President Donald Trump has doubled down on his aggressive tariff stance, taking aim at toy giant Mattel Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) as part of his ongoing trade dispute with China.



<h2 class="wp-block-heading">Trump&#8217;s Tariff Threat</h2>



In <a href="https://x.com/Acyn/status/1920505479543075300">remarks</a> from the Oval Office on Thursday, Trump seemed to mistake the company for a country, saying, "Mattel, I don't know, I'm not so sure, they also said, they're the only country I've heard they said, &#8216;Well, we're going to go counter, we're going to try going someplace else,&#8217; that's okay.&#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">Trump floats the idea of a 100% on toys from Mattel which refers to as a country <a href="https://t.co/LeHlHBckEI">pic.twitter.com/LeHlHBckEI</a>&mdash; Acyn (@Acyn) <a href="https://twitter.com/Acyn/status/1920505479543075300?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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He continued, "Let him go and we'll put a 100% tariff on his toys, and he won't sell one toy in the United States, and that's their biggest market."



Mattel recently announced plans to diversify its supply chain to reduce its reliance on Chinese manufacturing, a response to Trump's steep import tariffs.&nbsp;



CEO Ynon Kreiz told <a href="https://www.cnbc.com/2025/05/06/mattel-ceo-toy-manufacturing-trump-tariffs.html?">CNBC</a> that the company is focused on global diversification, aiming to ensure that no single country will <a href="https://www.benzinga.com/markets/25/05/45264015/trumps-tariffs-hit-mattels-barbies-will-americans-pay-a-couple-of-bucks-more-as-president-predicts">handle more than 25%</a> of its sourcing by the end of 2025, including China. Kreiz dismissed the idea of moving production back to the U.S., saying, "We don't see that happening."



The company&#8217;s shift comes as Trump pushes for more U.S.-based manufacturing, despite the higher costs this approach would impose on companies and consumers.&nbsp;



Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year — <a href="https://www.benzinga.com/money/elf-labs-ym?v=123">Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000.</a>



Trump recently <a href="https://www.benzinga.com/trading-ideas/25/05/45144516/trump-a-grinch-or-santa-for-christmas-children-will-have-two-dolls-instead-of-30-dolls">downplayed concerns</a> about the impact of tariffs on toy prices, saying children might just end up with "two dolls instead of 30" and that the remaining toys might "cost a couple of bucks more."



According to a recent New York Times <a href="https://www.nytimes.com/2025/04/29/business/trump-tariffs-christmas-china.html">report</a>, around 80% of all toys and 90% of all Christmas decorations sold in the U.S. are produced in China. With tariffs of up to 145% currently in place, many companies have paused new orders, further threatening the availability of popular holiday items.



Industry experts have warned that these tariffs could result in a significant toy shortage this Christmas. Toy Association's CEO Greg Ahearn told the Times that the situation is a "frozen supply chain" and called for a 24-month reprieve on tariffs to give manufacturers time to adjust their sourcing strategies.



See Also: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.



Mattel, the maker of iconic brands like Barbie, Hot Wheels, and Fisher-Price, has been gradually reducing its reliance on China for nearly a decade. CEO Kreiz told CNBC that by the end of 2025, the company aims to have no single country handle more than a quarter of its production. However, this global diversification strategy has not included a significant move toward U.S. manufacturing.



Trump's latest comments suggest the White House is prepared to penalize companies that try to sidestep his trade policies. "I wouldn't want to have him as an executive too long," Trump said, seemingly referencing Kreiz's strategy to diversify rather than relocate production to the U.S.



With the holiday season fast approaching, the question remains whether parents will be willing to pay higher prices for fewer toys as Trump's trade policies continue to ripple through the retail sector.



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Image: Shutterstock

News

'He Won't Sell One Toy In The United States,' Says Donald Trump Suggesting A 100% Tariff On Mattel Which He Seemed To Mistake For A Country

After enduring months of scrutiny over Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) falling stock price, Elon Musk has fired back <a href="https://benzinga.com/markets/equities/25/03/44451467/tim-walz-backtracks-on-tesla-stock-jab-i-was-making-a-joke-after-kevin-olearys-criticism">at a political critic</a> with a jab of his own.



What Happened: On Friday, Tesla shares closed at $349.98, marking a 44.89% surge over the past month and pushing its market cap to $1.12 trillion.



Musk celebrated the rebound on X, formerly Twitter, posting a screenshot of Tesla's chart along with a pointed message to Governor Tim Walz (D-Minn.): "Yo Timmy, how's your day bro?"



<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">Yo Timmy, how's your day bro? &#x1f921; <a href="https://t.co/etwL4KocIx">https://t.co/etwL4KocIx</a>&mdash; Kekius Maximus (@elonmusk) <a href="https://twitter.com/elonmusk/status/1923497002257535407?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/general/health-care/25/05/45461213/jim-cramer-reacts-as-unitedhealth-denies-report-on-criminal-probe-if-convicted-of-criminal-medicare-fraud" target="_blank" rel="noreferrer noopener">Jim Cramer Reacts As UnitedHealth Denies Report On Criminal Probe—'If Convicted of Criminal Medicare Fraud…'</a>



The quip was a response to Walz's March 18 comment during a Wisconsin event, where he joked, "On the iPhone, they&#8217;ve got that little stock app. I added Tesla to it to give me a little boost during the day — $225 and dropping."



The audience laughed, <a href="https://www.benzinga.com/25/03/44549724/elon-musk-blasts-minnesota-governor-tim-walz-as-a-creep-over-tesla-stock-mockery-says-its-evil-to-celebrate-others-losses">but Musk didn't</a>. At the time, Musk called Walz a "huge j&#x2A;&#x2A;k" and "a creep," criticizing the governor for mocking investors and a U.S. company.



Walz also responded to the backlash, saying, "I was making a joke. These people have no sense of humor."



Why It's Important: Walz, who ran alongside former Vice President Kamala Harris in the 2024 presidential race, has been a vocal critic of both Musk and the Donald Trump administration.



Musk emerged as a key figure in Trump's White House during the first 100 days, spearheading major federal budget cuts and layoffs that galvanized Republican support but also sparked public protests, some of <a href="https://www.benzinga.com/25/04/44963440/tesla-takedown-says-protests-are-working-hitting-ev-company-where-it-hurts-the-companys-bottom-line">which were directed at Tesla</a>.



Last month, during <a href="https://www.benzinga.com/news/earnings/25/04/44937440/tesla-q1-misses-estimates-as-tariff-pressures-weigh-on-outlook-lower-cost-evs-still-on-track">Tesla&#8217;s first-quarter earnings</a> call, Musk announced that he would scale back his involvement with DOGE, <a href="https://benzinga.com/25/04/45031652/trumps-ai-and-crypto-czar-david-sacks-says-musk-isnt-out-of-doge-just-rationing-his-time-at-the-department-as-tesla-stock-surges-24-in-the-past-five-days">limiting his commitment</a> to just one or two days per week going forward.



Earlier, the Wall Street Journal reported that Tesla&#8217;s board had contacted executive search firms to <a href="https://www.benzinga.com/markets/25/04/45124373/tesla-board-explored-replacing-elon-musk-as-tesla-ceo-a-month-ago-report">find a replacement for Musk</a>. However, Tesla denied the claim, calling it false and reaffirming its confidence in Musk's leadership.



Price Action: Tesla shares rose 2.09% during Friday's regular session to close at $349.98, before dipping 2.81% after hours to $340.15. Over the past 12 months, the stock has surged 100.17%, according to <a href="http://pro.benzinga.com/">Benzinga Pro data</a>.



Benzinga's Edge Rankings gives TSLA a 45.37% growth score. Wondering how it compares to other EV giants? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here for the full breakdown</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16230231/Screenshot-2025-05-17-at-8.32.16%E2%80%AFAM.png" alt="" class="wp-image-918579"/></a></figure>



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

Tech

TSLA

Elon Musk Takes A Swipe At Minnesota Governor Tim Walz As TSLA Stock Surges 45% In One Month: 'How's Your Day, Bro?'

The U.S. and China agreed to de-escalate their trade war by cutting tariffs by 115 percentage points, bringing U.S. duties on Chinese <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">goods down to 30%.</a>



The announcement sparked a broad-based equity rally, with the S&amp;P 500 climbing back to early March 2025 levels and erasing losses from President Donald Trump's &#8220;<a href="https://www.benzinga.com/government/regulations/25/05/45355655/magnificent-seven-gain-700b-after-us-china-slash-tariffs-gold-crashes-whats-driving-markets-monday">Liberation Day&#8221; tariff shock.</a>



The improved trade outlook also prompted economists to cut recession odds and upgrade U.S. growth forecasts for the second half of the year.



<h3 class="wp-block-heading">S&amp;P 500 Logs 5 Consecutive Winning Sessions</h3>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 5% higher for the week, notching five straight sessions in the green.



Semiconductors kept powering higher. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) rose nearly 10% on the week, logging its fourth straight week of gains and delivering its best monthly rally since 2020.



Yet, clean energy stocks – as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) – outshined even chipmakers. Solar names surged after Republicans released a better-than-expected tax proposal <a href="https://www.benzinga.com/top-stories/25/05/45381191/first-solar-eyes-best-2-day-rally-since-2013-after-gop-tax-plan-spares-key-clean-energy-credits">on renewable energy credits.</a> Shares of First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) soared 27% for the week, leading the sector.



<h3 class="wp-block-heading">Trump&#8217;s Middle East Blitz Attracts $2 Trillion In Gulf Commitments</h3>



During his Middle East visit, President Trump secured around $2 trillion in trade and investment pledges from Gulf countries.



<a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45390422/trump-unveils-historic-and-transformative-600-billion-saudi-deal-predicts-markets-will-go-a-lot-higher">Saudi Arabia committed $600 billion</a> in deals involving Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>), Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), GE Vernova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) and Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>).



<a href="https://www.benzinga.com/government/regulations/25/05/45446924/trump-secures-12-trillion-qatar-deal-as-boeing-ge-land-record-orders">Qatar followed with a $1.2 trillion package</a> focused on energy and infrastructure, inking major contracts with GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) and Boeing.



The United Arab Emirates signed a $200 billion deal to import over one million AI chips from Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other initiatives with Exxon Mobil Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NASDAQ">XOM</a>), Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).



<h3 class="wp-block-heading">UNH In Free Fall, Consumer Inflation Concerns Hit 1980s Levels</h3>



Back on Wall Street, one corporate giant is facing deep losses in what's shaping up to be one of the worst crises in its history. UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) shares nosedived 27% this week, marking the company&#8217;s worst weekly performance since the 2009 financial crisis and extending a five-week losing streak.



CEO Andrew Witty resigned Tuesday citing "personal reasons," while the company suspended 2025 guidance due <a href="https://www.benzinga.com/25/05/45373368/unitedhealth-stock-plunges-names-new-ceo-suspends-2025-guidance">to surging medical costs</a>. A U.S. Department of Justice criminal probe into alleged fraud in its Medicare Advantage <a href="https://www.benzinga.com/general/health-care/25/05/45426769/unitedhealth-stock-plunges-over-8-in-after-hours-trading-as-doj-criminal-probe-adds-to-turmoil-after-ceo-shake-up">program worsened investor fears.</a>



On the macro front, <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45374267/inflation-eases-in-april-as-trumps-tariffs-dont-push-prices-higher">April inflation data</a> signaled softening price pressures, but retail sales dropped, reflecting consumer <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45435725/tariffs-slow-retail-spending-as-producer-prices-post-sharpest-drop-since-2020">caution amid trade uncertainty</a>. Inflation expectations are also heating up again.



The <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45470155/consumer-sentiment-crashes-to-5-year-lows-as-inflation-fears-reach-1981-levels">University of Michigan's survey</a> showed the weakest sentiment since 2020 as the one-year consumer inflation outlook hit levels last seen in 1981.



<h3 class="wp-block-heading">Chart Of The Week: Year-Ahead Consumer Inflation Expectations Have Never Been This High Since Early &#8217;80s</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-1024x529.png" alt="" class="wp-image-918486" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-768x397.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-1536x793.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-2048x1058.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



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Image created using artificial intelligence via Midjourney.

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Macro Economic Events

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UBER

US-China Trade Truce, Trump's Middle East Deals Spark Wall Street Rally: This Week In Markets

Viral TikTok videos are using doctored clips from "Shark Tank" to falsely portray billionaire investor Mark Cuban endorsing products sold through TikTok Shop — and the billionaire is not amused.



What Happened: A new investigation by news rating group NewsGuard found that several TikTok accounts have spliced together footage from different "Shark Tank" episodes to make it appear as if Cuban endorsed products like Neuro Gum and BoomBoom nasal inhalers.



In one viral example, a video edited Cuban's $30 million offer to dating app Coffee Meets Bagel into a clip promoting Neuro Gum.



The manipulated video garnered over 9.6 million views, said the report.



See Also: <a href="https://www.benzinga.com/25/04/44914220/mark-cuban-once-revealed-a-childhood-habit-that-his-automobile-upholsterer-father-was-happy-about-i-dont-understand-what-youre-doing-but-im-glad-youre-doing-it">Mark Cuban Once Revealed A Childhood Habit That His Automobile Upholsterer Father Was Happy About: &#8216;I Don&#8217;t Understand What You&#8217;re Doing, But I&#8217;m Glad You&#8217;re Doing It&#8217;</a>



Another TikTok falsely depicted Cuban endorsing BoomBoom in a conversation with Kevin Hart by replacing his real comment about Spikeball with the altered audio, &#8220;BoomBoom.&#8221;



"These faked videos, which racked up millions of views, purport to show investor Mark Cuban endorsing or investing in the products," NewsGuard reported.



Cuban told the outlet in response, "It's messed up. I spend too much time reporting this stuff to the [Federal Trade Commission]. I hope they get busted."



TikTok confirmed to the publication that it removed the flagged content for violating its policies, stating that it does not allow misleading use of public figures, including fake endorsements.



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">TikTok accounts are deceptively repurposing footage from "Shark Tank" — including fake Mark Cuban endorsements — to create misleading promotions of TikTok Shop products, in an apparent effort to boost sales and earn commissions. Read it in Reality Check: <a href="https://t.co/4HV02w3RFG">https://t.co/4HV02w3RFG</a>&mdash; NewsGuard (@NewsGuardRating) <a href="https://twitter.com/NewsGuardRating/status/1923438745514024976?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It&#8217;s Important: In a similar incident, back in 2022, Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) filed legal actions in Italy, Spain and the U.S. as part of a global <a href="https://benzinga.com/news/22/10/29356774/amazon-takes-legal-action-against-fake-review-brokers">crackdown on fake review brokers</a>, targeting over 11,000 websites and social media groups involved in posting fake reviews for money or free products.



Meanwhile, on Friday, <a href="https://www.benzinga.com/general/entertainment/25/05/45472538/mark-cuban-bids-farewell-to-shark-tank-how-to-watch-finale-and-whats-next-for-hit-show">Cuban bid farewell</a> to the hit reality investing show &#8220;Shark Tank&#8221; as Season 16 wraps up. The Shark currently has a net worth of $8.20 billion, ranking him 391st on Bloomberg's Billionaire <a href="https://www.bloomberg.com/billionaires/">Index</a>.



Reports indicate that Cuban had invested over <a href="https://www.benzinga.com/news/23/11/35988212/mark-cuban-to-exit-shark-tank-reflects-on-his-worst-deal-and-surprise-success-shared-with-benzinga">$20 million across at least 85 companies</a> during his time on the show. Among his most successful deals were investments in brands like Dude Wipes, BeatBox Beverages, Tower Paddle Boards and Nuts ‘N More.



However, Cuban also <a href="https://www.benzinga.com/general/entertainment/25/03/44367926/mark-cuban-kevin-oleary-rejected-poppi-on-shark-tank-pepsi-just-paid-1-9-billion-to-acquire-company">passed on some opportunities</a> that later soared in value, most notably Mother Beverage, which rebranded as Poppi and was later acquired by PepsiCo for $1.9 billion.



Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



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Disclaimer:&nbsp;This content was partially produced with 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.



Photo Courtesy: Kathy Hutchins On Shutterstock.com

Media

Mark Cuban Slams Viral TikTok Scammers For Faking Shark Tank Endorsements To Sell Products: 'It's Messed Up...I Hope They Get Busted'

The U.S. Department of Justice is reportedly considering a non-prosecution agreement that would allow Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) to avoid criminal <a href="https://benzinga.com/markets/equities/25/03/44488310/boeing-faces-the-deadliest-corporate-crime-trial-as-judge-sets-june-date-in-737-max-fraud-case">charges tied to two fatal</a> 737 Max crashes, prompting outrage from victims' relatives.



What Happened: On Friday, prosecutors and attorneys representing families of the 346 people killed in the 2018 and 2019 crashes met to discuss resolving the case without bringing Boeing to trial, <a href="https://www.ft.com/content/5ebad172-5d02-4693-a1e7-189cc5d4a6c8">reported</a> the Financial Times, citing sources familiar with the matter.



Under the proposed deal, Boeing would pay roughly $444.5 million to victims' families in exchange for the DOJ declining to prosecute.



Boeing did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment. 



Erin Applebaum, a lawyer representing the families, decried the proposal. "This isn't justice. It's a backroom deal dressed up as a legal proceeding," she said. "While DoJ claims no final decision has been made, their scripted presentation made it clear that the outcome has already been decided."



See Also: <a href="https://www.benzinga.com/markets/25/05/45481170/as-tesla-stock-witnesses-nearly-45-surge-in-one-month-elon-musk-asks-minnesota-governor-tim-walz-hows-your-day-bro">Elon Musk Takes A Swipe At Minnesota Governor Tim Walz As TSLA Stock Surges 45% In One Month: &#8216;How&#8217;s Your Day, Bro?&#8217;</a>



A trial date of June 23 remains on the calendar, but Boeing has made plain it will not plead guilty. No final decision has been made, said one person close to the negotiations.



Why It's Important: Boeing agreed last July to plead guilty to a single count of fraudulently misleading regulators about the Max's flight-control software, but a federal judge rejected that plea deal over concerns about corporate monitorship provisions.



A non-prosecution agreement would mark the second time Boeing escaped full criminal liability in this matter, the report said. In 2021, the DOJ first deferred prosecution after Boeing paid $2.5 billion.



This latest development came after President Donald Trump unveiled a <a href="https://www.benzinga.com/markets/equities/25/03/44488310/boeing-faces-the-deadliest-corporate-crime-trial-as-judge-sets-june-date-in-737-max-fraud-case">$1.2 trillion economic agreement</a> with Qatar, featuring major deals in aviation, defense, energy and technology. A key highlight was Qatar Airways&#8217; record $96 billion order with Boeing and GE Aerospace.



China has also reportedly resumed <a href="https://www.benzinga.com/25/05/45368534/china-greenlights-boeing-jet-arrivals-again-as-90-day-tariff-pause-with-us-brings-relief">accepting Boeing aircraft deliveries</a> after a month-long pause as both Washington and Beijing work to ease tensions.



Price Action: Boeing shares slipped 0.20% during Friday's regular trading session, closing at $205.82, and fell another 1.72% after hours to $202.28. Despite the recent dip, the stock has climbed 11.28% over the past year, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.



Boeing currently holds a 12.20% growth score on Benzinga's Edge Rankings. Curious how it stacks up against other aviation giants? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here for the full comparison</a>.



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Legal

General

Boeing May Reportedly Once Again Dodge Prosecution Over 737 Max Crashes — Victims' Families Slam DOJ's Potential Agreement As 'Backroom Deal Dressed Up As A Legal Proceeding'

A new federal lawsuit alleged that Tesla Inc.CEO Elon Musk's America PAC failed to compensate voters in swing states who were promised $100 for signing and referring others to sign a political petition.



What Happened: Last week, three voters from key swing states filed a proposed national class action lawsuit against Musk and <a href="https://www.benzinga.com/markets/25/03/44276820/elon-musk-reportedly-pledges-100-million-to-trump-linked-political-groups-amid-billion-dollar-losses-in-his-net-worth">his America PAC</a>, accusing them of breaching a promise to pay petition signers in the run-up to the 2024 presidential election, <a href="https://fortune.com/2025/05/16/elon-musk-america-pac-lawsuit-petition-signature-payments-2024-presidential-election/">reported</a> Fortune.



In October 2024, <a href="https://www.benzinga.com/news/24/10/41199734/elon-musk-founded-pac-offers-47-for-every-successful-referral-to-petition-show-support-for-free-spee">the PAC offered $47</a>—and later $100—to registered voters in seven states who signed a petition supporting the First and Second Amendments. Participants were also offered additional compensation for referring others.



See Also: <a href="https://www.benzinga.com/markets/25/05/45481170/as-tesla-stock-witnesses-nearly-45-surge-in-one-month-elon-musk-asks-minnesota-governor-tim-walz-hows-your-day-bro">Elon Musk Takes A Swipe At Minnesota Governor Tim Walz As TSLA Stock Surges 45% In One Month: &#8216;How&#8217;s Your Day, Bro?&#8217;</a>



"This case is about a broken promise," said attorney Shannon Liss-Riordan of Lichten &amp; Liss-Riordan, the firm representing the plaintiffs. "Our clients relied on that promise because they believed in Elon, but unfortunately, that promise was not kept."



The lawsuit, filed in the Eastern District of Pennsylvania, claims that over 100 people may be owed a collective $5 million or more. One prior lawsuit by a Pennsylvania man alleged America PAC failed to <a href="https://www.benzinga.com/personal-finance/25/04/44885879/elon-musks-100-per-signature-offer-sparks-5-million-lawsuit-canvasser-says-he-relied-on-these-payments-to-pay-his-bills-but-they-never-came">pay him $20,000 in referral bonuses</a>.



Why It's Important: America PAC, which reportedly raised over $200 million for Donald Trump's campaign, has previously denied wrongdoing, the report added.



Spokesperson Andrew Romeo in April <a href="https://edition.cnn.com/2025/04/01/politics/elon-musk-lawsuit-2024-voter-mobilization-efforts?cid=ios_app">told</a> CNN, "America PAC is committed to paying for every legitimate petition signature… evidenced by the fact that we have paid tens of millions of dollars to canvassers for their hard work in support of our mission."



Tesla did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.



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Elon Musk Sued For Allegedly Failing To Pay Swing State Voters $100 Each For Signing A Petition: 'This Case Is About A Broken Promise'

A new House Republican-backed provision in Donald Trump-backed <a href="https://www.benzinga.com/general/health-care/25/05/45345409/trumps-big-beautiful-bill-banks-on-huge-medicaid-cuts-as-its-cost-saving-centerpiece-see-who-risks-losing-coverage-under-the-gop-proposal">"big, beautiful" bill</a> reportedly aims to block state and local governments from regulating artificial intelligence for the next decade — and it's already sparking fierce backlash.



What Happened: Tucked into a sweeping GOP tax package, the clause states that "no state or political subdivision may enforce any law or regulation regulating artificial intelligence models, artificial intelligence systems, or automated decision systems," <a href="https://fortune.com/2025/05/16/trump-tax-bill-could-ai-regulation-states-republicans-gop-congress/">reported</a> Fortune.



Supporters argue it's about avoiding regulatory chaos. "AI doesn't understand state borders," said Sen. Bernie Moreno (R-Ohio). "You can't have a patchwork of 50 states."



Previously, OpenAI CEO Sam Altman also appeared to echo this sentiment. "One federal framework, that is light touch, that we can understand and that lets us move with the speed that this moment calls for seems important and fine," he said <a href="https://www.benzinga.com/media/25/05/45312650/sam-altman-tells-congress-us-must-pursue-sensible-regulation-avoid-silly-mistake-to-stay-ahead-of-china-in-ai-race-its-hard-to-say-how-far-ahead-we-are">during a Senate hearing last week</a>.



See Also:&nbsp;<a href="https://benzinga.com/news/25/04/45090231/elon-musk-says-will-come-as-a-surprise-to-most-as-chinas-economy-surpasses-us-and-eu-amid-rising-tariffs-and" target="_blank" rel="noreferrer noopener">Elon Musk Says Will Come As A ‘Surprise To Most&#8217; As China&#8217;s Economy Surpasses US And EU Amid Rising Tariffs And Growing Recession Fears</a>



However, critics warn the bill would halt important local protections. California state Sen. Scott Wiener called the proposal "truly gross," writing on social media, "Congress is incapable of meaningful AI regulation… while also banning states from acting."



A bipartisan group of state attorneys general also voiced concern. "Instead of stepping up with real solutions, Congress wants to tie our hands," said South Carolina Attorney General Alan Wilson, a Republican, the report noted.



Why It's Important: On Friday, House Republicans failed to advance Trump&#8217;s massive tax and spending bill, revealing internal disagreements, <a href="https://www.bbc.com/news/articles/cx2jxn8m88ro">reported</a> BBC.



Despite Trump's plea on social media for lawmakers to "stop talking and get it done," some Republicans opposed the bill, arguing it didn't go far enough in reducing government spending.



Sen. Bernie Sanders (I-Vt.) also previously slammed the budget reconciliation bill, calling it a "death sentence" for millions of Americans.



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Government

Donald Trump-Backed GOP Bill Seeks To Ban States From Regulating AI For 10 Years — Critics Calls It 'Federal Overreach' That Could Backfire

President Donald Trump has offered to travel to China to meet with President Xi Jinping.



What Happened: In an interview with Fox News aired on Friday, Trump was asked if he wanted to speak with Xi on a foreign trip. In response, he said, "I would certainly," adding that the relationship between the two countries is "important," <a href="https://www.bloomberg.com/news/articles/2025-05-16/trump-says-he-s-willing-to-travel-to-china-for-xi-meeting">reported</a> Bloomberg.



Earlier this week, the President had also hinted that the two leaders could speak by phone following a <a href="https://www.benzinga.com/government/regulations/25/05/45367206/sp-500-rallies-over-3-on-us-china-90-day-tariff-truce-but-experts-warn-it-doesnt-guarantee-a-complete-resolution-of-the-trade-war">90-day trade truce agreement</a>, which slashed U.S. tariffs on Chinese goods from 145% to 30%. China has also lowered its own duties on American imports to 10%.



See Also: <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">Wall Street Rips Higher As Tariff Truce Halts US–China Economic Escalation</a>



Why It&#8217;s Important: Despite his latest outreach attempt, Trump made it clear that his trip to Saudi Arabia, Qatar and the UAE was aimed at <a href="http://benzinga.com/economics/macro-economic-events/25/05/45476624/us-china-trade-truce-trumps-middle-east-deals-spark-wall-street-rally-this-week-in-markets">preventing those nations</a> from aligning with Beijing, the report noted.



"They were going to China, and that was going to be their parent, and that's not happening," Trump said, adding, "They're very important to keep in our fold."



During his trip to the Middle East, Trump was able to secure around <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45476624/us-china-trade-truce-trumps-middle-east-deals-spark-wall-street-rally-this-week-in-markets">$2 trillion in trade and investment</a> commitments.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) ended the week up 2.16%, while semiconductor stocks continued their upward momentum, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) climbing 3.06% in the last five days, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.



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Trump Says He's Willing To Visit China To Meet Xi Jinping, Calls US-China Relationship 'Important' After Striking Temporary Trade Truce

Before Mark Cuban became a billionaire, a TV fixture, and a guy who <a href="https://www.benzinga.com/personal-finance/25/04/44839817/billionaire-mark-cuban-says-pharma-is-the-easiest-business-ive-ever-disrupted-in-a-500-billion-industry-1-is-a-whole-lot-of-money">casually disrupts Big Pharma</a> for fun, he was just another confident tech founder trying to make it in the ‘80s. He had a million-dollar company, a little swagger, and—at least for one night in Las Vegas—a front-row seat to what happens when <a href="https://www.benzinga.com/personal-finance/25/05/45332405/bill-gates-predicts-3-day-workweeks-says-its-probably-ok-if-machines-can-make-the-food-and-stuff-because-theres-more-to-life-than-work">Bill Gates walks into a bar</a>.



It all came up <a href="https://youtu.be/L_8wm30tLyc?si=KP1btYratigTdZB8">during a 2022 episode of the "Full Send Podcast"</a>, after the hosts asked Cuban about competition and missed opportunities. That's when he lit up with:



"I'll tell you a story. I'll tell you a story about in Vegas back in the day about Bill Gates."



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This wasn't just any Vegas story—it was COMDEX, one of the biggest tech trade shows in the world at the time. According to Cuban, the crowd was massive. "125,000 people," he said. "I started my company, I was like 26, 27… and I just thought I was a badass."



He was feeling good, hanging with a group of women, ordering shots, and <a href="https://www.benzinga.com/personal-finance/25/01/43190697/mark-cubans-black-amex-card-got-declined-buying-a-140000-bottle-of-champagne-to-celebrate-teams-nba-win-can-i-please-spend-some-money">assuming the night was going his way</a>.



"This was right when <a href="https://learn.microsoft.com/en-us/shows/history/history-of-microsoft-1986">Microsoft had gone public</a>," he said. "So one day, no one knows who Bill Gates is. The next day, he's the king of tech."



That's when the girls told him they needed to run to the bathroom—and never returned.



"I'm like, what the f&#x2A;&#x2A;&#x2A;?" Cuban said, still laughing about it decades later.



His buddy leaned over and broke the news: "Yo, do you know who Bill Gates is?"



Trending: The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — <a href="https://www.benzinga.com/money/elf-labs-ym?v=123">invest early at $2.25/share.</a>



Turns out Gates had just hit a net worth of around $350 million. Cuban? "I was maybe worth a million dollars." Which made him… invisible.



"Bill Gates took my girls!" he admitted, laughing. But the sting was real.



The host cut in: "Did that fire you up? That should've motivated you, right?"



"It did motivate me," Cuban shot back. "Right? To find—to go on to the next…"



Years later, Cuban finally got a chance to one-up the tech legend. After selling Broadcast.com, he was invited to speak at a conference. The organizers mentioned Gates would be speaking first.



"I'm like, the only reason I'm doing this is because Bill Gates is talking right before me," he said.



See Also: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.



So when it was his turn, he walked out on stage and delivered the zinger he'd probably been waiting years to say:



"I'm excited to tell you I sold my company… and finally, after all these years, Bill Gates is my opening act."



Cuban says Gates "got so pissed." And the kicker?



"I've never talked to him since," Cuban said. "Not to this day."



Not out of spite. "Not that I've had any reason to talk to him," he added. But that night in Vegas? Still a core memory.



He may have lost the girls, but Cuban got the punchline. And maybe a little satisfaction knowing that even tech royalty doesn't always get the last word.



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Mark Cuban Says 'Back In The Day' Bill Gates Stole 'His Girls' In Las Vegas — He Was Worth $1 Million, But Gates Was The Mega Rich 'King of Tech'

A push by Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk into politics may have hurt the electric vehicle company's brand value and caused some existing Tesla owners <a href="https://www.benzinga.com/25/03/44365545/senator-ditches-tesla-vehicle-in-protest-against-damage-elon-musk-and-donald-trump-are-doing-to-country-heres-what-he-bought-instead" target="_blank" rel="noopener">to sell</a><a href="https://www.benzinga.com/25/03/44365545/senator-ditches-tesla-vehicle-in-protest-against-damage-elon-musk-and-donald-trump-are-doing-to-country-heres-what-he-bought-instead"> their vehicles.</a>



A Danish construction company is the latest Tesla owner to decide they no longer want to own vehicles associated with Musk.



What Happened: An entire corporate fleet of Tesla vehicles owned by Danish construction company Tscherning has been returned with Musk&#8217;s <a href="https://www.benzinga.com/interview/25/03/44539183/exclusive-tesla-protest-organizer-says-elon-musk-seems-to-have-purchased-the-american-government">push into politics </a>cited as the reason why.



"At Tscherning, we not only decide how we drive – but also who we drive with. That's why we've chosen to hand over the keys to our Tesla company cars – not because Tesla has become a bad car, but in light of Elon Musk's political commitment and the opinions he has publicly expressed (and which are increasingly hard to overlook), we as a company have chosen to say ‘thank you for the ride,'" Tscherning said, as reported by <a href="https://electrek.co/2025/05/15/company-returns-entire-tesla-vehicle-fleet-because-of-elon-musk/">Electrek</a>.



The move comes after the construction company electrified its corporate fleet with Tesla vehicles. The company will buy "European alternatives" after returning the Tesla vehicles according to the report.



Tscherning said it didn't want to be "associated with the values and political direction that currently accompany the Tesla brand."



Are you buying when the CEOs of the Magnificent 7 are selling?



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Why It's Important: Tesla has seen lower sales of its vehicles and Europe is one of the areas being hit the hardest.



The sales decline could be due to several factors, including the Model Y changeover, factory downtime, less demand for electric vehicles and consumers not wanting to be associated with Tesla vehicles anymore.



Demand for new Tesla vehicles has dropped and the sale prices of used Tesla vehicles have also fallen.



Corporate sales could be one of the latest areas to be hit by the Tesla brand damage. European pharmacy chain Rossman sold their corporate fleet of Tesla vehicles last year, with Musk also cited as the reason.



Sales of Tesla <a href="https://www.benzinga.com/news/global/25/03/44128646/tesla-sales-drop-in-europe-in-february-some-countries-down-over-40-is-musks-political-push-hurting-ev-company">vehicles in Denmark</a> fell 48.1% in January, 53.1% in February and 65.6% in <a href="https://www.benzinga.com/markets/equities/25/04/44601458/teslas-european-sales-decline-for-3rd-consecutive-month-amid-china-competition-ceo-elon-musks-political-controversies">March </a>on a year-over-year basis.



TSLA Price Action: Tesla stock was up 2% to $349.98 on Friday. Tesla stock is down 7.7% year-to-date in 2025 with shares up around 100% over the last year.



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Global

Why A Danish Company Is Telling Elon Musk 'Thanks For The Ride' — And Returning Its Tesla Fleet

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury companies like Michael Saylor&#8216;s Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) (formerly MicroStrategy) were in focus as Brett Winton, the chief futurist at ARK Investment Management LLC, highlighted that trouble could be brewing for such companies in the long run.



What Happened: As companies like MSTR have been issuing equity and debt to raise funds for Bitcoin purchases, Winton underscored that funding purchases with debt &#8220;seems like a recipe for disaster on the back end of this cycle.&#8221;



According to him, if the treasury companies keep doing so, &#8220;a higher debt mix&#8221; will &#8220;be the seed that grows to destroy the business-less business model.&#8221;



He explains this by highlighting the presence of an arbitrage opportunity till the time the stock prices for companies like MSTR are trading at a premium to the net asset value (NAV).



As of its May 12 SEC filing, MSTR held 568,840 Bitcoins at an aggregate purchase price of $39.41 billion, whereas its market capitalization stood at a staggering $108.55 billion.



Thus, Winton implied that BTC treasury companies could keep issuing equity until the arbitrage opportunity closes. &#8220;Competitors are now launching/raising will accelerate that process,&#8221; he said in his X post.



However, as the equity to NAV gap closes, the companies will shift to debt for funding their BTC purchases, thus concocting the &#8220;recipe for disaster,&#8221; as underscored by Winton.



<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">though so-called bitcoin treasury companies don&#39;t make sense, but so long as they are trading at a NAV premium to the underlying holdings they should continue to sell equity and buy bitcoin until they arbitrage out the opportunity. That &quot;competitors&quot; are now launching/raising…&mdash; Brett Winton (@wintonARK) <a href="https://twitter.com/wintonARK/status/1923310593592926619?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45399940/warren-buffett-shows-how-patience-pays-98-of-his-160-billion-wealth-came-after-turning-65-thanks-the-power-of-compound-interest">Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of &#8216;Compound Interest&#8217;</a>



Why It Matters: While MSTR is the largest BTC treasury company that has issues both equity and debt to purchase Bitcoins, Ryan Cohen&#8216;s GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) has recently announced its <a href="https://www.benzinga.com/general/market-summary/25/03/44511612/gamestop-follows-mstrs-footsteps-why-will-investors-buy-convertible-notes-with-no-interest">plans to join MSTR&#8217;s ranks</a>.



MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), Cantor Equity Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>), Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), and Galaxy Digital Holdings Ltd. (TSE: GLXY) follow MSTR in having the highest number of Bitcoins as a part of their assets.



Meanwhile, other experts think that Bitcoin prices are poised to rise. Citing Tom Lee, the head of research at Fundstrat, the Moon Show highlighted on X Friday the potential for Bitcoin&#8217;s network value to <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45463966/tom-lee-predicts-bitcoin-will-hit-1-5-million-in-10-years-calls-it-a-swiss-army-knife-of-money">equal that of gold</a>. 



Lee argued that Bitcoin&#8217;s versatility, acting as a risk-on asset in bull markets, combined with growing adoption, fuels network value and price appreciation.



Price Action: Shares of MSTR fell 4.73% on Thursday and rose 1.03% in premarket on Friday. The stock was up 32.34% on a year-to-date basis, and 175.72% higher over a year.



Benzinga Edge Stock Rankings shows that MSTR had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid at the 97.50th percentile, while the value ranking was very poor. You can check the details of other metrics <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">over here</a>. 



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-1024x148.png" alt="" class="wp-image-917803" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR.png 1224w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Friday. The SPY was up 0.29% to $592.20, while the QQQ advanced 0.34% to $521.01, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



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Photo Courtesy: creativeneko on Shutterstock

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$BTC

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Ark Invest Expert Takes Swipe At MSTR, MARA, Says 'Bitcoin Treasury Companies Don't Make Sense:' 'Funding Purchases With Debt...Seems Like A Recipe For Disaster'

Anthony Scaramucci, the&nbsp;founder and CEO of SkyBridge&nbsp;Capital, said Wednesday that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) would be deemed a full-fledged asset class once it hits $500,000 a piece.



What Happened: The Bitcoin bull, while speaking at CoinDesk's Consensus 2025 conference, stated, &#8220;$3 trillion is like a mag&nbsp;7 stock, $20 trillion is&nbsp;an asset class. So&nbsp;if you tell me that&nbsp;Bitcoin can get to $500,000,&nbsp;people will be writing stories&nbsp;that Bitcoin is an asset&nbsp;class.&#8221;



Scaramucci emphasized the importance of Bitcoin matching the market capitalization of gold, which is presently over $21 trillion, in order to be recognized as a separate asset class.



Scaramucci suggested that the ongoing influx of capital into the Bitcoin market via <a href="https://www.benzinga.com/topic/bitcoin-etf">exchange-traded funds</a> and the <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45349057/strategy-buys-134b-in-bitcoin-at-99856-cites-155-btc-yield">adoption of strategies</a> following Strategy Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) lead presented an optimistic future for the apex cryptocurrency.



&#8220;We may not actually be bullish enough," he said. 



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Consensus 2025 at Toronto Day 1" width="500" height="281" src="https://www.youtube.com/embed/x7ZlwGKRaTc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/22/11/29640123/just-in-crypto-com-suspends-these-withdrawals-deposits-on-solana-chain" target="_blank" rel="noreferrer noopener">Crypto.com Suspends These Withdrawals, Deposits On Solana Chain</a>



Despite the political risks associated with crypto becoming a contentious issue in U.S. politics, Scaramucci sees the incentives aligning for bipartisan support. He added, &#8220;If&nbsp;you get bitcoin to $500,000,&nbsp;people won't just say it's&nbsp;an asset class—they'll treat it&nbsp;like one.&#8221;



Why It Matters: Scaramucci&#8217;s bullish outlook aligned with his previous statements. Earlier this week, he said that Bitcoin was <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45372571/anthony-scaramucci-says-bitcoin-is-evolving-from-a-tech-asset-to-digital-gold">undergoing a structural transformation</a>, evolving from a volatile tech-aligned investment to a maturing global asset more akin to digital gold.



Scaramucci has <a href="https://www.benzinga.com/markets/25/05/45334917/anthony-scaramucci-compares-trumps-crypto-policy-to-mar-a-lago-buffet-you-have-to-eat-everything-at">mixed feelings</a> regarding President Donald Trump's cryptocurrency policies, asserting that the healthy developments around legislation and regulatory clarity were marred by his family's involvement in the space. 



Scaramucci has been vocal about his Bitcoin support, <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45093574/anthony-scaramucci-wasnt-keen-on-bitcoin-initially-but-the-eureka-moment-came-during-his-short-white-house-tenure-under-trump">revealing previously</a> that 70% of his wealth is tied up in the leading cryptocurrency.



Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $102,856.37, down 0.68% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.



Photo Courtesy: Al Teich On Shutterstock.com



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://benzinga.com/markets/cryptocurrency/25/05/45335756/cathie-wood-stands-firm-on-bold-700000-bitcoin-prediction-for-investors-says-bull-case-in-the-1-5-million-range" target="_blank" rel="noreferrer noopener">Cathie Wood Stands Firm on Bold $700,000 Bitcoin Prediction for Investors, Says ‘Bull Case in the $1.5 Million Range&#8217;</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Anthony Scaramucci Says Once Bitcoin Hits $500,000 It Will Be Considered An Asset Class Just Like Gold

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