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Authorities are intensifying their investigation into a violent incident in Boulder, Colorado, which has been classified as a &#8220;targeted terror attack&#8221; by the Federal Bureau of Investigation. The attack, which occurred during a pro-Israel demonstration, has raised significant concerns about the safety of community gatherings.
What Happened: The FBI and local authorities are probing a Sunday afternoon attack in Boulder, Colorado, that injured multiple individuals. According to a <a href="https://thehill.com/homenews/state-watch/5328100-boulder-attack-fbi/">report</a> from The Hill, FBI Director Kash Patel described the event as a &#8220;targeted terror attack.&#8221; The incident occurred at a pedestrian mall near 13th and Pearl streets during a peaceful pro-Israel demonstration.
Officers responded to reports of several victims and evacuated the area. A suspect was apprehended but remains unidentified publicly. The attack involved a man allegedly setting people on fire, with the exact number of injuries still unknown. The suspect was taken into custody without incident and&nbsp;transported to the hospital with&nbsp;minor injuries.
President Donald Trump has been briefed on the situation, a White House official informed NewsNation. Colorado Gov. Jared Polis (D) condemned the act as a &#8220;heinous act of terror,&#8221; while Colorado Attorney General Phil Weiser suggested it appears to be a hate crime. The attack targeted a Jewish community gathering organized by Run for Their Lives, aiming to raise awareness for hostages held in Gaza.
The Boulder Jewish community expressed their sorrow over the incident, which involved an incendiary device thrown at participants. They pledged to keep the community informed as more details emerge.
See Also: <a href="https://benzinga.com/news/topics/25/05/45708861/trump-demands-automakers-including-tesla-build-entirely-in-the-us" target="_blank" rel="noreferrer noopener">Trump Demands Automakers, Including Tesla, Build Entirely In The US</a>
Why It Matters: This attack in Boulder is part of a troubling pattern of violence targeting Jewish communities and individuals. 
Just days before, on May 22, two Israeli Embassy staff members were killed in a <a href="https://www.benzinga.com/news/25/05/45557408/two-israeli-embassy-staff-killed-in-shooting-near-dc-museum">shooting near the Capital Jewish Museum</a> in Washington, D.C. Homeland Security Secretary Kristi Noem labeled that incident as a &#8220;depraved&#8221; act, emphasizing the need for justice. 
Photo Courtesy: Mark Van Scyoc on Shutterstock.com
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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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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General

FBI Investigating Boulder Attack As 'Targeted Terror' Incident

FanBasis, a Miami-based startup building the operating system for online entrepreneurs,<a href="https://www.prnewswire.com/news-releases/fanbasis-raises-20m-series-a-to-power-the-next-generation-of-digital-businesses-302457329.html"> announced</a> on May 20 a $20 million Series A round. The raise was led by Left Lane Capital, with support from celebrity backers including real estate entrepreneur <a href="https://www.benzinga.com/real-estate/25/02/43778989/ryan-serhant-closed-the-biggest-deal-of-his-career-for-200-million-this-is-how-the-celebrity-broker-elevated-his-business">Ryan Serhant</a>, former professional soccer player Gerard Piqué, and internet sensation group The Sidemen via Upside Ventures.
The company said in a statement that it is on a mission to transform creators into company operators. With tools that unify payments, fulfillment, customer relationship management, course and community hosting, and customer engagement, FanBasis replaces the fragmented stack of tools commonly used by digital entrepreneurs.
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<h2 class="wp-block-heading">A Unified Platform For High-Margin, Expertise-Based Businesses</h2>
FanBasis is made for internet educators, consultants, and specialists who want to turn knowledge into <a href="https://www.benzinga.com/personal-finance/25/04/44958370/1-5m-rich-but-clueless-couple-with-82k-combined-income-says-need-help-after-winning-big-reddit-explodes-over-what-they-should-do-next">income</a> and audience into enterprise, the company says.
&#8220;Creators and internet entrepreneurs don&#8217;t just need software—they need a platform that acts as a growth partner,&#8221; FanBasis founder and CEO Yash Daftary said. &#8220;Today&#8217;s creators are building real businesses, and they need infrastructure that moves as fast as they do.&#8221;
The platform enables users to sell courses, host paid communities, process payments, and fulfill services in one place. According to the FanBasis, this approach gives digital entrepreneurs clarity, control, and operational speed. Thousands of creators globally now generate tens of millions per month using FanBasis, with gross merchandise volume tripling over the last few quarters, the company says.
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<h2 class="wp-block-heading">Celebrity Investors And Institutional Backing Signal Big Bet On Digital Operators</h2>
Serhant is widely recognized for building a global real estate brand and starring in multiple television series. Joining him in the funding round is Piqué, the former soccer player who transitioned into investing.
The two are joined by The Sidemen, a U.K.-based collective that backed the company through its fund, Upside Ventures. According to the statement, Left Lane Capital led the round, adding FanBasis to a portfolio that includes breakout companies like Bilt Rewards and Talkiatry.
According to Left Lane Capital partner Matthew Miller, the firm sees FanBasis as a core pillar in the rise of knowledge-based entrepreneurship. &#8220;By focusing on this more enterprise segment, they are paving the way for a new generation of creators—those building real revenue streams around specialized skills and insights,&#8221; he said in the statement.
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<h2 class="wp-block-heading">FanBasis Plans To Accelerate Product Roadmap And Global Expansion</h2>
With fresh capital, FanBasis says it plans to scale its global reach and enhance the platform's capabilities. Initiatives include the launch of smart revenue tools, predictive analytics to identify business drivers, and one-click fulfillment features to simplify operations.
&#8220;Our goal is to take the complexity out of running a digital business, so creators can stay focused on what they do best,&#8221; said Alisha Mody, chief product officer at FanBasis. &#8220;We&#8217;re building the infrastructure layer behind modern digital businesses, helping creators operate at the level their ambition demands.&#8221;
As the internet economy continues to evolve, FanBasis is carving out a new category where creators act like CEOs, not content producers. Backed by celebrities and powerful venture companies and guided by infrastructure-first thinking, FanBasis is positioning itself at the center of the next wave in the creator economy.
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Image: Shutterstock

FanBasis Closes $20M Round Backed By Ryan Serhant, The Sidemen, And Gerard Piqué To Transform Creators Into 7-Figure Digital CEOs

Uber (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) CEO Dara Khosrowshahi says the trend of Gen Z delaying or ditching driver's licenses isn't just something he sees in the data; it's happening in his own household.
<h2 class="wp-block-heading">More Teens Are Ditching the Wheel</h2>
"I'm still trying to get my son to get his driver's license," Khosrowshahi said on a recent episode of The Verge's &#8220;Decoder&#8221; <a href="https://www.theverge.com/decoder-podcast-with-nilay-patel/672087/uber-dara-khosrowshahi-waymo-ai-bus-transit-tesla-self-driving">podcast</a>. "It drives me crazy. I don't know about you, but did you get a license the minute you could drive? It was just such a thing. It was a goal in life. It represented freedom."
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Khosrowshahi pointed out that the percentage of 16- and 18-year-olds getting licenses has dropped significantly. He called it a clear sign that personal car ownership no longer holds the same value it once did. &#8220;If you look at the percentage of 16- or 18-year-olds who are getting their license, that percentage is coming down significantly,&#8221; he said. &#8220;I think it used to be two-thirds, but now it's probably in the 50 percent range.&#8221;
Asked if his son's reluctance to drive was a sign of Uber's success or that of a popular video game Fortnite, Khosrowshahi quipped, "Probably the two are mixed. I also think it's an indication of the urbanization of our populations, but I haven't actually looked into whether heavy Fortnite players are Uber users as well. I suspect they may be. Certainly Uber Eats users."
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According to the latest <a href="https://www.fhwa.dot.gov/policyinformation/statistics/2023/pdf/dl22.pdf">data</a> from the U.S. Department of Transportation, just under 4% of licensed drivers in the country are 19 or younger. That's a big drop from decades past. In 1983, 46% of all 16-year-olds had a license. By 2019, that number was 25%.
For 18-year-olds, the decline is similar: from 80% with a license in 1983 down to 58% in 2022.
<h2 class="wp-block-heading">Why Gen Z Isn't Driving</h2>
Young people are skipping licenses for a bunch of reasons. Many don't need a car to connect with friends anymore—they're online all the time. Others use ride-hailing apps like Uber and Lyft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>), or stick to public transit and biking. Driving anxiety is also playing a role.
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According to a 2023 <a href="https://www.washingtonpost.com/parenting/2023/02/21/teens-not-driving/">Washington Post</a> report, aggressive driving and road rage were on the rise. Combined with <a href="https://www.benzinga.com/topic/mental-health">mental health</a> challenges, some teens now see driving as stressful, not exciting.
Gen Z's hesitance has big implications for the <a href="https://www.benzinga.com/markets/equities/25/05/45275248/uber-ceo-dara-khosrowshahi-says-average-waymo-in-austin-is-busier-than-99-of-human-drivers">future of transportation</a>, especially for a company like Uber. But Khosrowshahi sees it as a sign of change, not disaster. "Uber's freed him up," he said about his son. That flexibility is part of what Uber wants to offer more broadly.
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Image: Shutterstock

LYFT

UBER

Uber CEO Says Gen Z Skipping Driving Licenses Is Real—And Personal. His Own Son Won't Get One, And It's Driving Him 'Crazy'

Jim Cramer, one of the most prominent hosts in financial television, recently celebrated the 20th anniversary of his CNBC show "Mad Money."
&nbsp;In an <a href="https://www.youtube.com/watch?v=ZegKKOVojTk&amp;t=159s">interview</a> with NBC's "Today" last month, Cramer reflected on two decades of his show and explained why he believes it resonated with the general public. He was asked to give advice on tackling financial uncertainty as Americans brace for the impact of tariffs. Cramer said when he started his show, it was not a "great time" for the economy, but investors who stayed in the market "did great." Cramer urged people to keep investing despite broader market headwinds.
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"Same thing is going to go on here," Cramer said. "Stay the course. And if it gets too crazy, just continue to stay the course. Put more money in. $50 a month. Okay? $50 a month is a great amount."
When asked where investors should put their money, Cramer said people should start with an S&amp;P fund.
"Never, ever lose faith in the country. Remember the country and the market — they&#8217;re very separate from what happens in Washington," he added.
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<h2 class="wp-block-heading">Cramer Says ‘Bad Stuff' Incoming</h2>
Cramer expects a lot of "bad stuff" in the weeks ahead due to inflation. However, he believes that it would not "last forever."
"It will be tough on the regular person because you&#8217;re not going to be making enough to cover what is basically a tax," Cramer said. "And I&#8217;m not saying Republican or Democrat. I&#8217;m just telling the truth."&nbsp;
Earlier this month, the Federal Reserve kept its benchmark lending rate unchanged, but warned that inflation could increase due to the impact of tariffs.&nbsp;
"If the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment," Fed Chair Jerome Powell <a href="https://www.wsj.com/economy/central-banking/fed-keeps-rates-steady-as-tariff-uncertainty-roils-outlook-55ebe99f">said</a> at a news conference at the time.
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Atlanta Fed President Raphael Bostic said in a recent interview with <a href="https://www.youtube.com/watch?v=zdE3Dg2hw6w">CNBC</a> that the economy and policies are in a lot of flux and pointed to inflation risks.
"I worry a lot about the inflation side, and mainly because we're seeing expectations move in a troublesome way," Bostic said.
Asked whether he believes we are headed for a recession, Cramer said "absolutely not," adding that the US is poised to see strong jobs growth.
"But we&#8217;ll be headed for prices that we&#8217;re not used to seeing," he said.
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Personal Finance

Jim Cramer Predicts We're Headed To 'Prices We're Not Used To' – Says You Should Invest At Least $50 a Month to Tackle Financial Uncertainty

As the Worldwide Developers Conference (WWDC) looms,&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) seems to be grappling to keep up with AI frontrunners such as OpenAI and Google, despite its best efforts.
Bloomberg's Mark Gurman, in his <a href="https://www.bloomberg.com/news/newsletters/2025-06-01/apple-s-wwdc-2025-plan-macos-tahoe-apple-intelligence-ai-ios-26-games-app-mbdlzqpz?srnd=undefined&amp;sref=TBDibEcD">latest</a> weekly "Power On&#8221; revealed that Apple&#8217;s AI platform, Apple Intelligence, has failed to meet expectations since its launch a year ago.
Initially, the platform was hailed as a potential game-changer in the AI industry, but it soon became clear that it was more about marketing than revolutionary innovation.
Features of Apple Intelligence, such as Writing Tools, Genmoji, and Priority Notifications, were found to be useful but not as groundbreaking as those offered by competitors. 
The launch of&nbsp;the new Siri voice assistant,&nbsp;a crucial element of Apple Intelligence, was put on hold indefinitely due to technical and testing problems.
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With the first anniversary of Apple Intelligence nearing, Apple is under pressure to create a buzz around AI at the WWDC on June 9. However, industry insiders predict that the conference may fall short in terms of AI. 
The recent advancements made by OpenAI and Google have heightened the competition and cemented their status as AI leaders.
Apple&#8217;s most notable AI announcement at the WWDC is likely to be the release of its Foundation Models to third-party developers, allowing them to leverage Apple&#8217;s on-device technology for lightweight tasks like text summarization.
Despite these hurdles, Apple reportedly plans to persuade consumers of its AI innovation at WWDC 2026. However, with competitors advancing swiftly, taking a year off could prove to be a gamble.
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AAPL

Apple's AI Struggles To Keep Pace With Rivals Ahead Of WWDC 2025

Renowned billionaire investor&nbsp;Charlie Munger&nbsp;once shared his six rules for a happy life.
What Happened: Munger, despite facing significant personal and financial challenges early in his life, managed to transform his circumstances and achieve extraordinary success. His six rules for a happy life are a reflection of his personal experiences and observations.
One of his key principles is to avoid comparing oneself with others, particularly in terms of wealth. Munger states, &#8220;Someone&nbsp;will always be getting richer&nbsp;faster than you. This is&nbsp;no great tragedy.&#8221; He believes that envy is a path to misery and can lead to poor investment decisions.
During an interview, Munger highlights the significance of gratitude and a positive outlook on life, rather than harboring regrets and resentments. He advises people to reflect daily on the things they are grateful for and the cherished memories of loved ones.
Also Read: <a href="https://www.benzinga.com/news/25/05/45338404/charlie-mungers-financial-success-advice-i-avoided-standard-ways-of-failing-because-my-game-in-life-was-always-to-avoid-all-standard-ways-of-failing">Charlie Munger&#8217;s Financial Success Advice: &#8216;I Avoided Standard Ways Of Failing, Because My Game in Life Was Always To Avoid All Standard Ways of Failing&#8217;</a>&nbsp;
"Someone will always be getting richer faster than you. This is no great tragedy," Munger said.
"Life will have terrible blows in it, horrible blows, unfair blows. It doesn't matter. And some people recover and others don't," he continued. 
Financial responsibility is another vital rule. Munger recommends not spending more than one&#8217;s earnings. He also underscores the importance of reliability, learning from life&#8217;s setbacks, understanding people&#8217;s patterns, and lifelong learning.
Munger&#8217;s rules provide a unique insight into living a fulfilling life, drawn from the experiences of a man who has overcome substantial obstacles to achieve remarkable success. His principles serve as a guide for those seeking to navigate their personal and financial lives effectively.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/25/01/43219503/charlie-mungers-three-investment-lessons-buy-wonderful-businesses-at-fair-prices-big-money-isnt-in-buying-or-selling-its-in-waiting-good-businesses-are-ethical-businesses" target="_blank" rel="noreferrer noopener">Charlie Munger&#8217;s Three Investment Lessons: ‘Buy Wonderful Businesses At Fair Prices, Big Money Isn&#8217;t In Buying Or Selling-It&#8217;s In Waiting, Good Businesses Are Ethical Businesses&#8217;</a>
His emphasis on avoiding envy, particularly in financial matters, is a crucial lesson for investors. 
Munger&#8217;s advice to focus on gratitude and positivity, coupled with financial responsibility, offers a balanced approach to life and wealth management.
Munger&#8217;s rules are not just about achieving happiness but also about building resilience and learning from life&#8217;s challenges. His emphasis on understanding people&#8217;s patterns and continuous learning is a testament to his success as an investor and a person.
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Image: Shutterstock/Kent Sievers

Charlie Munger's Life Advice: 'Someone Will Always Be Getting Richer Faster Than You, This Is No Great Tragedy'

Entrepreneur and investor Mark Cuban has never been shy about sharing his <a href="https://www.benzinga.com/news/global/25/05/45482924/mark-cuban-sounds-alarm-on-tariffs-heres-his-4-word-warning-to-american-consumers" target="_blank" rel="noopener">opinions on business </a>and investment topics.
In a 2022 interview, Cuban shared why he's against share buybacks.
What Happened: Many public companies offer stock dividends and share buybacks to reward shareholders. Each has its own tax advantages or disadvantages and can increase the stock price.
Cuban <a href="https://x.com/SquawkCNBC/status/1557714955717206016">shared </a>his thoughts on share buybacks calling into CNBC during a segment discussing how the Inflation Reduction Act would add a 1% tax on share buybacks.
"No one is a fan of more taxes, but of all the taxes you're trying to create, I think a tax on buybacks is a good idea," Cuban said.
Cuban said he wouldn't compare it to carried tax, as it wasn't the same thing and he's not an expert there.
The entrepreneur said companies need to make decisions between share buybacks and dividends to reward shareholders.
"The old notion that share buybacks were more tax advantage for shareholders, this is just not the case any longer," he said.
Cuban also explained the difference, in his opinion, of who benefits from share buybacks.
"For share buybacks you reward the people who are leaving and selling your stock instead of rewarding the people who are keeping your stock."
You may not be a billionaire like Mark Cuban, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/trading-ideas/25/05/45600269/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-66">check out five stocks flying under the radar that deserve your attention.</a>
Why It's Important:&nbsp;The conversation between Sorkin and Cuban came after a recent&nbsp;<a href="https://twitter.com/mcuban/status/1557544891613384706" target="_blank" rel="noreferrer noopener">thread&nbsp;</a>from the entrepreneur on&nbsp;Twitter Inc, now known as X,&nbsp;where Cuban shared that share buybacks are not good for most employees.
"They rarely buy those shares directly from employees. And employees can't time their sales to the announcement," Cuban tweeted.
Cuban said the employees own the pricing risk when they are able to or need to sell.
Cuban suggested employers buy back the shares from the employees to eliminate their pricing risk.
"Why should a company reward shareholders who want to sell all, or reduce their holdings? You talk about misaligned incentives with the board/management and stakeholders."
Buying back stock lowers the shares outstanding, which can increase earnings per share and reward shareholders indirectly.
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This article was previously published by Benzinga and has been updated.
Photo: Shutterstock

Education

Mark Cuban Once Said Share Buybacks Reward The Wrong People: 'Why Should A Company Reward Shareholder Who Want To Sell'

Renowned investor Peter Lynch once emphasized the necessity for the American public to increase their savings, citing the lack of incentives in the current system to encourage this behavior.
What Happened: Lynch underscored the need for a higher savings rate among the U.S. public. He argued that the current system does not sufficiently motivate people to save.
In an interview, Lynch noted that the U.S. currently has the highest capital gains rate in its history, in contrast to Japan, which has a zero capital gains rate and a 20% savings rate. 
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&#8220;No one&#8217;s encouraging savings,&#8221; he stated, highlighting the crucial role of savings in fueling capital investment, productivity, job creation, and improved living standards.
&#8220;For every savings of a dollar, money goes into capital investment, that yields more productivity, yields more jobs, yields better standard of living. We are not saving enough money. That&#8217;s the most single important thing people have to do, they have to save some more,&#8221; he added. 
Also Read: <a href="https://www.benzinga.com/markets/25/05/45338212/peter-lynchs-market-advice-if-you-have-lot-of-stocks-some-will-do-mediocre-some-will-do-okay-if-one-or-two-go-up-big-time-you-produce-a-fabulous-result">Peter Lynch&#8217;s Market Advice: &#8216;If You Have Lot of Stocks, Some Will Do Mediocre, Some Will Do Okay,&#8217; If One or Two &#8216;Go Up Big Time, You Produce a Fabulous Result&#8217;</a>
He also tackled the issue of short-term profit versus long-term stability in the context of corporate management. Lynch emphasized that companies need to concentrate on long-term objectives, such as enhancing products and services, and maintaining competitiveness. 
&#8220;We just can&#8217;t raise prices. That game&#8217;s over,&#8221; he said, underlining the necessity for innovation and cost reduction in various industries.
Why It Matters: Lynch&#8217;s comments come at a time when the U.S. savings rate is at a historic low. The lack of incentives to save in the current system, coupled with the high capital gains rate, is discouraging the public from saving. 
This could have far-reaching implications for the economy, as savings are a crucial driver of capital investment, productivity, and job creation. 
Furthermore, Lynch&#8217;s emphasis on long-term stability over short-term profit in corporate management underscores the need for businesses to innovate and reduce costs in order to stay competitive.
Read Next
<a href="https://www.benzinga.com/news/25/05/45186124/peter-lynchs-market-observation-far-more-money-has-been-lost-by-investors-preparing-for-corrections-than-has-been-lost-in-corrections-themselves" target="_blank" rel="noreferrer noopener">Peter Lynch's Market Observation: ‘Far More Money Has Been Lost By Investors Preparing For Corrections, Than Has Been Lost In Corrections Themselves'</a>

Peter Lynch: 'We Are Not Saving Enough Money, That's The Most Single Important Thing People Have To Do, They Have To Save Some More'

In the coming months, users of Microsoft Authenticator are advised to backup their passwords as Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) prepares for a significant overhaul of its password management system.
What Happened: Microsoft is planning to phase out the password management feature of its Authenticator app. The app, which is widely used for its two-factor authentication,&nbsp;also stores and auto fills passwords&nbsp;for various apps and websites.
Starting from&nbsp;June 1, the app will&nbsp;stop saving new passwords as&nbsp;Microsoft transitions&nbsp;password management to its Edge&nbsp;browser. By July 1, the&nbsp;autofill function will be disabled and all&nbsp;saved payment information, including credit&nbsp;card details, will be erased.
Microsoft has made it clear&nbsp;that this payment data will&nbsp;not be automatically transferred to Edge, which means users will have to manually re-enter their card details.&nbsp;By August, all previously saved&nbsp;passwords will be completely&nbsp;removed from the Authenticator app.
Also Read: <a href="https://www.benzinga.com/tech/25/05/45602719/openais-acquisition-of-jony-ives-startup-poses-threat-to-apples-dominance">OpenAI&#8217;s Acquisition Of Jony Ive&#8217;s Startup Poses Threat To Apple&#8217;s Dominance</a>
Microsoft is urging users who want to continue&nbsp;using their passwords and log-ins&nbsp;after August to&nbsp;download Microsoft Edge onto their&nbsp;devices. This move is part of Microsoft&#8217;s strategy to streamline&nbsp;password access and autofill across&nbsp;all platforms using Edge's integrated&nbsp;password manager.
As the tech giant continues to innovate and evolve, users will need to adapt to these changes. 
The transition to Edge is expected to provide a more seamless and secure user experience, but it also requires users to take action to ensure their data is not lost in the process.
Read Next
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Image: Shutterstock/Ascannio

MSFT

Major Overhaul Coming For Microsoft Authenticator: Users Advised To Backup Passwords

A Canadian man has taken legal action against his girlfriend who allegedly vanished after winning a lottery of $3.6 million, leaving him stranded.
What Happened: Lawrence Campbell, a resident of Winnipeg, stated that he had purchased a lottery ticket that bagged a whopping&nbsp;$3.6 million. However, due to a misplaced wallet and ID, he was unable to officially claim the prize. As a result, his long-term girlfriend, Krystal McKay, collected the winnings.
Contrary to their plans of enjoying their newfound fortune together, McKay allegedly disappeared, prompting Campbell to file a lawsuit against her to reclaim the money. 
As per the report <a href="https://nypost.com/2025/05/31/world-news/man-sues-girlfriend-for-ghosting-him-after-winning-5-million-lottery/">by </a>New York Post, Campbell&#8217;s lawyer stated that the couple was &#8220;in&nbsp;a loyal, committed and promising&nbsp;romantic partnership.&#8221;
Also Read: <a href="https://www.benzinga.com/general/entertainment/22/10/29279929/someone-just-paid-the-highest-price-ever-for-a-pair-of-1880s-levis-jeans-at-auction">Someone Just Paid The Highest Price Ever For A Pair Of 1880s Levi&#8217;s Jeans At Auction</a>
According to Campbell,&nbsp;less than two weeks after&nbsp;McKay encashed the&nbsp;check, she failed to return&nbsp;to their shared hotel room. He later found her with another man after visiting places she frequently visited. McKay has since blocked him on social media and has obtained a protection order.
McKay, however, has refuted the allegations and intends to respond in court, as per the report.
This case highlights the potential legal complications that can arise from lottery winnings, particularly when the winnings are collected by someone other than the ticket purchaser. 
It underscores the importance of clear communication and agreement between parties involved in such situations. 
The outcome of this case could set a precedent for similar cases in the future, impacting how lottery winnings are handled legally.
Read Next
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Image: Shutterstock/Mehaniq

Man Says Girlfriend Ran Off With $3.6 Million Lottery Winnings After He Bought the Ticket

Is the typical rich person's portfolio packed with tech stocks, startup equity, and private hedge funds? Maybe a pile of municipal bonds, mutual funds, or just an eye-watering amount of cash sitting idle? Depends who you ask.&nbsp;
While the headlines scream about AI stocks and crypto millionaires, the <a href="https://www.benzinga.com/personal-finance/25/05/45483330/are-you-rich-or-just-upper-middle-class-heres-the-net-worth-and-income-it-takes-to-be-considered-wealthy">wealthiest individuals on the planet</a> are quietly putting their money somewhere much more stable — and far less flashy.
<h2 class="wp-block-heading">Property Still Reigns in 2025</h2>
According to <a href="https://www.knightfrank.com/wealthreport">Knight Frank's Wealth Report 2025</a>, wealthy investors are still betting big on real estate. In fact, 22.5% of their portfolios are made up of direct property investments — nearly a quarter of their wealth, parked in something tangible.
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And that share is expected to grow. The report found that 44% of wealthy individuals plan to increase how much they invest in real estate over the next 18 months. It's not about flipping houses — it's about buying long-term, cash-generating, inflation-resistant assets.
<h2 class="wp-block-heading">What Are They Actually Buying?</h2>
The top choices aren't just beachfront estates, though those still make the cut. The biggest growth areas include:
<ul class="wp-block-list">
<li>Luxury homes in high-demand cities Dubai, Lisbon, and Miami</li>
<li>Industrial and logistics properties, which are booming thanks to e-commerce</li>
<li>Housing sectors like student apartments and senior living, where demand keeps climbing </li>
</ul>
This isn't a short-term play. <a href="https://www.benzinga.com/personal-finance/25/05/45585378/do-you-have-an-upper-class-nest-egg-heres-what-the-top-20-have-saved-for-retirement-hint-its-less-than-youd-think">Wealthy investors </a>are holding these properties for nine years or more, according to the report — focusing on long-term income and stability, not market timing.
Trending: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
<h2 class="wp-block-heading">Why Real Estate Still Wins</h2>
Real estate offers something stocks, crypto, and startup equity don't: control and consistency. The wealthy use property to preserve wealth, generate steady rental income, and pass on long-term value to future generations. And when markets get rocky, real estate gives them something solid to lean on — literally.
<h2 class="wp-block-heading">What It All Comes Down To</h2>
While everyday investors chase trends and try to time the next breakout stock, the rich are loading up on what they know works. Real estate isn't just a line on a portfolio — it's the bedrock. Whether it's a rental property in Portugal or a warehouse in Austin, Texas, it's the <a href="https://www.benzinga.com/markets/25/05/45352687/grant-cardone-shares-what-most-americans-dont-understand-about-property-investing-all-real-estate-ha">asset they trust to do the heavy lifting</a>.
And if nearly a quarter of their wealth is already there — with plans to pour in more — maybe it's time to ask: what do they know that the average investor doesn't?
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<li><a href="https://www.benzinga.com/money/mark-cubans-advice-for-lotto-winners">Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?</a></li>
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Image: Shutterstock

Can You Guess What The Rich Are Investing In? Nearly a Quarter of Their Wealth Is Tied To One Asset — And It's Not Stocks

A British man has been indicted in the U.S. on charges of espionage for China, as per U.S. officials. The accused, John Miller, is facing multiple charges including interstate stalking and smuggling.
What Happened: The U.S. Justice Department has charged Miller, 63, from Tunbridge Wells, Kent, with interstate stalking, conspiracy to commit interstate stalking, smuggling, and violations of the Arms Export Control Act.
The U.S. is attempting to extradite&nbsp;Miller from Serbia, along with&nbsp;his co-defendant, Cui Guanghai, 43, from China.
The duo is alleged to have solicited the procurement of U.S. defense&nbsp;articles, including missiles, air defense&nbsp;radar, drones, and cryptographic devices&nbsp;for illegal export from the U.S. to China. They reportedly discussed methods&nbsp;to export a cryptographic device&nbsp;from the U.S. to China, including hiding&nbsp;the device in a blender,&nbsp;and shipping the device initially to Hong Kong, <a href="https://www.bloomberg.com/en/news/thp/2025-06-01/british-man-charged-in-us-with-spying-for-china?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a> Bloomberg. 
They are also implicated in a scheme to prevent an individual critical of China&#8217;s President Xi Jinping from protesting his appearance at the Asia Pacific Economic Cooperation (APEC) summit in November 2023. The most serious offence they are accused of &#8211; violation of the Arms Export Control Act &#8211; carries a maximum sentence of 20 years in prison.
Also Read: <a href="https://www.benzinga.com/news/23/07/33088668/us-spies-sound-alarm-on-risks-of-engaging-in-business-with-china">US Spies Sound Alarm On Risks Of Engaging In Business With China</a>
Deputy attorney general Todd Blanche&nbsp;told the outlet, &#8220;This&nbsp;is a blatant assault on&nbsp;both our national security and&nbsp;our democratic values. This Justice&nbsp;Department will not tolerate foreign&nbsp;repression on U.S.&nbsp;soil, nor will we allow&nbsp;hostile nations to infiltrate or&nbsp;exploit our defense systems.&#8221;
Why It Matters: This case underscores the ongoing tensions between the U.S. and China, particularly in the realm of cybersecurity and defense. 
The alleged involvement of a British national adds a new dimension to the geopolitical landscape, potentially straining relations between the U.S. and the U.K. 
The charges against Miller and Guanghai highlight the U.S. Justice Department&#8217;s commitment to safeguarding national security and upholding democratic values.
Read Next
<a href="https://www.benzinga.com/news/social-media/25/05/45710915/elon-musk-once-asked-why-epstein-maxwell-client-list-hasnt-leaked-heres-how-he-responded-to-x-user-who-suggested-he-was-a-client">Elon Musk Once Asked Why Epstein-Maxwell Client List Hasn&#8217;t Leaked — Here&#8217;s How He Responded to X User Who Suggested He Was a Client</a>
Image: Shutterstock/motioncenter

British Man Charged In US With Spying For China — Here's How He Allegedly Did It

Well-known investor and Shark Tank star Kevin O'Leary blasted Americans' mounting credit-card balances in a video posted Wednesday, calling it "crazy" to pay interest that now averages more than roughly 23% annually, urging viewers to wipe out their debt before it "bites you."
What Happened: The "Shark Tank" star took to all his social media platforms said he personally "owns all the credit-card companies" through market investments because cardholders' double-digit interest payments just keep coming in, making these companies and their investors richer.
"You should pay off your balance, retire all your debt and start saving … The key to life is stay out of debt," O'Leary told his followers across Facebook, X, LinkedIn and Instagram. He added that even borrowers in their 30s or 40s can build wealth quickly once interest stops leaking out: "You'd be amazed at the power of compounding interest over even a decade. It's never too late.&#8221;
<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">The reason I own all the credit card companies is I&#39;m getting paid 23% by people that have credit balances on their cards. It&#39;s crazy that you would pay interest of 23% on what you owe the credit card company. You should pay off your balance there and then retire all your debt… <a href="https://t.co/6O1rIO0pQQ">pic.twitter.com/6O1rIO0pQQ</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1927356996786786449?ref_src=twsrc%5Etfw">May 27, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See also: <a href="https://www.benzinga.com/25/05/45676087/why-pay-1800-instead-of-300-kevin-oleary-breaks-down-the-real-reason-apple-fans-keep-buying-and-how-you-can-copy-it">&#8216;Why Pay $1,800 Instead Of $300?&#8217; Kevin O&#8217;Leary Breaks Down The Real Reason Apple Fans Keep Buying — And How You Can Copy It</a>
What The Numbers Say:&nbsp;The median advertised credit-card APR reached 24.20 percent in May 2025, according to Investopedia data, nearly five points higher than two years prior. Forbes Advisor's broader weekly survey puts the average rate at 28.67%, close to a record high. Meanwhile, the total revolving card debt has climbed to approximately $1.2 trillion, according to Bankrate's April debt report, which cites New York Fed figures.
Why It Matters: O'Leary has long portrayed consumer debt as "<a href="https://www.benzinga.com/news/25/02/43424608/21-interest-rates-youve-got-to-be-kidding-me-kevin-oleary-slams-credit-card-debt-as-the-real-silent-killer-in-america">the silent killer</a>." In February, he <a href="https://www.benzinga.com/personal-finance/25/02/43816145/i-dont-have-any-debt-kevin-oleary-pays-for-everything-in-cash-but-a-finance-youtuber-points-out-its-easy-to-avoid-debt-when-youre-rich">told Graham Stephan&#8217;s podcast</a>, "I don't have any debt. I buy things for cash."
Kevin O'Leary isn't the only one sounding the alarm about credit cards. Fellow "Shark Tank" billionaire Mark Cuban told financial guru Dave Ramsey on "The Ramsey Show" last May, "If you use your credit cards, you do not want to be rich," urging people to <a href="https://www.benzinga.com/personal-finance/24/05/39092288/if-you-use-your-credit-card-you-do-not-want-to-be-rich-warns-mark-cuban-on-the-dave-ramsey-show">pay off all balances</a> and then burn the cards.
Photo Courtesy: Kathy Hutchins on Shutterstock.com
Read next: <a href="https://www.benzinga.com/personal-finance/25/05/45677589/it-will-have-a-chilling-effect-on-the-creation-of-new-foundations-the-gop-tax-bills-effect-on-billionaire-philanthropy">&#8216;It Will Have A Chilling Effect On The Creation Of New Foundations,&#8217; The GOP Tax Bill&#8217;s Effect On Billionaire Philanthropy</a>

Financial Advisors

Kevin O'Leary Loves Credit Card Companies Because Americans Can't Stop Paying 'Crazy' 23% Interest: Mr Wonderful Has This Suggestion For The Indebted

The tariffs imposed by President Donald Trump are reportedly leading to significant price increases at&nbsp;Walmart Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and&nbsp;Target Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) stores across the U.S.
What Happened: The Walmart employees have been sharing&nbsp;images on Reddit that depict a sharp rise in prices, with some items seeing a surge of up to 45%. Similar price hikes have been noted at Target as well.
For example,&nbsp;a Jurassic World T. Rex&nbsp;toy at Walmart saw its price increase from $39.92 in late April to $55 in late May, a nearly 38% increase. The price of a Baby Born doll shot up&nbsp;from $34.97 in March to&nbsp;$49.97 in May, an approximate rise of 43%.
In addition, a left-handed fishing reel&#8217;s price jumped&nbsp;from $57.37 in April to&nbsp;$83.26 in May, a 45% increase. AisleGopher, a third-party website that monitors Walmart prices, confirmed these price hikes.
Also Read: <a href="https://www.benzinga.com/tech/25/05/45600853/trumps-apple-tariff-threat-hits-stock-hard-but-heres-why-iphones-cant-just-be-made-in-america">Trump&#8217;s Apple Tariff Threat Hits Stock Hard, But Here&#8217;s Why iPhones Can&#8217;t Just Be &#8216;Made in America&#8217;</a>
Last Thursday, Target also increased the price of the Baby Born doll to match Walmart&#8217;s increased price. However, Target CEO Brian Cornell stated that&nbsp;price increases would be a&nbsp;&#8220;very last resort&#8221;.
As per the report <a href="https://www.businessinsider.com/walmart-price-increases-items-tariffs-target-reddit-2025-5">by</a> Insider, in reaction to the tariff-induced price hikes,&nbsp;Walmart CFO John David Rainey&nbsp;warned that prices would continue to rise&nbsp;on some items in the&nbsp;coming weeks and months. President&nbsp;Trump responded by suggesting that&nbsp;Walmart should &#8220;eat the tariffs.&#8221;
Why It Matters: The price hikes at Walmart and Target are a direct result of the tariffs imposed by the Trump administration. These tariffs, aimed at protecting domestic industries, are causing a ripple effect on the retail sector, leading to increased costs for consumers. 
The situation underscores the complex interplay between trade policies and consumer prices, with retailers caught in the middle. 
As the tariff war continues, consumers and retailers alike will be closely watching the impact on prices and overall market dynamics.
Read Next
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Image: Shutterstock/Iryna Tolmachova

US Tariff Impact: Prices Surge At Walmart And Target, Employees Say—Some Jumps Top 38%

As institutional interest in Bitcoin mining continues to surge, GoMining stands out with its deep-rooted ecosystem, robust infrastructure, and innovative approach to bridging the retail-institutional divide. At the forefront of this evolution is Jeremy Dreier, Managing Director of GoMining Institutional and Chief Business Development Officer (CBDO) at GoMining.
With over 3.5 million users and 350+ megawatts of mining power under management, GoMining has steadily grown into a powerhouse in the crypto mining space. Now, with the launch of a $100 million Bitcoin mining fund tailored for institutional investors, the company is making headlines again—this time with an eye on strategic capital deployment, efficiency, and scale.
In this exclusive conversation with Benzinga, Jeremy Dreier—whose career spans technology, capital markets, and blockchain—unpacks GoMining's institutional strategy, the dynamics behind their mining innovation Miner Wars, and what the future holds for Bitcoin mining in the U.S. and globally. Excerpt from the interaction.
What's the goal of GoMining's new $100M Bitcoin mining fund, and how's the response so far?
GoMining Institutional created the Alpha Blocks Fund to give institutions the simplest possible path to genuine, yield-generating Bitcoin exposure. Instead of buying equity in a public miner or a passive spot ETF, allocators get pro-rata ownership of live hashrate that we actively compound: every satoshi the fleet earns is redeployed into newer, more efficient data centers, so the underlying BTC stream grows block after block.&nbsp;
The vehicle is fully custodied by BitGo and is powered by the infrastructure with a total hashrate of 7.8+ million TH/s. Since our April launch, we've secured early soft commitments from institutional investors and are now preparing to onboard initial LPs. Capital deployment into next-generation data centers is set to begin shortly, laying the groundwork for stable, yield-generating performance from day one.
How is institutional capital changing the dynamics of Bitcoin mining?
A decade ago, mining rigs were whirring away in basements; today, the same activity sits on Fortune 500 balance sheets and is discussed on quarterly earnings calls. Bitcoin ETFs pried the door open, but once inside, allocators realised the real engine of value was the machinery behind the ticker, not just the ticker itself.
Those allocators arrive with infrastructure-sized expectations, they want yield that compounds, transparency they can audit, and governance frameworks their boards already understand. That has forced miners to professionalise everything from custody to ESG reporting while exposing the limits of the "grow-at-all-costs" playbook that plagued early public miners whose quick scale often came with dilution, leverage, and energy-price whiplash. As a result, many institutions now bypass listed equities and instead back managed funds or white-label strategies that deliver block-reward economics without the operational drag.<a href="https://docs.google.com/presentation/d/1gKVhbZ92aFX5A8KFb-Y0RmvyA14sgJAn/htmlpresent">&nbsp;</a>
The influx of deep pockets is also financialising the hashrate itself. What began with equity stakes has expanded into ASIC-backed debt, hashprice options, structured notes linked to network difficulty, and LP funds that treat hashrate as a yield-bearing commodity. That toolkit lets investors tune exposure to Bitcoin issuance, transaction-fee upside, or even grid-balancing revenues, and it's breaking the old one-to-one correlation between mining fortunes and spot BTC.&nbsp;
It's no coincidence that the U.S.-based pools now command more than 40 percent of global hashrate, and trade volumes are emerging for hashrate futures on major venues – the capital is demanding instruments that look and settle like any other real-asset derivative.
3. What shifts have you seen in institutional attitudes toward Bitcoin over the last two years? Institutions are looking for infrastructure-related strategies because they want the economics of blockchain rewards, not just price exposure in the form of BTC on the balance sheet. They also want custody, governance, and transparency – features that are in line with what they expect from traditional investments in real assets or credit.
In 2023, most CIOs still asked whether Bitcoin would be regulated out of existence. The launch of U.S. spot ETFs, the MiCA framework in Europe, and political tailwinds in Washington changed that conversation from "if" to "how much." A Coinbase-EY survey in January found 76% of institutions plan to increase allocations in 2025, with nearly 60% targeting more than 5% of AUM. The Bitwise/VettaFi adviser poll shows crypto allocations in client accounts doubling year-on-year to an all-time high.
 4. How does GoMining Institutional's white-label model work for allocators?
Think of it as "mining-as-a-service." An allocator can brand a feeder vehicle, set its own fee stack, and rely on our global hashrate power of 7.8+ million TH/s, compliance, treasury, and reporting. All this comes with 99% continuous uptime, which is a really high benchmark for a fine-tuned data center operation. We handle power procurement, equipment refresh, SOC-2 reporting, and annual audits; they handle distribution to their LPs. Because we already run 350 MW across four continents, adding another 10 MW for a partner is accretive to everyone's power curve. The result is turnkey exposure to clean, provably sourced Bitcoin that fits neatly into an alternative sleeve.
 5. How does Miner Wars blend gaming with real BTC mining, and why does that matter
Miner Wars is not "play-to-earn": it's "play-the-hashrate." Every NFT inside the game represents actual terahash running in our data centers. When clans solve in-game "blocks," they're competing for a prize pool funded by the real BTC those rigs earn. We now have an average of 71,222+ monthly players within Miner Wars and have paid out over 200 BTC since launch. That matters because it onboards a demographic that would never buy a miner or read an ASIC spec sheet, yet it still drives utilization for the underlying equipment. In other words, the game is a distribution funnel that keeps the hardware sweating 24/7.
6. What's the current state of Bitcoin mining in the U.S. and globally post-halving?
The halving cut rewards to 3.125 BTC per block, so inefficient fleets were brutalized, but the winners are thriving. Hash-rate hit new highs as modern rigs at 14 J/TH came online, and public miners produced nearly $800 million worth of BTC in Q1 2025 alone. Many U.S. operators are stockpiling coins instead of paying selling, betting on price appreciation and the emerging federal Strategic Bitcoin Reserve policy.&nbsp;
Globally, we see expansion into Paraguay and Oman, where stranded renewables and flare gas keep opex below $0.05/kWh.&nbsp;
The key metric of this cycle isn't sheer hashrate, but energy efficiency per delivered terahash, and the spread between top-quintile and bottom-quintile operations is the widest I've ever seen. Bitdeer's February report nails how equipment cost per TH has fallen to $16 even as power prices diverge.
7. What trends will shape the future of institutional Bitcoin mining — tech, energy, or something else?
All of the above, but the connective tissue is flexibility. On the technology front, 3-nanometer ASICs will arrive alongside immersion and hydro-cooling systems that push efficiency below 16 J/TH, enabling high-density data centers that can moonlight as AI inference farms during fee lulls.&nbsp;
On the energy side, flare-gas mitigation and behind-the-meter renewables give miners a seat at climate strategy tables; oil majors are already piloting modular gensets that turn 148 billion cubic meters of wasted gas into low-cost electricity, and allocators love the methane-abatement angle. But the fact still stands: even with new sources, the main factor in the energy market is the cost of energy itself.&nbsp;&nbsp; Finally, capital markets themselves are evolving: as more governments stockpile mined coins, miners become quasi-sovereign infrastructure providers, opening doors to green bonds and export-credit insurance that didn't exist a year ago. The winners will be operators who can toggle between Bitcoin blocks, AI jobs, and grid-balancing services without shutting down a single container.&nbsp;

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

Cryptocurrency

Interview

'Miner Wars Is Not Play-To-Earn, It's Play-The-Hashrate,' Says GoMining's Jeremy Dreier

If you&#8217;re feeling unsure about the <a href="https://www.benzinga.com/topic/housing-market">housing market right now</a>, you&#8217;re not alone. Between high prices, rising interest rates, and economic uncertainty, many people are wondering whether now is the right time to buy a home. And while some are holding off, plenty of prospective buyers are using this time to prepare — saving more, <a href="https://www.benzinga.com/money/how-to-pay-off-debt">paying down debt</a>, and watching the market closely.
A new <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/05/bofa-report--60--of-homeowners-and-prospective-buyers-uncertain-.html">report</a> from Bank of America confirms this mixed sentiment. The 2025 Homebuyer Insights Report found that 60% of current homeowners and prospective buyers say they're not sure if it's a good time to buy — the highest level of uncertainty in three years. That's up from 48% in 2023. Despite this, more than half (52%) of potential buyers feel the market has improved since last year, and 75% say they're waiting for prices and interest rates to come down before making a move.
In the meantime, many are taking practical steps. Over half of those delaying a purchase are continuing to <a href="https://www.benzinga.com/general/education/20/10/18035279/how-to-save-for-a-down-payment">save for a down payment</a>. Others are using the time to pay off debt or invest their money while they wait.
Younger generations, particularly Gen Z and Millennials, are finding creative ways to move closer to homeownership. In 2025, 30% of Gen Z homeowners said they took on an extra job to afford their down payment, and 22% bought their home with a sibling — a notable increase from previous years. Family support is also playing a bigger role, with more young buyers planning to rely on loans from relatives.
Another factor on buyers' minds? Severe weather. The report found that 62% of homeowners and prospective buyers are concerned about natural disasters, and many are adjusting their home search to avoid high-risk areas.
Overall, the housing market remains uncertain — but many buyers are staying optimistic and taking steps to be ready when the time feels right.
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Photo: Shutterstock

Real Estate

75% Of Homebuyers Are Waiting For Lower Rates, Report Finds

REX Financial and Osprey Funds&#8217; plans to launch US crypto ETFs offering staking rewards have encountered regulatory challenges, even after an initial nod from the Securities and Exchange Commission (SEC).
What Happened: The proposed ETFs, designed to track Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), are facing scrutiny from US regulators. 
The regulators are questioning if these ETFs fulfill the legal criteria of ETFs under federal securities law. The&nbsp;SEC expressed its concerns in a letter to ETF Opportunities Trust, the legal entity issuing the ETFs, on Friday.
The SEC pointed out potential problems with the funds&#8217; registration statement and suggested that the ETFs&#8217; status as investment companies could be misleading.&nbsp;Greg Collett, general counsel at&nbsp;REX Financial, responded, &#8220;We&nbsp;think we can satisfy the&nbsp;SEC on the investment company&nbsp;question, and we don&#8217;t&nbsp;intend to launch the funds&nbsp;until we do that.&#8221;
SEC Commissioner&nbsp;Caroline Crenshaw&nbsp;criticized the agency&#8217;s inconsistent approach to crypto regulation. She raised questions about how crypto assets could be considered non-securities for registration purposes, but be classified as securities when launching a new product, <a href="https://www.bloomberg.com/news/articles/2025-05-31/us-regulators-say-two-crypto-vehicles-may-not-qualify-as-etfs?srnd=homepage-americas&amp;sref=TBDibEcD">reports </a>Bloomberg. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45602645/crypto-mogul-justin-sun-dines-with-trump-then-flexes-100k-watch-whats-the-deal">Crypto Mogul Justin Sun Dines With Trump, Then Flexes $100K Watch — What&#8217;s The Deal?</a>
This incident marks&nbsp;the second time in recent&nbsp;months that the SEC has&nbsp;publicly questioned&nbsp;a listed fund investing in&nbsp;alternative asset classes. Despite the regulatory uncertainty, REX Financial remains hopeful about launching the ETFs by mid-June.
Why It Matters: The SEC&#8217;s scrutiny of these proposed crypto ETFs underscores the regulatory challenges facing the crypto industry. 
The inconsistent approach to crypto regulation, as highlighted by Commissioner Crenshaw, further complicates the situation. 
The outcome of this regulatory review could have significant implications for the future of crypto ETFs in the US, potentially influencing the pace and direction of innovation in this emerging asset class. 
Despite these challenges, the optimism shown by REX Financial indicates the industry&#8217;s resilience and its commitment to navigating the complex regulatory landscape.
Read Next
<a href="https://www.benzinga.com/markets/25/05/45509537/bitcoin-skyrockets-past-105-000-mark-triggers-250-billion-crypto-market-rally">Bitcoin Skyrockets Past $105,000 Mark, Triggers $250 Billion Crypto Market Rally</a>
Image: Shutterstock/Tada Images

$ETH

$SOL

SEC Raises Red Flags Over Crypto ETFs Offering Staking Rewards

Artificial intelligence is moving fast, and according to researchers from Anthropic, an AI startup backed by Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos, it's about to upend white collar work around the world.&nbsp;
In a recent discussion on Dwarkesh Patel&#8217;s <a href="https://www.youtube.com/watch?v=64lXQP6cs5M">podcast</a>, Anthropic researchers Sholto Douglas and Trenton Bricken explored what they see as an almost inevitable future: widespread automation of desk jobs.
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<h2 class="wp-block-heading">Prepare For A World Where AI Replaces Office Work</h2>
Douglas said the transition may happen sooner than many expect. &#8220;There is this whole spectrum of crazy futures. But the one that I feel we&#8217;re almost guaranteed to get—this is a strong statement to make—is one where, at the very least, you get a <a href="https://www.benzinga.com/personal-finance/24/11/42166517/six-figure-job-market-faces-white-collar-recession-as-linkedin-reports-26-drop-in-engineering-roles">drop in white collar workers</a> at some point in the next five years,&#8221; he said. &#8220;I think it&#8217;s very likely in two, but it seems almost overdetermined in five.&#8221;
Bricken agreed, saying, &#8220;We should expect to see them automated within the next five years.&#8221; That kind of shift, Douglas added, &#8220;completely changes the world over the next decade.&#8221;
Even if progress in training algorithms slows down, the models that already exist are good enough to perform many white collar tasks, especially if they&#8217;re fed the right data. &#8220;Even if algorithmic progress stalls out, and we just never figure out how to keep progress going&#8230; the current suite of algorithms are sufficient to automate white collar work, provided you have enough of the right kinds of data,&#8221; Douglas said.
Trending: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.
They argued that it&#8217;s financially justifiable to automate office tasks, even if it means you need to &#8220;hand spoon&#8221; every single task to the model. The economic impact of automating or drastically reducing white collar jobs, they said, could be massive. And countries that don't prepare could be left behind.
<h2 class="wp-block-heading">Nations Need To Start Planning Now</h2>
Douglas summed it up this way: &#8220;Plan for the case where white collar work is automatable. And then consider, what does that mean for your economy? What should you be doing to prepare policy?&#8221;
Douglas warned that countries without highly advanced, large-scale AI models, also called &#8220;frontier models&#8221;—such as India, Nigeria or Australia—will have tough decisions to make. He advised governments to start <a href="https://www.benzinga.com/markets/equities/25/05/45599854/oracle-to-spend-40-billion-on-nvidia-gb200-chips-for-openais-texas-data-center-report">investing in compute infrastructure</a>, AI companies, and the broader tech ecosystem. &#8220;Compute becomes the most valuable resource in the world,&#8221; he said. &#8220;The GDP of your economy is dramatically affected by how much compute you can deploy.&#8221;
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<h2 class="wp-block-heading">Automation May Hit Desk Jobs First, Not Physical Labor</h2>
While robots still struggle with physical tasks like opening doors, AI is already capable of coding and performing many computer-based jobs. That could result in a strange future where machines do the thinking and humans handle the physical labor.
&#8220;The really scary future is one in which AIs can do everything except for the physical robotic tasks,&#8221; Bricken said. &#8220;In which case, you&#8217;ll have humans with AirPods, and glasses and there&#8217;ll be some robot overlord controlling the human through cameras by just telling it what to do.&#8221;
Douglas pointed out that this transitional phase could be a &#8220;pretty terrible decade.&#8221; If jobs are lost but scientific breakthroughs and <a href="https://www.benzinga.com/media/25/03/44508019/tesla-and-other-us-robotics-giants-demand-federal-strategy-to-compete-with-chinas-138-billion-push-warn-america-will-lose-the-race-without-it">robotic deployment lag behind</a>, then improvements in daily life may stall. He said the result could be a period where people's main value is their ability to do physical tasks that AI cannot yet handle. People&#8217;s main comparative advantage in that case would be as &#8220;fantastic robots.&#8221; &#8220;That's a shocking, shocking world,&#8221; he said.
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Image: Shutterstock

AMZN

Anthropic Researchers Warn Of A 'Pretty Terrible Decade' Where AI Outpaces Robotics And People's Main Benefit Is They're 'Fantastic Robots'

In a move that could escalate trade tensions with the U.S., Germany is reportedly contemplating imposing a 10% tax on major online platforms, including&nbsp;Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/25/05/45689009/germany-considers-10-digital-tax-on-tech-titans-alphabet-and-meta-report" rel="noreferrer noopener">and&nbsp;</a><a target="_blank" href="https://www.benzinga.com/25/05/45689009/germany-considers-10-digital-tax-on-tech-titans-alphabet-and-meta-report" rel="noreferrer noopener">Meta Platforms Inc. </a><a target="_blank" href="https://www.benzinga.com/25/05/45689009/germany-considers-10-digital-tax-on-tech-titans-alphabet-and-meta-report" rel="noreferrer noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</a>.&nbsp;
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) isn&#8217;t a company usually associated with national security, but it is in the crosshairs of President&nbsp;Donald Trump, now an expert has <a target="_blank" href="https://www.benzinga.com/markets/25/05/45603673/trumps-targeting-of-apple-isnt-random-analyst-says-its-a-calculated-move-for-maximum-political-gain" rel="noreferrer noopener">given his take on the situation</a>.
Entertainment
JioHotstar, the newly merged streaming platform from&nbsp;Walt Disney Co.&nbsp;and&nbsp;Mukesh Ambani&#8217;s Reliance, has added 230 million subscribers in just three months, bringing its total to 280 million, nearly matching&nbsp;Netflix Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) <a target="_blank" href="https://www.benzinga.com/25/05/45604822/disney-and-ambanis-jiohotstar-adds-230-million-subscribers-in-3-months-nears-netflixs-global-total-driven-by-crickets-unmatched-pull-in-india" rel="noreferrer noopener">300 million global users</a>.
Technology
Nvidia Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO&nbsp;Jensen Huang's&nbsp;rejection of&nbsp;PowerPoint&nbsp;presentations isn&#8217;t a quirky habit—it&#8217;s part of a broader trend among some of the most successful tech leaders who believe slide <a target="_blank" href="https://www.benzinga.com/media/25/05/45614590/jensen-huang-isnt-a-powerpoint-fan-neither-are-jeff-bezos-and-elon-musk-why-slide-decks-dont-cut-it-for-todays-tech-leaders" rel="noreferrer noopener">decks are a barrier to real thinking</a>.
Nvidia CEO&nbsp;Jensen Huang&nbsp;said that he believes&nbsp;Tesla&#8217;s&nbsp;Optimus&nbsp;humanoid robot&nbsp;could be the first to reach mass adoption and trigger <a target="_blank" href="https://www.benzinga.com/media/25/05/45664231/teslas-optimus-may-be-the-first-humanoid-robot-to-achieve-high-volume-and-tech-scale-says-nvidia-ceo-jensen-huang-likely-to-be-the-next-multi-trillion-dollar-industry" rel="noreferrer noopener">a multi-trillion-dollar industry</a>.
Alphabet&#8217;s&nbsp;CEO&nbsp;Sundar Pichai&nbsp;has firmly rejected the notion that anyone at&nbsp;Google&nbsp;can manually alter search rankings, even in response to <a target="_blank" href="https://www.benzinga.com/media/25/05/45635747/sundar-pichai-says-no-one-at-google-can-change-trumps-search-ranking-not-even-him" rel="noreferrer noopener">President&nbsp;</a><a target="_blank" href="https://www.benzinga.com/media/25/05/45635747/sundar-pichai-says-no-one-at-google-can-change-trumps-search-ranking-not-even-him" rel="noreferrer noopener">Donald Trump&#8217;s</a><a target="_blank" href="https://www.benzinga.com/media/25/05/45635747/sundar-pichai-says-no-one-at-google-can-change-trumps-search-ranking-not-even-him" rel="noreferrer noopener">&nbsp;complaints</a>.
Years after&nbsp;a controversial split,&nbsp;Mark Zuckerberg&#8217;s Meta Platforms&nbsp;and&nbsp;Palmer Luckey&nbsp;are teaming up again—this time to equip U.S. soldiers <a target="_blank" href="https://www.benzinga.com/media/25/05/45687185/mark-zuckerbergs-meta-reunites-with-palmer-luckey-to-equip-us-soldiers-with-eagleeye-an-ai-powered-combat-headset-that-can-detect-drones" rel="noreferrer noopener">with next-gen combat headsets</a>.
Smartphones
Apple CEO&nbsp;Tim Cook has found himself at the receiving end of President&nbsp;Donald Trump‘s criticism, marking a stark contrast to their previously warm relationship, but reports suggest iPhone production in <a target="_blank" href="https://www.benzinga.com/25/05/45612848/trumps-recent-wrath-on-apple-ceo-tim-cook-is-also-tied-to-the-middle-east-not-just-india-report" rel="noreferrer noopener">India is not the only reason</a>.
A fresh wave of tariff threats is hanging over&nbsp;Apple, but JPMorgan&#8217;s Samik Chatterjee isn&#8217;t downgrading Apple stock. In fact, he&#8217;s sticking to an Overweight rating, calling&nbsp;the company &#8220;well positioned&#8221;&nbsp;t<a target="_blank" href="https://www.benzinga.com/trading-ideas/long-ideas/25/05/45608580/apple-may-hike-iphone-price-but-well-positioned-to-eat-tariff-bite-says-analyst" rel="noreferrer noopener">o weather the cost shock</a>.
Apple&nbsp;supplier&nbsp;Foxconn&nbsp;is set to announce a partnership with a second Japanese auto manufacturer as the Taiwanese <a target="_blank" href="https://www.benzinga.com/25/05/45667851/apple-supplier-foxconn-set-to-announce-second-japanese-auto-partner-as-it-turns-to-evs" rel="noreferrer noopener">manufacturer turns towards EVs</a>.
A new leak from a&nbsp;Weibo&nbsp;tipster,&nbsp;Digital Chat Station, suggests that&nbsp;Apple is working on a significant camera upgrade for a future&nbsp;iPhone&nbsp;model — <a target="_blank" href="https://www.benzinga.com/25/05/45637477/iphone-camera-could-get-its-biggest-upgrade-yet-with-200mp-sensor-leak-suggests-will-apple-finally-catch-up-to-samsung" rel="noreferrer noopener">a 200-megapixel sensor</a>.
Apple is reportedly preparing to rebrand its software platforms by introducing <a target="_blank" href="https://www.benzinga.com/25/05/45661713/apple-to-rename-all-operating-systems-for-2026-ios-macos-ipados-get-year-based-overhaul-and-fresh-look" rel="noreferrer noopener">a year-based naming system</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/05/45638355/headline-apples-former-design-chief-jony-ive-called-phones-and-laptops-legacy-platforms-google-ceo-sundar-pichai-said-pulling-out-a-black-glass-rectangle-wont-make-sense-forever-though-new-age-devices-havent-really-taken-off-yet" rel="noreferrer noopener">Apple&#8217;s Former Design Chief Jony Ive Called Phones And Laptops &#8216;Legacy Platforms:&#8217; Sundar Pichai Says Pulling Out A &#8216;Black Glass Display Rectangle&#8217; Won&#8217;t Make Sense Forever</a>
Automobiles/Spacecraft
Regulators from China&#8217;s commerce ministry are set to meet with executives from several Chinese automakers, including EV giant&nbsp;BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), to discuss the<a target="_blank" href="https://www.benzinga.com/markets/asia/25/05/45611701/chinese-regulators-will-meet-tesla-rival-byd-other-companies-to-discuss-zero-mile-used-cars-report" rel="noreferrer noopener"> surge in zero-mile used car sales</a>.
One of the major dealers of Chinese EV giant&nbsp;BYD has reportedly shut down its operations across multiple cities in China as the company <a target="_blank" href="https://www.benzinga.com/25/05/45666513/a-major-byd-dealer-in-china-shut-down-its-operations-as-ev-giant-expands-into-europe-report" rel="noreferrer noopener">expands into the European market</a>.
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX CEO&nbsp;Elon Musk&nbsp;said that the company&#8217;s Starship rocket, a crucial element in the billionaire&#8217;s plans to set up a colony on Mars, can <a target="_blank" href="https://www.benzinga.com/25/05/45612033/elon-musk-touts-spacexs-starship-rocket-ahead-of-launch-says-it-can-reach-mars-in-six-months" rel="noreferrer noopener">reach the red planet in 6 months</a>.
Elon Musk&#8216;s EV giant recorded over 11,000 new insured registrations in the Chinese market for the week ending May 25, according to a post on social media platform X on Tuesday by&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45614051/tesla-bull-gary-black-weighs-in-as-elon-musks-ev-giant-logs-over-11000-new-registrations-for-straight-second-week" rel="noreferrer noopener">Future Fund LLC</a><a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45614051/tesla-bull-gary-black-weighs-in-as-elon-musks-ev-giant-logs-over-11000-new-registrations-for-straight-second-week" rel="noreferrer noopener">&#8216;s&nbsp;</a><a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45614051/tesla-bull-gary-black-weighs-in-as-elon-musks-ev-giant-logs-over-11000-new-registrations-for-straight-second-week" rel="noreferrer noopener">Gary Black</a>.
Tesla sales fell 49% YoY in Europe for April as&nbsp;Elon Musk&#8216;s EV giant continues to <a target="_blank" href="https://www.benzinga.com/markets/eurozone/25/05/45616006/teslas-european-woes-see-no-end-april-sales-crash-49-as-rivals-race-ahead-in-ev-market" rel="noreferrer noopener">grapple with global challenges</a>.
Tesla rival&nbsp;Li Auto Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) will release two new SUVs this year and could also release the company&#8217;s first-ever sedan, provided the <a target="_blank" href="https://www.benzinga.com/markets/asia/25/05/45691082/tesla-rival-li-auto-will-release-2-new-suvs-this-year-ceo-li-xiang-hints-at-companys-first-sedan" rel="noreferrer noopener">market conditions are favorable</a>.
Tesla will launch its Robotaxi service in Austin on June 12, with CEO&nbsp;Elon Musk&nbsp;confirming that the company is <a target="_blank" href="https://www.benzinga.com/tech/25/05/45662671/tesla-targets-june-12-for-robotaxi-launch-in-austin-elon-musk-says-company-ramped-up-fsd-testing-a-month-ahead-of-schedule" rel="noreferrer noopener">currently testing the Model Y</a>.
Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) CEO&nbsp;RJ Scaringe&nbsp;has shared a sneak peek of the upcoming Rivian R2&#8217;s rear suspension, <a target="_blank" href="https://www.benzinga.com/25/05/45642153/rivian-ceo-rj-scaringe-touts-45000-rivian-r2s-updated-rear-suspension-cant-wait-for-folks" rel="noreferrer noopener">ahead of the planned 2026 launch</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45617151/ubs-maintains-neutral-rating-for-rivian-stock-sets-price-13-price-target" rel="noreferrer noopener">Rivian Stock Above $15, But UBS Sees Fair Value At $13 Amid Affordability Concerns</a>
Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), the parent company of brands like&nbsp;Dodge&nbsp;and&nbsp;Jeep, has appointed&nbsp;Antonio Filosa&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/eurozone/25/05/45638939/stellantis-names-antonio-filosa-ceo-amid-uncertainty-over-trumps-50-eu-tariff-threat" rel="noreferrer noopener">as the new chief executive officer</a>.
General Motors Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) will invest $888 million in its Tonawanda Propulsion facility, where the company manufactures V-8 engines that power its <a target="_blank" href="https://www.benzinga.com/tech/25/05/45640639/general-motors-to-invest-888-million-in-ny-v-8-engine-plant-despite-surge-in-ev-market-share" rel="noreferrer noopener">SUVs and Full-Size Trucks</a>.
Artificial Intelligence
Some news headlines and social media chatter have stirred excitement—and confusion—over whether all UAE residents now get free access to&nbsp;ChatGPT Plus&nbsp;<a target="_blank" href="https://www.benzinga.com/news/global/25/05/45612410/fact-check-no-openais-chatgpt-plus-isnt-free-for-all-uae-residents" rel="noreferrer noopener">as part of</a><a target="_blank" href="https://www.benzinga.com/news/global/25/05/45612410/fact-check-no-openais-chatgpt-plus-isnt-free-for-all-uae-residents" rel="noreferrer noopener">&nbsp;OpenAI&#8217;s</a><a target="_blank" href="https://www.benzinga.com/news/global/25/05/45612410/fact-check-no-openais-chatgpt-plus-isnt-free-for-all-uae-residents" rel="noreferrer noopener">&nbsp;latest expansion</a>.
On Wednesday, the legal battle between&nbsp;OpenAI&nbsp;and&nbsp;Elon Musk&nbsp;escalated as the&nbsp;ChatGPT&nbsp;maker urged a judge to allow its countersuit to proceed, accusing the billionaire of <a target="_blank" href="https://www.benzinga.com/25/05/45686378/openai-fights-to-keep-countersuit-alive-against-elon-musk-over-profit-shift-calls-his-974-billion-bid-a-media-stunt" rel="noreferrer noopener">fraud and media manipulation</a>.
Chinese AI startup&nbsp;DeepSeek, which triggered a&nbsp;$600 billion drop&nbsp;in&nbsp;Nvidia Corporation&#8217;s&nbsp;market value with the release of its&nbsp;R1&nbsp;model in January, has quietly launched an updated version <a target="_blank" href="https://www.benzinga.com/media/25/05/45662927/chinas-deepseek-quietly-drops-r1-ai-update-that-nearly-matches-openai-o4-mini-and-beats-elon-musks-grok-3-mini" rel="noreferrer noopener">of its reasoning model</a>.
Kevin O&#8217;Leary&nbsp;is on a mission to make AI fluency essential for business leaders—and he&#8217;s hiring <a target="_blank" href="https://www.benzinga.com/25/05/45663361/kevin-oleary-wants-to-teach-every-ceo-how-to-use-aiand-hes-hiring-people-to-do-it-calling-it-a-lifetime-career-opportunity" rel="noreferrer noopener">trainers to make it happen</a>.
Image: Shutterstock/JHVEPhoto

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