Venezuela Bans X Amid Maduro's Feud with Elon Musk Over Hate Speech

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Here's the latest news I'm tracking today.

🌎 World & Economics

Venezuela Bans X Amid Maduro's Feud with Elon Musk Over Hate Speech

Contested Venezuelan President Nicolas Maduro ordered a 10-day ban on social networking platform X, cutting off locals' access to the platform after a feud with Elon Musk. Maduro accused Musk of inciting hatred and violating social network rules, leading to the temporary ban on X in Venezuela. The dispute arose following Venezuela's disputed presidential election, with Maduro claiming that Musk used the platform to promote hatred.

Flying Taxis Set to Debut at 2028 Olympics

Plans are underway to introduce electric air taxis for the 2028 Summer Games in Los Angeles, building on efforts that were expected to be showcased during the Paris Olympics. Archer Aviation intends to launch a local air mobility network by 2026, with initial services operated by a limited number of aircraft on select routes and a goal of scaling up for the Games. The network will integrate partnerships with major airlines and feature "vertiports" at key locations throughout the region to mitigate traffic congestion. In the competitive landscape, rival Joby Aviation also targets L.A. for air taxi services, with both companies seeking regulatory certification to advance their initiatives.

📈 Stocks / Finance

WaveDancer Executes Reverse Stock Split to Enhance Share Value

WaveDancer, Inc. plans to implement a reverse stock split at a 1-for-3 ratio, effective at 12:01 p.m. on August 12, 2024, with trading adjusted for this split beginning the following day. Following the reverse split, the company will change its name to Firefly Neuroscience, Inc., and its common stock will trade under the symbol AIFF. This consolidation will reduce the number of outstanding shares from approximately 2,013,180 to around 671,060, while maintaining stockholders' percentage ownership. Adjustments will also be made to equity awards and convertible securities in line with this stock split.

Berkshire Hathaway Holds More Short-Term Treasury Bills Than Fed

Berkshire Hathaway holds $234.6 billion in short-term U.S. Treasury bills, surpassing the Federal Reserve's $195 billion in T-bills. This increase is part of a broader strategy that includes raising cash and cash equivalents to a record $277 billion, up from $189 billion in the previous quarter. The company reduced its Apple stock holdings by about half to reinvest in Treasury bills, which are seen as a safer investment in the current market conditions. Interest income from these T-bills has risen significantly, contributing an additional $2 billion in income during the first six months of the year.

🪙Crypto

Chinese Boomers Turn to Crypto Cults Amid WazirX Fallout

Reports have emerged of a troubling trend in China, where elderly citizens are falling victim to cult-like cryptocurrency mining schemes, leading to family discord as children attempt to warn their parents. Meanwhile, an asset freeze for the cryptocurrency exchange WazirX may be imminent due to a legal petition requesting an investigation into possible fraud following a significant hack. Global markets reacted positively to reassurances from the Bank of Japan regarding interest rates, despite a recent rate increase causing turmoil. In South Korea, the extradition of Do Kwon has been postponed by Montenegro's Supreme Court, amidst continued legal scrutiny over his actions related to a substantial fraud scheme.