😱SpaceX Hit $350 Billion Valuation

☀️Good morning. It's Wednesday, Dec. 11, and we're covering, SpaceX Hitting a $350 Billion Valuation In Insider Share Sale, GM To Exit Cruise Robotaxi Business Amid High Costs And Stiff Competition, Franklin Fire In Malibu Burned Over 3,000 Acres And Forced Thousands Of Evacuations, 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 $3.47 Trillion, a 0.11% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $278.98B, which makes a 21.20% decrease.

• The total volume in Defi is currently $20.41B, 7.32% of the total crypto market 24-hours.

• The volume of all stablecoins is now $255.82B, which is 91.70% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.76%, an increase of 0.22% over the day.

Cryptocurrencies Face Sharp Declines, XRP, APT, And ADA Drop 15%

Cryptocurrency markets are reeling after a sharp sell-off on Tuesday, with several major altcoins, including XRP, Aptos (APT), Cardano (ADA), Polkadot (DOT), and Litecoin (LTC), shedding 15-18% over the past 24 hours, while Bitcoin performed better, slipping 3% to $95,000. The declines may reflect investor caution ahead of Wednesday's Consumer Price Index (CPI) data release, which is expected to show a slight rise in inflation. (Read Deeper)

BUSINESS & FINANCE

SpaceX Hit $350 Billion Valuation In Insider Share Sale

SpaceX has reached a valuation of approximately $350 billion following an insider share sale, making it the world's most valuable private startup. The transaction involves up to $1.25 billion in insider shares at $185 per share, a significant increase from the $112 valuation three months earlier. SpaceX plans to buy back up to $500 million in common stock.

Takeaway: The valuation reflects SpaceX's dominant role in rocket launches and its expanding Starlink satellite internet network. It also highlights growing investor enthusiasm for Elon Musk's ventures, with Musk's wealth now at $384 billion. The share sale, structured as a tender offer, allows employees and early investors to gain liquidity while retaining SpaceX's private status. (Read Deeper)

Sycamore Partners Is In Wants To Acquire Walgreens

Walgreens Boots Alliance is in talks with Sycamore Partners to take the company private, following a steep decline in its share value. The pharmacy chain has explored other buyers but is now focused on finalizing a deal with Sycamore by early next year. The news caused Walgreens' shares to rise 18%, boosting its market capitalization to $9 billion. This could become Sycamore's largest acquisition to date.

Takeaway: Walgreens has struggled with weak consumer spending, low pharmacy reimbursement rates, and significant debt. Under CEO Tim Wentworth, the company has implemented cost-cutting measures, including closing 1,200 stores, but its stock has still fallen over 60% this year. Previous attempts to go private, including a 2019 effort with KKR, were unsuccessful. (Read Deeper)

TECHNOLOGY & SCIENCE

GM To Exit Cruise Robotaxi Business Amid High Costs And Stiff Competition

General Motors (GM) announced it would cease developing its self-driving robotaxi business, Cruise, citing high costs, prolonged timelines, and stiff competition in the market. GM, which had invested over $10 billion in Cruise since 2016 and once projected $50 billion in annual revenue from the unit by 2030. Cruise will now be integrated into GM's driver-assistance technology division. The restructuring is expected to reduce GM's spending on autonomous vehicle development from $2 billion to $1 billion

Why It Matters: The robotaxi sector remains challenging, with rivals like Alphabet's Waymo and Tesla continuing their efforts while others, like Ford, have already wound down similar projects due to high costs. Cruise has faced setbacks, including regulatory issues, legal penalties, and a federal investigation into a 2023 accident in San Francisco involving one of its autonomous vehicles. (Read Deeper)

TikTok Challenges Canadian Shutdown Order In Federal Court

TikTok's Canada unit has filed an emergency motion with Canada's Federal Court, seeking a judicial review of a government order demanding the company cease its operations in the country due to national security concerns. The motion, filed on December 5, requests that the court either set aside the order or return it to the government for further review. The Canadian government began investigating TikTok's expansion plans in the country last year, leading to last month's order to shut down its Canadian business, which could result in hundreds of job losses.

Why It Matters: TikTok maintains that finding a solution to keep a local team and the platform in Canada is in the best interest of Canadians. Canadian law allows the government to assess national security risks related to foreign investments but prevents disclosure of specific details about these assessments. The order does not block Canadian access to TikTok, which has over 14 million monthly users in Canada. This move is similar to actions in the U.S., where President Biden signed a law in April requiring TikTok’s parent company, ByteDance, to divest its U.S. assets by January 2025 or face a nationwide ban. (Read Deeper)

AROUND DE WORLD & POLITICS

Franklin Fire In Malibu Burned Over 3,000 Acres And Forced Thousands Of Evacuations

The Franklin Fire in Malibu has rapidly spread to over 3,000 acres, forcing widespread evacuations, including areas near Pepperdine University. The fire ignited on Monday night, destroyed at least seven structures, and damaged several others while threatening more homes and businesses. Approximately 18,000 people and over 8,000 properties are in the fire’s path, with mandatory evacuations affecting thousands. Schools in the area have closed, and local officials are urging residents to stay clear of the area as emergency crews continue to battle the blaze.

Takeaway: The fire's rapid spread, fueled by strong Santa Ana winds, prompted a shelter-in-place order for Pepperdine’s campus overnight, although the order was lifted Tuesday morning before being reissued in the afternoon. Authorities are investigating the cause of the fire, which remains uncontained, and power outages have affected parts of Malibu. (Read Deeper)

Luigi Mangione Fights Extradition To Face Murder Charge

Luigi Mangione, accused of murdering UnitedHealthcare CEO Brian Thompson, appeared in a Pennsylvania court on Tuesday to contest his extradition to New York. Mangione, arrested after a multi-state manhunt, denied the charges, claiming they were unjust. He faces several charges in Pennsylvania, including possession of a firearm and false identification, and is wanted in New York for Thompson's December 4th killing.

Takeaway: Police found a handwritten note from Mangione expressing frustration with the U.S. healthcare system. The suspect has a background in software engineering and had been missing since July, with his family expressing shock over his arrest. Mangione was denied bail and is awaiting extradition to face charges in New York. (Read Deeper)

ENTERTAINMENT & SPORTS

Jamie Foxx Opens Up About Health Issue In New Netflix Special

In his Netflix special Jamie Foxx: What Had Happened Was…, Jamie Foxx opens up about the health emergency that led to his six-month disappearance from the public eye in 2023. Foxx reveals he suffered a brain bleed that resulted in a stroke, followed by a long and difficult recovery process. The special, which blends comedy, music, and personal reflection, recounts his harrowing journey back to health. Foxx details how his sister helped him get the medical attention he needed after his symptoms were initially dismissed. (Read Deeper)

FIFA's Approval Of Saudi Arabia For 2034 World Cup Draws Criticism Over Human Rights Concerns

FIFA is set to approve Saudi Arabia as the host for the 2034 World Cup, despite widespread criticism from human rights organizations. These groups highlight concerns over Saudi Arabia's human rights record, including repression of women, LGBTQ+ discrimination, and migrant labor abuses. While FIFA has praised Saudi Arabia’s Vision 2030 plan for social progress, critics argue that labor reforms are insufficient, and migrant workers are vulnerable to exploitation, including unsafe working conditions and wage theft. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• The foundation laid in 2024 sets the stage for further growth in the crypto market. Analysts predict more institutional inflows, new applications for blockchain technology, and greater alignment between crypto and traditional finance. (Listen)

EXTRA BREVITI

• Amazon Launches Online Car Sales Platform with Hyundai Partnership. (Read More)

• Tesla sold 21,900 electric vehicles in China during the first week of December, marking the highest weekly sales for the company in the fourth quarter of 2024. (Read More)

• Microsoft shareholders voted against a proposal that would have urged the tech giant's board to explore adding bitcoin (BTC) to its treasury holdings. (Read More)

• South Korea's political crisis deepened as police raided the presidential office in Seoul, investigating President Yoon Suk Yeol's controversial attempt to declare martial law last week. (Read Deeper)