Google Faces New Antitrust Trial Over Ad Tech Monopoly 🔎

Good morning. It's Monday, Sept. 9, and we're covering, Elon Musk Denies Revenue-Sharing Talks Between xAI And Tesla, Bending Spoons To Cut 75% Of WeTransfer Staff Post-Acquisition, Scholz Pushes For Faster Resolution To Ukraine And Russia Conflict, and much more. First time reading? Sign up to get this newsletter: Sign up here.

We always Listen and respond to questions and feedback, email us at [email protected]

MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $1.94 Trillion, a 0.67% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $48.29B, which makes a 15.07% increase.

• The total volume in Defi is currently $2.26B, 4.68% of the total crypto market 24-hours.

• The volume of all stablecoins is now $43.51B, which is 90.09% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.76%, an increase of 0.07% over the day.

BUSINESS & FINANCE

Elon Musk Denies Revenue-Sharing Talks Between xAI And Tesla

Elon Musk has denied a Wall Street Journal report suggesting that xAI, his AI startup, is negotiating with Tesla for a share of revenue in exchange for providing technology and resources. According to the report, Tesla might use xAI's models for its driver-assistance systems and other features. Musk dismissed the report as inaccurate, stating Tesla does not need to license xAI's technology.

Why It Matters: Elon Musk acknowledged that xAI has contributed to Tesla's progress but emphasized that there is no formal revenue-sharing agreement in place. xAI, launched last year to rival Microsoft-backed OpenAI, has been involved in discussions about integrating its chatbot, Grok, with Tesla's software. (Read Deeper)

Google Faces New Antitrust Trial Over Ad Tech Monopoly

Google is facing a new antitrust trial focusing on its dominance in online advertising technology. The Justice Department and a coalition of states argue that Google has monopolized the technology that connects online publishers with advertisers, allowing the company to keep up to 36% of transaction revenues. Despite Google's defense that the market has shifted towards social media and streaming services and a decline in ad revenue from its Google Networks division, the trial will scrutinize its control over ad tech.

Why It Matters: This trial follows a recent ruling declaring Google's search engine a monopoly. The court has yet to impose remedies in that case, but potential outcomes could include breaking up parts of Google's business. This new case could result in significant divestitures of Google's ad tech assets, which generate billions in revenue. (Read Deeper)

TECHNOLOGY & SCIENCE

Bending Spoons To Cut 75% Of WeTransfer Staff Post-Acquisition

Bending Spoons, an Italian app company that acquired WeTransfer in July, plans to lay off 75% of WeTransfer's employees. The company aims to downsize and refocus WeTransfer to better align with its long-term vision. The restructuring follows Bending Spoons' pattern of reducing staff at acquired companies to boost profitability. This move comes after WeTransfer introduced a new feature allowing users to extend link expiry dates, though future product plans remain unclear.

Takeaway: Bending Spoons CEO Luca Ferrari explained that the company typically re-evaluates and restructures acquired businesses to align them with a long-term vision, often resulting in significant changes, including staff reductions. This approach has been consistent with Bending Spoons' previous acquisitions, including job cuts at Evernote and Meetup. (Read Deeper)

Boeing Starliner’s Successful Returned To Earth

Boeing's Starliner spacecraft, after a troubled mission, has landed safely back on Earth. However, due to propulsion system problems experienced during its approach to the ISS, NASA decided not to return astronauts Suni Williams and Butch Wilmore aboard Starliner. They will remain on the ISS for an additional five months and return to Earth in February on a SpaceX spacecraft. NASA officials and Boeing are working on resolving the issues that led to the decision to send the astronauts back on another spacecraft.

Takeaway: The Starliner mission, launched in June, was intended as a final test before NASA’s certification. Problems, including faulty thrusters and helium leaks, led NASA to decide against a crewed return. Boeing is now reviewing the data to address these issues and determine the future of the program. Despite the successful landing, the mission’s challenges raise questions about Starliner's readiness for regular crewed flights. (Read Deeper)

AROUND DE WORLD & POLITICS

Scholz Pushes For Faster Resolution To Ukraine And Russia Conflict

German Chancellor Olaf Scholz has called for renewed efforts to bring an end to Russia's war in Ukraine, suggesting that Russia should be included in future peace talks. Speaking in an interview with Germany's ZDF public television, Scholz stressed the need to accelerate progress toward resolving the conflict. He indicated that he and Ukrainian President Volodymyr Zelenskyy agree on involving Russia in upcoming peace negotiations.

Why It Matters: Scholz faces increasing political pressure over his government’s support for Ukraine, including financial and military aid. Populist parties that oppose arming Ukraine gained ground in recent state elections, and some members of Scholz’s Social Democratic Party have urged more emphasis on diplomacy with Russia. Zelenskyy has laid out a 10-point peace plan, which includes the full withdrawal of Russian forces from Ukrainian territory and accountability for war crimes. (Read Deeper)

Fuel Truck Explosion In Nigeria Kills At Least 48

At least 48 people were killed in Nigeria's north-central Niger state after a fuel tanker collided with a truck carrying people and cattle, leading to a massive explosion. The fire also claimed the lives of at least 50 cattle, and many victims were burned to death. Authorities gave the deceased a mass burial, and it remains unclear how many people were injured.

Takeaway: Fatal truck accidents are common in Nigeria, where an inefficient railway system forces the transportation of goods by road. Factors such as reckless driving, poor road conditions, and poorly maintained vehicles often lead to fatal crashes. In 2020, the country saw 1,531 petrol tanker crashes, resulting in 535 fatalities and over 1,100 injuries. (Read Deeper)

ENTERTAINMENT & SPORTS

Taylor Swift And Travis Kelce Attend U.S. Open

Taylor Swift and Travis Kelce were spotted together at the U.S. Open in New York City on September 8, enjoying the men's final match at Arthur Ashe Stadium. The couple had a busy weekend, including a pizza date in Brooklyn, attending a wedding at Electric Lady Studios, and making appearances at various social events around the city. (Read Deeper)

Ronaldo Shines With 901st Goal As Scotland Struggles

Cristiano Ronaldo scored his 901st career goal in Portugal’s Nations League match against Scotland, celebrating with fervor despite his move to Saudi Arabia’s Pro League. Ronaldo’s goal helped Portugal secure a victory, and his performance highlighted his continued relevance and passion for the game. Scotland, led by manager Steve Clarke, faced challenges as they conceded late goals and have struggled defensively, marking a concerning trend in their recent games. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Shawn O’Malley breaks down different investors’ approaches to finding the best of the best companies to own. (Listen)

EXTRA BREVITI

• The Try Guys have shifted away from relying on YouTube’s algorithms and ad revenue by launching their streaming service, 2nd Try. (Read More)

• Starlink, the satellite internet service owned by Elon Musk, has officially launched in Zimbabwe. (Read More)

• Venezuelan opposition candidate Edmundo González has pledged to continue his fight for democracy after being granted asylum in Spain. (Read More)