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ACV Auctions Inc is a mobile platform for wholesale car auctions. The company provides a digital marketplace for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information for customers.

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EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is offering discounts of up to $7950 on the older version of its Model Y SUV, before it starts <a href="https://www.benzinga.com/tech/25/01/43183608/tesla-launches-refreshed-model-y-in-us-with-25-price-hike-full-self-driving-included">delivering the refreshed version </a>of the vehicle in March.
What Happened: While the long-range rear-wheel drive variant is listed with as much as $3720 discount, the long-range all-wheel drive variant is listed with as much as $4950 discount, and the performance version with up to $7950 in discounts.
The offers come as the company is gearing up to start deliveries of its refreshed Model Y. 
Tesla launched the refreshed version of its best-selling Model Y SUV in January. Deliveries of the vehicle are slated to start in March. 
Why It Matters: The refreshed Model Y long-range all-wheel drive is now listed on Tesla&#8217;s website alongside the older models, with a starting price of $59,990, roughly 25% more expensive than its predecessor. 
Model Y, launched in 2020, is Tesla's best-selling vehicle. The launch of the refreshed vehicle comes after the company reported its first decline in annual global deliveries in over a decade.
Tesla reported global&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/25/01/42766117/tesla-stock-tumbles-on-q4-deliveries-whats-going-on" target="_blank" rel="noreferrer noopener">deliveries of 1.79 million</a>&nbsp;vehicles in 2024, down from full-year deliveries of 1.81 million in 2023.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/news/25/02/44036158/elon-musk-calls-on-retired-employees-to-return-to-work-at-faa-there-is-a-shortage-of-top-notch-air-traffic-controllers" target="_blank" rel="noreferrer noopener">Elon Musk Calls On Retired Employees To Return To Work At FAA: ‘There Is A Shortage Of Top Notch Air Traffic Controllers'</a></li>
</ul>
Photo courtesy: Tesla

News

Tech

TSLA

Tesla Offers Deep Discounts Of Up To $7950 On The Model Y As The EV Giant Gears Up To Deliver The Refreshed Version

General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) consumers are most loyal to the manufacturer while Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) vehicle owners are most loyal to the vehicle make, according to automotive research firm S&amp;P Global Mobility.
What Happened: S&amp;P Global Mobility announced the winners of its automotive loyalty awards earlier this week based on a review of 13.1 million new retail vehicle registrations in the U.S. from January to December 2024. Overall, loyalty rates increased year-on-year for the third time in a row in 2024, the firm said. More consumers are remaining with their previous brand when purchasing a new vehicle, the firm noted.
While GM won the award for overall loyalty to the manufacturer, Tesla won the award for overall loyalty to the make. Both companies are repeat winners, having bagged loyalty awards in 2023.
Lincoln Corsair, manufactured by Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), won the award for overall loyalty to the model.
Why It Matters: "While brand loyalty is still below pre-pandemic levels, we are starting to see a consistent trend of customers going back to the brands they are familiar with," said Joe LaFeir, President, Automotive Insights, S&amp;P Global Mobility. "This will be important as we navigate a period of uncertainty in our industry assessing tariff and trade impacts on vehicle demand, making retention an even greater indicator of brand health."
President Donald Trump has <a href="https://www.benzinga.com/news/global/25/02/43926015/trump-confirms-tariffs-on-canada-mexico-will-take-effect-as-planned">proposed 25% tariffs on imports from Mexico and Canada</a>, slated to be effective on March. 4. The move is expected to impact the automotive industry significantly as <a href="https://www.benzinga.com/tech/25/02/43524700/ford-ceo-jim-farley-says-trumps-proposed-tariffs-on-mexico-canada-will-be-manageable-in-near-term-but-will-have-huge-impact-if-protracted">GM and Ford manufacture</a> some of their vehicles in Mexico and also have supply chains that depend on cross-border component movement.
"There's no question that tariffs at 25% level from Canada, Mexico, if they're protracted, would have a huge impact on our industry, with billions of dollars of industry profits wiped out and adverse effect on the US jobs as well as the entire value system in our industry. Tariffs would also mean higher prices for customers," Ford CEO Jim Farley said earlier this month. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/25/02/44036158/elon-musk-calls-on-retired-employees-to-return-to-work-at-faa-there-is-a-shortage-of-top-notch-air-traffic-controllers">Elon Musk Calls On Retired Employees To Return To Work At FAA: &#8216;There Is A Shortage Of Top Notch Air Traffic Controllers&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla Owners Stay True To Their Cars, While GM Retains The Most Loyal Customers

Starlink has introduced a new monthly plan in the U.S. in a bid to lower the cost of <a href="https://www.benzinga.com/news/24/07/39747379/starlink-mini-hardware-now-available-for-us-customers-looking-for-connectivity-on-the-go-for-599">satellite internet access </a>and appeal to a wider range of customers.
What Happened: The newly introduced residential lite monthly plan is priced at $80, lower than the residential plan priced at $120 per month.
The residential lite plan will give you a lower network speed of 50-100 Mbps as compared to 150-200 Mbps for the $120 plan. The low-cost plan, however, is only available in select areas, unlike the residential plan which is available across the country. 
&#8220;Users on Residential Lite plan are prioritized behind Residential and will see slower speeds during peak hours,&#8221; Starlink warns on its website. When most users are online, customers on the lite plan may experience slower speeds, it said. 
The $80 plan, Starlink says, is best for low usage and smaller households. However, it is unavailable in Maine and Nebraska, among other places. The plan is for use at fixed, land-based locations in select areas, and customers on the plan can upgrade to the residential plan at any time. 
Why It Matters: Starlink is the satellite internet segment of SpaceX connecting more than 5 million people with internet across 125 countries, territories, and other markets.
SpaceX, to date, has launched over 8000 Starlink satellites to low Earth orbit, of which over 6000 are in operational orbit, according to a study by astronomer Jonathan McDowell.
The company <a href="https://www.benzinga.com/general/space/25/01/42755343/spacex-hits-new-milestone-in-2024-with-134-launches">completed 134 launches in 2024</a>, excluding four test flights of its Starship launch vehicle, a whopping majority of which were Starlink missions. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/25/02/44063884/after-fsd-rollout-in-china-musk-says-rollout-in-europe-delayed-owing-to-lack-of-approvals">After FSD Rollout In China, Musk Says Rollout In Europe Delayed Owing To Lack Of Approvals</a></li>
</ul>
Photo courtesy: Shutterstock

SPACE

Starlink Launches $80 Monthly Plan As It Targets Wider Customer Base

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk said on Friday that it is still awaiting regulatory clearance to roll out its full self-driving (FSD) driver assistance technology in Europe, despite rolling its<a href="https://www.benzinga.com/25/02/43932533/tesla-starts-rolling-out-fsd-features-in-china"> features out in China </a>earlier this week.
What Happened: &#8220;We are waiting for regulatory approval,&#8221; Musk said in a post on X.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We are waiting for regulatory approval
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1895499677384212564?ref_src=twsrc%5Etfw">February 28, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In September, Tesla said that it would roll out FSD in Europe and China in the <a href="https://www.benzinga.com/news/24/09/40724069/tesla-fsd-rollout-in-china-europe-planned-for-q1-2025" target="_blank" rel="noreferrer noopener">first quarter of 2025</a>. The company started rolling out FSD features in China earlier this week, but not in Europe.
FSD Rollout In China: In China, Tesla did not explicitly term the newly rolled out driving assistance features for city streets as FSD, but they are similar to those included under FSD in the U.S.
Following a software update, the Tesla vehicle will identify traffic lights, allow for automatic lane changes, and more, the company said. The cabin camera will also monitor whether the driver is paying attention to the road while the features are working.
The company is pushing out the update to vehicles in batches on some models, the company said, while adding that the range of compatible models will be gradually expanded.
&#8220;Layer Cake Of Regulations&#8221;: In January, during Tesla&#8217;s fourth-quarter earnings call, Musk said that regulations are <a href="https://www.benzinga.com/tech/25/02/43647669/tesla-releases-supervised-full-self-driving-in-mexico-says-hola-to-local-drivers">preventing the launch</a> of FSD in Europe.
"Europe is a layer cake of regulations and bureaucracy, which really needs to be addressed," Musk said while adding that he does not see FSD being launched in Europe in the first quarter.
The CEO then said that the company has to go through a &#8220;mountain of paperwork.&#8221;
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/tech/25/02/44037023/tesla-cybertruck-inventory-swells-despite-discounts-falling-short-of-elon-musks-vision">Tesla Cybertruck Inventory Swells Despite Discounts, Falling Short of Elon Musk&#8217;s Vision</a></li>
</ul>
Photo courtesy: Shutterstock

After FSD Rollout In China, Musk Says Rollout In Europe Delayed Owing To Lack Of Approvals

One month into Donald Trump's presidency, the cryptocurrency industry's euphoria over anticipated deregulation is giving way to a sobering realization: meaningful change may take years, not weeks. 
At a Denarii Labs-hosted panel titled &#8220;Regulatory Crossfire: What's Next for Crypto in 2025,&#8221; held at the Eth Denver summit, legal experts Jonathan Turnham of NXT Law and Nick Pullman of One Law dissected the U.S. regulatory landscape, questioning whether the administration can deliver on its blockchain promises—or if global competitors will seize the moment first.
The discussion comes amid a whirlwind of post-election speculation. 
Crypto markets surged in late 2024, hoping that Trump's administration would usher in a golden era of regulatory relief, fueled by the president's meme coin ventures and public statements favoring digital assets.
Yet, 30 days into his term, tangible progress remains elusive. 
"We've seen a number of efforts spot-cundered," said Pullman, a legal advisor at One Law, referencing stalled initiatives like stablecoin regulation. "These things take time."
Turnham, a Cayman Islands-based lawyer with a decade of crypto law experience at NXT Law, echoed the sentiment, tempering enthusiasm with pragmatism. 
"There's been a reality check," he noted, pointing to the gap between initial market exuberance and the slow grind of policy-making. 
The panelists agreed that while the Securities and Exchange Commission's (SEC) recent decisions to drop enforcement cases against firms like Uniswap Labs and Coinbase signal a potential softening, it's far from a regulatory revolution.
The SEC's pivot under Acting Chair Hester Peirce, who now leads a rebooted crypto task force, and the expected confirmation of Paul Atkins as chair, marks a stark contrast to Gary Gensler's enforcement-heavy tenure. 
Turnham expressed cautious optimism: "Those dropped cases involved mature projects with mature legal teams that tried to engage with regulators. 
The fact that it happened quickly is progress." 
He suggested Atkins, a respected figure with a pro-business bent, could bring "tough love and guidance" to an industry craving clarity.
Pullman predicted a pause in the SEC's aggressive posture, potentially reducing the need for reactive lawsuits like the Blockchain Association's challenge to the IRS. 
"We've seen more collaboration in six weeks than in six years," he said, citing joint rule-making efforts between the SEC and the Commodity Futures Trading Commission (CFTC) to clarify the murky divide between securities and commodities in crypto.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/44056857/stablecoins-are-future-of-commerce-says-bases-tom-vieira">Stablecoins Are Future Of Commerce, Says Base&#8217;s Tom Vieira</a>
Yet, challenges loom. Defining "decentralized" remains a sticking point, and Pullman warned that stablecoin regulations—like the Stables Act of 2025—could stifle innovation if consumer protections (e.g., mandatory KYC whitelists) clash with interoperability. 
"It's going to be challenging," he admitted, though he sees a path forward with better disclosures.
Beyond U.S. borders, the panel highlighted a jurisdictional arms race. Europe's Markets in Crypto-Assets (MiCA) framework, despite implementation hiccups across 27 nations, has prompted regulatory arbitrage, with some firms fleeing stringent rules. 
Turnham's clients, many operating globally from the Cayman Islands, view the U.S. as a potential counterweight—if it can act decisively. "There's competition between jurisdictions," he said. "If Trump wants to bring it back here, he needs a regime people trust."
Emerging markets like India and Brazil, however, lag. Turnham attributed this to fears of losing financial control: "Governments historically use capital controls as a lever. Crypto threatens that." 
Pullman added that building international trust in such markets takes decades, citing the Cayman Islands' decades-long reputation as a stable hub.
The panel also spotlighted signs of industry maturity. 
Turnham, who has facilitated over a dozen token-level mergers, sees consolidation as healthy: "It's a recognition that running these businesses globally is difficult." 
Banking support may also rise with the reported end of Operation Choke Point 2.0, though Pullman noted lingering hesitancy from risk-averse institutions. 
Meanwhile, spot crypto ETFs are gaining traction post-SEC softening, though Turnham cautioned that legal hurdles around custody and consumer education persist.
Looking ahead, the interplay between U.S. regulations and global frameworks like the OECD's tax visibility efforts remains fluid. 
"The U.S. is the gold standard everyone's trying to crack," Turnham said, but warned that clarity must come soon to fend off competitors.
For all the optimism, the panelists underscored a central truth: crypto's regulatory fate hinges on execution, not promises. 
"No one wants the time and cost of litigation," Pullman said, advocating for collaboration over courtroom battles. As the Trump administration navigates its first 100 days, the industry watches—hopeful, but no longer starry-eyed.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/44048486/bitcoins-24-correction-mostly-technical-say-experts">Bitcoin&#8217;s 24% Correction &#8216;Mostly Technical&#8217; Say Experts</a></li>
</ul>
Photo courtesy: Shutterstock

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

Cryptocurrency

Crypto's Trump-Era Honeymoon Fades As Regulatory Reality Sets In

Throughout his campaign and into his second term as president, so far, <a href="https://www.benzinga.com/personal-finance/25/02/43858129/as-trump-pushes-for-reciprocal-tariffs-vietnam-looks-to-increase-us-farm-product-imports-to-ease-trade-risks">President Donald Trump</a> has outlined ambitious plans for taxes that could reduce federal revenue by $5 trillion to $11.2 trillion over the next decade, according to estimates from the Committee for a Responsible Federal Budget.&nbsp;
This plan would effectively increase the nation's debt by eliminating current or anticipated revenue sources. It includes extending tax cuts from the <a href="https://www.benzinga.com/personal-finance/financial-advisors/24/11/41868686/how-trumps-win-will-change-tax-planning">2017 Tax Cuts and Jobs Act</a>, and it would also expand deductions and provide targeted tax relief for specific groups.&nbsp;
Some argue that these tax cuts could spur economic growth, however, critics warn that there are severe fiscal consequences, particularly in regard to rising the national debt.&nbsp;
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<li><a href="https://www.benzinga.com/money/are-you-rich-2">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.</li>
<li>How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.</li>
</ul>
<h2 class="wp-block-heading">What Does Trump's Tax Plan Entail?</h2>
The tax package, according to the CFRB, includes several major components:
<ul>
<li>Extending the 2017 Tax Cuts: The TCJA tax cuts are set to expire in 2025, however under Trump's plan, these would be extended, with an estimated federal revenue reduction of $3.9 trillion to $4.8 trillion.</li>
<li>State and Local Tax Deduction Relief: Expanding the <a href="https://www.benzinga.com/real-estate/24/09/40980998/trump-vows-to-restore-salt-deduction-promising-relief-for-high-tax-state-homeowners">SALT deduction</a> could cost between $200 billion and $1.2 trillion, depending on the scope of the policy.</li>
<li>Tax Cuts on Tips, Overtime, and Social Security Benefits: The CFRB estimates eliminating these taxes could total anywhere from $900 billion to $5 trillion, depending on how they are implemented.</li>
<li>Tax Breaks for Domestic Production: A tax cut aimed at boosting American manufacturing could reduce revenue by $100 billion to $200 billion.</li>
<li>Closing the Carried Interest Loophole and Limiting Stadium Tax Breaks: While these changes could raise between $20 billion and $100 billion, they only offset a small portion of the proposed cuts.</li>
</ul>
Totaling the ranges of each estimate brings the fiscal impact of Trump's tax plans to between $5 trillion and $11.2 trillion.&nbsp;
Trending: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
<h2 class="wp-block-heading">How Would This Impact The Economy?&nbsp;</h2>
Those in favor of <a href="https://www.benzinga.com/personal-finance/25/02/43901103/medicaid-faces-880-billion-cuts-but-trump-says-social-security-is-safe">Trump's tax plans</a> state that reducing taxes could spur economic growth through the encouragement of new investments and job creation. They also point out the benefits that middle-class workers would receive by not having to pay taxes on their tips or overtime earnings.&nbsp;
However, without offsets, the CRFB estimates that the plan could push the national debt to between 132% and 149% of GDP by 2035, up from approximately 100% currently. This is nearly double or triple the projected growth to 118% under current law. Interest costs alone could rise by $1.2 trillion to $2.7 trillion over the next decade, increasing the risk of a fiscal crisis.
One major concern is the potential impact on programs like Social Security and Medicare. The CRFB warns that tax reductions on <a href="https://www.benzinga.com/personal-finance/25/02/43831371/eliminating-social-security-income-taxes-would-cost-1-5-trillion-and-deplete-the-trust-fund-by-2032-who-wins-and-who-loses">Social Security benefits</a>, combined with other revenue losses, could weaken these trust funds. Additionally, broad tax cuts could exacerbate income shifting and tax avoidance, reducing projected revenue even further.
See Also: <a href="https://www.benzinga.com/money/millionaires-never-earned-six-figures-according-to-dave-ramsey">69% of Millionaires Never Earned A Six-Figure Salary – Here Are 2 Things They Do To Get Their First $1 Million, According To Dave Ramsey</a>
<h2 class="wp-block-heading">Weighing the Trade-offs</h2>
Trump&#8217;s tax plan presents a clear trade-off between economic stimulus and fiscal responsibility. While tax cuts could provide immediate financial relief and potentially stimulate growth, the long-term impact on national debt and government-funded programs remains a critical consideration.&nbsp;
"Policymakers should scale back and more carefully target their tax agenda and ensure that any tax cuts are part of a package to lower deficits. There are plenty of offsets available. Reconciliation should reduce, not add to, budget deficits," the CRFB warns.&nbsp;
Without offsets or spending reductions, the plan could push federal debt to levels unseen in U.S. history.
As policymakers debate the proposal, the key question remains: Can tax cuts of this magnitude drive enough economic expansion to offset their cost, or will they lead the country toward an unsustainable fiscal path?
Read Next:
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<li>Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
<li><a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a></li>
</ul>

Personal Finance

Trump's $5 Trillion To $11 Trillion Tax Plan: A Boost For Growth Or A Path To Unprecedented Debt?

Many are concerned about the accessibility of social security services as the <a href="https://www.benzinga.com/personal-finance/25/02/43957909/social-security-in-uncertain-times-what-the-resignation-of-michelle-king-and-musks-doge-data-push-could-mean-for-beneficiaries-2">Social Security Administration</a> faces office closures. As of Feb. 26, several locations have been closed or consolidated due to budget cuts and a federal push for streamlining government operations.&nbsp;
These changes, made by <a href="https://www.benzinga.com/news/25/02/43962364/president-trump-says-inflation-is-back-claims-its-not-his-fault-but-bidens-i-had-nothing-to-do-with-it">President Donald Trump</a>'s administration and the Department of Government Efficiency, have left many beneficiaries wondering how these closures will impact their access to important services.&nbsp;
<h2 class="wp-block-heading">Why Are Offices Closing?&nbsp;</h2>
The federal government has initiated widespread efforts to reduce operational costs, led by <a href="https://www.benzinga.com/markets/25/02/43906977/elon-musks-doge-savings-of-55-billion-may-be-overstated-wsj-analysis-reveals-the-likely-actual-figure">DOGE</a>, including terminating leases for 7,500 federal buildings, some of which are used by the SSA, <a href="https://www.newsweek.com/full-list-social-security-office-closings-after-doge-cuts-2035533">according to Newsweek</a>. Already struggling with staffing shortages, the SSA's closures may worsen delays for beneficiaries.&nbsp;
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</ul>
Former SSA Commissioner Martin O'Malley testified to Congress last year the agency would be serving 7 million more beneficiaries with considerably less staff by the end of 2024. He also warned that the SSA can't "keep doing more with less" while budget constraints force the agency to its lowest staffing level in 25 years.&nbsp;
<h2 class="wp-block-heading">Which Locations Are Affected?</h2>
The following Social Security offices have either closed or are in the process of closing:
<ul>
<li>White Plains, New York</li>
<li>Logan, West Virginia</li>
<li>Carlsbad, California</li>
<li>Roanoke Rapids, North Carolina</li>
<li>Batesville, Arkansas</li>
<li>Columbus, Ohio</li>
<li>Okemos, Michigan</li>
<li>Nacogdoches, Texas</li>
<li>Green Bay, Wisconsin</li>
<li>Las Vegas</li>
</ul>
While some offices have been consolidated or reassigned to new locations, the closures are expected to lead to longer wait times and more difficulty for beneficiaries trying to access services.&nbsp;
Trending: The average 401(k) balance soars to a record-breaking high – <a href="https://www.benzinga.com/money/average-401k-balances-soars-to-record-high">Here's how to know if your nest egg is keeping pace.</a>
<h2 class="wp-block-heading">Concerns For Travel and Disabled Beneficiaries</h2>
The closures and consolidation of offices raise particular concerns for individuals with disabilities. As Mary Ellen O&#8217;Connor, founder of O&#8217;Connor Law PLLC, told Newsweek these individuals often rely on accessible, local offices to receive support. For many, traveling long distances or navigating online systems is not a viable option.
&#8220;Disabled individuals seeking benefits face unique obstacles,&#8221; O&#8217;Connor said. &#8220;Many rely on local, accessible offices and personalized support, and the move to remote hearings and longer travel distances creates extra barriers.&#8221;
These challenges are particularly pronounced for people with limited transportation options, those who require special accommodations, and those struggling with digital literacy. While online hearings may be helpful for some, O&#8217;Connor emphasized that they are not suitable for everyone, especially those with hearing or visual impairments.
The changes have sparked concern among lawmakers as well. Sen. Kirsten Gillibrand (D-NY) York, sent a letter to the SSA regarding the closure of the White Plains office.&nbsp;
&#8220;As the only hearing office in the lower Hudson Valley region, its closure will
negatively impact thousands of constituents who reside in these seven counties,&#8221; Gillibrand wrote. "If SSA does not open an alternative site, beneficiaries will be required to travel between 24 and 135 miles to be serviced by the closest offices."&nbsp;
She also noted that travel costs and time would significantly increase, creating hardship for many.
See Also: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
<h2 class="wp-block-heading">What Happens Next?</h2>
With these closures, it's essential for beneficiaries to stay informed about any changes to their local offices. The SSA has advised individuals to check their website for updates and to consider using online services where possible.&nbsp;
For beneficiaries who rely on in-person support, alternatives may not always be available. The SSA is also grappling with a <a href="https://www.benzinga.com/news/25/02/43871609/trumps-federal-workforce-downsizing-plan-gets-green-light-from-judge-appeal-by-unions-dismissed">reduced workforce</a> and increasing backlogs. The agency is working to ensure that services continue, but the closures and staff shortages may lead to delays in processing claims and handling cases.
Read Next:
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<li>Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
<li><a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a></li>
</ul>

Thousands Face Longer Waits As Social Security Offices Close—See The Affected Locations

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BWS Financial analyst Hamed Khorsand maintains Ecovyst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECVT#NYSE">ECVT</a>) with a Buy and maintains $12 price target.

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ECVT

BWS Financial Maintains Buy on Ecovyst, Maintains $12 Price Target

Tech giants that have <a href="https://www.benzinga.com/25/02/43653386/this-analyst-gives-three-reasons-to-trim-magnificent-seven-holdings-lowering-exposure-is-prudent">dominated Wall Street for two years are losing their grip</a>, with the so-called Magnificent Seven stocks shedding about $1.4 trillion in market value since December, <a href="https://www.bloomberg.com/news/articles/2025-02-25/magnificent-7-dips-into-correction-territory-with-tesla-lagging?srnd=homepage-americas&amp;embedded-checkout=true">Bloomberg reported Tuesday</a>. 
The <a href="https://www.bloomberg.com/professional/products/indices/quote/BM7T:IND">Bloomberg Magnificent Seven index</a>—tracking Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Google parent Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>, GOOGL)) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)—has fallen roughly 10% from its December peak, officially entering correction territory.
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Tesla has been the hardest hit, followed by Microsoft and Alphabet. Elon Musk&#8216;s electric vehicle maker initially surged after President Donald Trump&#8216;s November election victory but has since faced declining sales and intensifying competition from Chinese rivals like BYD. 
Meta stands as the lone bright spot, bucking the downward trend as investors endorse its AI strategy. The Facebook parent recorded a 19<a href="https://www.benzinga.com/25/02/43726758/meta-platforms-could-break-winning-streak-missing-20th-day-of-gains-as-overbought-conditions-employee-layoffs-dampen-sentiment">-day winning streak in February</a>, adding more than $320 billion in market value. 
&#8220;The stock market has lost its leadership,&#8221; Jim Paulsen, an independent market strategist, told&nbsp; the <a href="https://www.ft.com/content/fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c">Financial Times</a>.
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It's a pivot from 2023 and 2024, when the seven companies posted enormous gains and drove the broader market higher. The Magnificent Seven had surged more than 160% between the start of 2023 and the end of 2024, <a href="https://www.ft.com/content/fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c">according to the FT</a>, but the index has added just 1% so far this year. 
Investors are rotating into other sectors, with U.S. bank stocks attracting almost $2 billion in the week ended Feb. 3—the second-largest weekly inflow since 2008, according to Bank of America data cited by FT. Healthcare companies, European equities, gold, and smaller tech groups have also benefited from this repositioning.
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Meanwhile, money is increasingly flowing toward privately held tech companies, with Anthropic, Coreweave, Databricks, OpenAI, Perplexity, ScaleAI and xAI—now dubbed the &#8220;Private Magnificent Seven,&#8221; seeing their cumulative valuation rise 40% between July and January, according to FT. 
Most market watchers view the broadening gains as healthy for what had become an expensive, top-heavy market. However, JPMorgan analysts led by Mislav Matejka caution that faster AI adoption and fewer barriers to entry could spell long-term trouble for the established tech giants. 
&#8220;Historically, it was never the incumbents which benefited from technological disruption, but the outsiders,&#8221; Matejka told FT.
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AAPL

AMZN

GOOG

GOOGL

MSFT

NVDA

Wall Street Is Shying Away From The 'Mag-7' As $1.4 Trillion In Value Leaks Out

Macquarie analyst Aaron Lee maintains Playtika Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTK#NASDAQ">PLTK</a>) with a Neutral and lowers the price target from $7 to $6.

PLTK

Macquarie Maintains Neutral on Playtika Holding, Lowers Price Target to $6

Canaccord Genuity analyst Joseph Vafi maintains Blend Labs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLND#NYSE">BLND</a>) with a Buy and lowers the price target from $5.75 to $5.25.

BLND

Canaccord Genuity Maintains Buy on Blend Labs, Lowers Price Target to $5.25

Scotiabank analyst Nicholas Yulico maintains SL Green Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) with a Sector Perform and lowers the price target from $81 to $75.

Scotiabank Maintains Sector Perform on SL Green Realty, Lowers Price Target to $75

Scotiabank analyst Patrick Colville maintains Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) with a Sector Outperform and raises the price target from $127 to $140.

ESTC

Scotiabank Maintains Sector Outperform on Elastic, Raises Price Target to $140

Scotiabank analyst George Farmer maintains Janux Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JANX#NASDAQ">JANX</a>) with a Sector Perform and lowers the price target from $62 to $41.

JANX

Scotiabank Maintains Sector Perform on Janux Therapeutics, Lowers Price Target to $41

Scotiabank analyst Andres Coello maintains Millicom Intl Cellular (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGO#NASDAQ">TIGO</a>) with a Sector Outperform and raises the price target from $37.3 to $37.9.

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