1. Musk’s $97.4 Billion Bid for OpenAI
2. Meta Notifies Thousands of Laid-Off Employees
3. Gold Prices Hit Record Highs
4. Super Bowl Viewership Hits All-Time High
5. Musk’s Net Worth Falls Below $400 Billion
6. Fire-Damaged LA Mansion Sells for Over $1 Million
7. Stripe Plans Employee Share Sale
1. Musk’s $97.4 Billion Bid for OpenAI
nonprofit organization, further escalating tensions between Musk and the company he co-founded.
Musk stated that he aims to restore OpenAI to a permanently open-source company with a strong emphasis on data security.
OpenAI CEO Sam Altman rejected the offer on Musk’s X platform, joking that they would instead be willing to acquire X for $97.4 billion.
Musk and Altman have been at odds for years, as OpenAI—under Altman’s leadership—has become increasingly profit-driven.
______
2. Meta Notifies Thousands of Laid-Off Employees
On Monday, Meta Platforms officially began layoffs, notifying thousands of underperforming employees to make room for new AI-focused talent.
Meta is offering U.S. employees 16 weeks of severance pay, plus an additional week for each year of service. Employees eligible for bonuses will still receive them.
In mid-January, CEO Mark Zuckerberg announced plans to cut 5% of the workforce, or approximately 3,600 employees.
Meta has conducted mass layoffs in both 2022 and 2023 to improve efficiency.
______
3. Gold Prices Hit Record Highs
On Monday, Donald Trump announced a 25% tariff on U.S. imports of steel and aluminum starting March 4. To hedge against economic uncertainty, investors have been pouring capital into gold.
Gold prices surged 1.7% today, reaching a record high of $2,921 per ounce, marking an 11% increase since the beginning of the year.
For the first time, China has allowed its top 10 insurance companies to allocate 1% of their assets to gold investments.
______
4. Super Bowl Viewership Hits All-Time High
Fox’s broadcast of this year’s NFL Super Bowl saw a 2.1% year-over-year increase in viewership, reaching 126 million viewers—a new record in Super Bowl history.
In the championship game, the Philadelphia Eagles defeated the Kansas City Chiefs 40-22 in a relatively one-sided match, unlike last year’s more competitive final.
The cost of a 30-second Super Bowl ad reached a record $8 million this year.
______
5. Musk’s Net Worth Falls Below $400 Billion
Since its peak in mid-December, Tesla’s stock price has dropped 27% in total.
As Tesla stock and options account for 60% of Musk’s wealth, his net worth has now fallen below $400 billion for the first time in two months. At its peak, his fortune reached $486.4 billion.
Tesla’s stock plummeted 11% last week following disappointing monthly sales figures, with sales in Germany and China plunging by 59% and 11.5%, respectively.
Musk’s increasing political involvement has also raised concerns among investors about Tesla’s management.
______
6. Fire-Damaged LA Mansion Sells for Over $1 Million
A luxury home in Los Angeles, destroyed by a wildfire, was listed for sale just 10 days after the fire was extinguished, with an asking price of $999,000.
The real estate agent handling the burned property revealed that multiple offers were received, and the final sale price exceeded $1 million. The funds are currently held in escrow.
The sale reflects the strong demand for land in the area. Despite being considered a coastal paradise, the region remains at constant risk of wildfires.
Many homeowners who lost their properties are still evaluating long-term plans. Cleanup efforts have just begun, and redevelopment could take months or even years.
The buyer intends to rebuild a luxury home on the site, with an estimated future market value of $3.2 million.
______
7. Stripe Plans Employee Share Sale
Sources indicate that payment processing company Stripe is planning to facilitate the sale of employee-held shares, potentially valuing the company at $85 billion—higher than last year’s $70 billion valuation but still below its $95 billion peak in 2021.
The terms of the sale have yet to be finalized and remain subject to change. Founded over a decade ago, Stripe has grown into a major financial institution, though it has no immediate plans for an IPO.
Earlier this year, Stripe laid off around 300 employees but aims to hire an additional 1,500 by the end of the year.
______
This content is sourced from Financial Time, Bloomberg, and The Real Deal, among other financial news outlets.