Warren Buffett is a man of extremes. His net worth? Over $140 billion. His fans? So devoted that someone once paid a record-breaking $19 million just to have lunch with him. For most people, that level of fame and fortune screams "fascinating." Yet, according to his daughter, <a href="https://www.benzinga.com/personal-finance/24/09/40881429/warren-buffetts-daughter-asked-him-for-a-41-000-loan-to-remodel-her-kitchen-but-the-billionaire-">Susan Buffett</a>, the man behind Berkshire Hathaway is far from the larger-than-life figure the world imagines. In her words, he's actually "pretty boring."



Yes, boring. That's coming from the daughter of the guy who commands stadium-sized audiences at shareholder meetings. However, as Susan explained in a 2017 HBO documentary, the real Warren Buffett is nothing like the rock star people expect.



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"When we were growing up, he didn't have a lot of money and he wasn't famous," Susan said. "So we didn't see anything but a regular, normal situation in our house. He went to the office every day, came home and was at the dinner table. He did go upstairs and read the rest of the evening, but he was home. And we lived pretty much like everybody else. Nothing was too different. We lived in what I guess I would describe as an upper-middle-class neighborhood. He still lives in the same house today."



Susan also revealed that the scale of her father's success didn't sink in for a long time. "I <a href="https://www.benzinga.com/personal-finance/24/03/37855579/warren-buffetts-daughter-says-they-lived-like-everybody-else-she-didnt-know-her-dad-was-rich-unt">didn't really have any idea</a> about any money until I was long out of high school and out of Omaha [where they both lived and he still does]. I&#8217;d say there was an article in the Wall Street Journal when I was probably about 22 or 23. That was the first time I was like, ‘Oh, there's more going on than I knew about.'"



See Also: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>



And what about the personality behind those billions? Susan says the world might be surprised by how unassuming her father is. "He's pretty boring – it's just not what people expect," she told PEOPLE in a 2017 interview. "I think it's also probably surprising to people that the money doesn't matter to him. He made the money sort of by accident because he was really good at doing what he loved and when you do that particular thing really well, you end up with a whole bunch of money. But it's really true that he does not care about having a bunch of money."



While the world sees Warren Buffett as a financial titan, Susan sees the man still content in the same modest <a href="https://www.benzinga.com/real-estate/24/06/39333401/warren-buffett-paid-31-500-for-1921-home-despite-the-seller-asking-52-500-its-worth-1-4-million-but">home he bought in 1958</a>. To her, his billions are just a byproduct of his passion – not the point. And though she agrees with his financial philosophy, she values something more than money: the grounding perspective her father gave her.



Maybe the contrast is what makes Warren Buffett so interesting. To his fans, he's a billionaire investing icon worth. But to his daughter, he's <a href="https://www.benzinga.com/personal-finance/24/04/38157185/warren-buffetts-son-says-he-had-no-clue-what-his-dad-did-for-work-and-thought-his-job-was-checki">just a regular dad</a> who happens to be really, really good at math – and maybe a little too into his reading time.



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<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
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Personal Finance

Billionaire Warren Buffett's Daughter Says He's Just A Normal Guy Who Doesn't Care About Money – 'He's Pretty Boring'

Veteran Wall Street investor Ed Yardeni is doubling down on one of the Street's most optimistic forecasts, projecting the S&amp;P 500 to hit 7,000 by <a href="https://www.benzinga.com/markets">the end of 2025. </a>



In a Friday newsletter, Yardeni reinforced his bullish outlook, positioning himself at the forefront of high-stakes predictions for the index's 2025 gains.



&#8220;We&#8217;ve been bullish on the stock market since October 2022. We remain bullish, targeting 7000 on the S&amp;P 500 by the end of next year. That puts us near the head of the pack,&#8221; he said. 



Oppenheimer sets its sights on an even loftier 7,100, while major investment bank firms, including Goldman Sachs, JPMorgan, and Morgan Stanley, hover around 6,500.



But will the market's stars align or are we looking at overly rosy predictions?



<h3 class="wp-block-heading">Top 10 Wall Street&#8217;s 2025 Year-End S&amp;P 500 Predictions</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Oppenheimer</td><td>7,100</td></tr><tr><td>Wells Fargo</td><td>7,007</td></tr><tr><td>Yardeni Research</td><td>7,000</td></tr><tr><td>Deutsche Bank</td><td>7,000</td></tr><tr><td>Societe Generale</td><td>6,750</td></tr><tr><td>BMO</td><td>6,700</td></tr><tr><td>HSBC</td><td>6,700</td></tr><tr><td>Bank of America</td><td>6,666</td></tr><tr><td>Scotiabank</td><td>6,650</td></tr><tr><td>Barclays</td><td>6,660</td></tr></tbody></table><figcaption class="wp-element-caption">Source: Yardeni Research, as of Dec. 27, 2024</figcaption></figure>



<h3 class="wp-block-heading">Yardeni's Roaring 2020s Scenario</h3>



Yardeni's optimism stems from a &#8220;Roaring 2020s&#8221; scenario fueled by productivity gains, GDP growth of 3.0%-3.5%, and inflation cooling near 2.5%.



Earlier in November, he issued a bold prediction: the S&amp;P 500 – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – could climb to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41917731/wall-street-veteran-predicts-sp-500-to-hit-10000-by-2029-roaring-2020s">10,000 by the end of the decade</a>, buoyed by Donald Trump&#8216;s return to the presidency.



"We believe Trump 2.0 represents a major regime change that&#8217;s bullish for the economy and stocks," Yardeni said. 



Hr also anticipated a significant boost to corporate profit margins, driven by the proposed reduction in the corporate tax rate from 21% to 15%, coupled with tax breaks on individual income from tips, overtime and Social Security.



While much of the recent earnings growth has been dominated by the tech sector's "Magnificent 7," Yardeni foresees a broader rally on the horizon. 



"We expect to see a broadening of the companies and industries for which analysts raise their sights in 2025," he said.



<h3 class="wp-block-heading">Earnings: The Backbone Of The Rally</h3>



Yardeni forecasts operating earnings per share (EPS) for the S&amp;P 500 to hit $285 in 2025 &#8211; an 18.8% year-over-year jump, far above the Street&#8217;s consensus of $270. 



&#8220;We're leading the pack on EPS outlook," Yardeni stated, attributing the growth to a record profit margin of 13.9% and rising revenues per share, which are projected to climb 5.1% to $2,050.



Wall Street analysts expect robust earnings growth of 14.3% for 2025, up from the estimated 10% for 2024. 



<h3 class="wp-block-heading">Sector Winners And Losers: Tech Takes Retains The Crown</h3>



Tech continues to dominate, with the Information Technology sector predicted to post EPS growth of 21.7% in 2025, up from 20.4% in 2024, according to consensus estimates. 



Analysts also expect a rebound in Health Care, with EPS growth accelerating from 5.0% this year to 20.1% in 2025. Pharmaceuticals and Biotechnology are key drivers, with EPS expected to soar 33.1% and 30.9%, respectively.



The Materials sector is gearing up for a strong rebound, expected to shift from an 8.2% EPS decline in 2024 to an impressive 18.3% growth in 2025. 



Similarly, Industrials are set to thrive, fueled by Boeing's return to profitability and surging growth in key industries such as Copper, projected to rise by 37.6%, Commodity Chemicals by 33.1% and Construction Materials by 24.8%.



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</ul>



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Veteran Investor Bets Big On S&P 500 Hitting 7,000 By End Of 2025: These Sectors Could Lead The Charge

The past week in the crypto world was a mixed bag of events. From Shiba Inu&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) burn rate skyrocketing to Dogecoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) price dipping, there was no shortage of action. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also had its moment, teasing the $100,000 mark, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) experienced a bumpy ride. Here&#8217;s a quick recap of the major stories that unfolded over the week.



Shiba Inu Burn Rate Skyrockets



Despite a relatively flat performance for the SHIB/USD pair over the past week, the burn rates for Shiba Inu witnessed a significant increase. Benzinga&#8217;s technical analysis indicates an oversold RSI at 28.6 for Shiba Inu, suggesting a potential price rebound or reversal.



<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42692745/shiba-inu-burn-rate-spikes-2227-whats-going-on">Read the full article here.</a>



Dogecoin Price Dips, Whale Activity Surges&nbsp;



Despite a 4% drop in price, Dogecoin has seen a significant increase in whale activity, sparking speculation of a bullish phase among traders. Javon Marks, a trader, has pointed out historical patterns that suggest Dogecoin could rise beyond the 1.618 Fibonacci Extension level, as it has in previous cycles.



<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42682141/dogecoin-price-down-4-what-is-going-on">Read the full article here.</a>



Bitcoin, Ethereum Hold Steady Over Christmas



Leading cryptocurrencies Bitcoin and Ethereum remained steady on Christmas day, holding onto gains made the day before. Bitcoin reached a one-week high of $99,800 during overnight trading, narrowly missing the $100,000 milestone. Ethereum, on the other hand, experienced a wobbly trajectory.



<a href="https://www.benzinga.com/24/12/42679707/bitcoin-ethereum-gain-dogecoin-slips-as-sentiment-turns-positive-on-christmas-analyst-throws-reality-check-for-overexcited-participants">Read the full article here.</a>



Bitcoin, Ethereum, Dogecoin Pull Back After Christmas Rally



Leading cryptocurrencies witnessed a fall after a festive surge on Christmas gave way to profit-taking. Bitcoin, after teasing the $100,000 mark on Christmas, saw a steep decline, falling to an intraday low of $95,170. Ethereum also dropped to the $3,300 region.



<a href="https://www.benzinga.com/24/12/42696705/bitcoin-ethereum-dogecoin-retreat-after-christmas-surge-top-analyst-highlights-what-btc-needs-to-do-to-invalidate-bearish-outlook">Read the full article here.</a>



Dogecoin Whales on a Buying Spree



Whale investors purchased a staggering 270 million Dogecoin in less than four days, according to Ali, a prominent voice in the crypto community. The significant investment in Dogecoin was announced on Christmas Eve.



<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42676474/dogecoin-whales-load-up-coins-worth-92-million-over-4-days-as-meme-king-outperforms-bitcoin-ethereum-in-2024">Read the full article here.</a>



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<li><a href="https://www.benzinga.com/24/12/42679707/bitcoin-ethereum-gain-dogecoin-slips-as-sentiment-turns-positive-on-christmas-analyst-throws-reality-check-for-overexcited-participants?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Rise, Dogecoin Slides Amid Positive Christmas Sentiment: Analyst Cautions $110K Target For BTC Possible Only When&#8230;</a></li>
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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/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

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Shiba Inu Burn Rate Soars, Dogecoin Whales On A Buying Spree And More: This Week In Crypto

As we wrap up the week, a series of intriguing developments have unfolded in the electric vehicle industry. From Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) selling used EVs at substantial discounts to Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) donating a fleet of vehicles for Trump&#8217;s inauguration, the news cycle has been anything but dull. Let&#8217;s dive into the top stories.



Hertz Trims Fleet with Discounted EVs



In a bid to reduce its fleet, car rental company Hertz has been selling used electric vehicles for as low as nearly $12,000. The discounted EVs include models from Chevrolet, Tesla, and Subaru. For example, a 2023 Chevrolet Bolt EV in Denver is listed for sale on Hertz&#8217;s website for $11,985, while a 2022 Tesla Model 3 base sedan in Oklahoma is priced at $17,921.



<a href="https://www.benzinga.com/24/12/42666220/hertz-sells-used-evs-including-chevrolet-bolt-tesla-model-3-for-whopping-discounts-in-bid-to-reduce-evs-in-fleet">Read the full article here.</a>



Ford Donates to Trump&#8217;s Inauguration



Automaker Ford has donated $1 million and a fleet of vehicles to Donald Trump&#8217;s inauguration fund. This donation matches totals from Amazon.com Inc. and Meta Platforms Inc., as well as a recent $1 million pledge from OpenAI CEO Sam Altman.



<a href="https://www.benzinga.com/24/12/42660866/trump-gets-ford-vehicles-1m-for-inauguration-will-musk-respond-or-could-he-ride-in-rival-vehicle">Read the full article here.</a>



Fund Manager Questions Musk&#8217;s Robotaxi Fleet Ambitions 



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk envisions a future where Tesla car owners can rent their vehicles to the company&#8217;s robotaxi fleet, likened to a combination of Airbnb and Uber. However, Future Fund Managing Partner Gary Black doubts that a majority of Tesla owners would want to participate in this scheme.



<a href="https://www.benzinga.com/24/12/42642606/elon-musk-wants-to-raise-a-tesla-fleet-expert-estimates-vehicle-owners-can-make-40kyear-but-remains-doubtful">Read the full article here.</a>



Tesla&#8217;s Recall Costs



Tesla executive Sendil Palani expressed frustration over the cost of notifying customers about the company&#8217;s recent recall. Palani criticized the mandate of sending letters to affected owners as a waste of time and money.



<a href="https://www.benzinga.com/tech/24/12/42640472/tesla-exec-bemoans-cost-of-sending-letter-to-owners-affected-by-ev-giants-recent-recall-of-nearly-700000-vehicles">Read the full article here.</a>



Musk&#8217;s Bold Tesla Valuation



Elon Musk believes that Tesla could exceed the value of all transport companies, with the exception of his rocket manufacturing company SpaceX. However, he noted that achieving this would require a lot of work and good ideas.



<a href="https://www.benzinga.com/24/12/42667044/teslas-valuation-could-exceed-all-transport-companies-but-spacex-ceo-elon-musk">Read the full article here.</a>



Read Next:



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<li><a href="https://www.benzinga.com/24/12/42680075/tesla-exec-says-we-will-be-ready-to-efficiently-produce-autonomous-vehicles-as-shanghai-megafactory-nears-completion?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Exec Says &#8216;We Will Be Ready&#8217; To Efficiently Produce Autonomous Vehicles As Shanghai Megafactory Nears Completion</a></li>
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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/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

TSLA

Hertz's EV Sale, Ford Donates to Trump's Inauguration, Fund Manager Questions Musk's Robotaxi Fleet Ambitions And More: This Week In Mobility

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.



Major U.S. indexes ended the week higher, with the Dow up 0.4%, S&amp;P 500 gaining 0.7%, and Nasdaq rising 0.8%, breaking a three-week decline streak. 



The S&amp;P 500&#8217;s strong Christmas Eve performance fueled hopes for a &#8220;Santa Rally,&#8221; a historical trend showing gains 64 out of 96 years during <a href="https://www.benzinga.com/general/education/24/12/42675763/santa-rally-serial-winners-10-stocks-historically-poised-for-big-year-end-gains">December&#8217;s final week. </a>Markets started recovering from the Fed&#8217;s hawkish rate cut signals but faced renewed volatility Friday, tempering Santa Rally expectations. 



Despite near-term uncertainty, 2024 remains exceptional, with the S&amp;P 500 matching last year&#8217;s 24% gain and U.S. stocks outperforming global markets by the <a href="https://www.benzinga.com/24/12/42711387/wall-streets-santa-rally-at-risk-palantir-dethrones-nvidia-consumer-confidence-pulls-back-this-week-in-the-markets">widest margin since 1997.</a>



Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.



<h3 class="wp-block-heading">The Bulls</h3>



&#8220;<a href="https://www.benzinga.com/24/12/42657620/amd-and-micron-top-analyst-picks-for-ai-and-next-gen-tech-growth">AMD And Micron Are Top Analyst Picks For AI And Next-Gen Tech Growth</a>,&#8221; by <a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, highlights Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) being a top 2025 analyst&#8217;s pick for CPU/GPU momentum and AI edge opportunities, and Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) for its dominance in high-bandwidth memory.



&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42676474/dogecoin-whales-load-up-coins-worth-92-million-over-4-days-as-meme-king-outperforms-bitcoin-ethereum-in-2024">Dogecoin Whales Load Up Coins Worth $92 Million Over 4 Days As Meme King Outperforms Bitcoin, Ethereum In 2024</a>,&#8221; by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal">Shivdeep Dhaliwal</a>, reports that whale investors acquired 270 million Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), worth $92 million, over four days, boosting DOGE's 274% YTD rally, far outpacing Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) gains of 132% and 53%, respectively.



&#8220;<a href="https://www.benzinga.com/24/12/42698198/quantum-computing-stock-qubt-has-more-than-doubled-while-bitcoin-has-dropped-since-googles-willow-reveal-what-does-this-mean">Quantum Computing Stock QUBT Soars 157% While Bitcoin Drops Post Google's &#8216;Willow&#8217; Reveal</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, highlights Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) surging after Google's &#8220;Willow&#8221; chip breakthrough, outperforming key indices, while Bitcoin faced a downturn amid concerns Willow&#8217;s quantum power could undermine cryptographic security.



For additional bullish calls of the past week, check out the following:



<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42678014/top-7-blue-chip-stocks-with-the-best-return-potential-going-into-2025">Top 7 Blue-Chip Stocks With The Best Return Potential Going Into 2025</a>



<a href="https://www.benzinga.com/tech/24/12/42666472/gms-60000-cadillac-lyriq-was-its-best-selling-ev-in-2024-as-of-q3-is-premium-the-way-to-go-for-ev-makers">GM&#8217;s $60,000 Cadillac Lyriq Was Its Best Selling EV In 2024 As Of Q3: Is Premium The Way To Go For EV Makers?</a>



<a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42672565/why-trumps-return-to-office-could-drive-gold-demand-in-2025">Why Trump&#8217;s Return To Office Could Drive Gold Demand In 2025</a>



The Bears



&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42660092/microstrategy-sinks-after-nasdaq-100-inclusion-bitcoin-bet-under-fire">MicroStrategy Sinks After Nasdaq 100 Inclusion: Bitcoin Bet Under Fire</a>,&#8221; by <a href="https://www.benzinga.com/author/piero-cingari">Piero Cingari</a>, reports MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) shares dropping 8.5% after its Nasdaq 100 debut, as analysts question its $561 million Bitcoin purchase at a 12% premium to current levels, marking its smallest acquisition amid declining stock performance.



&#8220;<a href="https://www.benzinga.com/government/regulations/24/12/42688941/are-us-vehicles-under-30000-a-thing-of-the-past-trumps-mexico-tariff-plans-could-change-auto-market">Are Sub-$30,000 Cars Disappearing? Trump&#8217;s Tariff Plans Could Reshape US Auto Market</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, explores Donald Trump's proposed 25% tariffs on Mexican and Canadian imports, potentially pushing the price of vehicles like Ford Motor Co.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) Maverick and Honda Motor Co.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) Civic above $30,000, with one-third of sub-$30,000 cars currently made in Mexico.



&#8220;<a href="https://www.benzinga.com/24/12/42665033/tesla-shorts-gordon-johnson-and-james-chanos-express-skepticism-on-robotaxi-potential-as-usage-data-sparks-debate">Tesla Shorts Gordon Johnson And James Chanos Skeptical Of Robotaxi Potential Amid Usage Data Debate</a>,&#8221; by <a href="https://www.benzinga.com/author/kaustubh-bagalkote">Kaustubh Bagalkote</a>, details criticism from Gordon Johnson of GLJ Research and short-seller James Chanos, who argue Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) robotaxi ambitions overpromise revenue potential, citing New York City ride-share data.



For more bearish takes, be sure to see these posts:



<a href="https://www.benzinga.com/24/12/42676801/lyft-sues-san-francisco-over-100-million-tax-bill-citing-misclassification-of-driver-payments">Lyft Sues San Francisco Over $100 Million Tax Bill, Says Payments To Drivers By Passengers Misclassified</a>



<a href="https://www.benzinga.com/24/12/42700098/us-markets-likely-headed-for-10-correction-says-jay-woods-trumps-tariff-plans-musk-co-led-doge-could-be-partially-to-blame">US Markets Likely Headed For 10% Correction, Says Jay Woods: Trump&#8217;s Tariff Plans, Musk&#8217;s DOGE Advocacy Among Contributing Factors</a>



<a href="https://www.benzinga.com/news/legal/24/12/42687945/zelle-became-a-gold-mine-for-fraudsters-consumer-financial-protection-bureau-lawsuit">&#8216;Zelle Became A Gold Mine For Fraudsters&#8217;: Consumer Financial Protection Bureau Lawsuit</a>



Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.



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Benzinga Bulls And Bears: Quantum Computing, Tesla, AMD — And Whales Buy 270 Million Dogecoin Over 4 Days

<h2 class="wp-block-heading">Consumer Financial Protection Bureau Sues Rocket Homes, Alleges Kickback Scheme</h2>



The Consumer Financial Protection Bureau sued Rocket Homes, a division of Rocket Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>), on Monday in what it said is an action stop the company from providing incentives to real estate brokers and agents to steer homebuyers to Rocket Mortgage,<a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-files-lawsuit-to-stop-illegal-kickback-scheme-to-steer-borrowers-to-rocket-mortgage/"> LLC for loans</a>.



The CFPB alleged that Rocket Homes pressured real estate brokers and agents not to share information with clients concerning products which were not offered by Rocket Mortgage, including the availability of down payment assistance programs.&nbsp;



Read Next:<a href="https://www.benzinga.com/news/legal/24/12/42687945/zelle-became-a-gold-mine-for-fraudsters-consumer-financial-protection-bureau-lawsuit"> &#8216;Zelle Became A Gold Mine For Fraudsters&#8217;: Consumer Financial Protection Bureau Lawsuit</a>



"Rocket engaged in a kickback scheme that discouraged homebuyers from comparison shopping and getting the best deal," said CFPB Director Rohit Chopra.&nbsp;



"At a time when homeownership feels out of reach for so many, companies should not illegally block competition in ways that drive up the cost of housing," Chopra added.



The CFPB also sued Jason Mitchell and his real estate brokerage firm, JMG Holding Partners LLC, which does business as The Jason Mitchell Group, for allegedly participating in the kickback scheme.&nbsp;



Rocket Homes denied the allegations in a statement late Monday, calling the lawsuit "flimsy" and part of a "political agenda.&#8221;



"The CFPB's allegations are false and a distortion of reality. The accusation that homebuyers paid more when working with Rocket Homes is a lie. Additionally, the notion that Rocket Homes penalized real estate brokers or agents for helping clients compare rates and choose the best lender for them is also a lie," the statement said, per Yahoo Finance.&nbsp;



<h2 class="wp-block-heading">SEC Charges Tai Mo Shan With Misleading Investors About Terra USD</h2>



The Securities and Exchange Commission last Friday<a href="https://www.sec.gov/newsroom/press-releases/2024-212"> charged</a> Tai Mo Shan Ltd. with misleading investors about the stability of Terra USD, when UST dropped from its purportedly fixed exchange rate of 1 UST to $1, known as a peg.&nbsp;



The SEC also charged Tai Mo Shan with offering and selling securities in unregistered transactions by acting as a statutory underwriter with respect to certain of its offers and sales of LUNA (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/luna/usd">LUNA</a>), a crypto asset issued by Terraform and offered and sold as a security.&nbsp;



"This case reminds us that, too many times in the crypto markets, we've seen significant investor losses due to fraud," said SEC Chair Gary Gensler.&nbsp;



"Here, the impact reverberated throughout the crypto markets, eventually costing the savings of countless investors. Regardless of the labels, crypto market participants should comply with the securities laws where applicable and not deceive the public. Otherwise, investors get hurt," Gensler added.&nbsp;



Tai Mo Shan agreed to pay $73,452,756 in disgorgement, $12,916,153 in prejudgment interest, and a $36,726,378 civil penalty as part of the settlement. Tai Mo Shan also agreed to cease and desist from violations of the registration and fraud provisions it violated, without admitting or denying the SEC's findings.



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Image: Shutterstock

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Financial Crime Weekly: SEC Charges Tai Mo Shan With Misleading Terra USD Investors, Rocket Companies Sued Over Alleged Kickback Scheme

In a quiet week for economic data, Wall Street&#8217;s focus shifted to the possibility of witnessing a "Santa Rally," the seasonal tendency for stocks to rise in the <a href="https://www.benzinga.com/general/education/24/12/42675763/santa-rally-serial-winners-10-stocks-historically-poised-for-big-year-end-gains">final days of December. </a>



Historically, the S&amp;P 500 has gained 64 times in the past 96 years during the Dec. 24–Dec. 31 window, averaging a 0.85% return.



The market began the week attempting a recover from the Federal Reserve's hawkish signals of fewer rate cuts in 2024. Yet, renewed volatility resurfaced on Friday, casting doubt on the Santa rally's resilience.



Investors remain cautious, as markets weigh Fed policy outlook against uncertainty surrounding the incoming Trump administration's economic plans.



Still, 2024 is shaping up to be a banner year. The S&amp;P 500 is on track to match last year's 24% surge, setting up a two-year gain of 55%, the strongest since 1999. U.S. stocks are also outperforming global markets by the widest margin since 1997, driven by the enduring strength of U.S. economic fundamentals.



On the leaderboards, Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) has surged 360%, overtaking Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), last year's top performer, which gained 175% in 2024.



Consumer Confidence Slips



U.S. consumer confidence, as measured by the Conference Board, declined in December, highlighting rising concerns <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42657230/us-consumer-confidence-drops-in-december-expectations-signal-potential-economic-weakness-in-2025">about economic conditions</a>. A deeper drop in the expectations index, a key forward-looking measure, signals potential weakness in 2025 amid fears of persistent inflation and steady, high interest rates.



Tesla's Robotaxi Bet



Elon Musk envisions a Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&#8217;s robotaxi fleet allowing owners to earn $40,000 annually. Despite the bold prediction, experts question the feasibility of the technology and regulatory challenges, suggesting Musk's vision remains aspirational rather than immediately achievable <a href="https://www.benzinga.com/24/12/42642606/elon-musk-wants-to-raise-a-tesla-fleet-expert-estimates-vehicle-owners-can-make-40kyear-but-remains-doubtful">in the near term.</a>



Trump's Tariff Impact



Goldman Sachs projects the Trump administration will raise tariffs on Chinese imports, averaging a 20% hike, with higher rates for non-consumer goods. This could increase consumer prices by 1%-2%, strain industrial margins, disrupt supply chains and <a href="https://www.benzinga.com/government/regulations/24/12/42701155/made-in-china-paid-in-america-what-trumps-new-tariffs-mean-for-the-us-economy">ignite Chinese retaliatory measures,</a> the Wall Street firm says.



Cadillac EV Success



General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>)&#8217;s Cadillac Lyriq, priced at $60,000, became its best-selling EV in 2024 through the third quarter. The premium EV's success highlights a potential shift toward luxury electric vehicles as automakers target higher <a href="https://www.benzinga.com/tech/24/12/42666472/gms-60000-cadillac-lyriq-was-its-best-selling-ev-in-2024-as-of-q3-is-premium-the-way-to-go-for-ev-makers">margins and affluent buyers.</a>



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<li><a href="https://www.benzinga.com/general/biotech/24/12/42710358/veteran-investor-bets-big-on-sp-500-hitting-7000-by-end-of-2025-these-sectors-could-lead-the-charge">Veteran Investor Bets Big On S&amp;P 500 Hitting 7,000 By End Of 2025: These Sectors Could Lead The Charge</a></li>
</ul>



Photo by Marek Maskin on Shutterstock

Macro Economic Events

Econ #s

Economics

Federal Reserve

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Wall Street's Santa Rally At Risk, Palantir Dethrones Nvidia, Consumer Confidence Pulls Back: This Week In The Markets

As the week wraps up, we bring you a recap of the top stories that made headlines. From Senator Bernie Sanders&#8217; call to end Super PACs to Nikki Haley&#8217;s clash with DOGE Co-Head Vivek Ramaswamy, the week was filled with political drama. Elon Musk also found himself in the spotlight, with Ukraine receiving Starlink sets from Poland and Musk stating he can no longer afford to give them away for free.



Bernie Sanders Calls Out Elon Musk and Super PACs



Senator Bernie Sanders voiced his concerns about billionaires, including Elon Musk, influencing elections and called for an immediate ban on Super PACs by the Democratic National Committee. Sanders expressed his disdain for billionaires buying elections and demanded that the DNC ban Super PACs in Democratic primaries.



<a href="https://www.benzinga.com/24/12/42676387/bernie-sanders-the-american-people-are-disgusted-with-musk-calls-on-democrats-to-end-super-pacs-in-primaries">Read the full article here.</a>



Nikki Haley and DOGE Co-Head Vivek Ramaswamy Clash Over American Culture



Former U.N. Ambassador and 2024 presidential candidate Nikki Haley responded to Department of Government Efficiency Co-head Vivek Ramaswamy&#8217;s comments about American culture. Ramaswamy, who is set to lead DOGE alongside Elon Musk under President-elect Donald Trump, had suggested that cultural factors contribute to top tech companies often hiring foreign-born engineers over U.S.-born engineers.



<a href="https://www.benzinga.com/24/12/42696536/nikki-haley-blasts-doge-co-head-vivek-ramaswamy-for-his-take-on-american-culture-all-you-have-to-do-is-look-at-the-border-and-see-how-many-want-what-we-have">Read the full article here.</a>



Ukraine Receives Starlinks, Musk Says He Can&#8217;t Afford to Give Them Away for Free



Ukraine received 150 sets of SpaceX&#8217;s Starlink from Poland, just hours before Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk stated that the U.S. should pay for the high-speed internet services as he can no longer afford to give them to Ukraine for free.



<a href="https://www.benzinga.com/tech/24/10/42708683/ukraine-gets-150-starlinks-from-poland-while-elon-musk-says-he-can-no-longer-afford-to-give-the-kits-away-for-free">Read the full article here.</a>



Ford Donates to Trump&#8217;s Inauguration, Sparks Speculation



Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) made a substantial donation to Donald Trump&#8217;s inauguration fund, matching totals from Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). This move comes as Ford&#8217;s rival Tesla and its CEO Elon Musk are likely set to benefit from the new White House administration.



<a href="https://www.benzinga.com/24/12/42660866/trump-gets-ford-vehicles-1m-for-inauguration-will-musk-respond-or-could-he-ride-in-rival-vehicle">Read the full article here.</a>



Trump Reconsiders TikTok Ban



President-elect Donald Trump has had a change of heart about banning TikTok from the United States. Despite a pending ban that could take place on Jan 19, the day before he is inaugurated as president once again, Trump shared that he supports TikTok remaining operational in the U.S.



<a href="https://www.benzinga.com/24/12/42654769/tiktok-ban-under-trump-president-elect-wants-to-keep-months-after-pelosi-said-follow-the-money">Read the full article here.</a>



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<li><a href="https://www.benzinga.com/24/12/42690082/trump-is-first-republican-president-with-a-pathway-to-cannabis-reform-says-former-adviser?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Is First &#8216;Republican President&#8217; With A Pathway To Cannabis Reform, Says Former Adviser</a></li>
</ul>



Photo courtesy: Shutterstock



 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

Politics

AMZN

Sanders Targets Musk, Haley Clashes With DOGE Co-Head, And Trump Reconsiders Tiktok Ban: This Week In Politics

The past week has seen significant developments in the tech industry, with AI at the forefront. OpenAI announced its transition to a for-profit entity, President-elect Trump appointed a new senior AI advisor, and Google faced intense scrutiny following the release of ChatGPT. Here&#8217;s a quick recap of the top stories.



OpenAI&#8217;s For-Profit Transition



Microsoft Corp.-backed&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI has revealed its plans to evolve into a Delaware Public Benefit Corporation (PBC). The company aims to balance shareholder and stakeholder interests while maintaining its public benefit mission. The transition is part of OpenAI&#8217;s mission to advance artificial general intelligence (AGI) for the benefit of all humanity.



<a href="https://www.benzinga.com/24/12/42712683/openai-lays-out-its-for-profit-transition-plans-says-it-must-evolve-to-advance-its-agi-mission">Read the full article here.</a>



Trump&#8217;s New AI Advisor



President-elect Donald Trump has appointed Sriram Krishnan, a former general partner at Andreessen Horowitz, as senior policy advisor for AI. Krishnan will work closely with David Sacks, recently named Trump&#8217;s "AI and crypto czar." The move is part of Trump&#8217;s efforts to ensure America&#8217;s technological dominance and foster scientific breakthroughs.



<a href="https://www.benzinga.com/24/12/42639812/trump-taps-sriram-krishnan-as-senior-ai-advisor-to-work-closely-with-ai-and-crypto-czar-david-sacks">Read the full article here.</a>



See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42664762/after-investing-nearly-14-billion-in-openai-microsoft-reportedly-moves-to-reduce-its-dependence-on-chatgpt-parent?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft Invested Nearly $14 Billion In OpenAI But Now It&#8217;s Reducing Its Dependence On The ChatGPT-Parent</a>



Google&#8217;s &#8216;Code Red&#8217;



Following the release of OpenAI&#8217;s ChatGPT,&nbsp;Alphabet Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google declared a &#8220;Code Red&#8221;. The tech giant faced criticism for lagging behind rivals like Microsoft in integrating ChatGPT-like capabilities into its products. However, Alphabet&#8217;s latest advancements in AI and quantum computing are rebuilding its reputation and investor confidence.



<a href="https://www.benzinga.com/24/12/42641018/google-faced-intense-scrutiny-post-chatgpt-leading-up-to-declaring-code-red-but-gemini-20-and-quantum-chip-gives-investors-renewed-confidence">Read the full article here.</a>



Palantir: The &#8216;Next Oracle&#8217;



According to Wedbush Securities analyst Dan Ives,&nbsp;Palantir Technologies Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) could emerge as "the next Oracle" in the AI revolution. Despite its stock surging 395.42% in 2024, Ives maintains a strong conviction in the company's growth trajectory.



<a href="https://www.benzinga.com/markets/equities/24/12/42696805/palantir-touted-as-next-oracle-by-dan-ives-here-is-why-the-wedbush-analyst-called-the-company-a-table-pounder">Read the full article here.</a>



Microsoft&#8217;s Reduced Dependence on OpenAI



Microsoft is reportedly planning to reduce its dependence on OpenAI, the maker of ChatGPT. The company is working on integrating internal and third-party AI models into its AI product, Microsoft 365 Copilot.



<a href="https://www.benzinga.com/24/12/42664762/after-investing-nearly-14-billion-in-openai-microsoft-reportedly-moves-to-reduce-its-dependence-on-chatgpt-parent">Read the full article here.</a>



Peter Thiel&#8217;s Bet on AI



Former PayPal CEO Peter Thiel has shared his perspective on the evolving role of AI and its potential impact on math skills. Thiel suggested that the rise of AI could reduce the emphasis on math proficiency and lead to a societal transformation.



<a href="https://www.benzinga.com/24/12/42680592/peter-thiel-once-said-he-would-bet-on-the-reversal-of-silicon-valleys-math-bias-as-ai-continues-to-rise-isnt-that-a-long-overdue-rebalancing-of-our-society">Read the full article here.</a>



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<li><a href="https://www.benzinga.com/trading-ideas/movers/24/12/42681555/nio-announces-repurchase-opportunity-for-convertible-senior-notes-due-2027-firefly-app-gains-traction-in-china?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NIO Announces Repurchase Opportunity For Convertible Senior Notes Due 2027</a></li>
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Photo courtesy: Shutterstock



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

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OpenAI's For-Profit Transition, Trump's AI Advisor, And Google's Code Red: This Week In AI

The holiday week was abuzz with news from Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). The tech giant continues to make headlines with its innovative products and bullish market predictions. From the anticipated AI-driven iPhone upgrade cycle to the rumored features of the AirTag 2, AirPods, and the M4 MacBook Air, Apple&#8217;s tech advancements continue to impress. Let&#8217;s dive into the top stories from the weekend.



Tech Bull Foresees 26% Upside for Apple Stock



Wedbush analyst Dan Ives is optimistic about Apple&#8217;s future, predicting a 26% upside for the company&#8217;s stock. Ives attributes this potential growth to a &#8220;multi-year&#8221; upgrade cycle for the iPhone, driven by artificial intelligence (AI). He believes this will usher in a &#8220;golden era of growth for Cupertino&#8221; into 2025.



<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42682230/tech-bull-predicts-26-upside-for-apple-stock-sees-golden-era-of-growth-for-cupertino-due-to-multi-year-ai-driven-iphone-upgrade-cycle">Read the full article here.</a>



Apple&#8217;s AirTag 2: Enhanced Tracking and Safety



Apple is reportedly gearing up to launch the AirTag 2, with significant upgrades in range and safety. The new item tracker is expected to feature an Ultra Wideband chip for a longer range.



<a href="https://www.benzinga.com/24/12/42677323/apples-airtag-2-roundup-ultra-wideband-boost-safety-improvements-and-more-rumored-features">Read the full article here.</a>



See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42677504/amid-donald-trumps-concerns-about-taiwans-rising-chip-business-jensen-huang-praises-tsmc-for-its-unquestionable-innovation-vows-nvidias-support-for-the-incoming-us-administration?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Donald Trump&#8217;s Concerns About Taiwan&#8217;s Rising Chip Business, Jensen Huang Praises TSMC</a>



Apple AirPods to Incorporate Health Sensors and Cameras



According to Bloomberg columnist Mark Gurman, Apple is planning to introduce heart rate monitors, temperature sensors, and cameras to its AirPods to enhance AI capabilities. The company is reportedly experimenting with these new improvements.



<a href="https://www.benzinga.com/media/24/12/42640232/apple-airpods-to-get-heart-rate-temperature-sensors-and-cameras-to-help-with-ai-features-top-analyst">Read the full article here.</a>



M4 MacBook Air Release Could Be Ahead of Schedule



Apple&#8217;s highly anticipated M4 MacBook Air could arrive sooner than expected, according to Bloomberg columnist Mark Gurman. While new iPads and the iPhone SE are slated for a spring release, the M4 MacBook Air might hit the market earlier.



<a href="https://www.benzinga.com/24/12/42665141/top-apple-analyst-says-new-m4-macbook-air-could-be-available-sooner-than-expected">Read the full article here.</a>



iPhone 17 Pro Likely to Retain Triangular Camera Layout



Despite rumors of a radical horizontal layout, Apple&#8217;s upcoming iPhone 17 Pro is expected to stick with its distinctive &#8220;triangular&#8221; camera design. This information was revealed by the leaker "Instant Digital" on Weibo last week.



<a href="https://www.benzinga.com/24/12/42666163/iphone-17-pro-could-retain-iconic-triangular-camera-design-despite-rumors-of-a-radical-horizontal-layout">Read the full article here.</a>



Steve Jobs&#8217; MacBook Vision Realized After 25 Years



Steve Jobs had a vision for what a MacBook should look like back in 1983. It took Apple 25 years to bring this vision to life, but the company&#8217;s stock is now soaring to record highs. Analysts at JPMorgan are optimistic about Cupertino&#8217;s prospects, giving the Apple stock an overweight rating and a price target of $265.



<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42699730/steve-jobs-knew-what-macbook-should-be-like-in-1983-it-took-apple-25-years-to-bring-his-vision-to-life-with-aapl-stock-at-record-highs-heres-what-analysts-say">Read the full article here.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42680592/peter-thiel-once-said-he-would-bet-on-the-reversal-of-silicon-valleys-math-bias-as-ai-continues-to-rise-isnt-that-a-long-overdue-rebalancing-of-our-society?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Thiel Once Said He Would Bet On The Reversal Of Silicon Valley&#8217;s Math Bias As AI Continues To Rise</a></li>
</ul>



Photo courtesy: Apple



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Apple's AI-Driven Growth, AirTag 2, AirPods' Health Features, And iPhone 17 Pro: This Week In Appleverse

Grant Cardone, the entrepreneur and motivational speaker known for his <a href="https://www.benzinga.com/personal-finance/24/08/40166983/grant-cardone-says-earning-400-000-a-year-is-embarrassing-as-a-human-being-asks-how-do-you-make-">bold takes on money and success</a>, recently <a href="https://x.com/GrantCardone/status/1870514005896564786">tweeted</a> a powerful statement: &#8220;America should have the wealthiest middle class in the world bar none!&#8221;



The tweet sparked conversations about the current state of America's middle class. Cardone's sentiment is clear – the U.S. middle class should set the global standard for wealth. But is that vision realistic in today's economic landscape?



<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">America should have the wealthiest middle class in the world bar none!&mdash; Grant Cardone (@GrantCardone) <a href="https://twitter.com/GrantCardone/status/1870514005896564786?ref_src=twsrc%5Etfw">December 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Don't Miss:



<ul>
<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.</li>



<li><a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.</li>
</ul>



<h2 class="wp-block-heading">A Shrinking Majority</h2>



Over the past five decades, the U.S. <a href="https://www.benzinga.com/personal-finance/24/09/41102547/is-your-income-higher-than-the-average-middle-class-household-heres-what-theyre-earning">middle class has steadily shrunk</a>. According to <a href="https://www.pewresearch.org/short-reads/2022/04/20/how-the-american-middle-class-has-changed-in-the-past-five-decades/">Pew Research</a>, the proportion of adults living in middle-class homes decreased from 61% in 1971 to 50% in 2021. Meanwhile, the proportion of adults in higher and lower income brackets increased, indicating growing income disparity. The upper-income tier grew from 14% in 1971 to 21% in 2021, while the lower-income tier expanded from 25% to 29%.



Although household incomes have risen since 1970, middle-class earnings haven't grown as much as those of upper-income households. From 1970 to 2020, the median income for middle-class households grew by 50%, while for upper-income households, it grew by 69%. This <a href="https://www.benzinga.com/personal-finance/24/05/38762342/how-much-do-you-need-to-join-the-richest-1-it-may-be-less-than-you-realize">concentration of wealth among the richest</a> Americans has widened the economic gap.



See Also: Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a>



<h2 class="wp-block-heading">What Defines the Middle Class?</h2>



Being middle class <a href="https://www.benzinga.com/personal-finance/24/02/37264496/what-does-it-mean-to-be-middle-class-hint-its-more-than-how-much-you-make">isn't just about income</a> but financial stability. A Washington Post survey found that most people agree it's also about financial security. To truly be middle class, you need to have a steady job, save money, pay bills without stress, handle a $1,000 emergency without going into debt, have health insurance and plan for a comfortable retirement.



Sadly, only about one-third of Americans meet all these standards. This shows that being middle class is more than just income; it's about having stability and being prepared for life's challenges.



Trending: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?



The middle class has always been a key part of the U.S. economy. In 1970, middle-class households earned 62% of the country&#8217;s income. By 2020, that number had dropped to 42%. Meanwhile, upper-income households' share of total income rose from 29% to 50%.



This <a href="https://www.benzinga.com/general/24/02/36941891/the-wealth-gap-widens-the-5-richest-billionaires-got-2x-richer-as-5-billion-people-continue-to-get-p">growing gap between rich and poor</a> can hurt the economy. A strong middle class drives spending, keeps the economy growing and makes society more stable. Cardone's idea of a wealthy middle class highlights the importance of closing the gap and giving more people the chance to succeed.



<h2 class="wp-block-heading">Who's Moving Up the Income Ladder?</h2>



Certain groups have made progress over the past 50 years: older adults (65+) saw their share in the upper-income tier rise from 7% in 1971 to 16% in 2021, thanks to factors like Social Security, education and increased workforce participation. Black adults maintained their middle-class share at 47%, even as other racial groups saw declines. Married individuals and dual earners are likelier to be in the upper-income tier, highlighting the financial advantages of combined household incomes.



Trending: Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a>



<h2 class="wp-block-heading">Can Cardone's Vision Become Reality?</h2>



Grant Cardone's vision of a <a href="https://www.benzinga.com/personal-finance/24/09/40711869/how-rich-are-you-heres-the-net-worth-that-defines-upper-middle-and-lower-class">thriving middle class</a> is essential for America's long-term economic health. To make it happen, the country needs to take big steps to reduce income inequality, improve access to education and create policies that help families build financial security.



The U.S. middle class was once a global benchmark. Cardone's statement reminds us of its importance and challenges us to reimagine what's possible. With the right focus and effort, America's middle class could become the wealthiest in the world – bar none.



Read Next:



<ul>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>



<li>The number of ‘401(k)' Millionaires is up 43% from last year —<a href="https://www.benzinga.com/money/401k-millionaires"> Here are three ways to join the club.</a></li>
</ul>

Grant Cardone Says, 'America Should Have The Wealthiest Middle Class In The World, Bar None'

Azerbaijan President Ilham Aliyev said Sunday that Russia inadvertently fired at an Azerbaijan Airlines flight over Russian airspace on Wednesday, leading it to crash just beyond Russia&#8217;s borders. Vladimir Putin expressed regret over the incident on Saturday, but Aliyev is calling on Moscow to accept full responsibility.



What Happened: The aircraft was unable to land at its intended destination in Grozny, Chechnya, and was diverted east, ultimately crashing near Aktau, Kazakhstan. The crash led to the loss of 38 lives, with two children among the survivors.



As per a report <a href="https://edition.cnn.com/2024/12/28/asia/russia-air-defenses-azerbaijan-airlines-crash-intl/index.html">by</a> CNN, the passengers on the flight hailed from Azerbaijan, Russia, Kazakhstan and Kyrgyzstan. The exact cause of the incident is yet to be confirmed, but preliminary findings hint at the possible involvement of a Russian anti-aircraft system. Russia has not accepted responsibility.



Putin conveyed his condolences to Aliyev. Putin "apologized for the fact that the tragic incident occurred in Russian airspace" in a phone call with Aliyev, the Kremlin said in a statement.



Aliyev told state television on Sunday that Russia had inadvertently fired upon the passenger plane, resulting in the catastrophic crash. He called on Moscow to accept full responsibility for the tragic incident, <a href="https://www.bloomberg.com/news/articles/2024-12-29/azerbaijan-airlines-crash-azeri-leader-says-russia-accidentally-shot-plane?sref=TBDibEcD">reports</a> Bloomberg.



"Part of the fuselage didn't burn, thanks to which today we can say openly that the plane was shot by Russia," Aliyev told state television. "We aren't saying that it was done intentionally, but it was done."



Aliyev's remarks came a day after a phone conversation with Putin, during which Putin expressed regret over the incident but stopped short of admitting Russian culpability. 



The two leaders spoke again on Sunday to discuss "various matters related to the crash," according to Kremlin spokesman Dmitry Peskov, as reported by Interfax.



Also Read: <a href="https://www.benzinga.com/markets/24/12/42714362/azerbaijan-airlines-flight-hit-by-external-interference-over-russia-before-fatal-crash">Azerbaijan Airlines Flight Hit by &#8216;External Interference&#8217; Over Russia Before Fatal Crash</a>



Images of the crashed plane reveal perforations akin to shrapnel or debris damage, though the exact cause of these perforations is yet to be determined.



In the aftermath of the incident, several airlines, including Azerbaijan Airlines, have temporarily halted flights to certain areas in Russia due to safety concerns.



Read Next



<a href="https://www.benzinga.com/tech/24/12/42639040/putin-ally-claims-elon-musk-remotely-disabled-his-militarized-cybertruck-armed-with-machine-gun-he-gives-expensive-gifts-from-heart-and-then-turns-them-off">Putin Ally Claims Elon Musk &#8216;Remotely Disabled&#8217; His Militarized Cybertruck Armed With Machine Gun: &#8216;He Gives Expensive Gifts From Heart, And Then Turns Them Off&#8217;</a>



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



Image: Wikimedia Commons

Global

Azeri Leader Says Russia Shot Down Azerbaijan Airlines Flight, Putin Expresses Regret

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) scripted history in 2024, not only breaking the long-held record of $69,000 but also hitting the magical $100,000 milestone.&nbsp;



A slew of crucial developments occurred throughout the year, providing strong impetus to the apex cryptocurrency.&nbsp;



With the New Year knocking on our doorsteps, let's look back at some of the most pivotal bullish triggers for Bitcoin in 2024.



Trump Presidency: The electoral triumph of Donald Trump, who aggressively marketed himself as a cryptocurrency-friendly candidate during the campaign, proved to be the biggest positive driver for Bitcoin.



Since the elections, the leading cryptocurrency has surged 41%, hitting a peak of $108,000.&nbsp;



Trump pledged to establish a <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42505162/trump-reportedly-considering-executive-order-to-establish-strategic-bitcoin-reserve">national Bitcoin reserve</a> on the campaign trail, and reports suggested he might pass an<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42505162/trump-reportedly-considering-executive-order-to-establish-strategic-bitcoin-reserve"> executive order</a> to establish one. 



He also appointed <a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">pro-cryptocurrency venture capitalist</a> David Sacks as the first-ever "White House A.I. &amp; Crypto Czar,&#8221; signaling a commitment to fulfill his election promises. 



Demand from Bitcoin ETFs: The successful launch of the first-ever U.S. <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36603461/bitcoin-etf-launch-shatters-records-attracts-over-4-billion-biggest-day-one-splash-in-etf-">exchange-traded funds that track the price of Bitcoin</a> in early 2024 set the stage for broader institutional adoption of the cryptocurrency.



Since listing, the ETFs have seen net inflows of nearly $36 billion, with over $2 billion in transactions recorded as of Dec. 26, <a href="https://sosovalue.com/assets/etf/us-btc-spot">according </a>to SoSo Value.&nbsp;



BlackRock's iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) emerged as the most successful fund, holding assets worth over $52 billion.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42696957/all-vitalik-buterin-wanted-for-xmas-was-a-hippopotamus-ethereum-co-founder-is-now-the-adoptive-father-of-viral-sensation-moo-deng">All Vitalik Buterin Wanted For Xmas Was A Hippopotamus — Ethereum Co-Founder Is Now The Adoptive Father Of Viral Sensation Moo Deng</a>



Monetary Policy Easing: The Federal Reserve delighted <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">risk-on markets by enacting a 0.5% interest rate cut</a> in September, the first in over four years. The bold reduction was followed by a more modest 25-basis-point cut in the successive months.



A drop in interest rates typically increases liquidity and borrowing power, leading to higher bets for stocks and cryptocurrencies, which are perceived to be risky investments.



Bitcoin's Halving Event: The quadrennial <a href="https://www.benzinga.com/money/what-is-bitcoin-halving">event took place in April</a>, further squeezing the supply of an asset with deflationary characteristics.



The event slashed the mining reward after each successful block validation from 6.25 BTC to 3.125 BTC.&nbsp;



Previous instances of halving were followed by significant gains in Bitcoin. Since it's a known cyclical event, some experts argue that the halving is already priced in and there is no real expectation of Bitcoin reacting in a certain way after the event.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/24/12/42697066/vivek-ramaswamys-strive-applies-for-bitcoin-bond-etf-that-will-track-microstrategys-convertible-securities-market">Vivek Ramaswamy&#8217;s Strive Applies For &#8216;Bitcoin Bond&#8217; ETF That Tracks MicroStrategy&#8217;s Convertible Securities Market</a></li>
</ul>

$SOL

IBIT

From Trump's Win To Debut Of Spot ETFs: These Were The Biggest Bullish Catalysts For Bitcoin In 2024

Renowned financial educator&nbsp;and author Robert Kiyosaki&nbsp;has predicted a significant surge in Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value by 2025, while expressing distrust in Black Rock&#8217;s handling of the cryptocurrency.



What Happened: In a post on X on Friday, Kiyosaki voiced his concerns about Larry Fink, the head of Black Rock, and his handling of Bitcoin.



He accused Fink of being a &#8220;Marxist&#8221; and a &#8220;Share Holder Capitalist,&#8221; suggesting that such individuals are suppressing Bitcoin&#8217;s price for personal gain.



&#8220;Larry Fink dumping Bitcoin. VIVEK warned Larry Fink of BLACK ROCK is a Marxist. Vivek warned Fink &amp; Black Rock are Share Holder Capitalist not Stake Holder Caplitist. Share Holder Capitalists are Marxist….like Klaus Schwab who state: "Someday you'll own nothing and you'll be happy," he wrote in the post. 



Also Read: <a href="https://www.benzinga.com/markets/24/12/42677439/kiyosaki-warns-of-global-financial-crisis-protect-your-wealth-by-investing-in-real-assets">Kiyosaki Warns of Global Financial Crisis: &#8216;Protect Your Wealth by Investing in Real Assets&#8217;</a>



<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">Larry Fink dumping Bitcoin. VIVEK warned Larry Fink of BLACK ROCK is a Marxist. Vivek warned Fink &amp; Black Rock are Share Holder Capitalist not Stake Holder Caplitist. Share Holder Capitalists are Marxist….like Klaus Schwab who state: "Someday you'll own nothing and you'll be…&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1872665122440704137?ref_src=twsrc%5Etfw">December 27, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Kiyosaki further stated his preference for keeping Bitcoin in his own wallet, expressing distrust in Black Rock&#8217;s Bitcoin ETF. Despite his criticisms, Kiyosaki remains bullish on Bitcoin, predicting it will reach $350,000 in 2025.



&#8220;I love Bitcoin in my own wallet. I would not trust Bitcoin in Black Rocks ETF. Black Rock suppressing Bitcoin price so the whales can buy Bitcoin at under $100k. I will keep buying more Bitcoin because Bitcoin going higher. I predict Bitcoin to hit $350 k in 2025,&#8221; he added in the post. 



Why It Matters: Kiyosaki&#8217;s comments come amid a broader debate about the role of institutional investors in the cryptocurrency market. His criticisms of Black Rock and Larry Fink reflect concerns about potential market manipulation and the concentration of power in the hands of a few large players.



Despite these concerns, Kiyosaki&#8217;s bullish prediction for Bitcoin suggests he remains confident in the cryptocurrency&#8217;s long-term potential. 



His comments highlight the ongoing tension between the decentralized ethos of cryptocurrencies and the increasing involvement of traditional financial institutions.



Read Next



<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42255036/kiyosaki-on-bitcoin-100000-almost-impossible-for-the-poor-and-middle-class-to-catch-up">Kiyosaki on Bitcoin $100,000: &#8216;Almost Impossible for the Poor and Middle Class to Catch Up&#8217;</a>

Kiyosaki Warns Of Bitcoin In Black Rocks ETF: 'It Is Suppressing Bitcoin Price'

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is now offering free lifetime supercharging on the purchase of <a href="https://www.benzinga.com/topic/tesla-cybertruck">foundation series Cybertrucks</a> from its inventory in a bid to make it more enticing to potential buyers.



What Happened: Under the limited-period offer, customers who purchase the foundation series Cybertruck on or after Dec. 27 will be eligible for free supercharging during their ownership of the vehicle.



However, the vehicle owner will have to continue to pay supercharger fees like idle or congestion fees. While congestion fees refer to the charges to be paid by drivers who charge their electric vehicles beyond a certain level at &#8220;busy&#8221; supercharger stations, idle fees apply when vehicles stay connected to the charger post-full charging.



The offer cannot be transferred to another vehicle or person, the company noted on its website.



Earlier this month, Benzinga reported that Tesla is <a href="https://www.benzinga.com/tech/24/12/42524912/teslas-99k-foundation-series-cybertrucks-still-available-a-sign-of-possible-demand-hurdles">continuing to sell its premium foundation series Cybertrucks in its inventory</a> in the U.S., implying that the company hasn't yet entirely sold out the units of the limited edition stainless steel truck it produced.



Why It Matters: Tesla's inventory in the U.S. now shows multiple new foundation series Cybertrucks, including the all-wheel drive variant and the more expensive Cyberbeast variant. While the foundation series all-wheel drive variant is priced at $99,990, the Cyberbeast is priced at $119,990.



The foundation series refers to a limited and pricier edition of the Cybertruck with laser-etched foundation series badges and premium accessories.



Tesla made only the foundation series Cybertrucks for the first few months of deliveries. Earlier this year, in October, Tesla started selling the regular version of Cybertruck priced about $20,000 lower than the foundation series. 



The foundation series trucks manufactured by the company for the U.S. market haven't seemingly been sold in totality, hinting at significant<a href="https://www.benzinga.com/24/12/42501487/cybertruck-production-rate-was-reduced-even-before-decembers-production-pause-says-tesla-researcher"> demand challenges for the truck</a>.



Early in December, Tesla told its workers on the Cybertruck production line at Giga Texas that they need not report to <a href="https://www.benzinga.com/24/12/42283708/tesla-gives-cybertruck-production-line-workers-three-days-off-report" target="_blank" rel="noreferrer noopener">work for three days from Dec. 3 to Dec. 5</a>, implying a brief pause in production.



Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/tech/24/12/42700153/teslas-lawsuit-has-startup-evject-looking-at-a-potential-partnership-with-volkswagen">Tesla&#8217;s Lawsuit Has Startup EVject Looking At A Potential Partnership With Volkswagen</a></li>
</ul>



Photo courtesy: Shutterstock

Tesla Offers Free Lifetime Supercharging With Foundation Series Cybertruck As It Looks To Clear Inventory

Ukraine said it received 150 sets of SpaceX's Starlink from Poland hours before Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk told the U.S. to pay for the high-speed internet services because it can no longer <a href="https://www.benzinga.com/news/22/10/29264636/elon-musks-spacex-asks-us-to-foot-the-bill-for-starlink-internet-services-in-ukraine-report-says-we">afford to give it to Ukraine for free.&nbsp;</a>



What Happened: Ukrainian Ministry of Reintegration of Temporarily Occupied Territories said the Starlink sets would allow it to quickly restore communication until the damaged infrastructure is rebuilt in the liberated regions.&nbsp;



See Also: <a href="https://www.benzinga.com/news/22/10/29264331/angered-by-elon-musks-special-administrative-zone-comments-taiwans-military-will-not-buy-tesla-cars">Elon Musk&#8217;s &#8216;Special Administrative Zone&#8217; Remarks Anger Taiwan&#8217;s Military, Says No More Tesla &#8216;Purchases&#8217;</a>



"Some of them are intended for mobile operators and Internet providers. Currently, mobile operators have restored 27 mobile base stations in the Kharkiv region and continue to restore others," it added.



This came days after Musk <a href="https://www.benzinga.com/news/22/10/29130474/ukraine-diplomat-asks-elon-musk-to-f-k-off-says-tesla-will-be-boycotted-in-the-country">drew massive flak on social media</a>, including from Ukrainian officials for polling his followers on what would be the most likely outcome of Russia's invasion of Ukraine.&nbsp;



Following his tweet, Ukraine&#8217;s outgoing ambassador to Germany, Andriy Melnyk, sharply replied to Musk. &#8220;F&#x2A;&#x2A;k off is my very diplomatic reply to you, Elon Musk,&#8221; he said.&nbsp;



<a href="https://www.benzinga.com/news/22/10/29129597/elon-musk-tells-zelenskyy-i-still-very-much-support-ukraine-but">Musk later defended it</a> to Ukrainian President Volodymyr Zelenskyy and said he supports Kyiv. "I still very much support Ukraine, but am convinced that massive escalation of the war will cause great harm to Ukraine and possibly the world," he said.&nbsp;



The billionaire entrepreneur early Friday on Twitter said SpaceX could not &#8220;indefinitely&#8221; fund the Starlink internet service in Ukraine and send it several thousand more terminals..



 Check out more of Benzinga&#8217;s Europe and Asia coverage by <a href="https://www.benzinga.com/topic/eurasia">following this link</a>.

Ukraine Gets 150 Starlinks From Poland While Elon Musk Says He Can No Longer Afford To Give The Kits Away For Free

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