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Jul 11, 2025
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TGIF! Tesla plans to hold its annual meeting in November, several months later than usual, after investors demanded the company set a date. Nvidia's market cap tops $4 trillion at Thursday's close. Revolut is looking to raise a round at a $65 billion valuation.
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Tesla has scheduled its annual shareholder meeting for November, several months later than usual, one day after a shareholder group demanded the company set a date. Tesla will hold its annual meeting on Nov. 6, the company’s board of directors said in a securities filing that was posted publicly on Thursday. Tesla’s last shareholder meeting was held in June 2024. On Wednesday, 27 shareholders including public pension funds called on Tesla’s board to schedule the meeting to avoid violating Texas securities law, which requires
companies to schedule an annual investor meeting within 13 months of the previous one if it’s requested by investors.
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Nvidia closed above the $4 trillion mark for the first time on Thursday, after briefly passing that level on Wednesday. While that event drew a lot of headlines, the artificial intelligence-driven rally that got it there has wider implications for investors. Tech giants like Nvidia and Microsoft, which isn’t far behind in size, are dominating the market like never before. The top 10 companies in the S&P 500 now account for 40% of the index’s market capitalization and more than a quarter of its earnings, according to Apollo chief economist Torsten Slok. That’s great for tech investors but not so great for the concept of diversification. An investment in an S&P 500 index fund is effectively a bet on the giant tech stocks. The bottom half of the index could have a dramatic rally and investors would hardly
see it in their returns. Wall Street, always happy to sell a new product, is coming to the rescue. Exchange-traded fund giant Blackrock this week launched an S&P 500 index fund that excludes the index’s 100 biggest stocks. For investors who want to double down on the giants, Blackrock already offers a fund that only holds the top 100. For real diversification, the company also has a fund that equal-weights all of the stocks in the index.
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Revolut is attempting to raise $1 billion in a new funding round that would give the U.K.-based fintech startup a valuation of $65 billion, the Financial Times first reported. Revolut offers free and low-cost banking services, such as accounts and money transfers, through an app. The neobank was last year valued at $45 billion after a secondary share sale. Venture capital firm Greenoaks is leading the new financing, according to the report. Revolut was co-founded by Russian-French entrepreneur Nikolay Storonsky and claims to have attracted more than 60
million customers. The banking app is popular in Europe, although it has encountered difficulty convincing users to use the company as their primary bank account. It has been aiming to grow its nascent U.S. operations.
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Tamar Yehoshua, president of product and technology at AI search startup Glean, recently left that role and is now a part-time advisor to co-founder and CEO Arvind Jain, according to a person close to the company and her updated LinkedIn profile. Yehoshua, who joined Glean in March 2024, previously spent four years as chief product officer at Slack and more than eight years at Google as a vice president of search, identity and privacy products. Glean has no immediate plans to replace her, the person close to the company said. A Glean spokesperson didn’t respond to requests for comment. Glean, which was founded in 2019 and valued at $7.2 billion after a funding round last month, helps companies quickly find data scattered across different applications. More recently, Glean launched a product that lets customers build
AI agents that can handle tasks like developing sales leads, resolving IT support requests and reviewing software code. That move has put Glean into more direct competition with firms like Salesforce, which last month blocked it and other enterprise search companies from exporting and storing Slack customer data.
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Andreessen Horowitz is changing its incorporation from Delaware, where it has been incorporated since its founding in 2009, to Nevada. In a blog post on Wednesday, the firm wrote that the Delaware Court of Chancery has an “unprecedented level of subjectivity into judicial decisions,” while Nevada has taken measures to be more fair and balanced. The firm hopes that its shift to Nevada will signal to its portfolio companies and other startups that Nevada is a credible option to Delaware, which has long been popular among corporations due to business-friendly laws and its specialized Court of Chancery focused exclusively on corporate law cases. Andreessen Horowitz’s move follows a trend of other tech firms moving from Delaware. Elon Musk, for instance, relocated SpaceX, Neuralink, X, and Tesla out of Delaware,
stemming from a disagreement over Musk’s Tesla pay package. Other companies, such as TripAdvisor and Dropbox have also shifted from Delaware.
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