Elon Musk, Bill Ackman, Balaji, Cathie Wood Outrage Over US Fed Decision
The U.S. Federal Reserve sticks to its goal of reducing inflation to 2% and raises interest rates by another 25 bps to 4.75%-5%. Fed Chair Jerome Powell said officials don’t see rate cuts this year and could raise rates higher than expected if needed. He also added that US banks are “sound”. Meanwhile, Treasury Secretary Janet Yellen disclosed that the FDIC will not offer “blanket insurance” for all bank deposits.
Elon Musk Considers FTX Among World’s Biggest Economic Failures
Tesla CEO Elon Musk shared his views on the ongoing crisis surrounding the bank failures. This comes amid heavy criticism on the manner in which banks are handled by regulators. The failure of Silicon Valley Bank and Signature Bank in the United States and the latest emergency merger deal involving Credit Suisse and UBS Group led to massive drop in value for bank stocks across markets. Meanwhile, the crypto market took an inverse correlation to the macro behavior dominated by the news of bank crisis.
Elon Musk Criticizes Federal Reserve's Data Latency and Calls for Immediate Rate Drop Amidst Banking Chaos
Amidst the chaos in the U.S. banking sector, Elon Musk, the CEO of Tesla and owner of Twitter, has been critical of the country’s central bank. Musk insists that the U.S. Federal Reserve is operating with “way too much latency in their data,” and he insists that the central bank needs to drop the federal funds rate “immediately.”
Elon Musk Announces Twitter’s New Prioritization System for Replies
The new system will prioritize replies in the following order: people you follow, verified accounts, and unverified accounts.
Elon Musk Announces Twitter to Open-Source Code for Tweet Recommendations on March 31st
Elon Musk announced that Twitter will be open-sourcing all code used to recommend tweets on March 31st.
Twitter to Open-Source Code for Tweet Recommendations on March 31st, says Elon Musk
The team is developing a simplified approach to recommend more compelling tweets, but it is still a work in progress.
Elon Musk Raises Questions On How OpenAI Turned For-Profit
Billionaire businessman Elon Musk is wondering as to how OpenAI could transition into a huge for-profit company from being non-profit initially. This comes after recent reports suggested Musk had approached artificial intelligence researches in his pursuit of building a ChatGPT alternative. The Tesla CEO, who had on October 27, 2022 acquired social media company Twitter, was in the founding team of OpenAI and until 2018 he had served in the company’s board of directors.
Elon Musk Shows Interest In Buying The Troubled Silicon Valley Bank
As the developments unfolded, Min-Liang Tan suggested that Twitter should consider buying SVB and turning it into a digital bank. Interestingly, Elon Musk has responded to it stating: “I’m open to the idea”.
Crypto Morning Briefing: Binance Renews Pledge To Create and Fund Web3 Education for Women
Galaxy Digital Has Excess Capital After Acquisitions, Needs To Get Them Right Before Spending Again; Ordinals Creator Slams Yuga Labs for “Degenerate” Bitcoin NFT Auction; TeraWulf Starts Nuclear-Powered Bitcoin Mining With Nearly 8,000K Rigs at Nautilus Facility; Dogecoin Drops 10% on the Week as Elon Musk Turns Attention to AI
Dogecoin Drops 10% on the Week as Elon Musk Turns Attention to AI
The price of Dogecoin (DOGE) is down another 1.7% over the day and almost 10% on the week, dropping to a two-month low of $0.073, according to data from CoinGecko.
