🤯Elon Musk loses $29 billion

☀️Good morning. It's Tuesday, Mar. 11, and we're covering, Elon Musk’s Net Worth Drops $29 Billion In A Single Day As Tesla Stock Plummets, CoreWeave Secures $11.9 Billion Deal With OpenAI, Saudi Arabia’s 100-Mile Skyscraper Project Faces Major Financial Setbacks, 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 $2.61 Trillion, a 3.01% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $157.62B, which makes a 53.60% increase.

• The total volume in Defi is currently $9.11B, 5.78% of the total crypto market 24-hours.

• The volume of all stablecoins is now $148.25B, which is 94.05% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 60.97%, an increase of 0.50% over the day.

Bitcoin, Ether Slide as US Stock Market Turmoil Spills Into Crypto

Cryptocurrencies, including Bitcoin and Ether, declined as fears over a US stock selloff outweighed recent pro-crypto moves by President Donald Trump. Bitcoin fell over 3%, while Ether dropped as much as 6% to its lowest level since October 2023 before recovering some losses. Bitcoin was trading at $79,300 in Singapore, with analysts predicting support levels at $73,000 and $70,000, where strong buying interest is expected. The selloff followed a sharp decline in US equities, with the Nasdaq 100 plunging 3.8%, its worst day since October 2022. Investors are concerned about potential economic disruptions from Trump’s trade wars with Canada, Mexico, and China. (Read Deeper)

BUSINESS & FINANCE

Elon Musk’s Net Worth Drops $29 Billion In A Single Day As Tesla Stock Plummets

Elon Musk’s net worth dropped by $29 billion in one day after Tesla’s stock fell 15%, marking its worst decline since 2020. Despite the loss, Musk remains the world’s richest person with $301 billion. Investors are concerned that his involvement with Trump’s Department of Government Efficiency (DOGE) is distracting him from Tesla. Adding to Tesla’s troubles, company facilities have recently been targeted in a series of attacks, including gunfire and acts of vandalism.

Takeaways: Tesla shares fell 15% on Monday, marking their worst single-day drop since September 2020. The decline contributed to a broader market selloff, with the Nasdaq 100 down 4% and the S&P 500 dropping 3%. Tesla’s stock has now plunged 55% from its December highs, and Musk’s wealth has fallen by more than $132 billion—over 30%—so far this year. (Read Deeper)

Stocks Fall In US And Asia Amid Trump Tariff Concerns

Stock markets in the US and Asia fell due to investor concerns over President Donald Trump’s tariffs and their potential economic impact. Trump described the economy as being in a “period of transition,” prompting fears of a slowdown. While White House officials claim the tariffs are attracting investment, experts warn that businesses and consumers are becoming more cautious, potentially hurting long-term growth.

Takeaways: The US markets saw a sharp decline on Monday, with the Nasdaq dropping 4%, the S&P 500 falling 2.7%, and the Dow Jones down 2%. Asian markets followed suit, with Japan’s Nikkei 225 down 1.7% and South Korea’s Kospi falling 1.3%. Tech stocks were hit hardest, with Tesla plunging 15.4% and Nvidia dropping over 5%. Analysts attribute the sell-off to uncertainty over Trump’s trade policies, which some fear will lead to inflation and economic stagnation. (Read Deeper)

TECHNOLOGY & SCIENCE

CoreWeave Secures $11.9 Billion Deal With OpenAI

CoreWeave, an AI infrastructure startup backed by Nvidia, has signed a five-year, $11.9 billion deal with OpenAI to provide computing power ahead of its anticipated IPO. As part of the agreement, OpenAI will receive $350 million in CoreWeave shares through a private placement at the time of its stock market debut. CoreWeave’s IPO will be one of the largest in the AI space, potentially setting the stage for other AI startups to enter public markets. Its shares will trade on Nasdaq under the ticker CRWV.

Takeaways: The deal strengthens CoreWeave’s position in the AI market, complementing OpenAI’s existing partnerships with Microsoft, Oracle, and SoftBank. CoreWeave, which specializes in AI data centers and high-powered chips, is expected to go public in 2025 at a valuation exceeding $35 billion. Despite impressive revenue growth—from $228.9 million in 2023 to $1.92 billion in 2024—the company posted a net loss of $863.4 million last year. (Read Deeper)

Musk Blames X Outage On Cyberattack, Experts Express Doubt

Social media platform X experienced widespread outages on Monday, with Elon Musk blaming a powerful cyberattack that he suggested may have been state-sponsored. However, cybersecurity experts cast doubt on his claim, pointing out that denial-of-service (DoS) attacks, which overwhelm websites with traffic, are often carried out by small groups or individuals.

Takeaways: Musk later stated that the attack originated from IP addresses in Ukraine, but an industry source contradicted this, saying most of the rogue traffic came from the U.S., Vietnam, and Brazil, with Ukraine’s involvement being minimal. Experts also noted that tracing the true origin of such attacks is difficult. Musk’s remarks come as he continues to criticize Ukraine’s war efforts while acknowledging that its military relies on his Starlink satellite service. (Read Deeper)

AROUND DE WORLD & POLITICS

Saudi Arabia’s 100-Mile Skyscraper Project Faces Major Financial Setbacks

Saudi Arabia’s Neom project, including the ambitious 100-mile-long skyscraper The Line, is facing severe financial and ethical challenges. Originally estimated to cost $8.8 trillion, the project has seen officials manipulate financial data to hide ballooning expenses. Construction plans have been drastically scaled back, with only 1.5 miles of The Line expected to be built in the next decade. Former CEO Nadhmi al-Nasr resigned amid the scandal, and many parts of the project remain unfinished.

Takeaways: An audit uncovered evidence of cost inflation, including dramatically increasing hotel prices to make the project appear more profitable. Despite these issues, Crown Prince Mohammed bin Salman has resisted cost-saving measures. Meanwhile, Neom has also been mired in controversy, with allegations that tens of thousands of foreign workers have died during construction. (Read Deeper)

Elon Musk Says DOGE Involvement Is Straining His Businesses

Elon Musk admitted in a Fox interview that his role in the Department of Government Efficiency (DOGE), Donald Trump’s initiative to cut federal spending, has made it difficult to run his businesses, including X, Tesla, SpaceX, and Neuralink. Despite this, he confirmed he will remain involved for another year. Musk dismissed reports on DOGE’s performance, emphasizing action over paperwork. His continued involvement raises concerns about his regulatory influence and potential conflicts of interest.

Takeaways: DOGE has faced criticism for overstating government spending cuts and handling sensitive government data insecurely. Critics argue that Musk has used the initiative to weaken regulations that impact his businesses, including reducing oversight on Tesla’s autonomous driving, X’s financial services, and SpaceX’s safety compliance. (Read Deeper)

ENTERTAINMENT & SPORTS

Man United’s Ratcliffe: Some Players ‘Not Good Enough’ Or ‘Overpaid’

Manchester United co-owner Sir Jim Ratcliffe has openly criticized some of the club’s current and former players, stating that several are either "not good enough" or "probably overpaid." In an interview with BBC Sport, Ratcliffe specifically mentioned Casemiro, Rasmus Hojlund, Andre Onana, Antony, and Jadon Sancho—players he said his regime had "inherited" upon taking control of football operations. The billionaire, who acquired a 28.94% stake in the club for £1.3 billion last year, acknowledged the struggles United faces, including financial difficulties that could see the club "run out of money" by the end of the year if decisive actions aren’t taken. (Read Deeper)

YouTuber Alysha Burney Passes Away At 25

The online influencer community is mourning the sudden loss of Alysha Burney, a popular YouTuber and TikTok creator known for her viral parody videos. Burney passed away in her sleep on March 2 while on vacation in Cabo San Lucas, Mexico, her brother Charles Burney confirmed to FOX4 News. She was 25 years old. In a statement shared on Instagram, Charles expressed deep sorrow over his sister's passing and requested privacy for the family as they grieve. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Developing strategic thinking involves adopting mental models that enhance decision-making and problem-solving skills. By integrating these mental models into your thought processes, you can enhance your strategic thinking abilities and navigate complex situations more effectively. (Listen)

EXTRA BREVITI

• Chinese electric vehicle (EV) maker Xpeng is considering investing up to 100 billion yuan ($13.8 billion) in humanoid robotics. (Read More)

• Ukraine carried out its most extensive drone attack on Moscow to date, with at least 91 drones targeting the Russian capital. (Read More)

• Only Seven Countries Met WHO Air Quality Standards in 2024. (Read More)