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You might live in a 5,000-square-foot home in a gated neighborhood. You drive a luxury SUV, vacation somewhere new every summer — maybe Italy, maybe Bora Bora — and swipe your card at Whole Foods without ever checking the total. On paper, your life looks rich. But are you?
That's where things get blurry. Because in today's economy, being rich isn't just about looking the part—it's about <a href="https://www.benzinga.com/personal-finance/25/05/45234639/are-you-upper-class-heres-the-net-worth-you-need-in-your-50s">how your income and net worth stack up</a> against everyone else. And depending on where you live and how you've built your wealth, you might still fall squarely in the upper middle class.
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<h2 class="wp-block-heading">What Do the Numbers Say?</h2>
Geography plays a huge role in lifestyle inflation and how "wealthy" you feel. In San Francisco, a $300,000 income might buy you a two-bedroom condo and a decent latte habit. In the Midwest, it might make you feel like a millionaire.&nbsp;
<a href="https://www.pewresearch.org/short-reads/2024/09/16/are-you-in-the-american-middle-class/">According to Pew Research</a>, middle-income households earn between $56,600 and $169,800 a year, depending on household size and local cost of living.&nbsp;
Many sources, <a href="https://www.gobankingrates.com/money/economy/how-much-you-need-to-earn-to-be-upper-middle-class-in-every-state/">including GoBankingRates</a>, place upper middle class income somewhere between $106,000 and $150,000, though that too varies by region.&nbsp;
According to a <a href="https://smartasset.com/data-studies/top-1-percent-income-2024">2024 SmartAsset study</a>, the income needed to join the top 1% of earners in the U.S. is at least $787,712. In states like Connecticut, Massachusetts, and California, however, the threshold climbs past $1 million a year. In Massachusetts alone, top 1% earners bring in at least $1.13 million.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
When it comes to net worth, the Federal Reserve's latest Survey of Consumer Finances reports that the median net worth for U.S. households is around $192,900, while middle-income households <a href="https://usafacts.org/answers/how-much-wealth-does-the-american-middle-class-have/country/united-states/">typically hover around $480,000</a>.
For upper middle class, the estimate ranges between $500,000 and $2 million, depending on age and assets—data cited by analysts like <a href="https://www.financialsamurai.com/the-average-net-worth-by-age-for-the-upper-middle-class/">Financial Samurai</a>, who aggregate from Federal Reserve studies and IRS data.
So, what's considered rich? According to the <a href="https://www.federalreserve.gov/publications/files/scf23.pdf">Federal Reserve's triennial data</a>, the top 10% of households have a net worth starting at $1.9 million.
The<a href="https://www.benzinga.com/personal-finance/24/12/42659832/does-your-net-worth-make-you-rich-heres-what-it-really-takes-to-be-in-the-top-1"> top 1% households</a> exceed $13 million.&nbsp;
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<h2 class="wp-block-heading">So, Are You Rich?</h2>
Being rich isn't just about hitting a certain number—it's about how you manage it, grow it, and what that money actually lets you do.
Two families could earn the same amount. One is living paycheck to paycheck with luxury tastes and high debt. The other has investments, savings, and options. Wealth isn't just how much you make or own—it's about freedom, control, and long-term security.
If your net worth is under $2 million and your income is under $600,000, statistically, you're probably not rich—you're upper middle class. And in today's world, that still means you're doing very well.
But if <a href="https://www.benzinga.com/money/are-you-rich">you're still asking the question</a>, chances are you're somewhere in that gray zone—the one where life looks rich but the numbers keep you just shy of the line.
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Personal Finance

Are You Rich or Just Upper Middle Class? Here's The Net Worth And Income It Takes To Be Considered Wealthy

Renowned investor Peter Lynch recently opened up about his early experiences with the stock market, his initial investment, and the philosophy that <a href="https://www.benzinga.com/markets/25/05/45338212/peter-lynchs-market-advice-if-you-have-lot-of-stocks-some-will-do-mediocre-some-will-do-okay-if-one-or-two-go-up-big-time-you-produce-a-fabulous-result">has guided his successful career.</a>
Lynch, who rose to prominence during his time at Fidelity&#8217;s Magellan Fund, traced his interest in stocks back to his childhood in the 1950s. His curiosity about the stock market was sparked while he was working as a caddie at a golf club in West Newton, where he often heard corporate executives discussing stocks.
Lynch highlighted the significance of identifying a few good stocks in one&#8217;s lifetime, stating, &#8220;You don&#8217;t need a lot in your lifetime. You only need a few good stocks in your lifetime. I mean how many times do you need a stock to go up ten-fold to make a lot of money? Not a lot,&#8221; he said during a conversation. 
Looking back at the start&nbsp;of the bull market in&nbsp;1982, Lynch characterized it as a &#8220;very scary period&#8221; for the U.S., marked by high inflation and a plummeting economy. Despite the daunting environment, Lynch maintained a positive outlook, having faith in the potential of stocks and companies to bounce back.
Also Read: <a href="https://www.benzinga.com/news/25/05/45186124/peter-lynchs-market-observation-far-more-money-has-been-lost-by-investors-preparing-for-corrections-than-has-been-lost-in-corrections-themselves" target="_blank" rel="noreferrer noopener">Peter Lynch's Market Observation: ‘Far More Money Has Been Lost By Investors Preparing For Corrections, Than Has Been Lost In Corrections Themselves'</a>
He ended by expressing his readiness to seize opportunities, even when more than half the companies in his portfolio were incurring losses. His faith in economic recovery and the potential of these companies proved to be well-founded as the market eventually rebounded.
Lynch&#8217;s insights provide a valuable perspective for investors navigating today&#8217;s volatile market. 
His emphasis on the importance of identifying a few good stocks, coupled with his optimism and readiness to seize opportunities even in challenging times, serves as a reminder of the potential rewards of patient and strategic investing. 
His successful investment journey underscores the importance of maintaining a long-term perspective and the ability to remain calm under pressure.
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News

Markets

Peter Lynch's Market Advice: 'You Don't Need A Lot In Your Lifetime, You Only Need A Few Good Socks In Your Lifetime'

Billy Evans, the partner of imprisoned Theranos founder Elizabeth Holmes, is raising millions of dollars for a new health-tech startup that's already drawing comparisons to Holmes' failed venture.
His company, called Haemanthus, says it is creating AI-powered diagnostic tools that use light to analyze blood, saliva, and urine samples. Despite the similarities to Theranos, Evans is adamant that the comparison stops there.
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<h2 class="wp-block-heading">&#8220;This Is Not Theranos 2.0&#8221;</h2>
"We're Haemanthus. Yes, our CEO, Billy Evans, is Elizabeth Holmes' partner. Skepticism is rational. We must clear a higher bar," the company said in a <a href="https://x.com/haemanthusinc/status/1921644016904364381">statement on X</a>, directly addressing public concerns. "This is not Theranos 2.0. Theranos attempted to miniaturize existing tests. Our approach is fundamentally different."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We&#39;re Haemanthus. Yes, our CEO, Billy Evans, is Elizabeth Holmes&#39; partner. Skepticism is rational. We must clear a higher bar. When <a href="https://twitter.com/nytimes?ref_src=twsrc%5Etfw">@nytimes</a> contacted us, we invited them: see our lab, tech, and team. They declined. The headline was already written. Our reality inconvenient.&#x1f9f5;
&mdash; haemanthus (@haemanthusinc) <a href="https://twitter.com/haemanthusinc/status/1921644016904364381?ref_src=twsrc%5Etfw">May 11, 2025</a></blockquote>
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The company says it uses photonics and AI to detect disease earlier and more accurately.&nbsp;
In follow-up posts, Haemanthus continued: &#8220;The science, when ready, will stand on its own merits. But we feel compelled to introduce ourselves because of recent media coverage.&#8221;
&#8220;Setting the record straight. Elizabeth Holmes has zero involvement in Haemanthus. We&#8217;ve learned from her company&#8217;s mistakes, but she has no role, now or future.&#8221;
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<h2 class="wp-block-heading">Science and Strategy</h2>
Haemanthus, named after the blood lily flower, was incorporated in February 2024 and is still in early development. It reportedly raised around $3.5 million from friends and family and is seeking up to $50 million more. According to the <a href="https://www.nytimes.com/2025/05/10/business/elizabeth-holmes-partner-blood-testing-startup.html">New York Times</a>, some high-profile investors have already passed on the opportunity, while others have committed close to investing.
The company builds on Raman spectroscopy, which it calls &#8220;a proven technique with decades of research.&#8221; Haemanthus says it's using the method to scan biological samples on a molecular level using lasers, paired with deep learning models to detect cancer, Parkinson's, and other diseases.
"We&#8217;re making lab technology accessible through modern lasers and AI," the company said. "Think mainframe-to-PC transformation. Faster. Smaller. Accessible."
<h2 class="wp-block-heading">Theranos Echoes Linger</h2>
Evans, an heir to a hotel fortune, lives in Austin, Texas, with Holmes and their two children. He has not publicly acknowledged Holmes' involvement, but media reports speculate she may be advising him from prison, where she is <a href="https://www.benzinga.com/news/23/06/32697657/elizabeth-holmes-what-was-it-like-working-with-the-disgraced-theranos-founder">serving an 11-year sentence</a> for defrauding investors.
Haemanthus' materials do not mention Holmes, and the company insists she has &#8220;zero involvement.&#8221; Holmes, meanwhile, told <a href="https://people.com/elizabeth-holmes-breaks-her-silence-in-first-interview-from-prison-it-s-been-hell-and-torture-exclusive-8789737">People</a> magazine earlier this year that she plans to return to biotech after her release in 2032.
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The startup's prototype resembles Theranos' miniLab, according to The Times, which accessed the marketing materials. It has a digital display and internal lasers. It plans to begin by testing pets before expanding to humans. The company told investors its long-term goal is to develop a stamp-sized wearable version of the device for people.
Haemanthus claims it is not subject to regulatory oversight for its veterinary diagnostics, citing a redacted U.S. Department of Agriculture document. However, a USDA spokesperson told The Times the agency does regulate veterinary diagnostics and could not confirm the company's claim.
Much of the Haemanthus team comes from <a href="https://www.benzinga.com/25/03/44519166/luminar-and-caterpillar-join-forces-to-revolutionize-autonomous-hauling-with-lidar-tech">Luminar, a self-driving tech company</a> where Evans previously worked. &#8220;Our co-founders have decades of experience in photonics, medicine, and AI. Our technical team scaled Luminar&#8217;s laser systems to production,&#8221; the company wrote.
<h2 class="wp-block-heading">&#8220;We've Learned From Her Company's Mistakes&#8221;</h2>
Haemanthus remains in stealth mode, and Evans has been vague about specifics. "When you're in stealth, you're trying to be in stealth. They aren't going to find anything associated with the name Haemanthus," he told the Times.
Still, the company is leaning into the scrutiny. "We've learned from her company's mistakes, but she has no role, now or future," Haemanthus said.
As for why the company is starting with animals, Haemanthus said, "Not because it's easier, but because it's practical and meaningful. It validates our technology, helps animals who can't describe symptoms, and builds the foundation for human applications."
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'Our Approach Is Fundamentally Different'—Says Partner Of Elizabeth Holmes As He Launches A Blood-Testing Startup, Reportedly Gets Funding

Elon Musk, the CEO of&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), gave a one-word response to NBA legend&nbsp;Shaquille O&#8217;Neal&#8217;s&nbsp;customized Tesla Cybertruck.
Last year Shaquille O&#8217;Neal, also known as Shaq, revealed his custom-made carbon fiber Cybertruck. The former NBA star engaged Effortless Motors to modify&nbsp;his Cybertruck into a widebody&nbsp;variant with a carbon fiber&nbsp;exterior.
The modified Cybertruck, boasting a carbon-kit body, black wheels, and red LED bars, has become the latest addition to Shaq&#8217;s impressive car collection. 
The NBA legend, who owns two Cybertrucks, one each in Las Vegas and Atlanta, along with other luxury vehicles, has caught the attention of Musk with his new Cybertruck.
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Musk responded to a post showcasing Shaq&#8217;s Cybertruck with a simple &#8220;Nice&#8221;, acknowledging the widebody modification and red under glow that make it one of the most eye-catching vehicles on the road.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Nice
&mdash; Kekius Maximus (@elonmusk) <a href="https://twitter.com/elonmusk/status/1832238280709939293?ref_src=twsrc%5Etfw">September 7, 2024</a></blockquote>
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The endorsement from Musk, a renowned figure in the automotive industry, not only highlights the customization potential of Tesla&#8217;s vehicles but also underscores the growing popularity of the Cybertruck among high-profile individuals. 
This could potentially boost the appeal of Tesla&#8217;s products to a wider audience, further solidifying its position in the electric vehicle market.
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Sports

TSLA

Shaq Rolls Up In A Cybertruck — Elon Musk Has This One-Word Response

Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is reportedly stepping up its game to land big government defense contracts, and CEO Mark Zuckerberg is leading the charge.
<h2 class="wp-block-heading">Meta&#8217;s Military Makeover&nbsp;</h2>
According to <a href="https://www.forbes.com/sites/davidjeans/2025/05/07/meta-pentagon-trump/">Forbes</a>, the tech giant is actively recruiting former Pentagon and national security officials to help pitch its virtual reality and AI tech to the federal government.
This move comes just months after Meta opened its <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41900655/lockheed-martin-shares-shine-as-taiwan-eyes-big-defense-buys">Llama AI model for military use</a>, signaling a major shift in strategy. While Meta has long had lobbyists in Washington, new job postings suggest it's going all-in.&nbsp;
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One job position on Meta's <a href="https://www.metacareers.com/jobs/538598568845759/">website</a> seeks a public policy manager to focus on the White House, preferably with security clearance and Pentagon experience, to &#8220;lead our outreach to national security and foreign policy agencies within the Executive Branch of the U.S. government.&#8221;
In January, Meta brought on Francis Brennan, a former Trump advisor, to lead strategic communications in Washington, D.C.&nbsp;
Forbes reports that another new hire, who worked for an undisclosed government agency for over a decade, wrote on LinkedIn that they will focus on &#8220;intelligence sharing&#8221; with the government. &#8220;Whether it's protecting national security or strengthening the platforms that billions rely on, I'm grateful for the opportunities that allow me to give back,&#8221; the employee reportedly posted.
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Meta didn't comment to Forbes, but the intentions are clear: follow the money. Shana Marshall of George Washington University put it bluntly, telling Forbes, "If you are looking for a money spigot that's never going to get turned off, you go to the Pentagon."
Zuckerberg has also been working hard to cozy up to the Trump administration.
<h2 class="wp-block-heading">Courting the White House&nbsp;</h2>
After donating $1 million to Trump's inauguration committee, he made several moves that seemed designed to appeal to conservatives—<a href="https://www.benzinga.com/news/25/03/44305204/metas-community-notes-to-replace-third-party-fact-checkers">ending Facebook's third-party fact-checking program</a>, disbanding its diversity team, and appointing Trump ally and UFC President <a href="https://www.benzinga.com/general/social-media/25/01/42833727/dana-white-wanted-elon-musk-mark-zuckerberg-in-cage-fight-now-hes-on-metas-board-of-directors">Dana White to Meta's board</a>.
Despite once saying <a href="https://www.benzinga.com/news/24/08/40667286/trump-warns-zuckerberg-in-latest-book-says-he-could-be-in-prison-for-the-rest-of-his-life-we-are-wat">Zuckerberg "should be jailed for life,"</a> President Donald Trump appears to have had a change of heart. The two <a href="https://www.benzinga.com/markets/24/11/42227958/mark-zuckerberg-and-trump-reportedly-met-at-mar-a-lago">met at Mar-a-Lago in November</a>, and <a href="https://www.benzinga.com/news/25/01/42995328/trump-inauguration-from-elon-musk-jeff-bezos-to-barack-obama-george-bush-and-bill-clinton-who-all-will-attend">Zuckerberg attended Trump's inauguration</a>. He even <a href="https://www.benzinga.com/real-estate/25/04/44657361/mark-zuckerberg-was-the-secret-all-cash-buyer-of-that-23-million-d-c-mansion">bought a $23 million home</a> in Washington, D.C.
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Meta hasn't announced any direct defense contracts yet, but it's already working with major military contractors like Palantir (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), and Booz Allen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>). The company said in a <a href="https://about.fb.com/news/2024/11/open-source-ai-america-global-security/">statement</a> last year, &#8220;It is in both America and the wider democratic world's interest for American open source models to excel and succeed over models from China and elsewhere.&#8221;
The shift mirrors a broader trend among tech companies. After years of avoiding military deals due to ethical concerns, firms like Google, OpenAI and Anthropic are now lining up to work with the U.S. government.
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PLTR

'Money Spigot That's Never Going Off'—Meta Reportedly Hiring Ex-Pentagon Officials As They Target Defense Contracts

<ul class="wp-block-list">
<li>McDonald's announced it will be hiring 375,000 people this summer</li>
<li>This is the company's biggest employment initiative since 2020</li>
<li>The announcement comes after two consecutive quarters of losses for the fast food giant</li>
</ul>
McDonald's <a href="https://corporate.mcdonalds.com/corpmcd/our-stories/article/mcdonalds-usa-summer-hiring-celebrate-archways-anniversary.html">announced</a> on Monday that it plans to hire 375,000 new employees this summer. The announcement, which was first made during a news conference with U.S. Labor Secretary Lori Chavez-DeRemer, marks the company's largest employment initiative in five years.
New employees will help fill gaps in the company's more than 13,500 U.S. restaurants, according to media reports. They will also help staff the 900 new restaurants that McDonald's plans to open across the country over the next two years.&nbsp;
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McDonald's is one of the largest employers in the country, with the company claiming it has employed roughly one in every eight&nbsp; Americans. Still, Dave Burchfield, the global people strategy director for the company at the time, told <a href="https://www.hrreporter.com/focus-areas/automation-ai/how-mcdonalds-is-supersizing-engagement/370071">HR Reporter</a> in 2022 that the company has "an average of 100% turnover around the globe" and is always in need of new talent.
Because of this near-constant need to bring on new employees, McDonald's typically leaves staffing up to its franchisees, and large-scale employee enlistment programs of this size are rarities.&nbsp;
Joe Erlinger, McDonald's USA president, told CNN that he sees hiring initiatives like this one as "win-win," as they make the company "more competitive while also positively impacting the economic and social conditions of the communities where we do business."
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
"I often think about the time I spent working in our restaurants as a General Manager, and it was immediately clear that crew members are the heart and soul of this brand," Erlinger said in a statement. "They go above and beyond to take care of our customers, and it's our job to take care of and create opportunities for them.&nbsp;
The employment initiative comes just weeks after McDonald's reported its second consecutive quarter of declining sales. In its <a href="https://corporate.mcdonalds.com/content/dam/sites/corp/nfl/pdf/Q1_25_Earnings_Release.pdf">Q1 earnings report</a>, released on May 1, the company said it had seen a 1% drop in global sales and a 3.6% drop in U.S. sales. On the <a href="https://seekingalpha.com/article/4780500-mcdonalds-corporation-mcd-q1-2025-earnings-call-transcript">earnings call</a> later in the day, CEO Chris Kempczinski and CFO Ian Borden, both attributed the declines to a pullback in spending from low-income consumers.&nbsp;
The initiative also comes at a pivotal moment for the U.S. economy. The <a href="https://www.bls.gov/news.release/pdf/empsit.pdf">Bureau of Labor Statistics</a> reported earlier this month that 177,000 jobs were added in April, keeping unemployment at a low 4.2%. But with Trump's tariffs <a href="https://www.cnbc.com/2025/04/08/trump-tariffs-job-market-impact-will-mostly-be-negative-economists-say.html">causing uncertainty</a> about whether or not unemployment will stay low, incentives like this one can go a long way in keeping confidence in the economy up.&nbsp;
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Image: Shutterstock

McDonald's Announces Biggest Employment Initiative In 5 Years, Says It Will Hire 375,000 People This Summer

Vice President JD Vance has a huge lead over other possible contenders for the 2028 Republican presidential nomination according to a new poll.
What Happened: A survey conducted by J.L. Partners reveals that 46% of registered Republicans support Vance as the successor to President Donald Trump. No other candidate broke out of single digits.
According to the J.L. Partners <a href="https://jlpartners.com/">survey</a>, Gov. Ron DeSantis (R-Fla.) is a distant second to Vance at 8%, followed by Vivek Ramaswamy at 7%. Secretary of State Marco Rubio and Sen. Ted Cruz (R-Texas) each garnered 6% support, while former South Carolina governor and UN Ambassador Nikki Haley secured 5%.
If Donald Trump Jr. is listed as an option, he polls 14%, still far behind Vance.
Vance, a Yale Law graduate and former venture capitalist, rose to prominence with his 2016 memoir Hillbilly Elegy. Initially a Trump critic, he was a strong supporter of Trump during his successful Senate run in 2022 and has been a key communicator on issues such as immigration enforcement, trade, and social issues within the Trump administration.
Also Read: <a href="https://www.benzinga.com/news/25/03/44450678/jd-vances-poll-numbers-at-all-time-low-for-a-new-vp-breaking-kamala-harris-record">JD Vance&#8217;s Poll Numbers at All-Time Low for a New VP, Breaking Kamala Harris Record</a>
Why It Matters: According to&nbsp;JL Partners research manager Caroline&nbsp;Mulvaney, Vance &#8220;can&nbsp;expect to gain further support&nbsp;from voters who are currently&nbsp;supporting individuals unlikely to end&nbsp;up on the 2028 ticket,&nbsp;as well as at least&nbsp;some&nbsp;support from voters who are&nbsp;currently undecided.&#8221; 
This suggests that Vance&#8217;s lead in the race could potentially grow as the nomination process progresses, making him a strong contender for the 2028 Presidential election.
Read Next: <a href="https://www.benzinga.com/news/25/03/44211191/vp-vance-slams-pro-ukraine-protesters-for-confronting-him-with-his-daughter-chasing-a-three-year-old-for-politics" target="_blank" rel="noreferrer noopener">VP Vance Slams Pro-Ukraine Protesters for Confronting Him With His Daughter: ‘Chasing a Three-Year-Old for Politics'</a>
Image: Shutterstock/Consolidated News Photos

Politics

Poll Shows Vance With Big Lead For 2028 GOP Presidential Nomination

Reid Hoffman, the co-founder of LinkedIn, has found it necessary to engage personal security due to threats incited by unfounded allegations made by Elon Musk.
What Happened: Last year, Musk made a series of comments on social media and in interviews, implying a connection between Reid Hoffman and the late convicted sex offender Jeffrey Epstein. In response, Hoffman addressed the issue in a conversation with The Sunday Times, dismissing Musk's remarks as "accusations without proof."
Musk reacted with a &#8220;100&#8221; emoji to a social media post that implied&nbsp;Hoffman had visited Epstein&#8217;s private&nbsp;island. In&nbsp;an interview with Tucker Carlson, Musk also insinuated&nbsp;that Hoffman was one of&nbsp;the &#8220;billionaires behind Kamala&#8221; Harris,&nbsp;expressing apprehension about Epstein&#8217;s client list being revealed.
Speaking with the outlet, Hoffman <a href="https://www.thetimes.com/business-money/companies/article/linkedin-founder-reid-hoffman-ive-had-threats-of-violence-since-musk-slanders-nfclq2s0r">expressed</a> his disappointment and anger at Musk&#8217;s defamatory comments. He confirmed that he had engaged security due to the threats, but refrained from providing additional details.
Also Read:&nbsp;<a href="https://www.benzinga.com/general/entertainment/22/06/27557540/musk-says-he-wants-to-see-epstein-maxwell-client-list-twitterati-cant-stop-trolling-him-3" target="_blank" rel="noreferrer noopener">Musk Asks Why Epstein-Maxwell Client List Hasn't Leaked, Responds To Twitter User Who Suggested He Was A Client Himself</a>
&#8220;Elon&#8217;s defamation makes me angry and sad,&#8221; Hoffman said. &#8220;Angry because it is an ugly assault. Sad because it comes from someone whose entrepreneurial achievements I continue to admire.&#8221; Hoffman declined to share details of the threats but confirmed he had hired security in response.
In 2019, Hoffman acknowledged a past encounter with Epstein and expressed remorse&nbsp;for inviting him to a&nbsp;2015 dinner party attended by tech industry leaders,&nbsp;including Musk, Mark Zuckerberg, and&nbsp;Peter Thiel. 
He later expressed regret, writing to Axios, &#8220;By agreeing to participate in any fundraising activity where Epstein was present, I helped to repair his reputation and perpetuate injustice. For this, I am deeply regretful.&#8221;
He has since denied attending any events associated with Epstein and expressed regret over the incident.
Why It Matters: This incident underscores the potential dangers of unfounded accusations made on public platforms. High-profile individuals, such as Hoffman, can face serious threats due to such allegations, necessitating the need for personal security. 
The situation also highlights the responsibility of public figures like Musk in ensuring their comments are based on verified facts.
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Image: Shutterstock/Copyright Lawrey

Tech

LinkedIn Cofounder Reid Hoffman Says Elon Musk's Baseless Jeffrey Epstein Claims Forced Him To Hire Security

It's hard to become successful in any industry, but the path gets even more difficult if you look for a quick route. "The 10X Rule" author Grant Cardone recently shared a concise <a href="https://x.com/GrantCardone/status/1922069256876810557">X post</a> that serves as a good reminder for people who are looking for ways to get rich quickly.
"There are no shortcuts," Cardone said.
X users were in universal agreement and chimed in with their thoughts. Knowing that there aren't any shortcuts can be empowering for anyone who wants to achieve financial independence or build a successful business. Here's why.
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<h2 class="wp-block-heading">The Only Real Shortcut Is Doing The Work</h2>
Shortcuts appeal to people who don't want to outwork their peers and the competition. However, the pursuit of a shortcut can cause people to slow down on their goals and derail progress. Instead of looking for a faster way to get there, you just have to put in the work.
Instant gratification and quick hacks have become mainstream, but you have to ignore the noise to succeed at ambitious, long-term goals. One X user explained it effectively when responding to Cardone's post.&nbsp;
"I used to look for every hack in the book. Biohacks, business hacks, even mindset hacks. [I] eventually realized the only ‘shortcut' was doing the work every day when no one's watching."
There is no instant gratification if you work silently without receiving accolades from your peers. However, it's more rewarding in the long run to fully immerse yourself in your long-term goals.&nbsp;
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
<h2 class="wp-block-heading">Take Consistent Action</h2>
It's easy to feel motivated about not taking shortcuts for a day or week. However, it often takes many years of consistent action to reach your goals.&nbsp;
Building a stock portfolio that can cover your retirement will take multiple decades. You have to carefully select ETFs and individual stocks that align with your risk tolerance and long-term goals. Investors also have to stay firm on their long-term winners when stocks endure corrections.&nbsp;
It's not easy to take consistent action, and you will come across some roadblocks. Making progress every day, even if the progress is small on some days, is a quicker path to success than hunting for a nonexistent shortcut.
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<h2 class="wp-block-heading">Quick Wins Deceive</h2>
Although Cardone says there are no shortcuts, some people get lucky and win the lottery. Someone can also make a good investment early that multiplies their money. However, these types of successes aren't the best ones to have.
Quick wins are deceptive and can make you feel like you are smarter than you are. An options trader who has back-to-back successful trades may feel overconfident and risk more money on subsequent trades until they get humbled.
Some people win the lottery, but many of them end up broke. That's because people who are hoping to win the lottery usually have bad money habits. Someone who is building a million-dollar portfolio doesn't have money to waste on lottery tickets.&nbsp;
More money doesn't change who you are. It makes you more of who you already are. People who win the lottery or receive massive inheritances will burn through all of it if they have conditioned themselves to get into debt and spend every last dollar they earn.
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<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.30/share with a $1000 minimum.</a></li>
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Image: Shutterstock

Grant Cardone Shares A Brutal Truth For People Who Want Quick Riches: 'There Are No Shortcuts'

As the global gaming landscape evolves, few projects embody the bold leap from Web2 to Web3 quite like MapleStory Universe (MSU) — the blockchain-based expansion of Nexon's iconic IP.
Spearheaded by NEXPACE, Nexon's dedicated Web3 division headquartered in Abu Dhabi, MSU is redefining what sustainable, community-driven gaming economies can look like.
Backed by a $100M commitment and with over 17.6 million transactions and 470,000+ active wallets from public playtests, MSU is more than a Web3 experiment — it's a blueprint for the future of gaming.
During the TOKEN2049 Dubai, we sat down with Dominic Jang, Chief Business Officer &amp; Vice President, Nexpace Limited, MapleStory Universe, to explore the convergence of gaming, culture, and blockchain.
With over 15 years in global game operations and business development, Dominic shares his vision for building lasting Web3 ecosystems, why the UAE is emerging as a Web3 gaming hub, and how MSU is empowering creators and players through UGC, digital ownership, and on-chain innovation. Here's an excerpt from that conversation with Benzinga.
What sets MSU's approach to Web3 gaming apart from traditional play-to-earn models?
What differentiates MapleStory Universe from the traditional play-to-earn model is the foundation it is built on: a globally recognized, time-tested IP with a massive existing player base. MapleStory IP, developed by Nexon, has accumulated over 250 million registered users worldwide and has generated $5 billion in lifetime revenue since its launch. We are bringing this proven franchise with over two decades of live-service operation for community trust. In the past, many play-to-earn models have historically launched without in-depth consideration of entertainment value in gameplay or users, relying on financial incentives to attract short-term attention. This has often led to unsustainable economies and rapid user churn. In contrast, MapleStory Universe brings blockchain functionality to a world that already has depth, longevity, and a deeply engaged community. &nbsp;
Another key distinction is MapleStory's extensive underground economy, which has long existed outside of official game ecosystems. Although not officially endorsed, this underground peer-to-peer economy across global servers is considered a billion-dollar market. Players trade rare items, accounts, and services through unofficial grey markets. These economies emerged organically due to strong player demand, but in the web2 world, they were unregulated and risky. MapleStory Universe addresses this by formalizing these behaviors on-chain, giving players secure, transparent ownership and the ability to engage in value creation within a supported framework. We aim to transcend the project by combining the strengths of a globally successful IP with the capabilities of Web3, creating a gaming economy where fun, ownership, and longevity go hand-in-hand.
How is MSU building a sustainable, community-driven economy in its game ecosystem?
MSU's economy is designed to be adaptive, participatory, and resistant to speculative pressure. At its core is NXPC, the ecosystem token powered by the Nexpace Protocol, which governs the flow of value through two key mechanics: Fission and Fusion. Players redeem NXPC for NFTs when needed, and return NFTs for NXPC when utility shifts. This keeps the economy aligned with player-driven gameplay.
Designing for scale and longevity is a key sustainable factor for MSU as well. This is where the Nexpace Protocol plays a central role. MapleStory Universe is only the first of many IPs to be integrated into the protocol. Nexon's broader portfolio includes global successful mega-IPs, each with their own economies, communities, and design systems. As more IPs onboard, the protocol becomes a multi-IP economy, where assets, creators, and players move fluidly between game worlds. This cross-IP interoperability creates long-term retention, deeper engagement, and a more resilient digital ecosystem overall. NXPC offers an economic framework designed to evolve with players, scale across IPs, and remain sustainable over time.
What makes the MENA region a strategic hub for blockchain gaming innovation?
The MENA region, particularly the UAE, has emerged as a global leader in blockchain innovation, thanks to its favorable regulatory environment. Here at MSU, we believe that the MENA region provides us with the space where legacy IPs and digital ownership can thrive, aligning with our vision of a player-driven economy and ecosystem.&nbsp;
Abu Dhabi, the global headquarters for Nexpace, was strategically selected for its forward-thinking regulatory landscape and its strong commitment to blockchain innovation. The city's robust infrastructure and proactive policies enable us to confidently invest in the talent and resources required to drive long-term growth. Additionally, the region's demographic advantages play a crucial role in our wider decision to set up a base in MENA. With a young, tech-savvy population and the growing appetite for IP-centric digital economies, the Web3 gaming industry is expected to contribute to the region's GDP — potentially injecting US$4B through the renewed interest in gaming. Security and compliance are also critical factors that we took into consideration. 
How is UGC shaping MSU's gameplay and player engagement strategies?
Taking a step back, if you have a closer look in the entire entertainment industry, there is an obvious trend, where every consumer's preference over what kind of contents they find entertaining or fun, is increasingly diversifying, and it's becoming almost impossible for one single entity to cope with such diverging demands. TV stations are losing their viewers to streaming platforms, and now we are living in a world where anyone can become their own media. Game studios are not immune to this big wave. If you take a look at TikTok, we are seeing a much clearer trend, where consumers are becoming content creators themselves at the same time, even to an extent that content creation itself is becoming an entertainment, and I highly evaluate TikTok for content creation being incredibly accessible.
We, at Nexon Group, believe that user-generated content (UGC) is at the heart of what makes MapleStory unique and engaging for our players. A great example of this would be MapleStory World, the original MapleStory's UGC platform that saw over 100,000 concurrent users and has created adapted games from the original IP like Artale or Maple Land. In the MapleStory Universe ecosystem, we are taking this one step further by empowering players to create, trade and monetize their own creations, by adding one more layer of blockchain. We are introducing Synergy Apps, which enable players to integrate their creations within existing gameplay systems. These apps create a virtuous cycle of creation, ownership, and utility, allowing players to not just play the game but shape its evolution. Over the course of ecosystem growth, we are introducing more APIs, SDK, and game development tools, to allow users to interchangeably interact with different Synergy Apps, eventually creating much fruitful player experience based on creative strategies, leading to everlasting creation of next-gen contents. The use of blockchain technology and its characteristics are what takes UGCs to the next level and keeps players engaged.
What opportunities does asset ownership unlock for players in your ecosystem?
Asset ownership fundamentally changes how players interact with games. Instead of assets being confined to a single server and controlled by game creators for instance, players will be able to truly own their items and trade them freely. This sense of ownership not only adds real value to their in-game efforts but also fosters a more direct participation by players to preserve the value of the assets they own. Finally, it unlocks the potential for players to earn from their creative contributions, whether through marketplace sales or peer-to-peer transactions. In essence, ownership means that players are not just participants but have an actual stake in MSU's narrative.
One of the most significant opportunities asset ownership unlocks is the formalization of player-driven economies that have long existed outside official game systems. For years, players have found ways to trade rare items or in-game progress through unofficial channels, often facing risks such as fraud, account bans, or loss of assets. These grey markets emerged because players wanted more control over the value they created, even when the system didn't support it.
With MapleStory Universe, we're addressing that need directly. By integrating blockchain, we enable players to truly own their in-game assets. These items can be traded, collected, or used across multiple experiences in a secure and transparent environment that is officially supported. This removes the need for unregulated workarounds and ensures players are rewarded for their time, effort, and creativity within the ecosystem. 
How has Nexon's $100M investment accelerated MSU's Web3 development roadmap?
The $100M investment from Nexon has certainly played a pivotal role in accelerating MSU's Web3 development. However, it's important to highlight that MSU's approach is fundamentally different from most crypto projects. Instead of relying on the typical venture capital routes that often lead to inflated valuations, we made the deliberate decision to opt out of concentrated VC ownership. This strategic move is a core element of our long-term vision for a sustainable Web3 entertainment platform.
In contrast to the overcapitalized "foie gras" scenarios seen in the market—where projects are prematurely inflated only to be dumped once liquidity events occur—we are focused on building a project that centers on real utility and long-term user engagement. This means that, while the investment helps us grow and accelerate development, it doesn't come with the pressure of quick token listings or speculative hype cycles. Instead, we're building a robust ecosystem that emphasizes utility-first, user-focused features like open-world content creation tools (APIs, SDKs, synergy apps), real user engagement, and a sustainable, incentive-driven economy.
This focus on building an ecosystem grounded in MapleStory's proven IP, rather than chasing short-term market hype, allows us to create a genuine user-driven platform. By rolling out features only when they're truly ready and backed by real usage data, we're ensuring that MSU's growth is driven by organic demand and community involvement, rather than the unpredictable swings of speculative capital.
What's next for MSU in terms of expanding its universe and onboarding creators?
We are constantly exploring ways to expand MSU and onboard more creators into our ecosystem. Following the launch of MapleStory N on 15 May, we will look to roll out more robust creator tools and host collaborative events to inspire community-driven content.
Looking ahead, our vision extends beyond MapleStory N. As the MSU ecosystem continues to evolve and grow, we see potential in adding more IPs to the universe. Players will be able to experience new narratives and gameplay while remaining within the same blockchain. By building an interconnected world of games and IPs, we are laying the foundation for long-term growth and a prosperous community. Lastly, we hope to expand our user base — from traditional gamers to Web3 enthusiasts we aim to foster a more adaptive and creative community where literally anyone can play and create within MSU.

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Cryptocurrency

At MSU, We Aim To Merge Global IP With Web3 To Build Gaming Economy Rooted In Fun, Ownership, And Longevity, Says Dominic Jang

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly faces mounting scrutiny from U.S. authorities over its efforts to incorporate artificial intelligence features in iPhones sold in China through <a target="_blank" href="https://www.benzinga.com/25/02/43631776/apple-teams-up-with-alibaba-for-ai-innovation-in-china-submits-ai-features-for-regulatory-approval" rel="noreferrer noopener">a potential partnership with </a><a target="_blank" href="https://www.benzinga.com/25/02/43631776/apple-teams-up-with-alibaba-for-ai-innovation-in-china-submits-ai-features-for-regulatory-approval" rel="noreferrer noopener">Alibaba Group Holding Ltd.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>).
The deal, which would allow Alibaba&#8217;s AI technology to power iPhones in China, has drawn concern from both the White House and Congress due to national security risks and the potential amplification of Chinese tech capabilities, The New York Times <a href="https://www.nytimes.com/2025/05/17/technology/apple-alibaba-ai-tool-china.html" target="_blank" rel="noreferrer noopener">reports</a>, citing people familiar with the discussion.
Over recent months, U.S. officials have privately questioned Apple executives about the proposed tie-up.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/05/45473543/alibabas-cloud-and-e-commerce-units-shine-as-analyst-sees-ai-take-rates-fueling-future-growth" rel="noreferrer noopener">Alibaba Misses Revenue, But AI Cloud Has Silver Lining</a>
Lawmakers are worried that working with a major Chinese firm could lead to data-sharing obligations under Beijing&#8217;s laws and assist China&#8217;s advancement in military-use AI.
Meetings between Apple and members of the House Select Committee on China revealed gaps in Apple&#8217;s preparedness, with company representatives reportedly unable to provide specifics about regulatory commitments or data protections.
The friction comes amid a broader tech rivalry between the U.S. and China.
Policymakers, viewing AI as pivotal in future warfare, have taken steps to restrict China&#8217;s access to cutting-edge AI chips. Now, they&#8217;re weighing whether to add Alibaba and similar firms to a blacklist that would bar dealings with American companies, The New York Times adds.
Adding fuel to the fire, former President Donald Trump recently criticized Apple CEO Tim Cook for shifting manufacturing to India<a target="_blank" href="https://www.benzinga.com/markets/25/05/45462006/no-change-in-apples-production-plans-says-india-despite-trumps-little-problem-with-ceo-tim-cook-report" rel="noreferrer noopener"> instead of focusing on domestic production.</a>
The remarks came during Trump&#8217;s Middle East visit, highlighting broader dissatisfaction with Apple&#8217;s global strategy.
China remains Apple&#8217;s second-largest market, making the stakes particularly high.
Without a local AI partner like Alibaba, Apple could struggle to keep pace with domestic rivals such as Huawei and Xiaomi.
Apple reportedly explored multiple local partners before settling on Alibaba and has already sought regulatory clearance for the AI features. However, congressional leaders remain alarmed by the possibility of Apple binding itself to Chinese laws in this emerging technological domain.
Rep. Raja Krishnamoorthi (D-IL) expressed frustration over Apple&#8217;s lack of transparency, calling Alibaba &#8220;a poster child&#8221; for China&#8217;s military-civil fusion strategy.
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BABA

iPhones, AI, And Alibaba: Why Apple's China Bet Alarms Donald Trump

Elon Musk&#8217;s influence within the Trump administration&#8217;s Department of Government Efficiency (DOGE) is gradually diminishing, yet the agency&#8217;s sweeping reforms <a target="_blank" href="https://benzinga.com/news/management/25/05/45140155/musk-shifts-focus-back-to-tesla-says-doge-will-endure-without-him-is-buddha-needed-for-buddhism" rel="noreferrer noopener">continue to reshape the federal landscape.</a>
Despite Musk&#8217;s diminishing presence, DOGE has already rooted itself in multiple agencies and launched projects ranging from IT overhauls to constructing a centralized data system intended to bolster fraud detection and immigration enforcement, CNN <a target="_blank" href="https://edition.cnn.com/2025/05/17/politics/musk-doge-future" rel="noreferrer noopener">reports</a>.
In the early months of Trump&#8217;s second term, DOGE helped facilitate layoffs affecting more than 120,000 federal workers.
Others took early retirements or relocation packages amid a flurry of program cuts and departmental shake-ups.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/25/05/45481170/as-tesla-stock-witnesses-nearly-45-surge-in-one-month-elon-musk-asks-minnesota-governor-tim-walz-hows-your-day-bro" rel="noreferrer noopener">Elon Musk Takes A Swipe At Minnesota Governor Tim Walz As TSLA Stock Surges 45% In One Month: &#8216;How&#8217;s Your Day, Bro?&#8217;</a>
These actions have caused confusion and discontent among public employees, some of whom described significant operational disruptions and morale dips across agencies.
Although Musk has confirmed he will refocus his attention on Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), he plans to remain peripherally involved in the federal initiative.
Administration officials and lawmakers close to DOGE insist the agency&#8217;s work will go on uninterrupted, citing a deeply embedded structure that now spans nearly every executive department.
Many DOGE staffers occupy positions with long-term contracts or renewable terms, while others have assumed roles traditionally viewed as permanent.
This workforce includes engineers and advisers drawn from SpaceX, X, and Musk&#8217;s affiliated companies.
Some Cabinet officials, such as Secretary of State Marco Rubio and Treasury Secretary Scott Bessent, have reportedly resisted what they see as DOGE&#8217;s overreach into their jurisdiction.
Critics say DOGE&#8217;s tactics mirror Silicon Valley&#8217;s disrupt first approach, with some initiatives lacking clear legal parameters.
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Shutterstock/Joshua Sukoff

Elon Musk Pulls Back—But His Federal Overhaul Machine Rolls On

When a parent cares full-time for a disabled adult child, Social Security rules can add unexpected financial hurdles. One mother recently shared her story on the <a href="https://www.reddit.com/r/SocialSecurity/comments/1kkav5u/disabled_adult_to_have_ssi_reduced_to_0_when/">r/SocialSecurity subreddit</a> after learning that child support payments — mandated by her state — would completely wipe out her son's Supplemental Security Income, or SSI, benefits.
<h2 class="wp-block-heading">From Shared Expenses to Child Support</h2>
For years, the woman and her now-estranged husband raised their son together. Their adult son, who has a profound developmental disability, qualified for SSI at age 18. While his benefit was already reduced by one-third due to living rent-free with his parents, the family was managing. The father's income covered most of the housing expenses, while the mother — unable to work full-time due to caregiving needs — stayed home with their son.
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Following the couple's separation, the mother became the sole caregiver and lost the household income once contributed by her husband. To meet the state's legal requirements and maintain support for their son, the father was ordered to pay <a href="https://www.benzinga.com/markets/equities/25/04/44578251/elon-musks-baby-mama-sells-100k-tesla-after-60-child-support-cut-maga-influencer-says-shes-not-the-only-one-who-is-cleaning-up-after-his-messes">child support</a>, since the adult child cannot live independently.
<h2 class="wp-block-heading">Why the Child Support Caused SSI to Drop</h2>
Under SSI rules, any child support paid directly — or even indirectly — for a disabled adult is considered unearned income. SSI benefits are reduced dollar-for-dollar by most unearned income after a $20 general exclusion. So even though the child support is meant to replace the father's share of <a href="https://www.benzinga.com/markets/25/05/45384608/u-s-households-now-need-70-more-income-to-buy-a-home-double-whammy-of-skyrocketing-prices-and-rates">household expenses</a>, it's treated differently than when he simply lived in the home and paid the bills.
In this case, the mother determined that once child support begins, her son's monthly SSI benefit of $644.67 – plus $44 in state assistance – will drop to zero.
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<h2 class="wp-block-heading">Complex Rules With Real-Life Impacts</h2>
This change highlights a quirk in SSI regulations: in-kind support and maintenance, such as&nbsp; free shelter, reduces benefits, but cash support like child support can eliminate them entirely. When the father lived in the household, SSA reduced the benefit by only one-third to account for the son receiving free housing. But with parents' divorce and father moving out, his contribution will now be in the form of child support — effectively cancelling the benefit. With the one-third reduction for housing and the subtraction of the child support "income," the son's disability benefit will be reduced to $0 — even though the mother's financial situation has worsened.
Commenters on the subreddit pointed out that this rule can create a disincentive to report or receive child support at all, unless the amount exceeds the maximum SSI benefit.&nbsp;
One suggestion: have the support money redirected to an ABLE account, a tax-advantaged savings account for individuals with disabilities. Deposits into an ABLE account, if done correctly, may not count against SSI limits.
See Also: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
Others advised that this mother consult her divorce attorney to possibly <a href="https://www.benzinga.com/personal-finance/25/02/43633242/will-i-get-our-house-if-i-divorce-him-asks-maine-woman-as-her-millionaire-husband-controls-all-finances-but-gives-her-4000-a-month">negotiate alimony</a> instead of child support. These approaches may protect SSI eligibility while still ensuring her son receives support.
While these approaches may help in certain situations, they don't account for the fact that the child support is mandated by the state the family lives in.&nbsp;
<h2 class="wp-block-heading">The Bottom Line</h2>
This story reflects a broader challenge faced by families caring for disabled adult children: SSI's strict and often confusing income rules don't always align with real-world caregiving situations. When financial responsibility shifts after divorce, understanding how different types of support are counted can make a significant difference in long-term income and stability.
If you're navigating a similar situation, it's wise to consult both a family law attorney and someone experienced with SSI rules — such as a disability benefits advocate or a Social Security expert.
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Image: Shutterstock

She Cares For Her Disabled Adult Son Alone. When Child Support Replaced Shared Housing Costs, His SSI Was Cut To $0

With a legacy rooted in cinematic excellence and iconic sound, THX Ltd. has long stood at the forefront of high-fidelity audio and video innovation. With Tuyen Pham as Chief Executive Officer, the company enters an exciting new chapter — one defined by cutting-edge innovation, global expansion, and a sharpened focus on the future of immersive media experiences.
An engineer by training and an entrepreneur by instinct, Pham brings over two decades of industry experience to THX. At the helm of THX, Pham is marrying the brand's storied heritage with a vision for the next generation of entertainment. He brings not only deep technical expertise but also a global perspective, having successfully led cross-border operations, built multicultural teams, and raised significant financial capital throughout his career.
As per Pham, his mission is clear: to preserve the gold standard of THX certification while pushing the boundaries of audio and visual excellence for today's consumers — whether they're watching films, playing games, or listening to music.
In this exclusive interview with Benzinga, Pham shares his vision for THX, the innovations on the horizon, and how he plans to continue delivering world-class experiences in a rapidly evolving digital landscape. Here's an excerpt from the interaction.
Share your journey from founding A-Volute to leading THX. How have your experiences shaped your vision for THX&#8217;s future?
I'm deeply focused on innovation, a key factor that helped A-Volute succeed against much larger brands in the past. At THX, I'm building on its strong legacy of branding while driving innovations that truly benefit the end user. Unlike A-Volute, where despite powering millions of devices, creating a recognizable brand was a challenge, THX already has an established reputation built over 40 years.&nbsp;
My vision for THX remains true to its founding mission—delivering the best audio and video experiences. I&#8217;m pushing for innovations that are not just new for the sake of it, but practical and meaningful for users. This approach ensures that we stay ahead of trends and continue to provide value with each new device and experience we help create.&nbsp;
THX has a storied legacy in audio excellence. How do you plan to balance this heritage with the need for innovation in today&#8217;s market?
Everything is moving quickly these days with changes in habits, platforms, and technology. China, particularly Shenzhen, is at the forefront of innovation in AI, robotics, hardware, and consumer electronics. THX is committed to staying ahead of these trends and forecasting future ones to reshape how we consume media.
Our goal is to remain at the forefront of high-end audio quality while leveraging our branding, audio-marketing, industry expertise, and technology to help partners push boundaries. For instance, we recently helped launch the first THX-certified ARC-V 5 headphones, a significant milestone in the industry. This reflects our commitment to helping brands validate and market their products while integrating cutting-edge audio technologies, like the immersive THX special audio technology for a truly high-quality listening experience. 
The partnership with Skullcandy brings THX Spatial Audio to a broader audience. What does this collaboration signify for THX&#8217;s strategic direction?
We want to be everywhere, meaning that we want to help every device, and Skullcandy is a very well-known brand, especially in the US and Europe, and this also helps us to reach a younger generation. And this is very key for us, to be able to put the THX branding in the front of eyes of all generations. And it helps Skullcandy to bring THX technology on board to reach and market to the audiophile audiences which is a THX strong suit.
Of course THX is very well known for the cinemas and a lot of movies, especially with DVDs, we&#8217;re having the THX logo at the beginning, but how can we continue that, and how we can expose more users to THX, and this is one of the ways we&#8217;re doing it, is helping new partners to do that, and also help them to integrate new technologies there.&nbsp;
So is Dolby one of the competitors? I would say Dolby is sometimes a partner, because we have some products like Soundbars from SCI Robotics or ZTE that can decode Dolby and have THX together. Sometimes we&#8217;re competitors, but I would say that we are all in the audio field, and what is very interesting to me is that we all have the same mission, to make sure the audio is good, and to make sure to educate about the importance of audio. &nbsp;
With your background in immersive audio, how do you see THX influencing the evolution of audio experiences across different platforms?
We are currently focused on two key initiatives to push spatial sound to the next level. The first is our involvement in the Alliance of Open Media (AOM), specifically within the IMF workgroup, where we are helping to develop the Eclipsa audio format that has been announced. This new format allows content creators to encode media using a completely free codec, making it accessible for all consumer electronics to decode and experience multi-channel audio, 3D sound objects, or advanced ambisonics.
By making this technology freely available, we aim to broaden the adoption of spatial audio and enhance the overall audio experience for users. The second initiative, which we announced at GDC, Razer Wyvrn, involves the development of a game developer's plugin. This THX game plugin,  offered on the Wyvrn platform, will be integrated into sound engines across games, enabling them to output spatial sound, with the first output being in the IMF format. By pushing these boundaries, we are working to expose more people to the benefits of spatial audio, both in gaming and other media experiences.
THX&#8217;s technologies are now integrated into various consumer electronics. How do you ensure consistency and quality across these diverse applications?
THX possesses deep expertise in audio and video technology and marketing, with a particular focus on audio. Our core asset is our knowledge of what constitutes great audio, how to measure it, and how to help partners build better products. We offer this expertise to help partners improve their designs, from hardware to component selection. Some partners come to us early in the process, allowing us to guide them through the hardware design, component choices, and even the materials used inside the products.
Our commitment to quality extends throughout the entire process. When certifying an audio product, we perform over 450 measurements, including electrical and acoustic tests, to ensure top-notch performance. We identify areas for improvement, leaving little room for error. The THX logo represents the highest performance achievable at a given price point.<del></del>
In an era where audio technology is rapidly advancing, what challenges do you foresee, and how is THX preparing to address them?
So the first aspect is audio. So the output of audio, it&#8217;s either headphones, now there&#8217;s a new category of OWS, open wireless stereo headphones. There will be, I&#8217;m sure, a lot of new categories.
So we always do R&amp;D to be able to categorize those outputs, and then also keep our certification program up to date to that. So that&#8217;s the first thing. I think also on the, there&#8217;s AI, which is impacting a lot, all the audio processing.
And of course we are ready for that, we are using more and more AI functions, like in the software you will see, you have camera-based AI head tracking, which follows your head and can compensate the movement of your head while you&#8217;re playing a game or while you&#8217;re watching a movie. So we&#8217;re integrating more and more of those technologies. So there might be a switch on how, let&#8217;s say, the content is generated by AI, but we&#8217;ll make sure that those contents always sound great or always look great.
Looking ahead, what are your aspirations for THX in terms of innovation, market presence, and consumer&nbsp;engagement?
I want the THX logo to be everywhere and to become really the logo that gives trust to the end users. My vision for the THX logo is to make it a universal symbol of trust and excellence. &nbsp;When consumers see the THX logo, they should be assured that the product delivers the best performance available at that price point. Unlike some brands that only perform a single measurement, THX conducts hundreds of rigorous tests to ensure every product meets the highest standards. We&#8217;re committed to doing the hard work, helping our partners improve their products and achieve consistent quality.
Currently, THX has a global presence, with headquarters and R&amp;D based in California, along with offices in Europe and China. We've had a footprint in China for over eight years, with offices in both Beijing and Shenzhen, and we also have a presence in Taiwan. As the demand for high-quality audio and video devices increases, we're focusing more on expanding our operations in Shenzhen. We&#8217;re building a large lab to assist our partners with precise performance measurements for both audio and video products, offering quick turnarounds to keep up with the fast pace of the industry. 
While we already have strong partnerships in Europe, our primary focus for the next few years will be in China, particularly Shenzhen. The region is becoming a hotbed for innovation, with many emerging brands in the tech space, making it a key area for THX's expansion and growth. We&#8217;re excited to be at the forefront of these developments and continue helping brands bring top-tier products to the market.

Entertainment

Interview

At THX, I Am Building On Its Strong Legacy Of Branding While Driving Innovations That Truly Benefit The End User, Says Tuyen Pham

In an era of rising prices and <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45337839/if-you-have-to-google-are-we-in-a-recession-you-probably-feel-like-it">economic uncertainty</a>, it might come as a surprise to learn that many young Americans are prioritizing "fun" over funds. A recent Intuit Credit Karma <a href="https://www.creditkarma.com/about/commentary/new-necessities-young-americans-redefine-essential-spending-amid-economic-uncertainty">study</a> finds that 45% of Gen Z would rather reduce long-term savings than give up dining out — a trend that raises questions about spending habits and financial resilience.
<h2 class="wp-block-heading">Redefining What Counts as a Necessity</h2>
The Credit Karma survey asked 2,074 U.S. adults which non-essential items they'd still happily pay for, no matter their cash flow. A striking 87% of Gen Z (ages 18–28) say they consider certain non-essentials "necessities," compared with 84% of millennials (ages 29–44). In other words, things like streaming services, skincare products, and dining out have become budget line items, not luxuries.
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When pressed on <a href="https://www.benzinga.com/personal-finance/25/04/44774680/americans-should-cut-spending-to-the-bone-amid-trump-tariffs-says-personal-finance-expert">cutting back</a> if money gets tight, nearly three-quarters of Gen Z, or 74%, say they'd strongly consider trimming non-essential expenses — still lower than the 82% of millennials, 86% of Gen X (ages 45–60) and 87% of baby boomers (ages 61–79) willing to do the same.
<h2 class="wp-block-heading">Savings vs. Experiences</h2>
Perhaps the most eye-opening stat: just over half of millennials (51%) and 45% of Gen Z would opt to shrink their long-term savings rather than sacrifice lifestyle experiences such as eating out, travel, or gym memberships. This suggests a "live for today" mindset, where the immediate payoff of a night out or a weekend trip outweighs the abstract benefit of a beefed-up <a href="https://www.benzinga.com/personal-finance/25/02/43784108/millions-of-americans-could-get-up-to-1000-a-year-under-new-retirement-match-program">retirement account</a>.
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<h2 class="wp-block-heading">What Drives These Choices?</h2>
Several factors may be at play:
<ul class="wp-block-list">
<li>Social Media Influence: More than half of millennials, or 60%,  and over half of Gen Z, or  53%, report that social media has shaped their view of what's "necessary," nudging them toward spending on trending services and experiences.</li>
<li>Safety Nets: Approximately 22% of Gen Z say they haven't tightened their budgets for a possible recession because they rely on a financial cushion, such as parental support.</li>
<li>Acclimated Budgets: With <a href="https://www.benzinga.com/markets/25/05/45384608/u-s-households-now-need-70-more-income-to-buy-a-home-double-whammy-of-skyrocketing-prices-and-rates">living costs high</a>, many young people may have already adjusted their baseline expenses, treating certain non-essentials as routine rather than optional.</li>
</ul>
<h2 class="wp-block-heading">Expert Advice: Build a Cushion, Not Just Memories</h2>
"It's not entirely surprising that young people today are choosing to find comfort in spending on the things they enjoy, even amid economic uncertainty," says Courtney Alev, consumer financial advocate at Intuit Credit Karma.&nbsp;
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She recommends a simple audit: setting aside a small, regular amount—say $20 a week—into an emergency fund. "It's not about cutting out everything that brings you joy, but more about creating a financial cushion. Even the smallest steps could mean less stress and fewer tough choices in the near future."
<h2 class="wp-block-heading">Have Priorities Shifted — or Gone Off Track?</h2>
With nearly half of Gen Z willing to tap savings for lifestyle perks, it's clear that attitudes toward money are evolving. Are these young adults simply redefining what makes life worth living, or have spending priorities truly gone off track? As prices and expectations both remain high, the choices today's consumers make could shape their financial well-being for years to come.
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Image: Shutterstock

Some 45% of Gen Z Say They'd Rather Cut Savings Than Give Up Eating Out — Have Spending Priorities Gone Off Track?

Entrepreneur and investor Mark Cuban doesn't often hold back when sharing his opinion with investors or other entrepreneurs on social media or while he's <a href="https://www.benzinga.com/general/entertainment/25/05/45472538/mark-cuban-bids-farewell-to-shark-tank-how-to-watch-finale-and-whats-next-for-hit-show">on "Shark Tank."</a>
A recent social media post saw Cuban share his latest take on tariffs.
 What Happened: Tariffs have become a major point of debate since President Donald Trump <a href="https://www.benzinga.com/25/05/45256510/exclusive-trumps-approval-rating-drops-in-reader-survey-after-100-days-could-stock-market-be-to-blame">was inaugurated </a>in January 2025.
Tariffs on other countries or plans to place the higher costs on goods exported from other countries have often sent the stock market down.
Ahead of a recent<a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation"> 90-day pause</a> agreement on reciprocal tariffs between China and the United States, Cuban shared a warning for American consumers.
"Importers are leaving inventory in China ports. Waiting for tariffs to be lowered. If they are not lowered enough, there will be a crush to ship them here and transport them when they get here. That will drive transportation costs way up," Cuban said on <a href="https://bsky.app/profile/mcuban.bsky.social/post/3loodva4gz22b">Bluesky</a>.
Cuban summed up his thoughts into four words.
"More inflation, post tariffs."
Cuban suggests that inflation will go higher as the result of tariffs.
You may not be a billionaire like Mark Cuban, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/trading-ideas/25/05/45335286/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-64">check out five stocks flying under the radar that deserve your attention.</a>
Why It's Important: Cuban predicts consumers could see empty shelves, higher costs and high inflation as a result of the tariffs.
While some tariff prices have come down, including the previous 145% amount placed on China, the impact will likely hit consumers according to Cuban and other experts.
Public companies have begun to comment on how tariffs will impact their financials
Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) said it expects to see a <a href="https://www.benzinga.com/general/gaming/25/05/45415381/sony-could-see-680-million-tariff-impact-considers-moving-playstation-5-production-to-us">$680 million impact </a>from tariffs. To offset the impact, the company is considering moving production of the PlayStation 5 to the United States or raising prices on video game consoles to consumers.
Walmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), one of the world's largest retailers, recently reported quarterly financial results. Management said they will likely<a href="https://www.benzinga.com/news/management/25/05/45473067/walmart-prices-will-rise-within-weeks-as-trump-tariffs-drive-up-costs-will-other-retailers-follow-suit"> be raising prices</a> in the coming weeks to offset the impact of tariffs.
"We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margin," Walmart CEO Doug McMillon said.
Based on the recent earnings reports from companies, Cuban's four-word warning could become true sooner than later.
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Shutterstock/Kathy Hutchins

Global

Sony Group Corporation American Depositary Shares

SONY

Mark Cuban Sounds Alarm On Tariffs: Here's His 4 Word Warning To American Consumers

President Donald Trump&#8216;s approval ratings have taken a significant hit on almost all fronts, with the <a href="https://www.benzinga.com/news/25/04/45027947/trumps-second-term-viewed-as-chaotic-and-scary-by-majority-of-voters">notable exception of border security</a>.
What Happened: A new <a href="https://www.gelliottmorris.com/p/announcing-the-strength-in-numbersverasight">poll</a> by Strength in Numbers/Verasight, reveals that President Trump&#8217;s approval ratings are in the negative on every issue, except for border security. The survey, conducted from May 1 to May 6, included 1,000 adult participants.
The poll results show that a mere 40 percent of respondents&nbsp;either strongly or somewhat approve&nbsp;of Trump&#8217;s overall presidency, while 56 percent disapprove. 
This puts him at a deficit of 16 points. On specific policy areas, Trump&#8217;s ratings are even more dismal, with a net negative&nbsp;32-point rating on prices and&nbsp;inflation, and a 17-point deficit on jobs and the economy.
Additionally, Trump&#8217;s ratings are down by 20 points&nbsp;on government funding and social&nbsp;programs, and by 17 points on healthcare. His policies&nbsp;on immigration and deportations also&nbsp;received negative ratings, with deficits of two points and six points, respectively. 
Also Read: <a href="https://www.benzinga.com/news/25/05/45184463/donald-trumps-support-tanks-early-in-second-term-poll-numbers-paint-grim-picture">Donald Trump&#8217;s Support Tanks Early in Second Term — Poll Numbers Paint Grim Picture</a>
However, when it comes to border security, Trump seems to have found his silver lining, with&nbsp;a net positive approval rating&nbsp;of 10 points. 52 percent of respondents approve of his record on this issue, while 42 percent disapprove.
Despite these discouraging figures, it&#8217;s important to remember that&nbsp;there are still 17 months&nbsp;to go&nbsp;before the congressional midterm elections&nbsp;in 2026. A strategic&nbsp;shift in policy by the&nbsp;administration could potentially turn these ratings around.
Why It Matters: These poll results could have significant implications for the upcoming midterm elections. Trump&#8217;s low approval ratings on key issues such as the economy, healthcare, and government funding could potentially sway voters away from his party. 
However, his positive rating on border security might appeal to a certain demographic, potentially helping to balance out some of the negative sentiment. 
The next 17 months will be crucial in determining whether Trump can turn the tide in his favor.
Read Next
<a href="https://www.benzinga.com/markets/25/04/44780349/trumps-tariff-policies-fuel-economic-concerns-economists-expect-slower-growth-ahead" target="_blank" rel="noreferrer noopener">Trump's Tariff Policies Fuel Economic Concerns, Economists Expect Slower Growth Ahead</a>
Image: Shutterstock/Shutterstock AI

Poll Shows Trump's Approval Rating Underwater on Nearly Everything From Economy to Abortion

Jensen Huang says bussing tables at Denny's as a shy teenager taught him the people skills that helped him co-found Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), now an AI colossus worth roughly $3 trillion.
What Happened: Speaking on Hewlett-Packard's "The Moment" show back in October 2023, he added that the all-night diner doubled as the brainstorming lab where he and two friends "talked me into building Nvidia."
"My job at Denny's… I was incredibly shy and it got me to be able to interact with people a lot better," Huang recalled, praising the chain's bottomless coffee for fueling their late-night design sessions.
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He and co-founders Curtis Priem and Chris Malachowsky "had kids and dog," so they commandeered a booth near their San Jose homes to sketch out what became the first GeForce chip in 1993.
See also: <a href="https://www.benzinga.com/25/05/45466150/trump-decides-to-bypass-individual-trade-dealsnew-tariff-rates-to-be-set-unilaterally-and-notified-through-letters">Trump Decides To Bypass Individual Trade Deals — New Tariff Rates To Be Set Unilaterally And Notified Through &#8216;Letters&#8217;</a>
Three decades later, Huang still wraps sausages in pancakes — &#8220;This is exactly how I eat a pancake, to this very day,&#8221; he laughed — and tries to dissuade milkshake orders because &#8220;nothing kills me more than when somebody orders a shake.&#8221;
Denny's has since dedicated that <a href="https://blogs.nvidia.com/blog/nvidia-dennys-trillion/">corner booth</a> to Nvidia's origin story, a tribute Huang calls &#8220;the real birthplace of trillion-dollar silicon.&#8221;
What To Know: The former busboy now ranks 16th on Forbes' billionaires list, with a fortune topping $116 billion. Nvidia's shares have surged on demand for its <a href="https://www.benzinga.com/news/24/06/39233957/nvidias-ai-chip-the-product-propelling-its-success">H100</a> and upcoming <a href="https://www.benzinga.com/25/05/45245696/smci-issues-strong-q4-revenue-outlook-expects-nvidias-blackwell-to-fuel-growth">Blackwell GPUs</a>, positioning the firm to capture a projected <a href="https://www.benzinga.com/analyst-ratings/upgrades/25/01/43284333/nvidia-positioned-for-400-billion-ai-boom-with-advanced-gpus-new-product-launches-driving-revenue-growth-say-analysts">$400 billion slice</a> of data-center spending next year.
Similar to Nvidia, Reddit <a href="https://www.benzinga.com/general/social-media/24/03/37879478/humble-beginnings-like-nvidia-reddit-was-founded-inside-a-restaurant?utm_source=chatgpt.com">traces its spark</a> to an eatery too — a 2005 after-class stop at a Waffle House in Charlottesville, where University of Virginia roommates Alexis Ohanian and Steve Huffman <a href="https://news.virginia.edu/content/waffles-can-change-lives-just-ask-reddit-co-founder-and-uva-alum-alexis-ohanian">ditched</a> LSAT plans, brainstormed a new online hub and soon pitched the idea to Y Combinator, laying the groundwork for what would become "the front page of the internet."
Image via Shutterstock
Read next: <a href="https://www.benzinga.com/government/regulations/25/05/45466451/elizabeth-warren-torches-doges-social-security-fraud-claims-pointing-at-internal-memo-discovery-says-elon-musk-jd-vance-and-trump-are-lying">Elizabeth Warren Torches DOGE&#8217;s Social Security Fraud Claims Pointing At Internal Memo Discovery, Says &#8216;Elon Musk, JD Vance, And Trump Are Lying&#8217;</a>

NVDA

Nvidia's Jensen Huang Doesn't Want You To Order A Shake At Denny's, 'Get A Coke' He Says

In a social media outburst this week, President Donald Trump targeted music icons Taylor Swift and Bruce Springsteen, as well as the Supreme Court.
What Happened: Upon returning from a four-day Middle East journey, Trump immediately took to Truth Social to air his grievances. Swift and Springsteen, both of whom have been outspoken critics of the president, were his first targets.
Springsteen had earlier voiced his disapproval of the Trump administration during a concert in Manchester, England, on May 14. Trump retaliated by labeling the musician as &#8220;overrated&#8221; and hinted at potential consequences upon Springsteen&#8217;s return to the U.S.
&#8220;I see that Highly Overrated Bruce Springsteen goes to a Foreign Country to speak badly about the President of the United States. Never liked him, never liked his music, or his Radical Left Politics and, importantly, he's not a talented guy — Just a pushy, obnoxious JERK, who fervently supported Crooked Joe Biden,&#8221; Trump said in the <a href="https://truthsocial.com/@realDonaldTrump/posts/114517896576879203?_sp=dd04cda4-eba1-403f-a691-7d0aaa8dfc19.1747462116726">post</a>. 
Also Read: <a href="https://www.benzinga.com/general/sports/25/02/43581701/super-bowl-2025-sees-surge-in-taylor-swift-related-wagers">Super Bowl 2025 Sees Surge In Taylor Swift-Related Wagers</a>
&#8220;This dried out &#8216;prune&#8217; of a rocker (his skin is all atrophied!) ought to KEEP HIS MOUTH SHUT until he gets back into the Country, that's just &#8216;standard fare.&#8217; Then we'll all see how it goes for him!&#8221; he further added in that post.
Swift also found herself in the crosshairs of Trump&#8217;s wrath. The president had previously expressed his distaste for the singer after she endorsed his political rival, Kamala Harris, in the 2024 presidential race.
&#8220;Has anyone noticed that, since I said &#8216;I HATE TAYLOR SWIFT,&#8217; she's no longer &#8216;HOT?&#8217;" Trump said in another <a href="https://truthsocial.com/@realDonaldTrump/posts/114517718765768352">post</a>.
Trump also voiced his dissatisfaction with the Supreme Court, which had previously thwarted his administration&#8217;s attempt&nbsp;to use a 1798 wartime&nbsp;law to deport a group&nbsp;of Venezuelan immigrants. The president described the ruling as a &#8220;bad and dangerous day for&nbsp;America.&#8221;
Why It Matters: This recent outburst from Trump is indicative of the escalating tension between the president and his critics. The targeting of high-profile figures such as Swift and Springsteen, who have large followings and significant influence, suggests an increasingly combative approach from the president. 
His criticism of the Supreme Court also underscores the ongoing conflict between the executive and judicial branches of government. 
This incident further highlights the polarized political climate and raises questions about the potential implications for future policy and legislation.
Read Next
<a href="https://www.benzinga.com/news/25/03/44067638/elon-musk-claims-rival-billionaire-wants-to-destroy-trump-to-suppress-jeffrey-epstein-client-list">Elon Musk Claims Rival Billionaire Wants to &#8216;Destroy&#8217; Trump To Suppress Jeffrey Epstein Client List</a>
Image: Shutterstock/Brian Friedman

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