The news was never-ending, from Silicon Valley’s power struggles to legal disputes around the world.
This cheat sheet will help you keep track of the latest news: PayPal wants to become a bank, Tesla tests driverless technology in Texas and SpaceX has just made Elon Musk richer than ever.
The biggest news is likely to be in court, where the BBC has been sued by President Trump.
PayPal launches US Bank
PayPal announced on Monday it had applied to the regulatory authorities for approval to set up PayPal Bank. This would enable PayPal to offer traditional banking services including loans to small business.
In a press release, PayPal CEO Alex Chriss stated that the establishment of PayPal Bank would strengthen PayPal’s business. It will also improve its efficiency. This in turn allows us to support economic growth for small businesses and opportunities throughout the US.
Both the US Federal Deposit Insurance Corporation and Utah’s Department of Financial Institutions will review your application.
PayPal Bank could also offer savings accounts that pay interest if approved by the government, says the company.
PayPal (which owns Venmo) already offers consumer credit and is steadily growing its banking services.
Fintech companies are increasingly challenging traditional banks with their digital deposit, payment, and loan platforms.
Following the announcement, shares of PayPal increased by 1.5% on extended trading.
Tesla stock hit new highs
Tesla has announced that it is testing driverless cars in Austin, Texas. This marks a new stage in the company’s efforts to launch autonomous ride-hailing service.
Elon Musk, the Chief Executive of Tesla Motors wrote in a weekend post to X that “testing has begun with no occupants inside the vehicle.”
This update is coming nearly six months since Tesla introduced a limited Robotaxi in Austin, which still had safety drivers.
Tesla shares rose by 3.6% to $475.31 on Monday. Stock is up 18% this year, and about 1% off its previous high in December 2024.
Musk told investors for more than 10 years that Tesla cars would become autonomous and capable of driving long distances, or as robotaxis, without the need for human interaction.
Tesla launched a Robotaxi ride-hailing service in Austin, Texas, in June. A separate service was then introduced in San Francisco Bay Area.
Trump Sues BBC for 10 Billion Dollars
The President Donald Trump filed a lawsuit for defamation against the British Broadcasting Corporation. He is seeking damages of at least $10 Billion over what he claims was an inaccurate edit to a documentary that aired in 2017.
The lawsuit was filed in Miami federal court on Monday. It stemmed from an episode of BBC Panorama in 2024 that featured edited footage of Trump’s speech prior to the attack of January 6, 2021.
Trump claims that the edited version falsely implied he had called directly for violence.
BBC chairman Samir Shah admitted on 10 November that the edited video gave the “impression of a call to violent action”.
Later, the broadcaster issued a second denial of Trump’s compensation demand.
Trump told reporters at the White House on Monday that he was suing BBC over the words they used to describe him.
They literally put words into my mouth. “They made me say things I would never have said.”
This case is part of Trump’s legal fights against media organizations and comes at a time when he has been challenging coverage surrounding his January 6 actions.
Musk surpasses the $600 billion mark in net worth
Musk surpasses the $600 billion mark in net worth
Bloomberg Billionaires Index reports that Elon Musk has reached a record personal wealth, which now exceeds $600 billion.
Musk’s net worth is nearly $638 Billion after SpaceX, the most valuable company in the world was valued by an insider at $800 Billion.
Musk is the owner of roughly 42% in rocket manufacturer, which after a discount to reflect private holdings amounts to $317 billion.
Bloomberg’s first calculation of an individual net worth over $600 billion.
Musk’s value was $4.8 billion at the time he entered the index, in 2013. Tesla valuation soared and Musk crossed over $100 billion for first time in 2020.
The post Morning Brief: Trump Sues BBC For $10B; Musk Now Worth Over $600B will be updated as new information becomes available.
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