👀$53B Gaza Reconstruction Plan

☀️ Good morning. It's Wednesday, Mar. 5, and we're covering, ByteDance To Buy Back US Staff Shares At $312 Billion Valuation, Judge Rejects Musk’s Bid To Block OpenAI’s For-Profit Shift, Arab Leaders Approve $53 Billion Gaza Reconstruction Plan to Counter Trump’s Proposal, 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 $2.88 Trillion, a 4.42% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $145.7B, which makes a 19.69% increase.

• The total volume in Defi is currently $8.54B, 5.86% of the total crypto market 24-hours.

• The volume of all stablecoins is now $135.55B, which is 93.04% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 60.30%, an increase of 0.13% over the day.

Bitcoin Miners Face Losses As Crypto Market Stumbles

Bitcoin mining companies are seeing sharp declines in their stock prices as Bitcoin’s value continues to drop. Earlier this year, miners enjoyed strong profitability, but that advantage has disappeared with Bitcoin struggling to stay above $100,000. A JPMorgan report highlights a 22% decline in miners' market capitalization, as the broader crypto market experiences a bearish phase, with $1 billion in liquidations in the past 24 hours. Major mining firms like Riot Platforms (-4.5%), Core Scientific (-5.2%), and Hut 8 Corp. (-1.2%) have seen losses, while some, like Marathon Digital and Iris Energy, have recorded slight gains. (Read Deeper)

BUSINESS & FINANCE

ByteDance To Buy Back US Staff Shares At $312 Billion Valuation

ByteDance, the parent company of TikTok, has increased its valuation in a new share buyback program for U.S. employees, offering $189.90 per share—an 11% rise from last year. This values the company at approximately $315 billion, signaling a recovery from its 2023 valuation drop. ByteDance’s latest share buyback could help reassure employees concerned about the platform’s future while reinforcing the company’s confidence in its long-term prospects.

Takeaways: The move comes as TikTok faces an uncertain future in the U.S., with a potential ban unless ByteDance divests its ownership by January 19. President-elect Donald Trump has temporarily delayed the ban by 75 days, appointing Vice President JD Vance to oversee negotiations. Several investors are positioning themselves to acquire TikTok’s U.S. operations, including former Los Angeles Dodgers owner Frank McCourt, backed by Reddit co-founder Alexis Ohanian, and a group led by tech entrepreneur Jesse Tinsley, which includes YouTube star MrBeast. (Read Deeper)

Markets React To Trump’s Trade War; Hang Seng Gains As China’s NPC Begins

The U.S. dollar remained near a three-month low on Wednesday as President Donald Trump’s new tariffs and retaliatory measures from China, Canada, and Mexico fueled fears of a deepening trade war. Meanwhile, Hong Kong’s Hang Seng Index rallied as China kicked off its National People's Congress (NPC), reaffirming a 5% economic growth target for 2025. Crude oil prices fell to six-month lows, with Brent futures at $70.78 and WTI crude at $67.65, driven by OPEC+ output plans and trade war concerns.

Takeaways: The U.S. Dollar Index hovered around 105.55, following a 1.9% slump over two days—its lowest level since December 6. The euro hit a nearly four-month high ($1.0637) after German political parties agreed to a €500 billion infrastructure fund. Sterling stayed strong near a three-month peak ($1.2794). Hong Kong's Hang Seng Index (.HSI) climbed 2.1%, while China's CSI300 Index rose 0.3% as Beijing boosted fiscal spending to counter tariffs. (Read Deeper)

TECHNOLOGY & SCIENCE

Judge Rejects Musk’s Bid To Block OpenAI’s For-Profit Shift

A U.S. court denied Elon Musk’s request for a preliminary injunction to halt OpenAI’s transition into a for-profit entity. However, the judge agreed to expedite a trial on the issue later this year. Musk, who co-founded OpenAI in 2015 but later left, claims CEO Sam Altman and the company have strayed from their original nonprofit mission to benefit humanity, instead prioritizing profits and aligning with Microsoft.

Takeaways: OpenAI welcomed the ruling, stating that its transition is necessary to secure funding for AI development. Musk, now leading rival AI startup xAI, sees this as a critical legal battle over OpenAI’s mission and financial structure. (Read Deeper)

World’s Strongest Ocean Current At Risk Of Slowing Down By 2050, Scientists Warn

The Antarctic Circumpolar Current (ACC), the world’s most powerful ocean current, is projected to slow down by 20% by 2050 due to climate change, according to new research. The melting of Antarctic ice is adding fresh, cold water to the ocean, disrupting the current’s balance and weakening its flow. Despite these alarming projections, researchers emphasize that reducing greenhouse gas emissions and closely monitoring the Southern Ocean could help mitigate these risks.

Takeaways: This slowdown could have serious consequences, including increased Antarctic ice melt, rising sea levels, disruptions to global climate regulation, and threats to marine ecosystems. The ACC plays a key role in circulating nutrient-rich waters and protecting Antarctic ice sheets. Scientists warn that a weaker current may also allow invasive species to spread, impacting biodiversity. (Read Deeper)

AROUND DE WORLD & POLITICS

Rep. Al Green Removed From House Chamber During Trump’s Speech To Congress

During President Donald Trump’s address to Congress, Rep. Al Green was removed from the House chamber after shouting for Trump's impeachment. Green, a longtime critic of the former president, was escorted out after Speaker Mike Johnson interrupted the speech and called Capitol officials to intervene. Other Democrats also defied party leadership’s call for restraint. Rep. Melanie Stansbury held a sign reading “This is not normal,” which was ripped from her hands by a GOP lawmaker.

Takeaways: House Minority Leader Hakeem Jeffries had instructed Democrats to avoid overt protests, but the actions of Green and others highlighted divisions within the party on how to respond to Trump’s return to the political spotlight. While some followed leadership’s directive to remain measured, others seized the opportunity to make their frustration with the president clear—defying not only Trump but also their own party’s attempts at discipline. (Read Deeper)

Arab Leaders Approve $53 Billion Gaza Reconstruction Plan to Counter Trump’s Proposal

Arab leaders have endorsed a $53 billion reconstruction plan for Gaza, presented by Egypt, as an alternative to President Donald Trump’s idea of a U.S.-led takeover of the territory. The plan, approved at an emergency summit in Cairo, rejects any forced or voluntary displacement of Palestinians and aims to rebuild Gaza while promoting a two-state solution—something Israel's Prime Minister Benjamin Netanyahu opposes. Trump, who describes Gaza as a “demolition site,” continues to promote his own vision, even sharing an AI-generated video of a futuristic “Trump Gaza.”

Takeaways: The proposal includes a temporary Gaza management committee under the Palestinian government, but avoids directly addressing Hamas’ role, a key point of contention. International peacekeepers are suggested for security, and a major donor conference is planned to raise funds. Wealthy Gulf nations may contribute, but investors remain hesitant due to the ongoing conflict. (Read Deeper)

ENTERTAINMENT & SPORTS

Brahim Diaz Shines As Real Madrid Edge Atletico In UCL

Real Madrid secured a 2-1 first-leg advantage over Atletico Madrid in their Champions League last-16 tie, thanks to a stunning winner from Brahim Diaz at the Santiago Bernabeu. Rodrygo opened the scoring in the 4th minute, sprinting past Javi Galan before curling a brilliant shot past Jan Oblak. Julian Alvarez equalized in the 32nd minute with a spectacular curling effort, marking his 7th UCL goal in nine games this season. Diaz netted the winner in the 55th minute, skillfully dribbling past Jose Gimenez before slotting home a low finish. (Read Deeper)

LeBron James And The Future Of The NBA: Who Will Carry The Torch?

As LeBron James nears the twilight of his legendary career, the question looms large: Who will be the next face of the NBA? The four-time champion and all-time leading scorer has carried the league’s mantle for over two decades, navigating intense scrutiny, comparisons to past greats, and the evolving media landscape. However, as he himself has pointed out, the modern discourse surrounding the game has become increasingly toxic—potentially deterring the next generation from stepping into the spotlight. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Tristan Harris, a former design ethicist at Google, has raised alarms about the detrimental effects of technology on human well-being. (Listen)

EXTRA BREVITI

• Google Urges U.S. Government to Abandon Breakup Efforts Amid Antitrust Cases. (Read More)

• Ukrainian President Volodymyr Zelensky has vowed to “make things right” with U.S. President Donald Trump. (Read More)

• China has set an economic growth target of "around 5%" for 2025, maintaining its goal despite looming U.S. tariffs and economic headwinds. ( Read More )

• President Donald Trump is pushing to eliminate the CHIPS and Science Act, the $52.7 billion semiconductor subsidy program passed under President Joe Biden in 2022. (Read Deeper)