Minimum Wage Strike Begins Today 😧

Good morning. It's Monday, Jun. 3, and we're covering Tesla CEO Elon Musk Sued For Alleged $7.5 Billion Insider Trading, AMD Launches New AI Chips to Challenge Nvidia, 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 $2.56 Trillion, a 1.20% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $71.18B, which makes a 53.00% increase.

• The total volume in Defi is currently $5.3B, 7.45% of the total crypto market 24-hours.

• The volume of all stablecoins is now $65.71B, which is 92.31% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.95%, a decrease of 0.95% over the day.

BUSINESS & FINANCE

Tesla CEO Elon Musk Sued For Alleged $7.5 Billion Insider Trading

Tesla shareholder Michael Perry has filed a lawsuit in Delaware Chancery Court against CEO Elon Musk, accusing him of insider trading related to the sale of over $7.5 billion of Tesla shares in late 2022. The lawsuit alleges that Musk sold these shares before disclosing potentially disappointing production and delivery numbers, thereby profiting from insider knowledge. Perry claims Musk's trades, conducted in November and December 2022, resulted in approximately $3 billion in undue profits.

Takeaway: Perry's suit requests the court to order Musk to return the profits made from these trades. The case is part of a broader array of legal and regulatory issues facing Musk, including a shareholder vote on his $56 billion pay package and a regulatory probe into his acquisition of Twitter (now renamed X). Musk has been embroiled in a long-standing feud with the U.S. Securities and Exchange Commission (SEC), which dates back to his 2018 tweet claiming he had secured funding to take Tesla private. ( Read Deeper )

Kenyan Data Analytics Startup Gro Intelligence Ceases Operations

Gro Intelligence, a data analytics startup based in New York and Nairobi, has announced its decision to shut down, marking the end of its operations despite efforts to secure emergency funding earlier this year. Despite raising funds, including an $85 million Series B round backed by Intel Capital and Africa Internet Ventures, Gro Intelligence faced mounting challenges. The closure comes months after the replacement of CEO and founder Sara Menker by the company's board.

Takeaway: Founded in 2012, Gro Intelligence aimed to provide actionable insights to agricultural companies by aggregating data from governments, financial markets, and weather agencies. The company's struggles were further compounded by legal issues, with former employees suing over alleged labor violations following the abrupt layoffs. Gro Intelligence is reportedly under investigation by the Securities and Exchange Commission (SEC) regarding potential fraud. ( Read Deeper )

TECHNOLOGY & SCIENCE

AMD Launches New AI Chips to Challenge Nvidia

Advanced Micro Devices (AMD) unveiled its latest artificial intelligence processors at the Computex technology trade show in Taipei. AMD's CEO Lisa Su introduced the MI325X accelerator, slated for release in the fourth quarter of 2024, and outlined an ambitious roadmap for the company's AI chip development over the next two years. The demand for advanced chips capable of supporting generative artificial intelligence programs has surged, with AI data centers driving the need for these sophisticated processors. Nvidia currently commands approximately 80% of this lucrative market.

Takeaway: The MI325X, designed to be a major player in AI data centers, is expected to be available by the end of 2024. AMD announced the MI350 series, which will debut in 2025 with a new chip architecture, promising a 35-fold improvement in inference capabilities over the MI300 series. This chip aims to meet the surging demand for generative AI programs, a market currently dominated by Nvidia. ( Read Deeper )

Donald Trump Joins TikTok, Attracts Millions Of Followers

President and presumptive Republican presidential nominee Donald Trump has joined TikTok, the popular short-form video app he once sought to ban. The account debuted on Saturday night and has quickly gained substantial attention. Despite previously attempting to ban TikTok during his presidency, Trump's campaign recognizes the platform's potential to engage its 170 million US users, particularly the younger demographic.

Takeaway: Trump's first TikTok post features UFC CEO Dana White announcing, “The President is now on TikTok,” followed by Trump saying, “It’s my honor.” The video, showcasing Trump mingling with the crowd at a UFC event in Newark, New Jersey, has been viewed over 31 million times. In less than 24 hours, Trump amassed 1.7 million followers, surpassing the follower count of the Biden-Harris account by over five times. ( Read Deeper )

AROUND DE WORLD & POLITICS

Minimum Wage Strike Begins Today

An indefinite nationwide strike begins today, orchestrated by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) in response to the government's failure to finalize a new national minimum wage and to reverse the recent hike in electricity tariffs. Essential services, including fuel distribution, healthcare, and banking, are expected to be disrupted. Despite last-minute negotiations involving prominent government officials, including Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, attempts to avert the strike failed.

Takeaway: The NLC and TUC decided on the strike following the federal government's inability to finalize a new minimum wage agreement. Negotiations stalled after several meetings, with labour leaders rejecting government and private sector offers. The previous minimum wage of ₦30,000, enacted in April 2019, expired on April 18, 2024, and despite the government's recent offer of ₦60,000, labour unions are demanding a higher figure. ( Read Deeper )

Claudia Sheinbaum To Become Mexico's First Woman President

In a historic win, Claudia Sheinbaum is set to become Mexico's first woman president, according to exit polls from Sunday's election. Pollsters predict the 61-year-old former mayor of Mexico City has secured 56% of the vote, outpacing her main rival, businesswoman Xóchitl Gálvez. Preliminary results also show Sheinbaum with a substantial lead, suggesting she will replace her mentor, President Andrés Manuel López Obrador, on October 1. Sheinbaum has pledged to continue the policies and "advances" made by López Obrador, under whose guidance she has grown politically.

Why it matters: Sheinbaum's administration will likely maintain and possibly expand the social programs that have lifted millions of Mexicans out of poverty over the past six years. Given Mexico’s socioeconomic challenges, her presidency could further strengthen the safety net for the nation's most vulnerable populations, addressing issues such as education, healthcare, and income inequality. ( Read Deeper )

ENTERTAINMENT & SPORTS

Adele Confronts Heckler At Vegas Show: "Don't Be So F*cking Ridiculous"

Adele, the Grammy-winning songstress known for her powerful voice and candid demeanor, didn't mince words when a concertgoer disrupted her Las Vegas residency show with a derogatory remark about Pride Month. During her performance on Saturday night, just as she was about to transition between songs, someone in the audience shouted, "Pride sucks." In a video captured by a fellow attendee, Adele's swift and fiery response resonated throughout the venue. ( Read Deeper )

Kylian Mbappe Confirms Real Madrid Move

Kylian Mbappe has officially signed a contract with Real Madrid, marking the next chapter in the young striker's illustrious career. The 25-year-old French sensation, who has been a pivotal figure at Paris St-Germain since joining the club in 2017, will make the switch to the Bernabeu on a free transfer when his PSG contract expires on June 30th. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Unlocking Venture Capital Insights with Brian Bell: Strategies, SPVs, and Future Trends ( Listen )

EXTRA BREVITI

• Binance’s billionaire founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California. ( Read More )

• Chinese authorities have announced the arrest of a married couple working for the government on charges of spying for the UK's MI6 intelligence agency. ( Read More )