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Borr Drilling Ltd is a drilling contractor that owns and operates jack-up rigs of modern and high-specification designs providing drilling services to the oil and gas exploration and production industry. The company operates a fleet of around 16 jack-up drilling rigs. Geographically the activities are carried out through Norway.

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The Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) meme coin project shortlisted the top 220 holders eligible for an exclusive dinner with President Donald Trump on Monday, with top wallets linked to foreign entities.
What Happened: The meme coin&#8217;s official website posted the <a href="https://trumpdinner.gettrumpmemes.com/">leaderboard</a>, stating, &#8220;President Trump will see YOU on May 22 at the Gala Dinner in Washington D.C.&#8221;
The top position on the leaderboard, with about $17.68 million in Trump&#8217;s meme coin, is associated with a wallet named &#8220;SUN,&#8221; which, according to Lookonchain, is owned by Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) founder and cryptocurrency billionaire Justin Sun.
Interestingly, Sun is also a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment" target="_blank" rel="noreferrer noopener">leading investor and advisor</a> at World Liberty Financial, the decentralized finance platform backed by the Trump family.
Sun has been a <a href="https://www.benzinga.com/content/44543856/justin-sun-features-on-forbes-cover-talks-crypto-and-trump-linked-investments">controversial figure</a> and faced legal pressures from the SEC on charges of fraud and market manipulation. Earlier in February, both parties—Sun and the SEC—requested a 60-day stay in the proceedings to explore a potential resolution.
Sun didn&#8217;t immediately return Benzinga&#8217;s request for comment.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Looks like Justin Sun(<a href="https://twitter.com/justinsuntron?ref_src=twsrc%5Etfw">@justinsuntron</a>) has registered for the <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> dinner. He currently holds 1,176,803 <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a>($14.32M), ranking #1 on the leaderboard.<a href="https://t.co/B1A5TJ4mjI">https://t.co/B1A5TJ4mjI</a> <a href="https://t.co/moQxw3DiDd">pic.twitter.com/moQxw3DiDd</a>
&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1915584603164991912?ref_src=twsrc%5Etfw">April 25, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>

See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45358308/bitcoin-ethereum-dogecoin-slip-while-xrp-holds-firm-is-a-pullback-coming" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Slip While XRP Holds Firm: Is A Pullback Coming?</a>
The second-largest holder, with approximately $17.18 million,&nbsp;is the Singaporean cryptocurrency startup&nbsp;MemeCore,&nbsp;a Forbes <a href="https://fortune.com/crypto/2025/05/12/trump-memecoin-dinner-justin-sun-memecore-kain-warwick/">report </a>said, citing the firm&#8217;s public X posts. It also highlighted the entry of Kain Warwick, an Australian crypto investor, into the top 220.
Why It Matters: The exclusive gala dinner has raised concerns about the potential for corruption, with critics arguing that it allows wealthy and possibly foreign actors to buy access to the former president. 
It <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45027557/trumps-memecoin-dinner-event-sparks-impeachment-call-from-democratic-senator-says-potus-is-selling-access-to-those-who-enrich-him">triggered a call</a> for impeachment from Sen. Jon Ossoff (D-Ga.). Moreover, Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.) requested that the U.S. Office of Government Ethics investigate Trump's potential violation of federal ethics regulations
The project, 80% of whose supply is controlled by an affiliate of the&nbsp;Trump Organization,&nbsp;emphasizes that TRUMP is not a political initiative or investment opportunity but an expression of support for Trump's ideals.
Price Action: At the time of writing, TRUMP was exchanging hands at $12.45, down 10.06 in the last 24 hours, and over 77% over the week, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. Since its peak, the meme coin has fallen 83.63%.
Photo Courtesy: Christopher Sciacca on Shutterstock.com
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://benzinga.com/25/05/45366192/dogwifhat-bucks-bitcoin-dogecoin-dip-with-a-5-rally-whats-going-on" target="_blank" rel="noreferrer noopener">Dogwifhat Shoots Up 5%: What&#8217;s Going On?</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

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Trump Memecoin Exclusive Dinner Guest List Revealed With Justin Sun Shining At The Top: Report

A fire at an abandoned multi-story mattress warehouse near West Baltimore station on Monday evening has suspended all regional rail service, affecting thousands of commuters. Amtrak halted trains between Washington, D.C., and Wilmington, including BWI Airport connections, while MARC commuter lines also face disruptions.
&#8220;No time has been given as to when tracks will re-open,&#8221; Amtrak Northeast announced on social media. Fire crews responded shortly before 7:00 p.m., with no injuries reported, according to Baltimore Fire spokesperson John Marsh, <a href="https://edition.cnn.com/2025/05/13/us/fire-baltimore-mattress-warehouse-halts-trains-hnk">reported</a> CNN.
Fire Chief James Wallace noted that the warehouse&#8217;s proximity to electrified train tracks has complicated firefighting efforts. City officials say emergency teams are working with rail authorities to safely cut power before approaching the blaze from the track side.
Photo Courtesy: Volodymyr TVERDOKHLIB on Shutterstock.com
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/05/45366281/bitcoin-ethereum-dogecoin-retreat-stocks-rally-after-us-china-tariff-de-escalation-analyst-sees-opportunity-in-2100-2250-if-eth-corrects">Bitcoin, Ethereum, Dogecoin Retreat, Stocks Rally After US-China Tariff De-Escalation: Analyst Sees Opportunity In $2,100-2,250 If ETH Corrects</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Fire At Abandoned Mattress Warehouse Near West Baltimore Station Disrupts Amtrak And Marc Service, Affects Thousands Of Commuters

Ballys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BALY#NYSE">BALY</a>) reported quarterly losses of $(0.48) per share which beat the analyst consensus estimate of $(0.53) by 9.43 percent. This is a 86.7 percent increase over losses of $(3.61) per share from the same period last year. The company reported quarterly sales of $589.20 million which missed the analyst consensus estimate of $603.66 million by 2.40 percent. This is a 4.73 percent decrease over sales of $618.48 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

BALY

Ballys Q1 EPS $(0.48) Beats $(0.53) Estimate, Sales $589.20M Miss $603.66M Estimate

Macro Economic Events

Econ #s

Economics

Reported Earlier, U.K. BRC Retail Sales Monitor (YoY) For April 6.8% Vs. 2.4% Est.; 0.9% Prior

Reported Earlier, National Australia Bank Business Confidence For April -1 Vs. -2 (Revised) Prior

CNBC's Jim Cramer urges investors to grab the armrest, not the eject button, after Washington and Beijing agreed to slash punitive duties for 90 days on Monday.
What Happened: &#8220;It's better to stay in, stay on and let her ride than to try to pick the perfect moment to trade in and out of the stock market,&#8221; Cramer said, according to a CNBC <a href="https://www.cnbc.com/2025/05/12/jim-cramer-says-its-better-to-stay-in-stay-on-and-let-her-ride-in-this-market-.html">report</a>. &#8220;That's not much of a strategy. It's much more a game of chicken where there are no winners,&#8221; he added.
Cramer noted how quickly traders reversed recession bets that had dominated screens only a week earlier. Tech names expected to bear the brunt of tariff pain <a href="https://www.benzinga.com/tech/25/05/45357613/china-tariff-de-escalation-biggest-winners-include-tesla-apple-new-tech-highs-back-on-the-table-now-for-2025?_gl=1&#x2A;hxhm4q&#x2A;_gcl_au&#x2A;Njk0ODEyNDAxLjE3NDA0NTQxMzE.&#x2A;_ga&#x2A;R1MxLjEuMTc0NDM1NzIyNC4xLjAuMTc0NDM1NzIyNC4wLjAuMA..&#x2A;_ga_V7ZK73W7N0&#x2A;czE3NDcxMDcwNzYkbzI2JGcxJHQxNzQ3MTA4Nzc5JGowJGwwJGgw">soared</a> — Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/25/05/45358770/apple-stock-rises-following-us-china-trade-breakthrough">leapt</a> 6.2% and Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rose 4%, helping the Philadelphia Semiconductor Index climb 5.9%. The buying spree spilled into industrials and <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45360068/bank-stocks-rise-as-uschina-tariff-truce-lifts-market-confidence-whats-going-on">banks</a>.
"Safety" plays told the other side of the story. Gold slid more than 3%, and the dollar strengthened against the yen and Swiss franc as haven demand evaporated.
See also: <a href="https://www.benzinga.com/25/05/45365487/coinbase-rigetti-nvidia-meta-and-tesla-why-these-5-stocks-are-on-investors-radars-today">Coinbase, Rigetti, Nvidia, Meta, And Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a>
Cramer warned that short-sellers angling for a quick reversal could get steamrolled. "We see how easily stocks can rally — isn't it a little dangerous to be that short?" he asked, arguing that Monday's pop proved policy shocks can rescue battered portfolios faster than traders can reposition.
Why It Matters: Wedbush analyst Dan Ives called Monday&#8217;s stock surge a "dream scenario" for tech investors. The Trump administration&#8217;s move to back off from its tariff regime against China also <a href="https://www.benzinga.com/25/05/45365521/larry-summers-says-trump-blinked-on-china-tariffs-sometimes-its-good-to-blink-as-markets-breathe-a-sigh-of-relief">gained praise</a> from an &#8220;encouraged&#8221; Former Treasury Secretary Larry Summers.
The Dow Jones Industrial Average — as tracked by the Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) — surged 2.8%, or more than 1,100 points. By mid-afternoon, it reached 42,385 — its second-best day in the past six months, eclipsed only by the 7.8% rally on April 9 when President Donald Trump announced the <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">tariff suspension</a>.
Photo courtesy: katz / Shutterstock.com
Read next: <a href="https://www.benzinga.com/markets/25/05/45366183/craig-shapiro-sees-market-kryptonite-in-delayed-fed-liquidity-dot-plot-reversal-ahead-as-china-trade-risks-recede">Craig Shapiro Sees &#8216;Market Kryptonite&#8217; In Delayed Fed Liquidity, Dot Plot Reversal Ahead—As China Trade Risks Recede</a>

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Jim Cramer Says 'Sit Tight' As China Tariff Pause Creates 'Game Of Chicken' That Could Steamroll Market Timers

Activist investor Elliott Investment Management scored a victory on Monday when Institutional Shareholder Services recommended investors elect all four of Elliott&#8217;s director nominees to the Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) board, bolstering the hedge fund&#8217;s campaign for strategic changes at the oil refiner.
What Happened: Elliott, which <a href="https://www.benzinga.com/markets/equities/25/02/43614105/activist-investor-elliott-builds-25-billion-stake-in-phillips-66-pressures-for-midstream-spinoff-report">holds a $2.5 billion stake in Phillips 66</a>, has urged the company to divest its midstream business. Proxy advisory firm ISS backed all four of Elliott's board nominees, joining Glass Lewis and Egan-Jones in supporting the activist's push ahead of the May 21 shareholder vote, Reuters reported.
ISS is a top proxy advisory firm whose recommendations guide major investors on corporate votes, often swaying outcomes in boardroom battles.
&#8220;Although the board has been reshaped since the pandemic, important industry perspectives have been overlooked, and there is strong evidence that the board is not willing to exercise independent oversight of management,&#8221; ISS wrote in its report.
The proxy advisor also challenged Phillips 66&#8217;s argument that its integrated strategy delivers superior returns, noting the stock began underperforming peers in mid-2021 and &#8220;has not been able to close the gap.&#8221; PSX shares have dropped 18% over the past 52 weeks, closing at $118.68 on Monday.
See Also: <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45366281/bitcoin-ethereum-dogecoin-retreat-stocks-rally-after-us-china-tariff-de-escalation-analyst-sees-opportunity-in-2100-2250-if-eth-corrects">Bitcoin, Ethereum, Dogecoin Retreat, Stocks Rally After US-China Tariff De-Escalation: Analyst Sees Opportunity In $2,100-2,250 If ETH Corrects</a>
Why It Matters: Elliott first disclosed its investment in Phillips 66 in February, expanding from an initial $1 billion position that had already secured a board seat for refining veteran Robert Pease last year. The activist fund&#8217;s larger stake now places it among Phillips 66&#8217;s top five shareholders.
The hedge fund, <a href="https://www.benzinga.com/news/24/08/40411028/elliott-management-alums-spawn-their-offshoots-amid-rigid-changes-and-increased-bureaucracy-at-70b-h">which manages $70 billion</a>, has a strong track record in the energy sector with successful investments at Marathon Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>), Suncor Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SU#NYSE">SU</a>) and Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>).
Elliott said the ISS report &#8220;fully validates Elliott&#8217;s case for change,&#8221; according to the report. 
Photo Courtesy: Ken Wolter on Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/25/05/45365162/cathie-wood-makes-bullish-move-on-baidu-ark-adds-30k-shares-amid-china-us-trade-thaw">Cathie Wood Makes Bullish Move On Baidu: Ark Adds 30K+ Shares Amid China-US Trade Thaw</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elliott Management Scores Key Win In Phillips 66 Proxy Fight As ISS Backs All Four Board Nominees Ahead Of May 21 Vote

On Monday, Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) <a href="https://www.benzinga.com/tech/25/01/43155074/samsung-teases-galaxy-s25-edge-to-take-on-apples-rumored-iphone-17-air">launched the</a> Galaxy S25 Edge, a 5.8 mm-thin, 163-gram smartphone, just four months after unveiling the rest of the S25 series.
What Happened: The ultra-slim device features a 6.7-inch display, a dual-camera system, and the company's latest AI-powered features.&nbsp;
The Galaxy S25 Edge packs a powerful 200MP main camera, offering ultra-high resolution for detailed photos in any lighting condition. A secondary 12MP ultra-wide lens with autofocus enables crisp macro shots.
See Also:&nbsp;<a href="https://www.benzinga.com/25/04/44897214/nvidia-discusses-ai-powering-future-with-japan-amid-rising-energy-demands" target="_blank" rel="noreferrer noopener">Nvidia's Jensen Huang Meets Japanese PM To Discuss AI's Growing Energy Needs</a>
It also brings AI-powered editing tools to the table, including Audio Eraser, which removes unwanted background noise from videos and Drawing Assist, a feature designed to enhance or correct hand-drawn sketches.
Under the hood, the S25 Edge runs on Qualcomm Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) Snapdragon 8 Elite Mobile Platform.
Price and Availability: Preorders for the Samsung Galaxy S25 Edge are now open at Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), Samsung.com and major U.S. carriers. The phone will be available in stores on May 30, 2025.
Pricing starts at $1,099.99 for 256GB and $1,219.99 for 512GB, with color options including Titanium Silver, Titanium Jet Black and Titanium Icy Blue.
Interested buyers can preorder by May 30 on Samsung.com or the Shop Samsung app to get up to $800 in savings, including a $50 credit and a free upgrade from 256GB to 512GB (a $120 value). People can also trade in an eligible device for up to $630 off.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1000" height="666" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12232749/ss.jpg" alt="" class="wp-image-912754" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12232749/ss.jpg 1000w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12232749/ss-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12232749/ss-768x511.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /><figcaption class="wp-element-caption">Source: Samsung</figcaption></figure>
Why It's Important: The launch comes outside of Samsung's typical product cycle and underscores a strategic pivot.
During the company's latest earnings call, Daniel Araujo, vice president of Samsung's mobile division, warned of softening demand in the second quarter due to "seasonality trends" and the potential impact of global tariffs, <a href="https://www.cnbc.com/2025/05/12/samsung-galaxy-s25-edge-launch-specs-price-availability.html">reported</a> CNBC.
The U.S. briefly imposed reciprocal tariffs on tech goods in April, but exemptions for smartphones and chips offered a temporary reprieve. A new agreement between the U.S. and China on Monday <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">paused most remaining tariffs</a>, creating a narrow window of opportunity for global manufacturers, the report added.
Analysts say the timing may also be aimed at beating Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), which is <a href="https://www.benzinga.com/tech/25/03/44348175/apples-iphone-17-air-to-usher-in-new-era-of-slimmer-portless-models">rumored to release its own thin</a> flagship, the iPhone 17 Air, in September.
"Samsung is first out the gate with a slim design," Ben Wood, chief analyst at CCS Insight, told the publication. "It is hard to believe this is not a pre-emptive strike following widespread speculation that Apple will have a thin iPhone in its next line-up."
Photo Courtesy: tinhkhuong On Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://benzinga.com/trading-ideas/movers/25/04/45029805/what-caused-sam-altman-founded-world-network-token-to-soar-57-in-a-week" target="_blank" rel="noreferrer noopener">What Caused Sam Altman-Founded World Network Token To Soar 57% in a Week? What Caused Sam Altman-Founded World Network Token To Soar 57% in a Week?</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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AMZN

QCOM

SSNLF

Samsung Blindsides Apple With Razor-Thin Galaxy S25 Edge: Here's How Much It Will Cost

Leading cryptocurrencies corrected on Monday even as the U.S. and China slashed tariffs to avert a trade war.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-1.98%</td>
<td>$102,569.21</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-2.64%</td>
<td>$2,468.88</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-5.47%</td>
<td>$0.2254</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin witnessed a big sell-off after the market opened, slipping below $101,000, but recovered to the mid-$102,000s by evening.
Ethereum traders also cashed in, dragging its price to $2,411.59 before a recovery late evening.
Bitcoin's market dominance fell further to 61.9%, while Ethereum's share rose to 9.1%, suggesting rotation of capital away from the apex cryptocurrency.
The pullback resulted in liquidations worth more than $690 million in the last 24 hours, with long liquidations accounting for $489 million.
Bitcoin's Open Interest dropped 0.73% in the last 24 hours. Meanwhile, bets against the cryptocurrency in the Binance derivatives market fell sharply, although the majority were still bearish.
"Greed" sentiment prevailed in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. ET)</td>
</tr>
<tr>
<td>Dogwifhat (WIF)</td>
<td>+15.56%</td>
<td>$1.12</td>
</tr>
<tr>
<td>Four (FORM)</td>
<td>+5.67%</td>
<td>$2.81</td>
</tr>
<tr>
<td>XRP (XRP)</td>
<td>+3.66%</td>
<td>$2.49</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.29 trillion, following a 1.93% decline in the last 24 hours.
Stocks started the fresh trading week with a bang. The Dow Jones Industrial Average soared 1,160.72 points, or 2.81%, to end at 42,410.10. The S&amp;P 500 rose 3.26% to close at 5,844.19, while the tech-focused Nasdaq Composite popped 4.35% to end at 18,708.34.
The surge came after the U.S. and China <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">agreed to slash their retaliatory tariffs</a> by over 100 percentage points, allaying concerns of a trade war.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency analyst and trader Michaël van de Poppe said he would be interested in the $2,100-$2,250 area if Ethereum sees a pullback.
"I expect shallow corrections, but would be diving into these as opportunities," the trader revealed his strategy.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If the markets provide a correction, then I&#39;d be interested in anything between $2,100-2,250 for <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>. I expect shallow corrections, but would be diving into these as opportunities. <a href="https://t.co/MiGFhSQ90P">pic.twitter.com/MiGFhSQ90P</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1922001579697140076?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
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Another widely followed analyst, Rekt Capital, noted that ETH has reclaimed the $2200-$4000 macro range and will "likely" lift across the range over time.
"Any dips, if needed at all, would only solidify $2,200 as range low support," the analyst predicted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> Key Ethereum Weekly Close secured Ethereum has reclaimed the $2200-$4000 Macro Range History suggests that over time, Ethereum is likely to lift across the Range Any dips, if needed at all, would only solidify $2200 as Range Low support<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://t.co/gtM5xcZnwp">https://t.co/gtM5xcZnwp</a> <a href="https://t.co/fyGlz8qeFJ">pic.twitter.com/fyGlz8qeFJ</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1921875905082704365?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
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Photo Courtesy: alfernec on Shutterstock.com
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45365186/coinbase-stock-jumps-nearly-11-after-hours-monday-heres-why">Coinbase Stock Jumps Nearly 11% After-Hours Monday: Here&#8217;s Why</a></li>
</ul>

Movers

Trading Ideas

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Retreat, Stocks Rally After US-China Tariff De-Escalation: Analyst Sees Opportunity In $2,100-2,250 If ETH Corrects

House Republicans on Monday introduced legislation to eliminate the electric vehicle tax credit and repeal fuel efficiency rules, potentially disrupting billions in automaker investments amid growing <a href="https://www.benzinga.com/tech/25/05/45277309/house-gop-representatives-want-to-axe-federal-ev-credit-amid-trumps-tax-cuts-report">industry concerns about abrupt policy changes</a>.
What Happened: The proposal, scheduled for a House Ways and Means Committee hearing on Tuesday, would terminate the $7,500 new-vehicle tax credit and $4,000 used-vehicle credit on December 31, though it extends the new-vehicle credit one year for automakers that haven&#8217;t reached 200,000 EV sales, Reuters reported.
While preserving the crucial battery production tax credit, the bill adds a provision barring credits for vehicles using components from Chinese companies or made under Chinese licensing agreements starting in 2027. This could impact automakers like Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) that utilize Chinese battery technology, the report noted.
The legislation would also rescind any unobligated funding from an advanced technology vehicle loan program that recently finalized several major deals, including $9.63 billion to Ford-SK On joint venture, $7.54 billion to Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>)-Samsung SDI venture, and $6.57 billion to Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>).
See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45353863/new-inflation-data-hits-tuesday-why-it-could-kill-fed-rate-cut-hopes">New Inflation Data Hits Tuesday: Why It Could Kill Fed Rate Cut Hopes</a>
Why It Matters: Electric Drive Transportation Association President Genevieve Cullen criticized the proposal as &#8220;catastrophically short-sighted,&#8221; arguing it would deliver &#8220;an enormous market advantage&#8221; to competitors like China while threatening U.S. manufacturing jobs.
The move aligns with comments from House Speaker Mike Johnson, <a href="https://www.benzinga.com/tech/25/05/45277309/house-gop-representatives-want-to-axe-federal-ev-credit-amid-trumps-tax-cuts-report">who recently stated</a>, &#8220;I think there is a better chance we kill it than save it,&#8221; regarding the EV credit program. Industry experts project the incentives could cost $200 billion over the next decade.
Major U.S. automakers, including General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford, have urged the President Donald Trump administration to phase out credits gradually rather than <a href="https://www.benzinga.com/markets/25/02/43648415/tesla-rivals-call-for-gradual-elimination-of-ev-tax-credits-many-of-those-jobs-will-be-at-risk">eliminate them immediately</a>, warning that jobs in the growing &#8220;Battery Belt&#8221; across 12 states could be at risk. 
The U.S. has already committed <a href="https://www.benzinga.com/markets/25/02/43648415/tesla-rivals-call-for-gradual-elimination-of-ev-tax-credits-many-of-those-jobs-will-be-at-risk">approximately $200 billion</a> to create 200,000 EV-related jobs.
Photo Courtesy: Natee Meepian On Shutterstock.com
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<li><a href="https://www.benzinga.com/tech/25/05/45357613/china-tariff-de-escalation-biggest-winners-include-tesla-apple-new-tech-highs-back-on-the-table-now-for-2025">China Tariff De-Escalation Biggest Winners Include Tesla, Apple: &#8216;New Tech Highs Back On The Table Now For 2025&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

RIVN

STLA

TSLA

Republicans Target EV Perks With New Bill: Ford, Tesla, Rivian Face Fallout As $200 Billion In Battery Belt Investments Hang In Balance

Dog-themed meme coin Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>) continued its upward march Monday, leaving market heavyweights trailing.
What happened: The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based token spiked over 5% to become the second-biggest cryptocurrency gainer over the last 24 hours. Its trading volume popped 176% to $1.64 billion, making it one of the most traded meme coins in the 24-hour period.
WIF defied the pullback in blue-chip currencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), which fell 1.88% and 6.51%, respectively.
Notably, the memecoin's Open Interest slid 2.34% in the last 24 hours, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass. Typically, a decline in Open Interest combined with a price increase implies that shorts were covering their positions.
Furthermore, over 70% of Binance traders with open WIF positions were long as of this writing, signaling that the rally would sustain..
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45339966/bitcoin-creator-satoshi-nakamotos-estimated-wealth-crosses-bill-gates-amid-apex-cryptos-sharp-rebound">Bill Gates Left Behind By Satoshi Nakamoto: Bitcoin Creator&#8217;s Wealth Now Eclipses That Of Microsoft Co-Founder Amid Crypto&#8217;s Sharp Rebound</a>
Meanwhile, the Relative Strength Index, used to determine if the asset is overbought or oversold, flashed a "Sell" signal for the coin, <a href="https://in.tradingview.com/symbols/WIFUSD/technicals/">according </a>to TradingView. To the contrary, the Moving Average Convergence Divergence, which compares two exponential moving averages of price, generated a "Buy."
Price Action:&nbsp; At the time of writing, WIF was exchanging hands at $1.09, up 5.12% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the coin has lost 41.26%.
Photo Courtesy: Akif CUBUK On Shutterstock.com
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45339772/michael-saylor-harnesses-ai-to-drive-home-an-important-message-on-bitcoin-its-going-up-forever">Michael Saylor Harnesses AI To Drive Home An Important Message On Bitcoin: &#8216;It&#8217;s Going Up Forever&#8217;</a></li>
</ul>

$SOL

$WIF

Dogwifhat Shoots Up 5%: What's Going On?

What Happened: On Monday, macro strategist Craig Shapiro shared his views on X, commenting on the narrowing odds of an interest rate cut by the Federal Reserve following the de-escalation of the trade war with China.
He says the odds in favor of an aggressive rate cut were spurred by the China trade embargo increasing potential &#8220;left tail economic outcomes,&#8221; which essentially refers to unexpected or severe economic events hitting growth and employment figures this year.
However, with a tentative 90-day pause in tariffs on China now in place, Shapiro said, &#8220;the Fed should feel even more comfortable with their idea that a long pause makes more sense.&#8221;
See Also: <a href="https://www.benzinga.com/25/05/45364595/trumps-qatar-plane-a-reckless-disregard-for-national-security-says-jack-reed-betrayl-of-trust-in-protecting-us-sovereignty">Trump&#8217;s Qatar Plane A &#8216;Reckless Disregard For National Security,&#8217; Says Jack Reed: &#8216;Betrayl Of Trust&#8217; In Protecting US Sovereignty</a>
Shapiro argues that the fallout from earlier tariff shocks, paired with worsening fiscal dynamics, could push the Fed to hold rates steady longer than investors expect. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The odds of Fed cutting more aggressively in 2025 were spurred by an increase in potential left tail economic outcomes from the China trade embargo really hitting growth and employment. Now that we have priced this out with the 90 days climb down, the Fed should feel even…
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1921933547171950890?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
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The central bank will have to assess just how much of a &#8220;deficit buster&#8221; the tax cuts will be in the absence of spending cuts or meaningful tariff revenue, Shapiro said, posing the question rhetorically.
Looking ahead to the next Federal Open Market Committee (FOMC) meeting, Shapiro suggested that the dot plot, which charts each FOMC member's interest rate expectations, could reflect fewer projected cuts. &#8220;The next dot plot will be pulling rate cuts out rather than putting them in,&#8221; he said.
For the markets, Shapiro warns that this &#8220;increasing timeline&#8221; to get incremental Fed liquidity is &#8220;kryptonite,&#8221; underscoring the growing risk that risk assets face amid tightening conditions.
Why It Matters: Other analysts, such as Louis Navellier, have echoed similar views, arguing that the Federal Reserve will likely be the <a href="https://benzinga.com/government/regulations/25/05/45283497/federal-reserve-will-be-the-last-to-cut-says-expert-anticipating-4-cuts-in-2025-a-thaw-in-us-china-trade-dispute-is-good-news">last major central bank</a> to cut rates amid a broader global easing cycle.
President Donald Trump has <a href="https://benzinga.com/markets/25/05/45125413/trump-slams-stubborn-federal-reserve-for-not-cutting-interest-rates-they-want-to-be-cute">repeatedly criticized</a> the Federal Reserve for not cutting interest rates fast enough, at one point even exploring options to remove <a href="https://benzinga.com/25/04/44888232/trumps-top-economic-adviser-kevin-hassett-says-white-house-is-exploring-options-to-fire-fed-chair-jerome-powell-the-president-and-his-team-will-continue-to-study">Chairman Jerome Powell</a> from his post.
Despite growing pressure, however, the Fed and its chair have remained defiant, deciding to <a href="https://benzinga.com/economics/macro-economic-events/25/05/45263291/fed-keeps-rates-steady-warns-of-rising-uncertainty-about-the-economic-outlook">hold rates steady</a> for the third consecutive meeting during the most recent FOMC meeting last week. 
Late last month, Shapiro had <a href="https://benzinga.com/markets/equities/25/04/44943319/craig-shapiro-takes-a-dig-at-donald-trump-trump-2-0-same-as-1-0-after-administration-hints-at-a-deal-with-china">predicted rather accurately</a> that Trump would cave to China, Powell, the markets, and the deficit, and that the second Trump administration would be in no way different from the first one.
Photo Courtesy: photoviriya On Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45365521/larry-summers-says-trump-blinked-on-china-tariffs-sometimes-its-good-to-blink-as-markets-breathe-a-sigh-of-relief">Trump &#8216;Blinked&#8217; On China Tariffs, Says Ex-Treasury Secretary Larry Summers — &#8216;Sometimes It&#8217;s Good To Blink,&#8217; As Markets Breathe A Sigh of Relief</a></li>
</ul>

Craig Shapiro Sees 'Market Kryptonite' In Delayed Fed Liquidity, Dot Plot Reversal Ahead—As China Trade Risks Recede

Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and JD.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) are now <a href="https://www.benzinga.com/markets/25/05/45165898/alibaba-accelerates-taobao-instant-commerce-launch-heats-up-rivalry-with-jd-com-meituan">competing fiercely in instant retail</a>, where items are supposedly delivered within 30 to 60 minutes.&nbsp;
What Happened: Facing slowing growth and squeezed consumer budgets, Alibaba's Ele.me and JD.com's JD Takeaway each pledged ¥10 billion ($1.38 billion) in subsidies to lure customers with ultra-fast deliveries last month, reported Reuters.&nbsp;
On JD Takeaway, daily discounts of up to ¥20 ($2.77) on restaurant orders have become common. The report cited a 24-year-old entrepreneur in Tianjin, who happily paid only ¥5.90 for a coconut latte.
"I asked the deliveryman and he said he makes ¥4 per delivery, so essentially, JD.com bought me a cup of coffee and delivered it to my door," Liu Qi said.
See Also: <a href="https://benzinga.com/25/05/45158172/amazon-ceo-andy-jassy-predicts-pandemic-like-consumer-shifts-says-company-is-maniacally-focused-on-keeping-prices" target="_blank" rel="noreferrer noopener">Andy Jassy Predicts Pandemic-Like Consumer Shifts, Says Amazon Is ‘Maniacally Focused' On Keeping Prices Low</a>
A few days later, Liu purchased a bubble tea via Alibaba-owned Taobao's <a href="https://www.benzinga.com/25/04/45105930/alibaba-instant-commerce-delivery">instant portal for</a> just ¥3.90, ¥2 cheaper than JD.com's offer.
"The competition is so intense, there's not a lot of incremental growth opportunities, so everybody is moving into everybody else's territories and instant retail is the latest example of that," said Jason Yu, general manager at CTR Market Research.
China's leading food delivery company, Meituan (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MPNGY#OTC">MPNGY</a>), has taken steps to expand its operations by scaling up its instant shopping service, which offers delivery of non-food items in under 30 minutes. JD.com made its debut in the food delivery sector in February.
Why It's Important: As per the report, China's e-commerce giants can double down on instant retail despite their low profit margins, thanks to their deep cash reserves and existing delivery networks.
As of Dec. 31, Alibaba, JD.com, and Meituan held net cash positions of&nbsp; ¥400 billion,&nbsp; ¥144 billion, and ¥110 billion, respectively, the report noted, citing Morningstar analysts.
These companies are also strategically using high-frequency purchases like food and drinks to drive sales of higher-margin goods such as electronics and clothing.
The U.S. and China on Monday agreed to dramatically <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">reduce retaliatory tariffs</a>, marking a pause in the escalating trade war that had posed serious risks to global economic growth.
Price Action: On Monday, shares of JD.com rose by 6.47%, while Alibaba gained 5.76%. In after-hours trading, JD.com saw an additional increase of 1.14%, and Alibaba edged up by 0.68%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Photo Courtesy: Tada Images On Shutterstock.com
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<li><a href="https://www.benzinga.com/general/social-media/25/04/45076599/sell-in-may-and-go-away-only-in-bear-markets-one-expert-says?utm_source=articleShare" target="_blank" rel="noreferrer noopener">‘Sell In May And Go Away?' Only In Bear Markets, One Expert Says&nbsp;</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BABA

MPNGY

Alibaba And JD.com Are Literally Paying The Price As China Delivery Wars Heat Up

What Happened: On Monday, Former Treasury Secretary Larry Summers shared highlights on his X account from his appearance on CNN's &#8220;The Arena,&#8221; where he discussed the Trump administration's move to back off from its &#8220;extremely punitive&#8221; tariff regime against China.
Summers highlighted a pattern he's observed since &#8220;Liberation Day,&#8221; noting that &#8220;whenever the commitment to the Liberation Day policies increases, markets go down. Whenever there&#8217;s signs of backing off, markets go up.&#8221; He says, &#8220;Today was a day of backing off, and so markets went up.&#8221;
See Also: <a href="https://www.benzinga.com/25/05/45340930/trumps-400-million-boeing-jet-gift-from-qatar-sparks-outcry-from-larry-summers-peter-schiff-banana-republic-level-corruption">Trump&#8217;s $400 Million Boeing Jet Gift From Qatar Sparks Outcry From Larry Summers, Peter Schiff: &#8216;Banana-Republic-Level Corruption&#8217;</a>
He says it is &#8220;very clear&#8221; that it was President&nbsp;Donald Trump&nbsp;who &#8220;blinked,&#8221; since &#8220;China didn't make any consequential or significant change in its policies.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today on <a href="https://twitter.com/CNN?ref_src=twsrc%5Etfw">@CNN</a> <a href="https://twitter.com/kasie?ref_src=twsrc%5Etfw">@Kasie</a> asked me what happened with the markets today? The market got a signal, probably a valid signal, that the Trump Administration was backing off its extremely punitive to the U.S. economy, tariff regime against China. We&#39;ve seen a pretty clear pattern since…
&mdash; Lawrence H. Summers (@LHSummers) <a href="https://twitter.com/LHSummers/status/1922035928065048880?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
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&#8220;Sometimes it's good to blink,&#8221; Summers says, framing Trump&#8217;s reversal in a positive note. &#8220;When you make a mistake, it's usually best to correct it and retreat, even if it's a little bit embarrassing,&#8221; he says, while applauding Treasury Secretary Scott Bessent for his leadership during this period.
Speaking on the risks of a recession, Summers says that he is &#8220;encouraged&#8221; by the administration being less committed to its &#8220;disastrous policies,&#8221; as he had feared in the past. He now sees U.S. recession odds at &#8220;a little bit on the south side of 50/50.&#8221;
He says this is largely because &#8220;the Administration appears to be turning the wheel, rather than driving the vehicle over a cliff.&#8221;
Why It Matters: Stocks rallied following the <a href="https://benzinga.com/tech/25/05/45357613/china-tariff-de-escalation-biggest-winners-include-tesla-apple-new-tech-highs-back-on-the-table-now-for-2025">tariff de-escalation with China</a> on Monday, with the tech sector seeing big gains, as analyst Dan Ives calls it a &#8220;dream scenario&#8221; for tech investors. 
Summers has been a vocal critic of the <a href="https://benzinga.com/markets/25/04/44623179/larry-summers-warns-trumps-tariffs-will-deliver-oil-crisis-like-shock-slash-30-trillion-from-economy-as-markets-plunge">administration&#8217;s tariff policies</a>, predicting an &#8220;Oil crisis-like shock,&#8221; and $30 trillion in potential economic losses.
He&#8217;s also <a href="https://benzinga.com/news/25/04/44776458/obama-era-treasury-secretary-larry-summers-rejects-china-cheating-at-trade-narrative-we-get-ev-batte">rejected this narrative</a> of China cheating at trade, saying that &#8220;if China wants to sell us things at really low prices,&#8221; such as solar collectors or cheap batteries for electric cars, &#8220;It's kind of a good deal for us,&#8221; he said, adding that we only send them &#8220;pieces of paper that we print.&#8221;
Photo Courtesy: Tomas Ragina On Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://benzinga.com/markets/25/05/45342977/trumps-tariffs-reportedly-push-walmart-and-target-toy-suppliers-to-the-brink-of-closure-if-nothing-changes-well-be-crippled">Trump&#8217;s Tariffs Reportedly Push Walmart And Target Toy Suppliers To The Brink Of Closure: &#8216;If Nothing Changes, We&#8217;ll Be Crippled&#8217;</a></li>
</ul>

Government

Trump 'Blinked' On China Tariffs, Says Ex-Treasury Secretary Larry Summers — 'Sometimes It's Good To Blink,' As Markets Breathe A Sigh of Relief

U.S. stock markets experienced a robust rally today, with the Nasdaq surging over 4% and the S&amp;P 500 climbing by 3.26%. The Dow Jones Industrial Average also saw a significant rise of 2.8%.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Coinbase Global Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)
Coinbase shares rose by 3.96%, closing at $207.22. The stock hit an intraday high of $213.60 and a low of $205.61, with a 52-week range between $349.75 and $142.58. The surge followed news that Coinbase <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45365186/coinbase-stock-jumps-nearly-11-after-hours-monday-heres-why">will join the S&amp;P 500</a>, replacing Discover Financial Services. This inclusion is set to take effect before trading begins on May 19. Shares of the platform that allows users to trade in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and other cryptocurrencies rallied nearly 11% in the after-hours trading.
Rigetti Computing, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>)
Rigetti&#8217;s stock climbed 9.17%, closing at $11.55, with a high of $11.98 and a low of $11.08. Its 52-week high and low are $21.42 and $0.66, respectively. Despite missing revenue estimates in its <a href="https://www.benzinga.com/news/earnings/25/05/45360620/rigetti-stock-sinks-after-q1-revenues-miss-estimates-details">first-quarter report</a>, the company exceeded earnings expectations, reporting a loss of 13 cents per share against the anticipated six cents. The stock dropped nearly 12% in after-hours trading to $10.15.
Nvidia Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia&#8217;s stock increased by 5.44%, closing at $123. The stock reached an intraday high of $123 and a low of $120.28, with a 52-week range of $153.13 to $86.63. The rise was driven by a temporary agreement between&nbsp;<a href="https://www.benzinga.com/government/regulations/25/05/45352452/why-are-nvidia-and-other-chip-stocks-trading-higher-on-monday">Beijing and Washington</a>&nbsp;to reduce tariffs on each other&#8217;s products, benefiting semiconductor stocks.
Meta Platforms, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)
Meta&#8217;s stock rose 7.92%, closing at $639.43, with a high of $640.39 and a low of $621.03. The 52-week range is $740.89 to $442.65. The company is currently facing an&nbsp;<a href="https://www.benzinga.com/25/05/45354862/meta-hail-mary-attempt-before-antitrust-trial-start-revealed-heres-who-the-company-called">antitrust trial</a>&nbsp;from the Federal Trade Commission, focusing on its acquisitions of Instagram and WhatsApp.
Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares gained 6.75%, closing at $318.38. The stock&#8217;s intraday high was $322.21, with a low of $311.50, and its 52-week range is $488.54 to $157.40. The increase followed news of a <a href="https://www.benzinga.com/25/05/45357593/tesla-stock-is-climbing-monday-whats-going-on">trade agreement</a> between the U.S. and China to temporarily reduce tariffs on each other&#8217;s goods.
Benzinga Edge Stock Rankings show that Meta has a Momentum in the 82nd percentile and Growth in the 75th percentile. How do other Magnificent 7 stocks hold up? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Find the answer here</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="436" height="277" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12213151/Screenshot-2025-05-13-at-10.31.32.png" alt="" class="wp-image-912672" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12213151/Screenshot-2025-05-13-at-10.31.32.png 436w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12213151/Screenshot-2025-05-13-at-10.31.32-300x191.png 300w" sizes="(max-width: 436px) 100vw, 436px" /></a></figure>
Photo Courtesy: Phongphan On Shutterstock.com
Prepare for the day&#8217;s trading&nbsp;<a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a>&nbsp;by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/25/05/45365162/cathie-wood-makes-bullish-move-on-baidu-ark-adds-30k-shares-amid-china-us-trade-thaw">Cathie Wood Makes Bullish Move On Baidu: Ark Adds 30K+ Shares Amid China-US Trade Thaw</a></li>
</ul>
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>

COIN

RGTI

Coinbase, Rigetti, Nvidia, Meta, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), the largest U.S. crypto exchange, is set to join the S&amp;P 500, replacing Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) in the benchmark index, according to a Monday announcement.
What Happened:&nbsp;The inclusion of Coinbase in the S&amp;P 500 will become effective before trading begins on May 19, according to a press release shared by S&amp;P Dow Jones Indices.
With this, Coinbase becomes the first company with cryptocurrency as its core business to enter the coveted index that holds some of the most valued stocks in the world, including Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
Coinbase&nbsp;went public on April 14,&nbsp;2021, through a direct listing&nbsp;on the Nasdaq under the&nbsp;ticker COIN. The company boasted a market capitalization of nearly $53 billion as of this writing.
Discover, which will be delisted, had a 0.10% weight in the index, <a href="https://www.slickcharts.com/sp500">according </a>to Slickcharts.
See Also:&nbsp;<a href="https://benzinga.com/trading-ideas/movers/25/05/45342167/why-is-this-dogecoin-clone-surging-on-monday-morning" target="_blank" rel="noreferrer noopener">Why Is This Dogecoin Clone Surging On Monday Morning?</a>
&#8220;This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along,&#8221; said CEO Brian Armstrong.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Coinbase just became the first and only crypto company to join the S&amp;P 500. This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along. Crypto is here to stay. <a href="https://t.co/MnMRCX8pMg">https://t.co/MnMRCX8pMg</a>
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1922048865395511477?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The company reported disappointing <a href="https://www.benzinga.com/news/earnings/25/05/45302422/coinbase-q1-earnings-highlights-revenue-eps-miss-2025">first-quarter financial results</a> last week, missing the revenue and earnings expectations.
Price Action:&nbsp; Shares of Coinbase popped 10.9% in after-hours trading after closing 3.96% higher at $207.22&nbsp; during Monday&#8217;s regular trading session, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. Year-to-date, the stock has lost 16.54% of its value.
As of this writing, COIN ranked high on growth, an indicator of a stock&#8217;s combined historical expansion in earnings and revenue across multiple periods.&nbsp; To check how other cryptocurrency-related stocks stack up against COIN, visit&nbsp;<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">Benzinga Edge Stock Rankings</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="505" height="187" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12205044/Screenshot-2025-05-13-062019.png" alt="" class="wp-image-912641" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12205044/Screenshot-2025-05-13-062019.png 505w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12205044/Screenshot-2025-05-13-062019-300x111.png 300w" sizes="(max-width: 505px) 100vw, 505px" /></figure>
Photo Courtesy: Mehaniq On Shutterstock.com
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<li><a href="https://benzinga.com/markets/cryptocurrency/25/05/45351445/xrp-skyrockets-10-what-is-going-on" target="_blank" rel="noreferrer noopener">XRP Skyrockets 10%: What Is Going On?</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

MSFT

Coinbase Stock Jumps Nearly 11% After-Hours Monday: Here's Why

On Tuesday, Cathie Wood-led Ark Invest made a series of trades, with a notable buy of Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) shares. This move came on the same day as a significant rally in US-listed Chinese stocks, following an agreement between Beijing and Washington to temporarily lower tariffs on each other&#8217;s products.
The BIDU Trade
The ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) fund purchased 30,217 shares of Baidu, representing 0.3096% of the ETF. This move was in line with the broader market trend, as US-listed Chinese stocks <a href="https://www.benzinga.com/government/regulations/25/05/45348699/us-listed-chinese-stocks-rally-as-countries-agree-to-ease-import-tariffs">experienced a surge</a> following the easing of import tariffs between the US and China. Stocks like Alibaba Group Holding, PDD Holdings, and Baidu all gained on Monday.
On Monday, Baidu shares spiked 5.1% to $91.27. The value of the Ark Trade was $2.76 million.
Other Key Trades:
<ul class="wp-block-list">
<li>Ark&#8217;s ARKQ fund sold 107,207 shares of UiPath Inc. (PATH).</li>
<li>Ark&#8217;s ARKQ fund also sold 37,888 shares of Magna International Inc. (MGA).</li>
<li>Ark&#8217;s ARKW fund sold 103,705 shares of Rubrik Inc. (RBRK).</li>
<li>Ark&#8217;s ARKW fund bought 103,423 shares of GitLab Inc. (GTLB).</li>
<li>Ark&#8217;s ARKX fund sold 54,474 shares of UiPath Inc. (PATH).</li>
<li>Ark&#8217;s ARKX fund bought 66,966 shares of 3D Systems Corp (DDD).</li>
</ul>
Benzinga Edge Stock Rankings indicate Baidu has Momentum in the 31st percentile and a Value in the 94th percentile? How do other Chinese stocks like Alibaba compare? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Find out here</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="790" height="103" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12210336/Screenshot-2025-05-13-at-10.02.39.png" alt="" class="wp-image-912649" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12210336/Screenshot-2025-05-13-at-10.02.39.png 790w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12210336/Screenshot-2025-05-13-at-10.02.39-300x39.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12210336/Screenshot-2025-05-13-at-10.02.39-768x100.png 768w" sizes="(max-width: 790px) 100vw, 790px" /></a></figure>
Photo Courtesy: Ira Lichi On Shutterstock.com
Read Next: 
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<li><a href="https://benzinga.com/markets/25/05/45339784/mohamed-el-erian-warns-us-china-deal-reveals-americas-fear-of-empty-shelves-as-markets-rally-on-trade-opt" target="_blank" rel="noreferrer noopener">Mohamed El-Erian Warns US-China Deal Reveals &#8216;America&#8217;s Fear Of Empty Shelves&#8217; As Markets Rally On Trade Optimism, Peter Schiff Skeptical Without Renminbi Revaluation</a></li>
</ul>
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>

ETFs

General

ARKQ

BIDU

Cathie Wood Makes Bullish Move On Baidu: Ark Adds 30K+ Shares Amid China-US Trade Thaw

Using a Roth IRA to buy a car might sound like a smart move if it means avoiding debt. But financial expert <a href="https://www.benzinga.com/personal-finance/25/05/45306698/will-i-have-more-money-in-the-long-run-by-taking-out-student-loans-instead-of-paying-cash-suze-orman-weighs-in">Suze Orman</a> says it's one of the worst things you could do with your retirement savings — and she didn't hold back when a podcast listener asked about it.
<h2 class="wp-block-heading">A Listener&#8217;s Dilemma</h2>
On a recent episode of her "<a href="https://omny.fm/shows/suze-ormans-women-and-money/ask-kt-suze-anything-what-is-stagflation">Women &amp; Money</a>" podcast, Orman responded to a listener named Sarah, who asked if she should tap her Roth IRA to buy a new car.
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Sarah had been driving her 2003 Honda Accord for nearly two decades and had finally decided it was time for an upgrade. She was approved for a $25,000 car loan with a 5.95% interest rate but wondered if she should skip the loan and take money from her Roth IRA instead — penalty-free — using only her principal contributions.
Her financial adviser said she could withdraw the funds without a penalty since the account had been open for at least five years and she was only taking out contributions. Sarah is 47 years old and earns around $90,000 a year. She has about $400,000 in <a href="https://www.benzinga.com/25/05/45256709/approaching-retirement-suze-ormans-2025-plan-for-safe-high-earning-cash">retirement savings</a>, $13,000 in cash, and contributes regularly to her savings and retirement accounts.
<h2 class="wp-block-heading">Suze&#8217;s Strong Rebuttal</h2>
Orman didn't mince words. "That is the worst financial advice I've ever heard in my life," she said, calling out the adviser's misunderstanding of Roth IRA withdrawal rules.
Trending: Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a>
She clarified that while it's true Roth IRA contributions – not earnings – can be withdrawn at any time without taxes or penalties, the five-year rule does not apply to original contributions. That part of the adviser's advice, she said, was flat-out wrong.
But more importantly, Orman emphasized the long-term cost of pulling from retirement to pay for a car. "If you were to have left that $25,000 in there at just a mere 8% annual average rate of return for 25 years…you're looking at $171,000 tax-free," she explained. "That's what your financial adviser is telling you that you should spend on this car."
<h2 class="wp-block-heading">A Better Way to Pay</h2>
Instead of touching the <a href="https://www.benzinga.com/personal-finance/25/03/44476776/this-53-year-old-is-losing-money-on-her-250k-roth-ira-suze-orman-says-do-this">Roth IRA</a>, Orman recommended taking the auto loan. She noted that if Sarah financed the $25,000 over three years at 5.95%, her monthly payment would be around $760, with a total interest cost of about $2,300. In her view, that was a far better option than sacrificing decades of compound growth in a tax-free retirement account.
Orman also pointed out that Sarah's $13,000 in liquid savings should remain untouched as an emergency fund — not used for a car down payment or extra loan payments.
See Also: <a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a>&nbsp;
<h2 class="wp-block-heading">Bigger Lesson: Be Careful Who You Trust</h2>
The moment served as a cautionary tale not just about Roth IRAs, but about relying too heavily on advice that might not be well-informed.
"You go and ask experts what you should do with your hard-earned money," Orman said. "You trust them."
Her final suggestion? If your financial adviser recommends using your Roth IRA to buy a car — it might be time to find a new one.
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<li>Nancy Pelosi Invested $5 Million In An AI Company Last Year — <a href="https://www.benzinga.com/money/elf-labs">Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000.</a></li>
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Image: Shutterstock

Personal Finance

Would You Buy A Car With Your Roth IRA? Suze Orman Calls It 'The Worst Financial Advice I've Ever Heard'

In a 2014 appearance on The Tonight Show Starring Jimmy Fallon, comedian Andy Samberg revealed that Mark Zuckerberg not only persuaded him to join Facebook, now a subsidiary of Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), but also personally set up his account and remained his only friend on the platform.
What Happened: Samberg recalled the unusual story when Fallon asked if he was on Facebook. "Well, do we have time for a funny story?" he replied. "I am actually on Facebook, but I only have one friend. It's a private account and I have one friend."
When Fallon asked who it was, Samberg answered, "Mark Zuckerberg."
Samberg said the two had become friendly after Zuckerberg appeared on Saturday Night Live and later invited Samberg to visit Facebook's offices. During their visit, Zuckerberg was shocked to learn Samberg didn't use Facebook.
See Also: <a 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">Meta CEO Mark Zuckerberg Says AI Won&#8217;t Just Be About Free Tools And Ads — Some People Will Pay A Fortune To Deploy Armies Of Digital Workers</a>
"I said, ‘If you set up my account and you're my only friend, so I can tell this on a talk show&#8230;' and he agreed," Samberg said.
But things didn't go exactly as planned. The "Brooklyn Nine-Nine" actor began receiving emails and friend requests from Zuckerberg's contacts. "I texted him and was like, ‘Hey man, I hate to do this to you, head of Facebook, but I think I need some tech support here.'"
Zuckerberg responded like any good friend would. "He was so cool about it. He was like, ‘Go into your settings …&#8217;" Samberg said. "Of course, it totally worked."
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Mark Zuckerberg Set Up Andy Samberg&#039;s Facebook Profile" width="500" height="281" src="https://www.youtube.com/embed/J6ZGvmkC_7Y?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Why It's Important: This story resurfaced just as Zuckerberg is about to celebrate his 41st birthday this week — a milestone for the tech mogul who <a href="https://www.benzinga.com/markets/equities/24/02/36937315/happy-20-facebook-if-you-invested-1-000-in-mark-zuckerbergs-social-network-when-it-went-public-1">turned a dorm-room project</a> into a $1.6 trillion empire.
Over the years, Zuckerberg has faced enormous challenges: government investigations, public distrust over privacy and misinformation, and a risky pivot to the metaverse that drew skepticism across Wall Street.
He's also been criticized for being robotic or emotionally detached — something he's <a href="https://www.benzinga.com/general/entertainment/22/03/25943191/is-mark-zuckerberg-a-robot-heres-how-he-was-put-to-the-test">acknowledged publicly</a>.
The Meta CEO currently has a net worth of $226 billion, making him the third wealthiest person after Elon Musk and Jeff Bezos in Bloomberg's Billionaire <a href="https://www.bloomberg.com/billionaires/">Index</a>.
Photo Courtesy: Frederic Legrand &#8211; COMEO on Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

Mark Zuckerberg Once Set Up A Facebook Account For Brooklyn Nine-Nine Star Andy Samberg, Then Personally Played Tech Support When Things Went A Bit Haywire

President Donald Trump is facing scrutiny after confirming plans to accept a Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) manufactured 747-8 from Qatar to serve as Air Force One. The decision has raised significant security and ethical concerns among lawmakers and experts.
What Happened: Trump confirmed plans to accept a Boeing 747-8 from Qatar to serve as Air Force One. The aircraft, valued at approximately $400 million, is intended to replace the current Air Force One for the remainder of his term, <a href="https://thehill.com/policy/defense/5296641-jack-reed-trump-qatar-plane-counterintelligence-risks/">reported</a> The Hill.
Senator&nbsp;Jack Reed&nbsp;(D-R.I.), the leading&nbsp;Democrat on the Senate Armed&nbsp;Services Committee, expressed grave concerns on Monday about the potential counterintelligence risks posed by using a foreign-donated plane. Reed emphasized that employing this aircraft could give a foreign nation&nbsp;access to sensitive systems and&nbsp;communications.
Reed criticized the decision as a &#8220;reckless disregard for national security&#8221; and a &#8220;betrayal of trust&#8221; in safeguarding U.S. sovereignty. Despite Trump&#8217;s assertion that the gift is a &#8220;great gesture&#8221; from Qatar, even some Republicans, including Senate Majority Leader&nbsp;John Thune&nbsp;(R-S.D.), have voiced reservations over ethical and security implications.
Thune acknowledged the delay in delivering the next Air Force One, however, he said, &#8220;Whether or not this is the right solution … I don't know.&#8221;
Trump&#8217;s ally,&nbsp;Laura Loomer, also condemned the acceptance of the aircraft, labeling it a &#8220;stain&#8221; on the presidency. The Boeing 747-8 would require extensive retrofitting for secure communications and defense, potentially costing hundreds of millions and taking years to complete, as noted by aviation experts.
See Also: <a href="https://benzinga.com/25/04/45097773/satellite-images-put-tesla-rival-byds-hungarian-factory-capable-of-producing-200k-units-annually-in-the-spotlight" target="_blank" rel="noreferrer noopener">Tesla Rival BYD&#8217;s Hungary Facility Takes Shape, Poised To Produce 200,000 EVs Annually: Report</a>
Why It Matters: The acceptance of the Boeing 747-8 from Qatar has sparked a <a href="https://in.benzinga.com/25/05/45338985/trump-reportedly-set-to-accept-flying-palace-from-qatar-white-house-says-lavish-gift-of-boeing-jumbo-jet-complies-with-all-applicable-laws">wave of criticism and concern</a>. The Trump administration is preparing to receive this luxurious aircraft from Qatar's royal family, with the White House stating that the gift complies with all applicable laws. However, this has not quelled the backlash.
Former Treasury Secretary Larry Summers and economist Peter Schiff have also <a href="https://in.benzinga.com/25/05/45340930/trumps-400-million-boeing-jet-gift-from-qatar-sparks-outcry-from-larry-summers-peter-schiff-banana-republic-level-corruption">voiced their disapproval</a>, with Summers describing the situation as &#8220;banana-republic-level corruption&#8221; on social media. He questioned why universities face scrutiny for accepting Qatari research gifts while the president can receive such a lavish present.
Check out more of Benzinga's Future Of Mobility coverage by <a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a> 
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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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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