Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
- Tesla sued by drivers over alleged false Autopilot features
- United Airlines and Emirates announce partnership
- Compound Treasury introduces borrowing for institutions
- Satellite mobility ecosystem provider raises $28 million in funding
- Coinbase to Educate Users on Crypto Policies
Tesla Sued by Drivers Over Alleged False Autopilot Features 🚨
Tesla Inc. was sued on September 14 in a proposed class action accusing the electric vehicle (EV) maker of misleading the public by falsely advertising its Autopilot and Full Self-Driving features.
A lawsuit filed in San Francisco by a Tesla owner accuses the EV maker and its CEO Elon Musk of deceptive and misleading marketing of the Autopilot and Full Self-Driving driver assistance features that are available as paid software add-ons.
Briggs Matsko, the named plaintiff, said that Tesla did this to “generate excitement about the company’s vehicles and thereby improve its financial condition by, among other things, attracting investment, increasing sales, avoiding bankruptcy, driving up Tesla’s stock price, and helping to establish Tesla as a dominant player in the electric vehicle market.”
Did Tesla respond to the accusations?
No, Tesla is yet to respond or comment on the lawsuit filed against the company over false autopilot features.
United Airlines And Emirates Announce Partnership 🤝
United Airlines and Emirates have announced a new partnership with the aim of greatly expanding the reach of both carriers.
More details about the partnership:
Starting November 2022, Emirates passengers flying into Chicago, Houston, and San Francisco, will be able to connect to over 200 cities in the U.S. via United — all on one ticket.
The announcement took place at an event happening at a ceremonial event at the Washington Dulles International Airport (IAD).
United CEO Scott Kirby and Emirates President, Sir Tim Clark, were both at the event, explaining the scope and limitations of the partnership.
“This agreement unites two iconic, flag carrier airlines who share a common commitment to creating the best customer experience in the skies,” said United CEO Scott Kirby.
Sir Tim Clark commented, “It’s a significant partnership that will unlock tremendous consumer benefit and bring the United Arab Emirates and the United States even closer.”
Why does this matter?
The agreement comes after U.S. airlines lobbied against the expansion of Gulf carriers in the U.S.
Compound Treasury Introduces Borrowing For Institutions 🏦
Compound Treasury, an institutional DeFi yield platform backed by the Compound Finance protocol, has announced the launch of a new crypto loan service.
This is important because this service will enable institutions to borrow from the platform using digital assets as collateral.
Features about the service:
- Accredited institutional investors can borrow US dollars or USD Coin (USDC) from Compound Treasury using Bitcoin, Ether, and supported ERC20 tokens as collateral.
- The institutions will pay interest on their borrowed capital, generating yield for the DeFi users whose stablecoins Compound lent out.
- The platform’s loans are managed by smart contracts, meaning the entire position is transparent to the public.
The announcement shows that Compound is trying to gain a market share of the institutional crypto borrowing business that recently shocked centralized competitors in the DeFi market.
It also comes as a response to control the damage that shook centralized crypto lending firms when their loans went ruined.
Satellite Mobility Ecosystem Provider Raises $28 Million in Funding 💰
Morpheus Space, the leading provider of in-space mobility systems, has raised $28 million in its Series A funding round.
The funding was led by space-exclusive VC Alpine Space Ventures. Existing investors Vsquared Ventures, Lavrock Ventures, Airbus Ventures, In-Q-Tel, Pallas Ventures, and Techstars Ventures also participated in the funding round.
What will Morpheus Space do with the funding?
The fresh capital will enable Morpheus to expand and futureproof its production capabilities to a new level that can comfortably meet current and projected demands.
Founded in 2018, Morpheus Space is a leading provider of the most scalable and efficient spacecraft electric propulsion systems.
The startup is disrupting the NewSpace industry by introducing the Sphere Ecosystem: a fusion between cutting-edge electric propulsion, automation software, and Hardware-as-a-Service: an unbeatable pricing model.
This full-stack solution enables satellite service providers to operate entire constellations as one entity at the best prices possible to date.
Coinbase to Educate Users on Crypto Policies 💡
Coinbase co-founder and CEO Brian Armstrong have announced the company’s plans to start integrating crypto policy efforts into its app.
This is important because it will help the company’s more than 103 million verified users know where their local political leaders and representatives stand when it comes to cryptocurrency.
That’s a wrap for today, ladies & gents. See ya next week!
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This is a daily newsletter that covers the top business, tech and finance stories for today.