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Here's everything you need to know today: Former President Trump met with Bitcoin miners, advocating for U.S. crypto dominance and positioning Bitcoin mining as a strategic tool to win the AI arms race. This engagement could have significant implications for U.S. energy policy, job creation, and the upcoming election.

Tesla shareholders have approved Elon Musk’s $56 billion pay package, emphasizing his critical role in the company's future success. This approval follows a bullish forecast from ARK Invest, projecting significant growth in Tesla’s autonomous vehicle and energy storage sectors.

Meanwhile, GameStop's annual shareholder meeting faced chaos due to unprecedented investor interest, driven by the return of Keith Gill, known as Roaring Kitty. This renewed meme stock frenzy has spurred volatility in GameStop’s stock, reflecting the ongoing momentum in the market.

Let’s dive into more detail below.

CRYPTO

Trump Meets Bitcoin Miners, Advocating for U.S. Crypto Dominance and AI Edge

Trump’s Bitcoin mining push could revolutionize U.S. energy policy, boosting jobs and tech innovation for future growth

BREAKING NEWS
Former President Trump has been exploring the world of Bitcoin and crypto lately. He shocked the world when he met with Bitcoin miners at a closed-door event and stated that he believes Bitcoin can help win the AI arms race.

This significant engagement could have major implications for the future of bitcoin mining, energy policy in the U.S., and the upcoming election.

WHAT HAPPENED
The meeting included representatives from some of the largest Bitcoin mining companies, such as Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, Core Scientific, Arkon Energy, Cholla Energy, and Exacore. Trump’s primary message was clear: he wants all future Bitcoin minted in the U.S., underscoring his vision of making the U.S. a dominant player in the mining industry. This is unprecedented for any U.S. politician to say and sent shock waves through the industry.

One of the meeting’s highlights was Trump’s assertion that bitcoin mining could be critical in solving America’s energy deficit, aligning with his goal of achieving energy dominance. The meeting participants, including influential miners and technologists, discussed how Bitcoin mining could drive job creation, energy infrastructure development, and technological innovation. The former president’s proactive stance on Bitcoin was further evidenced by his recent social media posts advocating for U.S.-based Bitcoin mining as a defense against central bank digital currencies (CBDCs) and foreign influence.

CONTINUE READING ➔

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TESLA

Tesla Shareholders Approve Musk’s $56B Pay Package

Elon Musk’s wealth is undeniable, but most shareholders believe his unique leadership is vital for Tesla’s success and future

BREAKING NEWS
After a bullish nod from ARK Invest for Tesla’s future robotaxis and a new lawsuit from a former SpaceX employee, Elon Musk announced shareholders are set to approve his $56 billion pay package and a resolution to move Tesla’s incorporation to Texas.

The announcement led to a 3% rise in Tesla shares.

WHAT HAPPENED
The compensation package, comprising 303 million options to purchase Tesla shares at a significantly reduced price, was valued at $51 billion when it was voided by a Delaware judge nearly five months ago. As of Wednesday’s market close, the package was worth $46.8 billion due to a steady decline in Tesla’s share price (TSLA) this year.

Initially approved in 2018, the pay package faced criticism for its size and Musk’s distractions with other companies. However, supporters argue that his leadership is crucial for Tesla’s future. This vote is significant for Tesla’s strategic direction and Musk’s role in the company, greatly impacting Tesla’s governance and Musk’s future involvement.

Tesla’s filings argue that maintaining the pay package is essential to keep Musk fully engaged in running Tesla rather than focusing on his other ventures. Besides leading Tesla, Musk is also the head of SpaceX, Neuralink, and the Boring Company. Additionally, he is the primary shareholder of these companies and the owner of X, formerly known as Twitter.

CONTINUE READING ➔

MEME STOCKS

GameStop Chaos as Investors Shake Up Shareholder Meeting

GameStop’s annual meeting faced chaos due to unprecedented investor interest thanks to Roaring Kitty’s return to action

BREAKING NEWS
Something is going on with GameStop.

There was a weirdly significant disruption at the annual shareholder meeting as they were under an overwhelming surge of investor interest.

This incident coincides with a renewed meme stock frenzy sparked by Keith Gill, known as Roaring Kitty, resuming his online activities after a three-year hiatus.

WHAT HAPPENED
The explanation for the disruption was even stranger. A customer service rep for Computer Share blamed a "mass amount" of issues caused by people trying to access the meeting. The rep said Computer Share's servers appeared unable to handle the traffic the meeting had received and were unfamiliar with the volume of accounts.

The overwhelming interest in the meeting suggests robust retail investor engagement spurred by Roaring Kitty's recent activities. This could increase volatility in GameStop's stock as traders react to the news and the ongoing meme stock momentum.

GameStop announced Tuesday that it raised over $2 billion in a recent at-the-market equity sale as the video game company took advantage of the revived meme rally.

They have rescheduled their shareholder's annual meeting for June 14th at 4 pm EST.

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1. Adobe shares soar 15% on better-than-expected results

Adobe reported results on Thursday that sailed past analysts' estimates, leading to a 15% surge in its stock price. The strong performance reflects the company's solid business fundamentals and growth prospects.

2. Wells Fargo fires more than a dozen employees for faking work: report

More than a dozen Wells Fargo employees were terminated after an investigation revealed they were faking keyboard activity to simulate work. The bank's internal probe highlights ongoing challenges in maintaining ethical standards.

3. Microsoft in damage-control mode, says it will prioritize security over AI

Following recent security breaches, Microsoft CEO Satya Nadella announced that the company will prioritize security measures over AI advancements. This shift aims to address vulnerabilities and restore user trust.

4. Paramount Global’s Skydance rejection puts heavy pressure on Shari Redstone to sort shaky future

Shari Redstone faces increased pressure to navigate Paramount Global's uncertain future after rejecting a deal with Skydance. The decision highlights the challenges she inherits from her father, Sumner Redstone, known for his bold business moves.

5. Former Employees Sue SpaceX, Saying They Were Fired for Objecting to Elon Musk's "Grotesque Sexual Banter"

Eight former SpaceX employees have filed a lawsuit against the company and Elon Musk, alleging they were wrongfully terminated for raising concerns about sexual harassment. The case brings attention to workplace culture issues at SpaceX.

6. Tyson Foods CFO arrested, receives suspension from company

Tyson Foods' CFO was arrested and booked on charges including driving while intoxicated (DWI) in Arkansas. The company has suspended him pending further investigation, impacting its executive leadership.

7. Boeing investigates quality problem on undelivered 787s, sources say

Boeing is investigating a quality control issue involving the incorrect tightening of more than 900 fasteners on undelivered 787 Dreamliner jets. This problem affects the aircraft's mid-body and raises concerns about production standards.

8. MicroStrategy to raise $500 million using convertible notes to buy Bitcoin

MicroStrategy plans to raise $500 million through convertible notes to purchase more Bitcoin. The company already holds a significant amount of Bitcoin, making it the largest corporate holder with over 1% of the total supply.

9. Ethereum ETFs likely to launch this summer, says SEC's Gensler

SEC Chairman Gary Gensler anticipates that spot Ethereum ETFs will be available in the U.S. this summer. However, he remains non-committal on whether Ethereum should be classified as a security or commodity.

10. Netflix hunts for a production partner for its Christmas NFL games

Netflix plans to stream NFL games on Christmas Day for the next three years and is currently seeking a production partner. This move aims to boost its live sports offerings and attract more subscribers.

CONTINUE READING ➔

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