😬 Elon Musk To Withdraw OpenAI Offer If Terms Are Agreed

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

• Elon Musk proposes to drop $97.4 billion OpenAI bid

• Amazon's app will start listing items it doesn't sell

• Ethereum Foundation deploys 45,000 ETH to DeFi platforms

• Texas lawmakers refile Bitcoin reserve bill

Let’s dive in!

STORIES MAKING A SPLASH

^_BUSINESS
Elon Musk proposes to drop $97.4 billion OpenAI bid

Elon Musk will withdraw his $97.4 billion bid for OpenAI’s nonprofit if its board agrees to preserve the charity’s mission and halts the company’s shift to a for-profit model. In a court filing, Musk’s team emphasized that the offer is serious and that the nonprofit must be properly compensated for its assets if they are sold.

Musk’s consortium is focused on protecting OpenAI’s original mission through a potential purchase, but if the board commits to maintaining the nonprofit’s integrity and halting its conversion, Musk will pull the bid. This follows his ongoing concerns over OpenAI’s transition to a for-profit structure.

The dispute began earlier this week when Musk and investors made their unsolicited offer. OpenAI’s board rejected the bid, stating the nonprofit is not for sale, while Musk continues to challenge the restructuring process in court.

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Amazon's app will start listing items it doesn't sell

Amazon is beta-testing a new shopping feature that includes products it doesn’t sell in search results on its app. The “Shop brand sites directly” feature will show relevant products available both on Amazon and on brand websites, redirecting customers to the brand’s site for purchase. A popup alert will notify shoppers when they are leaving Amazon.

It's unclear if Amazon will earn a commission from these external purchases, and the company hasn’t revealed which brands are participating. However, customers using the Buy With Prime option can still access Prime benefits like free shipping at the external store.

Amazon’s VP Rajiv Mehta stated the feature aims to expand product selection and enhance convenience. Currently, the option is available to select U.S. customers on the Amazon Shopping app, with plans to broaden access based on beta feedback.

WEB3 SPECIAL

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Ethereum Foundation deploys 45,000 ETH to DeFi platforms

The Ethereum Foundation has moved a portion of its Ether holdings into decentralized finance protocols, including Aave and Spark. From its multi-sig wallet, it transferred 30,800 ETH ($81.6 million) into Aave, with 20,800 ETH ($55 million) on Aave’s core market and 10,000 ETH ($26 million) on Aave Prime. It also allocated 10,000 ETH to Spark and 4,200 ETH to Compound.

This move allows the foundation to earn yields on its DeFi deposits, potentially enhancing its treasury without selling assets. The positions could generate an annualized yield of $1.5 million based on a 1.5% supply rate.

The foundation’s decision follows public scrutiny over its treasury management and its previous practice of selling ETH for operations. The community has called for changes in leadership, including replacing executive director Aya Miyaguchi.

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Texas lawmakers refile Bitcoin reserve bill

Texas lawmakers have refiled a bill to create a Strategic Bitcoin Reserve, now named SB 21, expanding it to include other qualifying cryptocurrencies. The bill aims to establish Texas as a leader in innovation, growth, and financial freedom, according to State Senator Charles Schwertner, who introduced the bill on February 12.

SB 21 builds on the previous SB 778, allowing the state to actively manage a reserve of digital assets, including Bitcoin and other cryptos with a market cap of at least $500 billion. Currently, only Bitcoin qualifies.

This legislation gives the Texas comptroller authority over the reserve and other state funds, positioning the state for financial security and economic resilience through cryptocurrency investments.

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THE WAVES

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