Elon Musk's xAI to Open-Source Grok🤖 Haiti in Crisis 🔥

Good morning. It's Tuesday, Mar. 12, and we're covering, Bitcoin Surges Beyond $72,000, Reddit Targets Up to $6.4 Billion Valuation in Much-Awaited US IPO, Elon Musk's xAI to Open-Source Grok, 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 $2.72 Trillion, a 3.87% in the last 24 hours.

• The total crypto market volume over the last 24 hours is $167.99B, which makes a 41.62% decrease.

• The total volume in Defi is currently $13.86B, 8.25% of the total crypto market 24-hours.

• The volume of all stablecoins is now $151.71B, which is 90.31% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.22%, a decrease of 0.16% over the day.

Bitcoin Surges Beyond $72,000 to Reach Fresh All-Time Highs

Bitcoin has once again shattered records, surpassing the $70,000 mark for only the second time in its history. The cryptocurrency's price surged to over $71,200 in intraday trading, marking a 2.4% increase. ( Read Deeper )

BUSINESS & FINANCE

Reddit Targets Up to $6.4 Billion Valuation in Much-Awaited US IPO

Reddit, the popular social media platform, is gearing up for one of the most anticipated stock market debuts in recent years with its U.S. initial public offering (IPO). The company aims for a valuation of up to $6.4 billion, as disclosed on Monday. Reddit plans to offer approximately 22 million shares, priced between $31 and $34 each, aiming to raise $748 million. This valuation falls short of the $10 billion mark the company achieved after a fundraising round in 2021.

Takeaway: Reddit's IPO puts a spotlight on its efforts to monetize its platform, which has historically struggled to turn a profit. The company's ability to successfully implement monetization strategies will be closely watched by investors and could influence future approaches within the social media industry. ( Read Deeper )

RasMal Acquires Pentugram to Boost Private Capital Management Expansion

RasMal, a leading equity management platform based in Saudi Arabia, has strategically moved by acquiring Pentugram, a cloud-based SaaS tool specializing in automating investment processes. For an undisclosed sum, the acquisition showed RasMal's dedication to supporting the entrepreneurial ecosystem and simplifying fundraising and investment procedures across the Middle East and North Africa (MENA) region.

Why it matters: RasMal's acquisition of Pentugram allows it to diversify and expand its service offerings into private capital management solutions. This move positions RasMal as a comprehensive platform catering to the needs of investors and fund managers. ( Read Deeper )

TECHNOLOGY & SCIENCE

Elon Musk's xAI to Open-Source Grok, Amidst Debate Over Open-Source AI

Elon Musk's AI startup xAI is set to open-source its chatbot, Grok, this week, in a move that comes shortly after Musk sued OpenAI, alleging a departure from its open-source principles. Grok, designed to rival ChatGPT, was released by xAI last year, offering features such as access to real-time information and unfiltered viewpoints. While Musk didn't specify all aspects of Grok to be open-sourced, this decision marks a significant shift amidst the ongoing debate over the direction of open-source AI development.

Takeaway: Elon Musk has long been an advocate for open-source principles, evident in initiatives like Tesla's open-sourcing of patents and xAI's decision to open-source some of its algorithms. Musk's reaffirmation of his criticism towards OpenAI reflects his commitment to transparency and collaboration in AI development. ( Read Deeper )

Trump Warns of TikTok Threat While Acknowledging Impact on Youth

Former U.S. President Donald Trump reiterated his stance that TikTok poses a national security threat, highlighting ongoing concerns about the app's ties to the Chinese government. Trump's remarks come as lawmakers consider legislation aimed at addressing these security risks.

Why it Matters: The concerns raised by former President Trump and lawmakers about TikTok's ties to the Chinese government highlight broader anxieties about data privacy and foreign influence.

AROUND DE WORLD & POLITICS

Biden Proposes $7.3 Trillion Budget for 2025 with Focus on Taxing the Wealthy and Corporations

President Biden's proposed 2025 budget outlines tax hikes on billionaires, corporate profits, and other measures to generate revenue for key programs like Social Security and Medicare. The plan aims to reduce the federal deficit by $3 trillion over the next decade by imposing a minimum 25% tax rate on the unrealized income of the wealthiest households and reshaping the corporate tax code.

Why it matters: Economic issues, including taxation and social programs, are often key factors for voters in elections. Biden's proposed budget and its reception by the public could influence voter sentiment and perceptions of his administration's performance, particularly regarding economic matters. ( Read Deeper )

Haiti in Crisis: Gang Violence Paralyzes Nation, International Response Urgent

Haiti, once hailed as the first black-led republic in the world and the beacon of hope for liberation is now teetering on the edge of collapse. Over the weekend, Port-au-Prince, the capital of Haiti, became a battleground as heavily armed gangs launched brazen attacks on government buildings, including the National Palace and the Interior Ministry.

Takeaway: The collapse of governance and the rule of law in Haiti, evidenced by gangs' control over the capital and the inability of the prime minister to return, highlights the fragility of the nation's institutions. With law enforcement agencies overwhelmed and demoralized, the prospects of restoring order seem increasingly bleak. ( Read Deeper )

ENTERTAINMENT & SPORTS

John Cena Adds Comic Relief to Oscars Presentation with Near-Nude Stunt

The playful exchange between Kimmel and Cena began with the host joking about the idea of a nude man running across the stage, referencing a historic Oscars moment from 1974. Cena, however, humorously rejected the suggestion, emphasizing the need to treat the male body with respect. Despite opting out of the streaking bit, Cena's witty remarks and comedic timing kept the audience entertained. ( Read Deeper )

Mikel Arteta Optimistic About Arsenal's Champions League Prospects Against Porto

Arsenal manager Mikel Arteta is optimistic about his team's chances in the second leg of their Champions League last-16 tie against Porto on Tuesday, despite a 1-0 defeat in the first leg. Arteta believes that Arsenal can "control better" their performance in the upcoming match and hopes that the fans will provide the necessary energy to help the team secure a victory. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

Robert sits down with Neil Patel to talk about how he got his start as an entrepreneur, his thoughts on side hustles, and how everyone should own their dream. ( Listen )

EXTRA BREVITI

• Newlands VC, the super-secretive investment firm bankrolled by WhatsApp co-founder Jan Koum, is leading a $10 million investment into SuperAGI ( Read More )

• The European Central Bank (ECB) has opted to maintain its record-high interest rates while simultaneously revising its inflation projections. ( Read More )