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☆ This lithium stock is an under-the-radar turnaround story, according to the charts
▼ + stars: | 2024-11-20 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +4 min

On the day that Nvidia is reporting earnings post-close, there isn't much attention on anything else, especially not chemical companies. There's no use in trying to bottom fish a stock that continues to make new lows… until it actually shows a marked change of character. If the stock can, in fact, see an upside follow through soon, then the measured move target would be up at $138. Past performance is no guarantee of future results, but patterns have the tendency to repeat – both over the short-term and long-term. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: it's, ALB Organizations: Nvidia, CNBC, NBC UNIVERSAL Locations: Albemarle, ALB

Gary Wang, a former executive of bankrupt cryptocurrency exchange FTX, who testified against founder Sam Bankman-Fried, attends his sentencing on fraud charges at the United States District Court in Manhattan in New York City, U.S., November 20, 2024. Wang was also ordered to forfeit $11 billion, the same as the other co-defendants. When given the opportunity to address the court, Wang said he was deeply sorry to all the customers and investors in FTX. Roos also noted that Wang was the first FTX employee to walk through the government's door but the last to be sentenced, as the FTX criminal proceedings come to a close. In March, Bankman-Fried was sentenced to 25 years in prison and ordered to pay $11 billion — the harshest punishment from Judge Kaplan.

Persons: Gary Wang, Sam Bankman, Wang, Nishad Singh, Lewis Kaplan, Nicolas Roos, Roos, Fried, Judge Kaplan, Alameda's, Caroline Ellison, Ryan Salame, I've, Kaplan Organizations: United States, Court, Alameda Research, U.S, Government, Southern, of Locations: Manhattan, New York City, U.S, FTX, Alameda, Bankman, —, of New York

☆ Why the West's vital undersea cables are so vulnerable to attack
▼ + stars: | 2024-11-20 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

The vast networks of data cables that crisscross our world's oceans are crucial for almost every aspect of modern life. Related Video Ukraine's sea drones vs. Russia's Black Sea FleetDespite their importance, events this week have highlighted just how vulnerable the West's internet subsea cables are to attacks from hostile powers. Unlike Russia, whose internet cables mostly run overland, the cables Western countries rely on are deep under the sea — and it's an asymmetrical vulnerability Russia is signaling it could exploit. AdvertisementIn response to the threat, Western countries are trying to better protect existing cable networks or route data through satellites if they are disrupted. In the CSIS report in August, Murphy and other analysts called for the US to strengthen international coordination and enhance resources to protect existing undersea cable networks.

Persons: Boris Pistorius, Gregory Falco, KIRILL KUDRYAVTSEV, Falco, Erin Murphy, Sidharth, Murphy, Sybille Reuter, Henri Kronlund Organizations: German, Financial Times, Sibley School of Mechanical, Aerospace Engineering, Cornell University, Getty, AIS, Emerging, CSIS, General Staff, Directorate, Cinia, West Locations: Baltic, Russia, China, Germany, Finland, Sweden, Lithuania, Ukraine, Russian, Vladivostok, Western Europe, India, Emerging Asia, Washington ,, London, Iceland

☆ Palo Alto Networks beat and raise fails to wow Wall Street. But that plays into our hand
▼ + stars: | 2024-11-20 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

Don't sweat the drop in Palo Alto Networks stock, which came despite a solid beat and raise after Wednesday's closing bell. Bottom line Palo Alto Networks is off to a strong start to its fiscal year 2025. Palo Alto Networks passed through the fiscal first-quarter earnings beat into its full-year fiscal 2025 outlook. NGS ARR includes revenue for Palo Alto Network's Prisma, Cortex, QRadar, and certain cloud-delivered security services. Nikesh Arora, Chairman and CEO of Palo Alto Networks, speaking at the TEC Summit on October 29, 2019 in New York City.

Persons: Platformization, We're, Palo, Nikesh Arora, Arora, Jim Cramer, SASE, billings, Jim Cramer's, Jim, Astrid Stawiarz Organizations: Palo Alto Networks, Palo, LSEG, Palo Alto, Alto Networks, Cisco Systems, cybersecurity, Street, Management, CNBC, TEC Summit Locations: Palo, platformization, Palo Alto, New York City

☆ Alphabet's VC arm backs little-known SAP rival Odoo, boosting valuation to $5.3 billion
▼ + stars: | 2024-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Fabien Pinckaers, CEO of Belgian-based enterprise software startup Odoo. OdooOdoo, a startup taking on SAP in the realm of enterprise software, boosted its valuation to 5 billion euros ($5.3 billion) in a secondary share round led by Alphabet 's venture fund and Sequoia Capital. "The reason everybody [has] failed [in this market] is that it's quite complex," Pinckaers told CNBC. The last time Odoo secured primary funding was in 2014, when it raised $10 million in a Series B round. Prior to the latest secondary round, Odoo was most recently valued by investors at 3.2 billion euros.

Persons: Fabien Pinckaers, Odoo, Pinckaers, Andrew Reed, Reed, He's, Billings, aren't, Alex Nichols, CapitalG, he's, bootstrapping, Odoo hasn't, Wallonie Organizations: Belgian, SAP, Sequoia Capital, CNBC, Enterprise, Sequoia, Summit Partners Locations: Belgium, India, billings, Sequoia

☆ Business spending on AI surged 500% this year to $13.8 billion, says Menlo Ventures
▼ + stars: | 2024-11-20 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Business spending on generative AI surged 500% this year, from $2.3 billion in 2023 to $13.8 billion, according to data released by Menlo Ventures on Wednesday. The report also found that OpenAI ceded market share in enterprise AI, declining from 50% to 34%. Anthropic doubled its market share from 12% to 24%. Although OpenAI and Anthropic dominated companies' AI model use, he said, people are "juggling models" and that habit is "not a well-understood piece of data." Meta 's market share stayed at 16% and Cohere's share remained at 3%.

Persons: Anthropic, OpenAI, Tim Tully, Claude, Tully, that's, Mistral's, Google's, Anthropic's Claude, —, chatbots Organizations: Menlo Ventures, Menlo, CNBC, Google, Microsoft Locations: Anthropic

☆ Trump sees China as the biggest AI threat. He has bipartisan support to win the race for powerful human-like AI.
▼ + stars: | 2024-11-20 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

AdvertisementA bipartisan US congressional commission urges a "Manhattan Project" for AI to outpace China. Trump has previously called China the "primary threat" in the AI race. AdvertisementThe Manhattan Project was a secret program led by the US government during World War II to develop the world's first atomic bombs. Advertisement"We have to take the lead over China, China is the primary threat," he added. OpenAI also cited the Manhattan Project in its blueprint as one of the US's "iconic infrastructure projects that moved the country forward."

Persons: Trump, Donald Trump, Logan, Joe Biden's, OpenAI, Yoshua, Max Tegmark Organizations: China, China Economic, Security, Commission, General Intelligence, US Treasury Department, Business, Manhattan Project, Life Institute, MIT, Guardian, Elon Locations: China, US, Washington

☆ Cleveland launches formal bid for a WNBA team
▼ + stars: | 2024-11-20 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

Dan Gilbert Cleveland Cavaliers owner talks during a press conference introducing new head coach John Beilein at Cleveland Clinic Courts on May 21, 2019 in Independence, Ohio. Dan Gilbert, owner of the Cleveland Cavaliers, wants to bring a WNBA team to Northeast Ohio. Rock Entertainment Group, the umbrella company that hosts Gilbert's sports and entertainment properties, told CNBC on Wednesday that it intends to submit a proposal for a WNBA expansion team. The Cavs also have an existing practice facility in Independence, Ohio, which they said could be ready-made for a WNBA team. The Cleveland Cavs are off to their best start in history, currently sitting in first place in the Eastern Conference with a 15-1 record.

Persons: Dan Gilbert Cleveland, John Beilein, Dan Gilbert, Cathy Engelbert, Nic Barlage, Barlage, Cleveland, David Gilbert, that's, Engelbert, We're, Allen, Gilbert Organizations: Dan Gilbert Cleveland Cavaliers, Cleveland Clinic Courts, Cleveland Cavaliers, WNBA, Rock Entertainment Group, CNBC, NBA's Cavaliers, NFL's Browns, MLB's, American Hockey, Cleveland Clinic, Center, Cleveland Sports Commission, Eastern Conference, Golden State, Fortune, Allen & Company, Company Locations: Independence , Ohio, Northeast Ohio, Cleveland, Ohio, Denver, Miami, Milwaukee, St, Louis, Philadelphia, Toronto, Portland , Oregon

☆ Target sounds the alarm bell on holiday shopping
▼ + stars: | 2024-11-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Target is expecting a surprisingly weak holiday shopping season, a warning sign for the retail industry. The holiday shopping season is pivotal for retailers. While Target can survive a weak holiday season, many smaller companies depend on strong sales during the holidays. But Target has also slumped because of its merchandise mix and higher prices compared to rivals like Walmart. Walmart raised its financial outlook, a signal it expects a strong holiday shopping season.

Organizations: New, New York CNN, Target, Walmart, Costco Locations: New York

☆ Microsoft, Apple are the most under-owned megacap tech stocks, poised for a rebound, Morgan Stanley says
▼ + stars: | 2024-11-20 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Microsoft emerged as the most under-owned megacap stock among institutional investors, signaling a rebound could be on the horizon, according to Morgan Stanley. Morgan Stanley thinks that stocks tend to experience a technical pull higher when active ownership is much lower than their weightings in the S & P 500, and vice versa. The gap between Microsoft's S & P 500 weighting and institutional ownership stood at 2.08% by the end of the third quarter, making it the most under-owned Big Tech name, Morgan Stanley said. After Microsoft, Apple is the second-most under-owned megacap tech stock coming out of the third quarter. On the flip side, the most over-owned tech stock at the end of September is software company Intuit , which could see a technical downward pull soon, according to Morgan Stanley.

Persons: Morgan Stanley, Donald Trump Organizations: Microsoft, Big Tech, Apple, Intuit, Adobe

☆ Australia tables bill to limit under-16s from using social media with tech companies facing huge fines
▼ + stars: | 2024-11-20 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +2 min

Brisbane, Australia CNN —The Australian government is threatening multimillion dollar fines for social media companies that breach a proposed ban on children under 16 from using their service. “The legislation places the onus on social media platforms, not parents or children, to ensure protections are in place,” Rowland said. Many parents and pro-ban campaigners have lauded the bill as a long overdue measure to impose accountability on tech companies for tools Australian children use online. Both sides agree about the risks of children spending too much time online, and the need for tech companies to do more to safeguard their products. The Australia government’s also commissioned the UK consortium Age Check Certification Scheme to trial age verification technology, to aid efforts to keep children off social media platforms.

Persons: Michelle Rowland, ” “, ” Rowland, we’ve, ”, “, Australia government’s, it’s Organizations: Australia CNN, Communications, Albanese Government Locations: Brisbane, Australia

☆ This country is value conscious, sand many companies are getting left behind, says Jim Cramer
▼ + stars: | 2024-11-20 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis country is value conscious, sand many companies are getting left behind, says Jim Cramer'Mad Money' host Jim Cramer talks the impact of value conscious consumers on companies.

Persons: Jim Cramer

☆ A FIRE blogger decided to test the benefits of the popular triple-tax advantaged HSA. He explains why it wasn't worth the hassle and wants to switch health insurance plans in 2025.
▼ + stars: | 2024-11-20 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

AdvertisementAndre Nader switched from an EPO health insurance plan to an HDHP to get access to an HSA. He plans to switch back to an EPO plan in 2025 for simplicity. AdvertisementIn 2024, he decided to put the popular, triple tax-advantaged health savings account (HSA) to the test. You can invest your HSA funds (the investment options vary by provider), and your contributions and earnings grow tax-free. Not touching your HSA funds means covering your medical expenses out of pocket, which is what Nader did throughout 2024.

Persons: Andre Nader, Nader, Nader didn't, he'd, isn't, he'll, HSA Organizations: FIRE, IRA Locations: San Francisco

☆ Trump’s Commerce secretary pick backas a crypto company that can’t seem to stay out of trouble
▼ + stars: | 2024-11-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

It is effectively an unregulated, offshore bank that’s become a tent pole of the $3 trillion crypto industry. The tether token is known as a stablecoin, a kind of crypto that was created to hold its value steady while others, like bitcoin and ether, swing wildly minute to minute. The company is now one of the biggest players in crypto, with a daily trading volume that eclipses even bitcoin, the world’s most popular token. Tether told the WSJ in a statement that any suggestion it was involved in criminal activity was “outrageous” and that the company works actively with law enforcement to combat illicit activity. But Lutnick, a Bitcoin enthusiast whose Wall Street firm manages Tether’s stockpile of Treasury bills, has eagerly defended the stablecoin issuer.

Persons: New York CNN — Howard Lutnick, Cantor Fitzgerald, who’s, they’re, Brock Pierce, “, Giancarlo Devasini, “ There’s, we’ve, ” Lutnick, Donald Trump’s, —, didn’t, Lutnick, Gary Gensler, ” Faryar Shirzad, “ It’s, ” Organizations: New, New York CNN, US Commerce Department, Ducks, Street, Manhattan US, Treasury Department, Bloomberg, Economic, Commerce Department —, Treasury, Securities and Exchange Locations: New York, Russian, Davos, United States, bitcoin

☆ Burberry shares are down 40%. One hedge fund manager says the stock offers 'good value' right now
▼ + stars: | 2024-11-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Luxury retailer Burberry 's shares present an attractive investment opportunity after the company revealed a new turnaround strategy, according to hedge fund manager David Neuhauser. The stock, which is also traded in the U.S. and Germany, remains down around 40% year-to-date, however. UBS said Burberry was the only luxury retailer not to report "weak organic sales growth" in the latest quarter. "I think Burberry has a good turnaround in place with a new CEO," Neuhauser added, while cautioning that the recovery might take longer than expected. "I think over some time, a good turnaround by Burberry, with strong leadership, could really see the stock price increase.

Persons: David Neuhauser, Neuhauser, CNBC's, Livermore, they're, Zuzanna Pusz, Burberry, –, Joshua Schulman, Rogerio Fujimori, Adam Cochrane, FactSet, — CNBC's Karen Gilchrist Organizations: Burberry, Livermore Partners, UBS, Deutsche Bank, Stifel Locations: London, U.S, Germany, Asia, Swiss

☆ Stocks making the biggest moves premarket: Target, Dolby Labs, Nio, Netflix and more
▼ + stars: | 2024-11-20 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Target – Shares plunged more than 17% after the Minneapolis-based retailer missed third-quarter earnings and revenue estimates and slashed its full-year guidance, just three months after raising that forecast. Delta Air Lines – The Atanta-based carrier fell more than 1% after reiterating its outlook for the fourth quarter . Nio – U.S. shares fell more than 2% after the Chinese electric vehicle maker posted lower-than-expected revenue for the third quarter. Dolby earned 61 cents per share in its fiscal fourth quarter, above analysts' estimated 45 cents per share, according to FactSet. Powell Industries – Shares of the electrical equipment company fell 13% after new orders in the fiscal fourth quarter fell to $267 million from $356 million in the third quarter.

Persons: NBCUniversal, Brian Roberts, Goldman Sachs, Morgan Stanley, Nio, Dolby, Robinhood, Needham, Keysight, Piper Sandler, Mike Tyson, Jake Paul, —, Alex Harring, Jesse Pound, Pia Singh, Sarah Min Organizations: –, Comcast, CNBC, MSNBC, Delta Air Lines, Delta, FactSet, Dolby, Technologies, Powell, BDO, Nasdaq, Netflix Locations: Minneapolis, Nio –

☆ Nvidia's answers to these 3 questions will impact where the red-hot stock goes next
▼ + stars: | 2024-11-20 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

"There's two things you need to know about Nvidia," Jim continued. Here's a closer look at a few key questions surrounding Nvidia's fiscal 2025 third-quarter report and the subsequent conference call at 5 p.m. Nvidia's triple-digit revenue growth in recent quarters is widely expected to moderate due to the law of large numbers. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: you've, ChatGPT, Jim Cramer, Jim, there's, Blackwell, Jensen, Blackwell pushouts, we're, We're, we've, Hopper, —, Gross, Huang, Colette Kress, Nvidia, Kress, Jim Cramer's, Jensen Huang, Sam Yeh Organizations: Nvidia, Apple, AMD, Blackwell, Analysts, Truist Securities, Bank of America, Susquehanna, Microsoft, Meta, Sovereign, Evercore, Enterprise, CNBC, AFP, Getty Locations: CQ4, Japan, Indonesia, India, Denmark, Taipei

☆ Jim Cramer looks at Target earnings, says consumers are loyal to value and not brands
▼ + stars: | 2024-11-20 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Wednesday said consumers right now aren't focused on brand names, but on companies that can provide the most value. The big box retailer cut its full-year guidance, and management said it saw weakness in discretionary products despite price cuts. Although the two retailers offer similar products, Cramer said Walmart is simply more affordable. He also named other discount outfits that are seeing success despite a tough consumer landscape, including Costco , TJX , Chili's-parent Brinker and Texas Roadhouse . On Wall Street, this focus on value extends beyond consumer companies and to sectors like tech, Cramer added.

Persons: CNBC's Jim Cramer, we're, " Cramer, Cramer, Brinker, Microsoft — Organizations: Target, Walmart, Costco, Texas, Nvidia, Google, Oracle, Microsoft

☆ Nobel laureate Simon Johnson is skeptical that Trump will be able to follow up on his two biggest campaign promises — here's why
▼ + stars: | 2024-11-20 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

"I'm skeptical he'll actually do it," Johnson said of Trump's tariff policy. With all of these negative implications, Johnson isn't convinced that Trump's tariffs will be as drastic as they were presented on the campaign trail. Mass deportation is a logistical nightmareTrump's mass deportation plans don't make economic sense to Johnson, either. It's still too early to predict how Trump's policies will pan out, but for now, Johnson is seeing drastic barriers to Trump's tariff and immigration plans. Should Trump go through with his tariff and immigration policies, it'll be up to the American people to judge their efficacy and implementation.

Persons: Donald Trump, Nobel, Simon Johnson doesn't, Johnson, Simon Johnson, Trump, We've, They're, he'll, Jan Hatzius, Goldman Sachs, Johnson isn't, it's, Thomas Homan, That's, It's, they're, it'll Organizations: Massachusetts Institute of Technology, Trump, American Immigration Locations: China, Johnson, Vietnam, Mexico, United States

☆ 4 reasons you could be getting passed up for promotions, according to an ex-Google recruiter
▼ + stars: | 2024-11-20 | by ( Alyshia Hull | ) www.businessinsider.com time to read: +6 min

AdvertisementNolan Church is a former Google recruiter who says you could be holding yourself back from a promotion. There could be a misalignment in how an employee thinks they're doing and how management thinks they're doing, most likely due to a lack of feedback. These things surface when it comes time for a promotion, but they're hard to fix when you're unaware it's a problem. Ask your manager what you need to work on to move on to the next level. Budget constraints or business challengesIf a business isn't doing well, promotions are most likely not happening or are occurring at a significantly decreased rate.

Persons: Nolan, they're, I've, you've, that's, I'm, doesn't Organizations: Nolan Church, Google Locations: Salt Lake City

☆ We're making another trim of a stock under pressure to protect hard-fought profits
▼ + stars: | 2024-11-20 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

We're selling 165 shares of Best Buy at roughly $86 each. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 600 shares of BBY, decreasing its weighting to about 1.5% from 1.9%. BBY YTD mountain Best Buy YTD On Wednesday, however, we're selling some Best Buy shares for another reason: discipline. But we have to acknowledge that Best Buy competes with the big three on electronics. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Donald Trump, There's, Jim Cramer, Jim Organizations: Federal Reserve, Walmart, Amazon, Costco —, TJX Companies, CNBC Locations: BBY, Williams, Sonoma

☆ Product managers rule Silicon Valley. Not everyone is happy about it.
▼ + stars: | 2024-11-20 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +10 min

Several companies, from Airbnb to Snap, are now reconsidering the utility of product managers entirely, while others claim that the product manager's reign will only expand in the age of AI. Advertisement"The shift in power moved from engineering to product managers," says Hubert Palan, the CEO of Productboard, a company that provides software for product managers. "The product manager is at the center of everything," says Avi Siegel, a former product manager who's working on his own startup, Momentum. Whether their coworkers are happy about it or not, product managers are gaining recognition. "The future really does belong to product managers," says Frank Fusco, a product manager turned CEO of a software company called Silicon Society.

Persons: Elle, Sundar Pichai, Satya Nadella, YouTube's Neal Mohan, Gamble, Hubert Palan, doesn't, Avi Siegel, who's, Aaron, he's, ZipRecruiter, Zippia, I've, they're, Palan, Meg Watson, Watson, Brian Chesky, Paul Graham —, Frank Fusco, Fusco Organizations: LinkedIn, Procter, Hewlett, Packard, Microsoft, Apple, Google, Companies, Big Tech, Carnegie Mellon University, . News, McKinsey, Software, Spotify, Chesky, Silicon Society

☆ Manulife Investment Management's top plays in India
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailManulife Investment Management's top plays in IndiaManulife Investment Management's Rana Gupta likes large private sector banks as they remain profitable, and quick commerce companies that managed to defy a poor consumer season. He does see a risk of foreign promoters selling IPOs in India and cashing out, causing capital outflows.

Persons: Investment Management's Rana Gupta Organizations: Investment Locations: India, outflows

☆ Indian billionaire Gautam Adani indicted on bribery charges in alleged bribery scheme
▼ + stars: | 2024-11-20 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +2 min

AdvertisementIndian billionaire Gautam Adani has been charged in a massive bribery scheme. Adani and his executives convinced US investors to buy bonds on false promises, prosecutors allege. Prosecutors brought bribery charges against billionaire Gautam Adani, one of the richest people in India, alleging the business magnate and seven of his senior executives paid hundreds of millions of dollars in bribes to the Indian government and hid them from US investors. Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, is estimated to be worth more than $85 billion, according to Bloomberg. Adani and his executives convinced US investors to buy bonds in one of the companies using false promises, prosecutors allege.

Persons: Gautam Adani, Adani, Sagar, Gautam, Sagar Adani, Sanjay Wadhwa Organizations: New, SEC, Adani, Bloomberg Locations: India, New York, SEC's

☆ How much of Musk’s wealth comes from tax dollars and government help?
▼ + stars: | 2024-11-20 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

Government crucial to Musk’s net worthIt’s worthwhile to ask just how much of his world-leading net worth comes from government help over the last 10 to 15 years. Tesla and SpaceX got started – and survived their early days – with assistance from state and federal policies, government contracts and loans. Tesla buyers received federal tax credits worth an estimated $3.4 billion before the perk disappeared entirely for Tesla buyers at the end of 2019. “Take away the subsidies, it will only help Tesla,” Musk posted on his social media platform X in July. According to USASpending.gov, the government database that tracks federal spending, SpaceX has signed contracts worth nearly $20 billion.

Persons: New York CNN — Elon Musk, Donald Trump, Musk, ”, Daniel Ives, SpaceX doesn’t, Tesla’s, Noah Berger, Tesla, Trump, ” Musk, Elon Musk, Frederic J . Brown, Ives, Brandon Bell, USASpending.gov, Casey Dreier, ” Dreier, “ Elon, Dreier, CNN’s Jackie Wattles Organizations: New, New York CNN, SpaceX, Trump, Government, Wedbush Securities, Reuters, Department of Energy, Biden, US, Tesla, Getty, NASA, International Space, Planetary Society Locations: New York, Fremont , California, Hawthorne , California, AFP, Brownsville , Texas, Russia

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