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Li-Cycle Holdings Corp is a lithium-ion battery resource recovery and lithium-ion battery recycler. The company's proprietary process Spoke and Hub recycling process is designed at its Spokes, to process battery manufacturing scrap and end-of-life batteries to produce black mass and other intermediate products, and at its Hubs, to process black mass to recover raw materials, including but not limited to lithium carbonate, cobalt sulphate, and nickel sulphate.

LI-CYCLE HOLDINGS CORP by Li-Cycle Holdings Corp.

Li-Cycle Holdings Corp

In an exclusive interview with NBC News, President Donald Trump said that he expects his presidency to end after the 2028 election.
What Happened: Trump confirmed he would not pursue a third term, acknowledging the constitutional limitations. He also identified potential successors within the Republican Party, including Vice President JD Vance and Secretary of State Marco Rubio.
Despite previous hints at considering a third run, Trump now acknowledges the legal barriers that prevent such a move. 
&#8220;It&#8217;s&nbsp;something that, to the best&nbsp;of my knowledge, you&#8217;re&nbsp;not allowed to do. I&nbsp;don&#8217;t know if that&#8217;s constitutional that they&#8217;re&nbsp;not allowing you to do&nbsp;it or anything else,&#8221; Trump <a href="https://www.nbcnews.com/politics/2028-election/-eight-year-president-trump-weighs-third-term-speculation-rcna204579">said</a> during the interview.
Addressing the recent speculation sparked by the sale of Trump 2028-branded red hats by the Trump Organization, Trump clarified his intention is to&nbsp;pass the torch ahead of&nbsp;the next presidential election. 
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>
&#8220;There&nbsp;are many people selling the&nbsp;2028 hat,&#8221; Trump noted. &#8220;But this is not something I&#8217;m looking to do. I&#8217;m&nbsp;looking to have four great&nbsp;years and turn it over&nbsp;to somebody, ideally a great&nbsp;Republican, a great Republican to&nbsp;carry it forward.&#8221;
Trump commended both Vance and Rubio but held back from endorsing any potential successor. He stressed that such discussions are &#8220;far too early.&#8221;
Why It Matters:&nbsp;Trump&#8217;s confirmation of not seeking a third term brings clarity to the political landscape and sets the stage for potential successors within the Republican Party. 
His mention of JD Vance and Marco Rubio as potential successors indicates a shift in focus towards grooming the next generation of Republican leadership. 
The sale of Trump 2028-branded merchandise had fueled speculation about his future political ambitions, but his latest comments suggest a commitment to abide by constitutional norms. 
This development could impact the strategies of other potential Republican candidates as they prepare for the next presidential election.
Read Next
<a href="https://www.benzinga.com/news/25/04/45027947/trumps-second-term-viewed-as-chaotic-and-scary-by-majority-of-voters" target="_blank" rel="noreferrer noopener">Trump's Second Term Viewed as ‘Chaotic' and ‘Scary' by Majority of Voters</a>

News

Politics

Topics

Donald Trump Weighs In on Third-Term Speculation: 'I Don't Know If It's Constitutional'

Arthur Hayes, the founder of BitMEX, anticipates that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could potentially reach a value of $1 million by 2028. 
What Happened: Hayes holds the belief that Bitcoin could reach a seven-figure price in the upcoming years. During an interview, Hayes projected that Bitcoin could hit a price of $1 million by the end of 2028.
He said this surge is expected due to the easing of US monetary policy and the growing acceptance of Bitcoin as a safe-haven asset.
During the <a href="https://www.youtube.com/watch?v=7GpQPiF-RBg">interaction</a>, Hayes attributes the potential surge in Bitcoin&#8217;s price to the expected easing of US monetary policy. He stated, &#8220;we know you&#8217;re going to print more money, we know that Bitcoin does best when money is printed.&#8221;
Hayes also highlighted the US budget deficit, which he anticipates will continue to rise even after the change of administration, as a bullish catalyst for Bitcoin&#8217;s potential rise to a price of $1 million. 
"We know you're going to print more money, we know that Bitcoin does best when money is printed. I don't know, I can't tell you what stock is going to do well, that's hard. But I can tell you where Bitcoin's going to go," Hayes said during the interview. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44889273/robert-kiyosakis-bitcoin-forecast-could-1-million-be-realistic">Robert Kiyosaki&#8217;s Bitcoin Forecast: Could $1 Million Be Realistic?</a>
&#8220;So the things that drive the budget are only going up and interest on the Treasury debt again is expanding exponentially because even if Trump is successful on his plan, which is 3% deficit by 2028, because of where you started with, the size of the debt, your interest costs are still expanding exponentially,&#8221; he said. 
&#8220;So again there's just no way mathematically, unless they decide we're going to shut down the government which is not what he's talking about that they're going to be able to spend less than Biden," he added. 
The BitMEX founder also mentioned the increasing acceptance of Bitcoin as a safe-haven asset as another factor that will positively impact the flagship crypto asset. 
He stated, &#8220;We now have an ETF, we now have this narrative in an institutional investor's mind that, ‘Oh, Bitcoin is not just NASDAQ, high beta. It's actually a hedge against the fall of American exceptionalism, the fall of the American hegemonic empire, maybe I should own some of this. This is going to do well.'"
Why It Matters: Hayes&#8217; prediction comes at a time when Bitcoin&#8217;s acceptance is growing globally. The potential easing of US monetary policy, coupled with the increasing adoption of Bitcoin as a safe-haven asset, could indeed provide the necessary impetus for Bitcoin&#8217;s price to reach the $1 million mark. 
The continued increase in the US budget deficit could also serve as a catalyst for this surge. However, only time will tell if these factors will indeed propel Bitcoin to the projected seven-figure price.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44889289/this-crypto-analyst-predicts-bitcoin-could-soar-137-under-perfect-market-conditions">This Crypto Analyst Predicts Bitcoin Could Soar 137% Under Perfect Market Conditions</a>

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

Cryptocurrency

Markets

$BTC

Arthur Hayes Foresees Bitcoin's Leap To $1 Million, Says Bitcoin Does Best When Money Is Printed

Shibarium, the Layer-2 blockchain of Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), has reported a significant 54% increase in transactions. This surge indicates a growing interest and engagement in the network.
What Happened:&nbsp;The daily transactions on Shibarium rose&nbsp;from 2.01 million to 3.1&nbsp;million within a span of 24 hours. Simultaneously, the total addresses on Shibarium hit a new peak of 204,182,966, indicating a rise in user participation.
Shibarium&#8217;s other metrics also demonstrated growth. According to reports, the network has executed over 1.13 billion transactions in total, with the recent spike in daily transactions contributing to this increase. The total blocks on the network have exceeded&nbsp;10 million, with the most&nbsp;recent count at 10,791,495.
Along with the surge in transactions, the SHIB token burn rate has also skyrocketed by a whopping 22,598%, with 25,770,312 SHIB tokens taken out of circulation in the past 24 hours. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44778101/shiba-inus-burn-rate-skyrockets-580-as-cryptocurrency-market-rebounds">Shiba Inu&#8217;s Burn Rate Skyrockets 580% as Cryptocurrency Market Rebounds</a>
This surge aligns with the 54% transaction increase on Shibarium, underlining the heightened&nbsp;activity in the Shiba Inu&nbsp;ecosystem.
However, despite the heightened activity, the price of Shiba Inu has not witnessed a corresponding increase.&nbsp;At the time of writing,&nbsp;SHIB was down 2.5% in&nbsp;the last 24 hours to&nbsp;$0.00001231 and down 6.8% weekly,&nbsp;mirroring the current profit-taking trend in the crypto market.
Why It Matters:&nbsp;The surge in Shibarium&#8217;s transactions and the increase in SHIB token burn rate are indicative of the growing adoption and user engagement&nbsp;in the Shiba Inu ecosystem.&nbsp;
This growth in activity, however, has not translated into a rise in SHIB&#8217;s price, reflecting the broader profit-taking trend in the cryptocurrency market. 
The developments in Shibarium and the Shiba Inu ecosystem will be closely watched by investors and market participants for potential impacts on SHIB&#8217;s price and the broader crypto market.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44348135/shiba-inus-burn-rate-soars-removing-505-million-tokens-from-circulation" target="_blank" rel="noreferrer noopener">Shiba Inu's Burn Rate Soars, Removing 505 Million Tokens From Circulation</a>
Image: Shutterstock

$SHIB

Shiba Inu's Shibarium Is Booming — Here's What's Driving the 54% Transaction Surge

Outgoing CEO Warren Buffett&#8217;s investment strategy continues to yield significant gains, with Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) stocks trading near record highs despite market volatility.
Buffett&#8217;s investment strategy has resulted in a 17% year-to-date rally for Berkshire Hathaway last week,&nbsp;a stark contrast to the&nbsp;S&amp;P 500&#8217;s 5% decline.
The 94-year-old billionaire investor has consistently championed long-term, fundamentals-based investing. His successful investment decisions, such as a perfectly timed massive investment in Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) in 2016, which has since soared over 800%, have significantly increased his wealth.
According to a data by Bloomberg, Buffett is currently&nbsp;the sixth richest person in&nbsp;the world, with a net&nbsp;worth of $166 billion.
Other successful investments include long-held stocks like&nbsp;Coca-Cola Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), which has risen about 15% this year, and&nbsp;Verisign Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>), an internet stock that has soared 35% year-to-date.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/05/45184120/warren-buffett-warns-tariffs-could-backfire-on-economy-says-trade-should-not-be-a-weapon-its-a-big-mistake-i-dont-think-its-wise">Warren Buffett Warns Tariffs Could Backfire on Economy, Says, &#8216;Trade Should Not Be A Weapon. It&#8217;s A Big Mistake, I Don&#8217;t Think It&#8217;s Wise&#8217;</a>
Despite Buffett&#8217;s shift&nbsp;into the role of chairman&nbsp;and non-executive chairman, his investment philosophy continues to guide Berkshire Hathaway&#8217;s decisions, cementing his legendary status among investors. 
His strategy of long-term, fundamentals-based investing has proven to be a successful approach, as evidenced by the significant gains of Berkshire Hathaway stocks. 
This strategy has not only weathered market volatility but has also led to substantial wealth accumulation for Buffett, making him one of the richest people in the world.
Buffett&#8217;s successful investments in companies like Apple, Coca-Cola, and Verisign underscore his ability to identify stocks with strong fundamentals and growth potential. 
These investments have not only yielded significant returns but have also contributed to the overall performance of Berkshire Hathaway, further solidifying Buffett&#8217;s reputation as a savvy investor.
Read Next
<a href="https://www.benzinga.com/news/earnings/25/05/45183890/berkshire-hathaways-q1-2025-earnings-plunge-amid-tariff-concerns-operating-profit-fell-14-cash-hit-a-record">Berkshire Hathaway&#8217;s Q1 2025 Earnings Plunge Amid Tariff Concerns, Operating Profit Fell 14%, Cash Hit A Record</a>
Image: Shutterstock

AAPL

VRSN

Want To Invest Like Warren Buffett? Here's What You're Probably Missing

Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), the largest U.S. crypto exchange, asked the U.S. Supreme Court on Wednesday to hear a case that could restrict the IRS's ability to monitor crypto transactions on exchanges <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42904654/coinbase-subpoenaed-over-polymarket-involvement-federal-agency-seeks-customer-information">and other platforms.</a>&nbsp;
The Details: The case, Harper v. O'Donnell, centers on the IRS's use of a "John Doe" summons to demand transaction data from Coinbase about thousands of users, even if they weren't suspected of wrongdoing.Coinbase, along with several states and privacy groups, filed an amicus brief arguing that the government's sweeping data requests threaten Americans' digital privacy.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/management/25/05/45180224/these-ev-makers-could-shine-if-musk-leaves-tesla?utm_source=articleShare">These EV Makers Could Shine If Musk Leaves Tesla&nbsp;</a>
The company challenged the longstanding "third-party doctrine," which says people lose privacy rights over information shared with companies like banks or crypto exchanges. Coinbase argued that the doctrine is outdated for the digital age, where sharing data with third parties is routine and often necessary.
The company also warned that letting the IRS collect such data without a warrant allows near-total surveillance of users' financial activity and likened it to a "financial ankle monitor." Coinbase urged the Court to clarify that the Fourth Amendment should protect digital financial records and that users do not forfeit the right to privacy simply by using online platforms.
Why It Matters: If the Supreme Court agrees to hear the case and rules in favor of privacy advocates, it could reshape how digital data is protected under the Constitution and force changes in how both government agencies and private companies handle user information.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/management/25/05/45140155/musk-shifts-focus-back-to-tesla-says-doge-will-endure-without-him-is-buddha-needed-for-buddhism?utm_source=articleShare">Musk Shifts Focus Back To Tesla, Says DOGE Will Endure Without Him: &#8216;Is Buddha Needed For Buddhism?&#8217;</a></li>
</ul>
Photo: Shutterstock

Government

Regulations

Legal

COIN

Coinbase Challenges IRS Data Demands At US Supreme Court

Oracle of Omaha Warren Buffett dispensed some essential guidance for budding investors &#8211; associate with the right people and engage in work that you are passionate about.
What Happened: Buffett, at the&nbsp;Berkshire Hathaway&#8217;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)&nbsp;Annual General Meeting on Saturday, underscored the significance of being in the right company. 
Answering to a question at the meeting, he <a href="https://www.youtube.com/watch?v=Kx7U5ziIavo">said</a>, &#8220;Who you associate with is just enormously important, and don't expect you'll make every decision right on that. You're going to have your life progress in the general direction of the people that you work with, that you admire, that become your friends."&nbsp;
Buffett went on to stress that these associations can contribute to more than just professional success. &#8220;You'll&nbsp;not only learn how to&nbsp;be successful in business, you'll&nbsp;learn how to be successful&nbsp;in life,&#8221; he elaborated.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/05/45184120/warren-buffett-warns-tariffs-could-backfire-on-economy-says-trade-should-not-be-a-weapon-its-a-big-mistake-i-dont-think-its-wise">Warren Buffett Warns Tariffs Could Backfire on Economy, Says, &#8216;Trade Should Not Be A Weapon. It&#8217;s A Big Mistake, I Don&#8217;t Think It&#8217;s Wise&#8217;</a>
"there are people that make you want to be better than you are and you want to hang out with people that are better than you are and that you feel are better than you," Buffett added. &nbsp;
The billionaire investor also encouraged young investors to seek work they love, roles they would take up even if they weren't financially dependent on it. He warned against associating with individuals or organizations that compel you to engage in activities that you shouldn&#8217;t be partaking in.
Buffett credits a significant part of his contentment and longevity to being in the company of&nbsp;the right people and doing&nbsp;what he enjoys. 
&#8220;A&nbsp;happy person lives longer than&nbsp;somebody that's doing things they&nbsp;don't really admire that much&nbsp;in life,&#8221; he added.
Read Next
<a href="https://www.benzinga.com/news/25/04/44890758/warren-buffetts-success-mantra-for-gen-z-figure-out-what-your-strengths-are-then-pick-the-right-people-and-dont-be-afraid-of-making-mistakes">Warren Buffett&#8217;s Success Mantra for Gen Z: &#8216;Figure Out What Your Strengths Are, Then Pick the Right People and Don&#8217;t Be Afraid of Making Mistakes&#8217;</a>
Image: Shutterstock

Success Stories

Personal Finance

Warren Buffett Shares Surprising Advice for Young Investors—And It's Not About Stocks: 'Who You Associate With Is Just Enormously Important'

In a recent post on Truth Social, President Donald Trump claimed that the United States played a significantly larger role in winning both World Wars than its allies.
What Happened: Trump stated on the Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/114435902192931017">post</a>,&nbsp;&#8220;Many of our allies and&nbsp;friends are celebrating May 8th&nbsp;as Victory Day, but we&nbsp;did more than any other&nbsp;Country, by far, in producing&nbsp;a victorious result on World&nbsp;War II.&#8221;
The former President&#8217;s remarks have drawn criticism, with detractors arguing that they overlook the substantial sacrifices and pivotal roles played by other Allied nations including the Soviet Union and the United Kingdom.
Historians have highlighted that the victory in WWII was achieved through cooperation, shared sacrifice, and a multinational alliance.
Trump&#8217;s post, which garnered over&nbsp;14,000 likes on Truth Social,&nbsp;also suggested&nbsp;renaming May 8th as Victory&nbsp;Day for World War II&nbsp;and November 11th&nbsp;as Victory Day for World&nbsp;War I. 
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>
&#8220;I am hereby renaming May 8th as Victory Day for World War II and November 11th as Victory Day for World War I. We won both Wars, nobody was close to us in terms of strength, bravery, or military brilliance. We are going to start celebrating our victories again!&#8221; Trump said.
Critics caution that such rhetoric could potentially strain diplomatic relations and oversimplify a multifaceted global conflict.
Why It Matters:&nbsp;This is not the first&nbsp;instance of Trump&#8217;s remarks on history or alliances causing controversy. During his tenure as President, he often had disagreements&nbsp;with NATO leaders and accused&nbsp;allies of not fulfilling their defence spending obligations. 
His recent comments on WWII victory could potentially reignite debates on international alliances and the shared history of global conflicts. 
Read Next
<a href="https://www.benzinga.com/news/25/04/45027947/trumps-second-term-viewed-as-chaotic-and-scary-by-majority-of-voters" target="_blank" rel="noreferrer noopener">Trump's Second Term Viewed as ‘Chaotic' and ‘Scary' by Majority of Voters</a>

Donald Trump Downplays Allies' Roles in World Wars, Credits US for Victories: 'We Won Both Wars, Nobody Was Close To Us'

President Donald Trump says that his administration will strip Harvard University of its tax-exempt status, intensifying an <a href="https://www.benzinga.com/25/04/44804541/trump-administration-halts-2-2-billion-in-harvard-grants-after-university-says-dont-dictate-what-we-can-teach-or-who-we-admit" target="_blank" rel="noreferrer noopener">ongoing confrontation with the Ivy League institution</a>.
&#8220;We are going to be taking away Harvard&#8217;s Tax Exempt Status. It&#8217;s what they deserve,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114437989795464761" target="_blank" rel="noreferrer noopener">posted</a> on X.
The move marks a significant escalation in his campaign to pressure elite universities over alleged discriminatory practices and campus unrest.
The president&#8217;s declaration follows weeks of growing tension between the administration and Harvard, which Trump has accused of harboring antisemitism and violating the public interest, <a href="https://www.cnbc.com/2025/05/02/trump-harvard-tax-exempt-revoke.html" target="_blank" rel="noreferrer noopener">reports</a> CNBC.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/25/05/45183831/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-63" rel="noreferrer noopener">Benzinga&#8217;s &#8216;Stock Whisper&#8217; Index: 5 Stocks Investors Secretly Monitor But Don&#8217;t Talk About Yet</a>
Trump&#8217;s administration has previously taken steps to financially target the university, including freezing $2.2 billion in federal grants in April.
In April, he warned that losing tax-exempt status was a real possibility if schools did not make structural changes that would enable greater federal oversight.
&#8220;Perhaps Harvard should lose its Tax Exempt Status and be Taxed as a Political Entity if it keeps pushing political, ideological, and terrorist inspired/supporting &#8220;Sickness?&#8221; Remember, Tax Exempt Status is totally contingent on acting in the PUBLIC INTEREST,&#8221; Trump <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/posts/114342374504628520" rel="noreferrer noopener">posted </a>on X on April 15.
Harvard swiftly filed a legal complaint, calling the decision an &#8220;unprecedented and improper&#8221; abuse of federal authority, the report reads.
In addition, the Department of Homeland Security has begun revoking visas for international students at Harvard, raising further alarm across the academic sector.
Trump has tied Harvard&#8217;s tax benefits to its compliance with &#8220;public interest,&#8221; stating that institutions failing that standard should lose their federal privileges.
The Treasury Department has reportedly instructed the IRS to evaluate the legality of revoking Harvard&#8217;s nonprofit status, while Homeland Security officials have raised concerns about the university&#8217;s visa sponsorships.
However, CNBC added that a spokesperson for Harvard warned that such punitive actions would jeopardize the school&#8217;s educational mission and could destabilize higher education across the country.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/01/43041374/exclusive-how-high-will-sp-500-go-under-donald-trump-in-2025-readers-are-optimistic-26-say-this" target="_blank" rel="noreferrer noopener">EXCLUSIVE: How High Will S&amp;P 500 Go Under Donald Trump In 2025? Readers Are Optimistic, 26% Say This…</a></li>
</ul>
Image: Shutterstock

Equities

General

Trump: Harvard's Not a School, It's a 'Political Entity' That Should Be Taxed

Anthony Scaramucci, who is known for his short stint as the White House communications director under Donald Trump, has opened up about his professional setbacks, including a significant loss due to a fraudulent act by Sam Bankman-Fried.
What Happened: Scaramucci&#8217;s professional journey has been marked by several setbacks. He was first dismissed from his job at&nbsp;Goldman Sachs, and later from the White House. 
However, the most substantial setback came when he discovered that his business partner, Sam Bankman-Fried, was involved in fraudulent activities.
"I think the worst day I had professionally was discovering that Sam Bankman-Fried was a fraud. I mean, getting fired from the White House, okay—it's politics. I'm a big boy, you know, get over it, it'll be fine. But when he got exposed as a fraud, that was a blow to me because I trusted the guy. I liked him," Scaramucci <a href="https://fortune.com/2025/04/14/anthony-scaramucci-worst-day-of-his-career-sam-bankman-fried-fired-trump-white-house/">told</a> Fortune. 
Also Read: <a href="https://www.benzinga.com/news/25/04/44778667/scaramucci-foresees-global-retaliation-against-trumps-trade-policies-it-will-break-him">Scaramucci Foresees Global Retaliation Against Trump&#8217;s Trade Policies: &#8216;It Will Break Him&#8217;</a>
"The assets turned out to be extremely valuable, but he's going to be in jail for a very, very long period of time because he had a bad set of morals. He probably didn't have a good guidance system," he added. 
In 2021, Scaramucci and Bankman-Fried became business partners when the latter purchased Scaramucci&#8217;s early investment, the crypto exchange LedgerX. Scaramucci sold a 30% stake&nbsp;of his investment management firm,&nbsp;SkyBridge Capital, to Bankman-Fried, who was later found guilty of fraud.
Despite a significant loss from&nbsp;his $10 million investment in&nbsp;FTX and a legal battle to regain his company stake, Scaramucci has shown remarkable resilience. He emphasizes the importance of integrity and learning from mistakes, stating, &#8220;You&nbsp;can never play the victim&nbsp;in life.&#8221;
Why It Matters: Scaramucci&#8217;s experience serves as a cautionary tale for investors in the volatile cryptocurrency market. Despite his past experience with Bankman-Fried, Scaramucci remains open to new investment opportunities, including in cryptocurrency. 
He continues to seize opportunities, launching a podcast, writing a new book, and maintaining an active social media presence. His resilience and ability to bounce back from setbacks offer valuable lessons for investors and entrepreneurs alike.
Read Next
<a href="https://www.benzinga.com/news/25/04/44658808/scaramucci-on-tariffs-there-is-stupid-and-then-there-is-donald-trump-stupid" target="_blank" rel="noreferrer noopener">Scaramucci on Tariffs: ‘There Is Stupid and Then There Is Donald Trump Stupid'</a>
Image: Shutterstock

Scaramucci Calls Sam Bankman-Fried Revelation Worst Day of His Career: 'I Trusted the Guy, I Liked Him'

<ul>
<li>Donald Trump Jr.'s new private social club held a launch party Saturday</li>
<li>Several big names were in attendance, including founding members Cameron and Tyler Winklevoss, Secretary of State Marco Rubio, and Attorney General Pam Bondi</li>
<li>Executive Branch, which is set to open in Washington D.C. next year, will be the second most expensive private club in the country, with membership fees of $500,000</li>
</ul>
Donald Trump Jr.'s new members-only social club, called Executive Branch, held a launch party on Saturday, <a href="https://www.cnbc.com/2025/04/28/donald-trump-jr-private-members-club-executive-branch.html">CNBC</a> reports. In attendance were several founding members, including Cameron Winklevoss and Tyler Winklevoss, founders of cryptocurrency exchange Gemini, and newly appointed crypto czar David Sacks.
Executive Branch was founded by Donald Trump Jr. alongside Alex and Zach Witkoff, the sons of billionaire investor and U.S. Special Envoy to the Middle East Steve Witkoff, and Omeed Malik and Christopher Buskirk of 1789 Capital. Donald Trump Jr. was named a partner of the investment firm in 2024.
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</ul>
Sources told CNBC that the club will open at a location in the Georgetown neighborhood of Washington D.C., sometime next year. Invited members will be required to pay a $500,000 membership fee, as well as annual dues, which have not been disclosed.
The club is the latest in a string of private membership clubs that have opened across the country in the past five years. Similar spaces offer exclusive restaurants and bars, meeting rooms, gyms, and spas.&nbsp;
Executive Branch will be the second most expensive club in the country, according to CNBC, falling just behind President Donald Trump's Mar-a-Lago Resort. Membership fees at the Florida club were raised to $1 million last summer.
Trending: <a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
Insiders told CNBC that Executive Branch will have a select and smaller membership than its competitors. "We don't want members of the media or just a lot of lobbyists joining," said one person close to the club. "We want people to feel comfortable having conversations in privacy."&nbsp;
On top of paying the hefty fees, prospective members will have to be heavily vetted and approved by the founders, CNBC reports. Membership will only be offered following a referral and close screening process.
Those with knowledge of the club told CNBC that they expect it will play a similar role during this administration that the Trump International Hotel played during the last Trump administration, becoming a social hub for administration officials, Republican congressional leaders, foreign dignitaries, lobbyists, and business leaders.
Several government officials and members of the cabinet attended the launch party, including Secretary of State Marco Rubio, Securities and Exchange Commission Chair Paul Atkins, Attorney General Pam Bondi, Federal Trade Commission Chair Andrew Ferguson, Federal Communications Commission Chair Brendan Carr, Director of National Intelligence Tulsi Gabbard, FBI Deputy Director Dan Bongino and Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services, were all in attendance CNBC reported. Several tech founders and CEOs were also on hand for the festivities, the report added.
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Image: Shutterstock

Donald Trump Jr.'s New Private Social Club Counts Winklevoss Twins, Crypto Czar David Sacks As Founding Members

President&nbsp;Donald Trump&nbsp;is expected to soon sign into law the "Take It Down Act," a sweeping bipartisan measure that targets the spread of nonconsensual, sexually&nbsp;explicit <a target="_blank" href="https://www.benzinga.com/media/25/04/45057271/donald-trump-set-to-sign-landmark-take-it-down-act-as-congress-targets-deepfake-images-and-videos" rel="noreferrer noopener">deepfake images&nbsp;and videos online</a>.
Trump&nbsp;will provide some relief to U.S. manufacturers by reportedly easing some duties imposed on foreign parts in<a target="_blank" href="https://www.benzinga.com/25/04/45059191/donald-trump-will-reduce-impact-on-us-auto-industry-by-alleviating-some-auto-tarrifs-report" rel="noreferrer noopener"> domestically manufactured vehicles</a>.
Republicans in the U.S. House of Representatives advanced a reform proposed by Rep.&nbsp;Sam Graves&nbsp;(R-MO), which tabled a <a target="_blank" href="https://www.benzinga.com/25/05/45127530/house-republicans-advance-rep-sam-gravess-proposal-to-charge-250-annual-fee-on-evs-report" rel="noreferrer noopener">$250 annual fee on all EVs</a>.
Earnings Results
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) reported first-quarter revenue of $42.31 billion, beating analyst estimates of $41.39 billion and earnings of $6.43 per share, easily beating <a href="https://www.benzinga.com/news/earnings/25/04/45117948/meta-q1-earnings-eps-beat-revenue-up-16-ai-approaches-1-billion-monthly-actives-capital-expenditures-forecast-raised" target="_blank" rel="noreferrer noopener">analyst estimates of $5.21 per share</a>.
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reported fiscal second-quarter revenue of $95.36 billion, beating analyst&nbsp;estimates of $94.53 billion and earnings of $1.65 per share, beating analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/25/05/45152493/apple-reports-strong-q2-earnings-revenue-beat-eps-beat-installed-base-hits-all-time-high-across-all-segments-100-billion-buyback-and-more" rel="noreferrer noopener">estimates of $1.63 per share</a>.
Smartphones &amp; Applications
Apple is reportedly considering a shift of iPhone assembly to India. However, a renowned analyst has expressed skepticism about the potential effectiveness of this move in mitigating <a target="_blank" href="https://www.benzinga.com/25/04/45032214/analyst-questions-apples-reported-iphone-shift-to-india-amid-china-tariff-pressures-doesnt-solve-all-the-problems" rel="noreferrer noopener">the impact of China tariffs</a>.
Apple CEO Tim Cook said that the tech giant expects a $900 million cost impact in <a href="https://www.benzinga.com/tech/25/05/45156890/apple-ceo-tim-cook-warns-of-900-million-tariff-impact-in-june-quarter-expects-majority-of-iphones-sold-in-us-to-be-made-in-india" target="_blank" rel="noreferrer noopener">the June quarter due to tariffs</a>.
As Washington cranks up&nbsp;the tariff pressure,&nbsp;Apple&nbsp;may have already played its smartest card: doubling down on India for assembly and investing <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/45039357/apples-india-game-plan-looks-smarter-as-tariff-heat-rises-analyst-highlights-4-stocks-that-could-benefit" rel="noreferrer noopener">deeper into U.S. component suppliers</a>.
U.S. District Judge&nbsp;Yvonne Gonzalez Rogers&nbsp;found&nbsp;Apple and one of its top executives in contempt of court, accusing them of deliberately evading a 2021 injunction meant to curb the&nbsp;tech giant&#8217;s <a target="_blank" href="https://www.benzinga.com/25/05/45126668/apple-lied-under-oath-judge-says-tim-cook-ignored-internal-warnings-in-epic-games-case-fallout-this-is-an-injunction-not-a-negotiation" rel="noreferrer noopener">control&nbsp;over&nbsp;</a><a target="_blank" href="https://www.benzinga.com/25/05/45126668/apple-lied-under-oath-judge-says-tim-cook-ignored-internal-warnings-in-epic-games-case-fallout-this-is-an-injunction-not-a-negotiation" rel="noreferrer noopener">App Store</a><a target="_blank" href="https://www.benzinga.com/25/05/45126668/apple-lied-under-oath-judge-says-tim-cook-ignored-internal-warnings-in-epic-games-case-fallout-this-is-an-injunction-not-a-negotiation" rel="noreferrer noopener">&nbsp;payments</a>.
Following a U.S. court ruling that found&nbsp;Apple violated the spirit of an injunction against&nbsp;anti-steering practices,&nbsp;Epic Games, backed by&nbsp;Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), has offered to bring&nbsp;Fortnite&nbsp;back to the&nbsp;App Store&nbsp;if the tech giant <a target="_blank" href="https://www.benzinga.com/news/legal/25/04/45123864/apple-ordered-to-ease-app-store-rules-in-us-epic-games-ceo-tim-sweeney-proposes-peace-deal-saying-well-return-fortnite-and-drop-all-litigation-only-if" rel="noreferrer noopener">fulfills this one condition</a>.
Spotify Technologies&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) defended its $11.99 Premium plan while signaling that future price hikes could be <a target="_blank" href="https://www.benzinga.com/general/entertainment/25/04/45090328/spotify-defends-11-99-price-tag-but-executive-says-raising-prices-is-now-part-of-our-toolbox-can-music-escape-the-inflation-gauntlet" rel="noreferrer noopener">part of its long-term strategy</a>.
Technology
Alibaba Group Holdings Ltd&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) introduced&nbsp;Qwen 3,&nbsp;its most advanced <a target="_blank" href="https://www.benzinga.com/25/04/45057716/alibabas-qwen-3-launch-takes-aim-at-deepseeks-disruption-and-baidus-ernie-turbo-models" rel="noreferrer noopener">artificial intelligence model yet.</a>
Meta&nbsp;has announced the launch of a standalone AI app that will compete with the likes of&nbsp;OpenAI's&nbsp;ChatGPT,&nbsp;<a target="_blank" href="https://www.benzinga.com/tech/25/04/45075691/meta-launches-ai-app-to-compete-with-chatgpt-gemini-grok" rel="noreferrer noopener">Google's</a><a target="_blank" href="https://www.benzinga.com/tech/25/04/45075691/meta-launches-ai-app-to-compete-with-chatgpt-gemini-grok" rel="noreferrer noopener">&nbsp;Gemini&nbsp;and xAI's Grok</a>.
Alphabet Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) CEO&nbsp;Sundar Pichai&nbsp;revealed ongoing talks with&nbsp;Apple to integrate the company&#8217;s Gemini AI into iPhones, amid federal regulators' push to rein in&nbsp;<a target="_blank" href="https://www.benzinga.com/news/legal/25/05/45128130/google-aims-for-gemini-ai-deal-with-apple-this-year-says-sundar-pichai-amid-dojs-bid-to-curb-search-monopoly" rel="noreferrer noopener">Google&#8217;s&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/legal/25/05/45128130/google-aims-for-gemini-ai-deal-with-apple-this-year-says-sundar-pichai-amid-dojs-bid-to-curb-search-monopoly" rel="noreferrer noopener">dominance in online search</a>.
Nvidia Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO&nbsp;Jensen Huang&nbsp;told U.S. lawmakers that&nbsp;export restrictions on AI chips&nbsp;may be helping China&#8217;s&nbsp;Huawei Technologies&nbsp;gain a competitive foothold in the <a target="_blank" href="https://www.benzinga.com/25/05/45157365/nvidia-ceo-jensen-huang-warns-us-lawmakers-that-export-bans-are-backfiring-fueling-huaweis-rise-in-global-ai-chip-race" rel="noreferrer noopener">global artificial intelligence race</a>.
Automobiles &amp; Defense
Pershing Square&#8216;s&nbsp;Bill Ackman&nbsp;has hailed&nbsp;Amazon.com Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder&nbsp;Jeff Bezos-backed&nbsp;Slate Auto as the company recently <a target="_blank" href="https://www.benzinga.com/markets/25/04/45033046/bill-ackman-hails-jeff-bezos-backed-tesla-rival-slate-auto-says-it-will-be-a-big-success" rel="noreferrer noopener">revealed its $20,000 EV truck</a>.
Tesla&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Chinese division is developing an affordable version of the <a target="_blank" href="https://www.benzinga.com/markets/asia/25/04/45032179/tesla-reportedly-developing-a-cheaper-model-y-e80-variant-with-fewer-features-in-china" rel="noreferrer noopener">popular Model Y crossover SUV</a>.
Ross Gerber&nbsp;has called out&nbsp;Tesla&#8216;s&nbsp;rumored Model Y E80, which is slated to be a more affordable <a target="_blank" href="https://www.benzinga.com/25/04/45033764/tesla-bull-ross-gerber-slams-rumored-affordable-model-y-e80-just-4-wheels-and-you" rel="noreferrer noopener">version of the new Model Y</a>.
Tesla said that the company expects the first units of the Semi to enter <a target="_blank" href="https://www.benzinga.com/tech/25/04/45060435/teslas-first-batch-of-semi-trucks-to-roll-out-from-nevada-plant-by-late-2025-despite-disruption-from-trumps-145-tariffs" rel="noreferrer noopener">production by the end of the year.</a>
Tesla is ramping up the production of its Semi Truck as the company reportedly added over 1,000 Workers <a target="_blank" href="https://www.benzinga.com/tech/25/04/45092570/tesla-adds-1000-workers-at-nevada-gigafactory-to-fuel-elon-musks-semi-truck-ambitions-report" rel="noreferrer noopener">to its Nevada Giga factory</a>.
Dan Ives&nbsp;refuses to acknowledge&nbsp;Alphabet&#8216;s&nbsp;and&nbsp;Toyota Motor Corp&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) partnership&nbsp;as a threat to&nbsp;<a target="_blank" href="https://www.benzinga.com/25/05/45126638/tesla-will-own-the-autonomous-market-dan-ives-says-shrugging-off-waymo-toyota-agreement" rel="noreferrer noopener">Tesla</a><a target="_blank" href="https://www.benzinga.com/25/05/45126638/tesla-will-own-the-autonomous-market-dan-ives-says-shrugging-off-waymo-toyota-agreement" rel="noreferrer noopener">&#8216;s&nbsp;Robotaxi ambitions</a>.
Elon Musk&#8216;s space-based internet service provider,&nbsp;Starlink, could reportedly face delays in its plans to expand into India <a target="_blank" href="https://www.benzinga.com/general/space/25/04/45037304/elon-musks-india-ambitions-face-regulatory-hurdles-amid-uncertainty-around-starlink-license-report" rel="noreferrer noopener">due to regulatory requirements</a>.
Future Fund&#8216;s noted investor,&nbsp;Gary Black, has raised questions over&nbsp;Tesla marketing strategy as&nbsp;Elon Musk&nbsp;says his brand can be the "most <a target="_blank" href="https://www.benzinga.com/markets/equities/25/04/45063886/elon-musk-wants-tesla-to-be-most-valuable-company-in-the-world-but-top-investor-doubts-ev-giants-rise-without-apple-style-marketing-strategy" rel="noreferrer noopener">valuable company" in the world</a>.&nbsp;
Airbus SE&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSF#OTC">EADSF</a>) has agreed to take over assets owned by&nbsp;Spirit Aerosystems Holdings Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) in a boost to the <a target="_blank" href="https://www.benzinga.com/25/04/45035715/airbus-finalizes-deal-with-spirit-to-take-over-assets-paving-way-for-boeing-acquisition" rel="noreferrer noopener">manufacturer&#8217;s acquisition by&nbsp;</a><a target="_blank" href="https://www.benzinga.com/25/04/45035715/airbus-finalizes-deal-with-spirit-to-take-over-assets-paving-way-for-boeing-acquisition" rel="noreferrer noopener">Boeing Co. </a><a target="_blank" href="https://www.benzinga.com/25/04/45035715/airbus-finalizes-deal-with-spirit-to-take-over-assets-paving-way-for-boeing-acquisition" rel="noreferrer noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</a>.
Stellantis&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) parent company of Dodge and Jeep, will debut a solid-state <a target="_blank" href="https://www.benzinga.com/tech/25/04/45061846/stellantis-announces-breakthrough-solid-state-battery-with-factorial-energy-company-says-technology-will-debut-in-2026-demo-fleet" rel="noreferrer noopener">battery in the Charger EV</a>.&nbsp;
Stellantis&nbsp;will reportedly move some of its production activities into the U.S. as the company grapples with <a target="_blank" href="https://www.benzinga.com/markets/25/05/45133236/chrysler-jeep-owner-stellantis-to-move-some-auto-production-into-the-us-to-avoid-tariffs" rel="noreferrer noopener">uncertainty caused by U.S. auto tariffs</a>.
General Motors Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) recalled over 877,000 vehicles with the 6.2-liter V8 engine due to possible defects. The company has also issued a stop-sale <a target="_blank" href="https://www.benzinga.com/markets/25/04/45065511/general-motors-recalls-877000-trucks-and-suvs-due-to-faulty-engine" rel="noreferrer noopener">order for the affected models</a>.
Mercedes-Benz Group&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGAF#OTC">MBGAF</a>) pulled its 2025 earnings guidance, citing uncertainty over U.S. <a target="_blank" href="https://www.benzinga.com/25/04/45095342/mercedes-benz-pulls-annual-earnings-guidance-as-sales-decline-and-tariff-uncertainty-looms" rel="noreferrer noopener">President&nbsp;</a><a target="_blank" href="https://www.benzinga.com/25/04/45095342/mercedes-benz-pulls-annual-earnings-guidance-as-sales-decline-and-tariff-uncertainty-looms" rel="noreferrer noopener">Donald Trump</a><a target="_blank" href="https://www.benzinga.com/25/04/45095342/mercedes-benz-pulls-annual-earnings-guidance-as-sales-decline-and-tariff-uncertainty-looms" rel="noreferrer noopener">&#8216;s tariffs</a>.
As Chinese EV giant&nbsp;BYD Co., Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) is gearing up to expand its presence in Europe, satellite images show the company&#8217;s facility in <a target="_blank" href="https://www.benzinga.com/25/04/45097773/satellite-images-put-tesla-rival-byds-hungarian-factory-capable-of-producing-200k-units-annually-in-the-spotlight" rel="noreferrer noopener">Hungary taking shape</a>.
Ford Motor Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) has announced it will delay the planned hike in prices for its vehicles until it sees how the<a target="_blank" href="https://www.benzinga.com/25/05/45129156/jim-farley-says-ford-will-delay-price-hike-to-see-how-competitors-react-to-tariffs-extends-employee-pricing-through-july" rel="noreferrer noopener"> competitors respond to auto tariffs</a>.
Artificial Intelligence (AI)
Mark Zuckerberg said that&nbsp;Meta&#8217;s artificial intelligence future will cater to both billions of free users and a group willing to pay <a target="_blank" href="https://www.benzinga.com/25/04/45093311/not-everyone-needs-a-thousand-ai-engineers-but-for-those-who-do-zuckerberg-says-meta-will-gladly-build-it-for-a-price" rel="noreferrer noopener">big for powerful digital agents</a>.
Meta CEO&nbsp;Mark Zuckerberg&nbsp;predicts that the future of AI won&#8217;t follow the "winner takes most" model seen <a target="_blank" href="https://www.benzinga.com/tech/25/05/45125414/mark-zuckerberg-doesnt-believe-that-ai-market-will-follow-searchs-winner-takes-most-model-meta-ceo-predicts-multiple-specialized-ais-for-work-and-play" rel="noreferrer noopener">in the search engine industry</a>.
OpenAI&nbsp;CEO&nbsp;Sam Altman&nbsp;acknowledged that the last few updates to the&nbsp;GPT-4o&nbsp;model made its personality <a target="_blank" href="https://www.benzinga.com/25/04/45030694/openai-ceo-sam-altman-says-gpt-4o-personality-tweaks-made-it-annoying-fixes-coming-this-week" rel="noreferrer noopener">"too sycophant-y and annoying."</a>
OpenAI&nbsp;unveiled an upgrade to&nbsp;ChatGPT&#8217;s&nbsp;search functionality, enabling users to browse and shop for <a target="_blank" href="https://www.benzinga.com/25/04/45058959/openai-launches-ad-free-shopping-search-in-chatgpt-heres-how-it-works" rel="noreferrer noopener">products directly within the chatbot</a>.
Geoffrey Hinton, known as the "Godfather of AI," has joined a growing chorus of experts and former employees urging regulators to block&nbsp;<a target="_blank" href="https://www.benzinga.com/tech/25/04/45060194/godfather-of-ai-geoffrey-hinton-backs-elon-musk-in-fight-against-openais-restructuring-id-like-to-stop-them-from-completely-gutting-it" rel="noreferrer noopener">OpenAI&#8217;s</a><a target="_blank" href="https://www.benzinga.com/tech/25/04/45060194/godfather-of-ai-geoffrey-hinton-backs-elon-musk-in-fight-against-openais-restructuring-id-like-to-stop-them-from-completely-gutting-it" rel="noreferrer noopener">&nbsp;controversial&nbsp;restructuring plans</a>.

Large Cap

Tech

AMZN

BABA

BYDDF

EADSF

GOOG

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

NVDA

SPOT

STLA

TCEHY

TSLA

Consumer Tech News (Apr 28-May 2): Trump May Ease Auto Part Tariffs,  House Republicans Tabled $250 Charge On EV & More

President Donald Trump&#8216;s intensifying trade war with China is stirring up dissatisfaction among young Americans.
What Happened: Trump&#8217;s tariffs on Chinese goods are causing disruptions for young Americans who depend on affordable Chinese products and services. These tariffs have resulted in a 145% surge in the price of many imported goods, impacting everything from fast fashion to tech gadgets.
As per the report <a href="https://www.bloomberg.com/news/articles/2025-05-03/young-americans-sours-on-trump-s-china-tariffs-despite-election-year-bump?srnd=homepage-americas&amp;sref=TBDibEcD">by</a> Bloomberg, the escalating trade war is triggering a negative response among young voters, who were instrumental in Trump&#8217;s election success. 
A recent <a href="https://d3nkl3psvxxpe9.cloudfront.net/documents/econTabReport_pXJ0PxA.pdf">poll</a> by YouGov/Economist indicates that 57% of Americans aged 18 to 29 disapprove of Trump&#8217;s job performance, marking a 14-point drop since he assumed office.
The trade dispute could also influence the future of popular social media app TikTok, which was on the verge of securing a deal to continue its operations in the US before the tariffs disrupted the talks.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/05/45184120/warren-buffett-warns-tariffs-could-backfire-on-economy-says-trade-should-not-be-a-weapon-its-a-big-mistake-i-dont-think-its-wise">Warren Buffett Warns Tariffs Could Backfire on Economy, Says, &#8216;Trade Should Not Be A Weapon. It&#8217;s A Big Mistake, I Don&#8217;t Think It&#8217;s Wise&#8217;</a>
Young consumers like Chelsea Hollins, a 26-year-old content creator and college student, are voicing their discontent. &#8220;Everybody is mad,&#8221; Hollins stated. &#8220;That&#8217;s all that I see on my timeline.&#8221;
Despite the mounting criticism, the White House still has the option to backtrack on its tariffs. However, the tariffs imposed on China could have enduring political implications for the GOP in the upcoming congressional midterms.
Why It Matters: The escalating trade war with China and the resulting tariffs are not only impacting the economy but also the political landscape. The dissatisfaction among young Americans, who played a pivotal role in Trump&#8217;s election, could potentially influence future elections. 
The tariffs&#8217; impact on popular services like TikTok further highlights the wide-reaching consequences of this trade dispute. 
The White House&#8217;s decision on whether to continue or reverse these tariffs could have significant implications for the GOP in the forthcoming congressional midterms.
Read Next
<a href="https://www.benzinga.com/general/market-summary/25/04/45029647/experts-say-new-tariffs-could-spark-higher-prices-and-shortages-within-weeks">Experts Say New Tariffs Could Spark Higher Prices and Shortages Within Weeks</a>

Young Americans Express Discontent Over Trump's China Tariffs

Elon Musk&#8216;s first wife Justine Wilson recently shed light on the complexities of their marriage and the challenges she faced <a href="https://www.benzinga.com/general/entertainment/24/07/39657381/elon-musks-mother-recounts-time-her-children-used-to-ask-for-food-she-couldnt-afford-after-">being married to the CEO of Tesla Inc.</a>
What Happened: In a recent interview, Wilson gave an insight into her life with Musk, to whom she was married from 2000 to 2008. The pair, who first crossed paths&nbsp;at Queen&#8217;s University in Ontario,&nbsp;Canada, share six children.
Wilson highlighted the pressure she felt as Musk&#8217;s business pursuits expanded, leading her to feel like a &#8220;trophy wife,&#8221; compelled to fit into a certain Hollywood stereotype. 
She also brought up a car accident that marked a significant shift in their relationship, expressing her apprehension of Musk&#8217;s reaction over their safety, <a href="https://www.indy100.com/politics/elon-musk-justine-wilson-trophy-wife-interview-2671642611#">reports</a> Indy100.
After their divorce, Musk started seeing British actor Talulah Riley, who he married in 2010 and divorced two years later. They got remarried in 2013 but divorced again in 2016. 
Also Read:&nbsp;<a href="https://www.benzinga.com/general/social-media/25/03/44209885/elon-musks-ex-wife-spills-the-truth-about-what-it-really-takes-to-be-a-billionaire-there-is-no-roadmap-no-blueprint-for-this" target="_blank" rel="noreferrer noopener">Elon Musk's Ex-Wife Spills The Truth About What It Really Takes To Be A Billionaire: ‘There Is No Roadmap, No Blueprint For This'</a>
The revelations by Wilson provide a rare glimpse into the personal life of one of the world&#8217;s most influential tech moguls. Musk&#8217;s personal life has often been under scrutiny due to his high-profile relationships and his outspoken nature. 
The insights shared by Wilson add another layer to the public&#8217;s understanding of the Tesla CEO.
Read Next
<a href="https://www.benzinga.com/news/25/04/45029504/elon-musks-ex-wives-missed-out-on-his-billion-dollar-wealth-heres-why">Elon Musk&#8217;s Ex-Wives Missed Out on His Billion-Dollar Wealth — Here&#8217;s Why</a>
Image: Shutterstock

Entertainment

Musk's Ex-Wife Opens Up About Why Life With Elon Was So Difficult

Barstool Sports founder Dave Portnoy isn't buying President Donald Trump's latest attempt to pin a shaky stock market and economic slowdown on former President Joe Biden.
After Trump claimed in a Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/114427089568235019">post</a> that the current stock market dip is still &#8220;Biden's Stock Market,&#8221; Portnoy fired back. &#8220;What's that old expression? Don't piss down my back and tell me it's raining? Well that applies here,&#8221; he wrote on <a href="https://x.com/stoolpresidente/status/1917607515270901952">X</a> on Wednesday.&nbsp;
&#8220;The stock market is a direct reflection of Trump's first 100 days in office. Doesn't mean it won't get better and that we don't need to be patient, but this is his market not Biden's.&#8221;
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<h2 class="wp-block-heading">Trump Keeps Pointing at Biden</h2>
Following a <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/45100047/recession-odds-spike-wall-street-tumbles-as-q1-gdp-surprisingly-contracts-be-patient-trump-responds">0.3% drop in U.S. GDP</a> for Q1 2025—the first contraction in three years—Trump <a href="https://www.benzinga.com/markets/25/04/45124644/trump-blames-gdp-contraction-on-biden-overhang-nothing-to-do-with-the-tariffs">blamed the results on Biden</a>. &#8220;This is Biden,&#8221; he <a href="https://youtu.be/1QBwJsxN0OQ?si=-u2bcue3Y_rDKqcU&amp;t=6474">said</a> on Wednesday at a Cabinet meeting, adding that even Q2 results should partly fall on his predecessor because &#8220;it doesn't just happen on a daily or an hourly basis.&#8221;
In the same Truth Social post, Trump argued that the U.S. economy was still weighed down by the &#8220;Biden overhang&#8221; and that his own policies, especially tariffs, would soon spark a boom. &#8220;Companies are starting to move into the USA in record numbers,&#8221; he posted. &#8220;Our country will boom, but we have to get rid of the Biden ‘Overhang.' This will take a while, has NOTHING TO DO WITH TARIFFS.&#8221;
But economists say otherwise. The Commerce Department <a href="https://www.bea.gov/data/gdp/gross-domestic-product">attributed</a> the GDP dip to a surge in imports from companies trying to beat Trump's upcoming tariffs. A drop in government spending also played a role. Market analysts note that Trump's policies are already affecting economic behavior.
Trending: Donald Trump just announced a $500 billion AI infrastructure deal — <a href="https://www.benzinga.com/money/seize-a-share-while-you-still-can-in-the-2-trillion-entertainment-market-with-elf-labs-at-just-2-25-share">here's how you can invest in the entertainment market's next big disruptor at $2.25 per share</a>.
<h2 class="wp-block-heading">Executives Cashed Out, Portnoy Stayed In</h2>
While tech and finance insiders were unloading stocks before the market dropped, Portnoy stuck it out and lost big.
As Benzinga previously <a href="https://www.benzinga.com/news/25/04/45028996/in-response-to-zuckerberg-and-dimon-stock-sell-offs-dave-portnoy-says-he-didnt-unload-anything-got-smoked-like-everybody-else">reported</a>, Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg sold 1.1 million shares for $733 million, Oracle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) CEO Safra Catz sold $705 million in stock, and JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon sold $234 million—all before Trump's tariff announcements sent markets into a nosedive.
Portnoy, on the other hand, <a href="https://x.com/stoolpresidente/status/1914429319499165931">wrote</a> to his X followers mid-April, "I did NOT unload any stock. Got smoked like everybody else." He initially estimated a $7 million hit but later revised it to $20 million, around 15% of his net worth.
See Also: Shark Tank's Kevin O'Leary called Missing Ring his biggest mistake — Don't repeat history—<a href="https://www.benzinga.com/money/big-tech-has-spent-billions-acquiring-ai-smart-home-startups-one-company-stands-to-benefit-and-has-already-made-10-million">invest in RYSE at just $1.90/share.</a>
Still, Portnoy isn't jumping ship. On his livestream, he called Trump &#8220;a smart guy&#8221; and said he's going to see how the tariff game plays out.
&#8220;I'm going to roll with him and see how it plays out,&#8221; he said.
<h2 class="wp-block-heading">From Credit to Blame</h2>
Trump is now trying to distance himself from weak economic data, but just last year, he was eager to take credit for market gains under Biden. On Jan. 29, 2024, while still a presidential candidate, Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/111840568643216314">posted</a> on Truth Social in all caps: "THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN."
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Image: Shutterstock

ORCL

'Don't Piss Down My Back And Tell Me It's Raining,' Says Dave Portnoy—'This Is Trump's Market, Not Biden's'

These mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Pony AI Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PONY#NASDAQ">PONY</a>) shares were up 48.36% after the company reportedly said it is getting closer to profitability and can build its <a href="https://www.benzinga.com//node/45049945" target="_blank" rel="noreferrer noopener">autonomous driving system for less</a>.</li>
<li>Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) stock rocketed 45.32% after the company announced a collaboration with Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) to offer a bundled package of all dose <a href="https://www.benzinga.com//node/45074872" target="_blank" rel="noreferrer noopener">strengths of Wegovy on its platform</a>. B of A Securities analyst raised the price <a href="https://www.benzinga.com/quote/hims/analyst-ratings" target="_blank" rel="noreferrer noopener">forecast from $22 to $26</a>.</li>
<li>ODDITY Tech Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODD#NASDAQ">ODD</a>) shares surged 42.96% after the company reported better-than-expected first-quarter financial results, raised its FY25 guidance, and issued <a href="https://www.benzinga.com//node/45111584" target="_blank" rel="noreferrer noopener">second-quarter guidance above estimates</a>. Analysts raised price <a href="https://www.benzinga.com/quote/ODD/analyst-ratings" target="_blank" rel="noreferrer noopener">forecasts on the stock</a>.</li>
<li>Metsera, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTSR#NASDAQ">MTSR</a>) stock escalated by 38.42% last week.</li>
<li>CG Oncology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGON#NASDAQ">CGON</a>) stock increased 29.86% after the company announced that cretostimogene grenadenorepvec monotherapy data was presented at the American <a href="https://www.benzinga.com//node/45043205" target="_blank" rel="noreferrer noopener">Urological Association Annual Meeting</a>. Some analysts initiated coverage/ <a href="https://www.benzinga.com/quote/cgon/analyst-ratings" target="_blank" rel="noreferrer noopener">boosted the price forecast</a>.</li>
<li>Kiniksa Pharmaceuticals, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KNSA#NASDAQ">KNSA</a>) shares upped 29.42% after raising <a href="https://www.benzinga.com//node/45063476" target="_blank" rel="noreferrer noopener">its FY25 sales guidance</a>.</li>
<li>Kingsoft Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KC#NASDAQ">KC</a>) stock rose 27.34%.</li>
<li>Frontdoor, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTDR#NASDAQ">FTDR</a>) shares were up 25.44% last week after the company reported better-than-expected first-quarter financial results and raised its FY25 <a href="https://www.benzinga.com//node/45130988" target="_blank" rel="noreferrer noopener">sales outlook</a>.</li>
<li>ATI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATI#NYSE">ATI</a>) stock increased 25.39% after it reported better-than-expected quarterly financial results and raised its <a href="https://www.benzinga.com//node/45130989" target="_blank" rel="noreferrer noopener">FY25 adjusted EPS guidance</a>.</li>
<li>Perdoceo Education Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRDO#NASDAQ">PRDO</a>) stock rose 23.72% after it <a href="https://www.benzinga.com//node/45149554" target="_blank" rel="noreferrer noopener">reported first-quarter results</a>.</li>
<li>iRhythm Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRTC#NASDAQ">IRTC</a>) stock jumped 23.71% after it reported better-than-expected first-quarter results and <a href="https://www.benzinga.com//node/45149802" target="_blank" rel="noreferrer noopener">raised its FY25 sales guidance</a>.</li>
</ol>
Photo by Tada Images via Shutterstock

Mid Cap

Movers

CGON

FTDR

Hims & Hers Health, Inc. Class A Common Stock

HIMS

IRTC

KNSA

MTSR

PONY

PRDO

Pony AI, Hims & Hers And Frontdoor Are Among Top 11 Mid-Cap Gainers Last Week (Apr 28-May 2): Are The Others In Your Portfolio?

&#8220;You cannot just assume that more data and more compute means smarter AI,&#8221; said Yann LeCun, Meta's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) chief AI scientist, during a keynote on April 28 at the National University of Singapore.&nbsp;
LeCun pushed back on what he described as the "religion of scaling," arguing that AI progress will stall unless systems are taught to understand the physical world — not just crunch more data.
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<h2 class="wp-block-heading">Why Bigger Isn't Always Smarter</h2>
LeCun's criticism challenges the current industry belief that scaling — boosting the number of parameters, the size of the dataset, and the compute— is the surest path to better AI.&nbsp;
"The mistake is that very simple systems, when they work for simple problems, people extrapolate them to think that they&#8217;ll work for complex problems," he said. Meta has historically leaned into scaling, but LeCun believes smarter AI won't emerge from brute force alone.
The idea that "model performance depends most strongly on scale," as outlined in the <a href="https://arxiv.org/abs/2001.08361">2020 paper</a> &#8220;Scaling Laws for Neural Language Models&#8221; by researchers at OpenAI and DeepMind, has guided substantial investments into scaling up model architectures and training data.
Trending: Donald Trump just announced a $500 billion AI infrastructure deal — <a href="https://www.benzinga.com/money/seize-a-share-while-you-still-can-in-the-2-trillion-entertainment-market-with-elf-labs-at-just-2-25-share">here's how you can invest in the entertainment market's next big disruptor at $2.25 per share</a>.
<h2 class="wp-block-heading">LeCun Says Today's AI Struggles With Ambiguity</h2>
LeCun argued that recent breakthroughs appear impressive only because the tasks were relatively easy.&nbsp;
"When you deal with real-world problems with ambiguity and uncertainty, it's not just about scaling anymore," he said at an event in Singapore. He compared modern large language models to a child&#8217;s brain: they're trained on roughly the amount of information stored in the visual cortex of a four-year-old.
As LeCun put it on a <a href="https://www.youtube.com/watch?v=SGSOCuByo24&amp;ab_channel=LexFridman">"Lex Fridman"</a> podcast in 2019, the key difference is that "world models" can predict how the environment evolves based on an action — a critical step toward actual reasoning.&nbsp;
"The extra component of a world model is something that can predict how the world is going to evolve as a consequence of an action you might take," he said.
See Also: Shark Tank's Kevin O'Leary called Missing Ring his biggest mistake — Don't repeat history—<a href="https://www.benzinga.com/money/big-tech-has-spent-billions-acquiring-ai-smart-home-startups-one-company-stands-to-benefit-and-has-already-made-10-million">invest in RYSE at just $1.90/share.</a>
<h2 class="wp-block-heading">Industry Leaders Are Starting to Shift</h2>
LeCun isn't the only prominent AI voice rethinking scale. During the <a href="https://www.google.com/search?q=Alexandr+Wang+on+the+Cerebral+Valley+AI+Summit&amp;oq=Alex&amp;gs_lcrp=EgZjaHJvbWUqCAgBEEUYJxg7MgYIABBFGDkyCAgBEEUYJxg7MgcIAhAuGIAEMgoIAxAuGLEDGIAEMgoIBBAAGLEDGIAEMhAIBRAuGIMBGNQCGLEDGIAEMhAIBhAuGIMBGNQCGLEDGIAEMgYIBxBFGD3SAQg1OTg4ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8#fpstate=ive&amp;vld=cid:8bde0f29,vid:HM7wnQwpJ0w,st:0">Cerebral Valley AI Summit</a> in November, Alexandr Wang, CEO of Scale AI, called scaling "the biggest question in the industry." Meanwhile, Aidan Gomez, CEO of Cohere, labeled it "the dumbest" way to improve AI models in a February TechCrunch Disrupt session.
There's also a data ceiling problem. According to an Epoch AI<a href="https://epoch.ai/blog/will-we-run-out-of-data-limits-of-llm-scaling-based-on-human-generated-data"> study</a>, most high-quality public data has already been used to train existing large models, meaning returns from future scaling may diminish.
<h2 class="wp-block-heading">Understanding The World Is The Next Big Leap</h2>
LeCun's alternative? Teach machines like humans — with physical intuition, common sense, and an ability to learn new tasks quickly.&nbsp;
"We need AI systems that can learn new tasks really quickly," he said last week. "They need to understand the physical world — not just text and language but the real world — have some level of common sense, and abilities to reason and plan, have persistent memory."
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share!</a></li>
</ul>
Image: Shutterstock

Meta Chief AI Scientist Yann LeCun Slams AI Hype: 'Scaling Systems More' Won't Make Them Smarter – 'We Need AI That Understands The World'

The week was abuzz with news from the tech world, with artificial intelligence (AI) taking center stage. From potential policy changes affecting AI chip exports to the impact of AI on workloads and coding, the stories were as diverse as they were intriguing. Here&#8217;s a quick recap of the top stories.
Trump Administration Eyes AI Chip Restrictions
The Trump administration is reportedly contemplating significant changes to the Biden-era restrictions on AI chip exports. The proposed overhaul targets the Framework for Artificial Intelligence Diffusion, a rule issued by the U.S. Commerce Department under former President Joe Biden. The changes could potentially tighten access to&nbsp;NVIDIA&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&nbsp;H100 chips.&nbsp;<a href="https://www.benzinga.com/25/04/45090935/trump-administration-targets-biden-era-ai-chip-curbs-could-scrap-country-tiers-and-tighten-access-to-nvidias-h100-chips-report">Read the full article here.</a>
Nvidia Designs New AI Chips for Chinese Tech Giants
In response to tightened U.S. export restrictions on its H20 chip,&nbsp;NVIDIA is reportedly developing redesigned AI chips. The company has informed key Chinese customers, including&nbsp;Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), ByteDance, and Tencent Holdings, of its plans to create new AI chip designs that comply with U.S. export regulations.&nbsp;<a href="https://www.benzinga.com/25/05/45182565/nvidia-designing-new-ai-chips-for-alibaba-bytedance-tencent-after-warning-us-export-ban-on-h20-could-cost-the-company-55-billion-report">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/markets/25/05/45162929/tim-cook-tells-commerce-secretary-lutnick-how-apple-could-bring-iphone-manufacturing-to-us" target="_blank" rel="noreferrer noopener">Tim Cook Tells Commerce Secretary Lutnick How Apple &#8216;Could&#8217; Bring iPhone Manufacturing To US</a>
AI Tools: A Boon or a Bane for Workers?
A recent study has found that generative AI tools, such as ChatGPT, may not be delivering the productivity benefits they promised. Instead, they could be leading to extra work for some workers. The study examined data from 25,000 Danish workers across professions prone to automation.&nbsp;<a href="https://www.benzinga.com/general/education/25/05/45160023/ai-was-supposed-to-save-time-but-many-workers-are-ending-up-with-more-tasks-study">Read the full article here.</a>
Meta&#8217;s Ambitious Revenue Projections for Generative AI Products
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)&nbsp;has projected that its generative AI products could potentially generate revenue ranging from $460 billion to $1.4 trillion by 2035. This information was revealed in recently unsealed court documents related to the Kadrey v. Meta Platforms Inc. case.&nbsp;<a href="https://www.benzinga.com/markets/25/05/45160454/mark-zuckerbergs-meta-targets-1-4-trillion-revenue-from-generative-ai-by-2035-court-filing-reveals">Read the full article here.</a>
AI&#8217;s Growing Role in Coding at Microsoft
Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)&nbsp;CEO Satya Nadella revealed that AI now writes up to 30% of the tech giant's code. This marks a significant shift in software development, indicating how AI tools are reshaping the way tech companies build their products.&nbsp;<a href="https://www.benzinga.com/tech/25/04/45093643/ai-is-reshaping-coding-at-microsoft-says-nadella-30-of-code-now-ai-generated">Read the full article here.</a>
Read Next:&nbsp;<a href="https://benzinga.com/markets/25/05/45183000/warren-buffetts-right-hand-man-greg-abel-is-quietly-taking-over-day-to-day-leadership-at-berkshire-hathaway-gotten-much-more-involved-in-capital-allocation-decisions" target="_blank" rel="noreferrer noopener">Warren Buffett&#8217;s Right-Hand Man Greg Abel Is Quietly Taking Over Day-To-Day Leadership At Berkshire Hathaway: &#8216;Gotten Much More Involved In Capital Allocation Decisions&#8217; </a>
Image Via Shutterstock
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/navdeep-yadav" target="_blank" rel="noopener">Navdeep Yadav.</a>

MSFT

Nvidia Reportedly Designs New AI Chips For Chinese Tech Giants, Meta Targets $1.4 Trillion Revenue From Generative AI By 2035 And More: Top AI Updates This Week

<a href="https://www.benzinga.com/news/25/04/44865115/figure-ai-shakes-silicon-valley-with-39-5b-valuation-200000-robots-promised-by-2029-beating-out-spacex-and-openai">Figure AI</a>, the robotics company aiming to build the first commercially viable humanoid worker, <a href="https://www.prnewswire.com/news-releases/figure-raises-675m-at-2-6b-valuation-and-signs-collaboration-agreement-with-openai-302074897.html">recently announced</a> it secured a staggering $675 million in funding from some of the biggest names in tech and venture capital, including <a href="https://www.benzinga.com/news/25/04/44821570/bezos-bets-big-slate-auto-quietly-raises-111m-series-a-to-build-25k-ev-truck-eyes-2026-launch-in-indianapolis">Jeff Bezos</a>, Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), OpenAI, and Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>).
Now valued at $2.6 billion, the San Jose, California-based startup is in talks with United Parcel Service (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) to integrate its <a href="https://www.benzinga.com/tech/25/04/44894239/humanoid-robots-make-history-in-beijing-half-marathon-completes-race-in-under-3-hours">humanoid robots</a> into the global shipping giant's logistics infrastructure, according to<a href="https://www.bloomberg.com/news/articles/2025-04-28/ups-in-talks-with-startup-figure-ai-to-deploy-humanoid-robots"> Bloomberg</a>.
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<h2 class="wp-block-heading">UPS in Talks to Introduce Humanoid Robots to Its Network</h2>
Figure AI was founded in 2022 by serial entrepreneur Brett Adcock, who previously launched Vettery and Archer Aviation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>). Adcock&#8217;s<a href="https://www.brettadcock.com/bio"> bio</a> says that his goal is to create a fully autonomous humanoid robot that can safely, efficiently, and intelligently perform a wide range of physical tasks that are currently repetitive, physically draining, or simply undesirable for human workers.
According to Bloomberg, the company's latest model, Figure 02, features integrated cabling, a torso battery, and real-time computing power using Nvidia RTX GPU-based modules. It's outfitted with 6 RGB cameras, directional microphones, speakers, and a custom-built conversational AI developed in collaboration with OpenAI. Figure 02 also boasts 16 degrees of freedom in its redesigned hands, which allow it to lift and maneuver up to 55 pounds. These capabilities are being actively tested in real-world settings, including on the factory floor at BMW.
Trending: Donald Trump just announced a $500 billion AI infrastructure deal — <a href="https://www.benzinga.com/money/seize-a-share-while-you-still-can-in-the-2-trillion-entertainment-market-with-elf-labs-at-just-2-25-share">here's how you can invest in the entertainment market's next big disruptor at $2.25 per share</a>.
While both UPS and rival FedEx (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) have incorporated autonomous systems like sorting and ground robots into their operations, neither has implemented humanoid robots until now.
Bloomberg<a href="https://www.bloomberg.com/news/articles/2024-02-23/bezos-nvidia-join-openai-microsoft-in-funding-humanoid-robot-startup-figure-ai"> reported</a> last year that UPS and Figure AI began discussions in 2023 and resumed them in early 2025 as Figure&#8217;s latest model reached new performance milestones. If an agreement is finalized, UPS will become one of the first global logistics companies to pilot humanoid labor at an industrial scale.
This move comes as UPS is undergoing a significant restructuring in response to declining package volumes, particularly from major clients like Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and economic pressures stemming from international tariffs. According to<a href="https://www.reuters.com/markets/us/ups-reports-fall-first-quarter-revenue-2025-04-29/"> Reuters</a>, UPS plans to cut 20,000 jobs and close 73 facilities by June, aiming to save $3.5 billion through workforce reductions, automation, and asset sales. These measures are part of UPS's strategy to adapt to shifting market dynamics and enhance operational efficiency.
See Also: <a href="https://www.benzinga.com/money/this-ai-imaging-technology-has-been-used-in-more-than-500-surgeries-now-you-can-be-part-of-the-ai-imaging-revolution">Be part of the next med-tech breakthrough for only $350 — 500+ surgeries already done with nView's AI system.</a>
<h2 class="wp-block-heading">CEO Brett Adcock&#8217;s Vision for Robotic Integration</h2>
Adcock believes humanoid robots are the next frontier in workforce transformation. He said in a <a href="https://www.prnewswire.com/news-releases/figure-raises-675m-at-2-6b-valuation-and-signs-collaboration-agreement-with-openai-302074897.html">statement</a> that Figure&#8217;s vision is &#8220;to bring humanoid robots into commercial operations as soon as possible. AI and robotics are the future, and I am grateful to have the support of investors and partners who believe in being at the forefront."
Figure's mission has always been about filling the gap where human labor is in short supply or at risk. The startup<a href="https://www.figure.ai/"> says</a> it is building toward a future where robots can work side-by-side with humans, or even independently, across warehouses, manufacturing floors, and homes.
Figure AI is not alone in the humanoid race since competitors like Optimus, created by Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), and Agility Robotics' Digit are also vying to dominate this emerging sector. However, with backing from the world's top AI labs, chipmakers, and billionaires, Figure AI is showing that humanoid labor is no longer a sci-fi dream but a near-future solution to real-world industrial problems.
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UPS Explores Humanoid Robots As Figure AI Secures $675M From Jeff Bezos, OpenAI, And Intel, Targeting $9B Revenue By 2029

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<li>Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) shares tumbled 19.90% after the company reported <a href="https://www.benzinga.com//node/45152696" target="_blank" rel="noreferrer noopener">worse-than-expected financial results</a>. Analysts slashed <a href="https://www.benzinga.com/quote/xyz/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
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<li>Pilgrim&#8217;s Pride Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPC#NASDAQ">PPC</a>) stock dived 13.84% after the company reported worse-than-expected <a href="https://www.benzinga.com//node/45118399" target="_blank" rel="noreferrer noopener">first-quarter financial results</a>.</li>
<li>Ecopetrol S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EC#NYSE">EC</a>) shares declined 12.27% probably amid a drop in oil and natural gas prices following a decline in U.S. first-quarter GDP, which could weigh on demand outlook.</li>
<li>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>) shares were down 11.59% after the company reported <a href="https://www.benzinga.com//node/45119634" target="_blank" rel="noreferrer noopener">first-quarter results below estimates</a>. The stock may also be down amid a drop in gold spot price.</li>
<li>YPF Sociedad Anonima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YPF#NYSE">YPF</a>) stock fell 9.09%.</li>
<li>Targa Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) stock dived 8.87% after the company reported <a href="https://www.benzinga.com//node/45128247" target="_blank" rel="noreferrer noopener">earnings for the first quarter</a>.</li>
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