Plus: Artificial intelligence company CoreWeave to acquire Core Scientific in $9 billion deal. And, Tesla stock closes down after CEO Elon Musk says he’s creating a new political party. Julie Chang hosts.
Programming note: Starting this week, Tech News Briefing episodes will be released on Tuesdays and Fridays, and the TNB Tech Minute will be released twice on weekdays, in the morning and afternoon.
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[00:00:01] Here's your afternoon TNB Tech Minute for Monday, July 7. I'm Julie Chang for The Wall Street Journal. FTX customers who live in places where cryptocurrency transactions are restricted may not get their money back. The crypto exchange collapsed and filed for bankruptcy in late 2022 after a surge in customer withdrawals triggered a liquidity crisis.
[00:00:22] As part of its bankruptcy plan, the company would repay customers with interest, but FTX says hundreds of millions of dollars of customer claims are at risk of being held up or potentially not being paid because the account holders live in China, Afghanistan, or other areas that restrict crypto activity. The foreign payments represent 5% of the value of the allowed claims in FTX's bankruptcy case.
[00:00:46] FTX's artificial intelligence company CoreWeave will acquire Core Scientific in an all-stock transaction valued at about $9 billion. CoreWeave went public earlier this year. It said the deal will help verticalize its data setter footprint. Core Scientific shareholders will get a fraction of a share of CoreWeave for each share they own. Shares of both companies fell today. Meanwhile, Tesla shares closed down 6.8% today.
[00:01:14] Over the weekend, Tesla CEO Elon Musk said he's forming a new political party called the America Party, reigniting his feud with President Trump. And a quick reminder, don't forget we're on a new schedule starting this week. We'll have another Tech Minute for you tomorrow morning with full TNB episodes in the feed early on Tuesdays and Fridays. Check out the video it's a new video. We'll be right back. Here we go.