🤖 Elon Musk drops lawsuit against OpenAI; 🏦 TymeBank's $150m proposed raise

Today’s Menu ☕️

🏦 TymeBank seeks $150 million funding prior to planned stock market debut
📈 Apple Reclaims Top Spot as World's Most Valuable Company
📽️ Zimbabwe aims to establish regulatory framework for cryptocurrencies
🤖 Elon Musk drops lawsuit against OpenAI
🚙 Ethiopia inaugurates largest EV factory amidst green transportation push

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📈 BUSINESS

Apple Reclaims Top Spot as World's Most Valuable Company

In a significant development on Wednesday, Apple reclaimed its position as the world’s most valuable company, surpassing Microsoft. This resurgence is fueled by the iPhone maker’s ambitious advancements in artificial intelligence technology, marking a pivotal moment in the tech industry.

Apple’s shares soared nearly 4% to reach a record $215.04, pushing its market valuation to an impressive $3.29 trillion. This leap allowed Apple to overtake Microsoft, whose market capitalization stood at $3.24 trillion, marking the first time in five months that Apple has led the pack.

The stock surge coincided with the tech-heavy Nasdaq hitting a record high, buoyed by encouraging signs of cooling inflation. Apple’s shares had already gained more than 7% in the previous session, following the unveiling of a suite of AI-enabled features and software enhancements aimed at boosting iPhone sales.........continue reading

🪙 CRYTOCURRENCY

Zimbabwe aims to establish regulatory framework for cryptocurrencies

Zimbabwe has embarked on a public consultation initiative focused on cryptocurrencies, inviting input from crypto service providers. The objective of this exercise is to gather insights and recommendations that will inform the development of an appropriate regulatory framework for cryptocurrencies and their service providers.

To facilitate a comprehensive national evaluation, the government has established a multi-stakeholder committee tasked with engaging various participants within the cryptocurrency ecosystem. This committee’s mandate includes consulting with a broad range of stakeholders involved in the crypto space.........continue reading

🚙 TRANSPORTATION

Ethiopia inaugurates largest EV factory amidst green transportation push

Ethiopia has taken a significant step towards sustainable transportation with the inauguration of its largest electric vehicle (EV) factory in the city of Debre Berhan, located in the Amhara region. The facility is projected to have an annual production capacity of approximately 1,000 electric cars, signaling a noteworthy advancement in the country’s automotive industry.

The establishment of this EV factory represents a substantial investment of over $52 million by local entrepreneur Belayneh Kinde. This move underscores the growing interest in renewable energy and sustainable transportation solutions within Ethiopia........continue reading

🤖 ARTIFICIAL INTELLIGENCE

Elon Musk drops lawsuit against OpenAI

In an unforeseen turn of events, Elon Musk has instructed his legal team to request a California court to retract a lawsuit he had initiated against OpenAI and its chief executive, Sam Altman. The litigation had originally been filed on the grounds that OpenAI, a company Musk had a hand in establishing, had strayed from its original purpose of advancing artificial intelligence (AI) technology for the greater good of humanity.

The legal documents, submitted by Musk’s attorneys, called for the termination of the legal proceedings that had been ongoing for several months. Interestingly, the request to dismiss the case was made without providing any explanation for this sudden change of heart...……....continue reading

🏦 BANKING

TymeBank seeks $150 million funding prior to planned stock market debut

TymeBank, a pioneering digital bank in South Africa, has embarked on a significant fundraising venture, seeking $150 million (approximately R2.79 billion) to enhance its growth and lay the groundwork for a future initial public offering (IPO), according to Coenraad Jonker, the bank’s co-founder and CEO.

In a recent interview conducted in Johannesburg, Jonker revealed that TymeBank is on the brink of achieving a valuation of nearly $1 billion. The bank is in the midst of a Series D funding round, which is being conducted at a valuation that places it in the prestigious ‘unicorn’ category of startups valued at over $1 billion.

Jonker outlined TymeBank’s ambitious plans to debut on the stock market, aiming for a listing on the New York Stock Exchange by the year 2028. Additionally, to accommodate its South African investors, the bank is considering a secondary listing on the Johannesburg Stock Exchange.……read more

 OTHER STORIES

• Mastercard Foundation EdTech Fellowship Launches in Egypt to Boost Educational Innovation. The Mastercard Foundation EdTech Fellowship, a program dedicated to accelerating the growth of African educational technology ventures, has extended its reach to Egypt after successful implementations in South Africa, Kenya, and Nigeria..……read more

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