party, including Secretary of State Marco Rubio, Securities and Exchange Commission Chair Paul Atkins, Attorney General Pam Bondi, Federal Trade Commission Chair Andrew Ferguson, Federal Communications Commission Chair Brendan Carr, Director of National Intelligence Tulsi Gabbard, FBI Deputy Director Dan Bongino and Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services, were all in attendance CNBC reported. Several tech founders and CEOs were also on hand for the festivities, the report added.
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Image: Shutterstock

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