🤑TikTok Founder Become China's Richest Person

☀️Good morning. It's Tuesday, Oct. 29, and we're covering, Sequoia Set To Gain Over $100 Million From Stripe's Acquisition Of Crypto Startup Bridge, Apple Launches Apple Intelligence With iOS 18.1 Update For iPhones, Israel Passes Laws That Threaten UN Agency's Operations In Gaza, 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 $2.34 Trillion, a 1.14% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $98.39B, which makes an 80.99% increase.

• The total volume in Defi is currently $4.49B, 4.57% of the total crypto market 24 hours.

• The volume of all stablecoins is now $92.82B, which is 94.34% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 59.74%, an increase of 1.40% over the day.

Bitcoin Surges Above $71,000 Amid Bullish Market Sentiment And Short Liquidations

Bitcoin has surged above $71,000 for the first time since June, marking a 5% increase in just 24 hours, as the market reacts to bullish sentiment surrounding the upcoming U.S. elections. The cryptocurrency's price crossed the key $70,000 resistance level, accompanied by significant trading volumes of approximately $48 billion, nearly double that of the previous day. This rally was bolstered by liquidating over $143 million in short positions. (Read Deeper)

BUSINESS & FINANCE

Zhang Yiming, The founder Of ByteDance, Tops China’s Richest List

Zhang Yiming, the founder of ByteDance, has been named China's richest person with a personal fortune of $49.3 billion, according to the latest Hurun China Rich List. This marks the 18th time an individual has held this title since the list's inception 26 years ago. Zhang, who stepped down as CEO of ByteDance in 2021, surpassed Zhong Shanshan, a bottled water tycoon, whose wealth fell by 24% to $47.9 billion, placing him in second.

Why It Matters: ByteDance's global revenue increased by 30% last year to $110 billion, bolstering Zhang's wealth despite ongoing legal challenges concerning its U.S. assets. Tencent's founder, Pony Ma, ranks third, while Colin Huang of PDD Holdings dropped from third to fourth, even as his e-commerce platforms continued to thrive. The overall number of billionaires on the list has decreased by 142 to 753, reflecting challenges in China's economy and stock markets. (Read Deeper)

Sequoia Set To Gain Over $100 Million From Stripe's Acquisition Of Crypto Startup Bridge

Sequoia Capital and several other venture capital firms are set to profit from Stripe's acquisition of crypto platform Bridge for $1.1 billion. Sequoia, which invested $19 million in Bridge during its Series A funding less than a year ago, holds nearly 16% of the company, making its stake worth over $100 million. Other investors, including Ribbit Capital and Bedrock Fund Management, also stand to gain substantial returns.

Takeaway: Bridge, which focuses on stablecoin technology, has experienced rapid growth, reaching a run rate of approximately $14 million. This acquisition represents a rare success for venture capitalists in a challenging market for crypto startups, which have faced a lack of sales opportunities amid regulatory scrutiny. The deal is still subject to regulatory approvals and is expected to close in the coming months. (Read Deeper)

TECHNOLOGY & SCIENCE

Customer Service AI Startup Sierra Raises $175M, Now Valued At $4.5 Billion

Sierra, an AI startup co-founded by former Salesforce co-CEO Bret Taylor and former Google executive Clay Bavor, has achieved a $4.5 billion valuation following a $175 million funding round led by Greenoaks Capital. The company launched less than a year ago and specializes in enterprise AI-powered customer service chatbots. Notable clients include WeightWatchers and Sirius XM, and the company reportedly crossed $20 million in annualized revenue.

Takeaway: Sierra’s technology aims to improve the reliability of AI chatbots by reducing "hallucinations," where models generate incorrect information, giving enterprises more confidence in AI-driven customer interactions. This funding and high valuation reflect strong investor interest in enterprise-level AI applications with dependable revenue, a shift from the prior focus on foundational AI models. (Read Deeper)

Apple Launches Apple Intelligence With iOS 18.1 Update For iPhones

Apple has launched iOS 18.1, introducing its new artificial intelligence system, Apple Intelligence, for iPhone 15 Pro, iPhone 15 Pro Max, and iPhone 16 models. The initial features of Apple Intelligence include tools for proofreading and rewriting text, object removal from photos, and a notification summarization feature that condenses multiple alerts into a single message. Siri has received updates, including a redesigned interface and the ability to answer product-related queries more naturally.

Takeaway: Siri still lacks the functionality to perform actions within apps, with future updates expected to introduce this capability. To use Apple Intelligence, eligible users must opt in through the Settings app, placing them on a waitlist for access. Apple has not specified how long the wait might take but noted that previous beta testers typically received access the same day. (Read Deeper)

AROUND DE WORLD & POLITICS

Israel Passes Laws That Threaten UN Agency's Operations In Gaza

Israeli lawmakers have passed two laws that could significantly hinder the operations of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), the main agency providing aid to Palestinians in Gaza. The first law prohibits UNRWA from conducting any activities within Israel, while the second law cuts diplomatic ties with the agency and labels it as a terror organization. These measures come amid increasing humanitarian crises in Gaza, where over 1.9 million Palestinians are displaced and facing severe shortages of food, water, and medicine.

Takeaway: UNRWA has been accused by Israel of having staff with militant ties and facilitating Hamas operations, allegations that the agency denies. The head of UNRWA has stated that the laws are part of a campaign to discredit the organization and warned they will exacerbate the suffering of Palestinians. The laws are set to take effect 60 to 90 days after notification to the U.N., and the situation has drawn international attention, with calls from U.N. Secretary-General António Guterres for Israel to uphold its obligations under international law. (Read Deeper)

Russia's Air Attacks Claim Lives In Kharkiv And Injure Residents In Kyiv

In overnight air strikes, Russian forces killed four people and injured four others in Ukraine's Kharkiv and Kyiv. In Kharkiv, the Osnovianskyi district was heavily hit, with the mayor reporting the deaths following a previous guided bomb attack that damaged the iconic Derzhprom building. In Kyiv, debris from a destroyed Russian drone injured four residents and set a residential building ablaze. Mayor Vitali Klitschko confirmed that one injured person was hospitalized.

Takeaway: The administration indicated that Ukraine's air defense units were engaged in efforts to thwart the Russian drone assault, with additional debris falling in the Sviatoshynskyi district of western Kyiv, though no immediate damage reports emerged from that area. The attacks raised concerns about the ongoing conflict, which has resulted in thousands of deaths, primarily among Ukrainians, and left many cities in ruins. There was no immediate comment from Russia on the attacks, and Moscow continues to deny targeting civilians. (Read Deeper)

ENTERTAINMENT & SPORTS

Rodri Wins Men's Ballon d'Or As Manchester City Midfielder Shines

Rodri, the Manchester City and Spain midfielder, has won the men's Ballon d'Or for the first time, marking him as the best footballer of the year. The 28-year-old was honored in Paris after an outstanding season in which he lost only one match and helped Spain win Euro 2024. His achievements also included winning the Premier League, UEFA Super Cup, and Club World Cup with Manchester City. Rodri secured the award ahead of Real Madrid's Vinicius Jr. and Jude Bellingham, with his victory being particularly notable as it is the first time since 2003 that neither Lionel Messi nor Cristiano Ronaldo appeared on the nominees' list. (Read Deeper)

Liam Payne's First Posthumous Song "Do No Wrong" Set For Release

Sam Pounds, a collaborator of the late Liam Payne, announced that their duet "Do No Wrong" will be released on November 1, marking Payne's first posthumous track. Following Payne's tragic death on October 16 after falling from a hotel balcony in Buenos Aires, Pounds expressed hope that the song will provide comfort to Payne's family, including his 7-year-old son Bear and his sister Ruth Gibbins. He shared his desire for the track to be a source of healing and positivity. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Assaf Rappaport, co-founder and CEO of the cloud security startup Wiz, revealed that declining a $23 billion acquisition offer from Google was “the toughest decision ever.”(Listen)

EXTRA BREVITI

• As the 2024 presidential election draws near, recent polling data reveals a remarkably tight race between Vice President Kamala Harris and former President Donald Trump. (Read More)

• Swiggy Ltd., the Indian food-delivery platform, is planning an initial public offering (IPO) that could raise $1.35 billion by selling shares at a maximum price of 390 rupees ($4.64) each. (Read More)

• Following the tragic death of Liam Payne, a former member of One Direction: Should There Be a Ban on Teenage Pop Stars? (Read More)

• Google announced on Monday that its AI Overviews feature in Search is now rolling out to more than 100 countries. (Read Deeper)