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&#8220;Shark Tank&#8221; co-stars&nbsp;Mark Cuban&nbsp;and&nbsp;Kevin O&#8217;Leary, aka &#8220;Mr Wonderful,&#8221;&nbsp;have locked horns over tariffs on China.
What Happened: On Friday, O&#8217;Leary voiced his discontent with China&#8217;s trade practices on X, formerly Twitter.
He argued for drastic action in the form of raising tariffs to 400%, saying that China has been unfair in its business practices for decades.&nbsp;&#8220;I can tell you&nbsp;firsthand they DON&#8217;T play fair.&#8221;
&#8220;I'm calling for REAL action, raise tariffs to 400%. Make it SO painful they have no choice but to come to the table,&#8221; O&#8217;Leary stated, referring to Republican presidential nominee Donald Trump&#8217;s stance on the subject.
See Also: <a href="https://www.benzinga.com/news/24/10/41372368/mark-cuban-battles-former-trump-advisor-for-suggesting-a-child-could-do-american-auto-workers-job-pa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Battles Former Trump Advisor Over Ex-President&#8217;s Comments On American Auto Workers</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As someone who's been doing business with China for decades, I can tell you firsthand they DON&#39;T play fair. I've dealt with their system, and it's been a one-sided game for 20 years. They block us from protecting our IP but then come to our courts when things don't go their way,… <a href="https://t.co/gpkcmOJDgI">pic.twitter.com/gpkcmOJDgI</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1846745438340210739?ref_src=twsrc%5Etfw">October 17, 2024</a></blockquote>
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Cuban swiftly responded to O&#8217;Leary&#8217;s call for increased tariffs, highlighting the adverse effects such measures could have on U.S. companies.
He cited a Deutsche Bank report and a Goldman Sachs survey, indicating that companies were &#8220;cutting costs, putting off investments, and paying extra to build up inventory to help cushion the impact of China tariffs.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hey <a href="https://twitter.com/kevinolearytv?ref_src=twsrc%5Etfw">@kevinolearytv</a> , this is what companies did in Sept of 2019 while your guy was negotiating &#x2A; U.S. companies already are cutting costs, putting off investments and paying extra to build up inventory to help cushion the impact of China tariffs. Some companies are postponing…
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1847374958206603527?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
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Why It Matters: This isn&#8217;t the first time the two &#8220;Shark Tank&#8221; co-stars have publicly disagreed. In August, they had a <a href="https://www.benzinga.com/startups/24/08/40163905/shark-tank-showdown-mark-cuban-claps-back-at-kevin-olearys-controversial-comments-on-kamala-harris">social media showdown</a> following O&#8217;Leary&#8217;s controversial comments on Democratic nominee Kamala Harris, whom Cuban is publicly supporting.
Their latest disagreement comes amid a heated debate on tariffs. Last month, the Joe Biden administration&nbsp;<a href="https://www.benzinga.com/markets/asia/24/09/40856820/biden-hikes-tariffs-on-chinese-goods-alibaba-jd-com-stocks-drop">hiked tariffs</a>&nbsp;on Chinese goods, causing stocks of Alibaba and JD.com to drop.
Meanwhile, Trump has&nbsp;<a href="https://www.benzinga.com/news/24/10/41397317/trump-defends-his-plans-to-impose-200-tariffs-on-cars-imported-from-china-mexico-hope-union-workers">defended his plans</a>&nbsp;to impose 200% tariffs on cars imported from China and Mexico, aiming to protect American automotive jobs. &#8220;I hope the union workers, auto workers understand that I saved their jobs.&#8221;
Previously, Harris criticized Trump&#8217;s tariff policy, naming it "Trump sales tax&#8221; during the <a href="https://www.benzinga.com/news/24/09/40810978/trump-sold-us-out-with-china-tariff-policy-says-harris-in-heated-presidential-debate">presidential debate</a> last month. At the time, she stated that the Trump administration contributed to a substantial trade deficit and instigated trade wars.
&#8220;Under Donald Trump's presidency, he ended up selling American chips to China to help them improve and modernize their military,&#8221; Harris said then.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/10/41377257/wall-street-poised-to-open-higher-as-tsmc-earnings-expected-to-kick-off-rally-in-tech-stocks-strate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street Poised To Open Higher As TSMC Earnings Expected To Kick Off Rally In Tech Stocks: Strategist Says AI Trade Will Have Legs Even In Case Of Recession In 2025</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photos courtesy: Gage Skidmore via Flickr and Shutterstock

News

Politics

Economics

Kevin O'Leary Calls for 400% Tariffs On China, But His 'Shark Tank' Co-Star And Friend Mark Cuban Fires Back With Business Concerns

Editor&#8217;s note: The headline of this story has been updated to clarify that Bitcoin is the top recurring investment on the Robinhood platform, not the most traded asset, and the story has been updated with more detail. 
Trading platform Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has grown from a strong base of young users and retail users into a platform that caters to all, a development the company's Chief Brokerage Officer Steve Quirk told Benzinga is "kind of exciting to see" during the <a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading">2024 HOOD Summit.</a>
Robinhood's Growth: With a<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35166392/exclusive-next-generation-of-investors-drives-robinhoods-247-trading-crypto-savings-offeri"> long career in the trading world </a>at TD Ameritrade and the Cboe, Quirk has seen trends come and go in the stock market.
"At Robinhood, our customers tier toward the younger side," Quirk said in a Friday interview, noting an average customer age in the low 30s.
Similarities exist between legacy trading firms and Robinhood, he said, but there are many differences that influence the latter&#8217;s product development.
"The technology and products we roll out cater to our customers."
On Robinhood, around 50% of the self-directed trading occurs on mobile, which means most of the trading is done on phones, Quirk said. 
With the growth of retirement accounts and more sophisticated traders joining Robinhood, Quirk said the company saw demand for web-based apps and platforms alongside mobile, which went into the company's new trading platform.
"We are attracting a lot of large customers from other brokerages."
Quirk emphasized the amount of effort Robinhood puts into researching customers to make better tools and products and also the effort made in education to make people feel comfortable switching their accounts over to Robinhood.
"Education is critical."
The HOOD Summit has helped show Quirk stories of investors changing their lives through Robinhood tools and investment platforms, he said. 
"Those stories make you motivated to continue to deliver for the customers."
Read Also: <a href="https://www.benzinga.com/markets/options/24/10/41389775/exclusive-cboe-ceo-says-robinhood-growth-an-eye-opener-unpredictable-2024-election-could-increase">EXCLUSIVE: Cboe CEO Says Robinhood Growth &#8216;An Eye Opener,&#8217; Unpredictable 2024 Election Could Increase Market Volatility</a>
Platform For Everything: Robinhood recently announced a partnership with Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) that will bring futures trading to customers, which Quirk said is one of the platform&#8217;s most-requested features. 
"It's a natural," Quirk said.
The tax advantages of futures and the fact they operate around the clock are some of the reasons they are in demand from Robinhood customers, he said. 
With its offerings of stocks, options, futures and cryptocurrency, Quirk highlighted the uniqueness of the Robinhood platform during his interview with Benzinga's Zunaid Suleman at the HOOD Summit in Miami. 
"We're the only place in U.S. where you can do it all."
Robinhood offers the ability to make recurring investments in any asset, including cryptocurrency, Quirk said. Recurring investments are where Robinhood users set the dollar amount of an investment to be made automatically on their behalf. 
"The No. 1 traded and most reoccurred investment is Bitcoin," he said, highlighting the leading cryptocurrency Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
Bitcoin has been Robinhood&#8217;s top recurring asset for years and it shows the platform has customers who are very passionate about cryptocurrency, the chief brokerage officer said.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41391989/exclusive-robinhoods-bitstamp-deal-will-drive-growth-exec-says-what-was-good-for-stocks-we">EXCLUSIVE: Robinhood&#8217;s Bitstamp Deal Will Drive Growth, Exec Says: &#8216;What Was Good For Stocks &#8230; We Brought Into Crypto&#8217;</a></li>
</ul>
Benzinga&#8217;s Zunaid Suleman interviews Robinhood Chief Brokerage Officer Steve Quirk. Photo by Aaron Thomas.

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

Cryptocurrency

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Interview

$BTC

CBOE

HOOD

EXCLUSIVE: Robinhood's Steve Quirk Says New Offerings Like Crypto, Futures Bring In Customers, Bitcoin Is 'No. 1' Recurring Investment (CORRECTED)

The U.S. Commerce Department has reportedly launched an investigation into Taiwan Semiconductor Manufacturing Company Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) that could potentially <a href="https://www.benzinga.com/government/23/04/31723813/tsmc-seeks-clarity-us-chips-act-subsidy-concerns-prompt-high-stakes-discussions">disrupt the production of chips</a> for Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones and Macs.
What Happened: The U.S. Commerce Department is probing whether&nbsp;TSMC&nbsp;violated sanctions by supplying chips to Huawei Technologies, <a href="https://appleinsider.com/articles/24/10/18/us-tsmc-probe-puts-iphone-chips-at-risk">reported</a> Apple Insider (<a href="https://www.theinformation.com/articles/u-s-probes-tsmcs-dealings-with-huawei">via</a> The Information).
The investigation, initiated in early fall, follows suspicions that TSMC may have been&nbsp;contracted by an intermediary firm&nbsp;to manufacture smartphone and AI chips for Huawei.
The 2020 sanctions on Huawei restricted the Chinese tech giant from <a href="https://www.benzinga.com/markets/asia/23/06/33050727/the-us-is-trying-to-weaken-chinas-semiconductor-industry-heres-what-china-is-doing-to-fight-back-in">obtaining components from U.S. companies</a> without approval from the Commerce Department.
It also prohibited the use of chips manufactured with U.S.-sourced equipment.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41373962/trump-campaigns-snapchat-absence-potentially-gives-harris-edge-among-young-voters?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign&#8217;s Snapchat Absence Potentially Gives Harris Edge Among Young Voters</a>
If found guilty, TSMC could face penalties, including sanctions, which could directly affect its chip production for clients, including&nbsp;Apple, the report noted.
Such a penalty could stop TSMC&#8217;s access to U.S. technology and equipment, disrupting the production of new lines and maintenance of existing ones.
This could also limit the production of Apple&#8217;s mobile chips, forcing the tech giant to seek another chip partner.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this week, it was reported that TSMC could <a href="https://www.benzinga.com/news/24/10/41395688/nvidia-supplier-tsmc-will-push-back-against-asml-rumored-price-hikes-says-analyst-potential-pricing">resist price hikes</a>&nbsp;from equipment supplier ASML Holding, which may lead to a pricing standoff between the two companies.
Hsinchu, Taiwan-based TSMC <a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips">reported third-quarter revenue</a> of NT$759.69 billion ($23.50 billion), up 39% from last year and 12.8% from the previous quarter. In U.S. dollar terms, revenue grew 36% year-over-year and 12.9% quarter-over-quarter.
The impact could be even greater, <a href="https://www.benzinga.com/government/24/09/41007184/taiwan-semi-secures-7-5b-boost-for-arizona-expansion-aims-for-advanced-chip-production-report">as TSMC&#8217;s Arizona facility</a>, which secured a <a href="https://www.benzinga.com/news/24/04/38266586/taiwan-semis-ai-boom-and-us-expansion-set-to-drive-q1-earnings-growth">$6.6 billion subsidy through</a> the Chips Act from the Commerce Department in April, might face a halt in its development.
Previously, it was also reported that TSMC has&nbsp;<a href="https://www.benzinga.com/news/24/10/41356479/apple-spark-hope-for-americas-semiconductor-comeback-key-supplier-tsmc-reportedly-begins-producing-c">started manufacturing</a>&nbsp;A16 chips for Apple at its Phoenix, Arizona facility, marking a return to using U.S.-made chips after nearly a decade.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41401752/nvidia-executive-defends-teslas-optimus-robots-amid-criticism-thats-a-huge-advancement-not-something?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Executive Defends Tesla&#8217;s &#8216;Optimus&#8217; Robots Amid Criticism: &#8216;That&#8217;s A Huge Advancement&#8230;Not Something That Should Be Downplayed&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

Tech

Media

AAPL

US Probe Into Potential Sanctions Breach By TSMC Threatens Apple's iPhone Chips Production

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) enthusiasts have reason to be optimistic as the Chief Investment Officer of Bitwise, Matt Hougan, has projected that the apex crypto could hit a six-figure price by 2025.
What Happened: Hougan cited several factors that could propel Bitcoin&#8217;s price upward, in a recent interview on the Altcoin Daily channel.
He pointed to the recent halving event in April, which slashed miners&#8217; rewards by half, as a significant influence on Bitcoin&#8217;s market dynamics.
"I think it's going to be a new all-time high. I think it's going to be six-figure Bitcoin for sure," said Hougan.
"It's a risky market. You should only invest what you can lose. But the setup for 2025 is really exceptional."
Additionally, Hougan expects spot Bitcoin exchange-traded funds (ETFs) to become more prominent next year. He also highlighted potential Federal Reserve rate cuts as a bullish catalyst for Bitcoin&#8217;s price increase.
Hougan expressed confidence that Bitcoin might reach new all-time highs before the year ends, noting the substantial liquidity available for investment in the crypto market.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Man Who Accidentally Threw Hard Drive Containing 8,000 Bitcoins Worth Half A Billion Dollars In Landfill</a>
Why It Matters: Hougan&#8217;s prediction comes amid a backdrop of increasing institutional interest in Bitcoin.
Recently, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) founder Michael Saylor <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41396724/microstrategy-boss-michael-saylor-taunts-bitcoin-doubters-challenges-them-to-short-company">challenged Bitcoin skeptics</a> to short the company&#8217;s stock, emphasizing their commitment to holding Bitcoin.
Furthermore, Morgan Stanley, despite previous skepticism from its executive chairman James Gorman, has <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41351925/morgan-stanley-chair-james-gorman-once-said-bitcoins-role-in-wealthy-peoples-financial-fab">actively recommended Bitcoin-related investments</a> to clients this year. This shift indicates a growing acceptance of Bitcoin among traditional financial institutions.
Additionally, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41295451/bitcoin-rises-2-to-break-62k-trader-reports-90-to-100-bullish-signals">recent rise in Bitcoin&#8217;s price</a>, with traders like Astronomer Zero reporting strong bullish signals, further supports the optimistic outlook for Bitcoin&#8217;s future.
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Price Action: At the time of writing, Bitcoin's price was hovering at $68,361, up by 0.31% in the past 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41415033/fbi-arrests-alabama-man-who-allegedly-hacked-secs-x-account-to-prematurely-announce-bitcoi">FBI Arrests Alabama Man Who Allegedly Hacked SEC&#8217;s X Account To Prematurely Announce Bitcoin ETF Approval</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Analyst Color

Price Target

MSTR

Bitcoin Predicted To Hit 6-Figure Price In 2025, Bitwise CEO Says Next Year Will Be 'Exceptional' For King Crypto

Deepwater Asset Management&#8217;s managing partner Gene Munster shared his thoughts on the future of autonomous vehicles, discussing their potential advantages and the hurdles they face.
What Happened: Munster shared his four main observations from Elon Musk-led Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">&#8220;We, Robot&#8221; event.</a>
Here are Munster&#8217;s key takeaways:
The World Needs Autonomy
According to Munster, vehicles in autonomous fleets could reduce cost per mile by 65-75% due to higher usage, and the time saved from not driving could be worth around $21,000 annually in personal value.
&#8220;In the U.S. alone, it could save tens of thousands of lives and hundreds of billions of hours per year.&#8221;
However, he said that it is important to note that safety and sustainability impacts still depend on various factors.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Man Who Accidentally Threw Hard Drive Containing 8,000 Bitcoins Worth Half A Billion Dollars In Landfill Sues Local City Council For Not Excavating The Site</a>
It&#8217;s Going To Take Longer
The analyst also revised his timeline for autonomous driving, acknowledging it will take longer than he anticipated.
He said that while there&#8217;s a 20% chance of a breakthrough akin to a &#8220;ChatGPT moment&#8221; in the next year, current trends and regulatory challenges suggest Full Self-Driving progress is slower than expected.
&#8220;Tesla's geofenced Robotaxi fleet approach likely signals that unsupervised FSD will take 1-2 years longer than I originally expected.&#8221;
Robotaxi Fleet&#8217;s Impact On Income
Munster projected that a nationwide Robotaxi fleet could account for 20% of Tesla&#8217;s operating income by 2030.
His model assumes, &#8220;Tesla will charge $16.50 per ride, offering a 25% discount,&#8221; gaining significant market share due to a price-sensitive environment.
He noted that pricing the service 25% lower than competitors in a highly price-sensitive market could lead to substantial market share gains. With a 50% market share by 2030, this could bring in roughly $4.5 billion in operating income.
Unsupervised FSD&#8217;s Potential
According to Munster, the greatest opportunity for Tesla lies in unsupervised FSD, which could significantly increase market share, driving more car sales. Licensing FSD to other automakers is also a possibility, which could be a major revenue source for Tesla.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I've done more work on the impact of the "We, Robot" and left with two key takeaways. This is going to take longer than most people think, and be bigger than most people expect. <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a><a href="https://t.co/xu0aTuRC1n">https://t.co/xu0aTuRC1n</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1847356986100273224?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
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Why It Matters:&nbsp;Last week, at the &#8220;We, Robot&#8221; event, Tesla showcased the company&#8217;s advancements in autonomous vehicles. The company unveiled its two-seater&nbsp;Cybercab&nbsp;and 20-seater Robovan, <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">both designed for autonomous driving</a>.
The event also featured 1,300 &#8220;Perfectly Safe&#8221; autonomous trips, driving over 2,000 guests, according to a&nbsp;Tesla executive.
However, the event also sparked controversy over Tesla&#8217;s &#8220;Optimus&#8221; robots.
Several reports indicated that the robots were&nbsp;<a href="https://www.benzinga.com/news/24/10/41401752/nvidia-executive-defends-teslas-optimus-robots-amid-criticism-thats-a-huge-advancement-not-something">operated by engineers</a>, leading to criticism over their capabilities. Optimus engineer Milan Kovac later admitted that the robots were&nbsp;<a href="https://www.benzinga.com/news/24/10/41354482/tesla-engineer-admits-optimus-robots-were-human-assisted-to-some-extent-at-robotaxi-unveiling-event">&#8216;human-assisted to some extent&#8217;</a>&nbsp;at the event.
Kovac said that one of the robots toppled over after its hand got tangled in someone&#8217;s handbag, suggesting Tesla still has work to do to perfect the robots&#8217; functionality.
However, the company has made notable progress in improving Optimus&#8217; hardware stability and the infrastructure needed to operate the robots in outdoor public settings.
Check out more of Benzinga'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/news/24/10/41371860/kamala-harris-pulls-a-reverse-card-puts-trump-at-fault-for-border-crisis-in-fox-news-interview-lets?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Pulls A Reverse Card, Puts Trump At Fault For Border Crisis In Fox News Interview: &#8216;Let&#8217;s Just Get To The Point, Ok?&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla

TSLA

Tesla Bull Gene Munster Breaks Down EV Giant's Robotaxi Plans And Future Of Autonomy, Says It Could Save 'Tens Of Thousands Of Lives And Hundreds Of Billions Of Hours Per Year'

The Federal Bureau of Investigation (FBI) has arrested an Alabama resident for allegedly <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36566797/sec-twitter-hacked-fake-bitcoin-etf-approval-tweet-creates-market-mayhem">hacking</a> the U.S. Securities and Exchange Commission (SEC)&#8216;s social media account on X earlier this year.
What Happened: The FBI <a href="https://www.justice.gov/opa/pr/alabama-man-arrested-role-securities-and-exchange-commission-x-account-hack">apprehended</a> Eric Council Jr. on Thursday, accusing him of conspiring with others to gain unauthorized access to the SEC&#8217;s X account in January.
Council allegedly used the name of SEC Chair Gary Gensler to falsely announce the approval of a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange-traded fund (ETF).
This fake announcement caused Bitcoin&#8217;s price to surge by over $1,000 before it plummeted more than $2,000 after the SEC regained control of its account and labeled the announcement a security breach. The SEC did not implement multi-factor authentication for its profile at the time.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41372090/anthony-scaramucci-tells-what-percentage-of-his-wealth-is-tied-up-in-bitcoin-i-havent-sold?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Tells What Percentage Of His Wealth Is Tied Up In Bitcoin: &#8216;I Haven&#8217;t Sold Any. Thank God, Knock On Wood!'</a>
Council is accused of executing the hack through an unauthorized SIM swap, tricking a cellphone carrier into reassigning a phone number to a SIM card he controlled. This allowed him to access the social media accounts linked to the number and post the premature Bitcoin ETF announcement.
FBI Criminal Investigative Division Assistant Director Chad Yarbrough stated, &#8220;The defendant allegedly deceived the public by impersonating the victim and making fraudulent statements on behalf of the SEC.&#8221;
Council faces charges of conspiracy to commit aggravated identity theft and access device fraud, with a potential five-year prison sentence.
Why It Matters: The incident highlights the vulnerabilities in social media account security, particularly for high-profile organizations.
In January, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36566797/sec-twitter-hacked-fake-bitcoin-etf-approval-tweet-creates-market-mayhem">SEC confirmed</a> that its official Twitter (now X) account was compromised, leading to a false tweet about Bitcoin ETF approvals.
This unauthorized post caused <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36575150/secs-hacked-tweet-on-bitcoin-etfs-causes-massive-trader-losses-over-220m-liquidated">significant market disruption</a>, with over $220 million liquidated and more than 70,000 traders affected.
The SEC, in collaboration with the FBI, <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36583935/sec-confirms-fbi-investigation-into-its-twitter-account-hack-after-false-bitcoin-etf-annou">launched an investigation</a> into the hack, emphasizing that the unauthorized content was not created by the SEC.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41350336/elizabeth-warren-says-rival-john-deaton-wants-to-go-to-washington-to-fight-for-his-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Rival John Deaton Wants To Go To Washington To Fight For His &#8216;Crypto Buddies&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

FBI Arrests Alabama Man Who Allegedly Hacked SEC's X Account To Prematurely Announce Bitcoin ETF Approval

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has released a teaser video <a href="https://www.benzinga.com/topic/cybercab">featuring the newly unveiled Cybercab</a>, highlighting the future of wireless charging for its electric vehicles.
What Happened: During the Cybercab&#8217;s unveiling, Elon Musk introduced the concept of charging the vehicle without a plug, using inductive charging technology. However, the specifics of this technology remain undisclosed.
The 14-second teaser video shows the Cybercab charging wirelessly, sparking curiosity among viewers. It displays a charging time of 56 minutes, but it is unclear if this represents a full charge or an 80% charge, similar to Tesla&#8217;s fast-charging Superchargers.
The video leaves questions about the technology&#8217;s efficiency and functionality unanswered.
<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">Robotaxi wireless charging No hands required <a href="https://t.co/XL746DkGhb">pic.twitter.com/XL746DkGhb</a>
&mdash; Tesla (@Tesla) <a href="https://twitter.com/Tesla/status/1847302296494915588?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
While wireless charging for vehicles is not a new concept, with companies like WiTricity already testing similar systems, Tesla&#8217;s teaser raises questions about the practicality and efficiency of such systems.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41352388/stellantis-set-to-build-more-ram-trucks-in-mexico-potentially-escalating-uaw-dispute-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Stellantis Set To Build More Ram Trucks In Mexico, Potentially Escalating UAW Dispute: Report</a>
Why It Matters: The unveiling of the Cybercab marks a significant milestone for Tesla. The two-seater robotaxi, <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">introduced at an event in Los Angeles</a>, features a design reminiscent of the Cybertruck&#8217;s angular and steel body and is expected to be priced under $30,000.
In a move reminiscent of Apple Inc., Tesla <a href="https://www.benzinga.com/news/24/10/41285255/tesla-pulls-an-apple-drops-the-charging-port-before-cupertino-could-remove-it-from-the-iphone">eliminated the traditional charging port</a> in favor of inductive charging technology, marking a significant leap forward in EV design.
Tesla also <a href="At%20the%20recent%20'We,%20Robot'%20event,">showed off its autonomous capabilities</a> with 19 Cybercabs and 29 Model Ys, completing 1,300 trips without safety incidents.
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:
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<li><a href="https://www.benzinga.com/news/24/10/41376564/tesla-showcases-optimus-autonomous-navigation-charging-abilities-after-admitting-they-were-human-ass?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Showcases Optimus&#8217; Autonomous Navigation, Charging Abilities After Admitting They Were Human Assisted ‘To Some Extent'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla

Tesla Cybercab's Wireless Charging Capabilities Shown Off In New Teaser Video: Will This Be The Future Of EV Charging?

Elon Musk's SpaceX has secured a significant $733.6 million contract from the U.S. Space Force to execute at least nine national security launches.
What Happened: This contract, part of the National Security Space Launch Phase 3 Lane 1, includes seven missions for the Space Development Agency (SDA) and one for the National Reconnaissance Office (NRO.)
Brig. Gen. Kristin Panzenhagen highlighted the necessity of rapid deployment of capabilities in the current geopolitical environment, stating, &#8220;In this era of Great Power Competition, it is imperative to not leave capability on the ground.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/10/41350962/tesla-key-exec-says-we-robot-event-had-1-300-perfectly-safe-autonomous-trips-driving-over-2-000-gues?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Key Exec Says &#8216;We, Robot&#8217; Event Had 1,300 &#8216;Perfectly Safe&#8217; Autonomous Trips Driving Over 2,000 Guests</a>
The Phase 3 Lane 1 construct is designed to accelerate launch services for risk-tolerant payloads, thereby enhancing national security.
&#8220;The Phase 3 Lane 1 construct allows us to execute launch services more quickly for the more risk-tolerant payloads, putting more capabilities on orbit faster in order to support national security,&#8221; Panzenhagen added.
The SDA task order will aid in the development of Tranche 2 of the Transport Layer, a satellite network providing global military data and connectivity.
SpaceX is already involved in building the Transport Layer and the Tracking Layer, which monitors missile threats.
The NRO mission will launch from Vandenberg Space Force Base in California during the fourth quarters of fiscal years 2025 and 2026.
These task orders were awarded under a contract signed with SpaceX, Blue Origin, and United Launch Alliance in June.
Why It Matters: This new contract follows <a href="https://www.benzinga.com/government/23/09/34995779/spacex-secures-70m-us-space-force-contract-as-elon-musk-reaffirms-civilian-focus-this-is-the-right-o">SpaceX&#8217;s recent $70 million deal</a> with the U.S. Space Force for the Starshield program, emphasizing the company&#8217;s growing role in national security.
The contract, signed in September 2023, marked SpaceX&#8217;s first foray into providing comprehensive Starshield services.
Check out more of Benzinga'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:
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<li><a href="https://www.benzinga.com/news/24/10/41394566/kamala-harris-repeats-promise-to-get-rid-of-unnecessary-degree-requirements-i-will-challenge-the-pri?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Repeats Promise To Get Rid Of &#8216;Unnecessary Degree Requirements&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: SpaceX

SPACE

SpaceX Wins Major US Space Force Contract Worth $734M For National Security Missions

A&nbsp;federal judge in California has&nbsp;approved&nbsp;Alphabet Inc.&#8217;s&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>) request for a temporary <a href="https://www.benzinga.com/news/24/10/41220186/google-will-continue-to-fight-epic-games-in-court-to-halt-epic-requested-changes-to-play-store-under">stay on a court order</a> mandating a revamp of its Play Store.
What Happened: On Friday, U.S. District Judge James Donato&nbsp;gave the green light to Google&#8217;s plea to postpone the restructuring of its Android app store, reported Reuters.
The original order, issued on Oct. 7, was a result of <a href="https://www.benzinga.com/markets/equities/24/10/41375089/google-urges-9th-circuit-to-halt-dangerous-epic-ruling-cites-substantial-new-security-risks">an antitrust lawsuit filed</a> by Epic Games, the company behind &#8220;Fortnite.&#8221;
However, the judge <a href="https://www.benzinga.com/news/large-cap/24/10/41217379/google-must-open-play-store-to-competitors-judge-orders">rejected Google&#8217;s plea to suspend</a> the order throughout&nbsp;its broader appeal in the&nbsp;case.
See Also: <a href="https://www.benzinga.com/news/24/10/41401752/nvidia-executive-defends-teslas-optimus-robots-amid-criticism-thats-a-huge-advancement-not-something?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Executive Defends Tesla&#8217;s &#8216;Optimus&#8217; Robots Amid Criticism</a>
The delay enables&nbsp;the 9th U.S. Circuit Court&nbsp;of Appeals to review Google&#8217;s separate appeal to suspend the judge&#8217;s order.
Google welcomed the ruling, expressing satisfaction with the decision to temporarily halt the implementation of &#8220;dangerous remedies demanded by Epic.&#8221;
 Epic Games dismissed the ruling as a procedural step and accused Google of leveraging&nbsp;&#8220;fear-mongering and unsubstantiated security threats&#8221; to retain control over Android devices, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The lawsuit by Epic Games led to a jury verdict last year that Google had <a href="https://www.benzinga.com/general/gaming/24/09/41098067/epic-games-files-new-antitrust-lawsuit-against-google-samsung-over-app-store-restrictions">illegally monopolized the way</a>&nbsp;consumers download apps on Android&nbsp;devices and how they pay&nbsp;for in-app transactions.
Google has already appealed these&nbsp;antitrust findings to the 9th&nbsp;Circuit.
Previously, Google contended that the injunction would pose&nbsp;&#8220;serious safety, security, and privacy&nbsp;risks&#8221; to the Android ecosystem.
The tech giant also argued it cannot be classified as a monopolist because Play Store competes directly with Apple&#8217;s App Store.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/10/41373073/youtubes-premium-lite-plan-that-removes-some-ads-but-doesnt-offer-any-other-perks-is-rolling-out-to?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">YouTube&#8217;s &#8216;Premium Lite&#8217; Plan That Removes Some Ads, But Doesn&#8217;t Offer Any Other Perks Is Rolling Out To More Countries</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

Legal

GOOG

GOOGL

Google Gets Temporary Relief In Epic Games Lawsuit, Play Store To Remain Closed To Competitors For Now

Former President Donald Trump is contemplating legal action against CBS, a unit of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) alleging deceptive editing of a &#8220;60 Minutes&#8221;&nbsp;interview with Democratic presidential candidate Kamala Harris.
What Happened: During a conversation with podcast host Dan Bongino, Trump accused CBS of broadcasting a condensed version of Harris&#8217;s discussion&nbsp;with journalist Bill Whitaker.
Trump believes the interview was manipulated to present Vice President Harris positively.
He called for the release of the uncut tapes of the interview, saying, &#8220;I think I&#8217;m&nbsp;going to sue them actually.&nbsp;I think so. No, you&nbsp;know what, they can&#8217;t&nbsp;defend it, and if they&nbsp;do, and even if they&nbsp;win, it&#8217;s going to be very embarrassing.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41348822/mark-cuban-says-he-knows-what-trump-wants-to-achieve-with-tariffs-but-the-ex-president-has-no-idea-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Knows What Trump Wants To Achieve With Tariffs But The Ex-President Has No Idea What It Takes To Do It</a>
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/18220557/Screenshot-2024-10-19-at-7.35.31%E2%80%AFAM-1024x872.png" alt="" class="wp-image-603664" /><figcaption class="wp-element-caption">Source: Instagram</figcaption></figure>
CBS initially aired a truncated version of Harris&#8217;s&nbsp;answer to a question about&nbsp;the Gaza war but later posted the full transcript of her comments online, <a href="https://thehill.com/homenews/campaign/4942021-trump-thinks-sue-cbs-60-minutes/">according</a> to The Hill.
Previously, the former President also took to Truth Social and called for the release of the tapes.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/18220806/Screenshot-2024-10-19-at-7.38.00%E2%80%AFAM-1024x899.png" alt="" class="wp-image-603666" /></figure>
Why It Matters: Earlier this month, <a href="https://www.benzinga.com/news/24/10/41133540/trump-backs-out-of-planned-60-minutes-interview-ex-presidents-campaign-says-cbs-asked-for-unpreceden">Trump pulled&nbsp;out of a &#8220;60 Minutes&#8221; interview</a> after initially agreeing to the pre-election special, as per CBS.
Despite Trump's withdrawal, CBS News confirmed that the election special would proceed as planned, featuring the interview with Harris. At the time, the network also reiterated its standing invitation to Trump for an interview.
Meanwhile, Harris has been ramping up&nbsp;her own criticisms of Trump&#8217;s physical and mental health, saying that he seems fatigued on the campaign trail. Following the release of her own medical report, she urged Trump to follow suit and make his medical records public.
A tight contest between Trump and Harris is anticipated in the polls for the 2024 presidential election. Betting prediction markets have been showing <a href="https://www.benzinga.com/general/politics/24/10/41393683/trump-vs-harris-swing-state-battle-musk-says-thats-why-im-in-pennsylvania-with-kalshi-prediction">wide swings on the leading candidate</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41348386/trump-falls-3-points-behind-harris-in-new-poll-economic-worries-dominate-voter-concerns-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Falls 3 Points Behind Harris In New Poll, Economic Worries Dominate Voter Concerns: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Flickr

PARA

PARAA

Trump Mulls Legal Action Against CBS Over Kamala Harris's '60 Minutes' Interview: 'It's Going To Be Very Embarrassing'

Financing

SAVE

Spirit Airlines Reports That On October 11, 2024 The Co Entered Into A Letter Agreement Which Modifies Its Existing Card Processing Agreement To Extend The 2025 Notes Extension Deadline From October 21, 2024 To December 23, 2024 And The Early Maturity Date From December 31, 2024 To March 3, 2025

Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>) has received notification from The Nasdaq Stock Market LLC ("Nasdaq") that it is not in compliance with the minimum bid price requirement (NASDAQ Listing Rule) as the bid price for the Company's common shares closed below US $1.00 (the "Minimum Bid Requirement") from September 6, 2024 to October 17, 2024 (the "Notification").
The Notification has no immediate effect on the listing of the Company's common shares on the Nasdaq Capital Market. Under NASDAQ Listing Rule 5810(c)(3)(A), the Company has until April 16, 2025, a period of 180 calendar days from the date of Notification (the "Compliance Period") to regain compliance with the Minimum Bid Requirement. During the Compliance Period, Village Farms common shares will continue to trade on the Nasdaq Capital Market. If at any time before April 16, 2025, the bid price of Village Farms' common shares closes at or above US $1.00 per share for a minimum of 10 consecutive business days, it is expected that Nasdaq would notify the Company that it has regained compliance with the Minimum Bid Requirement.
In the event the Company does not regain compliance with the Minimum Bid Requirement by April 16, 2025, the Company may be eligible for an additional period of 180 calendar days to regain compliance or may be subject to delisting of its common shares from the Nasdaq Capital Market, at which time the Company may appeal the delisting determination to a Nasdaq Hearings Panel.

Village Farms International Received Notice From The Nasdaq That Is Not In Compliance With The Minimum Bid Price Requirement

<a href="https://www.globenewswire.com/Tracker?data=H2daQcf_I2GN6OmeR1xFdnTathsgecFtJTGfHE70PDJgU0nJIU-24KVPsKcirEazVMyl3-lQ46pm-zRu7H-YqA==">Celularity&nbsp;Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELU#NASDAQ">CELU</a>) (the "Company"), a regenerative medicine company developing and commercializing placental-derived technologies, today announced that it has received a formal notice from the Listing Qualifications department of the Nasdaq Stock Market LLC ("Nasdaq") on October 16, 2024, indicating that the Company is subject to delisting due to its inability to timely file its Forms 10-Q for the the periods ended March 31, 2024, and June 30, 2024 (the "Forms 10-Q") within the prescribed 180-day compliance period. Nasdaq's notice has no immediate effect on the listing of the Company's common stock and warrants, which continue to trade on the Nasdaq Capital Market under the symbols "CELU" and "CELUW", respectively.
The Company will appeal the determination with the Nasdaq Hearings Panel prior to October 24, 2024, and request a hearing to present its plan to regain compliance and, if necessary, request a stay of suspension pending the hearing. However, there can be no assurance that Nasdaq will accept the plan, that the Company will regain compliance within any additional compliance period, or that the Company will maintain compliance with the other Nasdaq listing requirements.
The Company remains committed to regaining full compliance with Nasdaq's listing requirements. The Company has filed its annual report on Form 10-K for fiscal year 2023 within the compliance period and its quarterly report on Form 10-Q for the first quarter 2024 on October 16, 2024. Additionally, the Company intends to file its Form 10-Q for the second quarter 2024 within the coming weeks.

CELU

Celularity Receives Notice From Nasdaq; Confirms Intention To File An Appeal

<ul>
<li>The company delivered 57 aircraft in 3Q24 versus 43 a year ago</li>
<li>2 C-390 Millennium aircraft delivered during the quarter and 6-12 A-29 Super Tucanos orders</li>
<li>First E2 aircraft delivered to LOT Polish Airlines</li>
<li>US$ 22.7 billion company wide backlog, up more than 25% annually and at a 9-year high level</li>
<li>Defense &amp; Security backlog soared almost 70%</li>
</ul>
SÃO PAULO, Oct. 18, 2024 /PRNewswire/ --&nbsp;Embraer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERJ#NYSE">ERJ</a>, B3: EMBR3)))), a global leader in the aerospace industry, delivered a total of 57 jets in 3Q24 – an increase of 33% compared to the same period last year (yoy) and 24% over to the previous quarter (qoq). Commercial aviation delivered 16 jets and Executive aviation delivered another 41 jets. Meanwhile, Defense &amp; Security delivered 2 C-390 Millennium aircraft during the quarter – the first aircraft to Hungary and the seventh to Brazil.

Embraer-Empresa Brasileira De Aeronautica

Embraer Delivered 57 Aircraft In Q3 Versus 43 YoY And Reached A New $22.7B Backlog Record, Up More Than 25% Annually And At A 9-Year High Level

Oak Valley (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OVLY#NASDAQ">OVLY</a>) reported quarterly earnings of $0.89 per share. This is unchanged from the same period last year.

Earnings

OVLY

Oak Valley Q3 EPS $0.89, Same YoY

The Kentucky General Assembly's Administrative Regulation Review Subcommittee has officially approved a set of regulations for medical cannabis businesses ahead of the program's January 1, 2025 launch. 
These <a href="https://apps.legislature.ky.gov/law/kar/titles/915/">regulations</a> outline application fees, annual licensing costs, and safety compliance standards for businesses aiming to participate in Kentucky's budding medical cannabis market, <a href="https://www.kentuckytoday.com/news/medical-cannabis-regulations-approved/article_b457ecba-8c01-11ef-a5e4-9f32b53d2a41.html">reported</a> Kentucky Today.
Cultivators fall under four tiers, with non-refundable application fees ranging from $3,000 to $30,000, based on the <a href="https://www.benzinga.com/general/biotech/23/10/35504268/scaling-profits-with-multi-tier-cannabis-cultivation-growglides-lego-like-solution">scale of cultivation</a>. For processors and dispensaries, the fee is set at $5,000, while safety compliance facilities will pay $3,000. Once approved, annual fees range from $12,000 to $100,000 depending on the tier.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41405555/floridas-cannabis-amendment-record-spending-unlikely-alliances-and-criticism-from-the-catholic-c">Florida&#8217;s Cannabis Amendment: Record Spending, Unlikely Alliances, And Criticism From The Catholic Church</a>
Kentucky's Office of Medical Cannabis executive director, Sam Flynn said there&#8217;s huge interest in the program, with nearly 5,000 applicants submitting their proposals.
"The total number of applications was 4,998," Flynn stated, highlighting that 4,075 were dispensaries and 923 were cultivators, processors, or compliance facilities. 
The initial wave of applications generated an impressive $27.7 million in non-refundable fees.
However, Flynn noted that these fees represent a one-time revenue stream. To maintain program sustainability, patient fees &#8211; set at $25 for both initial applications and annual renewals &#8211; will help support ongoing costs. The potential need for additional general fund appropriations may arise in the future to cover shortfalls.
Kentucky recently awarded its first <a href="https://www.benzinga.com/markets/cannabis/24/09/41059061/kentucky-moves-closer-to-medical-cannabis-rollout-with-first-license-awarded-to-testing-lab">medical cannabis </a>license to a testing lab.
Meanwhile, Kentucky is gearing up for its next step, with plans to distribute licenses to cultivators and processors through a <a href="https://www.benzinga.com/markets/cannabis/24/09/41059061/kentucky-moves-closer-to-medical-cannabis-rollout-with-first-license-awarded-to-testing-lab">lottery system</a> set for October 28.
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</ul>
Cover: AI generated image

Cannabis

Government

Regulations

Huge Interest In Medical Cannabis Licenses In Kentucky, Nearly 5,000 Applications, Fees Announced

Many investors still hold high regard for the <a href="https://www.marketbeat.com/stocks/sectors/computer-and-technology/">technology sector</a> in the United States today, which makes sense as the services PMI index is carrying most&mdash;if not all&mdash;of the economic growth left in the country, compared to the 23-month contraction in the <a href="https://www.marketbeat.com/stocks/sectors/manufacturing/">manufacturing sector</a>, as seen in that PMI index. However, not all technology sectors are equal.
The <a href="https://www.marketbeat.com/compare-stocks/semiconductor-stocks/">semiconductor and chipmaking</a> niche of the sector receives special attention, which has been present all of 2024 and extrapolated since the shortages seen since the COVID-19 pandemic. In recent quarters, all the pressure seems to have been placed on shares of Taiwan Semiconductor Manufacturing Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tsm#NYSE">TSM</a>), the global leader in chip sales with major customers all over the sector.
However, investors might have been concerned after seeing NVIDIA Co. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvidia#NASDAQ">NVIDIA</a>) sell-off after its last quarter, which announced a state of &quot;<a href="https://www.hindustantimes.com/business/nvidias-ceo-jensen-huang-says-new-chip-will-have-lots-and-lots-of-supply-101725536426366.html">lots and lots of supply</a>,&quot; according to its CEO, which would ultimately hurt margins and earnings per share (EPS). More recently, ASML Holding (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asml#NASDAQ">ASML</a>) stock sold off by over 17% in a single day after <a href="https://www.marketbeat.com/stock-ideas/asmls-earnings-miss-opens-door-for-savvy-investors/">missing booking guidance</a>.
<h3>Taiwan Semiconductor Stock Soars 12%: Strong Earnings and Growing Demand Fuel Rally</h3>
To ease some of the ASML and NVIDIA concerns, Taiwan Semiconductor stock rallied by over 12% in a single day following the blowout earnings results posted. This may have caused a surprise figure to outperform some of its peers during the quarter.
Investors <a href="https://www.marketbeat.com/stock-ideas/taiwan-semiconductor-stock-buy-now-or-wait-for-earnings/">would have been ready</a> for this rally by looking at a few metrics beforehand. Some of these metrics include the monthly revenue growth rate and the fact that markets were willing to pay a premium valuation only to get exposure to the company&#39;s future earnings, which is often a bullish sign.
Building on these views&nbsp;that investors enjoyed the rally, here&#39;s what investors can now keep in mind moving forward and decide whether there is still further upside left in Taiwan Semiconductor stock. To start with revenue, the&nbsp;<a href="https://pr.tsmc.com/english/news/3180" rel="noopener" target="_blank">company&#39;s earnings press release</a> shows a jump of 39% over the past 12 months.
Then, investors can lean on the fact that the company&#39;s net income jumped by 54% during the quarter to significantly boost potential valuation targets from Wall Street analysts. But that&#39;s all in the past; in order to accurately predict the stock&#39;s value, investors need to look into the future.
Easing some of the fears of demand from the industry, the company&#39;s CEO said, &quot;Demand is real, and I believe it&#39;s just the beginning,&quot; speaking of other peers in the space like NVIDIA. These words were quantified further after the statement, though management guidance to blow most expectations out of proportion.
Revenue projections, even after a 54% jump over the past quarter, are still expected to outpace current guidance projections. For the next quarter, Taiwan Semiconductor management expects to deliver up to $26.9 billion in revenues compared to the estimate of $24.9 billion.
Not only is revenue expected to rise by another double-digit rate, but here&#39;s where valuations can be boosted in the coming months. Gross margins are guided to land nearer to 57% against the former consensus of 54.7%, which speaks to the state of pricing power present in the industry as demand outpaces supply to help costs and prices.
<h3>Wall Street Weighs In On Taiwan Semiconductor Stock: What Investors Can Expect Next</h3>
Recently, analysts at Needham &amp; Co. decided to reiterate their &quot;Buy&quot; rating on Taiwan Semiconductor stock on the day of earnings. Still, their valuations seem a bit out of touch. They see the stock going to $210, which is still roughly a dollar lower than where it rallied.
More significant is the previous price target set by those at Susquehanna in August 2024. Those analysts saw a &quot;Positive&quot; rating for the stock, this time boosting their targets and <a href="https://www.marketbeat.com/stocks/NYSE/TSM/forecast/">valuation up to $250 a share</a> to call for a further 18.5% upside from where the stock trades today.
Realizing that the demand trends might favor more profitability and margins in the industry, bearish traders decided to step away from the market during the past quarter. Taiwan Semiconductor stock&#39;s short interest has declined from $5.6 billion at the peak of last quarter <a href="https://www.marketbeat.com/stocks/NYSE/TSM/short-interest/">to $4.5 billion today</a>.
As the stock rallies by double-digits this week, more short sellers might be forced to cover their positions and add additional buying pressure to a stock whose bullish momentum seems to just be getting started.
The article &quot;<a href="https://www.marketbeat.com/originals/taiwan-semiconductor-soars-on-earnings-with-more-room-to-run/">Taiwan Semiconductor Soars on Earnings With More Room to Run</a>&quot; first appeared on MarketBeat.

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Taiwan Semiconductor Soars On Earnings With More Room To Run

The Procter &amp; Gamble Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pg#NYSE">PG</a>) issued its fiscal 2025 first-quarter earnings report on Friday, missing sales and net income estimates but topping adjusted profit estimates.&nbsp;
<h3>Fiscal First Quarter Highlights</h3>
For the quarter ended on September 30th, P&amp;G reported&nbsp;net sales&nbsp;dropped&nbsp;1% to $21.74 billion
Putting away&nbsp;&nbsp;foreign exchange, acquisitions and divestitures,&nbsp;organic revenue grew 2% helped by higher prices. However, volume was flat, which is a better reflection of sales. While in the U.S., P&amp;G&rsquo;s volume grew in eight of its 10 categories, Greater China&nbsp;told an entirely diferent story with both its hair care and oral care segments reporting volume declines.&nbsp;
Overall, health care and baby, feminine and family care divisions all reported 1% volume declines, the beauty business experienced a volume decline of 2%, while organic sales of the skin care segment tumbled more than 20%. Supported by innovation, grooming division was a rare bright spot with volume growth of 4%.&nbsp;Fabric and home care reported a mild volume rise of 1%.&nbsp;
Getting down to the bottom line, net income attributable to the company amounted to $3.96 billion, or $1.61 per share, with adjusted earnings per share amounting to $1.93 per share.
After several price hikes over the last few years, P&amp;G has seen demand for its products drop. The last quarter was the first time in more than two years that P&amp;G experienced an increase in volume, but it was apparently short-lived.&nbsp;With the falling&nbsp;global birth rate continues to drop, P&amp;G has been trying to push consumers to buy more expensive baby care items&nbsp;but organic sales of the baby care segment fell by mid-single digits as that strategy cannot always make up for the volume decline.&nbsp;
P&amp;G remains on track to deliver its guidance.
P&amp;G reiterated its fiscal 2025&nbsp;guidance, expecting revenue growth between&nbsp;2% and 4% and net earnings per share ranging from $6.91 to $7.05. But, P&amp;G CFO&nbsp;CFO Andre Schulten noted that the Chinese market will continue to be weak for quarters to come.&nbsp;The macroeconomic environment in the U.S. that accounts for almost half of total sales remains challenging with uncertainty pushing consumers to discount-offering rivals and cheaper brands. Its rival in packaged foods manufucating, Nestle S.A. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsrgy#OTC">NSRGY</a>) lowered its annual sales outlook. Nestle expects the weak demand environment to continue. After reporting dissapointing sales, Nestle announced changes corporate structure changes, aiming to streamline its operating structure. With the pandemic and the war in Ukraine, the packaged foods industry is not alone in struggling with soaring costs as prices of everything from raw materials to packaging continues to go through the roof. Even a Swiss giant like Nestle is dealing with a very painful and unprecedented reset as just like P&amp;G, it faces not only a demand slowdown&nbsp;but a significantly weakened consumer in the eyes of unprecedented uncertainty that has been lingering for quite some time, without any signs of going away.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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Procter & Gamble Faces A Weakened Demand In Both The U.S. And China

In the winter of 2023, combat medic Ihor Kholodylo faced a life-altering event on Ukraine&#8217;s eastern front. A shell from a Russian tank struck his medical evacuation van, leaving him severely injured. Though Kholodylo survived, the psychological toll was profound. Despite healing from physical injuries, he was left with a debilitating stutter, a symptom of post-traumatic stress disorder (PTSD).
As Kyiv Post <a href="https://www.kyivpost.com/post/40573">reported</a>, Kholodylo, a psychologist by profession, recognized that traditional <a href="https://www.benzinga.com/topic/ptsd">PTSD</a> treatments, such as talk therapy, would take too long. His search for faster relief led him to an emerging treatment: <a href="https://www.benzinga.com/topic/ketamine-therapy">ketamine-assisted therapy</a> (KAP). Conducted at the Expio Clinic in Kyiv, Kholodylo&#8217;s experience with ketamine revealed buried traumas from his time on the frontlines. After several sessions, his stutter vanished.
&#8220;I needed something different and more direct,&#8221; Kholodylo explained. "The concept [of ketamine] made sense to me, it helped access the unconscious."
Kholodylo is now advocating for wider access to KAP for Ukrainian veterans. He envisions <a href="https://www.benzinga.com/topic/ketamine">ketamine</a> not only as a treatment for PTSD but as a preventive measure for soldiers between combat assignments.
<h3 class="wp-block-heading">Ketamine's Role In PTSD Treatment</h3>
Ketamine, once known as an anesthetic, <a href="https://www.benzinga.com/markets/cannabis/24/05/38652184/ketamine-assisted-psychotherapy-offers-hope-in-the-treatment-of-chronic-pain-and-depression-here">has shown significant promise</a> for treating mental health conditions like PTSD. Unlike traditional antidepressants, which can take weeks to show results, ketamine works within hours, providing immediate relief from anxiety, depression and traumatic symptoms. According to <a href="https://www.benzinga.com/partner/biotech/24/05/38941052/revolutionizing-mental-healthcare-with-the-rise-of-ketamine-and-psychedelic-therapies">several studies</a>, ketamine acts on the brain's glutamate system, which helps reset abnormal neural activity, a key factor in PTSD.
Dr. Vladislav Matrenitsky, founder of the Expio Clinic, emphasizes the scientific foundation of ketamine's effectiveness. "We know why it works in terms of brain chemistry and physiology," he says, explaining that ketamine restores neural functioning and helps patients process trauma without re-traumatization.
At Expio, more than 300 clients have undergone KAP since 2018, with military veterans becoming an increasing portion of the patient base following the <a href="https://www.benzinga.com/topic/russia-ukraine-war">2022 Russian invasion</a>. Matrenitsky reports that 70% of patients experience improvement, with ketamine showing a 50% greater impact than conventional therapy.
<h3 class="wp-block-heading">Scaling Ketamine For Ukrainian Veterans</h3>
Heal Ukraine Trauma (HUT), an NGO focused on mental health, has trained eight Ukrainian psychologists and psychiatrists in group ketamine therapy. According to HUT executive director Elise Wilson, the group model allows more veterans to be treated, fostering a sense of community among them.
"The group therapy model not only allows for more individuals to be treated but also creates a supportive network that extends beyond the therapy sessions," Wilson told the Kyiv Post. HUT plans to train 64 more practitioners in 2025, hoping to eventually treat up to 9,600 veterans annually.
While KAP shows promise, advocates stress that ketamine is not a &#8220;silver bullet.&#8221; Wilson emphasizes that ketamine should be integrated into a comprehensive care framework that includes psychotherapy and long-term support.
<h3 class="wp-block-heading">A Path To National Recovery</h3>
As Ukraine grapples with the scars of war, <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">psychedelic-assisted therapy</a> offers new hope. Oleh Orlov, chair of the Ukrainian Psychedelic Research Association, views this approach as not just a medical advancement but a crucial step toward national recovery.
"For Ukraine, this represents not just a medical advancement but a crucial step towards emotional resilience," says Orlov.
To this end, <a href="https://www.benzinga.com/topic/volodymyr-zelensky">President Volodymyr Zelensky</a>, <a href="https://www.benzinga.com/markets/cannabis/24/02/37167633/ukraines-zelensky-signs-medical-cannabis-bill-to-help-those-suffering-from-trauma-amid-war-with-">signed a bill on medical cannabis</a> early this year. But, although several studies have <a href="https://www.benzinga.com/markets/cannabis/23/11/35735382/veterans-day-can-psychedelic-treatment-help-stem-ptsd-related-suicides-among-veterans">confirmed the potential</a> of cannabis and psychedelics to treat PTSD, the country&#8217;s law <a href="https://www.benzinga.com/markets/cannabis/24/08/40556985/ptsd-patients-could-be-left-behind-as-ukraines-medical-marijuana-law-takes-effect-and-more-canna">does not explicitly list this condition</a> for which the plant can be prescribed, as the Ministry of Health refused calls to include it.&nbsp;
 &#8220;We worked hard to include more conditions, but the Ministry of Health has taken a conservative approach,&#8221; said Hanna Hlushchenko, founder of the Ukrainian Cannabis Consulting Group. &#8220;For example, we pushed for the inclusion of conditions like insomnia and PTSD, but these were not added"
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Ukraine's Military Veterans Turn To Ketamine For PTSD Treatment As Advocacy Grows

<ul>
<li>Under Armour, a Maryland-based sports apparel company, was experiencing rapid growth at the turn of the last decade.</li>
<li>In April 2016, Under Armour reported first-quarter earnings, marking its 24th consecutive quarter of over 20% revenue growth.</li>
<li>The company also predicted strong sales growth in the upcoming quarters.</li>
<li>However, in January 2017, Under Armour announced disappointing quarterly earnings and the unexpected resignation of its CFO, causing the stock to drop by more than 25% in just one day.</li>
<li>Shortly after, shareholders filed a lawsuit, claiming the company misled them about its financial health and revenue growth.</li>
<li>Under Armour recently agreed to pay a massive $434 million settlement to investors to resolve the lawsuit. Affected investors can now <a href="https://11thestate.com/cases/underarmour-investor-settlement">file a claim</a> to receive the payout.</li>
</ul>
<h3 class="wp-block-heading has-medium-font-size">Overview</h3>
During Under Armour, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAA#NYSE">UAA</a>) expansion phase, the company claimed it could sustain a 20% revenue growth for a long time. However, it later emerged that management hid issues with meeting these expectations due to declining demand and used questionable accounting practices to cover up the company's struggles. These claims were also backed by a separate investigation from the Securities and Exchange Commission. After years of legal disputes, the company has agreed to pay $434 million to affected shareholders over this situation.
<h3 class="wp-block-heading has-medium-font-size">Background</h3>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<cite>"Our first quarter revenues grew 30%, with the growth coming from every facet of our business. And to be clear, that 30% number was no accident. When Stephen Curry decided to average 30 points this season to take the scoring title while wearing the number 30, we thought that putting up 30% growth on our end was the best way for us to demonstrate our pride and support of Stephen and the Warriors." – Kevin Plank (Q1 2016 earnings call)</cite></blockquote>
Kevin Plank, the company's founder, served as the CEO during this growth phase of the company. The growth of the company was fueled by sportswear, which has been one of the company's principal products since its establishment in 1996. By 2014, the company reached a peak as it became the second-largest sportswear company in the United States by revenue. Committed to being positioned in the market at the high end and leveraging its cutting-edge technology on fabrics, Under Armour achieved 26 consecutive quarters of 20%+ YoY revenue growth from Q2 2010 to Q3 2016. The company's management promised a 20% growth in the upcoming quarters as well. However, Under Armour fell short of these expectations and, compounding the issue, the company&#8217;s CFO also left. These events shook investor confidence, causing the stock price to drop over 25% in a single day in January 2017.

<h3 class="wp-block-heading has-medium-font-size">Under Armour's Rosy Promises Met With Reality</h3>
After the third quarter of 2016, Under Armour began to see a significant decline in demand, particularly in its most profitable segment at the time: apparel. The company struggled to keep up with the rising &#8220;athleisure&#8221; trend, leading consumers to seek alternatives from its competitors.
In January 2017, when Under Armour announced its Q4 2016 earnings, investors were disappointed by weaker-than-expected sales growth. To make matters worse, CFO Lawrence Molloy also left the company, leading to a 26% drop in stock price on January 31, 2017. As shown below, Under Armour&#8217;s revenue growth never fully recovered to the levels seen between 2010 and 2016, highlighting that the company's business was already weakening in 2016, despite its continued promises of growth.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="626" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184219/tg_image_1594745250-1-1024x626.png" alt="" class="wp-image-2549" style="width:674px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184219/tg_image_1594745250-1-1024x626.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184219/tg_image_1594745250-1-300x184.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184219/tg_image_1594745250-1-768x470.png 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184219/tg_image_1594745250-1.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Under Armour&#8217;s financial troubles, despite management&#8217;s promises, led to a shareholder lawsuit in 2017. While Under Armour asserted strong demand for its products, signs of trouble were apparent, such as the bankruptcy of The Sports Authority. The lawsuit highlighted the company&#8217;s inaccurate claims of achieving 20% YoY revenue growth amid rising inventory levels. This situation forced Under Armour to lower its prices significantly, damaging its reputation as a premium sports apparel brand while competitors like Nike maintained higher prices.
The suit also raised concerns about Under Armour&#8217;s accounting practices, with accusations that the company inflated its financial performance by pulling revenue from future quarters. This led to the SEC investigation, which discovered that Under Armour had not disclosed its strategy of accelerating $408 million in orders for the second half of 2015, further casting doubt on its financial reporting.
The company's former executives later revealed that Under Armour frequently pressured retailers to take products early and shifted goods meant for factory stores to off-price chains to boost end-of-quarter sales. These tactics, along with other questionable practices, helped the company maintain its sales growth streak.
After the investigation, Under Armour was charged with securities fraud for withholding key information in its SEC filings.&nbsp; In 2021, to settle the case with the SEC, Under Armour agreed to a payment of $9 million.&nbsp;
These financial missteps have had a lasting impact. After reaching a high of over $50 in 2015 amid strong growth and rosy promises, once a high-flying stock, UAA is currently trading at around $8.50. Under Armour stock has lost more than 74% of its market value in the last 10 years.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="852" height="392" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184420/image-14.png" alt="" class="wp-image-2550" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184420/image-14.png 852w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184420/image-14-300x138.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/18184420/image-14-768x353.png 768w" sizes="(max-width: 852px) 100vw, 852px" /></figure>
<h3 class="wp-block-heading has-medium-font-size">Resolving The Case</h3>
Under Armour continues to face financial challenges, reporting a 3% YoY decline in revenue for the most recent financial year. Its operating income has fallen from $408.5 million in 2015 to just $221.5 million in the past year, highlighting difficulties in staying profitable amid increasing competition.
Despite these issues, Under Armour&#8217;s directors and management have consistently denied any violations of securities laws, asserting that their actions were normal and lawful. They claim that no material misrepresentations or omissions were made in their filings. Mehri Shadman, the company&#8217;s chief legal officer and corporate secretary, further clarified the management&#8217;s position:&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<cite>"We firmly believe that our sales practices, accounting practices, and disclosures were appropriate, and deny any wrongdoing in this case."&nbsp;</cite></blockquote>
In a positive turn for shareholders facing significant losses, Under Armour reached a settlement in June 2024, agreeing to pay $434 million to affected investors. If you invested in Under Armour between 2015 and 2019, you can <a href="https://11thestate.com/cases/underarmour-investor-settlement">claim part</a> of this settlement to recover some of your losses.

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