🤜🤛Musk–Trump Feud Heats Up

☀️Good morning. It's Wednesday, Jul. 2, and we're covering, Tesla Stock Falls 7% As Musk–Trump Feud Overshadows Q2 Deliveries, Congress Greenlights NASA Moon Plan Opposed By Musk And Isaacman, Paramount Pays Trump $16 Million To Settle '60 Minutes' Lawsuit Over Harris Interview, 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 $3.29 Trillion, a 0.20% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $101.03B, which makes a 1.53% increase.

• The total volume in Defi is currently $33.29B, 32.95% of the total crypto market 24-hours.

• The volume of all stablecoins is now $96.64B, which is 95.66% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 64.64%, an increase of 0.10% over the day.

Bitcoin Dips To $106K After Record Monthly Close As Tech Weakness Spills Into Crypto

Bitcoin slipped to $106,175 Tuesday after hitting its highest monthly close ever around $107,200. The pullback followed broader tech sector weakness — with Tesla and Nvidia dragging the Nasdaq lower — as traders locked in crypto profits. Major altcoins like Solana and Avalanche saw steeper drops, while Fed Chair Jerome Powell struck a cautious tone on rate cuts, leaving markets in wait-and-see mode. (Read Deeper)

BUSINESS & FINANCE

Tesla Stock Falls 7% As Musk–Trump Feud Overshadows Q2 Deliveries

Tesla shares dropped 7% ahead of its Q2 delivery report, falling from $323.63 to $300.71, as CEO Elon Musk escalates a public spat with President Donald Trump over the One Big Beautiful Bill Act. The feud comes as analysts brace for a 13% year-over-year decline in Tesla deliveries and rising concerns over policy changes that could hit EV demand and green energy subsidies.

Takeaways: Tesla and SpaceX receive tens of billions in federal support via contracts, tax credits, and subsidies. Trump’s tax bill aims to slash electric vehicle credits — a core pillar of Tesla’s U.S. sales. Tesla’s futuristic plans depend heavily on regulatory greenlights from the very government Musk is antagonizing. (Read Deeper)

Figma Moves Closer To $1.5B IPO Amid Soaring Growth

Design software unicorn Figma has officially filed its S-1, signaling a long-anticipated IPO that could raise up to $1.5 billion, matching CoreWeave’s earlier blockbuster debut. With strong revenue growth, sky-high gross margins, and a return to profitability, the numbers make Figma look IPO-ready — but AI competition looms. CEO Dylan Field holds ~75% voting power, thanks in part to Evan Wallace’s family trust granting him rights over Class B shares (15 votes/share).

Takeaways: $749M revenue in 2024 (+48% YoY), $821M run rate, and 91% gross margin. After a stock comp-fueled $732M loss in 2023, Figma is profitable again in Q4 2024 and Q1 2025. Renaissance Capital estimates the offering could raise $1.5B. Still TBD: number of shares, pricing, and executive stock sale. (Read Deeper)

TECHNOLOGY & SCIENCE

Congress Greenlights NASA Moon Plan Opposed By Musk And Isaacman

Congress just passed Trump’s sweeping budget bill, adding $10 billion to NASA’s Artemis program — a win for legacy aerospace and a sharp rebuke to critics like Elon Musk and Jared Isaacman. Despite earlier White House plans to phase out costly Space Launch System (SLS) rockets, lawmakers doubled down on the expendable hardware Musk calls a "$2.5B bonfire." SpaceX gets $325M in this bill to develop a craft to de-orbit the ISS, part of a total $843M award.

Why It Matters: $24B has already been spent on SLS. The new bill earmarks $4.1B more for Artemis IV & V launches and $2.6B for the lunar Gateway station. Critics including Musk and Isaacman — argue reusable rockets (like SpaceX’s Starship) are cheaper, more scalable, and better suited for long-term Mars and moon ambitions. The funding comes just weeks after Trump revoked Isaacman’s NASA Administrator nomination, and as his feud with Musk deepens. (Read Deeper)

Elon Musk’s xAI Raises $10 Billion To Expand AI Ambitions

Elon Musk’s AI startup, xAI, has raised $10 billion in a combined debt and equity deal led by Morgan Stanley. The funding will fuel the development of one of the world’s largest AI data centers and accelerate progress on its Grok platform, Musk’s rival to OpenAI’s ChatGPT. The raise includes $5B in strategic equity and $5B in debt, with backers ranging from BlackRock and Nvidia to Saudi Arabia’s Kingdom Holdings, bringing xAI’s total capital raised to $17B.

Why It Matters: At $17B total raised, xAI is now among the best-funded AI startups globally. Musk wants Grok to challenge OpenAI’s dominance, claiming it’s "less woke" and more useful in real-time conversations. Proceeds are being used to construct a colossal AI data center, reportedly one of the largest globally. (Read Deeper)

AROUND DE WORLD & POLITICS

Paramount Pays Trump $16 Million To Settle '60 Minutes' Lawsuit Over Harris Interview

CBS parent Paramount Global has agreed to a $16 million settlement with President Donald Trump, resolving a lawsuit over an allegedly misleading 60 Minutes interview with then–Vice President Kamala Harris. Trump claimed the network edited her comments about the Israel-Hamas conflict in a way that “favored the Democratic Party” ahead of the election. The funds will go to Trump’s future presidential library, not to Trump “directly or indirectly,” and the settlement includes no apology or admission of wrongdoing.

Takeaways: This is the third major settlement media or tech companies have made with Trump in under a year. Trump’s use of consumer protection law (not traditional defamation) could open a new front in political lawsuits against the press. The settlement comes as Paramount seeks FCC approval for an $8.4B merger with Skydance Media, potentially a reason for quick resolution. (Read Deeper )

Child Falls Overboard On Disney Cruise, Father Jumps In, Both Rescued

A terrifying moment aboard the Disney Dream turned into a miraculous rescue when a child fell overboard on June 29 — and her father leapt in after her. The incident, which occurred mid-cruise between The Bahamas and Florida, triggered an emergency “man overboard” response. Thanks to the ship's rapid rescue protocols, both were pulled safely back onboard within minutes.

Takeaways: The child reportedly fell from Deck 4 while the ship was underway, not docked — making the rescue especially urgent. The girl’s father immediately jumped in to save her, highlighting a dramatic moment of parental instinct. Disney’s emergency systems, including life preserver deployment and a rescue boat launch, worked swiftly. (Read Deeper)

ENTERTAINMENT & SPORTS

Premier League Signs 5-Year AI Deal with Microsoft To Power Fan Experiences

The Premier League is partnering with Microsoft in a five-year deal to integrate AI-powered tools across its digital platforms. Using Microsoft’s Copilot, fans will be able to ask real-time questions and get instant insights from 30+ seasons of data, 300,000+ articles, and 9,000 videos. As part of the deal, the league is also moving its digital backbone to Microsoft Azure, enabling deeper AI integration and a more unified experience across teams and platforms. (Read Deeper)

Diddy Jury Deadlocks On Racketeering Charge, Deliberations Continue

The jury in Sean "Diddy" Combs’ federal trial has reached a partial verdict, deciding on four of five counts — but remains deadlocked on the most serious charge: racketeering. The hip-hop mogul faces multiple allegations including sex trafficking and transportation for prostitution. Deliberations resume Wednesday, with pressure mounting over the unresolved racketeering count, which could carry a life sentence. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• I Turned $1M into $2.3B (Then Blew It Up and Rebuilt). (Listen)

EXTRA BREVITI

• Powell Says Fed Would Have Cut Rates If Not for Trump’s Tariffs. (Read More)

• Jeff Bezos has sold 3.3 million Amazon shares worth nearly $737 million, per a new SEC filing. (Read More)

• Trump Says Israel Agrees to Conditions for 60-Day Gaza Ceasefire. (Read More)