Deadly Airstrikes In Gaza: 35 Killed In Rafah 😭

Good morning. It's Monday, May. 27, and we're covering Shareholders Urged To Reject Elon Musk's $56 Billion Pay Package, xAI Secures $6 Billion In Series B Funding Round, Nigeria Government Cracks Down On Illegal Mining, 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 $2.57 Trillion, a 0.05% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $67.7B, which makes a 30.81% increase.

• The total volume in Defi is currently $6.07B, 8.96% of the total crypto market 24-hours.

• The volume of all stablecoins is now $61.4B, which is 90.69% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.55%, a decrease of 0.50% over the day.

BUSINESS & FINANCE

Shareholders Urged To Reject Elon Musk's $56 Billion Pay Package

Proxy advisory firm Glass Lewis has advised Tesla shareholders to reject a proposed $56 billion pay package for CEO Elon Musk, a deal that would be the largest in corporate America if approved. Glass Lewis pointed to the unprecedented scale of the pay package, suggesting it is disproportionately large. The firm expressed concern about the potential dilutive effect on shareholders upon the exercise of the pay package. Musk's involvement in numerous high-profile projects, including his acquisition of Twitter (now known as X), is cited as a potential distraction from his responsibilities at Tesla.

Takeaway: The pay package, proposed by Tesla's board of directors, has been controversial due to the close ties between the board and Musk. The package does not include a salary or cash bonus but sets rewards based on Tesla's market value reaching up to $650 billion over a ten-year period starting from 2018. As of now, Tesla's market value is approximately $571.6 billion. ( Read Deeper )

China Launches $47.5 Billion Fund To Boost Semiconductor Sector

China has unveiled its third state-backed investment fund aimed at bolstering the country's semiconductor industry, with a registered capital of 344 billion yuan ($47.5 billion). President Xi Jinping's call for China to achieve self-sufficiency in semiconductors has gained urgency amidst escalating geopolitical tensions. The move comes in response to the United States' imposition of export control measures, citing concerns over Beijing's potential military application of advanced chip technology. The newly established third phase of the China Integrated Circuit Industry Investment Fund, also known as the "Big Fund," is the largest among the three funds initiated by the Chinese government.

Takeaway: By nurturing domestic semiconductor capabilities, China aims to reduce its reliance on foreign technology and enhance its competitiveness in the global semiconductor market. The establishment of the third phase of the fund show China's determination to advance its semiconductor industry ( Read Deeper )

TECHNOLOGY & SCIENCE

xAI Secures $6 Billion In Series B Funding Round

Elon Musk's artificial intelligence venture, xAI, has secured $6 billion in its Series B funding round. The round attracted investments from high-profile firms and individuals, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding.

Why it matters: The company has consistently delivered groundbreaking advancements in AI technology, and the latest funding round will enable it to continue its trajectory of innovation and advancement. ( Read Deeper )

The Astronomical Costs Of Peering Into The Cosmos

As humanity's understanding of the universe expands, so does the price tag attached to our cosmic curiosity. The future of astronomy shines brightly with groundbreaking discoveries on the horizon, but the journey into the unknown comes with a hefty price. Projects like the Thirty Meter Telescope (TMT) and the Giant Magellan Telescope (GMT) face mounting obstacles, from indigenous opposition to construction delays exacerbated by the pandemic and inflation. With each telescope carrying a price tag of around $3 billion, securing federal funding has become a daunting task.

Takeaway: In the pursuit of knowledge, astronomers find themselves at a crossroads, balancing the boundless mysteries of the universe with the stark realities of financial constraints. As the cosmos beckons with tantalizing discoveries, the astronomical costs serve as a sobering reminder of the challenges that lie ahead in humanity's quest to unlock the secrets of the cosmos. ( Read Deeper )

AROUND DE WORLD & POLITICS

Deadly Airstrikes In Gaza: 35 Killed In Rafah Amid Rising Conflict

Israeli airstrikes targeted the southern Gaza Strip city of Rafah, killing at least 35 Palestinians and wounding dozens, according to Palestinian health and civil emergency service officials. The strikes targeted a Hamas compound and reportedly took out Hamas' chief of staff for the West Bank and another senior official involved in attacks on Israelis. The Israeli military stated that the strike used "precise ammunition and on the basis of precise intelligence," and acknowledged reports of civilian casualties, stating the incident is under review.

Takeaway: Hamas launched rockets from the Rafah area, prompting sirens in Tel Aviv for the first time in four months. The Israeli military intercepted several projectiles, and there were no reports of casualties from the rocket fire. Fighting also persisted in the northern Gaza area of Jabaliya. The Israeli military reported discovering a weapons storage site at a school during one of its raids. ( Read Deeper )

Nigeria Government Cracks Down On Illegal Mining

Nigeria’s government is intensifying its efforts to combat illegal mining, arresting dozens of unlicensed miners since April for allegedly stealing lithium, a critical mineral essential for electric vehicles, smartphones, and power systems. The global shift towards clean energy has spiked demand for lithium, tin, and other minerals, prompting Nigeria to tighten control over its fledgling mining industry. In mid-May, a joint operation by soldiers and police targeted a market in Kishi, Oyo State, known for the illicit lithium trade.

Why it matters: The Nigerian government has established a 2,200-strong "corps of mining marshals" to specifically address illegal mining. This new corps complements existing law enforcement efforts, aiming to reduce the estimated $9 billion annual loss from resource theft. ( Read Deeper )

ENTERTAINMENT & SPORTS

Golf Community Mourns The Loss Of Grayson Murray

The PGA Tour was shaken by the tragic news of golfer Grayson Murray's passing at the young age of 30. Murray's parents confirmed the devastating news, revealing that their son had taken his own life. In a heartfelt statement, Eric and Terry Murray expressed their profound grief and disbelief at the loss of their son. ( Read Deeper )

Nicki Minaj's Concert In Manchester Postponed After Amsterdam Arrest

Nicki Minaj's Pink Friday 2 World Tour hit a major snag over the weekend as the Grammy-winning rapper found herself detained by Dutch police at Schiphol Airport in Amsterdam on suspicion of marijuana possession. The incident led to the postponement of her concert in Manchester, England, as the artist grappled with the fallout. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Have you ever wondered how personal investments can significantly influence the growth of your business? ( Listen )

EXTRA BREVITI

• The recent approval of an Ether exchange-traded fund (ETF) in the United States has sparked excitement and speculation within the cryptocurrency community. While many anticipate that an Ether ETF will enjoy success, analysts caution that its trajectory may differ from that of Bitcoin ETFs. ( Read More )

• Young royals face National Service under Sunak’s election plans( Read More )