Trump Media pushes further into crypto

Trump Media & Technology Group Corp. is plowing deeper into the cryptocurrencies space with a new filing for an exchange-traded fund that would hold a number of digital assets including Bitcoin, Ether, Solana and others.

A Tuesday filing showed the social media firm owned by President Donald Trump seeking to launch the “Crypto Blue Chip” fund, with the paperwork marking its third ETF filing. The fund, should it launch, would hold Bitcoin, Ether, Solana, Cronos and XRP directly, though nearly three-quarters of it would be comprised of Bitcoin, the largest token in the market. Though ETFs holding Bitcoin and Ether already trade in the US, no such funds hold Cronos or XRP directly.

It marks Trump Media’s third filing for crypto-based ETFs, with the firm having filed for a Bitcoin-Ether product as well as one tied solely to Bitcoin.

Trump Media is the company behind Truth Social and is majority-owned by the president.

The president’s deepening crypto ties have drawn criticism from ethics experts, who point to the potential for financial gain in areas where Trump also sets policy. The price of Bitcoin has risen during Trump’s second term, with the coin increasing roughly 55% since October to currently trade around $108,900.

SpaceX valuation to be $400B in share sale

SpaceX is discussing plans to raise money and sell insider shares in a deal that would value Elon Musk’s rocket and satellite maker around $400 billion, Bloomberg sources said.

The valuation would mark a significant premium to the $350 billion high-mark set during SpaceX’s share buyback in December. It would put the privately held firm on par with the market capitalizations of some of the world’s largest, publicly traded companies, including Home Depot Inc. and Palantir Technologies Inc.

A representative for SpaceX, formally known as Space Exploration Technologies Corp., didn’t immediately respond to a request for comment.

SpaceX’s strategy involves launching a primary fundraising round during which it would sell new shares to investors, said Bloomberg’s sources, who asked not to be identified discussing nonpublic information. One of SpaceX’s fundraising rounds, in 2021, took in some $850 million.

Intel cuts more than 500 jobs in Oregon

Intel is cutting more than 500 positions in Oregon as part of a layoff plan that’s ultimately expected to affect roughly 20% of the chipmaker’s staff.

The Oregon job reduction will hit facilities in Aloha and Hillsboro starting on July 15, Intel said in a regulatory filing. The layoffs are expected to eliminate about 529 employees on a permanent basis. The latest disclosure follows an announcement in California, where 107 employees were let go at Intel’s Santa Clara headquarters.

Under new Chief Executive Officer Lip-Bu Tan, Intel embarked on a plan in April to slash jobs and reduce operating expenses. The company hasn’t given a total figure for the cuts, but a person familiar with the matter has put the amount at more than a fifth of staff.

Hershey appoints Wendy’s exec as ceo

Hershey Co. appointed Kirk Tanner to be the chocolate maker’s next president and chief executive officer.

The 57-year-old Tanner, who is currently the president and CEO of Wendy’s Co., will take over the new role Aug. 18. Hershey’s current CEO, Michele Buck, previously announced she’d be retiring from the company next year.

Compiled from Bloomberg reports.