In today’s issue we discuss how Sylvester Stallone bought a property then sold it low, GM pauses development of new EV factory, guy who stole $3 billion from Silk Road got robbed himself resulting in instant karma, SpaceX urges the FAA the hurry up, Convicted Fugees rapper Pras Michel’s layer use a generative AI bot to write his closing statement resulting in him going to jail, and Taylor Swift is causing NFL fans to buy out Etsy stores of all their friendship braclets.
 

Business

From the company who brought you one of the 1st EVs in history called the EV1 you’d think that GM had learned its lesson and would move full speed ahead into the EV industry - but this is GM so you’d be wrong. It turns out that GM is delaying the start of production of their all-electric trucks at their existing Michigan plant until late-2025 (which we all know will realistically slip to 2026).

At the same time Tesla is building and opening plants as quickly as they can worldwide, and companies like Rivian are accelerating their plans to open their new $5 billion dollar manufacturing plant in Georgia. This GM news comes on the heels of Ford recently pausing work on their $3.5 billion Michigan EV plant. These legacy car manufacturers better get their game together or they’ll become fossils like their fuel they are trying to drive away from (see what I did there?).

GM to delay all-electric truck production at Michigan plant until late-2025

Cryto

This story popped up on my Google News feed on Monday, then on Tuesday I saw a video about this from Bloomberg on YouTube. So it feels like fate that I should include it in today’s issue.

So by now you know I’m a big fan of crypto, or more accurately what the technology behind crypto can do for businesses and the economy. It’s stories like this, and the talk of “Crypto Winter”, as well as NFT scams and anything involving the white-collar fraud involved in the FTX scandal, that give the crypto industry a bad name!

Remember Silk Road, that illegal dark web marketplace where you could buy anything illegal you wanted, or even hire a hitman, and pay for it all with crypto? Well this guy Jimmy Zhong stole 50,000 Bitcoin from them that over time became worth over $3 billion dollars.

You know that saying goes “Crime never pays” it turns out this one did pay really well, until this idiot messed up and made a tiny mistake that would be costly, then he went and trusted the wrong people which led to him losing everything. This is a great article that I’m not doing justice summarizing, so definitely check it out.

The secret life of Jimmy Zhong, who stole – and lost – more than $3 billion

Space

I’ve said it before that the FAA needs to step aside and let innovation move forward. I know the FAA is supposed to be looking out for the American people, but who is protecting the American people from the FAA? Up steps Elon Musk’s SpaceX to argue in front of a Senate hearing this week to “urge Congress to streamline regulations and increase the number of Federal Aviation Administration staffers devoted to issuing space launch licenses.”

To put it in context the FAA’s budget for 2023 was $15.2 billion. Elon Musk is quoted as saying that Starship will cost the company between $5 billion and $10 billion to develop. It’s estimated that SpaceX’s Starlink is worth around $75 billion dollars, and to think that only a few years ago the service didn’t exist at all and still wouldn’t today if SpaceX hadn’t developed their Falcon rockets than can land be be reused, thus cutting the cost to launch them again into space carrying Starlink satellites. These are big numbers that will lead to even bigger inventions and innovations. It’s time for the FAA to step aside and let innovation move forward.

SpaceX to the FAA: The industry needs you to move faster

Entertainment

You can’t even make this up, but it’s actually not even the first time this has happened to a lawyer arguing a case in court. The lead defense lawyer for Convicted Fugees rapper Pras Michel used an experimental generative AI program to draft his closing argument in the high-profile criminal trial last Spring of which Pras was convicted and is now facing up to 20 years in prison. He’s now filing an appeal with a new lawyer, who probably won’t be using AI to write his closing arguments this time.

According to a report published by Allied Market Research “The global generative ai market was valued at $10.5 billion in 2022, and is projected to reach $191.8 billion by 2032, growing at a CAGR of 34.1% from 2023 to 2032.”

Convicted Fugees rapper Pras Michel's lawyer used AI to draft bungled closing argument

Real Estate

Who knew Sylvester Stallone had a taste for the finer things in life. I’ve only known him through the ruff and tumble characters that he plays in movies, and in his recent streaming TV show Tulsa King (check it out if you haven’t already, it’s really good!).

It turns out Stallone just sold one of his mansions to John Fogerty, of the famous rock group Creedence Clearwater Revival, for $17.2 Million. That’s a loss of close to $1 million dollars only a year after buying it for $18.15. This article probably should have been entitled “Only Rocky Could Lost $1 Million Dollars In This Real Estate Market”.

Sylvester Stallone Sells Equestrian Home Outside L.A. to Rocker John Fogerty for $17.2 Million

Sports

They call it “Swiftonomics” and in this case Taylor Swift is having an outweighed affect on the NFL as fans are are now buying friendship bracelets by the tens of thousands. Is there no limit to the power of Taylor Swift? It’s like millions of new fans are being introduced to the NFL for the first time, as Swift fans are tuning in to catch a glimpse of her in the VIP Luxury box sitting next to Travis Kelce’s mom.

There’s stories of Etsy shops selling out completely after Taylor Swift is in the news, because then people rush to buy friendship bracelets which she has come to be known for. I don’t think we’ve seen this type of celebrity notoriety in the U.S. which is bordering on the mania that is typical seen with K-pop bands in Korea.

Call it the Taylor Swift effect: Football fans are now buying friendship bracelets by the tens of thousands

So much news, so little time. Until tomorrow we’re signing out.

— Chris