💔Microsoft Lay Off 6,000 Workers

☀️Good morning. It's Wednesday, May. 14, and we're covering, Chime Files For IPO at $25B Valuation, Reveals $33M Dallas Mavericks Deal, Tesla To Resume Chinese Parts Shipments After U.S.-China Tariff Truce, Trump Lifts Syria Sanctions, Secures $600B Investment Deal With Saudi Arabia, 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 $3.36 Trillion, a 1.96% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $147.54B, which makes a 14.10% decrease.

• The total volume in Defi is currently $25.74B, 17.45% of the total crypto market 24-hours.

• The volume of all stablecoins is now $138.25B, which is 93.45% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 61.11%, a decrease of 0.81% over the day.

eToro Prices IPO At $52, Raising $310M At $4.2B Valuation

Online brokerage and crypto trading platform eToro has finally gone public, pricing its IPO at $52 per share—above its expected range, and raising $310 million on a $4.2 billion valuation. Nearly 6 million new shares were sold, with another 6 million from existing investors. The company trades on Nasdaq under the ticker ETOR. (Read Deeper)

BUSINESS & FINANCE

Chime Files For IPO at $25B Valuation, Reveals $33M Dallas Mavericks Deal

Fintech giant Chime has officially filed its S-1 to go public, aiming for what could be one of the year’s biggest IPOs. While key financial details remain undisclosed, Chime’s 2024 revenue hit $1.67 billion, with just $25 million in losses — a massive improvement over 2023. The company also revealed a $33M sponsorship deal with the Dallas Mavericks, inked while Mavs CEO Cynthia Marshall was also on Chime’s board. Chime, which serves 8.6 million users, is backed by a heavyweight roster of VCs and banks and may be targeting a $1B IPO raise.

Takeaways: Chime’s performance shows consumer fintech is maturing , with real revenue and shrinking losses. A successful Chime IPO could reopen the window for other late-stage tech companies still waiting on the sidelines. VC giants like DST Global, General Atlantic, and Forerunner Ventures are likely eyeing massive exits. (Read Deeper)

SoftBank Profit Doubles On ByteDance, Didi Gains—Eyes $30B OpenAI Bet

SoftBank Group posted a 124% surge in quarterly profit, fueled by rising valuations in its Vision Fund portfolio—particularly ByteDance (owner of TikTok) and Didi. Net income reached ¥517.18B ($3.5B) in Q4, while the company reaffirmed plans to invest up to $30 billion in OpenAI as part of the massive Stargate data center project with Sam Altman. But while SoftBank’s chip play Arm Holdings benefits from the AI boom and its Vision Fund turned a corner, risks loom.

Why It Matters: ByteDance, Didi, and TikTok are stabilizing despite China's slowdown—great news for SoftBank’s battered Vision Fund.Stargate and OpenAI investments position SoftBank as a global AI infrastructure kingmaker. SoftBank’s leverage is creeping up, and market volatility could force asset sales or risky financing moves. (Read Deeper)

TECHNOLOGY & SCIENCE

Tesla To Resume Chinese Parts Shipments After U.S.-China Tariff Truce

Tesla will restart shipments of key components from China to the U.S. later this month to support production of its Cybercab and Semi trucks, following a tariff truce between Washington and Beijing. Just weeks ago, Tesla paused shipments after President Trump raised tariffs on Chinese goods to 145%. Now, with both nations agreeing to roll back most tariffs, Tesla is resuming its supply chain.

Why It Matters: High tariffs were stalling production and chilling capital investment, Tesla CFO Vaibhav Taneja noted that tariffs had slowed capital investment by making it harder to import needed equipment from China. With parts now flowing, Tesla can keep its 2026 Cybercab launch in sight. (Read Deeper)

Microsoft Lay Off 6,000 Workers Amid Strong Profits

Microsoft is cutting roughly 6,000 jobs that is about 3% of its global workforce, in a move the company says is part of broader organizational changes aimed at staying competitive in a “dynamic marketplace.” The layoffs span across levels, teams, and locations, with nearly 2,000 positions tied to the company’s Redmond HQ. This is Microsoft’s largest round of cuts since it slashed 10,000 roles in 2023. Despite the layoffs, Microsoft reported $25.8 billion in net income last quarter and is trading near record-high stock prices.

Why It Matters: Microsoft is laying off thousands despite strong financials, highlighting how tech giants are re-optimizing for efficiency, not survival. CEO Satya Nadella has pushed to shift go-to-market strategies in light of AI growth, which outpaced projections. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Lifts Syria Sanctions, Secures $600B Investment Deal With Saudi Arabia

President Donald Trump announced the U.S. will lift long-standing sanctions on Syria, a country emerging from civil war and decades of international isolation. The announcement came alongside a massive $600 billion Saudi investment pledge in the U.S. and a record $142 billion U.S.-Saudi arms deal. Trump credited the Crown Prince of Saudi Arabia for influencing the decision, calling it “a new start” for Syria.

Why It Matters: Ending sanctions on Syria marks a historic shift in U.S. foreign policy and could accelerate Syria’s return to global diplomacy after the fall of Assad’s regime. The $600B deal and the arms package reinforce America’s economic and defense alignment with Saudi Arabia, even as questions over past controversies remain unaddressed. (Read Deeper)

Menendez Brothers Eligible For Parole After Re-sentencing

Erik and Lyle Menendez, convicted of murdering their parents in 1989, are now eligible for parole after a California judge resentenced them to 50 years to life. Previously serving life without parole, the brothers expressed remorse during an emotional hearing where family, former judges, and fellow inmates vouched for their rehabilitation. The decision follows a shift in prosecutorial stance and years of advocacy. A final clemency recommendation is expected to reach Governor Gavin Newsom by June 13.

Why It Matters: The Menendez murders became one of America’s most sensational trials, shaping media and public perception of crime in the '90s. The ultimate decision on parole now rests with Gov. Newsom, a move that could set precedent for other high-profile cases.(Read Deeper)

ENTERTAINMENT & SPORTS

Taiwo Awoniyi Placed In Induced Coma After Colliding With Post In Leicester Draw

Nottingham Forest striker Taiwo Awoniyi was placed in a medically induced coma following abdominal surgery after slamming into the goalpost in the final minutes of Forest’s 2–2 draw with Leicester on Sunday, the 27-year-old collided with the post in the 88th minute while attempting to convert a cross. Doctors reportedly used the coma to restrict movement and regulate his heart rate, not because the injury is life-threatening. (Read Deeper)

Champion Cyclist Rohan Dennis Sentenced Over Wife's Death

Former world cycling champion Rohan Dennis has received a two-year suspended sentence over the 2023 death of his wife, Olympian Melissa Hoskins, after she was struck by a car he was driving during a domestic dispute outside their Adelaide home. Dennis pleaded guilty to aggravated creating the likelihood of harm. A judge ruled he was not criminally responsible for her death, but condemned his failure to stop the vehicle as “a very poor reason” that endangered her life. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Andrew Wilkinson, co-founder of Tiny, shares insights on building a $180 million per year business without sacrificing personal well-being. ( Listen )

EXTRA BREVITI

• British luxury house Burberry announced plans to cut 1,700 jobs globally as part of a cost-cutting and turnaround effort. (Read More)

• Y Combinator Accuses Google of "Stunting" the Startup Ecosystem. (Read More)

• Cassie Testifies to Years of Abuse and Coercion in Diddy Sex Trafficking Trial. (Read More)