Trump Lauded At Republican Convention, His First Public Appearance Since Assassination Attempt 🙌

Good morning. It's Tuesday, Jul. 16, and we're covering, Sequoia Capital Offers Liquidity To LPs With $861M Stripe Share Buyback, Musk Delays Robotaxi Unveiling For Design Overhaul, Trump Lauded At Republican Convention, 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 1.56% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $86.33B, which makes a 47.54% increase.

• The total volume in Defi is currently $5.23B, 6.06% of the total crypto market 24-hours.

• The volume of all stablecoins is now $79.43B, which is 92.00% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.73%, an increase of 0.22% over the day.

Larry Fink Of BlackRock Embraces Bitcoin, Calling It A "Digital Gold"

In a surprising reversal, Larry Fink, the CEO of BlackRock, has publicly endorsed Bitcoin as a significant asset class with potential benefits for investment portfolios. Speaking on CNBC, Fink, who previously held a skeptical view of cryptocurrencies, now asserts that Bitcoin has established itself as a "legitimate" financial instrument. ( Read Deeper )

BUSINESS & FINANCE

Sequoia Capital Offers Liquidity To LPs With $861M Stripe Share Buyback

Sequoia Capital is offering to buy up to $861 million worth of shares in Stripe from its limited partners in funds raised between 2009 and 2011. This move addresses LPs' liquidity needs amid a sluggish IPO market and highlights Sequoia's confidence in Stripe's future. Despite a drop in valuation from $95 billion in 2021 to $50 billion last summer, Stripe is now valued at $70 billion. Sequoia's total investment in Stripe is valued at $9.8 billion. Still growing and cash flow positive, Stripe continues to delay its IPO, opting for private market transactions like recent tender offers.

Why It Matters: Sequoia's distribution of $10 billion to investors in 2023 underscores its confidence in Stripe's future, despite delaying an IPO. Board members Luciana Lixandru and Kevin Kelly are privy to Stripe's financial strategies, suggesting ongoing private market transactions over a public debut. Stripe's robust growth, including surpassing $1 trillion in payment volume in 2023 and strong cash flow positivity, supports its current financial strategy. ( Read Deeper )

Uncover Raises $1.4 Million To Expand Skincare E-Commerce Platform Across Africa And The US

Uncover, a Kenyan startup specializing in personalized skincare products, has secured $1.4 million in seed funding to fuel its expansion into the US, Ghana, and Uganda. Founded in 2021 by Sneha Mehta and Jade Oyateru, Uncover utilizes user-provided data through app-based quizzes to develop customized skincare solutions manufactured in South Korea. This funding round marks Uncover's third, following a $100,000 pre-seed round in 2021 and a $1 million seed round in 2022, which also facilitated exits for early investors through a secondary sale due to high demand.

Takeaway: With a user base exceeding 200,000 across Kenya, Nigeria, and the diaspora, Uncover has reported a revenue growth of tenfold over the past 24 months, achieving profitability in the last fiscal year. The investment comes amidst projections of Africa's beauty and personal care market reaching $83.19 billion by 2028, driven by a burgeoning middle-class demographic's increasing adoption of skincare products. ( Read Deeper )

TECHNOLOGY & SCIENCE

Musk Delays Robotaxi Unveiling For Design Overhaul And Additional Features

Elon Musk, CEO of Tesla, announced on Monday a delay in unveiling the company's robotaxi, citing the need for an important design change at the front of the vehicle and the opportunity to showcase additional features. Originally scheduled for August 8th, the event has been postponed to October. Tesla's journey towards developing robotaxis and autonomous driving technology has encountered significant engineering and regulatory challenges. Consequently, analysts and investors have anticipated potential delays in the robotaxi launch.

Takeaway: Earlier announcements from Musk had outlined Tesla's ambition to produce a robotaxi by 2024, equipped without a steering wheel or pedals. Despite repeated delays in achieving self-driving milestones, Musk has expressed confidence in Tesla's ability to lead in autonomous vehicle technology. ( Read Deeper )

NASA Evaluates Astronaut Launch Schedule Following SpaceX Falcon 9 Rocket Failure

NASA is assessing potential impacts on its astronaut missions to the International Space Station (ISS) following a rare anomaly during a SpaceX Falcon 9 rocket launch last week. The incident occurred during a Starlink satellite deployment, where the rocket's second stage malfunctioned, leaving the satellites in an irregular orbit. As SpaceX and the Federal Aviation Administration (FAA) investigate the cause, NASA is particularly concerned about its upcoming Crew-9 mission scheduled for mid-August.

Why It Matters: The Crew-9 mission aims to transport four astronauts to relieve the Crew-8 team currently aboard the ISS. NASA emphasizes that crew safety and mission assurance are top priorities and updates regarding potential schedule adjustments will be provided as more information becomes available. SpaceX remains NASA's primary provider for crewed space missions to the ISS, utilizing its Crew Dragon spacecraft launched by the Falcon 9 rocket. ( Read Deeper )

AROUND DE WORLD & POLITICS

Trump Lauded At Republican Convention, His First Public Appearance Since Assassination Attempt

Former President Donald Trump received a hero’s welcome at the Republican National Convention in Milwaukee on Monday, marking his first public appearance since the assassination attempt at a Pennsylvania rally. Wearing a bandage over his right ear, Trump appeared in good spirits as he entered the arena, greeted by roaring cheers and chants of "Fight! Fight! Fight!" from the enthusiastic crowd. Accompanied by his new vice presidential pick, Ohio Sen. JD Vance, and other allies, Trump secured the necessary delegates to become the official GOP presidential nominee.

Takeaway: The convention continued despite the recent violence, the convention, anticipated to draw around 50,000 attendees, will see over 80 of Trump’s closest allies, big-ticket donors, and other lawmakers speak throughout the week. This event aims to galvanize the party and rally support behind Trump’s candidacy amid heightened security and fervent enthusiasm. ( Read Deeper )

Israel Launches Another Strike In Gaza After Weekend Attack

Israel has intensified its military actions in Gaza, targeting southern and central regions in response to an attack over the weekend that killed many Palestinians in a designated safe zone. The Israeli military aimed at Hamas leadership, particularly targeting a compound run by the group. In the aftermath, many Gaza residents, including those in Rafah, faced renewed strikes and further displacement. U.S. Secretary of State Antony Blinken met with Israeli officials in Washington to discuss efforts toward a ceasefire, despite the recent escalation.

Takeaway: The conflict, which began after a Hamas-led attack on October 7, has resulted in significant casualties on both sides, with Gaza's health ministry reporting at least 38,000 Palestinian deaths. The UN has raised concerns about the humanitarian crisis and the challenge of clearing war debris in Gaza. Efforts to bring in more aid and protective equipment have been approved by Israeli authorities, though distribution remains difficult. ( Read Deeper )

ENTERTAINMENT & SPORTS

Bronny James Faces Tough Night As Lakers Fall To Celtics In Summer League

Bronny James had another challenging outing as the Los Angeles Lakers suffered a defeat against the Boston Celtics in Summer League action, ending with a score of 88-74. Despite entering the Thomas & Mack Center to enthusiastic applause, James struggled to find his rhythm on offense. He managed just one basket on five attempts, including missing all three of his 3-point shots. Adding to his stat line were three rebounds, one assist, and a notable block in 25 minutes of play. ( Read Deeper )

Katy Perry Defends "Woman's World" Amid Criticism, Calls It Satire

Katy Perry's latest single "Woman's World" has sparked controversy and disappointment among critics and fans alike. Released as the lead single from her upcoming album "143," the song and its accompanying music video have received scathing reviews for what many perceive as a failed attempt at feminist empowerment. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• 3 Startup Ideas: Mouse Jigglers, Employee Monitoring Software, and Photoshop Copycats ( Listen )

EXTRA BREVITI

• Nokia has announced a strategic partnership with Telecom Egypt to introduce 5G services in the country. ( Read More )

• Governor Seyi Makinde of Oyo State has established a committee tasked with reviewing the Supreme Court's recent judgment regarding financial autonomy for Local Governments (LGs). ( Read More )

• The Democrats have resumed their offensive stance in response to former President Donald Trump's endorsement of J.D. Vance as a candidate, labeling the move as "despicable."( Read More )