Good Evening!
If you’re a Venmo or Cash App hater, Elon Musk now has a new option for you.
Here are the 7 things you missed today:
1. 📈 Apple Became the Second Company With Stock to Top $5 Trillion
Congrats to Apple for making history today. The tech giant briefly crossed a $5 trillion market capitalization today, becoming the second publicly traded company in history to reach the milestone. Apple stock touched an intraday high of $342.89 on Tuesday, a gain of 1.8%. (Quartz)
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3. 🤝 Recursive Superintelligence Signed a $410M Compute Deal With Amazon
As if Amazon Web Services (AWS) needed more of a bump… the cloud provider just signed a $410 million compute deal with AI company Recursive Superintelligence. The company, which emerged from stealth in May with $650 million in funding, is planning to use the multiyear deal to scale up its open-ended self-improving systems. (TechCrunch)
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5. 💰 X Money Launched in the U.S.
The long-anticipated X Money part of X started rolling out today. The payment platform, a core part of Elon Musk’s goal of X being an “everything app,” offers a digital wallet and peer-to-peer payments similar to Venmo, along with a metal Visa card users can customize with their X username. (The Verge)
6. 🤔 eBay Reached a $56M Settlement to Close Out its Bizarre Newsletter Feud
One of the strangest sagas in eCommerce has come to a close. eBay and several former employees agreed to pay $56 million to Ina and David Steiner, co-authors of newsletter EcommerceBytes, who were targeted by the company’s former executives in a horrific targeted harassment campaign that took place in 2019. (TechCrunch)
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7. 🇨🇳 Shein Reported a $99M Quarterly Loss Due to ‘De Minimis’ Exemption End
Maybe fast fashion can be stopped. Chinese online retailer Shein reported a $99 million loss in Q1 as the fast fashion giant faced increased tariffs on China, the elimination of the “de minimis” tax loophole, and a steep one-time accounting charge. Not a great look for a company about to make its Hong Kong IPO. (Reuters)
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