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- 😳 OpenAI Raises Huge $6.6 Billion Funding Round
😳 OpenAI Raises Huge $6.6 Billion Funding Round
As it pushes forward in developing artificial general intelligence
Waivly Crew
October 03, 2024
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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.
Here’s what’s on the horizon today:
OpenAI secures historic $6.6 billion funding round
Tesla discontinues its most affordable Model 3
UK's City minister pushes for blockchain gilts
Bitwise officially files for XRP ETF with SEC
Let’s dive in!
STORIES MAKING A SPLASH
AI
OpenAI secures historic $6.6 billion funding round
OpenAI has secured a historic $6.6 billion investment, valuing the company at $157 billion, as it pushes forward in developing artificial general intelligence. Thrive Capital led the round with a $1 billion investment, with an option to add another $1 billion next year if revenue targets are met.
The funding hinges on OpenAI restructuring as a for-profit company within two years, with investor profits capped at 100x. If the company fails to do so, investors can reclaim their funds. OpenAI has also asked investors to avoid supporting rival AI firms like Anthropic and Elon Musk's xAI.
This investment values OpenAI at 40 times its projected revenue, underscoring the intense hype around AI. With its revenue expected to reach $11.6 billion next year, the funds will fuel the costly development of AI frontier models.
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AUTOMOTIVE
Tesla discontinues its most affordable Model 3
Tesla is no longer selling its sub-$40,000 Standard Range Model 3, a move first spotted by Electrek. The most affordable option is now the Model 3 RWD Long Range, priced at $42,490. This comes as Tesla reports a year-over-year increase in vehicle deliveries for Q3 2024.
Tesla has frequently adjusted prices in recent years to maintain market share, though it's facing growing competition and fluctuating sales. The company often quietly discontinues trims, as it did with the RWD Cybertruck earlier this year.
The discontinued Model 3 used cheaper lithium iron phosphate (LFP) batteries, which could see higher import costs due to rising U.S. tariffs. Tesla plans to introduce a more affordable vehicle in 2025, which could either be a new model or a simpler version of the Model 3.
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WEB3 SPECIAL
WEB3 SPECIAL
UK's City minister pushes for blockchain gilts
The United Kingdom’s city minister, Tulip Siddiq, has pushed for introducing blockchain-based gilts, a modern take on government bonds. This initiative aims to elevate the UK’s financial markets and strengthen its global position in digital assets.
However, the UK’s Debt Management Office (DMO) has voiced concerns over the feasibility and readiness of transitioning to this technology. Their focus remains on the challenges related to compatibility and legal implications while ensuring cost-efficiency in the gilt market.
Proponents believe that digital gilts could simplify the bond issuance process by eliminating intermediaries and enhancing transparency in ownership tracking, thereby establishing the UK as a leader in the digital asset industry.
WEB3 SPECIAL
Bitwise officially files for XRP ETF with SEC
Bitwise has filed for a spot exchange-traded fund (ETF) called the Bitwise XRP ETF, aiming to give investors access to the cryptocurrency XRP. The filing was made on Monday with Delaware's Division of Corporations, naming CSC Delaware Trust Company as the registered agent.
This move is notable as no spot XRP ETF has received approval from the U.S. Securities and Exchange Commission (SEC), which is currently in a legal dispute with Ripple over its sale of XRP, labeled as an unregistered security. While the SEC has greenlit several spot Bitcoin and Ethereum ETFs this year, an XRP ETF may face significant hurdles.
In addition to the ETF, Grayscale plans to launch an XRP "closed-end" fund for accredited investors. The SEC often refers to these financial products as exchange-traded products (ETPs), indicating the ongoing evolution of crypto investment options.
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THE WAVES
OTHER NEWS
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Discover more Waves in the Waivly Community. Click here to get onboard and join the community! 🌊
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THANKS FOR READING
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