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BNBUSD

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Changpeng Zhao, founder of Binance, stepped down as CEO following a $4.3 billion settlement with the U.S. government. Despite this, Zhao's net worth is $23 billion, having increased by $10.5 billion in 2023. His wealth is tied to his stakes in Binance and Binance.US, as well as investments in Bitcoin and Binance Coin. The settlement and resignation could impact Binance's future and Zhao's wealth, which peaked at $96.9 billion in January 2022 but fell significantly during the year.

Portfolio Pulse from Chris Katje

November 22, 2023 | 4:07 pm

DE

During a conference call, an executive from Deere & Company expressed confidence that none of the company's segments are expected to go negative throughout 2024.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 3:47 pm

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) shares have declined by nearly 8% over the past five days. The company announced organizational changes with CEO RJ Scaringe taking over product development, and the introduction of a leasing program for select R1T configurations. Rivian has a high short interest with over 19% of RIVN shares sold short. The stock is trading below its 50-day moving average and near its 52-week low.

Portfolio Pulse from Erica Kollmann

November 22, 2023 | 3:29 pm

OPTX

Syntec Optics has announced the launch of a new 3x magnifier for defense weapon sights, aligning with the Made in America reshoring initiatives and FAR Buy American Act requirements. The company aims to provide lightweight, high-performance optics that reduce weight for soldiers. The use of polymer technology and integrated manufacturing positions Syntec as a domestic alternative to foreign-made magnifiers.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 3:23 pm

BABA

Jack Ma, founder of Alibaba, has postponed his plans to reduce his stake in the company due to a decline in share price. Despite intentions to sell 10 million shares valued at approximately $870 million, Ma has not sold any shares, as confirmed by Alibaba's Chief People Officer Jane Jiang. Alibaba's stock is perceived to be undervalued, and the company recently decided against spinning off its cloud computing business, which led to a 9% drop in shares. The company has undergone significant changes this year, including a reorganization into six business groups and a CEO change.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 2:57 pm

BNBUSD

Changpeng Zhao, former CEO of Binance, shared his personal reflections and future outlook amidst legal issues. Binance has pleaded guilty to federal charges and agreed to a $4 billion settlement with the U.S. Justice Department. Zhao admitted to not maintaining an effective anti-money laundering program and other breaches. He expressed pride in his team and reassured them of Binance's stability, hinting at future structural changes and asking for support for the new CEO, Richard Teng.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 2:44 pm

BCS

C

SCGLY

WFC

Citigroup Inc (NYSE:C) is planning to launch a direct lending strategy by early January to tap into the $1.6 trillion private credit market. This move is part of a trend among banks like Wells Fargo & Co (NYSE:WFC), Barclays Plc (NYSE:BCS), and Societe Generale SA (OTC:SCGLY), which are expanding into private debt. Citigroup's strategy will offer a range of financing options, including high-yield bonds, leveraged loans, or private credit, to meet the needs of companies and private equity owners, especially in anticipation of a rise in buyout deals.

Portfolio Pulse from Vandana Singh

November 22, 2023 | 2:15 pm

GDC

GD Culture Group Limited (NASDAQ:GDC), through its subsidiary AI Catalysis Corp., announced the release of DigiTrax Entertainment's AI music production software, KR38R PRO. This tool, which has been in development for seven years and is based on seven patents, integrates with major digital audio workstations to streamline the music composition process. The launch is part of a series of AI-powered music technology products that aim to transform the music industry and provide value to artists, labels, and shareholders.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 2:13 pm

CRM

MSFT

OpenAI experienced a tumultuous period with the firing of CEO Sam Altman, a 'palace coup', and a staff rebellion. Microsoft's CEO Satya Nadella supported Altman's return, and amidst the chaos, OpenAI and Microsoft faced a copyright lawsuit. Salesforce's CEO Marc Benioff attempted to poach OpenAI staff. Altman is set to return as CEO with a new board including Bret Taylor and Larry Summers.

Portfolio Pulse from Rounak Jain

November 22, 2023 | 2:11 pm

IPA

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) announced the launch of BioStrand's advanced AI-driven drug discovery platform, integrating diverse data modalities with proprietary HYFT technology and LENSai platform. The platform aims to enhance accuracy and interpretability in drug development, leveraging Vertical AI for tailored therapies. The market for AI in healthcare is expected to grow significantly, positioning ImmunoPrecise and BioStrand as potential leaders in AI-driven biotherapeutic research.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 2:06 pm