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Elon: Twitter will file defamation suit against Anti-Defamation League, blaming them for 60% revenue drop

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Top stories today:

  1. China likely to launch $41B fund for semiconductor industry
  2. Elon: Twitter will file defamation suit against ADL
  3. Novo Nordisk becomes #1 company in Europe, passing LVMH
  4. U.S. deficit expected to 2x to 8% of GDP in 2023

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1. China likely to launch $41B fund for semiconductor industry

Comparable to the $53B in subsidies from the U.S.'s CHIPS Act:

  • According to confidential sources; the government declined to comment.

  • Backers would include government agencies and potentially private actors too. - Reuters

2. Elon: Twitter will file defamation suit against Anti-Defamation League, blaming them for 60% revenue drop

On Saturday, Elon hinted at running a poll on banning the ADL from Twitter

  • Read more: Axios, Techcrunch

  • Twitter is also being accused of helping Saudi Arabia commit human rights abuses in a revised civil U.S. lawsuit. - The Guardian

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4. Novo Nordisk, semaglutide maker, becomes most valuable company in Europe after passing Louis Vitton parent

  • Wegovy in the UK: the weight-loss version of semaglutide will kick off sales in the United Kingdom, at a price range of ~$250-$350, ~4x cheaper than in the U.S. (which subsidizes the rest of the world). - Reuters

ASLM ranks #3 in the EU, also representing tech, in a ranking previously dominated by French luxury/beauty brands

5. U.S. deficit expected to 2x to 8% of GDP, $2.0T in 2023, due to higher rates

According to the non-partisan Committee for a Responsible Federal Budget:

This 8% estimate is significantly worse than the 6% estimated by the CBO in June

The 8% estimate would mean 8% of nominal growth (GDP + inflation) is needed to keep debt-to-GDP stable

  • Currently, this sum is at 5% (GDP growth at 2% + inflation at 3%).

    • This means debt-to-GDP would increase by 3% per year (8% deficit - 5% nominal growth).

    • CBO estimates 1% per year of debt-to-GDP growth, over the next decade.

6. China GDP growth revised down by ~0.5% by Bloomberg, suggesting it will not surpass U.S. GDP

  • China's GDP is currently 72% of U.S. GDP, even with 4x the population (i.e. 5x smaller GDP-per-capita).

  • 2% GDP growth in the U.S. is the typical estimate for the long run.

7. English-speaking countries have more remote work, likely due to more knowledge work in English

This should lead to lower demand for office space in large cities of English-speaking countries

8. Stablecoin market cap falls for 17th consecutive month, -0.4% to $125B in August

  • USDT was -1.2% to $83B in August.

9. Rents rise across Europe as house supply is restrained by regulation

10. Abu Dhabi's Sheikh Tahnoon now most powerful investor in Middle East

11. Interesting tweets, memes, and videos

12. Other headlines

AI

  • Generative AI will benefit more middle class than experts: Noah Smith.

Tech

  • Butternut Box raises $354M for food subscription for dogs.

  • Spotify's $1B investment in podcasts flops.

  • Daily Wire at $200M+ ARR, 1M subscribers.

  • Meta partners with LG to build Quest Pro 2 for 2024: source.

  • Huawei chip shows China catching up, even with sanctions.

  • Mercedes to launch EV with 750km charge, beating Tesla.

  • Burning Man driving ban lifted, 1 dead.

  • Sequoia faces performance concerns after FTX, Twitter investments.

  • Travis Kalanick's CloudKitchens fires part of staff, closes kitchens.

  • Range, backed by Google's AI Fund, has revolutionized wealth management.*

Tech & law

  • EU: Apple, Microsoft argue iMessage, Bing are not big enough for DMA.

  • Chinese app stores start enforcing new disclosure rules.

  • Apple didn't want to enforce EU's USB-C mandate.

Biotech

Business

Crypto

  • Stake, crypto casino, hacked for $40M.

  • FTX's Larry David ad shows no separation with FTX US: DOJ.

  • LSE exploring building a “digital market ecosystem.”

  • Gala Games co-founders sue each other, token drops.

U.S. politics

  • Jill Biden tests positive for Covid-19 on Mon, with mild symptoms.

  • Trump lawyers’ seeking of Supreme Court ruling could delay trial.

  • Biden says Trump “didn't build a damn thing.”

  • 73% see Biden as “old,” 47% for Trump.

  • Peter Navarro to face contempt of Congress trial.

  • Neo-nazis rally in FL (with 1st Amendment protection).

World

  • Zelensky replaces defence minister.

  • India may be renamed to Bharat.

  • EU uses absence of Xi, Putin in G-20 weekend to engage Africa.

  • Kim Jong-un to meet Putin in Russia to discuss weapon sales.

  • Putin says Russia will renew grail deal once West meets demands.

  • Beijing thought to be using fake tourists to spy U.S. military bases.

  • Iran continues to grow uranium enrichment: IAEA report.

  • UAE to be warned by West over trade with Russia.

  • Palestinian government seek influence in Saudi-Israel deal.

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