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SoFi is a financial-services company that was founded in 2011 and is based in San Francisco. Initially known for its student loan refinancing business, the company has expanded its product offerings to include personal loans, credit cards, mortgages, investment accounts, banking services, and financial planning. The company intends to be a one-stop shop for its clients' finances and operates solely through its mobile app and website. Through its acquisition of Galileo in 2020, the company also offers payment and account services for debit cards and digital banking.

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The upcoming presidential election is witnessing a nail-biting competition between former President Donald Trump and Vice President Kamala Harris. With Election Day just <a href="https://www.benzinga.com/news/24/10/41564521/trump-harris-presidency-would-guarantee-world-war-iii">around the corner, the race is tightening</a>.
What Happened: Recent national polls suggest a neck-and-neck race between Trump and Harris. Some polls even indicate a slight edge for Trump. A USA Today/Suffolk <a href="https://www.newsweek.com/donald-trump-jeffrey-epstein-allegations-michael-wolff-podcast-1978434">poll</a> released on Friday shows a close contest in Pennsylvania, a key swing state.
Both Trump and Harris have scheduled events in North Carolina, another swing state, on Saturday. Trump is set to make appearances in Charlotte and Greensboro, North Carolina, and Salem, Virginia. Harris, on the other hand, will rally in Atlanta, Georgia, before heading to Charlotte.
A new Washington Post poll shows Harris leading Trump by a slim margin among likely and registered voters in Pennsylvania. The poll, conducted from Oct. 26-30, also found high voter enthusiasm in the state, with 20% of respondents already having voted and 73% certain to vote.
Also Read: <a href="https://www.benzinga.com/general/politics/24/11/41701133/more-than-100m-wagered-on-presidential-race-on-kalshi">More Than $100M Wagered On Presidential Race On Kalshi</a>
A HarrisX/Forbes poll released Thursday shows Harris leading Trump 49% to 48% among likely voters nationwide and in the seven battleground states. However, her lead in the battleground states has slimmed from a HarrisX/Forbes poll released a week earlier.
In Michigan, Harris leads Trump 48% to 45%, according to a Detroit Free Press poll. In contrast, a Stetson University Center for Public Opinion Research poll shows Trump leading Harris 53% to 46% in Florida. In Massachusetts, Harris leads Trump 61% to 31%, according to the MassINC Polling Group.
Why It Matters: The tight race between Trump and Harris underscores the high stakes and unpredictable nature of the upcoming election. 
The outcome in key swing states could potentially tip the balance in favor of either candidate. The high voter enthusiasm indicated by the polls suggests that the election results could hinge on voter turnout. 
The slimming lead for Harris in battleground states, as indicated by the HarrisX/Forbes poll, further adds to the uncertainty of the election outcome.
Read Next
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/10/41561645/trumps-rising-election-odds-sends-emerging-markets-into-tailspin-causes-biggest-stock-drop-in-10-mon" target="_blank" rel="noreferrer noopener">Trump&#8217;s Rising Election Odds Sends Emerging Markets Into Tailspin, Causes Biggest Stock Drop In 10 Months</a>
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.

News

Politics

Trump Vs. Harris: A Nail-Biting Pre-Election Showdown

Kim Yo Jong, the sister of North Korean leader Kim Jong Un, has issued a severe warning to Ukraine and South Korea, referring to them as &#8220;bad dogs bred by the U.S.&#8221; This statement comes in response to reports suggesting that North Korean troops are <a href="https://www.benzinga.com/news/24/10/41197208/kim-jong-un-and-xi-jinping-vow-to-write-a-new-chapter-in-china-north-korea-cooperation-develop-the-f">being deployed to Russia</a>.
What Happened: Last week, Kim Yo Jong issued these threats hinting at the possibility of nuclear retaliation. She criticized the &#8220;reckless remarks&#8221; made by Seoul and Kyiv about nuclear-armed states, cautioning that military provocation against such states could lead to a &#8220;horrible&#8221; and &#8220;unimaginable&#8221; situation.
These remarks follow reports from Ukraine and South Korea that North Korea is deploying approximately 10,000 soldiers to assist Russia in its conflict with Ukraine. 
Ukrainian President Volodymyr Zelenskyy suggested that North Korea&#8217;s support for Russia is driven by financial incentives.
Also Read: <a href="https://www.benzinga.com/news/24/10/41198689/north-korea-threatens-nuclear-war-but-souths-president-calls-it-a-bid-for-us-attention">North Korea Threatens Nuclear War, But South&#8217;s President Calls It A Bid For US Attention</a>
According to the report <a href="https://www.politico.eu/article/kim-jong-un-sister-kim-yo-jong-ukraine-south-korea-bad-dogs-bred-by-the-us-north-korea-russia/">by</a> Politico, South Korea&#8217;s permanent representative to the United Nations, Hwang Joon-kook, speculated that Russia could be rewarding North Korea&#8217;s support with nuclear weapons technologies. 
Despite these allegations, North Korea has dismissed its involvement in the war as &#8220;groundless rumors&#8221;.
While Russia has neither confirmed nor denied these claims, Putin&#8217;s spokesperson Dmitry Peskov stated that Russia has the right to cooperate with North Korea, provided the cooperation is not directed at third countries.
Why It Matters: The escalating tensions and harsh rhetoric from North Korea add a new dimension to the ongoing conflict between Russia and Ukraine. 
The potential involvement of North Korea, a nuclear-armed state, raises the stakes and introduces a new level of complexity and uncertainty. 
The international community will be closely watching the developments, as the repercussions could have far-reaching implications for global security and stability.
Read Next
<a href="https://www.benzinga.com/news/24/10/41181104/kim-jong-un-threatens-nuclear-retaliation-against-south-korea-if-attacked" target="_blank" rel="noreferrer noopener">Kim Jong Un Threatens Nuclear Retaliation Against South Korea If Attacked</a>
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.

Global

Kim Jong Un's Sister: Ukraine And South Korea Are 'Bad Dogs' Bred By US

In the lead-up to the upcoming presidential election, the political landscape is becoming increasingly charged, particularly<a href="https://www.benzinga.com/news/24/10/41674068/mark-cuban-says-trump-avoids-strong-intelligent-women-ex-president-fires-back-just-a-really-dumb-guy" target="_blank" rel="noreferrer noopener"> concerning gender issues</a>. Recent statements by Donald Trump have intensified discussions around female representation and the broader implications of his rhetoric.
In recent days, Trump has positioned himself as a protector of women, asserting this role &#8220;whether they like it or not,&#8221; <a href="https://www.nytimes.com/2024/11/01/us/politics/harris-trump-womens-health-election.html">reported</a> The New York Times. However, his comments have often strayed into controversial territory. During an interview with Tucker Carlson, he suggested a violent scenario involving Liz Cheney, a prominent Republican who has criticized him, describing her as a &#8220;radical war hawk.&#8221; Trump&#8217;s graphic imagery raised eyebrows and sparked outrage, feeding into Democrats&#8217; narrative that the election marks a crucial moment for women&#8217;s rights and societal norms.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/10/41619022/trumps-billionaire-ally-plans-to-join-elon-musks-doge-if-named-treasury-secretary-recommen?itm_source=parsely-api" rel="noreferrer noopener">Trump's Billionaire Ally Plans To Join Elon Musk's DOGE If Named Treasury Secretary, Recommends Elimination Of These Subsidies</a>
Kamala Harris did not hold back in her response, declaring that anyone who employs such violent language is &#8220;clearly disqualified&#8221; from seeking the presidency. This statement highlights the stark contrast between her disciplined approach and Trump&#8217;s provocative style, a dynamic that many believe will play a significant role in shaping the election&#8217;s outcome.
The upcoming election is viewed by many as a referendum on how society perceives women in power. Recent political events, including the fallout from the Supreme Court&#8217;s decision to overturn Roe v. Wade, have spotlighted the challenges women face regarding autonomy and representation. Harris&#8217;s ability to maintain a composed demeanor while addressing Trump&#8217;s provocations has resonated with many voters who see this election as about more than just the presidency.
Public sentiment reflects a growing concern over misogyny and sexism in politics, with many fearing that the discourse surrounding Trump could undermine Harris&#8217;s candidacy. As women across the country express their apprehensions, the question looms: is America ready to embrace a female president, or will ingrained societal biases hinder progress?
The New York Times added that Michelle Obama had recently echoed this sentiment, stating, &#8220;The real question is, as a country, are we ready for this moment?&#8221;
Her words resonate as Harris campaigns vigorously, emphasizing the importance of self-control and thoughtful dialogue in contrast to the often tumultuous political climate.
As the election approaches, the interplay between Trump&#8217;s provocative remarks and Harris&#8217;s measured responses will likely shape not only the candidates&#8217; fates but also the future of women&#8217;s roles in American politics.
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</ul>

Equities

Markets

General

Trump's Provocative Rhetoric Fuels Gender Dynamics

Billionaire entrepreneur Mark Cuban tries to keep things as simple as possible when it comes to communication. Complicated business language bothers him — and there&#8217;s one word that <a href="https://www.benzinga.com/startups/24/10/41416630/he-taught-me-a-word-i-never-heard-says-shaquille-oneal-about-the-time-he-received-the-greatest-inves">really stands out</a>.
What To Know: Cuban is not a fan of jargon, especially when people use certain words in an attempt to sound smart. 
&#8220;Always use the simpler word,&#8221; Cuban once said, according to a CNBC <a href="https://www.cnbc.com/2023/12/20/mark-cuban-using-this-jargon-word-makes-you-sound-stupid.html">report</a> citing a Q&amp;A session with<a href="https://www.youtube.com/watch?v=Ko5AJh2J4xU"> Wired</a>.
&#8220;There's no reason to ever use the word &#8216;cohort&#8217; when you could use the word &#8216;group.&#8217; A cohort is a group of people. Say &#8216;group,&#8217; you sound stupid when you use the word &#8216;cohort&#8217; because you're trying to sound smart.&#8221;
Check This Out: <a href="https://www.benzinga.com/news/24/10/41615445/mark-cuban-says-if-you-use-a-credit-card-you-dont-want-to-be-rich-why-financial-icons-warren-buffett">Mark Cuban Says, &#8216;If You Use A Credit Card, You Don&#8217;t Want To Be Rich&#8217; — Why Financial Icons Warren Buffett And Dave Ramsey Agree</a>
Why It Matters:&nbsp;Business buzzwords and corporate jargon often get on the nerves of those who hear the same language used repeatedly. Terms including &#8220;circle back,&#8221; &#8220;new normal&#8221; and &#8220;company culture&#8221; were deemed to be the most annoying based on a recent Preply survey.&nbsp;
Given Cuban&#8217;s&nbsp;<a href="https://www.benzinga.com/news/23/12/36165470/this-could-be-mark-cubans-next-move-after-leaving-shark-tank-and-selling-dallas-mavericks-stake">business background</a>, it&#8217;s no surprise that he has developed a distaste for overused and often&nbsp;superfluous business buzzwords. His argument that using words like &#8220;cohort&#8221; actually makes you sound stupid is also supported&nbsp;by studies.
Columbia Business School professor&nbsp;Adam Galinsky&nbsp;recently argued that people use jargon when they are feeling insecure about their intelligence or importance. People substitute simple words for more complicated ones to feel as if they have a higher status, but&nbsp;higher status individuals are actually&nbsp;more concerned about&nbsp;articulating themselves appropriately for clear communication.
Galinksy and Cuban appear to be in the same&nbsp;cohort&nbsp;when it comes to corporate jargon, but don&#8217;t tell Cuban that.
Read Next: 
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</ul>
Photo: Shutterstock.
Some elements of this story were previously reported by Benzinga and it has been updated.

Education

Don't Ever Use This Word Around Mark Cuban: 'You Sound Stupid ... Because You're Trying To Sound Smart'

Maye Musk, mother of Elon Musk, has sparked a flurry of reactions following her controversial imitation of <a href="https://www.benzinga.com/general/entertainment/24/07/39657381/elon-musks-mother-recounts-time-her-children-used-to-ask-for-food-she-couldnt-afford-after-">Vice President Kamala Harris on Fox Business</a>.
What Happened: Maye Musk, a South African former model and dietitian, was a guest on Fox Business on Thursday. During the show, she mimicked Vice President Harris, reflecting MAGA criticisms that Harris&#8217; speeches and interviews are a &#8220;word salad.&#8221;
When asked on the <a href="https://www.foxbusiness.com/video/6364080401112">show</a> about her thoughts on Mark Cuban&#8216;s remark on the absence of strong, intelligent women around former President Donald Trump, Musk responded by suggesting that Harris struggles to form coherent sentences. She then proceeded with her impression of the Vice President.
"Well, it's certainly not us. And it's certainly not my friends because they can put sentences together. And you know who can't?" Musk said, referring to Harris before launching into her impression. "‘The absurdity of the absurd in the absurdity is absurd.' I mean, ha ha ha ha, really?"
In the same segment, Musk shared her experience of attending a MAGA rally at New York&#8217;s Madison Square Garden. Despite the event&#8217;s ridicule of various ethnic and gender groups, Musk expressed her enjoyment.
Also Read: <a href="https://www.benzinga.com/news/24/10/41198933/elon-musks-mother-under-fire-for-alleged-endorsement-of-voter-fraud">Elon Musk&#8217;s Mother Under Fire For Alleged Endorsement Of Voter Fraud</a>
&#8220;We need to guard that spirit. We have to guard that spirit. Let it always inspire us. Let it always be the source of our optimism, which is that spirit that is uniquely American. Let that then inspire us by helping us to be inspired to solve the problems that so many face, including our small business owners,&#8221; she added. 
Th host of the show highlighted the diverse crowd at the rally, to which Musk agreed. She also mentioned a post she had seen about Jewish attendees feeling safe at the event.
Why It Matters: The episode has stirred controversy and generated a wave of reactions, highlighting the polarizing nature of political discourse in the U.S.
The incident also underscores the influence of prominent figures in shaping public opinion, particularly in the context of ongoing debates around diversity and representation in politics. 
The reactions to Musk&#8217;s imitation of Harris reflect the broader societal tensions and divisions that continue to shape the American political landscape.
Read Next
<a href="https://www.benzinga.com/top-stories/22/08/28661279/elon-musks-mother-maye-says-she-sleeps-in-a-garage-when-she-visits-him-1" target="_blank" rel="noreferrer noopener">Elon Musk's Mom Says She Sleeps In His ‘Garage' When She Visits The Tesla CEO</a><a href="https://twitter.com/lauferlaw/status/1842722398518251575" target="_blank" rel="noreferrer noopener"></a>
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.

Elon Musk's Mother Does Harris Impression During TV Appearance

Former White House Communications Director Anthony Scaramucci has called for the arrest of Donald Trump, alleging that the former president violated his bail conditions with his controversial <a href="https://www.benzinga.com/news/24/08/40666453/scaramucci-trump-is-in-trouble-and-he-knows-it-slams-him-on-conflicting-abortion-statements-hes-shot">comments about Liz Cheney</a>.
What Happened: Scaramucci&#8217;s remarks on X came in response to a question from ex-Fox News host Tucker Carlson, where Trump made a provocative statement about Cheney, a Republican who has endorsed and is campaigning for Kamala Harris.
Scaramucci, who will be a headline speaker at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19, stated, &#8220;Trump should be taken into custody. He is a convicted felon and just violated the conditions of his bail agreement by threatening someone&#8217;s life. He needs to be sent away.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/10/41564062/scaramucci-election-too-close-to-call-but-expects-harris-to-win-and-trump-to-try-to-avoid-jail">Scaramucci: Election &#8216;Too Close To Call&#8217; But Expects Harris To Win And Trump To Try To Avoid Jail</a>
<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">Trump should be taken into custody. He is a convicted felon and just violated the conditions of his bail agreement by threatening someone's life. He needs to be sent away. <a href="https://t.co/Gnbwroh2nR">https://t.co/Gnbwroh2nR</a>
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1852296896246644833?ref_src=twsrc%5Etfw">November 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The specific bail condition that Scaramucci is referring to remains unclear. Trump is currently living under bail restrictions set by the state of Georgia due to an ongoing investigation into his alleged criminal attempts to overturn the 2020 election. Trump denies any wrongdoing.
The term &#8220;felon&#8221; used by Scaramucci in reference to Trump is related to the trial in New York where Trump was found guilty on 34 counts following his hush money payment trial. 
Trump, who continues to maintain his innocence, is awaiting sentencing in New York.
Why It Matters: This development adds another layer of complexity to the ongoing legal battles faced by Trump. 
The former president&#8217;s controversial comments about Cheney, coupled with Scaramucci&#8217;s call for his arrest, have once again brought Trump&#8217;s legal issues into the spotlight. 
The allegations of bail violation, if proven true, could potentially lead to further legal consequences for Trump.
Read Next
<a href="https://www.benzinga.com/news/24/09/40761709/anthony-scaramucci-trump-will-lose-then-start-panicking-over-november-sentencing" target="_blank" rel="noreferrer noopener">Anthony Scaramucci: Trump Will Lose, Then ‘Start Panicking' Over November Sentencing</a>
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.

Scaramucci Says Trump 'Should Be Taken Into Custody' Over Alleged Threat Against Liz Cheney

At a recent rally in Michigan, Donald Trump made headlines by praising his own &#8220;beautiful white skin&#8221; following <a href="https://www.benzinga.com/news/24/08/40301432/kamala-harris-surges-ahead-of-trump-in-key-states-young-americans-bank-on-harris-for-economic-reviva">criticism of Vice President Kamala Harris</a>.
What Happened: Trump, who is in a tight race with Harris, made these comments after making derogatory remarks about his opponent. If elected, Harris would make history as the first female president, the first president of Indian descent, and the second Black president.
Trump has a history of questioning Harris&#8217; racial identity at public events, often referring to her as a &#8220;low I.Q. individual.&#8221; He once remarked, &#8220;I didn't know she was Black until a number of years ago when she happened to turn Black.&#8221;
As per the report <a href="https://www.mediaite.com/trump/trump-boasts-he-has-beautiful-white-skin-right-after-slamming-kamala-harris/">by</a> Mediaite, Trump criticized Harris&#8217;s tax policies at the rally in Warren, Michigan, arguing that they would deter businesses. 
"She wants to tax companies. You know what happens when you tax them? They leave. A lot of these big companies, you know, they're run by inter– they live in Switzerland. They have very glamorous lives. They have the life that I could've had if I decided not to do this, actually. Somebody said to me, ‘Are you glad you did it?' I said, ‘Absolutely, but I could've been on the best beaches in the world. I own the best beaches in the world." Trump added. 
He also expressed regret that his presidential campaign has prevented him from spending time at his beaches and getting a tan.
Addressing the crowd, Trump said, &#8220;That white, beautiful white skin that I have would be nice and tan. I got the whitest skin 'cause I never have time to go out in the sun.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/10/41564594/harris-and-trump-still-neck-and-neck-as-race-enters-final-stretch">Harris And Trump Still Neck-And-Neck As Race Enters Final Stretch</a>
&#8220;I could've been at the great Turnberry in Scotland. I could've been anywhere I wanted to be. I could've had those waves smacking me in the face. That white, beautiful white skin that I have would be nice and tan. I got the whitest skin 'cause I never have time to go out in the sun. But I have that beautiful white, and you know what? It could've been beautiful, tanned, beautiful,&#8221; Trump said. 
Why It Matters: Trump&#8217;s comments about his skin color, made in the context of his criticism of Harris, have sparked controversy. 
His remarks have been interpreted by some as an attempt to appeal to white voters, while others see them as a reflection of his personal vanity. 
The impact of these comments on the presidential race remains to be seen.
Read Next
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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.

Trump Praises His 'Beautiful White Skin' After Criticizing Harris

Billionaire Elon Musk can continue distributing cash to registered voters while a <a href="https://www.benzinga.com/startups/24/11/41700920/donald-trumps-truth-social-is-now-worth-more-than-elon-musks-x-whats-behind-the-surprising-upswing" target="_blank" rel="noreferrer noopener">Pennsylvania state judge considers the case.</a>
Through his America PAC, Musk has been offering daily $1 million cash rewards to registered voters in swing states who sign a petition, which some officials claim may violate electoral laws, <a href="https://www.bbc.com/news/articles/c0en401330jo" target="_blank" rel="noreferrer noopener">reported</a> BBC.
The billionaire has been actively campaigning for Trump in Pennsylvania, a crucial swing state, organizing rallies and giving away big checks to some participants. However, this week, Philadelphia District Attorney Lawrence Krasner filed a lawsuit against Musk over these giveaways, stating that he must be stopped before the upcoming presidential election.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41561298/elon-musk-pumps-more-than-130m-into-trump-and-gop-campaigns" rel="noreferrer noopener">Elon Musk Pumps More Than $130M Into Trump And GOP Campaigns</a>
During a hearing on Thursday, Judge Angelo Foglietta announced that the lawsuit will be paused while a federal court decides whether to accept the case. If the federal court opts not to address the issue, the case will return to state court. Following the hearing, Musk took to X, the platform he owns, to <a target="_blank" href="https://x.com/ajtourville/status/1852011477852446971" rel="noreferrer noopener">refer</a> to the ruling as &#8220;American Justice FTW (for the win).&#8221; It is unlikely that the case will be resolved before Tuesday&#8217;s election.
John Summers, a lawyer working with Krasner, informed reporters that they intend to take the matter to federal court to address the issues and seek to have it returned to state court. These swing states indicate a closely contested race between Trump and his Democratic opponent, Kamala Harris.
On Thursday, Musk&#8217;s America PAC announced another winner: Dacey from Fremont, North Carolina, who received a $1 million check, BBC noted. To qualify for the giveaway, registered voters must provide personal information, such as addresses and phone numbers, and sign a pledge affirming their support for the U.S. Constitution.
The lawsuit against Musk alleges that he is running an illegal lottery and accuses him of violating consumer protection laws through misleading statements that could cause confusion.
According to U.S. law, it is illegal to pay individuals to register to vote, but legal experts have told the BBC that the legality of the giveaway under federal law remains uncertain. If a court finds Musk has violated the law, he could face a $10,000 fine and up to five years in prison.
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</ul>
Image: Shutterstock

Media

Musk Can Continue Daily Million-Dollar Giveaways While Judge Mulls Legal Challenge

As she campaigns, a wave of high-powered support has rallied behind Vice President Kamala Harris. Eight hundred sixty-six venture capitalists, collectively representing $276 billion in assets, joined the "VCsForKamala" initiative. This unusual backing includes notable tech industry figures such as Mark Cuban, Reid Hoffman and Vinod Khosla, who are endorsing her economic and entrepreneurial vision for America, according to a recent report from Business Insider.
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target –<a href="https://www.benzinga.com/money/mode-mobile-2"> You can still get 4,000 of its pre-IPO shares for just $1,000</a></li>
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The surge of <a href="https://www.benzinga.com/startups/24/10/41302642/vc-titan-ben-horowitz-switches-gears-making-a-significant-donation-to-kamala-harris-campaign">private sector and tech industry support </a>aims to highlight Harris&#8217;s pro-business, pro-innovation platform. The momentum intensified after prominent executives signed a letter endorsing Harris's vision for a stronger, business-forward economy. The push represents an effort by Silicon Valley to return its focus to technological progress and democracy as the backbone of the U.S.
Through "Business Leaders for Harris," tech moguls and corporate executives are drawing attention to Harris&#8217;s proposed economic strengths, emphasizing her plans for economic growth, entrepreneurship and market stability.
The backing for Harris from venture capitalists isn't just about campaign contributions; it's a strategic move by Silicon Valley to emphasize her pro-business, pro-innovation policies in an election where economic stability and market confidence are top concerns. With more than 800 venture capitalists coming together under "VCsForKamala," this coalition brings weight to her platform, reinforcing that it aligns with the priorities of America's tech and investment communities.&nbsp;
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As part of the movement, figures like Reid Hoffman, LinkedIn cofounder and Vinod Khosla, a tech investor heavyweight, show that Harris's stance on democracy and economic policies aligns with the sector&#8217;s long-term vision. According to the founders of VCsForKamala, Harris's appeal lies in her commitment to nurturing a pro-entrepreneurial environment.
Another <a href="https://www.benzinga.com/startups/24/10/41302642/vc-titan-ben-horowitz-switches-gears-making-a-significant-donation-to-kamala-harris-campaign">powerful endorsement </a>came from a collective letter signed by 88 leaders across Wall Street and Silicon Valley, noting that Harris represents the "best way to support the continued strength, security and reliability of our democracy and economy." This endorsement also sheds light on Harris's support for small businesses – a segment often vulnerable to policy changes.
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The efforts to mobilize support for Harris go beyond Silicon Valley. "Business Leaders for Harris," launched in October, appeals to more conservative-leaning voters by spotlighting Harris's track record on economic issues. The initiative aims to build bipartisan appeal, emphasizing Harris's commitment to economic growth and the belief that a stable democracy creates a healthy business environment.&nbsp;
For many of these venture capitalists and corporate leaders, backing Harris is also a way to counter other Silicon Valley figures, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41619022/trumps-billionaire-ally-plans-to-join-elon-musks-doge-if-named-treasury-secretary-recommen">such as Elon Musk and Marc Andreessen, </a>who have openly supported Donald Trump. This divide within Silicon Valley shows the evolving landscape of political allegiance in the tech world. Where some tech moguls rally behind Trump's deregulatory promises, the VCsForKamala coalition sees Harris's approach as more sustainable for long-term growth and stability, a BI report found.
According to The New York Times, Harris amassed nearly $1 billion in campaign funding between July and September. This influx of support from tech leaders and venture capitalists bolsters her standing as a formidable candidate with deep-rooted support from some of the nation's wealthiest and most influential business minds.
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Startups

Kamala Harris Gains Support From 866 VCs Representing $276 Billion in Assets

Legal betting on the presidential race via online betting company Kalshi has topped $100 million, even as polls continue to show a neck-and-neck race between Kamala Harris and Donald Trump.
What Happened: An advertisement for betting platform KalshiEX LLC was aired during the coverage of Trump&#8217;s rally at Madison Square Garden earlier this month. The ad encouraged viewers to place bets on the election, promising a return of $175 on a $100 bet on Trump.
According to a report <a href="https://www.npr.org/2024/10/29/nx-s1-5132616/election-day-betting-trump-harris">by</a> NPR, the surge in legal betting comes in the wake of a federal appeals court&#8217;s decision earlier this month, which allowed the online-betting company to launch an election prediction market. 
The CEO of Kalshi, Tarek Mansour, told the outlet and referred to his election market as a &#8220;mechanism for truth,&#8221; indicating a 63% chance of a Trump victory.
Also Read: <a href="https://www.benzinga.com/news/24/10/41564521/trump-harris-presidency-would-guarantee-world-war-iii">Trump: Harris Presidency Would &#8216;Guarantee&#8217; World War III</a>
Despite this, critics such as Sen. Jeff Merkley (D-Ore.) have voiced concerns, labeling the decision a &#8220;huge mistake&#8221; that could potentially jeopardize American democracy. 
Amidst ongoing legal battles with federal regulators, retail investing platform Robinhood has also started offering bets on election contracts this week.
Why It Matters: Betting on presidential candidates was a common practice during the turn of the 20th century. 
However, the advent of scientific polling and restrictive gambling laws in the latter half of the 20th century led to a decline in election betting. Recently, prediction markets have brought back election betting.
Despite the resurgence, there are lingering questions about the accuracy of these markets. 
This is particularly true as the Kalshi market favors Trump by over 30 percentage points, while most political polls show Harris and Trump statistically tied.
Read Next
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/10/41561645/trumps-rising-election-odds-sends-emerging-markets-into-tailspin-causes-biggest-stock-drop-in-10-mon" target="_blank" rel="noreferrer noopener">Trump's Rising Election Odds Sends Emerging Markets Into Tailspin, Causes Biggest Stock Drop In 10 Months</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: Shutterstock

More Than $100M Wagered On Presidential Race On Kalshi

John Bolton, the former National Security Adviser, has voiced concerns over the possibility of Donald Trump refusing to accept the results of the upcoming presidential <a href="https://www.benzinga.com/news/24/10/41564461/ten-days-out-democrats-fear-harris-is-falling-behind">election, should he be defeated</a> this week.
What Happened: Bolton, in an interview with CNN&#8217;s Kaitlan Collins, indicated that Trump might not accept a defeat in the election. 
&#8220;No, I don&#8217;t think so,&#8221; was Bolton&#8217;s response when questioned about Trump&#8217;s potential acceptance of an unfavorable election outcome, as stated in a report <a href="https://thehill.com/homenews/campaign/4967160-john-bolton-donald-trump-kamala-harris-election-results/">by</a> The Hill.
Bolton also highlighted the surge in pre-election litigation, describing it as a positive trend. He asserted that the more issues that are litigated before the election, the better. 
"At least now, some of this litigation is filed beforehand, and we're getting results, some favorable to Trump, some not favorable to Trump. It's taking those issues off the table," Bolton said. 
As of now, over 200 voting and election cases are pending across the country, as reported by Marc Elias, a significant figure in Vice President Harris&#8217;s election litigation team.
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Both the Republican and Democratic parties have lodged various challenges, including those related to proof-of-citizenship requirements and deadlines for mail-in ballots. The Supreme Court has also been involved in several election-related disputes recently.
Bolton emphasized the importance of being prepared in case Trump does not emerge victorious. &#8220;But I think everybody ought to be ready. Because Trump never loses,&#8221; he stated. 
"And if he loses, it's because it's stolen. So, it will be difficult," Bolton added. 
Vice President Kamala Harris also confirmed earlier this week that her team is prepared for any premature victory claims by the GOP nominee.
Why It Matters: The potential refusal of a presidential candidate to accept an election defeat could lead to political instability and legal disputes. 
The increase in pre-election litigation, as pointed out by Bolton, indicates a heightened level of scrutiny and challenge to the election process. This could potentially impact the smooth conduct of the election and its aftermath. 
The preparedness of both parties, as emphasized by Bolton and Harris, is crucial in navigating any potential disputes and ensuring a peaceful transition of power.
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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.

John Bolton Says Trump Will Not Accept Loss: 'Everybody Ought To Be Ready'

Elon Musk is painting a clear picture of what he says is ahead if Donald Trump appoints him to lead government efficiency efforts. Musk told voters to expect some "temporary hardship" as he aims to drastically reduce federal spending, a role Trump has floated if re-elected. Musk said cuts would be so broad that "everyone's going to have to take a haircut," and he's already predicting pushback, calling it a necessary path to "long-term prosperity."&nbsp;&nbsp;
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Musk&#8217;s vision involves cutting about $2 trillion from the federal budget, which he discussed during Trump's New York rally, echoing his commitment to aggressive cost-cutting tactics seen at his companies. He believes trimming down government spending can keep the U.S. from what he controversially described as "going bankrupt." Critics, however, point to Musk's own federal contract revenue — <a href="https://www.benzinga.com/startups/24/10/41604057/elon-musk-admits-running-companies-hurts-my-heart-but-sees-no-other-option-for-building-the-future-i">his SpaceX</a> has received around $19 billion in government funds — and question how cuts would affect his ventures.&nbsp;
Experts are mixed on the feasibility of such deep cuts. Unlimited Funds' CIO Bob Elliott calls Musk's plan "totally implausible," given it could nearly eliminate all discretionary funding, according to NBC News. Musk's predictions of economic "hardship" if Trump implements these policies have fueled concerns on Wall Street, with many fearing potential inflationary pressure.
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Adding to <a href="https://www.benzinga.com/real-estate/24/10/41653958/elon-musk-reportedly-buying-up-huge-properties-in-austin-to-house-his-11-kids-and-their-mothers-in-s">Musk's vision, </a>he expressed concerns about &#8220;wasteful spending,&#8221; comparing government budgets to "a room full of targets." He suggests even small reductions could ease the national debt, but economists question the practicality of Musk&#8217;s proposal, estimating it would require slashing nearly all discretionary spending. Programs like transportation, education, and environmental efforts could see drastic cuts, sparking significant public backlash. Musk admits he might need "a lot of security" due to potential public frustration.
Critics are skeptical of the plan&#8217;s scale and wary of Musk's influence on federal spending. Notably, SpaceX, one of Musk's ventures, has drawn billions from government contracts. FedScout research shows that since 2008, SpaceX has received over $19 billion in federal funding, with expectations to secure billions more in the coming years. Some point out that Musk's role in cutting spending might include choices affecting sectors he benefits from and raise potential conflicts of interest.
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Meanwhile, Nobel-winning economists <a href="https://www.documentcloud.org/documents/25247867-23-nobel-economists-sign-letter-saying-harris-agenda-vastly-better-for-us-economy">issued a letter last week</a> predicting that Trump's economic policies could lead to "higher prices, larger deficits, and greater inequality." They warned that Trump&#8217;s stance on tariffs and tax cuts could elevate costs for American families, undercutting Musk's <a href="https://www.benzinga.com/general/social-media/24/10/41657772/musk-thinks-threads-is-boring-but-275-million-monthly-users-signal-zuckerbergs-platform-coul">promise of "long-term prosperity."</a> They argue that such policies might strain rather than ease economic conditions for many Americans.
As Election Day nears, voters are tuning into each candidate's approach to living costs. While the U.S. economy currently shows resilience with job growth and wage increases, rising expenses for essentials like housing and healthcare continue to strain household budgets. For many, Musk's proposal to &#8220;balance the budget immediately&#8221; hints at austerity measures that could impact vital social programs.&nbsp;
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Musk&#8217;s involvement, his harsh language about &#8220;living within our means&#8221; and his historical approach to cost-cutting at his own companies set a serious tone. For now, Musk's outlook emphasizes both caution and a warning to Americans that tighter spending may bring "temporary hardship."
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Personal Finance

Elon Musk Warns Of 'Hardship' For Americans If Trump Puts Him In Charge Of Cutting $33 Trillion Debt

Elon Musk described this Tuesday&#8217;s presidential election <a href="https://www.benzinga.com/news/24/10/41198624/elon-musk-urges-rally-crowd-vote-for-trump-to-save-democracy">as a &#8220;verdict on civilization.&#8221;</a>
What Happened: In a recent post on X, Musk responded to a post by user DogeDesigner, who pointed out that around 150 companies have left California since 2020. 
The user questioned the potential nationwide implementation of California-style policies if Kamala Harris wins the election. Musk&#8217;s wrote in a cryptic reply, &#8220;There is nowhere to go. This election is a verdict on civilization.&#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">There is nowhere to go. This election is a verdict on civilization. <a href="https://t.co/Q4Tp4Uvaa3">https://t.co/Q4Tp4Uvaa3</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1852602091312750637?ref_src=twsrc%5Etfw">November 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The post has garnered significant attention, with over 8.5 million views. In another post, Musk endorsed Donald Trump by re-sharing a documentary on him, posted by another user.
Also Read: <a href="https://www.benzinga.com/news/24/10/41561298/elon-musk-pumps-more-than-130m-into-trump-and-gop-campaigns">Elon Musk Pumps More Than $130M Into Trump And GOP Campaigns</a>
<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">Worth watching this documentary to understand the <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> <a href="https://t.co/HB2rBKhddg">https://t.co/HB2rBKhddg</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1852539548158362094?ref_src=twsrc%5Etfw">November 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Musk&#8217;s comment comes at a time when the political climate is highly charged, with the election results potentially shaping the future of business policies. 
The exodus of companies from California, as highlighted by DogeDesigner, has been a topic of concern. The potential for these policies to be implemented nationwide if Harris wins the election is a point of contention for many.
Musk&#8217;s statement, describing the election as a &#8220;verdict on civilization,&#8221; suggests the high stakes involved, not just for businesses, but for the broader societal landscape. 
His views, while brief, highlight the significant implications of the upcoming election.
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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.

Elon Musk Says Presidential Election 'A Verdict On Civilization'

In a surprising turn of events, Donald Trump&#8217;s social media company, Truth Social, is now worth more than Elon Musk&#8217;s platform, X (previously known as Twitter). Truth Social&#8217;s parent company, Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), has seen a sharp rise in its stock price recently. This is the biggest reason for this change. However, it&#8217;s not that simple.
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<h2 class="wp-block-heading">A Quick Look At The Numbers</h2>
Trump Media &amp; Technology Group (TMTG's) valuation has shot past $10 billion, putting it above Musk&#8217;s X, which has recently been pegged at about $9.4 billion. This is a steep fall from the $44 billion that Musk paid when he took over Twitter in 2022. For Trump, whose financial status has been turbulent over the years, this boost couldn't come at a better time. The value of TMTG alone has given his net worth a significant increase, with estimates placing it <a href="https://www.benzinga.com/news/24/10/41580746/trumps-fortune-skyrockets-with-4b-stake-in-trump-media-technology-group">between $7.5 billion and $10 billion</a>.
<h2 class="wp-block-heading">What's Fueling Truth Social's Value?</h2>
Truth Social's value seems to ride on more than its actual performance. Traders are betting that if Trump regains the White House in the upcoming election, the platform's value will stay high or even increase. Over the past few weeks, shares of TMTG have more than quadrupled, showing a 50% rise in just the last week before going down a little to $40 at the time of writing. However, it's worth noting that Truth Social isn't exactly a cash cow. In fact, TMTG <a href="https://www.benzinga.com/top-stories/24/10/41603930/trump-vs-musk-djt-stock-worth-more-than-latest-x-valuation-thanks-to-2024-election-run-up">reported just $837,000 in revenue</a> last quarter while posting a hefty $16 million loss, according to regulatory filings.
But it's the political tie-ins and Trump's high-profile status that keep the stock in the spotlight. As Matthew Tuttle, CEO of Tuttle Capital Management, bluntly puts it, "If [Trump] loses, I think this thing goes to zero." That shows just how closely TMTG's fortunes are tied to Trump's own political prospects.
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<h2 class="wp-block-heading">Elon Musk's X: A Costly Gamble</h2>
Musk has publicly acknowledged that he overpaid for X, and since he took charge, the platform has been struggling to adapt. Musk has turned his attention to subscription models in an attempt to generate more steady revenue as advertising revenue has decreased. He's envisioned X as an "everything app" that might include everything from social connections to financial transactions.
Even Fidelity, one of the original investors, recently <a href="https://www.benzinga.com/news/24/10/41142828/elon-musk-bought-x-for-44b-now-fidelity-values-social-media-network-below-10b">valued its stake in X at just $4.2 million</a> — down from nearly $20 million when Musk first acquired the company. Still, Musk stays optimistic, even suggesting that X has the potential to reach a $250 billion valuation. But for now, the reality is that TMTG, with its high-flying stock prices, has moved ahead.
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<h2 class="wp-block-heading">A Boost From TMTG For Trump's Net Worth</h2>
Trump&#8217;s investment in TMTG, which has grown to comprise a significant portion of his portfolio, has significantly improved his financial situation. Trump hasn't sold any of his shares to fund his campaign, choosing to hold onto the value that TMTG brings. This lift also offsets some of the financial pressures his real estate holdings have faced amid declining office property values in the U.S.
Even with a more stable cash flow, however, the Trump Organization faces financial strains from Trump's ongoing legal battles, including criminal charges and civil fraud cases. And with the upcoming election on the horizon, the stakes are even higher: if he wins, TMTG's valuation could stay solid or even grow, but a loss could drastically impact its worth.
<h2 class="wp-block-heading">What's Next For Truth Social And X?</h2>
Musk&#8217;s X and Trump&#8217;s Truth Social are at distinct but equally important crossroads. The importance of Truth Social will keep changing depending on Trump&#8217;s political path. On the other hand, although there is no assurance that customers would accept the new course, Musk is hopeful that his idea of an &#8220;everything app&#8221; can restore value to X.
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Donald Trump's Truth Social Is Now Worth More Than Elon Musk's X. What's Behind The Surprising Upswing?

On Saturday, Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) registered a decline in <a href="https://www.businesswire.com/news/home/20241102654212/en/Berkshire-Hathaway-Inc.-News-Release" target="_blank" rel="noreferrer noopener">third-quarter</a> operating earnings, driven by weakness in the insurance underwriting segment.
The Omaha-based company&#8217;s quarterly <a target="_blank" href="https://www.berkshirehathaway.com/qtrly/3rdqtr24.pdf" rel="noreferrer noopener">operating earnings</a> of $10.09 billion slumped over 6% from $10.761 billion in the year-ago quarter.
Approximately 70% of the aggregate fair value was concentrated in five companies, as of September-end 2024:
<ul>
<li>American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) &nbsp;&#8211; $41.1 billion</li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&nbsp;&#8211; $69.9 billion</li>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) &#8211; $31.7 billion</li>
<li>Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>)&nbsp;&#8211; $28.7 billion&nbsp;</li>
<li>Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) &#8211; $17.5 billion</li>
</ul>
It seems <a href="https://www.benzinga.com/topic/warren-buffett">Warren Buffett</a> has vended another considerable slice of his Apple stake, continuing to reduce Berkshire Hathaway&#8217;s most significant equity investment for the fourth consecutive quarter.
Despite the ongoing selling spree, Berkshire did not buy back any company shares during the period.
Berkshire Hathaway&#8217;s cash reserves soared to a record $325.2 billion as of September-end, increasing from $276.9 billion in the second quarter, as Warren Buffett continued selling stocks, per a <a href="https://www.cnbc.com/2024/11/02/berkshire-hathaways-cash-fortress-tops-300-billion-as-buffett-sells-more-stock-freezes-buybacks.html" target="_blank" rel="noreferrer noopener">news</a> report from CNBC.
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This suggests that Buffett sold roughly a quarter of his stake, leaving around 300 million shares in his holdings. Overall, CNBC <a target="_blank" href="https://www.cnbc.com/2024/11/02/berkshire-hathaway-brk-earnings-q3-2024.html" rel="noreferrer noopener">reported</a> that his stake has decreased by 67.2% compared to the end of the third quarter of last year.
He began reducing his stake in the iPhone manufacturer during the fourth quarter of 2023 and significantly increased his selling in the second quarter, when he unexpectedly sold nearly half of his investment, the report added.
Berkshire and its subsidiaries also invest in certain businesses using the equity method, with significant holdings in common stock of The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>) and Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>).
As of September 30, 2024, the firm owned 26.9% of Kraft Heinz&#8217;s outstanding shares and 28.2% of Occidental&#8217;s outstanding shares.
Q3 In Detail
The company reported third-quarter net earnings of $18,272 per average equivalent Class A share, compared with a $(8,824) loss per share in the year-ago period.&nbsp;
The company registered net earnings of $12.18 per average equivalent Class B share, compared with $(5.88) per share year over year.
In the third quarter, insurance underwriting generated earnings of $750 million versus $2.42 billion year over year (down 69%).
Earnings from insurance investment income were $3.664 billion, higher&nbsp;than $2.470 billion a year ago.
Buffett, 94, is one of the best-known fundamental investors in the world. Known as the &#8220;Oracle of Omaha,&#8221; he has a real-time net worth of $142.2 billion&nbsp;<a target="_blank" href="https://www.forbes.com/profile/warren-buffett/?sh=2ee1b9a34639" rel="noreferrer noopener">per</a> Forbes.
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Earnings

Movers

AAPL

Berkshire Hathaway Reports Decline In Q3 Operating Earnings, Further Reduces Apple Stake

<h3 class="wp-block-heading">Bankruptcy Block</h3>
TGI Fridays just rang the "last call" for a financial lifeline, filing for Chapter 11 bankruptcy in Texas. Known for its appetizers, wings, and cocktails, the restaurant chain plans to keep its 39 company-owned locations open as it attempts to restructure its finances and <a href="https://www.benzinga.com/topic/mergers-and-acquisitions">&#8220;explore strategic alternatives&#8221; for the future</a>. 
The 56 U.S. franchises and 40 international locations that are independently owned remain unaffected.
Executive Chairman Rohit Manocha attributed the chain's financial woes to the pandemic's aftermath and some dicey capital structure choices. Private equity firm TriArtisan Capital Partners owns TGI Fridays.
<h3 class="wp-block-heading">New On The Block</h3>
Inland Real Estate Income Trust Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/INRE#OTC">INRE</a>) hired BMO Capital Markets Corp. to advise a potential sale process. The real estate trust, which currently has a $395-million market cap, closed Friday in the red, with its shares down 1.35%, trading at $10.95.
BT (LSE: BT) tapped Citigroup to find a buyer for its financial services segment, Radianz, according <a href="https://www.ft.com/content/6fe5e337-18dc-4a32-8e6e-e759a977b490">to</a> the Financial Times.
DigitalBridge Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBRG#NYSE">DBRG</a>) is seeking to sell Brazil&#8217;s Scala Data Centers, for a price tag of $2 billion, <a href="https://www.bloomberg.com/news/articles/2024-10-24/digitalbridge-is-said-to-explore-a-sale-of-scala-data-centers">per</a> Bloomberg.
ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is <a href="https://www.reuters.com/business/energy/conocophillips-explores-sale-permian-shale-assets-worth-over-1-billion-sources-2024-10-30/">auctioning</a> shale assets in the Permian Basin, Reuters reported. The oil giant expects more than $1 billion in proceeds. 
See Also: <a href="https://www.benzinga.com/news/24/11/41698607/kamala-harris-ready-if-trump-decides-to-falsely-declare-victory-we-are-prepared-to-respond">Harris &#8216;Ready&#8217; If Trump Decides To &#8216;Falsely&#8217; Declare Victory: &#8216;We Are Prepared To Respond&#8217;</a>
<h3 class="wp-block-heading">Updates From The Block</h3>
BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) backtracks on <a href="https://www.benzinga.com/news/large-cap/24/11/41684205/bhp-backtracks-its-comments-on-abandoning-anglo-american-deal">comments about having "moved on"</a> from its failed Anglo American Plc. BHP Chairman Ken MacKenzie made the comments Wednesday at the company's shareholder meeting in Australia, Bloomberg first <a href="https://www.bloomberg.com/news/articles/2024-10-30/bhp-retreats-from-comments-about-moving-on-from-anglo-bid?sref=TBDibEcD">reported</a> this development. 
Telephone and Data Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>) CFO Vicki Villacrez discussed an ongoing sale process during a recent earnings call. The company, after closing the sale of OneNeck IT Solutions in September, agreed to divest other assets. Those deals are expected to close later this year.
Blackstone is considering a $3.5-billion purchase of minority stakes in interstate natural gas pipelines owned by EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>), Reuters reported.
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<li><a href="https://www.benzinga.com/markets/equities/24/11/41699259/nvidia-rides-ai-wave-to-replace-intel-on-dow-jones-industrial-average-ending-its-25-year-run">Nvidia Rides AI Wave To Replace Intel On Dow Jones Industrial Average, Ending Its 25-Year Run</a></li>
</ul>

Asset Sales

Restaurants

DBRG

INRE

MASI

Deal Dispatch: TGI Fridays Goes Bankrupt, BHP Backtracks Comments And More M&A News

A divide is emerging between young homeowners and their renting peers, according to new survey data from Redfin. Nearly 70% of Millennial and Gen Z homeowners report being better off financially compared to four years ago, while only 52% of renters in the same age groups have seen similar improvements.
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The findings highlight a growing economic disparity tied directly to homeownership among younger Americans. The gap is more pronounced compared to older generations, where the financial differences between owners and renters are much smaller.
&#8220;Economic inequality is on the rise between young people who have been able to break into homeownership and young people who haven&#8217;t,&#8221; Chen Zhao, Redfin&#8217;s Economics Research Lead, was quoted in the report.
The timing of home purchases has proved crucial, according to the real estate brokerage. Many young buyers who entered the market during the pandemic&#8217;s low interest rates have since built substantial equity as home values surged.&nbsp;
See Also: This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>. Those who missed that window now face barriers to entry, with mortgage rates more than double their pandemic lows and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39482229/home-prices-reach-new-record-highs-yet-signs-of-normalization-emerge">home prices near record highs</a>.
The contrast in financial outcomes is clear — only 18% of Millennial and Gen Z homeowners report being worse off compared to four years ago, while 26% of their renting counterparts have seen their finances deteriorate.
The impact extends beyond personal finances into political priorities. A related Redfin survey found housing affordability <a href="https://www.benzinga.com/real-estate/24/10/41561685/housing-affordability-was-the-exception-renters-and-homeowners-differ-on-key-election-issue-redfin-s">weighs heavily on renters&#8217; minds heading into the presidential election</a>, with 32% listing it among their top three issues compared to 17% of homeowners.
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Baby Boomers are an outlier in the data, with both owners and renters more likely to report declining financial situations. About 38% of Boomer homeowners and 40% of renters say they&#8217;re worse off than four years ago, potentially reflecting the challenges of living on fixed incomes during a period of high inflation.
The findings come from a Redfin-commissioned survey conducted by Ipsos in September, sampling 1,802 U.S. residents aged 18-65. The study defined Gen Z as ages 18-27, Millennials as 28-43, Gen X as 44-59, and Baby Boomers as 60-65.
While rent growth has recently slowed, rents remain about 20% above pre-pandemic levels. The continued pressure on renters, combined with high costs for necessities like groceries, suggests the financial gap between young owners and renters may continue to widen.
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Real Estate

'Better Off'— Redfin Survey Reveals 69% Of Millennial And Gen Z Homeowners See Wealth Surge Compared To Renters

New industry data suggests that more than half of prospective homebuyers have set 5.5% as their target mortgage rate, but current market conditions show a wide gap between expectations and reality.
A survey cited by the National Association of Realtors (NAR) on Friday found 56% of potential buyers are holding out for rates between 5.5% and 5.75% before making a purchase. Current rates, however, stand at 6.54% for a 30-year fixed mortgage, according to Freddie Mac, marking the fourth consecutive week of increases.
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The divergence between buyer expectations and market reality comes as existing home sales hit their lowest point since October 2010. According to NAR data, sales dropped to an annual rate of 3.84 million units in September.
The report says that rising interest rates remain the chief concern for buyers, with 58% citing them as their biggest fear. Home price increases ranked second at 49%, followed by inflation and diminishing savings at 40%.
&#8220;The continued strength in the economy drove mortgage rates higher once again this week,&#8221; said Sam Khater, Freddie Mac&#8217;s chief economist. &#8220;Over the last few years, there has been tension between a downbeat economic narrative and incoming economic data that is stronger than the narrative.&#8221;
The financial strain on potential buyers remains high. Recent Bankrate data shows 34% of workers living paycheck to paycheck. Meanwhile, the median existing-home price reached $404,500 in September, nearly 50% above September 2019 levels, outpacing income growth by 25% during the same period.
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At current rates, a $400,000 home purchase with 20% down translates to a $2,031 monthly mortgage payment, according to Jessica Lautz, NAR&#8217;s deputy chief economist. A 10% down payment pushes that figure to $2,285.
<a href="https://www.benzinga.com/real-estate/24/09/40771559/average-american-cant-afford-starter-homes-20k-above-their-budget-warns-real-estate-analyst">First-time buyers face challenges</a>. Their market share fell to 26% in September, among the lowest levels on record. Loan officers report increased inquiries about down payment assistance and lower down payment programs as buyers seek ways to manage higher rates and prices.
<a href="https://www.benzinga.com/real-estate/24/07/39634709/housing-market-stuck-until-2026-economists-reveal-surprising-reasons">Market forecasts suggest continued challenges ahead</a>. Fannie Mae and the Mortgage Bankers Association project 30-year fixed rates to average around 6.2% by late this year, outpacing buyer preferences.
Limited inventory continues to pressure the market, with available homes down 20% compared to five years ago. &#8220;With mortgage rates back above 6.5% this month – and unlikely to drop below 6% this year – home prices will likely continue their consistent climb until more inventory comes onto the market in the spring,&#8221; Redfin senior economist Sheharyar Bokhari said.
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The 'Magic Number' Homebuyers Want: 56% Say 5.5% Is Their Rate To Buy

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
Major U.S. indexes saw a volatile close to the week, with the S&amp;P 500 and Nasdaq each down over 1%, largely influenced by recent earnings impacts from tech heavyweights like Microsoft and Meta Platforms. The Dow also edged lower by 0.2%, reflecting broader market apprehension following an October close that ended a five-month run of gains.
The CBOE Volatility Index (VIX) spiked 34% in October—its third-highest increase for that month in an election year—indicating heightened market caution. 
Adding to this outlook, October's nonfarm payroll numbers reported only 12,000 new jobs, which has strengthened expectations for a Fed rate cut in the coming weeks. Markets largely predict <a href="https://www.benzinga.com/news/earnings/24/11/41696201/market-volatility-soars-ahead-of-elections-tech-earnings-mixed-strikes-and-hurricanes-knock-employm">another reduction by year-end.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41646462/michael-saylor-says-bitcoin-remedy-to-fix-unhealthy-balance-sheets-as-microstrategy-unveil">Michael Saylor Says Bitcoin Remedy To Fix Unhealthy Balance Sheets As MicroStrategy Unveils Massive $42B BTC Purchase Plan</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, reveals MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) CEO Michael Saylor&#8216;s argument that Bitcoin can stabilize corporate finances, announcing a $42 billion initiative to expand its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings, which currently total 252,220 BTC, valued at $18.23 billion.
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41596454/tesla-bull-says-elon-musk-led-ev-giant-is-no-longer-seen-as-an-auto-company-by-inve">Tesla Bull Says Elon Musk-Led EV Giant Is No Longer Seen As An Auto Company By Investors, Explains Why Its Stock Trades At A Hefty Premium To Legacy Rivals</a>,&#8221; by <a href="https://www.benzinga.com/author/anan-ashraf">Anan Ashraf</a>, shares insights from Gary Black of The Future Fund, who argues that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) commands a premium valuation as investors increasingly view it as a tech company due to its growth in EVs and autonomous driving.
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41633360/dogecoins-rally-has-just-begun-for-this-cycle-predicts-trader-who-foresees-parabolic-surge">Dogecoin&#8217;s Rally &#8216;Has Just Begun For This Cycle,&#8217; Predicts Trader Who Foresees Parabolic Surge In November</a>,&#8221; by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, features a trader&#8217;s analysis that Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) could surge in November, fueled by patterns from prior post-halving cycles, with a breakout above 20 cents as a key target. 
&#8220;<a href="https://www.benzinga.com/general/politics/24/10/41630878/djt-short-squeeze-could-push-stock-to-60-if-trump-wins-but-analysis-says-loss-could-make-shares-">DJT Short Squeeze Could Push Stock To $60 If Trump Wins, But Analysis Says Loss Could Make Shares &#8216;Worthless&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, explains that Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares are poised for volatility amid Election Day, with S3 Partners noting that a Trump victory could trigger a short squeeze pushing prices to $60, while a loss might render shares worthless.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/general/entertainment/24/10/41616337/google-bought-youtube-for-1-65b-and-now-it-prints-50b-in-revenue-just-in-1-year-sundar-pich">Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet &#8216;Leaning Into The Living Room Experience&#8217;</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41605605/gold-hits-record-highs-defies-market-gravity-why-the-precious-metal-is-decoupling-f">Gold Hits Record Highs, Defies Market Gravity: Why The Precious Metal Is Decoupling From Treasury Yields</a>
<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41633360/dogecoins-rally-has-just-begun-for-this-cycle-predicts-trader-who-foresees-parabolic-surge">Dogecoin&#8217;s Rally &#8216;Has Just Begun For This Cycle,&#8217; Predicts Trader Who Foresees Parabolic Surge In November</a>
The Bears
&#8220;<a href="https://www.benzinga.com/government/24/10/41604100/trump-goes-after-taiwan-semiconductor-on-joe-rogan-podcast">Trump Goes After Taiwan Semiconductor On Joe Rogan Podcast</a>,&#8221; by <a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, covers Donald Trump&#8216;s critique of Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) on the Joe Rogan podcast, accusing Taiwan of undermining U.S. chip production and promising tariffs if elected.
&#8220;<a href="https://www.benzinga.com/news/24/10/41616230/sundar-pichai-admits-doj-proposals-could-have-unintended-consequences-google-mapping-out-plan-b-in-c">Sundar Pichai Admits DOJ Proposals Could Have &#8216;Unintended Consequences&#8217; — Google Mapping Out Plan B In Case Apple Ends Search Deal</a>,&#8221; by <a href="https://www.benzinga.com/author/ananya-gairola">Ananya Gairola</a>, reports Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) CEO Sundar Pichai's concerns over DOJ antitrust proposals potentially destabilizing the tech industry, while hinting at contingency plans if Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) ends its search partnership.
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41661361/super-micro-analyst-suspends-rating-over-governance-accounting-issues">Super Micro Analyst Suspends Rating Over Governance, Accounting Issues</a>,&#8221; by <a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, details a Rosenblatt analyst&#8217;s decision to suspend his rating for Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) after Ernst &amp; Young resigned as its auditor due to governance and transparency issues.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/news/24/10/41619340/blackrocks-larry-fink-warns-against-overly-optimistic-fed-rate-cuts-cites-high-embedded-inflation-an">BlackRock&#8217;s Larry Fink Warns Against Overly Optimistic Fed Rate Cuts, Cites High &#8216;Embedded Inflation&#8217; And Predicts Only 1 Reduction This Year</a>
<a href="https://www.benzinga.com/news/24/10/41616573/ipod-co-creator-tony-fadell-dismisses-chatgpt-type-llms-saying-were-trying-to-make-science-fiction-h">iPod Co-Creator Tony Fadell Dismisses ChatGPT Type LLMs Saying &#8216;We&#8217;re Trying To Make Science Fiction Happen&#8217; — Bashes Silicon Valley&#8217;s Entitlement</a>
<a href="https://www.benzinga.com/markets/asia/24/10/41593032/starbucks-chinese-rival-luckin-coffee-plans-us-comeback-with-2-drinks-after-fraud-scandal-that-led-t">Starbucks&#8217; Chinese Rival Luckin Coffee Plans US Comeback With $2 Drinks After Fraud Scandal That Led To Its Nasdaq Delisting: Report</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
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Benzinga Bulls And Bears: Tesla, Alphabet, Trump Media, Super Micro — Trader Predicts Dogecoin Rally Above 20 Cents In November

The stock market indexes have enjoyed record highs in recent years with the S&amp;P 500 outperforming other years with President&nbsp;Joe Biden&nbsp;leading the country for the last&nbsp;<a href="https://www.benzinga.com/general/education/24/02/37275812/if-you-invested-in-the-s-p-500-when-joe-biden-became-president-heres-how-much-youd-have-today" target="_blank" rel="noreferrer noopener">nearly four years.</a>
Not all stocks went up with Biden in office and investors may want to take a look back at the worst performing stocks of 2021 to prepare themselves for what could be ahead with the 2024 election nearing.
What Happened:&nbsp;Biden stepped down from&nbsp;<a href="https://www.benzinga.com/topic/2024-election" target="_blank" rel="noreferrer noopener">the 2024 presidential election&nbsp;</a>earlier this year. While the current president won&#8217;t be re-elected to the White House, past performance with a Democrat as president could highlight which stocks and sectors could be winners if&nbsp;Kamala Harris&nbsp;is victorious in Tuesday&#8217;s election.
The S&amp;P 500, which is tracked by the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>),&nbsp;was up 26.9% in 2021. This marked the best yearly performance since 2018 and the second-best performance for the key stock market index in the last 11 years.
The 12 months following Election Day 2020, which was won by Biden,&nbsp;<a href="https://www.benzinga.com/news/22/01/25137004/biden-vs-trump-how-did-stock-market-returns-compare-after-their-first-year-as-president" target="_blank" rel="noreferrer noopener">saw the S&amp;P 500 gain 37.4%.</a>&nbsp;This was the best one-year market return under a president in many years.
While many stocks were up in 2021, not all of the publicly traded companies had positive returns on the year.
Here were the 10 best-performing S&amp;P 500 stocks in 2021, according to a <a href="https://www.statmuse.com/money/ask/worst-performing-stocks-in-2021-in-the-s-and-p-500" target="_blank" rel="noreferrer noopener">report </a>from StatMuse, and their sectors.
<ol>
<li>Las Vegas Sands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>): -37.1%, consumer discretionary/casinos</li>
<li>Global Payments (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPN#NYSE">GPN</a>): -36.8%, financials</li>
<li>Market Axess (NASDAQ::MKTX): -28.1%, financials</li>
<li>Viatris (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTRS#NASDAQ">VTRS</a>): -25.8%, health care</li>
<li>Wynn Resorts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>): -24.8%, consumer discretionary/casinos</li>
<li>Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>): -24.4%, media/entertainment</li>
<li>Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>): -23.8%, technology</li>
<li>Fidelity National Information Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>): financials</li>
<li>PayPal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>): -20.7%, financials</li>
<li>Erie Indemnity (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIE#NASDAQ">ERIE</a>): -20.3%, insurance</li>
</ol>
The results above show that financials was an underperforming sector in 2021 and also includes several casino stocks on the list. Peak at the top<a href="https://www.benzinga.com/news/21/12/24848823/10-worst-performing-s-p-500-stocks-of-2021"> 10 best performing</a> S&amp;P 500 stocks here. 
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent110224" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It&#8217;s Important: Click through&nbsp;<a href="https://www.benzinga.com/general/politics/24/10/41584466/these-10-stocks-were-the-best-s-p-500-performers-in-2017-when-trump-was-president-will-history-r" target="_blank" rel="noreferrer noopener">to see the 10 best</a>&nbsp;and&nbsp;<a href="https://www.benzinga.com/general/politics/24/10/41606114/10-s-p-500-stocks-were-worst-performers-in-first-year-of-trumps-presidency-will-they-sink-again" target="_blank" rel="noreferrer noopener">10 worst-performing</a>&nbsp;S&amp;P 500 stocks of 2017,&nbsp;Donald Trump&#8216;s first year in the White House.
What's interesting for investors could be the correlation for some stocks based on who was in the White House.
Wynn Resorts was the fourth best performing stock in the S&amp;P 500 in 2017 under Trump, but was an underperformer in 2021 under Biden. PayPal was the eighth best performing stock in the S&amp;P 500 in 2017, but was an underperformer in 2021.
The results above could show that financials and casino stocks could be underperformers if Harris wins the presidency based on the past results and Democratic Party leadership.
With less than one week until the 2024 election, investors are likely positioning their portfolio based on a Trump or&nbsp;Harris&nbsp;victory in some regards. With a close election predicted, investors may want to look to sectors that could benefit under either candidate.
Freedom Capital Markets&nbsp;Chief Global Strategist&nbsp;Jay Woods&nbsp;previously<a href="https://www.benzinga.com/etfs/sector-etfs/24/08/40515453/exclusive-trump-or-harris-12-stocks-2-etfs-could-win-no-matter-whos-president-says-market-strate" target="_blank" rel="noreferrer noopener">&nbsp;shared some sectors&nbsp;</a>and stocks to watch with Benzinga that could benefit regardless of whether Trump or Harris wins the 2024 election.
Woods named defense stocks and cybersecurity stocks as two of the top sectors to watch ahead of the 2024 election.
"I think you've got to watch this sector closely," Woods said of the defense sector.
Woods added that defense stocks could continue to benefit from geopolitical concerns and the world&#8217;s many adverse events.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/sports-betting/24/10/41589659/trump-vs-harris-state-by-state-2024-election-betting-odds-which-candidate-is-favored-to-wi" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: State-By-State 2024 Election Betting Odds, Which Candidate Is Favored To Win In Your Community?</a></li>
</ul>

Market Summary

ERIE

MKTX

PLTR

PYPL

VTRS

WYNN

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