June 14, 2024 | Read Online

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0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Tesla shareholders approve Elon pay package, Texas reincorporation

Vote Tesla.

% of votes was not disclosed.
Still uncertain: Elon's 2018 pay package, which is currently worth $48B and could still be rejected by Delaware courts. If that happens, Elon/Tesla could try re-approving it a 3rd time, now being incorporated in Texas.
Elon said $25T of market cap could be created by the Optimus humanoid robots they are developing.
- 1,000s of robots working in Tesla factories by year-end, Elon predicts.
Trump is a huge fan of the Cybertruck and calls Elon "out of the blue for no reason," he said.

2. Paradigm raises $850M "earliest stage" crypto fund, after $2.5B fund in 2021

X: Matt Huang.

1st fund after co-founder Fred Ehrsam stepped down as managing partner in Oct.
"New infrastructure is enabling consumer applications," reads the press release.
- Focus on early stage in line with the growth of consumer apps using blockchain.

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4. Adobe's revenue +10% to $5.31B, stock +17% on positive guidance

Adobe.

Guidance of $4.50 - $4.55 in adjusted EPS for Q3 FY24, vs. $4.48 expected, and $5.33B - $5.38B in revenue, vs. $5.4B expected.
Software peers had reduced their full-year revenue guidance in the past weeks, citing economic weakness (e.g. SentinelOne, UiPath), while Adobe CEO Narayen said no changes in the economy were worth highlighting.

5. WhatsApp now allows 32 participants in video calls, screen sharing with audio

WhatsApp.

Cutting the feature gap vs. FaceTime, Google Meet, and Zoom, which also allow for 32-100 participants.

6. Interesting videos, posts, and memes

#51: Vinod Khosla on What to Build in AI

7. Other headlines

AI

Microsoft's Recall AI feature delayed by weeks.
OpenAI adds former NSA head to board.
Google's AI-written summaries returned for ~25% of news queries.
Tempus AI, medical data firm, raises $411M in IPO.

Tech

GameStop's shareholder meeting adjourned after technical issue.
Roaring Kitty appears to sell some call options, now holds 9M GME shares.

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Tech & law

Microsoft's Brad Smith tells Congress it will fix security gaps.
SpaceX, Ukraine contract extended by Pentagon for $14M.
ADHD telehealth founders arrested, accused of fraud.

Biotech

Lilly working on developing even better GLP-1 weight loss drugs.
Alzheon gets $100M to advance oral Alzheimer's drug.

Business

Visa, Mastercard $30B settlement likely won't be approved by judge.

Crypto

Ethereum ETFs should be approved by end of summer: SEC Chair.
MicroStrategy proposes $500M convertible notes for more BTC buys.

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U.S. politics

Trump promises business leaders to lower corporate tax from 21% to 20%.
Tariff hikes may offset income tax cuts, Trump suggests.
Immigration executive order planned by Biden for as soon as next week.

World

U.S., Ukraine sign 10-year bilateral security agreement.

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