🚚Tesla Cybertruck Surpasses Ford Mach-E As Third Best-Selling EV

☀️Good morning. It's Thursday, Oct. 24, and we're covering, Striking Boeing Workers Reject The New 35% Pay Rise Offer, Mother Sues AI Startup CharacterAI And Google Over Son’s Suicide, Tinubu Reshuffles Cabinet, Dismisses Five Ministers And Appoints Seven New Ones, 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 $2.31 Trillion, a 0.10% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $83.84B, which makes a 18.30% increase.

• The total volume in Defi is currently $4.82B, 5.75% of the total crypto market 24-hours.

• The volume of all stablecoins is now $76.87B, which is 91.68% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 57.50%, an increase of 0.16% over the day.

Bitcoin Surges Past $67K As Fed's Beige Book Signals Potential Rate Cuts

Bitcoin has surged back above $67,000 following the Federal Reserve's Beige Book report, which indicated a subdued economic outlook and strengthened the case for potential interest rate cuts. The report revealed that nine out of 12 regional banks reported stagnant or slightly weak economic activity, with declines in manufacturing and moderate inflation. This outlook contrasts with a stronger-than-expected September jobs report and opens the door for further rate reductions. (Read Deeper)

BUSINESS & FINANCE

Tesla Cybertruck Surpasses Ford Mach-E As Third Best-Selling EV In America

Tesla's Cybertruck has become the third best-selling electric vehicle (EV) in the U.S. for the third quarter of 2024, with over 16,000 sales, outperforming Ford's Mustang Mach-E and F-150 Lightning. This milestone reflects ongoing challenges faced by traditional automakers like Ford and GM in the EV market, as they struggle to attract customers. Tesla reported total sales of $25.2 billion and a profit of $2.2 billion, boosted by sales of regulatory credits and software features for the Cybertruck.

Why It Matters: The company’s aggressive cost-cutting measures also contributed to its profitability, with the cost of goods sold per vehicle dropping to $35,100. Following the release of these figures, Tesla’s stock price rose over 9% in after-hours trading. The cost-cutting has not benefitted all segments of Tesla's business. The growth rate of its Supercharger stations has slowed to 20% year-over-year, marking the lowest growth rate in years. (Read Deeper)

Striking Boeing Workers Reject The New 35% Pay Rise Offer

Striking Boeing workers have rejected a new offer from the company, which included a 35% pay rise over four years. The International Association of Machinists and Aerospace Workers (IAM) announced that 64% of its members voted against the proposed deal, prolonging the strike that began on September 13. The rejection follows a previous offer also turned down by 95% of workers.

Takeaway: Boeing CEO Kelly Ortberg warned that the company faces significant challenges, as losses have surged to $6 billion. The strike has slowed production, adding to Boeing’s financial and operational difficulties, including manufacturing and safety concerns. Despite the challenges, Boeing has a backlog of 5,400 plane orders, but restarting operations after the strike is expected to be difficult. (Read Deeper)

TECHNOLOGY & SCIENCE

Mother Sues AI Startup CharacterAI And Google Over Son’s Suicide

A Florida mother, Megan Garcia, has filed a lawsuit against the AI chatbot company Character.AI and Google, claiming that their technology contributed to her 14-year-old son, Sewell Setzer's, suicide in February. Garcia alleges that Character.AI's chatbot targeted her son with "hypersexualized" and realistic interactions, leading him to become addicted and attached to a character named "Daenerys." The chatbot reportedly misrepresented itself as a real person and a licensed therapist, even discussing suicidal thoughts with Sewell.

Takeaway: Garcia contends that the chatbot's responses exacerbated her son's mental health struggles, resulting in a tragic outcome shortly after he reached out to the chatbot while feeling restricted. The lawsuit includes claims of wrongful death, negligence, and intentional infliction of emotional distress, seeking compensatory and punitive damages. Character.AI expressed condolences and noted it has implemented new safety features, including directing users to the National Suicide Prevention Lifeline when self-harm is mentioned. (Read Deeper)

SpaceX Crew-8 Astronauts Depart From ISS After Weather Delays

SpaceX's Crew Dragon capsule, Endeavour, was undocked from the International Space Station (ISS) on October 23, 2024, after more than two weeks of weather-related delays. The departure occurred at 5:05 p.m. EDT while the spacecraft was 260 miles above the Pacific Ocean. The Crew-8 astronauts, including NASA's Matthew Dominick, Michael Barratt, and Jeanette Epps, along with Alexander Grebenkin from Russia, had their departure postponed since October 7 due to Hurricane Milton, which affected the splashdown area in Florida.

Takeaway: The Crew-8 mission launched on March 3, 2024, and is now set to splash down off the Florida coast around 3:30 a.m. EDT on October 25. NASA will livestream the splashdown and hold a news conference afterward. Crew-8 marks the eighth long-duration mission launched to the ISS by SpaceX. The Crew-8 astronauts are expected to splash down off the coast of Florida at approximately 3:30 a.m. EDT (0730 GMT) on Friday, October 25. (Read Deeper)

AROUND DE WORLD & POLITICS

Tinubu Reshuffles Cabinet, Dismisses Five Ministers And Appoints Seven New Ones

President Bola Tinubu has dismissed five ministers and appointed seven new ones as part of a cabinet reshuffle. The reshuffle included the reassignment of 10 ministers to new portfolios. Among those dismissed were Uju-Ken Ohanenye (Women Affairs), Lola Ade-John (Tourism), Tahir Mamman (Education), Abdullahi Gwarzo (State for Housing and Urban Development), and Jamila Ibrahim (Youth Development). Tinubu thanked the outgoing ministers for their service and urged the new and reassigned ministers to view their roles as a duty to serve the nation.

Takeaway: Tinubu nominated new ministers in their place, including Bianca Odumegwu-Ojukwu (State for Foreign Affairs), Nentawe Yilwatda (Humanitarian Affairs and Poverty Reduction), Maigari Dingyadi (Labour and Employment), Jumoke Oduwole (Industry), Idi Maiha (Livestock Development), Yusuf Ata (State for Housing), and Suwaiba Ahmad (State for Education). (Read Deeper)

Hezbollah Strongman Hashem Safieddine Killed In Israeli Airstrikes

Hashem Safieddine, a top Hezbollah official and key figure within the Iran-backed militant group, has been confirmed dead following Israeli airstrikes in early October 2024. Safieddine, who was expected to become the next leader of Hezbollah after Hassan Nasrallah’s death, was killed in a southern suburb of Beirut. The United States and several Arab countries, including Saudi Arabia, had previously sanctioned Safieddine and other Hezbollah officials for their involvement in terrorist activities.

Takeaway: Safieddine held various influential roles, including membership in Hezbollah’s decision-making Shura Council and leadership of the Executive Council, which oversees the group’s schools and social programs. Known for his close ties to Iran, Safieddine was a prominent figure in the militant group, which has been engaged in military actions against Israel. Hezbollah has yet to name a successor, leaving questions over who will now take control of the group at such a critical juncture. (Read Deeper)

ENTERTAINMENT & SPORTS

Barcelona Breaks Bayern Munich Curse With 4-1 Victory

Barcelona secured a 4-1 victory over Bayern Munich in the UEFA Champions League, marking a turnaround in their recent struggles against the German side. The match, held at Montjuïc, ended a series of disappointing results against Bayern, including a humiliating 8-2 defeat in 2020. Raphinha emerged as the star of the night with a stunning hat-trick, showcasing his skill and composure under pressure. (Read Deeper)

Idris Elba Announces Plans To Move To Africa To Support Film Industry

Idris Elba has announced plans to relocate to Africa within the next decade to support the continent's film industry. The British actor, whose mother is Ghanaian and father is Sierra Leonean, is working on projects to build film studios in Zanzibar and Accra. He emphasized the importance of Africans telling their own stories and being involved in all aspects of filmmaking, including financing and distribution. Elba criticized the common portrayals of Africa in cinema, which often focus on trauma and conflict, and expressed his desire to showcase the continent's rich culture and traditions. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• In an age where many teenagers are focused on school and extracurricular activities, one remarkable 14-year-old entrepreneur has already made waves by launching two successful businesses. (Listen)

EXTRA BREVITI

• Peter Todd, a Canadian software developer implicated as Bitcoin's creator, Satoshi Nakamoto, in the HBO documentary "Money Electric: The Bitcoin Mystery," has gone into hiding. (Read More)

• Apple's Vision Pro headset, launched just eight months ago, is reportedly suspending production due to weak demand. (Read More)

• A tropical storm in the northeastern Philippines has caused severe flooding and landslides, resulting in at least 24 deaths, primarily due to drowning. (Read More)