🏆🤖Elon Musk’s Newest Project (For the “Meme”)

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Good morning Opportunists. Elon Musk’s latest venture, AT&T’s massive data breach shaking up telecom, and a bold idea to solve the U.S. debt crisis with crypto.

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World Tech and Money News

Elon Musk’s Newest Project (For the “Meme”)

Elon Musk, now co-leader of the cheekily named Department of Government Efficiency (DOGE), is already stirring up buzz with plans to expose "insanely dumb" government spending via a public leaderboard. Responses to Musk’s appointment ranged from tech leaders offering cost-cutting suggestions to political digs, with Senator Elizabeth Warren mocking the dual leadership as a hilariously inefficient start. [Source]

Arnault Passes the Baton

Bernard Arnault, Europe’s richest person, has reshuffled LVMH's leadership, naming his son Alexandre as deputy CEO of Moët Hennessy starting February 2025, continuing his strategy of positioning his children in key roles across the luxury empire. With four of his five children now on the LVMH board, speculation mounts about who will ultimately succeed the 75-year-old billionaire, often likened to the power dynamics of HBO's Succession—a comparison Arnault has brushed off. [Source]

Jamie Dimon’s Take on President-Elect

Wall Street is buzzing with optimism as President-elect Donald Trump is expected to ease banking regulations, a move JPMorgan CEO Jamie Dimon says has bankers “dancing in the street” after years of stifling oversight. While Trump tapped Elon Musk and Vivek Ramaswamy to lead a new "Department of Government Efficiency," Dimon politely declined any role in the administration, quipping, “I haven’t had a boss in 25 years, I’m not about ready to start.” [Source]

Science and Technology

AT&T Hacked: Hackers Connor Moucka and John Binns allegedly infiltrated AT&T’s systems, stealing 50 billion customer call and text records in what prosecutors describe as one of the worst cyberattacks of the year. The duo extorted millions in bitcoin from multiple victims, exploiting vulnerabilities in cloud provider Snowflake, with AT&T among nearly 170 breached companies, including Santander Bank and Ticketmaster. [Source]

Agility Robotics: Agility Robotics, maker of the humanoid robot Digit, announced Schaeffler's minority investment and plans to integrate Digit into its 100 global plants by 2030, marking a major leap in manufacturing innovation. As the first company to commercially deploy humanoid robots, Agility aims to scale cooperative human-robot operations, with CEO Peggy Johnson promising groundbreaking safety advancements within the next two years. [Source]

Influur: Miami-based startup Influur is revolutionizing influencer marketing with tools for fast creator responses and secure, upfront payments, while also building financial products like loans and credit cards tailored for creators. Backed by $10 million in Series A funding from Point72 Ventures and angel investors like Sofía Vergara, Influur’s platform already hosts 40,000 creators, offering analytics, instant payouts, and a premium subscription to help influencers manage collaborations and scale their entrepreneurial success. [Source]

Business & Markets

US Debt Crisis: Former House Speaker Paul Ryan suggests in a Wall Street Journal op-ed that stablecoins could help mitigate the U.S. debt crisis by creating consistent demand for Treasury bills, easing reliance on traditional foreign buyers like China. With stablecoin issuers like Tether and Circle holding over $95 billion in U.S. government debt, Ryan argues they could provide a crucial buffer as the dollar’s status as the global reserve currency faces mounting challenges. [Source]

xAI Valuation: Elon Musk’s xAI just secured a staggering $6 billion funding round, skyrocketing its valuation to $50 billion, fueled by a Memphis-based supercomputer boasting 100,000 Nvidia GPUs. With Grok—xAI’s real-time internet-savvy chatbot—aiming to outpace OpenAI and Tesla’s Full Self-Driving ambitions tied in, Musk’s empire is leveraging this momentum to redefine AI, and insiders hint at an even bolder $75 billion valuation by 2025. [Source]

Household Debt: Household debt climbed to $17.9 trillion in Q3, up 0.8% from Q2, but rising disposable incomes—up 5.5% year-over-year—have kept debt burdens stable or even slightly eased. While serious delinquencies, foreclosures, and bankruptcies remain at historic lows, forming a "frying-pan pattern," most consumers are handling their debt responsibly, a sharp contrast to the overleveraged run-up to the Financial Crisis. [Source]