😲$150B Gone: $150B Off Tesla’s Market Value

☀️Good morning. It's Friday, Jun. 6, and we're covering, Trump-Musk Feud Erupts, Wipes $150 Billion Off Tesla’s Market Value, Anduril Raises $2.5B At $30.5B Valuation In Mega Round Led By Founders Fund, Trump, Xi Hold Trade Call; U.S.-China Tariff Talks To Resume Amid Rare Earth Dispute, and much more. First time reading? Sign up to get this newsletter: Sign up here.  

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $3.22 Trillion, a 2.06% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $146.07B, which makes a 41.10% increase.

• The total volume in Defi is currently $38.28B, 26.20% of the total crypto market 24-hours.

• The volume of all stablecoins is now $139.65B, which is 95.60% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 63.73%, an increase of 0.52% over the day.

Circle Skyrockets 168% In Public Debut

Circle, the company behind the stablecoin USDC, made a spectacular debut on the New York Stock Exchange Thursday. After pricing its IPO at $31, shares opened at $69, peaked at $103.75, and closed the day up 168.48% at $83.23, Largest crypto IPO since Coinbase in 202. Founded in 2013 by Jeremy Allaire and Sean Neville, Circle had previously tried to go public via a SPAC merger in 2021, which it scrapped in 2022 after delays with SEC approval. (Read Deeper)

BUSINESS & FINANCE

Trump-Musk Feud Erupts, Wipes $150 Billion Off Tesla’s Market Value

Tesla shares plunged 14% Thursday—erasing $150 billion in market value—after Elon Musk publicly clashed with President Trump over his proposed spending bill. Trump fired back by threatening to cut Tesla’s federal contracts and EV subsidies, while Musk lashed out at the bill as a "disgusting abomination." The feud puts Tesla’s ambitious self-driving push at risk, especially as U.S. regulators weigh new rules for autonomous vehicles.

Why It Matters: Tesla's valuation already stretched at 150x earnings—now faces both political and regulatory risk. Musk’s pivot away from EVs toward autonomous robotaxis depends on federal approvals. A Trump-aligned administration could turn hostile, jeopardizing Tesla’s roadmap and government support. Tesla has already been under pressure from slowing EV sales and regulatory scrutiny of its Full Self-Driving tech. (Read Deeper)

India Surprises Markets With Big Rate Cut Amid Cooling Inflation

India’s central bank unexpectedly slashed interest rates by 50 basis points, bringing the benchmark rate to 5.5%, its lowest since August 2022. Markets had only expected a 25-point cut. This is the third straight rate cut since February, Comes after a strong Q4 GDP growth of 7.4% YoY, beating 6.7% estimates. The Reserve Bank of India (RBI) is leaning into a more aggressive easing stance as inflation falls and global trade threats including U.S. tariff risks—loom over future growth.

Why It Matters: This surprise cut is a shift toward growth support in the face of slowing global demand—even as India remains one of the world’s fastest-growing economies. Inflation is down to 3.16%, the lowest since July 2019, Full-year GDP forecast held at 6.5%, well below last year’s 9.2%. (Read Deeper)

TECHNOLOGY & SCIENCE

Anduril Raises $2.5B At $30.5B Valuation In Mega Round Led By Founders Fund

Defense tech startup Anduril just locked in a massive $2.5 billion funding round at a $30.5 billion valuation double what it was worth less than a year ago. The round was led by Peter Thiel’s Founders Fund, which contributed $1 billion—its largest check ever, according to Anduril Chairman Trae Stephens. The capital will fuel the company’s growing role in U.S. national security, including advanced AR/VR systems and autonomous defense systems.

Why It Matters: While the rest of the IPO market slowly wakes up, Anduril is already operating at scale, pulling off Silicon Valley-sized funding rounds while tackling Pentagon-sized problems. It’s also emblematic of the return of “hard tech” investing, especially in national security. (Read Deeper)

Cursor’s Anysphere Hits $9.9B Valuation, Surges Past $500M In ARR

Anysphere, the startup behind AI coding assistant Cursor, just raised $900 million at a stunning $9.9 billion valuation, less than a year after its previous round. Led by Thrive Capital with Andreessen Horowitz, Accel, and DST Global joining in, the raise reflects skyrocketing demand for "vibe coders" like Cursor. The company has crossed $500M in annualized revenue (ARR), up from $300M in April, with ARR doubling every two months. Cursor monetizes through a mix of individual and business subscriptions, and it’s now rolling out enterprise licensing, pushing into higher-revenue territory.

Why It Matters: Cursor isn’t just growing, it’s becoming the default AI tool for developers. With $500M+ ARR and a refusal to sell to OpenAI, Anysphere is asserting itself as a major force in AI-native software. This also signals a broader shift: developer tools are now the proving ground for generative AI’s business model. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump, Xi Hold Trade Call; U.S.-China Tariff Talks To Resume Amid Rare Earth Dispute

President Donald Trump and Chinese President Xi Jinping spoke Thursday in a 90-minute call focused on rebooting stalled trade negotiations. The two agreed to restart high-level talks involving Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. The call comes after escalating tensions over student visa restrictions, chip export bans, and unmet promises by China to supply rare earth minerals. While Trump described the call as “very good” and “positive for both countries,” underlying disputes remain, including tariffs as high as 145% on some goods and mutual frustration over national security-related trade measures.

Why It Matters: This marks the most meaningful U.S.-China engagement since May and could ease a trade war that has veered dangerously close to embargo territory. Rare earths are critical to everything from EVs to defense systems—making this not just about trade, but technology and geopolitical influence. (Read Deeper)

Israel Strikes Hezbollah Drone Site in Beirut on Eve of Eid Al-Adha

Tensions flared in Lebanon Thursday night as Israel launched airstrikes on southern Beirut, targeting what it claims was a Hezbollah drone manufacturing hub. The attack on the eve of Eid Al-Adha—fueled panic and condemnation from Lebanese leaders, who called it a "deliberate attack" on national security and religious life. Though no injuries were initially reported, the strike came despite a six-month ceasefire and amid efforts to avoid further escalation. Israel’s military said it hit underground sites producing thousands of drones used against Israeli targets, blaming Iran for financing the operations.

Why It Matters: This strike underscores the volatility of Israel-Hezbollah tensions, even under a ceasefire. Targeting a densely populated area during a religious holiday risks inflaming regional instability and undermines diplomatic efforts. (Read Deeper)

ENTERTAINMENT & SPORTS

Beyoncé Dazzles In Cowboy Couture, But High Ticket Prices Dim The Shine

Beyoncé opened her six-night London residency with a rhinestone-studded, genre-blending spectacle at Tottenham Hotspur Stadium as part of her Cowboy Carter and the Rodeo Chitlin' Circuit Tour. Performing a 40-song set rich in country themes, costume changes, and family cameos, Queen Bey proved she’s more than capable of conquering the country music space. But while her performance sparkled, ticket pricing cast a shadow. Fans reported paying over £700 for seats that later dropped to under £150. (Read Deeper)

Yamal Shines As Spain Edges France 5–4 In Nations League

Spain booked its ticket to the Nations League final with a wild 5–4 victory over France, powered by 17-year-old sensation Lamine Yamal. The rising star outclassed Ballon d’Or hopefuls in a match that saw Spain take a commanding 5–1 lead before surviving a late French comeback. Yamal netted twice and drew a penalty he coolly converted, while also assisting early in the match. Nico Williams, Mikel Merino, and Pedri also got on the scoresheet in a performance that saw Spain’s young core outshine a fatigued France lineup stacked with PSG talent. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Is This the Beginning of the End for the American Empire? (Listen)

EXTRA BREVITI

• Elon Musk briefly said SpaceX would decommission its Dragon spacecraft “immediately” in response to a Trump threat to cancel federal contracts. (Read More)

• Europe’s Moon Mission Ends in Silence as ‘Tenacious’ Rover Fails to Land. (Read More)

• Amazon has cut fewer than 100 jobs across its Books division, impacting staff at Goodreads and Kindle. (Read More)

• Perplexity Hits 780 Million Queries in May, Plans Comet Browser for “Cognitive OS” Future. (Read More)