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- 😲Microsoft To Lay Off 9,000 Workers
😲Microsoft To Lay Off 9,000 Workers
PLUS: House Republicans Push Toward Final Vote On Trump’s Sweeping Tax-Cut
Cassy Blaise
July 03, 2025
☀️Good morning. It's Thursday, Jul. 3, Bill and we're covering, Microsoft To Lay Off 9,000 Workers In Latest Restructuring, OpenAI Condemns Robinhood’s ‘OpenAI Tokens’: “Not Equity. Not Endorsed.”, House Republicans Push Toward Final Vote On Trump’s Sweeping Tax-Cut Bill, and much more. First time reading? Sign up to get this newsletter: Sign up here.
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MARKETS
Coin | Price | 1 Day | This Year |
|---|---|---|---|
Bitcoin BTC | $109,272.65 | 2.2% (1d) | 97.6% (1y) |
Ethereum ETH | $2,596.50 | 4.14% (1d) | 22.58% (1y) |
Solana SOL | $155.42 | 4.28% (1d) | 5.96% (1y) |
Cryptocurrency Prices by Market Cap
The global cryptocurrency market cap today is $3.38 Trillion, a 2.81% increase in the last 24 hours.
The total crypto market volume over the last 24 hours is $130.77B, which makes a 29.36% increase.
The total volume in Defi is currently $36.13B, 27.63% of the total crypto market 24-hours.
The volume of all stablecoins is now $126.84B, which is 96.99% of the total market 24-hour volume.
Bitcoin’s dominance is currently 64.26%, a decrease of 0.39% over the day.
Bitcoin Surges Toward $110K On Solana ETF Debut, Trump Trade Deal
Bitcoin rebounded strongly on Wednesday, rising 3.5% to $109,450 — its highest level since mid-June — as risk appetite returned following Trump’s new trade deal with Vietnam and the launch of the first U.S. Solana staking ETF. The REX-Osprey Solana + Staking ETF (SSK) hit $20M in day-one volume, signaling robust demand. But analysts warn of potential July volatility ahead: a looming $3.3T expansionary budget bill, a tariff deadline on July 9, and the July 22 decision on the U.S. Strategic Bitcoin Reserve could all swing crypto sentiment. (Read Deeper)
BUSINESS & FINANCE
Microsoft To Lay Off 9,000 Workers In Latest Restructuring
Microsoft is cutting about 9,000 jobs — roughly 4% of its global workforce — in another round of layoffs as it enters its 2026 fiscal year. The reductions affect multiple teams and aim to streamline management layers, particularly in the company’s gaming division. This comes after 6,000 jobs were cut in May and follows several prior rounds of downsizing in 2024. Microsoft reported $26B in net income last quarter and hit record stock highs — yet continues to reduce headcount.
Why It Matters: Despite strong earnings, Microsoft joins other tech firms like Autodesk, Chegg, and CrowdStrike in workforce reductions this year. Microsoft Gaming CEO Phil Spencer confirmed cuts aimed at increasing “agility and effectiveness.” ADP data released the same day showed a surprise drop in U.S. private sector jobs, possibly pointing to a cooling labor market. (Read Deeper)
Tesla Deliveries Drop 14%, Marking Second Consecutive Decline
Tesla reported 384,122 deliveries in Q2 2025 — down 14% from the same quarter last year and the second straight year-over-year drop. Despite the decline, the stock rose nearly 5% as the results came in better than feared. Analysts had expected around 387,000. Production outpaced deliveries, with over 410,000 vehicles built, mainly Model 3 and Model Y units. Political headwinds, fierce competition from Chinese EV makers, and controversy surrounding CEO Elon Musk’s political alliances continue to pressure the EV giant.
Why It Matters: Q1 and Q2 both saw year-over-year delivery declines, signaling potential long-term demand issues. Chinese automakers are eating into Tesla’s market share with cheaper, newer models. Musk’s falling out with Trump and backlash over his politics may be impacting brand perception and subsidies. Tesla delivered 10,394 non-core vehicles, including the Cybertruck — already recalled 8 times since launch. (Read Deeper)
TECHNOLOGY & SCIENCE
OpenAI Condemns Robinhood’s ‘OpenAI Tokens’: “Not Equity. Not Endorsed.”
OpenAI issued a sharp rebuke Wednesday after Robinhood began offering “OpenAI tokens” to EU users — digital contracts marketed as providing exposure to the AI giant. OpenAI says it did not authorize or endorse the offering and warned that the tokens do not represent actual equity or shares in the company. Robinhood claims the tokens are tied to a special purpose vehicle (SPV) holding OpenAI shares — a legal gray area, not direct ownership.
Takeaways: OpenAI denies any involvement in or approval of Robinhood’s token offering. Robinhood tokens only mimic price movements and don’t grant ownership or voting rights. Robinhood claims the tokens give “indirect exposure” via its stake in an SPV that holds OpenAI shares. This raises serious questions about investor protections, transparency, and future enforcement. (Read Deeper)
Lovable Nears $150M Raise At $2B Valuation, Just Months After $15M Round
AI web-app builder Lovable is raising over $150 million at a $2 billion valuation, a staggering jump from its February “pre-Series A” round. Founded in 2023, the Swedish startup hit $50M ARR in 6 months and is now one of Europe’s fastest-growing AI companies. Accel is reportedly leading the new round, with returning investors like Creandum and 20VC participating.
Takeaways: Lovable just launched an AI agent for debugging and app editing, moving into full-stack autonomy territory. From $15M to $150M in funding in mere months signals surging investor appetite for AI infrastructure. $50M ARR in 6 months from a text-to-app builder? That's near-unprecedented. (Read Deeper)
AROUND DE WORLD & POLITICS
House Republicans Push Toward Final Vote On Trump’s Sweeping Tax-Cut Bill
House Republicans narrowly advanced President Trump’s massive tax-and-spending bill late Wednesday, passing a crucial procedural vote 220–212. The bill — which includes historic tax cuts, a debt ceiling hike, and steep Medicaid reductions — now heads to the House floor for debate and a final vote. The Senate passed the bill Tuesday by the slimmest margin. The GOP is racing to get it to Trump’s desk by the July 4 holiday.
Why It Matters: Extends Trump’s 2017 tax cuts and adds new ones — primarily benefiting higher-income households. The bill would add trillions to the national debt, say CBO analysts. Every Democrat opposes it, calling it a giveaway to the rich at the expense of the poor. Raises the U.S. debt ceiling by $5 trillion, deferring a default crisis. (Read Deeper)
Trump To Host African Leaders In Washington To Discuss Trade Opportunities
President Trump will welcome the leaders of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal to the White House on July 9 for talks on “commercial opportunities,” according to a senior official. The summit aligns with the administration’s pivot away from traditional foreign aid toward investment-focused diplomacy in Africa. U.S. envoys will now be evaluated on deals secured rather than aid disbursed.
Why It Matters: Marks a sharp move away from aid-based engagement to deal-driven partnerships. Trump’s team has slashed foreign aid across Africa, preferring mutual prosperity via private-sector investment. U.S. ambassadors in Africa will now be rated on commercial deals struck, not development programs delivered. (Read Deeper)
ENTERTAINMENT & SPORTS
Diddy Denied Bail After Conviction On Prostitution Charge, Sex-Trafficking And Racketeering
A federal judge has denied bail to Sean “Diddy” Combs after he was convicted of transporting women for prostitution — despite being acquitted of the most serious racketeering and sex-trafficking charges. Diddy, 54, now faces up to 20 years in prison at sentencing in October. The ruling follows weeks of emotional testimony, including from his ex-girlfriend Cassie Ventura, and video evidence showing abuse. Despite pleas from his legal team, the judge denied bail, citing his past violence and danger to victims. (Read Deeper)
Chelsea Sign Joao Pedro For £60M, Their 18th Forward In 3 Years
Chelsea have signed 23-year-old Brazilian striker Joao Pedro from Brighton in a £60 million deal—making him the 18th forward brought in since the club’s ownership change in 2022. The move brings their total spend on attackers to £560 million in just over three years. Pedro, who netted 30 goals in 70 appearances for Brighton, joins on an eight-year contract and could feature as soon as Saturday’s Club World Cup quarter-final against Palmeiras in Philadelphia. (Read Deeper)
PODCAST(WHAT WE ARE LISTENING TO)
What the Onchain Data Says About Crypto's Next Move: Michael Nadeau of The DeFi Report analyzing the underlying blockchain signals behind crypto’s current phase. (Listen)
EXTRA BREVITI