On The Wire: Today's Top Stories In Finance & Tech

Your daily briefing of some of the most important stories from the crypto, finance, and tech space.

The daily news roundup from REX Wire

Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.

In today's roundup, Elon Musk's enormous compensation package has been voided. Microsoft and Google are expecting slower growth due to data center costs. And Chinese investors are once again turning to gold in uncertain times.


Elon Musk's $55 Billion Tesla Compensation Overturned

A Delaware judge voided Elon Musk's $55 billion compensation from Tesla, ruling it improperly approved and unfair to shareholders. The decision, questioning Musk's influence over the board, led to a drop in Tesla shares and could impact Musk's wealth status.

Elon Musk’s $55 Billion Tesla Compensation Overturned
A Delaware Court invalidates Elon Musk’s $55 billion Tesla compensation, citing undue influence and process flaws.

Microsoft And Google Face Rising Costs In AI Development Race

Microsoft and Google, amid AI expansion, face increased investment in data centers and servers, affecting shares. Microsoft's cloud revenue rose to $25.9 billion, but overall growth may slow. Alphabet integrates AI into advertising and cloud, with AI-driven expenses rising in 2024.

Microsoft And Google Face Rising Costs In AI Development Race
Microsoft and Google anticipate rising costs in AI development, impacting shares despite strong cloud growth.

Chinese Investors Turn To Gold Amid Market Turmoil

Facing uncertainties in local markets, Chinese investors are buying gold, contributing to its high prices. In 2023, China's gold investment demand grew by 28% to 280 tonnes, and jewelry consumption rose 10% to 630 tonnes. Central banks' robust buying and unknown buyers have also fueled the market, with total gold demand reaching a record 4,899 tonnes.

Chinese Investors Turn To Gold Amid Market Turmoil
Amid market instability, Chinese investors shift to gold, driving demand and keeping prices above $2,000 per ounce.

Binance Responds To Customer Demands For Independent Custody

Binance is letting some traders keep assets with independent banks, including Switzerland's Sygnum and Flow Bank, in response to safety concerns and a $4.3 billion US fine. This shift follows increased trader unease after the FTX collapse and charges against Binance for violating securities laws.

Binance Responds To Traders Demands For Independent Custody
Binance allows larger traders to use independent custodians like Sygnum Bank, amid safety and regulatory concerns.

Do Resurgent Trump NFTs Predict Election Win?

The crypto markets are uniquely sensitive to social and economic changes, often providing a leading indicator for wider events.

Do Resurgent Trump NFTs Predict Election Win?
Donald’s NFTs are growing in popularity, just as the man himself is solidifying his lead against the competition.

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