Lawyers Seek $6 Billion Fee and Hamas In Cairo For Cease-Fire Talks

Good morning. It's Monday, Mar. 4, and we're covering, Lawyers Seek $6 Billion Fee, Camshaft revealing the transfer of $533 million to Byju’s, Hamas in Cairo for cease-fire talks, 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 $2.35 Trillion, a 0.84% change in the last 24 hours.

• The total crypto market volume over the last 24 hours is $92.56B, which makes a 11.02% decrease.

• The total volume in DeFi is currently $9.05B, 9.78% of the total crypto market 24-hour volume.

• The volume of all stablecoins is now $79.86B, which is 86.34% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently 52.12%, a decrease of 0.1% over the day.

BUSINESS & FINANCE

Camshaft Reveals Transfer of $533 Million Byju’s Funds

Camshaft, a wealth management firm, disclosed in court filings that it transferred $533 million managed for Byju’s Alpha, a U.S. unit of Indian edtech giant Byju’s, to another subsidiary, Inspilearn LLC. This revelation counters allegations of misappropriation, with Camshaft clarifying that Byju’s entities were not limited partners in the hedge fund.

Why it Matters: Byju’s affirmed its beneficiary status of the funds, emphasizing that its Credit Agreement with lenders did not mandate fund usage specifics. The disclosure comes amidst legal battles and shareholder disputes, including a rights issue dispute impacting employee salaries, and a vote to remove Byju Raveendran as CEO. (Read Deeper)

Santander Implements Digital Transformation, Cuts 320 U.S. Jobs

• The Spanish banking giant, Santander, has reportedly reduced its U.S. workforce by around 2.7%, with the recent layoffs targeting employees primarily engaged in retail operations. This workforce reduction comes amidst Santander's strategic shift towards its digital capabilities and streamlining processes to better align with evolving customer preferences.
  

• Takeaway: The workforce reduction at Santander reflects the shifting priorities and operational changes within the organization. While the layoffs may pose challenges for affected employees, they also signify the bank's efforts to optimize its workforce and adapt to changing business requirements in the digital age. (Read Deeper)

TECHNOLOGY & SCIENCE

Legal Battle Over Elon Musk's Compensation, Lawyers Seek $6 Billion Fee

• A recent legal saga involving Elon Musk's $56 billion compensation package has taken an unexpected turn as the lawyers responsible for voiding the deal now seek an unprecedented $6 billion fee, payable in Tesla stock. The request, made by three law firms representing a shareholder who sued Musk over the pay package, has stirred controversy, with Musk himself condemning the demand as "criminal."

  Takeaway: As the subject of the legal dispute, Tesla and its CEO, Elon Musk, are directly impacted by the outcome. The resolution of the case could affect Tesla's financial liabilities, corporate reputation, and the ongoing relationship between Musk and shareholders. (Read Deeper)

Viking Therapeutics Emerges as Prominent Player in Weight Loss Drug Market

• The emergence of Viking Therapeutics as a potential player in the weight loss drug market, coupled with its impressive trial data, has positioned the biotech company as both an entrant and a takeover target. With a market projected to reach $100 billion by the decade's end, Viking aims to challenge the dominance of Eli Lilly and Novo Nordisk in the space.

• Why it matters: Effective weight loss drugs can significantly impact public health by addressing the growing obesity epidemic. With projections of the weight loss drug market reaching $100 billion by the end of the decade, the development of promising treatments like those from Viking Therapeutics could have far-reaching implications for tackling obesity-related health issues. (Read Deeper)

Elon Musk Sued OpenAI Over Alleged Deviation from Mission

• Billionaire entrepreneur Elon Musk has filed a lawsuit against OpenAI and its CEO, Sam Altman, alleging a departure from the startup's original mission of deveoping artificial intelligence (AI) for the betterment of humanity. Musk, a co-founder of OpenAI, accuses the organization of prioritizing profit over its initial commitment to open-source and non-profit AI research.

• Takeaway: The lawsuit accuses OpenAI of breaching its contract by forsaking the pursuit of Artificial General Intelligence (AGI), intended to benefit humanity, and instead commercializing technologies like GPT-4 for financial gain, notably through partnerships with Microsoft. Musk seeks to compel OpenAI to make its research public and prevent its assets from being exploited for individual or corporate profit. (Read Deeper)

ENTERTAINMENT & SPORT

LeBron James Makes NBA History with 40,000 Career Points

• LeBron James, the iconic NBA superstar, etched his name into the record books by becoming the first player to surpass 40,000 career regular-season points. However, the Los Angeles Lakers' celebration was tempered by a 124-114 defeat to the Denver Nuggets in Saturday night's game. (Read Deeper)

Ten Hag Finds Positives Despite Manchester United's Defeat to City

• Manchester United manager Erik ten Hag remained upbeat about his team's performance despite suffering a 3-1 defeat against local rivals Manchester City. The Dutch tactician expressed satisfaction with certain aspects of United's display, highlighting moments of promise and missed opportunities. (Read Deeper)

Rihanna Makes Surprise Return to Stage at Mukesh Ambani's Lavish Celebration

• Grammy-winning artist Rihanna made a stunning return to the stage at a star-studded event over the weekend, performing at a pre-wedding celebration for Anant Ambani, the son of Indian billionaire Mukesh Ambani. The extravagant affair, held in Jamnagar, India, attracted high-profile guests from around the world, including business magnates Bill Gates and Mark Zuckerberg, as well as former First Daughter Ivanka Trump. (Read Deeper)

Nollywood Mourns the Loss of Veteran Actor Mr Ibu

The Nigerian entertainment industry was plunged into mourning as news of the passing of veteran actor John Okafor, popularly known as Mr. Ibu, on Saturday, March 2, 2024. The beloved actor, celebrated for his comedic roles in movies and skits, reportedly suffered a cardiac arrest and was pronounced dead at a hospital in Lagos. (Read Deeper)

AROUND DE WORLD & POLITICS

Hamas In Cairo For Cease-Fire Talks

• A Hamas delegation arrived in Cairo for cease-fire talks amid hopes for a six-week truce. Washington stated a cease-fire deal was "on the table" pending Hamas approval, but neither side confirmed progress.

• Why it matters: The outcome of the Gaza cease-fire talks matters profoundly due to its humanitarian, political, and security implications, not only for the people of Gaza but also for the broader region and the international community as a whole. (Read Deeper)

Supreme Court's Handling of Trump Ballot Battle Raises Concerns of Post-Election Chaos

• Legal experts caution that the Supreme Court's potential decision to sidestep the core issue of whether former President Donald Trump should be removed from Colorado's ballot could result in significant post-election chaos. Instead of addressing whether Trump participated in an insurrection, the Court may rule that enforcement of the "insurrection ban" falls under Congress's purview, not the states'.

• Impact on Public Perception: The handling of this case by the Supreme Court will likely shape public perception of the judiciary's role in resolving contentious political issues. The Court's decision could influence public trust in the judicial branch and its ability to uphold the principles of fairness and accountability in the electoral process. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO) 🎧️ 

• Will OpenAI’s new text-to-video tool Sora revolutionize content Creation (listen)

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