💰️ Elon Musk’s Tesla Pay Package Rejected

☀️Good morning. It's Tuesday, Dec. 3, and we're covering, Intel CEO Pat Gelsinger Steps Down Amid Struggles To Revive Chipmaking Giant, The Race To Automate Online Shopping With AI Agents Heats Up, Fuel Oil Smuggling Network In Iraq Generates $1 Billion Annually For Iran, 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 $3.49 Trillion, a 1.12% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $278.97B, which makes a 57.72% increase.

• The total volume in Defi is currently $27.72B, 9.94% of the total crypto market 24-hours.

• The volume of all stablecoins is now $245.73B, which is 88.09% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 54.55%, a decrease of 0.91% over the day.

XRP, Chainlink, And Hedera Soar Amid Market Speculation

The cryptocurrency market saw significant gains over the weekend and early Monday, with XRP, Chainlink, and Hedera leading the charge. As of midday Monday, XRP had surged 36% in the last 24 hours and 55% since Friday’s close, bringing its market cap to $273 billion. Chainlink, another standout in today’s crypto market, has jumped 21.3% in the past 24 hours and 22.6% since Friday. Hedera is up 45.6% in the last 24 hours and 87.9% since Friday. The token’s rise is partly fueled by analysts observing significant accumulation by large holders, which suggests a long-term investment outlook. (Read Deeper)

BUSINESS & FINANCE

Intel CEO Pat Gelsinger Steps Down Amid Struggles To Revive Chipmaking Giant

Intel CEO Pat Gelsinger has been forced out after the company’s board lost confidence in his ability to turn around the struggling chipmaker. Gelsinger, brought in three years ago to restore Intel's dominance, faced increasing challenges in regaining market share, particularly with rivals like Nvidia dominating the AI market. Despite efforts to expand Intel's business into foundry services, the company has struggled with poor product offerings, rising debt, and a surprising loss in earnings.

Takeaway: Gelsinger’s departure follows disappointing financial results, including a 15% workforce reduction and the suspension of Intel's dividend. His exit is seen as a response to Intel’s failure to close the gap with competitors and capitalize on opportunities in AI. In the interim, CFO David Zinsner and EVP Michelle Johnston Holthaus have stepped in as co-CEOs while Intel searches for a permanent replacement. (Read Deeper)

SpaceX Eyes $350 Billion Valuation In Potential Tender Offer

SpaceX, Elon Musk’s space exploration and satellite company, is considering a tender offer that could value the firm at approximately $350 billion, up from a previously discussed $255 billion last month and a $210 billion valuation earlier this year. The tender would allow employees and early investors to sell shares, offering liquidity in the private company.

Why It Matters: If finalized, the valuation would make SpaceX the world’s most valuable private startup, surpassing its $210 billion valuation in a tender offer earlier this year and rivaling major publicly traded companies in market capitalization. The discussions, described as ongoing, could shift based on interest from sellers and buyers. (Read Deeper)

TECHNOLOGY & SCIENCE

The Race To Automate Online Shopping With AI Agents Heats Up

Tech companies are racing to create AI agents that can handle online shopping, and several major players are already diving into the space. Perplexity, a prominent AI startup, has launched an AI shopping agent for its U.S. customers, designed to navigate retail websites, search for products, and even complete purchases. This AI agent represents an early move by Perplexity, with other tech giants like OpenAI, Google, and Amazon reportedly working on similar systems.

Takeaway: AI shopping agents could revolutionize online retail by saving time for consumers and potentially finding better deals. These agents use a mix of newer and traditional technologies to overcome barriers set by retailers to prevent bots. The technology is still in its early stages. Perplexity's AI agent faced delays and sometimes couldn't complete purchases, such as when an item went out of stock. Some transactions involved human oversight to ensure accuracy. (Read Deeper)

Delaware Judge Rejects Elon Musk’s $56 Billion Tesla Pay Package

Elon Musk faced another setback on Monday as Delaware Chancellor Kathaleen McCormick upheld her earlier ruling invalidating his $56 billion Tesla pay package.
Chancellor Kathaleen McCormick ruled that conflicts of interest and flawed approval processes rendered it unlawful. Despite a second shareholder vote in June 2024 to reapprove the package, McCormick found the process still breached corporate law due to misleading proxy statements and unresolved conflicts. Tesla’s stock saw a slight dip in after-hours trading following the decision.

Why It Matters: Shareholders initially challenged the pay package, claiming it was excessive and improperly approved. Tesla and Musk are expected to appeal the decision to Delaware’s Supreme Court. With Musk’s pay package still in legal limbo, the case could set a precedent for how courts handle conflicts of interest and executive compensation in public companies. The outcome may also prompt closer scrutiny of Musk’s ability to dedicate time and focus to Tesla amid his many other ventures. (Read Deeper)

AROUND DE WORLD & POLITICS

Fuel Oil Smuggling Network In Iraq Generates $1 Billion Annually For Iran

A sophisticated fuel oil smuggling network in Iraq is generating up to $1 billion annually for Iran and its proxies, exploiting a government policy that subsidizes fuel oil for asphalt plants. The smuggling involves two main routes: blending Iraqi fuel with Iranian oil to bypass sanctions and exporting the fuel with falsified documentation. The operation is largely controlled by Shi'ite militias backed by Iran, particularly Asaib Ahl al-Haq (AAH).

Takeaway: The smuggling scheme has persisted despite previous crackdowns. While Sudani’s government has taken steps to reduce fuel allocations to asphalt plants and increase the price of subsidized fuel, the network remains intact. The U.S. is closely monitoring the situation due to its concerns over Iran's circumvention of sanctions. (Read Deeper)

Biden’s Pardon For Hunter Sparks Controversy And Legal Debate

President Joe Biden's pardon of his son, Hunter Biden, has drawn significant attention due to its sweeping nature. The pardon, granted on Sunday, covers any potential federal crimes Hunter may have committed between January 1, 2014, and December 1, 2024. Legal experts have compared it to the blanket pardon granted to Richard Nixon by Gerald Ford in 1974. The move is seen as a protective measure against future prosecution, particularly by a potential Trump administration, which has expressed interest in investigating the Biden family.

Takeaway: Biden justified the pardon by claiming his son had been "singled out" and that political forces had tainted the legal process. The pardon has sparked criticism from Republicans, who argue it undermines the justice system, while some Democrats defend it as necessary to prevent politically motivated legal action. Legal experts note that the sweeping nature of the pardon is unprecedented in recent history, raising questions about the future use of presidential pardon powers. (Read Deeper)

ENTERTAINMENT & SPORTS

Streamer Kai Cenat Breaks Twitch Subscriber Record During Epic 30-Day Livestream

Kai Cenat, a popular 22-year-old streamer, broke the record for the most subscribers on Amazon’s Twitch during a 30-day subathon in November. Throughout the event, Cenat streamed 24/7, with each new subscription extending the duration. He surpassed 727,700 subscribers, doubling the previous record held by Ironmouse. Cenat also garnered 50 million unique viewers and earned an estimated $3.6 million in revenue. The stream featured celebrity guests like Snoop Dogg, Bill Nye, and Kevin Hart. Cenat pledged to donate 20% of his earnings to fund a school project in Nigeria. (Read Deeper)

Daniel Dubois To Defend Heavyweight Title Against Joseph Parker In Saudi Arabia

Daniel Dubois will defend his IBF heavyweight title against former champion Joseph Parker on February 22 in Saudi Arabia. Dubois, 27, is coming off a dominant win over Anthony Joshua, while Parker, 32, is on a four-fight winning streak, including victories over Deontay Wilder and Zhilei Zhang. The event will also feature Artur Beterbiev defending his undisputed light-heavyweight crown against Dmitry Bivol in a rematch, undefeated Hamzah Sheeraz challenging Carlos Adames for the WBC middleweight title, and other exciting matchups. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• AI agents are rapidly reshaping the cryptocurrency and blockchain landscape, ushering in new possibilities across various sectors, from gaming to decentralized venture capital (VC). (Listen)

EXTRA BREVITI

• The United States has launched its third major crackdown on China’s semiconductor industry, imposing new export restrictions on 140 companies. (Read More)

• Biomedical researchers at Chulalongkorn University in Bangkok have pioneered a new application for Thailand’s famed silk, using its natural fibers to create innovative drug delivery systems. (Read More)

• MicroStrategy Expands Bitcoin Holdings with $1.5B Purchase; Saylor Pushes BTC to Microsoft. (Read More)

• Truong My Lan, the 68-year-old Vietnamese property tycoon, has lost her appeal against the death sentence for orchestrating the world’s largest bank fraud, valued at $44 billion. (Read Deeper)