It Works If You Work It

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Sean H. & Jocelin A.
November 11, 2024 • Estimated Reading Time: 9 minutes

TLDR

MARKET RECAP → The Dow Jones (DIA) jumped over 300 points on Monday, pushing toward a record close as its post-election rally gained momentum.

FTX SUES BINANCE FOR $1.8 BILLION → 💥 FTX’s estate is suing Binance and former CEO Zhao, seeking $1.76 billion over a disputed 2021 share buyback deal, alleging fraud and misleading tweets that fueled FTX’s collapse.

AMAZON DEVELOPS SMART GLASSES FOR DRIVERS → Amazon’s (AMZN) smart glasses project aims to cut delivery times by guiding drivers with turn-by-turn directions and hands-free navigation, but faces hurdles with battery life and driver adoption. 📦

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MARKETS

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Notable Earnings This Week

TODAY’S TOP NEWS

FTX Sues Binance For $1.8 Billion

📉 FTX’s estate filed a lawsuit against Binance and its former CEO Changpeng Zhao, seeking $1.76 billion over a “fraudulent” 2021 share buyback deal. The suit claims Alameda funded the deal despite being insolvent at the time.

💥 Binance refuted the accusations, calling them “meritless” and pledging a robust defense. The lawsuit also alleges Zhao’s tweets misled investors and fueled withdrawals that contributed to FTX's collapse.

💸 This marks the latest clash between crypto giants following FTX’s 2022 bankruptcy and former CEO Sam Bankman-Fried's fraud conviction, shaking investor confidence and impacting the entire industry.

TODAY’S TOP NEWS

Amazon Develops Smart Glasses For Drivers

📦 Amazon (AMZN) is designing smart eyeglasses to help delivery drivers navigate more quickly by displaying turn-by-turn directions, potentially shaving seconds off each delivery and streamlining final drop-offs.

💡 Known internally as "Amelia," the glasses aim to replace handheld GPS devices, letting drivers manage more packages with ease. The project builds on Amazon's previous wearables, although challenges with battery life and comfort have delayed rollout.

🚚 With increased efficiency, Amazon hopes to reduce delivery costs and boost its competitive edge. However, convincing drivers to use the tech could pose a hurdle if comfort and usability issues persist.

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