Streetbeat News

Regulatory

TSLA

A workers' strike in Sweden is disrupting Tesla Inc's (NASDAQ:TSLA) new vehicle deliveries due to a halt in the receipt of license plates. The strike, initiated by IF Metall union for collective bargaining agreements, has escalated with other unions joining in, affecting various services for Tesla. CEO Elon Musk expressed his frustration, calling the situation 'insane.' Despite the strike, Tesla reports over 90% of employees are still working. Tesla has been operating in Sweden since 2013, and the Model Y is the best-selling car model in the country this year.

Portfolio Pulse from Anan Ashraf

November 23, 2023 | 9:46 am

GM

GOOG

TSLA

Ark Invest analyst Tasha Keeney highlighted that GM's Cruise took more risks in autonomous driving than Waymo or Tesla, with a higher crash rate per million miles. Despite the pause in Cruise operations due to safety concerns, its efforts alongside Waymo have aided regulatory approval for autonomous cars, which may benefit Tesla. Elon Musk responded, emphasizing the safety of Tesla's FSD and its future potential with Version 12 neural nets. Cruise has paused operations to rebuild trust and undergo safety reviews, planning a relaunch in one city.

Portfolio Pulse from Anan Ashraf

November 23, 2023 | 8:44 am

BTCUSD

US prosecutors are opposing former Binance CEO Changpeng Zhao's return to the UAE on a $175 million bond, citing flight risk concerns. Zhao, who stepped down as CEO after admitting to failing to maintain an effective Anti-Money Laundering program at Binance and paying a $50 million fine, is scheduled for sentencing in February 2024. The case is a significant legal action against a cryptocurrency executive. Bitcoin is currently trading at $36,344.38, down 3.11%.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 7:01 am

BTCUSD

COIN

Coinbase's director J Conor Grogan stated that Binance could pay a $4.3B DOJ fine without selling any crypto assets, citing Binance's Proof of Reserves showing $6.35B in assets. Binance CEO Richard Teng affirmed the company's strong fundamentals. Binance admitted to anti-money laundering lapses and agreed to pay the fine, with former CEO Zhao contributing $50M and stepping down. The company's violations involved transactions linked to terrorist groups and dealings with US and Iranian participants.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 6:50 am

GM

General Motors Co's autonomous vehicle subsidiary Cruise is planning to re-launch its operations in one city after a brief pause due to safety concerns. The pause came after an accident involving one of its AVs and subsequent suspension of permits by the California DMV. Cruise aims to rebuild trust and prove its performance in one city before expanding. The re-launch timeline and city name remain undisclosed. Cruise's co-founders resigned recently, but GM CEO Mary Barra remains optimistic about Cruise's potential.

Portfolio Pulse from Anan Ashraf

November 23, 2023 | 5:52 am

USDTUSD

Binance, a cryptocurrency exchange, reportedly transferred $3.9 billion in Tether (USDT) from its cold wallet ahead of a $4.3 billion settlement with the DOJ over money laundering allegations. The transaction occurred on November 9, and the purpose of the funds is unclear. Binance has not commented on the transfer or the settlement, which includes $1.8 billion in criminal fines and $2.5 billion in forfeitures, concluding U.S. investigations into its regulatory compliance.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 4:30 am

BTCUSD

Changpeng Zhao, known as CZ, resigned as CEO of Binance following a $4.3 billion settlement with the US Justice Department over alleged violations. A new token named 'CZ coin' surged 4,000% on DEXs post-announcement. Richard Teng will replace CZ as CEO. Bitcoin saw a 3.11% increase in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 3:41 am

BTCUSD

DOGEUSD

ETHUSD

Cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) saw price increases amid renewed optimism for a potential spot Bitcoin ETF following the Binance settlement. Binance's $4.3 billion fine and CEO Changpeng Zhao's plea deal are seen as positive steps towards regulatory compliance, potentially easing SEC concerns and increasing the likelihood of a spot Bitcoin ETF approval. The global crypto market cap fell by 2.78%, while U.S. stocks rose, with the S&P 500 and Nasdaq climbing. The NYSE will be closed for Thanksgiving and have an early closure on Friday. Analysts suggest buying dips in altcoins and predict a rebound for Bitcoin to $40,000.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 3:09 am

MSFT

The Cambridge Dictionary's Word of the Year, 'hallucinate', reflects a growing concern in the AI industry about the accuracy of AI-generated content. The term now describes AI systems presenting false data as true, leading to issues like job loss and misinformation. Microsoft has faced criticism for inaccuracies in AI-produced articles. Morgan Stanley analysts have noted the problem of AI fabricating facts. The release of Vectara's open-source Hallucination Evaluation Model represents a step towards responsible AI and reducing misinformation risks.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 2:49 am

CRLBF

TCNNF

Major cannabis multistate operators (MSOs) like Trulieve Cannabis Corp (TCNNF) and Cresco Labs Inc (CRLBF) are exiting less profitable state markets to strengthen their financial positions in anticipation of federal reforms and increased investor interest. Cresco Labs reported $191 million in Q3 revenue after leaving Arizona and Maryland, while Trulieve divested from California and ceased Massachusetts operations. The industry is hopeful for legislative changes, such as cannabis rescheduling and the SAFER Banking Act, despite political uncertainties.

Portfolio Pulse from Patricio Liddle

November 23, 2023 | 1:43 am