Tesla shares surged 20% following CEO Elon Musk’s $1 billion stock purchase, his first open-market buy since 2020. The rally comes as EV buyers race to secure $7,500 tax credits before they expire September 30. However, underlying sales challenges and competitive pressures raise questions about the sustainability of this momentum.
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Ford Cuts 1,000 Jobs in Germany Amid EV Sales Slump
Ford Motor Co. is cutting 1,000 jobs in Germany as part of a broader 2,900-worker layoff, marking a strategic retreat from its electric vehicle ambitions amid disappointing sales. The move comes as the automaker projects a staggering $5 billion loss in its EV division this year, forcing a painful pivot while rivals like Volkswagen and BMW double down on electrification investments.
read moreSolana AI Agent Tokens Reach 500 Million Market Cap Amid Criticism
Tokens from the Solana AI Agents hackathon have surged past a $500 million market cap, driven by demand for AI Agent projects like AI16Z and Virtuals Protocol. With 64 projects launching tokens averaging $7.8 million, the top five include SEND, FXN, and BONGO. However, experts criticize the trend as “short-sighted hypertokenization,” likening many AI agents to mere chatbots with memecoins, rather than true agents.
read moreInaugural Solana AI Hackathon Attracts Over 400 Projects and $200 Million Tokens
The inaugural Solana AI hackathon concluded with over 400 projects competing for cash prizes and attention in the burgeoning field of AI agents. The total market capitalization of participating tokens surpassed $200 million, highlighting the intense competition among crypto AI projects. Winners will be announced around January 10, with many projects focusing on enhancing trading capabilities within the Solana ecosystem.
read moreMorgan Stanley Downgrades GM Stock Amid Concerns Over China Market Dynamics
Morgan Stanley downgraded General Motors to underweight, citing concerns over rising vehicle inventories in China, which now produces 9 million more vehicles than it sells. The firm also cut price targets for GM, Ford, and Rivian, while maintaining an overweight rating for Tesla and Ferrari. GM’s stock fell 4% in early trading, reflecting broader challenges in the auto industry.
read moreEthereum ETF Outflows Exceed $1 Billion Since Debut, Inflows for Spinoff.
Grayscale’s Ethereum ETF experienced significant outflows, losing over $1 billion in three days, while BlackRock’s iShares Ethereum Trust saw inflows of $71 million. Despite overall outflows for Ethereum ETFs, Grayscale’s Ethereum Mini Trust stood out with consistent net inflows and a lower fee compared to its counterparts. This trend mirrors the experience of Grayscale’s Bitcoin ETF, which also faced substantial outflows initially.
read moreEthereum ETFs Record Strong Inflows on First Trading Day
US spot Ethereum ETFs saw strong demand on their first trading day, with net inflows totaling $106.7 million and over $1 billion in trading volume. Nine different ether ETFs from eight issuers began trading, amassing over $10 billion in assets under management. In contrast, spot bitcoin ETFs in the US experienced $77.97 million in outflows, ending a 12-day streak of positive flows.
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