This is a daily newsletter that covers trending business, tech and finance stories. If you enjoyed the newsletter, please share it with a friend who’d find it useful.
Or… invite friends to the newsletter through our referral program for Amazon gift cards.
Hertz Announces 📢 to Buy Electric Vehicles From Polestar
Rental car platform Hertz has announced to buy up to 65,000 electric vehicles from Swedish EV maker Polestar over five years, as part of the company’s efforts to expand its plug-in offerings.
Hertz will start offering Polestar EVs from the start of this spring in Europe and later this year in Australia and North America.
Neither company has disclosed the financial terms of the deal, but the U.S.-based car rental company will initially order the Polestar 2 sedan.
“We are excited to partner with Polestar and look forward to introducing their premium EV products into our retail and rideshare fleets. Today’s partnership with Polestar further builds on our ambition to become a leading participant in the modern mobility ecosystem and doing so as an environmentally-forward company,” said Stephen Scherr, Hertz CEO.
In October 2021, Hertz had announced its plans to buy 100,000 EVs from Tesla, and now the addition of Polestar EVs will give Hertz a steady stream of some of the most coveted battery-powered cars, leading its commitment toward shared mobility and a digital-first customer experience.
Tesla CEO Elon Musk Holds 9.2% Stake in Twitter
Tesla CEO Elon Musk owns 73,486,938 shares of micro-blogging platform Twitter, which represents a 9.2% passive stake in the company, according to the Securities and Exchange Commission 13G filing published on April 4.
The filing suggests that Musk bought the shares on March 14. The purchase comes less than two weeks after Musk criticized Twitter and polled his followers about Twitter’s adherence to free speech.
Musk tweeted, “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?”
Musk is a frequent Twitter user and has more than 80 million followers on the platform. However, some of his tweets have got him in hot water over the years. The ultimate aim of Musk’s 73.5 million share purchase, worth about $3 billion, is not known.
While Musk’s shares in the company are a passive stake, investors were bidding shares higher on the chance as this could lead to something more.
Intel Introduces Crypto Mining Chip Blockscale
Semiconductor company Intel has announced the launch of its new generation mining chip, which it will start shipping in the third quarter of the year.
The new chip called ‘Blockscale,’ promises to be more energy-efficient than others at SHA-256 hashing, which is most commonly used in bitcoin mining.
Blockscale will provide up to 580 gigahashes per second (GH/s) of hash rate with as much as 26 joules per terahash (J/TH), making it more efficient than the flagship Bitmain equivalent when used in an array.
Jose Rios, general manager of Blockchain and Business Solutions in the Accelerated Computing Systems and Graphics Group at Intel, said, “Intel is committed to advancing blockchain technology in a responsible way, and we’re proud to collaborate with and provide solutions to companies that are creating a more sustainable cryptocurrency ecosystem globally.”
The launch of this energy-efficient chip could help mining companies get on the winning side of the environmental, social, and governance (ESG) debate that has long worried the crypto community across the world.
AMD to Acquire 🛒 Cloud Startup Pensando in Data Center Push
AMD has said that it plans to buy networking chipmaker Pensando for $1.9 billion in cash, aiming to arm itself with technology that competes directly with data-center chip package companies.
“To build a leading-edge data center with the best performance, security, flexibility, and lowest total cost of ownership requires a wide range of compute engines,” said Dr. Lisa Su, AMD chair and CEO, in a statement.
She further added, “The Pensando team brings world-class expertise and a proven track record of innovation at the chip, software, and platform level which expands our ability to offer leadership solutions for our cloud, enterprise, and edge customers.”
Founded in 2017 by Soni Jiandani and Prem Jain, Pensando Systems is pioneering distributed computing designed for the New Edge, powering software-defined cloud, compute, networking, storage, and security services to transform existing architectures into the ultra-fast and secure environments demanded by next-generation applications.
The deal is expected to close in the second quarter of 2022, following the completion of customary closing conditions and approvals.
Around the Web 🌐
Coinbase Plans to Invest in Indian Crypto and Web3 Ecosystem: Coinbase Ventures, an investment arm of crypto exchange platform Coinbase has shared its plan to invest $1 million in various Indian crypto and Web3 initiatives via an in-person pitching event. As part of the plan, Coinbase will host a crypto community event in Bangalore on April 7, to discuss the future of Crypto and Web3 in India.
If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
Latest Episode 👇
If you enjoyed the newsletter, please share it with a friend who’d find it useful.