⚖️Musk To Block OpenAI For-Profit Model

 ☀️Good morning. It's Monday, Dec. 2, and we're covering, Stellantis CEO Carlos Tavares Resigns After Boardroom Disagreement, Musk Challenges OpenAI's Shift To For-Profit Model In Federal Court, Biden Pardons Hunter, Cites 'Selective Prosecution' In Defense of Son, 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 $3.37 Trillion, a 1.50% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $210.32B, which makes a 45.17% increase.

• The total volume in Defi is currently $14.31B, 9.80% of the total crypto market 24 hours.

• The volume of all stablecoins is now $187.63B, which is 87.88% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.74%, a decrease of 0.32% over the day.

XRP Overtakes Tether As Third-Largest Cryptocurrency

XRP has surged more than 20% in the past 24 hours and 375% over the past month, overtaking Tether (USDT) to become the third-largest cryptocurrency by market capitalization at $139 billion. This rise is attributed to factors such as renewed retail interest, speculation about a potential Ripple-issued stablecoin, and the possibility of an ETF. (Read Deeper)

BUSINESS & FINANCE

Stellantis CEO Carlos Tavares Resigns After Boardroom Disagreements

Stellantis CEO Carlos Tavares has resigned amid slumping sales and reported disagreements within the company’s boardroom. The resignation, effective immediately, marks the end of Tavares’ nearly four-year tenure at the helm of Stellantis, the maker of Jeep and Ram vehicles. His resignation follows struggles with slumping sales and tensions with U.S. dealers and the United Auto Workers union, especially after poor financial performance and excess inventory.

Takeaway: Tavares, who was under a five-year contract set to expire in 2026, faced mounting pressure due to the company’s weak performance. Stellantis announced layoffs in Michigan and Ohio in November, citing the need to realign its U.S. operations, which union leaders have criticized as mismanagement. The company had already begun searching for a new CEO in September as part of a standard succession plan, with the search expected to conclude by mid-2025. In the interim, Chairman John Elkann will lead the executive team. (Read Deeper)

Adani Group Commits To Regulatory Compliance Amid U.S. Bribery And Fraud Charges

Gautam Adani, the billionaire head of the Adani Group, has reaffirmed his commitment to regulatory compliance following U.S. charges of bribery and fraud. The U.S. Department of Justice accused Adani and seven associates of securities fraud, wire fraud, and paying around $265 million in bribes to secure contracts for the group's solar energy projects. Adani responded by calling the challenges "the price of pioneering" and reiterated his group's commitment to complying with regulations.

Takeaway: The charges have impacted the Adani Group’s international interests, with Kenya canceling deals and Sri Lanka and Bangladesh reviewing agreements related to the company. Adani denies the allegations and maintains that his company’s actions are in line with regulatory standards. (Read Deeper)

TECHNOLOGY & SCIENCE

Musk Challenges OpenAI's Shift To For-Profit Model In Federal Court

Elon Musk has requested a federal court to block OpenAI’s shift to a for-profit model, claiming it violates its original nonprofit mission and federal antitrust laws. Musk accuses OpenAI, co-founded by him and Sam Altman, of prioritizing profits through its partnership with Microsoft, undermining competition and public interest. Musk accuses OpenAI, co-founded by him and Sam Altman as a nonprofit, of abandoning its original mission to develop AI for societal benefit.

Why It Matters: Musk seeks an injunction to halt OpenAI's corporate restructuring and its agreements with investors that allegedly restrict competition, claiming they violate antitrust laws. OpenAI dismissed Musk's accusations as "baseless." Musk argues that OpenAI should follow fair competition rules rather than exploiting its nonprofit origins for financial gain. (Read Deeper)

Meta Plans $10B Subsea Cable To Boost Global Connectivity And Support AI Growth

Meta plans to invest over $10 billion in a new, 40,000-kilometer subsea cable that will span the globe. This cable, which Meta will fully own, will provide dedicated data capacity for its services and improve global connectivity, especially for its users in emerging markets. The planned route will stretch from the U.S. east coast to India via South Africa, forming a “W” shape around the world. The project is expected to help Meta maintain quality service as its user base grows, particularly in regions like India, where it has a massive presence.

Why It Matters: This subsea cable project will also offer Meta greater control over its traffic, bypassing traditional telecom companies. The move is partly driven by the desire for more independence and to avoid reliance on external providers. Geopolitical concerns, such as the risk of subsea cables being damaged in conflict zones, also influenced the decision to design a route that avoids key areas of tension like the Red Sea and the South China Sea. (Read Deeper)

AROUND DE WORLD & POLITICS

Biden Pardons Hunter, Cites 'Selective Prosecution' In Defense of Son

President Joe Biden announced a full pardon for his son, Hunter Biden, citing "selective and unfair prosecution" driven by political motives. Hunter faced tax violations and firearms-related charges, pleading guilty to failing to pay $1.4 million in taxes and being convicted of making false statements on a gun purchase form. The pardon covers offenses between 2014 and 2024.

Takeaway: Biden defended the decision, asserting that similar cases are often resolved without criminal charges and accusing political opponents of targeting his family. Hunter, who has been sober for over five years, expressed remorse for past actions during his addiction. Republicans criticized the move, with President-elect Donald Trump and others accusing Biden of hypocrisy and undermining justice. (Read Deeper)

Trump Threatens 100% Tariffs On BRICS Nations

President-elect Donald Trump has threatened to impose 100% tariffs on BRICS nations (Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE) if they create a currency to rival the US dollar. He stated that any attempt to reduce the dollar's dominance in global trade would result in steep tariffs, potentially cutting these nations off from the US market. Trump's remarks were made in the context of his broader economic strategy, which includes aggressive tariffs as a negotiating tool.

Why It Matters: While some BRICS leaders have pushed for a shared currency to reduce reliance on the US dollar, internal divisions have slowed progress on the proposal. Trump's approach to tariffs, which he views as a tool to protect American jobs and boost economic growth, was a cornerstone of his first term and is expected to remain a key element of his administration. (Read Deeper)

ENTERTAINMENT & SPORTS

Liverpool Move 11 Points Clear Of Manchester City With A Comfortable 2-0 Win

Liverpool secured a comfortable 2-0 win over Manchester City at Anfield, extending their Premier League lead to 11 points. Cody Gakpo scored the opening goal in the 12th minute after Mohamed Salah's assist. Despite a few close calls, City struggled to break through Liverpool's defense. In the second half, Salah missed a chance to double the lead, but a mistake from Ruben Dias allowed Luis Diaz to win a penalty, which Salah converted in the 77th minute. The win leaves City with five consecutive league losses, and their title hopes are now in jeopardy. (Read Deeper)

Moana 2 Sets Record For Best Thanksgiving Ever With $221 Million Domestic Debut

Moana 2 has set a new record for the best Thanksgiving box office performance, debuting with $221 million domestically over the five-day holiday, surpassing previous records held by Frozen and Frozen II. The movie's global total reached $383.3 million, with strong performances in Latin America, Australia, and Europe. The success contributed to a record-breaking $425 million in overall domestic box office revenue for the Thanksgiving period. Despite mixed reviews, Moana 2 remains popular with audiences, achieving an 88% audience score on Rotten Tomatoes. The film continues to perform well alongside other holiday releases like Wicked and Gladiator II. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Banning children under 16 from using social media might seem like a well-intentioned solution to a growing problem, but it comes with significant challenges and unintended consequences. (Listen)

EXTRA BREVITI

• Y Combinator (YC) is bringing back its Demo Day in person, marking the return of the long-standing tradition after the pandemic shift to virtual events. (Read Deeper)

• Uber and Lyft drivers in Phoenix and Los Angeles are voicing concerns that the rise of Waymo's robotaxis is eroding their earnings. (Read More)

• Fidelity recently marked up the value of its stake in Elon Musk's X Holdings by 32.37% in October, the largest increase since it helped Musk acquire the company in 2022. (Read More)

• Unilever CEO Hein Schumacher announced that the company is looking to sell several food brands with combined sales of around 1 billion euros ($1.05 billion) to streamline its food division. (Read More)