Ultime notizie per Toast (NYSE:TOST) Azioni

Toast

Toast is a us-based restaurant technology company that provides point-of-sale, payment processing, and various software services to 120,000 restaurant locations across the United States at the end of June 2024. The firm generates sales from software subscription fees, as a percentage take rate from each financial transaction it processes, from loan origination and servicing fees from its Toast Capital arm, and from hardware installation and professional services. Unlike competitors, Toast intermediates every payment transaction on its platform, processing some $126 billion in gross platform volume in 2023. The firm's product offerings span point-of-sale systems, inventory and payroll management, delivery integration, e-commerce ordering, reservation management, and loyalty programs.

Toast Inc

Elon Musk, the CEO of X and Tesla Inc., joined former President Donald Trump at<a href="https://www.benzinga.com/news/24/10/41178472/trump-says-hes-going-back-to-butler-site-of-first-assassination-attempt-elon-musk-chimes-in-ill-be-t"> a rally in Butler, Pennsylvania,</a> to criticize the Democratic Party.
What Happened: Musk shared the stage with former President Trump at his rally on Saturday. Musk made accusations against Democrats, claiming they aim to deprive citizens of their fundamental rights, including freedom of speech, the right to bear arms, and the right to vote.
&#8220;They want to take away your freedom of speech, they want to take away your right to bear arms, they want to take away your right to vote, effectively,&#8221; Musk declared.
The rally was held at the same venue where an assassination attempt on Trump took place in July. Musk, who has been increasingly active in this presidential election, endorsed Trump, who introduced him prior to his speech.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6a8;ELON MUSK FOR TRUMP: &quot;This is a man who has COURAGE UNDER FIRE!&quot; &quot;This is the most important election. They want to take away your arms. They want to take away your freedom of speech. They want to take away your ability to have fair elections.&quot; &quot;Free speech is the bedrock… <a href="https://t.co/EqlJepSePb">pic.twitter.com/EqlJepSePb</a>
&mdash; Autism Capital &#x1f9e9; (@AutismCapital) <a href="https://twitter.com/AutismCapital/status/1842700555342463338?ref_src=twsrc%5Etfw">October 5, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/10/41132441/billionaire-investor-who-predicted-2000-2008-crashes-says-market-euphoria-will-top-soon-warns-of-bla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Billionaire Investor Who Predicted 2000, 2008 Crashes Says Market Euphoria Will Top Soon, Warns Of &#8216;Black</a>
Musk&#8217;s remarks were a direct attack on the Democratic party and President Joe Biden. He stated, &#8220;The true test of someone's character is how they behave under fire. We had one president who couldn't climb a flight of stairs and another who was fist pumping after getting shot.&#8221;
Musk has also shown support for the Save America PAC, a group that has been instrumental in voter mobilization for the Trump campaign. He encouraged rally attendees to register to vote, making an unverified claim that 2024 would be &#8220;the last election&#8221; if Democrats win the White House.
Why It Matters: Democrats have been pushing for broader voting rights laws and stricter gun control measures in response to years of mass shootings. However, their presidential nominee, Vice President Harris, has consistently stated that she is not seeking to confiscate firearms from gun owners.
Musk&#8217;s recent political involvement has been a topic of discussion. He has been using his social media platform, X, to <a href="https://www.benzinga.com/news/24/09/41082363/heres-how-elon-musk-has-become-a-pro-trump-political-influencer-through-social-media">amplify conservative viewpoints</a> and has become a prominent online advocate for Trump. His increased political activity, combined with his wealth and online presence, could potentially be advantageous for Trump, as suggested by political analysts.
His endorsement of Trump has been particularly noteworthy. Musk, who is also the CEO of SpaceX, has stated that the future of human exploration on <a href="https://www.benzinga.com/news/24/10/41195209/elon-musk-says-humanity-will-never-reach-mars-unless-trump-wins-this-is-existential">Mars is contingent on the re-election of Trump </a>and the reduction of what he calls &#8220;smothering regulations.&#8221; 
Read Next: <a href="https://www.benzinga.com/news/24/10/41169360/elon-musk-paid-1-million-for-a-1976-car-that-inspired-cybertrucks-design-seller-originally-bought-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Paid $1 Million For A 1976 Car That Inspired Cybertruck&#8217;s Design – Seller Originally Bought It</a>
Image Via Shutterstock
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.

News

Politics

General

Elon Musk And Trump Address Thousands At Site Of Failed Assassination Attempt, Take Aim At Biden's Leadership: 'We Had One President Who Couldn't Climb A Flight Of Stairs'

The leaders of China and North Korea have pledged to enhance their bilateral cooperation on the occasion of the 75th anniversary of their diplomatic relations.
What Happened: Chinese President Xi Jinping has expressed his commitment to the development of China-DPRK relations in a message to North Korean leader Kim Jong Un. Xi highlighted the significance of their relationship, referring to several meetings, personal letters, and messages exchanged over the years, the state news agency KCNA reported.
Xi conveyed that China is ready to &#8220;write a new chapter&#8221; in their relations through increased communications and cooperation. China is North Korea&#8217;s largest trading partner, with a shared history that traces back to Beijing&#8217;s support of Pyongyang during the Korean War (1950-1953).
Despite this, China has been cautious about North Korea&#8217;s growing ties with Russia, especially after the signing of a strategic treaty that includes mutual defense elements.
Kim, in his message to Xi, also pledged to &#8220;steadily strive to consolidate and develop the friendly and cooperative relations between the DPRK and China as required by the new era.&#8221; 
On the eve of the anniversary, Kim oversaw a live artillery firing by graduates of the O Jin U Artillery Academy, a facility that trains the backbone of North Korea&#8217;s artillery force. He also reiterated the country&#8217;s willingness to use all available offensive forces, including nuclear weapons, to defend its sovereignty.
Why It Matters: The recent pledge of enhanced cooperation between China and North Korea comes at a time of heightened tensions in the region. Just last month, Kim&#8217;s sister, Kim Yo Jong, <a href="https://www.benzinga.com/news/24/09/41080855/kim-jong-uns-sister-says-us-making-incredible-mistake-by-giving-8b-in-military-aid-to-ukraine-should">publicly denounced the United States&#8217; decision</a> to supply $8 billion in military aid to Ukraine, describing it as &#8220;an incredible mistake&#8221; and a perilous provocation against Russia, a nation armed with nuclear weapons.
Kim&#8217;s recent pledge to further develop friendly and cooperative relations with China also follows his <a href="https://www.benzinga.com/news/24/10/41181104/kim-jong-un-threatens-nuclear-retaliation-against-south-korea-if-attacked">stark warning to South Korea</a>, threatening nuclear retaliation if North Korea&#8217;s sovereignty is compromised. These developments indicate a complex geopolitical landscape in the region, with China and Russia playing significant roles.
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.
Image via Executive Office of the President of the United States

Global

Kim Jong Un And Xi Jinping Vow To 'Write A New Chapter' In China-North Korea Cooperation: 'Develop The Friendly And Cooperative Relations...As Required'

Kamala Harris is clarifying her economic stance as she gears up for the 2024 presidential race. One of her key targets? Donald Trump&#8217;s approach to tariffs. In a recent <a href="https://www.youtube.com/watch?v=36ovmQj7gbQ">interview</a>, Harris criticized Trump's plan to impose tariffs on U.S. imports, calling it reckless and poorly thought out.
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"He's just not very serious about how he thinks about some of these issues," Harris said, pointing to Trump's economic policies. She emphasized that tariffs shouldn't be thrown around lightly because they can have real consequences for everyday Americans.
While tariffs sometimes <a href="https://www.benzinga.com/markets/asia/24/09/40856820/biden-hikes-tariffs-on-chinese-goods-alibaba-jd-com-stocks-drop">protect domestic industries</a>, Harris believes Trump's broad approach is misguided. Instead of benefiting the American economy, she thinks his plan would hurt families already struggling with inflation by making everyday items more expensive.
Trending: Beating the market through ethical real estate investing' — t<a href="https://www.benzinga.com/money/invest-with-roots">his platform aims to give tenants equity in the homes they live in while scoring 17.17% average annual returns for investors – here&#8217;s how to join with just $100</a>
Billionaire investor <a href="https://www.benzinga.com/personal-finance/24/09/41093167/billionaire-howard-marks-calls-out-trump-and-harris-policies-ignore-economic-reality-with-tariff">Howard Marks has also weighed in on this topic</a>. Like Harris, Marks isn't convinced that Trump's tariffs are a good idea. In his latest memo, Marks stated that while tariffs could stimulate U.S. output, they would raise consumer prices. He warned that Trump's 10% tariff plan would essentially tax the average American, burdening families with higher costs.
However, Marks isn&#8217;t sold on Harris&#8217;s anti-price gouging policy either. The current VP wants to tackle grocery inflation, but Marks thinks she&#8217;s missing the bigger picture. "There's nothing wrong with trying to bring down the cost of necessities. However, the best way to do this is to encourage additions to supply."
Trending: These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a>
And it seems that Harris listened because, as she said in that interview, &#8220;Supply that is without any question part of the solution. Creating more supply under my plan includes creating tax incentives to work with the private sector and homebuilders.&#8221;
Nevertheless, Harris contrasts her approach with Trump's, emphasizing the need for detailed analysis and long-term thinking. "One must be serious and have a plan, and a real plan that&#8217;s not just about some talking point ending in an exclamation at a political rally but putting the thought into what will be the return on the investment, what will be the economic impact on everyday people," she said.&nbsp;
See Also: <a href="https://www.benzinga.com/money/irs-finalizes-10-year-rule-adv">IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things &#8216;Even More Insanely Complicated&#8217;</a>
For Harris, economic policy is about understanding the ripple effects and ensuring changes are carefully considered before implementation.
Vice President Kamala Harris recently admitted that the Biden administration kept some of Trump's tariffs. Still, she criticized his new plan, calling it a "20% sales tax on everyday items people need to make it through the month."
Like any policy, the full impact on voters isn't always clear from sound bites coming from both sides. However, most <a href="https://www.benzinga.com/news/24/07/39630382/paul-krugman-says-trump-tariffs-will-hurt-80-of-americans-benefit-only-the-top-1-burden-would-fall-o">economists agree that higher tariffs</a> usually <a href="https://www.benzinga.com/personal-finance/24/09/40961812/economists-warn-trumps-plans-for-tax-cuts-tariffs-and-deportation-could-trigger-skyrocketing-inf">result in higher prices for American consumers</a>.
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Startups

'He's Just Not Very Serious' Says Kamala Harris – 'You Don't Just Throw Around The Idea Of Tariffs Across The Board'

It&#8217;s been over a decade since legendary Apple Inc. co-founder Steve Jobs left us, but his impact on the world of technology and beyond continues to resonate.
On Oct. 5, the <a href="https://www.benzinga.com/general/23/11/35753841/steve-jobs-experienced-extreme-regret-in-the-final-days-before-his-death-saying-i-wanted-my-kids-to">anniversary of his passing</a>, it&#8217;s worth taking a moment to reflect on the journey of this tech visionary who transformed not just how we use computers, but how we live our daily lives.
The Early Days: A Spark Of Genius
Jobs&#8217; story begins in San Francisco, where he was born in 1955 and later adopted by Paul and Clara Jobs. From an early age, he showed a keen interest in electronics, tinkering with gadgets in his family&#8217;s garage.
As a teenager, Jobs&#8217; rebellious spirit and thirst for knowledge led him to Reed College. Though he dropped out after just one semester, he continued to audit classes that piqued his interest.
One of these was a calligraphy course, which might seem like an odd choice for a future tech mogul. But Jobs later credited this class with influencing Apple&#8217;s groundbreaking approach to typography and design.
See Also: <a href="https://www.benzinga.com/news/24/07/39833269/apple-co-founder-steve-jobs-drew-inspiration-from-beatles-on-building-great-teams-they-were-four-ver">Apple Co-Founder Steve Jobs Drew Inspiration From Beatles On Building Great Teams: &#8216;They Were Four Very Talented Guys Who…&#8217;</a>
Most Valuable Company Today Had Humble Beginnings
The story of <a href="https://www.benzinga.com/general/education/20/01/15157731/great-american-companies-a-brief-history-of-apple-inc">Apple&#8217;s humble beginnings</a> in a garage has become the stuff of Silicon Valley legend.
In 1976, Jobs and his friend Steve Wozniak founded Apple Computer Company. Their first product, the Apple I, was essentially a circuit board that hobbyists could use to build their own computers.
However, the Apple II, released in 1977, really put them on the map.
The Apple II wasn&#8217;t just a computer for geeks – it was a machine that regular people could use.
Apple today has a market capitalization of $3.448 trillion, making it the most valuable company in the world.
The Macintosh Revolution
Fast forward to 1984, and Apple was ready to change the world again with the Macintosh.
This was the first commercially successful computer to feature a graphical user interface (GUI) and a mouse.
If you&#8217;ve ever used a computer with icons and windows (which, let&#8217;s face it, is pretty much every computer nowadays), you can thank Jobs and his team for pushing this revolutionary idea into the mainstream.
But It Was Not Always Smooth Sailing
In 1985, after a <a href="https://www.benzinga.com/general/education/17/01/8884660/why-rehiring-steve-jobs-was-the-best-move-apple-ever-made">power struggle</a> with then-CEO John Sculley, Jobs left Apple, the company he had co-founded. It was a huge blow, but Jobs wasn&#8217;t one to sit idle.
He went on to found NeXT, a company that aimed to create high-end computers for the education market. While NeXT didn&#8217;t achieve the commercial success Jobs had hoped for, it would later play a crucial role in Apple&#8217;s future.
From Side Project To Animation Powerhouse
During his time away from Apple, Jobs also bought a little <a href="https://www.benzinga.com/general/24/03/37921097/steve-jobs-didnt-become-a-billionaire-because-of-apple-it-was-actually-pixar-and-the-toy-story-movie">computer graphics division</a> from Lucasfilm. This would become Pixar Animation Studios.
Under Jobs&#8217; guidance, Pixar went from a tech company to an animation powerhouse, releasing groundbreaking films like &#8220;Toy Story&#8221; and forever changing the landscape of animated storytelling.
…And Then The Prodigal Son Returns
By the mid-90s, Apple was struggling. The company that had once been at the forefront of personal computing was floundering, with a confusing product line and declining sales.
In a twist of fate, Apple announced that it <a href="https://www.benzinga.com/markets/equities/23/12/36321524/if-you-invested-1000-in-apple-when-it-announced-next-acquisition-to-bring-back-steve-jobs-heres-">was acquiring NeXT in 1996</a>, bringing Jobs back into the fold as an advisor.
He quickly became interim CEO (or &#8220;iCEO&#8221; as he jokingly called himself) and set about turning the company around.
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.
The Apple Renaissance
Jobs&#8217; return to Apple marked the beginning of one of the greatest comebacks in business history. He streamlined the product line, focusing on simplicity and design.
The result? A string of iconic products that would redefine entire industries:
<ol>
<li>The iMac (1998): A colorful, <a href="https://www.benzinga.com/markets/equities/23/05/32259104/if-you-invested-1000-in-apple-when-imac-was-unveiled-25-years-ago-heres-how-much-youd-have-now">all-in-one computer</a> that made technology fun and accessible.</li>
<li>The iPod (2001): <a href="https://www.benzinga.com/general/education/23/02/30716530/if-you-bought-1-000-in-apple-stock-when-the-ipod-was-released-heres-how-much-youd-have-now">Not the first</a> MP3 player, but the one that made digital music mainstream.</li>
<li>The iPhone (2007): A device that put the internet, a music player, and a phone in your pocket, changing the way <a href="https://www.benzinga.com/news/23/01/30336631/the-iphone-was-unveiled-16-years-ago-heres-how-much-1-000-invested-in-apple-stock-after-the-debut-is">we communicate forever</a>.</li>
<li>The iPad (2010): Bridging the <a href="https://www.benzinga.com/general/education/21/01/19345275/this-day-in-market-history-apple-unveils-original-ipad-1">gap between</a> smartphones and laptops, creating a new category of device.</li>
</ol>
The Jobs Philosophy
What set Jobs apart wasn&#8217;t just his ability to create great products, but his unwavering commitment to certain principles:
Simplicity: Jobs believed that technology should be intuitive and easy to use.
Design: He saw beauty in minimalism and insisted that even the parts users couldn&#8217;t see should be well-designed.
Integration: Jobs pushed for seamless integration between hardware and software, creating ecosystems that just worked.
He once said, "Being the richest man in the cemetery doesn&#8217;t matter to me. Going to bed at night saying we&#8217;ve done something wonderful [at Apple], that&#8217;s what matters to me."
The Final Chapter
In 2003, Jobs was diagnosed with a <a href="https://www.benzinga.com/general/24/01/36832060/steve-jobs-followed-an-extreme-diet-consisting-of-certain-fruits-and-vegetables-and-fasting-for-days">rare form of pancreatic cancer</a>. Despite this setback, he continued to lead Apple, overseeing some of the company&#8217;s most innovative years.&nbsp;
However, his health struggles eventually led to him stepping down as CEO in Aug. 2011.
On Oct. 5, 2011, he passed away, leaving behind a legacy that had fundamentally changed multiple industries – computing, music, movies, telecommunications, and retail.
The Legacy Lives On
Today, Apple continues to be one of the world&#8217;s most valuable and influential companies. While it has evolved under the leadership of Tim Cook, many of Jobs&#8217; core principles still guide the company.
But Jobs&#8217; influence extends far beyond Apple. His vision of technology as a tool to enrich our lives has shaped the entire tech industry. From the smartphones we carry in our pockets to the way we consume media, Jobs&#8217; fingerprints are everywhere.
He once said, &#8220;The people who are crazy enough to think they can change the world are the ones who do.&#8221; He was certainly one of those people, and the world is all the richer for it.
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: <a href="https://www.benzinga.com/news/24/08/40591422/steve-jobs-once-said-he-was-a-millionaire-at-23-worth-10m-by-24-and-had-100m-by-25-this-shaped-his-d">Steve Jobs Once Said He Was A Millionaire At 23, Worth $10M By 24, And Had $100M by 25 — This Shaped His Decision To Stay On A $1 Salary Throughout His Time At Apple</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Tech

Legendary Apple Co-Founder Steve Jobs Once Said, 'Being The Richest Man In The Cemetery Doesn't Matter To Me:' Maybe That's Why His Impact Transcends Financial Success For iPhone-Maker And Beyond

With one month to go, Kamala Harris is slightly ahead of Donald Trump in the presidential race, <a href="https://www.benzinga.com/news/24/08/40667209/trump-vs-harris-new-polls-reveal-this-candidate-is-outperforming-in-swing-states">as per recent polling data</a>.
What Happened: Recent surveys indicate that Harris is leading Trump by a margin of two to five points, with less than five weeks remaining until the election.
The latest Emerson poll reveals Harris leading with 50% against Trump&#8217;s 48%. The Morning Consult&#8217;s weekly <a href="https://pro.morningconsult.com/trackers/2024-presidential-election-polling">poll</a> also shows Harris ahead by five points, 51% to 46%. Similar results were seen in a Susquehanna <a href="https://x.com/SusquehannaPR/status/1841524316082778119">poll</a> and an Economist/YouGov <a href="https://today.yougov.com/politics/articles/50629-harris-leads-vp-debate-media-filibuster-eric-adams-september-29-october-1-2024-economist-yougov-poll">poll</a> released this week, with Harris leading by five and three points respectively.
But despite Harris lead, her advantage has slightly diminished over the past two months, peaking at 3.7 points in late August, as per FiveThirtyEight's weighted polling average. RealClearPolitics' latest polling average shows Harris leading Trump by 2.2 points.
According to a Cook Political Report survey, Harris is leading Trump by one point overall in the seven battleground states likely to decide the election. However, the NBC News/Telemundo/CNBC <a href="https://www.nbcnews.com/politics/2024-election/poll-harris-trump-democrats-advantage-latino-voters-continues-shrink-rcna172686">poll</a> indicates that Harris&#8217; lead among Latinos is dwindling.
Pre-debate surveys suggested that Harris' polling surge seemed to have reached a plateau. Although most post-debate surveys indicate that the majority of respondents believe Harris won the debate, it was not enough to significantly impact the race between the two candidates.
Also Read: <a href="https://www.benzinga.com/news/24/09/41082772/harris-vs-trump-new-polls-show-tight-race-in-battleground-states">Harris Vs Trump: New Polls Show Tight Race In Battleground States</a>
Also a <a href="https://www.genderontheballot.org/wp-content/uploads/2024/10/6574-GOTB-2024-Deck-c2_release.pdf">poll</a> conducted by American University (AU) and the Benenson Strategy Group revealed that 51% of women trust Harris to tackle inflation and the high cost of gas and groceries. This is in contrast to the 37% who trust her GOP rival, Trump, on these issues.
The survey also showed that Harris and her running mate, Minnesota Gov. Tim Walz, are trusted more on immigration, another key issue with the election just over a month away. Harris&#8217;s favorability among independent women has increased by 23 points since last year, with 51% finding her favorable.
Furthermore, the poll emphasized that the economy and inflation are the most important issues for women in the 2024 White House race, with 64% of respondents indicating this. Harris currently holds a 3.7-point lead over Trump nationally, according to The Hill/Decision Desk HQ's polling index.
Why It Matters: The close race between Harris and Trump underscores the deeply divided political landscape in the United States. 
The shrinking lead of Harris, particularly among Latinos, could be a cause for concern for her campaign. The outcome of the election could hinge on the seven battleground states, where the race is currently too close to call. 
The impact of the debates on the polling numbers also highlights the importance of these events in shaping public opinion. Also Harris&#8217; lead over Trump and her increased favorability among independent women could potentially influence the election results.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Polls Suggest This Candidate Holds Slim Lead In Presidential Race With One Month To Go

U.S. District Court Judge for the District of Columbia Tanya Chutkan made public this week a <a href="https://www.benzinga.com/news/24/10/41156198/jack-smith-makes-case-against-trump-he-resorted-to-crimes-to-try-to-stay-in-office-after-losing-elec">filing by Special Prosecutor Jack Smith</a> that detailed Donald Trump&#8217;s alleged election subversion efforts in the aftermath of the 2020 election. Mary Trump, the former president&#8217;s niece, on Thursday delved into the development in a substack post.
Legal Setback: Smith&#8217;s document, which was written in part to to take into account the presidential immunity ruling handed down by the &#8220;corrupt illegitimate super-majority of the Supreme Court&#8221; is devastating, <a href="https://www.marytrump.org/p/donald-trump-vs-the-american-people">said</a> Mary Trump in the post. She noted that Smith made the case that Donald Trump acted as a private citizen and a private candidate when he planned and incited the Jan. 6, 2021 insurrection and therefore his conduct is not protected by the Supreme Court&#8217;s immunity ruling, she added.
Mary Trump noted that Smith detailed the important role played by Donald Trump&#8217;s political rallies in the days and weeks leading up to Jan. 6 riots, which he &nbsp;used, in part, to perpetuate false claims about his having won the election. 
Judge Chutkan and Smith deemed it fit to make public the information before the Nov. 5 election, given Donald Trump effectively games the legal system in his favor, reducing the chances of the case going to trial before the election, she said. There is a real possibility of the case never going to trial at all due to the &#8220;corrupt illegitimate super majority of the Supreme Court,&#8221; she added.
&#8220;The presidential candidate the Republican Party nominated, and the traitor they continue to support almost unequivocally, engaged in a conspiracy against the American people,&#8221; Mary Trump said.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40778409/donald-trump-winning-the-election-could-propel-bitcoin-to-90k-but-a-kamala-harris-win-coul">Donald Trump Winning The Election Could Propel Bitcoin To $90K, But A Kamala Harris Win Could Tank BTC To $40K: Bernstein</a>
Trump Team&#8217;s Wrong Claim: In a separate <a href="https://www.marytrump.org/p/taking-it-in-his-stride">post</a>, Mary Trump weighed in on the election interference accusation Donald Trump and the Republicans have made against Chutkan and Smith on the grounds that the filing was released only 35 days out from the election.
The psychologist said there has been no intent to affect the outcome of the election as both &#8220;Smith and Chutkan are simply dealing as best they can with the hand they've been dealt while trying to comply with the almost impossible constraints the Supreme Court ruling placed upon them.&#8221;
She blamed Attorney General Merrick Garland for taking nearly two years for the appointment of the Special Counsel. The &#8220;extraordinary&#8221; delays once Smith was appointed was due to Donald Trump and the &#8220;corrupt illegitimate super-majority on the Supreme Court,&#8221; she said.
&#8220;We're here because Donald Trump figured out a long time ago how to game the system. If you&#8217;re the guilty party, and he nearly always is, your best bet is to create as many delays as possible,&#8221; Mary Trump said. &#8220;This time around he also had the corrupt, illegitimate super-majority of the Supreme Court backing him up all the way,&#8221; she added.
<a href="https://www.benzinga.com/general/politics/24/10/41176806/harris-vs-trump-vice-president-leads-2024-election-poll-young-voters-help-but-voter-issues-could">Trump trails his rival and Democratic Party candidate Kamala Harris</a> in nationwide polls even as the general election draws closer.
Did You Know?
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Media

Mary Trump Says Special Counsel's Filing Counter Ex-President's Efforts To Game Legal System In His Favor

With a major dockworkers&#8217; strike on hold for now, entrepreneur Kevin O&#8217;Leary highlights the outdated infrastructure and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41187855/port-strike-ends-after-3-days-retaliers-politicians-breathe-a-sigh-of-relief" target="_blank" rel="noreferrer noopener">rising tensions over union demands</a>.
On Fox Business&#8217; Varney &amp; Co. on Friday, O&#8217;Leary remarked that East Coast ports are outdated and inefficient, <a href="https://www.foxbusiness.com/media/kevin-oleary-addresses-the-trouble-us-ports-union-automation-concerns">reported</a> Fox Business.
A major strike by the International Longshoremen&#8217;s Association halted trade at East and Gulf Coast ports, affecting billions in commerce. The union has agreed to continue under an expired contract through mid-January.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/global/24/10/41148694/beer-shortage-ahead-3-products-that-will-be-most-impacted-by-port-strike" rel="noreferrer noopener">Beer Shortage Ahead? 3 Products That Will Be Most Impacted By Port Strike</a>
Leary went on to explain that when comparing East Coast ports to international ones like those in Singapore and other Asian locations, they fall short, which negatively impacts productivity.
O&#8217;Leary noted that studies on port automation reveal no negative impact on wages on the East and West Coasts. In fact, he argued that automation could enhance wages for employees skilled in using robotic systems, fostering job creation and promoting wage growth.
The&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41177060/port-strike-ends-workers-return-to-work-friday" rel="noreferrer noopener">strike ended Thursday night</a>&nbsp;this week following the USMX&#8217;s offer to increase pay by 62%.
Read Next:
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<li><a href="https://www.benzinga.com/startups/24/10/41196233/kevin-oleary-defends-the-american-dream-on-fox-business-im-the-guy-that-invests-in-businesses-5-to-5" target="_blank" rel="noreferrer noopener">Kevin O&#8217;Leary Defends The American Dream On Fox Business – &#8216;I&#8217;m The Guy That Invests In Businesses 5 To 500 Employees, We Are On Fire!&#8217;</a></li>
</ul>

Equities

Markets

Kevin O'Leary Says Port Automation Won't Hurt Wages

Business mogul Mark Cuban once made a spontaneous purchase of a lifetime flight pass from American Airlines during a celebratory spree, later upgrading it.
Business mogul Mark Cuban once made a spontaneous purchase of a lifetime flight pass from American Airlines during a celebratory spree, <a href="https://www.benzinga.com/news/23/12/36058376/how-being-a-lousy-employee-fueled-mark-cubans-success-i-was-a-know-it-all">later upgrading it</a>.
What Happened: Cuban revealed in a recent podcast that he acquired the pass in the aftermath of selling his first business, MicroSolutions, for a whopping $6 million. 
He <a href="https://www.youtube.com/watch?v=0DAVdTTgGcU">said</a> during the podcast that In a celebratory mood, he reached out to American Airlines to inquire about the lifetime pass, and upon confirmation of its availability, he immediately bought it for $125,000.
The pass, dubbed the AAirpass, was launched in the early 1980s, providing unlimited first-class travel for life. The price was determined by the buyer&#8217;s age at the time of purchase. 
"They're like, ‘What do you think you're going to do with all this money?' And I'm like, ‘I don't care about cars or houses, but boy, you know, I fly a lot for work, " he said during the interview.
Also Read:&nbsp;<a href="https://www.benzinga.com/top-stories/24/06/39241650/heres-how-mark-cuban-made-91-of-his-employees-millionaires" target="_blank" rel="noreferrer noopener">Here&#8217;s How Mark Cuban Made 91% Of His Employees Millionaires</a>
"I got all that information, hungover as hell, and I signed up. Initially, it was $125,000 and then I upgraded it. I forget how much I paid, but it gave me almost unlimited miles for me and somebody else for the rest of my life," he added. 
At 32 years old, Cuban bought the pass, which is now estimated to be valued at around $300,000 today, after adjusting for inflation.
Following the demise of his father, Cuban transferred the AAirpass to a friend. However, American Airlines has since phased out the unlimited pass, terminating the program in March 2024.
Why It Matters: Despite his lavish spending habits, Cuban advocates for a frugal lifestyle, comparing it to that of a &#8220;college student&#8221;, and urges people to save money. 
The billionaire has been residing in the same house for the past 18 years and continues to drive the same cars. 
His impulsive purchase of the pass, which has significantly appreciated in value, underscores his knack for making shrewd investments, even when made in a state of inebriation.
Read Next
<a href="https://www.benzinga.com/news/24/08/40667225/mark-cuban-asks-his-8m-x-followers-about-whose-character-would-they-like-young-children-to-grow-up-e">Mark Cuban Asks His 8M X Followers About Whose Character Would They Like Young Children To Grow Up Emulating Between Trump And Harris: Cuban Receives Half A Million Responses, Majority Supporting This Candidate</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Success Stories

Mark Cuban Drunkenly Bought A $125,000 Lifetime Flight Pass And Turned It Into A Profitable Investment

In his debut address to the United Nations General Assembly, Argentine President Javier Milei delivered a speech that raised eyebrows for its striking resemblance to a key scene from the popular TV show <a href="https://www.benzinga.com/general/politics">&#8220;The West Wing.&#8221;</a>
The similarities between Milei&#8217;s words and a monologue delivered by the fictional President Josiah Bartlet in the fourth season of the political drama have sparked discussions on whether the president&#8217;s speech was plagiarism or intentional homage, as <a href="https://www.lanacion.com.ar/politica/el-dia-que-javier-milei-plagio-en-la-onu-al-personaje-de-la-serie-the-west-wing-nid03102024/">reported</a> by La Nación.
See Also: <a href="https://www.benzinga.com/news/24/10/41173594/incestuous-milei-donald-trumps-digital-slip-with-javier-milei-parody-accounts-goes-viral-on-x">&#8216;Incestuous Milei&#8217;: Donald Trump&#8217;s Digital Slip With Javier Milei Parody Accounts Goes Viral On X</a>
Prominent Argentine journalist Carlos Pagni was one of the first to point out the connection, highlighting the close alignment between Milei&#8217;s speech and Bartlet&#8217;s monologue.
<h3 class="wp-block-heading">Milei&#8217;s Speech At The UN</h3>
During his 15-minute address, Milei delivered a passage that many have noted bears an uncanny resemblance to Bartlet's speech from &#8220;The West Wing.&#8221;
"We believe in freedom of speech for all; we believe in freedom of worship for all; we believe in free trade for all, and we believe in limited governments, all of them,&#8221; Milei said during last week&#8217;s speech. &#8220;And since in these times what happens in one country quickly impacts others, we believe that all peoples should live free from tyranny and oppression, whether it takes the form of political oppression, economic slavery, or religious fanaticism. That fundamental idea must not remain mere words; it must be supported by deeds, diplomatically, economically, and materially."
This echoes a near-verbatim passage from the series&#8217; 15th episode of season four. 
&#8220;We're for freedom of speech everywhere. We're for freedom of worship everywhere. We're for freedom to learn&#8230; for everybody. And as in our time, you can build a bomb in your country and bring it to mine, what happens in your country is my business.,&#8221; President Bartlet, played by Martin Sheen, said to his team in the Oval Office.
&#8220;That's why we're for freedom from tyranny everywhere, whether it takes the form of political oppression, Toby, or economic slavery, Josh, or religious fanaticism, C.J. That fundamental idea can't be met simply with our support. It has to be met with our strength. Diplomatically, economically, materially.&#8221;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="El día que Javier Milei "plagió" en la ONU al personaje de la serie The West Wing" width="500" height="281" src="https://www.youtube.com/embed/tFW6FpAUcv8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<h3 class="wp-block-heading">A Strategic Choice Or Plagiarism?</h3>
The resemblance between the two speeches is hard to ignore. Santiago Caputo, Milei's controversial communications advisor, actively embraces his dedication to &#8220;The West Wing.&#8221;
As Argentine journalist Hugo Alconada Mon recently pointed out, Caputo has reportedly watched the entire series between seven and nine times. Caputo even suggested that new employees at his consulting firm, Move Group, watch the show as a condition for joining the company.
This isn't the first time Milei's speeches have raised suspicions. His inaugural address on December 10th also featured rhetoric that bore a resemblance to Bartlet's character. 
Standing before the Argentine Congress, Milei said: ·The challenges we face are enormous, but so is our capacity to overcome them,&#8221; words eerily similar to Bartlet's famous line, &#8220;Every time we think we've measured our capacity to meet a challenge, we look up and realize that capacity may well be limitless.&#8221;
In another instance, Milei's national broadcast on April 22, where he proclaimed: &#8220;The era of the present State is over,&#8221; echoes a line from the show in which Bartlet's speechwriter Toby Ziegler says: &#8220;The era of big government is over.&#8221;
<h3 class="wp-block-heading">Milei&#8217;s West Wing-Inspired Style</h3>
Milei's reliance on &#8220;The West Wing&#8221; may extend beyond mere rhetoric. Observers have noted aesthetic similarities between Milei's public appearances and the institutional style portrayed in the series, particularly the podiums used for his speeches—an element that his predecessors have largely avoided.
The president's admiration for the fictional Nobel laureate economist Bartlet is also worth noting, as both share a professional background in economics. 
Yet, the parallels end there. Bartlet embodies a progressive Democrat with strong support for public institutions, while Milei&#8217;s libertarian views stand in stark contrast, advocating for minimal government intervention.
<h3 class="wp-block-heading">The Shadow Of Plagiarism Accusations Loom Over Argentina&#8217;s President</h3>
This is not the first time the Argentinian president has faced plagiarism accusations. 
Critics attacked Milei&#8217;s book &#8220;Pandenomics&#8221; for including several uncredited passages from authors like Gita Gopinath and Antonio Guirao Piñera. 
They also accused him of copying ideas from Austrian School economists like Ludwig von Mises and Murray Rothbard without proper citation in his columns. 
Milei defended himself arguing that as a &#8220;communicator&#8221; he isn&#8217;t obligated to cite sources in his writings.
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/24/10/41149991/lali-esp-sito-the-argentinian-taylor-swift-released-a-diss-track-against-president-javier-m">Lali Espósito, The &#8216;Argentinian Taylor Swift,&#8217; Released A Diss Track Against President Javier Milei</a></li>
</ul>
Image credits: Shutterstock.

Latin America

Did Argentina's President Javier Milei Plagiarize 'The West Wing' In UN Speech?

Renowned author and entrepreneur Robert Kiyosaki recently expressed concerns over escalating global tensions and questioned the <a href="https://www.benzinga.com/news/24/08/40544194/robert-kiyosaki-kamala-harris-is-avocado-toast-her-lying-immoral-unethical-days-coming-to-an-end">current U.S. leadership&#8217;s strength</a>.
What Happened: On Saturday, Kiyosaki took to X to voice his concerns about the recent military actions by Israel and the potential for a global conflict. 
He questioned if this could be the start of World War III and urged his followers to be prepared.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">WWIII Israel just launched F35 to bomb Iran. Is this the start of WWIII? Are you prepared? This is what happens when we have weak leaders such as Joe Biden and Kamala Harris. As Jordan Peterson stated: "If you think tough leaders are bad…wait til you see the damage weak…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1842441325435924835?ref_src=twsrc%5Etfw">October 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Kiyosaki also criticized the current U.S. leadership, referring to President Joe Biden and Vice President Kamala Harris as &#8220;weak leaders.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/09/40869188/robert-kiyosaki-rings-alarm-bells-over-soaring-us-debt-the-dollar-is-trash">Robert Kiyosaki Rings Alarm Bells Over Soaring US Debt: &#8216;The Dollar Is Trash&#8217;</a>
The entrepreneur expressed his support for Donald Trump, calling him a strong leader.
Why It Matters: Kiyosaki&#8217;s comments come amidst rising global tensions. His criticism of the current U.S. leadership and support for Trump highlight the ongoing political divide in the country. 
His reference to the military actions by Israel and the potential for a global conflict underscore the increasing concerns about global stability and security.
While Kiyosaki is known for his financial advice, his recent tweet indicates a shift towards more political commentary. His views on leadership and global security issues could influence his followers and contribute to the ongoing political discourse.
Read Next
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Robert Kiyosaki: 'We Need Strong Leaders, That Is Why I Support My Friend Trump For President'

Jeff Bezos, the founder of Amazon, has a distinctive morning routine that avoids screen time for the first hour of the day. Recent neuroscience research indicates that this method could lead to smarter, healthier days.
What Happened: Bezos, unlike many CEOs, dedicates the initial hours of his day to non-digital activities. This routine, first unveiled in a 2018 speech at the Economic Club of Washington, includes reading the newspaper, savoring coffee, and having breakfast with family.
Bezos&#8217; partner, Lauren Sanchez, confirmed in a recent People interview that the couple adheres to a &#8220;no phones&#8221; rule in the mornings. Bezos is convinced that this slow, phone-free start enhances his energy and decision-making abilities throughout the day.
According to the report <a href="https://www.inc.com/jessica-stillman/jeff-bezos-says-the-1-hour-rule-makes-him-smarter-new-neuroscience-says-hes-right/90982121">by</a> Inc.com, neuroscience research backs Bezos&#8217;s claim. The Stanford Lifestyle Medicine Program suggests that limiting screen time, particularly in the morning, can yield significant health benefits.
Also Read: <a href="https://www.benzinga.com/general/entertainment/24/09/40760465/jeff-bezos-enforces-no-phones-in-the-morning-house-rule-says-partner-lauren-s-nchez-the-mor">Jeff Bezos Enforces &#8216;No Phones In The Morning&#8217; House Rule, Says Partner Lauren Sánchez: &#8216;The Mornings Are Just Us, For As Long As We Can&#8217;</a>
Overuse of screens has been associated with learning and memory issues, mental health problems, and even an elevated risk of brain-related diseases.
Maris Loeffler of Stanford Lifestyle Medicine advocates for adopting Bezos&#8217;s one-hour rule, proposing activities such as exercise, meditation, or reading as healthier alternatives to screen time. 
This approach aligns with Bezos&#8217;s belief in respecting personal rhythms and energy levels for a more productive day.
Why It Matters: The neuroscience-backed benefits of limiting screen time, especially in the morning, are becoming increasingly recognized. 
Bezos&#8217;s morning routine, which prioritizes non-digital activities, aligns with these findings and offers a model for other leaders to consider. 
The potential benefits of this approach, including enhanced energy and decision-making abilities, could have significant implications for productivity and overall well-being.
Read Next
<a href="https://www.benzinga.com/news/24/06/39563534/jeff-bezos-reveals-the-one-secret-to-success-you-can-have-a-job-or-you-can-have-a-career-or" target="_blank" rel="noreferrer noopener">Jeff Bezos Reveals The One Secret To Success: ‘You Can Have A Job, Or You Can Have A Career, Or …'</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Health Care

AMZN

Jeff Bezos Swears By This One-Hour Rule For Success — Now Neuroscience Backs It Up

Tech titan and co-founder of Microsoft, Bill Gates has descended to his lowest position on the Forbes 400 list in almost a <a href="https://www.benzinga.com/news/24/04/38348729/beyond-microsoft-bill-gates-multi-million-dollar-investments-in-luxury-homes-and-farmland">quarter of a century</a>.
What Happened: Despite amassing a colossal fortune of $107 billion, Gates has slipped to the ninth position, a significant drop from his sixth place ranking last year.
As per the report <a href="https://www.forbes.com/sites/kerryadolan/2024/10/01/bill-gates-falls-to-lowest-rank-on-the-forbes-400-in-nearly-25-years/">by</a> Forbes, his net worth has also seen a $4 billion decrease from the previous year, even as U.S. stock indices such as the S&amp;P 500 and the Nasdaq 100 surged by 30%. This marks the first time since 1991 that Gates has not featured among the top ten wealthiest individuals globally.
A key contributor to this decline is Gates&#8217; 2021 divorce from Melinda French Gates. Forbes has almost tripled its previous estimate of the divorce settlement awarded to French Gates, elevating her net worth to an estimated $29 billion, a substantial increase from $10.3 billion last year.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/08/40429632/book-bill-gates-leadership-instills-fear-created-kings-court-like-atmosphere-at-foundation" target="_blank" rel="noreferrer noopener">Bill Gates' Leadership Instills Fear, Created ‘King's Court-Like' Atmosphere At Foundation</a>
Additionally, French Gates has received an extra $12.5 billion for her philanthropic endeavors, funds that were not a transfer from the Gates Foundation but a direct contribution from Bill Gates. This has positioned her as the ninth-richest woman in the U.S.
During the Forbes 400 Summit on Philanthropy in September 2022, Gates had anticipated his decline on the Forbes ranking, expressing his intention to continue donating more of his wealth until he eventually falls off the Forbes billionaires list.
Why It Matters: The drop in Gates&#8217; ranking on the Forbes 400 list is indicative of his ongoing commitment to philanthropy. 
His decision to donate a significant portion of his wealth, coupled with the financial implications of his divorce, has resulted in a noticeable shift in his financial standing. 
Despite this, Gates continues to be a prominent figure in the tech industry and his philanthropic efforts continue to make a significant impact worldwide.
Read Next
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This content was partially produced with the help of&nbsp;AI&nbsp;and was reviewed and published by Benzinga editors.

Entrepreneurship

Here's Why Bill Gates Drops To Historic Low On Forbes 400 List

President Joe Biden made his first-ever appearance at a regular White House press briefing on Friday, where he expressed uncertainty regarding the peaceful outcome of the upcoming presidential election. The President&#8217;s concerns stem from the rhetoric of <a href="https://www.benzinga.com/news/24/09/40869086/trump-vs-harris-new-poll-reveals-post-debate-swing-towards-this-candidate-in-key-state">former President Donald Trump</a>.
What Happened: During the briefing, Biden voiced his doubts about the peaceful conclusion of the upcoming election.
Despite expressing confidence in the election being &#8220;fair and free,&#8221; Biden raised concerns about potential unrest, attributing it to Trump&#8217;s &#8220;very dangerous&#8221; comments. He confirmed that he has been receiving briefings related to domestic security, <a href="https://www.foxnews.com/media/conservatives-joke-biden-made-trump-campaign-ad-calling-harris-major-player-everything-admin-does">reports</a> Fox News.
When asked about his feelings towards the election and whether he believes it will be free, fair, and peaceful, Biden responded, &#8220;Two separate questions. I'm confident it will be free and fair. The things that Trump has said and the things that he said last time out, when he didn't like the outcome of the election, were very dangerous,&#8221; Biden said.
Also Read: <a href="https://www.benzinga.com/news/24/09/41080085/trump-voices-criticism-of-harris-and-biden-ev-policies-every-car-is-going-to-be-electric-they-say-i">Trump Voices Criticism Of Harris And Biden EV Policies: &#8216;Every Car Is Going To Be Electric, They Say. I Will Terminate That, On Day One&#8217;</a>
Biden also expressed concern over the Republican vice presidential candidate&#8217;s reluctance to accept the election outcome, drawing parallels with Trump&#8217;s reaction to the previous election results.
&#8220;The vice presidential Republican candidate did not say he'd accept the outcome of the election. He wasn't happy to accept the outcome of the last election. So I I'm concerned about what they're going to do,&#8221; Biden added. 
On the topic of security preparations, Biden assured, &#8220;I always get those briefings.&#8221;
Why It Matters: The peaceful transition of power is a cornerstone of American democracy. Biden&#8217;s concerns reflect the heightened political tensions in the country, largely fueled by Trump&#8217;s refusal to concede defeat in the 2020 election. 
This has led to widespread fears about potential unrest and violence surrounding the upcoming election. 
The President&#8217;s comments underscore the importance of maintaining peace and security during this critical period.
Read Next
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Biden Anticipates Potential Unrest In Upcoming Election: 'Trump Has Said Very Dangerous Things'

The <a href="https://hempsupporter.com/">U.S. Hemp Roundtable</a>, <a href="https://www.benzinga.com/markets/cannabis/24/05/38599614/cheech-and-chong-brand-ceo-talks-cannabis-retail-expansion-and-designs-that-resonate-with-the-le" target="_blank" rel="noreferrer noopener">Cheech and Chong's Cannabis Company</a> and several California hemp farmers and businesses petitioned California courts on Friday for a temporary restraining order (TRO) to prevent the enforcement of Governor Gavin Newsom's <a href="https://www.benzinga.com/markets/cannabis/24/09/40756333/gov-newsom-proposes-emergency-rules-to-severely-restrict-hemp-products-this-will-destroy-our-bus" target="_blank" rel="noreferrer noopener">emergency regulations</a> to ban all hemp products containing any &#8220;detectable amount of total THC.&#8221;
Plaintiffs challenging Newsom's ban, which sent shock waves through California's hemp and cannabis industry, are asking a state judge to temporarily halt enforcement of the new rules while the legal challenge proceeds, arguing that the prohibition is unlawful and will cause irreparable harm to the hemp industry. The emergency regulations bans 90-95% of hemp products on the marketplace, including manufacturing or selling them in California.   
"If allowed to remain in effect, the Emergency Regulations will eliminate nearly every ingestible hemp product currently for sale in California, including the vast majority of nonintoxicating products," the plaintiffs argued in their <a href="https://hempsupporter.com/wp-content/uploads/2024/10/TRO-PI-US-Hemp-Roundtable-v.-California-Department-of-Public-Health-4856-4917-0923.9-1.pdf">filing</a>. "Many small businesses will have to close operations immediately with millions in losses. Relief is thus warranted because the Emergency Regulations are substantially unlawful and have in any event been adopted by drastically unlawful means."
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/10/41183711/what-newsom-is-proposing-will-crater-the-hemp-industry-could-californias-restrictions-spread-nat"> &#8216;What Newsom Is Proposing Will Crater The Hemp Industry&#8217;: Could California&#8217;s Restrictions Spread Nationwide?</a>
In the initial lawsuit filed in late September, plaintiffs argued that the state had declared an "emergency" without basis and failed to implement existing hemp legislation, which was passed in 2021. "The Department [of Public Health] had nearly three years to address these issues," the TRO request states.
<h2 class="wp-block-heading">Hemp Roundtable Attorney Responds</h2>
"We are hopeful that the Court will temporarily block – and then ultimately, permanently enjoin – Governor Newsom's misguided efforts to devastate hemp farmers, business and product consumers in California," Jonathan Miller, the Roundtable's General Counsel stated in an email shared with Benzinga. "It's high time that the Governor abandon this punitive effort and sit down with all stakeholders to appropriately address his stated mission: to develop a robust regulatory regime that promotes health and safety and keeps hemp products out of the hands of minors."
Newsom's ruling also includes a ban on manufacturing and selling hemp-THC products intended for sale outside California. This broad scope threatens the entire national supply chain, <a href="https://www.benzinga.com/markets/cannabis/24/09/40756333/gov-newsom-proposes-emergency-rules-to-severely-restrict-hemp-products-this-will-destroy-our-bus">say experts</a>, raising concerns over state overreach and violations of interstate commerce laws​.
Newsom's ban <a href="https://www.benzinga.com/markets/cannabis/24/09/41012794/gov-newsoms-hemp-ban-goes-into-effect-consequences-for-industry-investors-patients">went into effect</a> on Sept. 23, immediately after it was approved by the Office of Administrative Law.
The hearing for the TRO has been scheduled for 9:30 AM PDT/12:30 AM EDT, Thursday, October 10th. Nolan Jackson, the Hemp Roundtable's regulatory counsel, will be arguing the motion on behalf of the plaintiffs
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Donald Trump&#8217;s Michigan event on Friday, framed as an address on the local economy amid inflation concerns,<a href="https://www.benzinga.com/news/24/09/41078459/vice-president-harris-promises-tougher-border-security-and-immigration-reform-in-arizona" target="_blank" rel="noreferrer noopener"> shifted focus to border security and rampant criticism of migrants</a>.
For 25 minutes, he criticized migrants, using increasingly graphic language, despite the manufacturing backdrop and audience of workers, reported Reuters.
Trump made unfounded claims that migrants crossing the U.S. border were responsible for widespread violence, asserting that they engage in horrific acts without remorse.
Not to forget that Trump&#8217;s general disdain for migrants has been a central theme of his campaign this election season.
In fact, recent <a target="_blank" href="https://www.axios.com/2024/10/05/trump-migrants-venezuelan-congolese-rhetoric" rel="noreferrer noopener">research</a> by the Axios suggests that he has focused on Venezuelan and Congolese individuals labeled as criminals. Trump labeled migrants from Mexico as criminals 13 times and those from Guatemala 10 times from Sept. 1, 2023, to Oct. 2, 2024.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41196047/vc-ben-horowitz-first-endorsed-donald-trump-now-pledges-support-for-kamala-harris" rel="noreferrer noopener">VC Ben Horowitz First Endorsed Donald Trump, Now Pledges Support For Kamala Harris</a>
His increasingly apocalyptic rhetoric includes unfounded claims about migrants&#8217; criminal backgrounds and dire consequences, all while he pushes for mass deportations.
He also suggested that these individuals commit brutal crimes in front of families.
Critics argue this strategy aims to amplify racist stereotypes and exploit Republican fears about the influx of border crossers into the U.S.
This shift in language comes despite the White House implementing new restrictions that have significantly reduced migrant entries. Earlier this year, Trump also played a role in derailing a bipartisan bill in Congress designed to enhance border security.
However, Reuters highlighted that Trump&#8217;s message linking migrants to crime appears to be resonating.
A recent <a target="_blank" href="https://www.kff.org/" rel="noreferrer noopener">KFF</a> poll revealed that 80% of Americans surveyed had encountered false claims about migrants causing an increase in violent crime, while 74% had heard that immigrants were taking jobs from citizens and contributing to rising unemployment, Reuters mentioned in its report.
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Trump's Dark Rhetoric: Migrants Portrayed As Criminals Amid Election Heat

Conversations regarding the normalization of relations between Israel and Saudi Arabia have been a significant diplomatic <a href="https://www.benzinga.com/topic/jared-kushner" target="_blank" rel="noreferrer noopener">goal for both the Biden and Trump administrations</a>.
Jared Kushner, son-in-law of Donald Trump, has reportedly engaged in discussions about U.S.-Saudi diplomatic negotiations related to Israel, reported Reuters.
Jared Kushner&#8217;s private equity firm Affinity Partners, linked to Trump, has received over $112 million in fees from Saudi Arabia and other foreign investors since 2021, despite not returning any profits to the governments primarily funding the firm as of July, per a recent <a href="https://www.nytimes.com/2024/09/25/us/politics/kushner-private-equity-saudi-arabia.html" target="_blank" rel="noreferrer noopener">report</a> by The New York Times.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/41043869/trump-son-in-laws-pe-firms-client-agreement-creates-unprecedented-conflicts-of-interest-involving-pr" rel="noreferrer noopener">Trump Son-In-Law&#8217;s PE Firm&#8217;s Client Agreement Creates &#8216;Unprecedented&#8217; Conflicts Of Interest Involving Presidential Family, Says Democratic Senator: &#8216;These Facts Suggest The Saudi Government&#8217;s Decision…To Curry Favor…For Favorable US Policy&#8217;</a>
He has spoken with Saudi Arabia&#8217;s Crown Prince Mohammed bin Salman on several occasions since leaving the Trump administration.
In fact, Kushner has a close relationship with Saudi Arabia, which has reportedly invested $2 billion in his private equity fund, per Reuters.
However, his discussions with Crown Prince Mohammed bin Salman about a peace accord highlight the bipartisan focus on Middle East stability amid an impending presidential election.
These talks raise concerns about how Kushner&#8217;s financial ties to Riyadh might affect U.S. policy if Trump returns to power.
Saudi Arabia&#8217;s investments in Kushner&#8217;s fund have faced criticism from ethics experts and lawmakers, raising concerns of potential conflicts of interest.
Democratic Senator Ron Wyden, chair of the Senate Finance Committee, highlighted these worries in a Sept. 24 letter, emphasizing that Saudi investments could appear as a payoff given Kushner&#8217;s previous work on Saudi matters during the Trump administration, Reuters added.
Jared Kushner has denied any allegations that Saudi Arabia&#8217;s investments represent a payoff or conflict of interest, Reuters mentioned in the note.
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University of Chicago economist Konstantin Sonin has issued a stark warning about the future of Russia&#8217;s economy. The ongoing conflict in Ukraine, he says, is setting the stage for a major economic crisis in Russia.
What Happened: The ongoing Ukraine war has forced Russia to tighten its grip on its economy, leading to the disintegration of key market institutions, says Sonin. 
He cites Russia&#8217;s imposition of export restrictions on vital commodities in response to Western sanctions as an example of this disintegration.
These shifts have led to significant price increases by some companies, while others, like Heineken, have had to sell their Russian operations for nominal sums. Russia has also taken steps to prevent companies from leaving the country.
Sonin <a href="https://www.project-syndicate.org/onpoint/russia-war-economy-short-term-strength-mortgaging-the-future-by-konstantin-sonin-2024-10">wrote</a> about this in an&nbsp;op-ed&nbsp;for Project Syndicate. He also notes that the Kremlin is funding the war by &#8220;borrowing from the future,&#8221; with cuts to crucial public spending programs and a rise in military spending. 
&#8220;Even more important, Putin&#8217;s borrowing from the future takes the form of a gradual, yet pervasive dismantling of the market institutions that the Russian people paid such a high price to acquire during the reforms of the 1990s,&#8221; Sonin wrote in the op-ed.
Also Read: <a href="https://www.benzinga.com/news/24/09/40894933/kim-jong-uns-north-korea-outranks-china-as-russias-top-ally-in-ukraine-conflict-says-military-intell">Kim Jong Un&#8217;s North Korea Outranks China As Russia&#8217;s Top Ally In Ukraine Conflict, Says Military Intelligence Chief</a>
&#8220;​​Investing massively in military production and simultaneously dismantling market institutions may strengthen Putin&#8217;s hand in the short term, but it sets a time bomb under longer-term economic development,&#8221; Sonin added in his article. 
Despite the economic pressure, Russia&#8217;s GDP is expected to grow by 3.2% this year, thanks to Moscow&#8217;s substantial war spending, <a href="https://www.businessinsider.com/russia-economy-ukraine-war-outlook-moscow-sanctions-west-firms-uchicago-2024-10">reports</a> Business Insider.
&#8220;Whenever the Ukraine war ends and Russia returns to international trade (beyond raw materials), all the nationalizations of recent years will come back to haunt it. Putin&#8217;s war not only imposes on today&#8217;s Russians a worse life than they otherwise would have had. It also condemns future generations,&#8221; he said in the post.
Why It Matters: However, Sonin foresees a difficult economic future for Russia. He warns that the nationalizations of recent years will have long-term effects once the Ukraine war ends and Russia re-enters international trade.
Other forecasters have echoed Sonin&#8217;s concerns, pointing to declining long-term economic health indicators and a significant worker shortage in Russia.
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Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has reportedly lost log data for several of its crucial security products, which could potentially affect customers&#8217; ability to detect threats and generate security alerts.
What Happened: Microsoft experienced a failure in consistently collecting log data for a number of its vital cloud services. Logs, which document events within a program like account sign-ins, play a pivotal role in identifying unauthorized network and account access. The absence of proper recording could lead to missed potential intrusion instances.
As per the report <a href="https://www.businessinsider.com/microsoft-tells-customers-it-lost-log-data-key-security-products-2024-10">by</a> Business Insider, from September 2-19, a bug in a Microsoft internal monitoring agent caused a malfunction in uploading log data to the company&#8217;s internal logging platform.
This issue did not affect the uptime of any customer-facing services or resources, and there&#8217;s no evidence of cyberattacks resulting from this incident.
The products affected include Microsoft Entra, Microsoft Sentinel, Microsoft Defender for Cloud, and Microsoft Purview. In particular, Microsoft Sentinel customers may have encountered potential gaps in security-related logs or events, which could impact their ability to analyze data, detect threats, or generate security alerts, reports the outlet. 
Also Read: <a href="https://www.benzinga.com/content/41167523/microsofts-targeted-upside-might-be-too-good-to-ignore">Microsoft&#8217;s Targeted Upside Might Be Too Good to Ignore</a>
Microsoft has not yet issued a statement on this incident. This loss of log data occurs at a time when Microsoft has been emphasizing security as a top priority, in the wake of previous mishandling of security incidents.
Why It Matters: This incident underscores the importance of consistent and accurate log data collection in maintaining robust security protocols. 
For a tech giant like Microsoft, any lapse in security measures could potentially impact a vast number of customers globally. 
The incident also raises questions about the effectiveness of Microsoft&#8217;s internal monitoring systems, especially given the company&#8217;s recent emphasis on security. 
The company&#8217;s response to this incident and measures taken to prevent future occurrences will be closely watched by customers and stakeholders alike.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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When you hit 40, the temptation to upgrade your lifestyle can be strong, especially if you've worked hard and saved well. However, according to personal finance expert <a href="https://www.benzinga.com/personal-finance/24/10/41125098/suze-orman-says-the-personal-finance-of-americans-is-really-really-bad-even-though-the-stock-mar">Suze Orman</a>, a swankier apartment in a prime city could be more of a financial burden than a reward – especially if your job situation is unstable.
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In a recent episode of her Women &amp; Money podcast, a listener posed a question many can relate to: She's 40, presumably owns her home outright, and has saved a significant portion of her net worth in cash. With relatively low expenses and the safety net of living with her parents if necessary, she's considering upgrading to a nicer apartment in the city, using her cash reserves or taking out a small loan. The problem? Her job is unstable, and she knows she might have to retire early.
Orman's response? A firm &#8220;no.&#8221;
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At first glance, upgrading to a nicer place may seem easy, but Orman warns that it could lead to more financial stress in the long run. She explains that moving to a swankier apartment means more than a bigger space. &#8220;More expenses, more taxes, more everything,&#8221; she says. If your job is shaky, you should focus on accumulating cash, not depleting it.
Her co-host KT quickly jumped in, agreeing with Orman's assessment. &#8220;Why would you do that? I would never do that if I had an unstable job and (was) 40 years old,&#8221; she said. &#8220;I&#8217;d want to accumulate as much cash as possible so then I'd feel free.&#8221;
See Also: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
For Orman, the decision is simple: at 40, you should still be focused on <a href="https://www.benzinga.com/personal-finance/24/07/39800314/are-you-rich-enough-to-join-the-top-5-of-households-you-may-be-wealthier-than-you-realize">building wealth</a>. &#8220;These are your compounding years,&#8221; she reminds listeners. She suggests investing in your future rather than spending money on a luxury apartment. The more you can save and invest now, the better off you'll be when it comes time to retire.
Orman also stated that the listener's logic is flawed regarding interest rates and cash reserves. The listener mentioned that by liquidating her assets and putting them in a bank with 3% interest, she could generate enough income to cover twice her parents' monthly expenses. However, Orman warns that assuming a steady 3% interest rate is risky.
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&#8220;How do you know what interest rates are going to be?&#8221; she asks. Orman states that if this listener had made a similar decision in 2007 before the <a href="https://www.benzinga.com/markets/24/10/41145356/billionaire-who-predicted-2008-crash-and-dot-com-bubble-calls-the-current-economy-the-most-vulnerabl">financial crisis</a>, she could have faced significant losses.
So, what's the solution for someone longing for a more vibrant, city-centered lifestyle? Orman suggests enjoying the best of both worlds without making a financial commitment that could backfire.&nbsp;
&#8220;If you want a swankier lifestyle, go there for the weekend and come back,&#8221; she advises. Renting a place for short visits allows you to experience the excitement of the city without the long-term financial strain of owning an expensive downtown apartment.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a>
Orman's advice is this: prioritize <a href="https://www.benzinga.com/personal-finance/24/09/40764819/think-youre-financially-secure-heres-how-much-people-say-it-takes-to-feel-secure-and-what-you-re">financial security</a>, especially when you're in an uncertain job situation. &#8220;At 40, if you lose your job, you get another job,&#8221; she says. But until you're in a more stable position, stick with the home you own outright, keep saving and investing, and leave the luxury upgrades for another time.
Are you in a similar position and considering upgrading your home to enjoy a better lifestyle? Then you may consider talking with a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a>. They can help you navigate your finances and determine the best route that aligns with your long-term financial goals.&nbsp;
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'More Expenses, More Taxes, More Everything': Suze Orman On The Risks Of Upgrading To A Swanky Apartment At 40

Electric-vehicle stocks had a down week amid stock market volatility, but China-based companies rode the momentum imparted by the stimulus measures announced by the country to kickstart economic growth. Market leader Tesla, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rally stalled as traders did not take kindly to <a href="https://www.benzinga.com/news/24/10/41141444/tesla-stock-plunges-3-despite-q3-deliveries-exceeding-consensus-and-growing-year-over-year">third-quarter deliveries just about managing to beat the consensus estimate</a>.
Here&#8217;s a rundown on what happened in the EV space during the week:
Tesla Q3 Deliveries Beat And More: After two straight quarters of sales decline, Tesla turned things around in the September quarter. The company delivered 462,890 EVs in the third quarter, ahead of the company-compiled consensus estimate of 461,978 units. The quarterly number marked a 6.40% year-over-year increase and a 4.26% sequential rise. The stock fell 3.49% following the report and came under further pressure over the next two sessions before trimming the losses on Friday. 
The negative reaction may be due to the small sales beat or possibly due to the typical &#8220;buy the rumor, sell the news&#8221; phenomenon. The stock had ran up appreciably in the run-up to the deliveries report.
With the deliveries report now in the rearview mirror, investors have begun to shift their focus to the Oct. 10 Robotaxi event. Most sell-side analysts, especially the bulls, and the Tesla community is excited about the event, which is scheduled to be held at the Warner Bros. studio in Los Angeles after the market close. 
Offering his take on the event, Wedbush analyst Daniel Ives said, &#8220;We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future at Tesla.&#8221; The analyst expects updates on Cybercab scaling, overall cost per mile, a Tesla ride-share app, and a Generation 1 demo on premises of the breakthrough technology designed to revolutionize urban transportation. Morgan Stanley analyst Adam Jonas expects robotaxis to have disruptive potential but believes the benefit will seep in only in the mid- to long-term.
Rivian Sales Miss Forecast: EV startup Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) handed down its investors a double disappointment. The company&#8217;s third-quarter deliveries came in at 10,018 units, missing the consensus estimate of most analysts. The company cut its production outlook for the year from 57,000 units to 47,000-49,000 units, citing supply shortage, while it reaffirmed its annual deliveries goal of 50,500 to 52,000&nbsp;units.
Separately, Reuters reported that the company has applied for a federal loan to facilitate construction of its Georgia facility, which was stalled earlier this year due to the company&#8217;s focus on speeding up next-gen R2 EV production and to conserve cash. The report said the department hasn&#8217;t made a final decision on the filing. The filing did not disclose the requested amount or terms. 
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Nikola Reports Strong Deliveries: Shares of hydrogen- and fuel-cell vehicles manufacturer Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) jumped about 20% on Wednesday after the company said it wholesaled 88 Class 8 hydrogen fuel-cell trucks in the third quarter. &#8220;This is a record sales quarter for Nikola, with 88 hydrogen fuel cell electric trucks wholesaled to our dealers for end customers, as well as the addition of a first-ever&nbsp;U.S. dealer-based HYLA modular refueling station,&#8221; said Nikola CEO Steve Girsky.
The company has delivered 200 trucks so far this year compared to its full-year guidance of 300-350 trucks.
Chevy EVs Lifts GM&#8217;s Sales: Legacy automakers General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) presented a contrasting picture with respect to their EV sales. While GM&#8217;s EV sales spiked 60% to 32,095 units in the third quarter, thanks to the strong uptake of its Chevrolet Equinox EV and Chevrolet Blazer EV. On the other hand, crosstown rival Ford&#8217;s climbed a more modest 12% to 23,509 EVs. Blue Oval&#8217;s hybrid vehicle sales, however, were more than three times as much.
Nio To Expand Global Footprint: China&#8217;s Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) announced late Friday that it has tied up with Abu Dhabi-based&nbsp;CYVN Holdings&nbsp;to <a href="https://www.benzinga.com/markets/equities/24/10/41195060/tesla-rival-nio-accelerates-global-expansion-to-launch-evs-in-middle-east-amid-eu-tariff-concern">launch the Nio MENA to launch Nio-branded vehicles and vehicles from its subsidiary</a> in the Middle East and North Africa. This will expand its footprint and integrate further into the &#8220;global smart EV ecosystem,&#8221; the Shanghai-based company said in a statement.
CYVN Holdings, which made an investment in Nio earlier this year, will support the company with strategic investments for the expansion. 
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) rose 3.08% on Friday before ending at $23.77, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF raced 5.60% higher.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>

Here&#8217;s how the EV stocks fared this week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>-3.99%</td>
</tr>
<tr>
<td>Nio</td>
<td>+3.83%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+0.71%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+13.58%</td>
</tr>
<tr>
<td>Workhorse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-14.69%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-14.18%</td>
</tr>
<tr>
<td>Canoo</td>
<td>-7.70%</td>
</tr>
<tr>
<td>Rivian </td>
<td>-10.00%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>-6.96%</td>
</tr>
<tr>
<td>Faraday Future </td>
<td>-2.88%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>+17.25%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-2.81%</td>
</tr>
</tbody>
</table>
</figure>

Analyst Color

HYZN

KARS

LCID

NKLA

RIVN

TSLA

WKHS

XPEV

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Despite reporting better-than-expected second-quarter revenue, Toast's (TOST) earnings fell short of analyst expectations. While the company's growth potential appears promising, particularly with expanding revenue and customer base, profitability issues and intense competition could be concerning. Let's find out if TOST is a hot buy in the restaurant tech space... Toast Inc. (<a href="https://stocknews.com/stock/TOST/">TOST</a>), a cloud-based, all-in-one digital platform built for restaurants, reported mixed <a href="https://investors.toasttab.com/financials/quarterly-results/default.aspx">second-quarter 2024</a> results, with earnings falling short of analysts' expectations despite better-than-expected revenue. The company posted revenue of $1.24 billion, surpassing analysts' estimate of $1.22.
Moreover, Toast added nearly 8,000 net new locations during the quarter. As of June 30, 2024, its annualized recurring run-rate (ARR) rose 29% year-over-year to $1.5 billion. However, the company's second-quarter non-GAAP EPS was $0.04, missing the consensus estimate of $0.10.
Despite solid revenue growth, TOST has faced challenges in achieving consistent profitability. The company has invested heavily in expanding its product offerings and customer base, leading to concerns about its ability to generate sustained profits in the long term.
Also, the restaurant technology space is highly competitive, with several players, including Square, Clover, TouchBistro, and Lightspeed, offering similar point-of-sale (POS) and digital management solutions.
For the third quarter ending September 30, 2024, Toast expects its non-GAAP subscription services and financial technology solutions gross profit in the range of $345 million to $355 million (23-27% growth versus Q3 2023). The company's <a href="https://www.investopedia.com/terms/a/adjusted-ebitda.asp">adjusted EBITDA</a> is expected to be in the range of $70 million to $80 million
For the full year ending December 31, 2024, TOST expects non-GAAP subscription services and financial technology solutions gross profit in the range of $1,340 million to $1,360 million (27-29% increase compared to 2023). Its adjusted EBITDA is anticipated to be in the range of $285 million to $305 million (up from $250 million to $270 million)
TOST's stock has surged 7.2% over the past six months to close the last trading session at $24.63. However, the stock has declined 6.6% over the past month.
Let's look at factors that could influence TOST's performance in the upcoming months.
Solid Financials
During the second quarter that ended June 30, 2024, TOST's total revenue increased 27% year-over-year to $1.24 billion. Its gross profit rose 37.5% from the year-ago value to $286 million. The company's adjusted EBITDA was $92 million, an increase of 513.3% year-over-year.
Furthermore, the company's net income came in at $14 million and $0.02 per share, compared to a net loss of $98 million and $0.19 per share in the prior year's quarter, respectively. Its free cash flow rose 176.9% year-over-year to $108 million.
Mixed Analyst Estimates
Analysts expect TOST's revenue for the third quarter (ending September 2024) to increase 25.2% year-over-year to $1.29 billion. The consensus EPS estimate of $0.01 for the current quarter, compared to a loss per share of $0.06 in the previous year's period. Also, the company has topped consensus revenue and EPS estimates in three of the trailing four quarters.
In addition, Wall Street expects the company's revenue and EPS for the fiscal year (ending December 2024) to grow 26.6% from the previous year to $4.89 billion. However, the company is expected to report a loss per share of $0.09 for the ongoing year.
Elevated Valuation
In terms of forward non-GAAP P/E, TOST is trading at 55.44x, 364.8% higher than the industry average of 11.93x. Similarly, the stock's forward EV/EBIT of 44.26x is 280.3% higher than the industry average of 11.52x. Its forward Price/Book of 9.70x is 701.8% higher than the 1.21x industry average.
Also, the stock's forward EV/EBITDA and Price/Cash Flow multiples of 41.99 and 54.59 are significantly higher than the industry averages of 11.04 and 13.76, respectively.
Decelerating Profitability
TOST's trailing-12-month gross profit margin of 22.66% is 62.4% lower than the industry average of 60.24%. Likewise, its trailing-12-month EBITDA margin of negative 2.07% compared to the 22.39% industry average. Also, the stock's trailing-12-month levered FCF margin of 8.18% is 54.1% lower than the industry average of 17.83%.
Moreover, the stock's trailing-12-month ROTC and ROTA of negative 6.01% and negative 6.31% are lower than the industry averages of 6.95% and 1.06%, respectively.
POWR Ratings Reflect Uncertainty
TOST's mixed fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of C, translating to a Neutral in our proprietary system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
Our proprietary rating system also evaluates each stock based on eight distinct categories. TOST has an A grade for Growth, consistent with its solid financial performance in the last reported quarter. It has a C grade for Sentiment, justified by mixed analyst expectations.
However, the stock has a D grade for Value, in sync with its higher-than-industry valuation.
TOST is ranked #27 out of 39 stocks in the B-rated <a href="https://stocknews.com/category/software-security/">Software –</a> <a href="https://stocknews.com/category/software-business/">Business</a> industry.
Beyond what I have stated above, we have also given TOST grades for Momentum, Stability, and Quality. Get access to all the TOST ratings <a href="https://stocknews.com/stock/TOST/">here</a>.
Bottom Line
TOST has demonstrated impressive growth in revenue and customer acquisition, solidifying its position as a key player in the restaurant technology space. The company's innovative all-in-one platform and strategic expansions have contributed to its solid financial performance and market growth.
However, the challenges of achieving consistent profitability and navigating a highly competitive market cannot be overlooked. Considering TOST's elevated valuation and uncertain near-term outlook, waiting for a better entry point in this stock seems wise now.
Stocks to Consider Instead of Toast Inc. (TOST)
Given its near-term uncertain prospects, the odds of TOST outperforming in the weeks and months ahead are compromised. However, there are many industry peers with much more impressive POWR Ratings. So, consider these A-rated (Strong Buy) stocks from the <a href="https://stocknews.com/category/software-security/">Software –</a> <a href="https://stocknews.com/category/software-business/">Business</a> industry instead:
Amdocs Ltd. (<a href="https://stocknews.com/stock/DOX/">DOX</a>)
VMware Inc. (<a href="https://stocknews.com/stock/VMW/">VMW</a>)
F5 Inc. (<a href="https://stocknews.com/stock/FFIV/">FFIV</a>)
For exploring more A and B-rated software stocks, <a href="https://stocknews.com/category/software-business/">click here</a>.
What To Do Next?
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TOST shares were trading at $24.72 per share on Friday afternoon, up $0.09 (+0.37%). Year-to-date, TOST has gained 35.38%, versus a 18.48% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Mangeet Kaur Bouns</h2> <img src='https:/wp-content/uploads/2022/01/Mangeet-Kaur-Bouns_Image-4.jpg' style="float:left; padding:5px;width:125px;">Mangeet's keen interest in the stock market led her to become an investment researcher and financial journalist. Using her fundamental approach to analyzing stocks, Mangeet's looks to help retail investors understand the underlying factors before making investment decisions.<a href="https://stocknews.com/authors/?author=mangeet-kaurbouns">More...</a>The post <a href=https://stocknews.com/news/tost-vmw-ffiv-dox-is-toast-inc-a-hot-buy-in-the-restaurant-tech/>Is Toast Inc. A Hot Buy in the Restaurant Tech Space?</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

Is Toast Inc. A Hot Buy in the Restaurant Tech Space?

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