💰️Elon Musk Gains $26 Billion As Tesla Stock Surges

☀️Good morning. It's Friday, Oct. 25, and we're covering, Joby Aviation Launches $200 Million Public Offering Ahead Of 2025 eVTOL Launch, OpenAI Prepares To Launch Its Next-Gen AI Model, Orion, King Charles III Urges Commonwealth To Address Historical Inequalities 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 $2.3 Trillion, a 0.44% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $73.81B, which makes an 11.28% decrease.

• The total volume in Defi is currently $4.02B, 5.45% of the total crypto market 24-hours.

• The volume of all stablecoins is now $67.84B, which is 91.91% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 57.94%, an increase of 0.45% over the day.

Bitcoin Rallies 3% To Reclaim $68K; Solana Outshines Ether In Cryptocurrency Market

Bitcoin's value increased by 2.9% on Thursday, reclaiming the $68,100 mark, before dropping back to $67,700, as cryptocurrencies rebounded after a slight decline earlier in the week. The CoinDesk 20 index, which tracks the top 20 cryptocurrencies, rose by 2.7%, with Solana outperforming and climbing 3% to near its market cap dominance record of 3.70%. In contrast, Ether only gained 1.1% and hit a new 3.5-year low compared to Bitcoin, currently priced just above $2,500. (Read Deeper)

BUSINESS & FINANCE

Joby Aviation Launches $200 Million Public Offering Ahead Of 2025 eVTOL Launch

Joby Aviation, a startup focused on electric vertical takeoff and landing (eVTOL) vehicles, has launched a public offering to sell up to $200 million in common stock. The funds will be used for certification, manufacturing, and preparations for a commercial launch in 2025. The company plans to offer air taxi services in major cities like New York City and Los Angeles, alongside partners such as Delta Air Lines and Uber and has a $55 million contract with the U.S. Department of Defense.

Takeaway: As part of the offering, Joby intends to provide underwriters with a 30-day option to purchase an additional $30 million in common stock. The timing of the public offering aligns with recent developments from the Federal Aviation Administration (FAA), which has paved the way for eVTOLs to operate within U.S. airspace alongside helicopters and airplanes. The FAA also established guidelines for eVTOL pilot training and operational regulations. (Read Deeper)

Elon Musk Gains $26 Billion As Tesla Stock Surges After Strong Earnings

Tesla shares rose by 22% on Thursday, boosting CEO Elon Musk’s net worth by $26 billion and positioning him with an estimated $270 billion fortune. This significant increase, Tesla's largest stock surge since 2013, followed a strong earnings report and Musk’s optimistic projections of 20-30% growth for 2025. During Tesla’s investor forum, some shareholders voiced concerns about Musk’s political engagement, fearing it might harm Tesla’s brand and shareholder value.

Takeaway: Tesla’s earnings included revenue of $739 million from environmental credits and $326 million from its Full Self-Driving (FSD) system, contributing to the company’s better-than-expected results. Musk also hinted at Tesla's ambitious autonomous future, including plans for a driverless ride-hailing service that is expected to launch in California and Texas next year. However, Tesla has faced challenges in the driverless car space, especially as rivals like Waymo have already launched commercial services. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI Prepares To Launch Its Next-Gen AI Model, Orion

OpenAI is set to release its next major AI model, codenamed Orion, by December, marking a significant leap in the company’s AI development. Orion will be made available to select business partners rather than the general public, with Microsoft preparing to host the model on its Azure platform by November. While Orion is seen as a successor to GPT-4, it’s uncertain if it will be called GPT-5.

Takeaway: The new model is anticipated to be 100 times more powerful than GPT-4, aligning with OpenAI’s long-term goal of achieving artificial general intelligence (AGI). The release coincides with OpenAI’s $6.6 billion funding round and restructuring but comes at a time of internal changes, including the departure of key executives like CTO Mira Murati and Chief Research Officer Bob McGrew. (Read Deeper)

UnitedHealth Hack Affects 100 Million, Becomes Largest U.S. Healthcare Data Breach

In February, UnitedHealth's tech subsidiary, Change, was targeted in a massive cyberattack impacting the personal data of approximately 100 million people, marking it as the largest healthcare data breach in U.S. history, according to the U.S. Department of Health & Human Services (HHS). This hack, perpetrated by the ransomware group ALPHV, also known as BlackCat, compromised sensitive information such as health insurance member IDs, patient diagnoses, treatment data, Social Security numbers, and billing codes.

Takeaway: UnitedHealth began notifying affected individuals in June as required, but the breach has caused significant disruptions in claims processing and healthcare services nationwide, impacting both patients and providers. The financial impact has also been severe, with the company forecasting around $705 million in business disruptions, issuing loans to affected providers, and covering customer notification costs. (Read Deeper)

AROUND DE WORLD & POLITICS

King Charles III Urges Commonwealth To Address Historical Inequalities

In his first speech as Head of the Commonwealth, King Charles III addressed the need to confront historical inequalities, particularly those stemming from the transatlantic slave trade. While avoiding the term "reparations," he urged leaders to find "creative ways" to tackle these enduring issues and emphasized that although the past cannot be changed, understanding it is essential for making better choices in the future.

Takeaway: The King's comments come amid ongoing discussions about reparations, with the UK government facing calls for financial compensation. Labour leader Sir Keir Starmer acknowledged the importance of the conversation but did not support official apologies or reparations, advocating instead for a focus on future opportunities. (Read Deeper)

Israeli Airstrike Claims Lives Of Three Journalists In Southern Lebanon

In an Israeli airstrike early Friday, at least three journalists were killed in southern Lebanon while they were staying in a guesthouse in Hasbaya. The victims included Ghassan Najjar and Mohamed Reda, who worked for the pro-Iranian news outlet Al-Mayadeen, along with another cameraman affiliated with Hezbollah's Al-Manar. The targeted strike drew condemnation from Al-Mayadeen's director, who labeled it a "war crime."

Takeaway: The Committee to Protect Journalists highlighted that at least 128 journalists and media workers have been killed since the Gaza conflict began, marking the deadliest period for the profession since 1992. Most casualties have been among Palestinian journalists. U.S. Secretary of State Antony Blinken emphasized the importance of avoiding a prolonged conflict in Lebanon while discussions for a Gaza ceasefire and the release of hostages are set to resume. (Read Deeper)

ENTERTAINMENT & SPORTS

Chelsea Thrash Panathinaikos 4-1 In The Conference League

Chelsea’s second-string squad showcased their depth with a commanding 4-1 victory over Panathinaikos in the Conference League. João Félix opened the scoring and later added another in the second half, with Mykhailo Mudryk also contributing a goal and two assists. Christopher Nkunku converted a penalty after a Panathinaikos handball, extending Chelsea's lead. Panathinaikos managed a consolation goal through Facundo Pellistri, but Chelsea’s dominance was evident throughout, securing a strong away win in their European campaign. (Read Deeper)

Beyoncé’s New Fragrance Line Sparks Excitement Among Fans

Beyoncé has once again set her fans abuzz with the announcement of a new fragrance, Cé Lumière, following the successful release of Cé Noir last year. The announcement was teased on her Instagram, where she shared a silhouette against a burnt orange backdrop and a caption quoting lyrics from her recent song “Protector.” Fans immediately shared their excitement, with some joking about spending their savings, while others praised the stunning imagery and expressed hopes for a tour. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• If you've ever felt skeptical about capitalism or questioned whether the current version is truly the best or only economic system worth considering, you’re not alone. (Listen)

EXTRA BREVITI

• Anthropic has enhanced its Claude chatbot by giving it the ability to write and execute JavaScript code. This new feature is called the "analysis tool,". (Read More)

• Archaeologists have unearthed the remnants of two medieval cities in the mountainous regions of eastern Uzbekistan, a finding that could transform our understanding of the historic Silk Road trade routes. (Read More)

• Remy Cointreau has announced a downward adjustment to its financial forecast for the year, citing multiple factors affecting its sales across key regions. (Read More)