Binance Advises Nations on Crypto

CRYPTO
Binance Advises Nations on Crypto

As the U.S. moves toward embracing crypto, other countries are following suit—with help from Binance. The world’s largest crypto exchange is advising multiple governments on developing regulatory frameworks and establishing national crypto reserves, according to the Financial Times. Binance CEO Richard Teng said several countries and sovereign wealth funds have approached the company for guidance, though he didn’t name them.

Teng pointed to the U.S.—where President Trump recently created a national Bitcoin reserve—as a leader in crypto adoption. Binance’s advisory role comes after its $4.3 billion settlement with the U.S. government over money laundering charges in 2023. The company’s former CEO, Changpeng Zhao, pled guilty and served four months in jail. Teng emphasized Binance’s renewed focus on compliance, saying regulators now view the firm more favorably. He believes the U.S.'s shift is encouraging other nations to see crypto as a strategic asset to hedge inflation and diversify reserves.

FINANCE
Ackman Takes Big Hertz Stake

Hertz CEO Gil West expressed optimism following investor Bill Ackman’s major investment in the company. In a message to employees, West said he was “humbled” and “energized” by Ackman’s support through Pershing Square, which recently disclosed a 19.8% stake in Hertz. The announcement caused Hertz shares to more than double, closing at $8.24 on Thursday.

West, who became CEO in April 2024, described the move as a strong endorsement of the company’s turnaround strategy. Ackman’s position was revealed after receiving SEC approval to delay disclosure, allowing his firm to increase its stake. Hertz has faced major challenges over the past decade, including a bankruptcy during the 2020 pandemic and a failed pivot to electric vehicles, which led to a $2.9 billion loss in 2024. Despite the difficulties, West remains confident in Hertz’s global assets, car rental leadership, and continued progress as it rebuilds after the collapse of its EV strategy.

TECH
Musk Bets Future on AI

Elon Musk reportedly scrapped plans for Tesla’s $25,000 compact EV—known internally as the “Model 2”—despite leadership urging its development. According to The Information, Musk believed a small, affordable car wasn’t bold enough for Tesla’s brand and instead pushed ahead with the Cybercab, a fully autonomous robotaxi. Internal reports warned the Cybercab might never be profitable, but Musk dismissed concerns, convinced it could sell in the millions. However, analysts projected limited U.S. demand and regulatory barriers abroad, capping potential sales.

Tesla executives suggested building both vehicles on the same platform, but Musk rejected the idea, declaring a basic EV didn’t inspire him. Instead, his focus shifted to AI and robotics, promising that autonomous tech would deliver Tesla’s “ChatGPT moment.” Musk now envisions selling 100 million Optimus robots annually, aiming for $1 trillion in profits. Meanwhile, Tesla fans who hoped for an affordable EV may be left disappointed as Musk chases even bigger dreams.

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