Families Fight for FDA Approval of Life-Saving Drug for Children

Like many children affected by Hunter syndrome, Cole is missing a crucial enzyme required to break down specific molecules. As these toxins accumulate, they wreak havoc on vital organs, particularly the heart and brain, often resulting in dementia-like symptoms. This genetic disorder, also referred to as mucopolysaccharidosis type II (MPS II), impacts around 500 individuals in the United States, predominantly boys.

Experts believe the recently approved drug by Denali Therapeutics, an intravenous enzyme replacement therapy, could revolutionize treatment options, especially since current standard care only addresses the physical manifestations of the disease. Denali’s innovative therapy also aims to combat cognitive decline.

While new medications can’t reverse existing regression, they hold potential to extend a child’s life and stave off numerous symptoms when administered early.

Dr. Joseph Müntzer is an expert in Hunter syndrome and related rare diseases.
Alison M. Donnelly of NBC News

“If we can treat very young children before irreparable damage occurs, the possibilities are nearly limitless,” says Dr. Joseph Muenzer of the Muenzer MPS Research and Treatment Center at the University of North Carolina at Chapel Hill, who specializes in Hunter syndrome and other rare mucopolysaccharide disorders.

“I can’t predict how they will fare in the future, but it will certainly be different,” he remarked.

Before regression began, Cole learned to read and spoke in complete sentences. Gradually, his speech deteriorated, leaving him only able to say “Mommy” before losing all ability to communicate. Despite being a teenager now, he is developmentally similar to a 3-year-old.

The FDA’s approval of Denali’s drug was a significant relief for families with children suffering from Hunter syndrome and for the broader rare disease community. Recently, the FDA faced criticism for denying several promising treatments for rare conditions, prompting advocacy groups to stage protests and advocate for more supportive policies.

In an email to NBC News, the FDA noted that the number of drug approvals and denials under its current administration aligns with historical trends from the past decade. FDA Commissioner Dr. Marty McCurry hailed Denali’s approval as “a milestone day for children combating Hunter syndrome and their families,” pledging continued efforts to expedite treatments for rare diseases.

Many healthcare professionals, including Munzer, who led the Denali trial, are hopeful that advancements in treatments will continue.

“These are devastating diseases,” Munzer emphasized. “Their rarity should not lead to neglect.”

Denali’s drug, known as Avraya, marks the first FDA-approved treatment for Hunter syndrome in the United States in two decades and is the first to penetrate the blood-brain barrier, targeting the neurological complications associated with the disease.

Experts like Müntzer assert that Avraya could significantly extend life expectancy, based on encouraging human trial data. A clinical trial illustrated significant reductions in important disease biomarkers in the cerebrospinal fluid after just 24 weeks, with 93% of pediatric participants achieving levels akin to those without Hunter syndrome.

For countless families dealing with this condition, the approval of this drug signifies more than a new treatment; it acknowledges the inherent value of every child.

Laurent Jaskalski, a 6-year-old from New Berlin, Wisconsin, was diagnosed with Hunter syndrome at age four. He’s always struggled with communication, but his mother, Kylie Jaskalski, fears that his speech difficulties may lead others to underestimate his capabilities. This is a painful misconception about a joyful child who loves to cuddle and eagerly anticipates going to school each day.

“He brings immense joy,” Jaskalski said. “He spreads happiness and peace to everyone he meets.”

Six-year-old Roland Jaskalski, also known as Rory, diagnosed with Hunter syndrome at age 4.
Provided by Kylie Jaskalski

Initially, Jaskalski felt devastated when Laurent was diagnosed, but she later found it even more heart-wrenching to witness her son’s deterioration.

If insurance permits access to Denali’s drug for Laurent, “we might not have to remain passive,” she expressed.

Currently, Laurent receives weekly infusions of Elaplus (FDA-approved in 2006), which is the prevailing standard treatment. While this IV therapy isn’t flawless, it has stabilized his physical decline. Recently, Jaskalski has observed weakness and discomfort on Laurent’s left side, making walking challenging. He also suffers from mild hearing loss.

Recent advancements in newborn screening for Hunter syndrome across states like California to Rhode Island indicates a promising future, as early detection allows for timely intervention with new drugs, potentially mitigating cognitive decline.

Children with Hunter syndrome often face severe health challenges and a life expectancy ranging from 10 to 20 years. Those with the non-neurological variant may reach adulthood but still endure progressive physical complications, primarily affecting their airways and heart.

Three-year-old Kashton Estes refers to his weekly infusion of Elaplus, the standard treatment for Hunter syndrome, as his “Spider-Man juice.”
Provided by Christina Caldwell

The introduction of new treatments is especially hopeful for families with children across the spectrum of Hunter syndrome. Christina Caldwell’s 3-year-old grandson, Kashton Estes, who has the non-cognitive variant, undergoes IV infusions of Elaplus, which he affectionately calls “Spider-Man juice.” Thanks to this treatment, he enjoys running, jumping, and riding his bike.

Caldwell is eager for Kashton to be treated with Denali’s new drug as two of his cousins also have Hunter syndrome, and the family wishes to prevent future health complications for all three children.

“We’re not asking for much. Just provide us with the medication to keep our children alive,” she stated.

Regarding insurance coverage, Denali Therapeutics stated it has engaged in “constructive” dialogues with payers and is prioritizing swift access to Avraya for families dealing with Hunter syndrome. Currently, the drug is approved only for pediatric patients, but the company is working on expanding its clinical data to include young adults. Denali also aims to leverage its blood-brain barrier technology for various other diseases, including neurodegenerative disorders.

Ms. Stevens, the mother of 15-year-old Cole, eagerly anticipates administering the new medication to her son. She has devoted her life to aiding not just Cole but others in similar situations. In 2022, she took on the role of executive director at Munzer’s MPS Research and Treatment Center at UNC-Chapel Hill.

Upon learning last week about the FDA’s early approval for the new drug, Stevens rushed through the treatment center, sharing the news with patients and staff. There were tears of joy and hugs all around.

Cole Stevens Mausolf prepares for his weekly Elaplus infusion.
Alison M. Donnelly of NBC News

Stevens understands that Denali’s treatment cannot reverse Cole’s previous regression, meaning he may not attend university or secure a job. However, she remains profoundly grateful.

“My hope is for him to maintain stability,” Stevens expressed. “Even with a progressive disease, achieving stability is a victory.”

Source: www.nbcnews.com

Why SpaceX Seeks Approval to Launch 1 Million Satellites: Key Insights

SpaceX satellite launch at Kennedy Space Center

SpaceX Satellite Launch at Kennedy Space Center, Florida

Geopics/Alamy

As 2026 approaches, one of the year’s most significant space stories is already emerging: the rise of mega-constellations and ambitious plans to launch thousands of satellites into Earth’s orbit.

Recently, SpaceX made headlines by requesting approval from the US Federal Communications Commission (FCC) to deploy 1 million orbital data center satellites. This unprecedented move follows SpaceX’s previous filing in 2019 for 42,000 Starlink satellites.

“This is an unprecedented scale for any satellite constellation,” says Victoria Samson, an expert at the Secure World Foundation in the United States.

Currently, SpaceX operates the largest satellite constellation, the Starlink Internet service, with approximately 9,500 satellites in orbit of the total 14,500 satellites. However, this current setup represents just 1% of SpaceX’s planned satellite network. Furthermore, these Starlink satellites are already navigating a risky orbit, as the company anticipates needing to prevent 300,000 collision scenarios by 2025.

The latest information released on January 30 reveals CEO Elon Musk’s vision for these data centers. Musk states that the launch of a million satellites is a fundamental step towards evolving into a Kardashev II civilization. The Kardashev Scale, developed by Soviet astronomer Nikolai Kardashev in 1964, quantifies the technological advancement of civilizations.

With AI’s energy requirements rising, the concept of space-based data centers has gained traction. In November 2025, the American company StarCloud successfully launched a demonstration data center powered by advanced Nvidia chips. The European Commission has also conducted studies indicating the feasibility of such orbital data centers.

Musk suggests that the reusability of SpaceX’s Starship rocket, the most powerful rocket ever built, enables this ambitious satellite deployment. He claims, “With hourly launches and 200 tons per flight, Starship will transport millions of tons yearly into orbit and beyond, ushering in a new era of human exploration.”

This filing coincides with SpaceX’s announcement on February 2 about acquiring xAI, a company that operates the social media platform X and the intriguing Grok chatbot. “If you want AI in an orbital data center, it’s a bundled package,” says Ruth Pritchard-Kelly, a US satellite regulation expert.

SpaceX is not the only entity aiming to launch more satellites. On December 29, China requested to the International Telecommunication Union (ITU) to deploy 200,000 satellites into space. While there are no explicit restrictions on the number of satellites that can be safely deployed, prior research has suggested that managing over 100,000 satellites could become exceedingly challenging.

The FCC will take several months to decide on SpaceX’s application, during which public comments are welcome, and a separate submission to the ITU is required. Once approval is granted, SpaceX typically has six years to deploy half of the constellations but is requesting a waiver, arguing that their satellites communicate via optical links and do not cause radio interference.

SpaceX has stated that it will place its satellites in slightly polar orbits, ranging from 500 kilometers to 2,000 kilometers in altitude, primarily above the current Starlink operational altitudes. While the dimensions of the proposed satellites remain unspecified, it’s estimated that if they are similar to existing Starlink satellites, approximately 10,000 Starship launches will be needed to complete the constellation.

If Musk’s plan for hourly launches is realized, it would take just over a year to deploy the entire million satellite network. SpaceX assures safe disposal of satellites at the end of their operational lifespan by relocating them to decommissioned orbits or placing them in solar orbit.

The extensive proposed constellation could significantly impact astronomical research. SpaceX highlighted its ongoing collaboration with the scientific community in its application. However, in December, researcher Alejandro Borlaf from NASA Ames Research Center warned that adding 500,000 satellites could render “nearly all telescope images from the ground and space contaminated by satellites,” hampering scientific discovery.

These orbital data centers might be brighter than many existing satellites due to their need for large solar panels and radiators similar to those found on the International Space Station, designed to expel heat into space.

Whether or not SpaceX is genuinely prepared to deploy 1 million satellites remains uncertain. Given the staggering nature of this number, Pritchard-Kelly suggested this could be an instance of Musk’s “shock and awe” tactics, implying that the actual satellite count may be significantly lower. SpaceX and the FCC have not responded to requests for comments.

History and Future of Space Exploration: United States

Embark on an extraordinary journey through America’s space and astronomy landmarks, designed for curious minds and lifelong learners.

Topic:

Source: www.newscientist.com

Elon Musk’s Xai Secures Approval for Methane Gas Generator in Tennessee

Elon Musk’s AI venture, Xai, has received authorization to use methane gas generators at a significant data center located in Memphis, Tennessee. The county health department approved permits for 15 generators on Wednesday, a decision that has ignited protests from local communities and environmental advocates who argue that the generators will pollute the area.

“Our local officials are meant to safeguard our right to clean air, yet we are witnessing their failures,” stated Keshaun Pearson, the director of the Memphis community environmental nonprofit.

Xai established a sizable data center in Memphis about a year ago and introduced several portable methane gas generators to address the facility’s high energy demands. Although Xai lacked permissions for these generators, they seem to have exploited a loophole allowing the turbines to operate unless stationed at the same site for over 364 days.

In January, Xai sought approval for 15 generators. After extensive public meetings and community protests, the Shelby County Health Department approved the request. Satellite images provided to the Guardian by the Southern Environmental Law Center, a reputable nonprofit, reveal that at least 24 turbines remain operational at the Xai facility as of Tuesday.

“Xai welcomes the decision announced today,” said a company spokesperson in a statement. “Our on-site power generation utilizes state-of-the-art emission control technology, making this facility one of the cleanest in the nation.”

Skip past newsletter promotions

Environmental organizations question the actual emissions from Xai’s electricity usage. Research by the Southern Environmental Law Center indicates that these turbines could emit thousands of tons of harmful nitrogen oxides and toxic substances like formaldehyde.

“The decision to issue air permits to Xai for contaminated gas turbines dismisses the opinions of countless Memphians who opposed this permit,” remarked Amanda Garcia, a senior lawyer at the Southern Environmental Law Center. She noted that the health department is permitting another contaminant to set up operations in an already burdened community without adequate safety measures.

Situated in an industrial area of Memphis, Xai is surrounded by neighborhoods that have long struggled with pollution issues. This historically black community faces elevated rates of respiratory diseases and asthma and has a shorter lifespan compared to other regions of the city. Studies indicate that these areas show a cancer risk four times higher than the national average.

The pollution from Xai’s operations, particularly affecting nearby black neighborhoods, has drawn attention from civil rights groups like the NAACP, which has filed a lawsuit against the company. They allege that Xai is in breach of the Clean Air Act by unlawfully installing and operating a methane gas generator.

“The NAACP is hopeful that the 15 generators at Xai will enhance transparency and accountability regarding methane emissions, yet this decision overlooks the objections of the community. We remain committed to holding both Xai and the health department accountable,” they stated.

Source: www.theguardian.com

Efforts to Stop South Australia’s Tesla Project Continue After Council Approval | Elon Musk

An anonymous collective of activists in Adelaide is persistently opposing Elon Musk’s Tesla from establishing battery factories in residential areas.

Tesla has faced global scrutiny due to Musk’s associations with the Trump administration and staunch protests fueled by beliefs that billionaires often back through his social media channels.

This week, the discontent was palpable in the South Australian capital, a significant distance from Washington, D.C.

Approximately 95% of nearly 1,000 submissions voiced opposition to Tesla’s proposals for recycling showrooms and batteries, as well as repurposing the factory. Many expressed sentiments characterized as “anti-Tesla and anti-Elon Musk.”

To maintain decorum, the local council revised the language in several submissions to clarify references to Musk and Tesla.

“We shouldn’t profit from support. [redacted] Who is openly [redacted]? It’s a salute [redacted]. Humans.”

The world’s richest individual has declared his departure from his government efficiency role, which has often led to chaotic and detrimental consequences, including job cuts and reduced funding for US government agencies. He is now facing challenges related to his businesses, including Tesla, amid declining sales.

Meanwhile, in Adelaide, the Marion City Council has moved past community disagreements and approved the factory project for further progression, pending state government approval. The council indicated that the project is expected to inject millions of dollars into the local economy.

Nevertheless, the protest group “Tree Not Teslas” remains committed to their cause.

Environmental organizations and others opposed to the Tesla project argue that the trees designated for removal to clear the construction site are irreplaceable. They also hold Musk personally accountable.

“Neon,” a member of Tree Not Teslas, chose to remain anonymous out of fear of retaliation, partly because the group identifies as a collective.

He noted the group’s traction has been “extraordinary,” and their website has attracted thousands of visits, though he admitted it is hard to gauge their overall impact.

Neon stated that the fight will persist as the state government weighs the council’s proposal to reclassify the site as community land.

“We’re going to push it further. We have to take action regarding the state government,” Neon declared.

“We’ve raised awareness and are encouraging more people to get involved. This issue extends beyond just Congress; it’s a fundamental matter for the state.”

He emphasized that their campaign primarily aims to safeguard the trees on the site. “… Our central focus is on preserving the green space,” he clarified.

“We are indeed advocates for electric vehicles and green energy.

“However, the industry that obliterates green spaces… is ironically labeled as ‘green.’

The council has asserted that the area has been inaccessible to the public since 2016 due to pollution. Neon countered, claiming the trees are vital for restoring the land.

Neon also echoed comments made by Councillor Sarah Lascomb, who opposed the proposal, arguing that the factory’s plans to recycle or reuse Tesla batteries do not cater to the needs of most consumers who use different brands.

The ongoing debate centers around electric vehicle batteries, with the possibility of recycling Powerwall batteries at the site.

Guardian Australia reached out to Tesla for a statement.

Neon mentioned that the council voted 8-3 in favor of seeking state government approval, despite community pushback that made the public consultation process feel like a formality.

Mayor Chris Hannah stated that the project would generate jobs and revenue for the community, asserting that Tesla would establish operations elsewhere if not in Marion. According to Hannah, Tesla has committed to preserving the most significant trees and replanting more than necessary.

Neon argued that replacing established trees with seedlings minimizes their ecological benefits.

Premier Peter Malinauskas indicated that the state welcomes significant industrial development and is reluctant to oppose Musk, emphasizing that it’s “his prerogative.”

A spokesperson for the state government stated that they appreciate investments in South Australia and job creation, and will indeed consider the proposal.

Source: www.theguardian.com

Report Indicates Terrorists Will Continue to Receive X’s Approval

According to a recent report, researchers initially warned X over a year ago. Elon Musk’s social media platform has been cautioned that accepting subscription payments from terrorist organizations and other groups may violate U.S. sanctions, yet it continues to facilitate such payments.

The report from Technology Transparency Project, a nonprofit advocating for tech company accountability, revealed that X is still receiving payments from accounts linked to Hezbollah leaders in Syria and Iraq, as well as Houthi officials and militia leaders. An $8/month subscription grants users a blue checkmark, enhances their visibility in the algorithm, enables post-editing, and allows for longer video sharing.

Last year, the Tech Transparency Project indicated that X had issued paid blue checkmarks to 28 accounts tied to entities under U.S. sanctions. Following this, several social media companies revoked the badges from multiple accounts and suspended others. However, within a month, some of these accounts managed to purchase badges again and have been displaying them ever since.

The Tech Transparency Project estimates that over 200 accounts related to terrorist and other unauthorized groups have acquired a blue checkmark.

Katy Paul, the director of the organization, stated, “These accounts depend on premium services for extensive propaganda posts and to amplify their longer videos. They not only subscribe to the notorious Blue Check but also to premium services.”

Recently, Musk, who served as a special advisor during the Trump administration, criticized the Treasury Department, alleging a lack of “basic control” preventing government entities from tracking payments directed to terrorist organizations. In February, during a White House event with President Trump in the Oval Office, Musk commented that safeguards are in place against payments to terrorist groups and fraudsters “at any company.”

Neither X nor the Treasury Department provided comments upon request.

Since Musk acquired X in 2022, he has made substantial changes, including reinstating hundreds of banned accounts and reducing the workforce by about 80%. He replaced the previous verification system, which required employee validation of prominent user identities, with a subscription model.

X’s policy forbids terrorist groups from purchasing blue checkmarks, yet it remains unclear how the organizations and individuals identified in the report circumvented these regulations to obtain premium status. X no longer verifies user identities before granting checkmarks, which raises the possibility that some accounts flagged by the Tech Transparency Project may belong to impersonators.

Interestingly, some of these accounts do have “ID verification” labels and require users to submit selfies along with their identification.

Subhi Tufayli, the founder of Hezbollah and the group’s first executive director, appears to maintain an “ID verification” account with over 40,700 followers. Tufayli has been on the Ministry of Finance’s sanctions list since 1995. The account, confirmed in October 2023, frequently shares 30-minute videos of his sermons.

Subhi Tufayli, founder of Hezbollah, who was the group’s first executive director, appears to have an “ID verification” account.
credit…Through the Technology Transparency Project

Previously, there were many accounts linked to Yemen’s Houthi Rebel Group holding blue checkmarks on X, but the company revoked these badges following an initial report from the Tech Transparency Project last year.

Hussain Al-Ezzi’s account, identified by the Tech Transparency Project as the Deputy Minister of Houthis, requested Musk to allow for another verification of their group.

In a post from March 2024, the account stated, “We are in solidarity with our Yemeni brothers, who had the Blue Mark removed from their account. We are appealing to Elon Musk to restore it or at least to reinstate the subscription.”

The latest report from the Tech Transparency Project indicated that at least five senior Houthi staff members have been paying for the blue checkmark on X. One of the accounts has attracted over 820,000 followers.

Some flagged accounts have been raising funds through X’s tipping and subscription features or have directed users to send donations to cryptocurrency wallets.

Katy Paul commented, “There is clear evidence that these groups are profiting and financing their operations through X. It is astonishing that those wielding such influence in the federal government can simultaneously profit from designated terrorist groups and individuals.”

Source: www.nytimes.com

Trump Administration Unveils Overhaul of EPA, Streamlining Approval for New Chemicals

On Friday, the Environmental Protection Agency announced plans to reassign scientists from independent labs to various departments.

Administrator Lee Zeldin disclosed these adjustments in a video statement, indicating that the agency is “reshaping scientific expertise” to concentrate on what are deemed “mission essentials.”

The most immediate impact will be on the Research and Development Bureau, the EPA’s primary research faction, which investigates aspects like the health and environmental repercussions of “eternal chemicals” in drinking water, as well as strategies to lessen airborne particulate pollution.

An internal document reviewed by the New York Times highlighted the Trump administration’s proposal to dissolve this office as part of a plan to eliminate 1,155 scientists, including chemists, biologists, and toxicologists engaged in health and environmental research.

While the changes weren’t enacted on Friday, the agency’s new focus areas were unveiled. According to Zeldin, 130 positions will transition to the office responsible for new chemical approvals, addressing the long-standing backlog cited by the Chemical Industry Group.

During the All Hands Staff Meeting later that day, Nancy Beck, a previous lobbyist for the American Council of Chemicals and now at the helm of the EPA’s chemicals office, reassured Scientists, remarking that it was a “very exciting time.”

She encouraged everyone in the agency to consider applying for these roles.

Officials from the Trump administration have indicated that further laboratory changes are on the horizon. A scientist on a call expressed concern that failing to transition to one of the new areas might result in job termination.

Additionally, on Friday, the EPA postponed the deadline for accepting withdrawal offers, which is now extended to May 9.

“This feels like a hunger game,” remarked a lab employee who opted for anonymity to avoid potential retaliation.

Other scientists will transition to managerial positions as part of the new office focused on applied scientific environmental solutions. Zeldin emphasized the need to “put science at the center of agency regulations.”

Democrats and environmental advocates have raised concerns that these changes could politicize scientific inquiry.

“This so-called ‘reorganization’ is merely a thinly veiled effort to diminish the agency’s globally respected scientific capacity by redistributing scientists and managing chemical assessments for the industry,” stated Deputy Director Cherry Pingley, a Democrat from Maine.

Chitra Kumar, managing director of the climate program at the federal advocacy group Concern Scientists Federal, warned that relocating scientists to policy offices “will expose these experts to political pressures, particularly in this administration.”

This shift occurs amidst the agency’s extensive deregulation initiative. Under Zeldin’s direction, the EPA has revised or rescinded over 30 regulations intended to safeguard air, water, and climate quality. Managers are also focused on dismantling the legal foundations of many climate regulations known as danger detection.

Source: www.nytimes.com

TikTok vows to resist US bans and forced sales following bill approval | Ticktock

TikTok has announced its intention to challenge any ban or requirement for the app’s sale in the United States through legal means, following the passing of a bill by the House of Representatives that targets the popular video platform.

Uncertainty looms over the company’s future in the United States after lawmakers in Washington approved a bill that would mandate the sale of a stake in TikTok’s U.S. operations by its Chinese parent company, ByteDance, or face a ban.

The bill, part of a foreign aid package for Ukraine, Israel, and Taiwan, was passed by the House with a vote of 360-58 on Saturday and will now be presented to the Senate for further consideration. President Joe Biden has expressed his support for the bill.

Michael Beckerman, TikTok’s head of public policy for the Americas, informed employees via a memo after the vote that the bill is deemed unconstitutional, and TikTok intends to challenge it in court.

Beckerman stated in the memo, initially reported by a technology news website, that the bill infringes on the First Amendment, which safeguards free speech rights, and vowed to pursue legal action once the bill is signed into law.

Arguments on the basis of the First Amendment have previously worked in TikTok’s favor in the U.S. In a ruling last year, a district judge in Montana blocked a state ban on TikTok, citing violations of users’ free speech rights. The judge found that the ban exceeded the state’s authority and violated constitutional rights.

TikTok has faced scrutiny from U.S. lawmakers and other Western officials, including those in the UK, over concerns that user data could be accessed by the Chinese government. While TikTok denies such requests from Beijing, critics fear ByteDance may be compelled to share data with Chinese security services under the country’s laws.

Skip past newsletter promotions

TikTok is yet to provide a comment on the matter.

Source: www.theguardian.com

Elon Musk seeks shareholder approval for $56 billion payout from Tesla, judge rejects request

Tesla is seeking shareholders’ re-approval for CEO Elon Musk’s hefty $56 billion compensation plan from 2018, which was previously rejected by a Delaware judge in January for being excessive and unjustified.


Musk’s compensation, tied to Tesla’s market value increase to $650 billion over the next decade, currently stands at over $500 billion, according to LSEG data, excluding salary or cash bonuses.

The rejection from Delaware Court of Chancery’s Kathleen McCormick criticized the board’s decision, deeming the compensation “incalculable” and unfair to shareholders.

Tesla’s move for a fresh shareholder vote appears to bolster support for Musk’s pay package and challenge the court’s ruling, which disapproved the largest corporate pay package in America.

In response to the court’s decision, board chair Robin Denholm expressed disagreement, stating that the ruling did not conform to corporate law principles.


In 2023, Musk’s compensation was recorded as $0, as he does not draw a salary but is compensated through stock options. The court case also mentioned Musk’s involvement in an attempt to disrupt Twitter Inc.’s acquisition deal.

Tesla is suggesting a re-vote on the original 2018 compensation package, contemplating legal considerations, as well as seeking approval from shareholders to relocate its state of incorporation from Delaware to Texas.

Ahead of the market opening, shares of the leading automaker rallied by 1%.

This year has been challenging for Tesla, with reports of underperforming against market expectations and observing its first decline in deliveries in four years, prompting a workforce reduction of 14,000 employees. The broader electric vehicle industry has also experienced a slowdown, with major players like Ford revising their plans.

Meanwhile, Apple scaled back its self-driving electric car project, leading to layoffs, indicating a shifting landscape in the electric vehicle sector.

Source: www.theguardian.com

SEC Approval of Spot Bitcoin ETF Leads to Increased Volatility in the Market – Blockchain News, Opinion, TV, Jobs

Bitcoin (BTC) closed last week at around $41,750, down 5.0% from the first week of the new year, to close at around $43,750. The price showed significant fluctuations, mainly influenced by the increased market dynamics due to the approval of the BTC Spot ETF. The week began with a strong uptrend in anticipation of approval on Monday, with prices rising 9.0% to nearly $47,000. BTC approached $48,000 on Tuesday, but the false news about confirmation encountered significant volatility, causing a drop below $45,000 before stabilizing near $46,000 overnight.

On Wednesday, the SEC granted approval for the BTC Spot ETF, leading to heightened volatility, especially on Thursday when ETF trading began. After soaring to around $49,000, BTC began a significant downtrend, especially on Friday, when the price fell by 7.7% to below $43,000. Prices gradually declined over the weekend, ultimately ending the week at around $41,750.

The launch of the BTC Spot ETF has increased market activity. An analysis of daily trading volume on centralized exchanges for the seven-day period from January 8th to 14th showed that daily trading volume reached nearly $50 billion, the highest since November 2022. The launch of ETFs has increased activity in the entire market, and not just in BTC.

From January 8th to 14th, BTC's daily trading volume was recorded at $17.8 billion, an increase of 26% from the $14.1 billion recorded the previous week. Ethereum (ETH) recorded a total daily trading volume of $7.7 billion during the same period, an 83% increase from the $4.2 billion recorded the previous week, indicating increased activity across the market.

The recent strength of the market compared to BTC is further substantiated by analyzing BTC's dominance in terms of market capitalization relative to the overall digital asset market. At the end of the week, BTC's share was 51.1%, down 5.4% from 54.0% the previous week.

BTC price trends, coupled with volume data and the performance of specific altcoins, indicate that it adheres to the typical “buy the rumor, sell the news” pattern associated with major market events. Market participants predicted the ETF's approval 90% of the time and adjusted their portfolios accordingly prior to SEC approval.

During Q4 2023, BTC showed significant strength, with the price increasing by 57% to around $42,300 from $27,000 at the end of Q3. As BTC reached almost $49,000 after approval, investors took profits on positions initiated at lower BTC price levels and transferred their capital to altcoins, as evidenced by its decline in dominance over the past week. began to be redistributed.

This pattern is common and does not indicate a failed ETF launch. In the first two days of trading, the 11BTC Spot ETF closed with approximately $1.4 billion in cumulative inflows, partially offset by $600 million in outflows from the Grayscale Bitcoin ETF (GBTC). Net inflows were approximately $800 million.

The GBTC outflow was facilitated by the fact that it was not a new product launch, but rather a conversion from an existing Bitcoin trust holding over 600,000 BTC. Grayscale has higher management fees (1.5%) compared to most of its competitors (0.2%/0.3%), leading some investors to withdraw from Grayscale and opt for more favorable management fees. May reinvest in other BTC ETFs with fees.

Source: the-blockchain.com