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Happy Tuesday! It’s like Monday, but less imminent. Today we’re breaking down the upcoming Porsche IPO which is a little complicated. We’re also covering why Tesla deployed their FSD team to work on their Humanoid, as well as the basics of what the Ethereum Merge means for you and the planet.
- Demand for Porsche IPO is outpacing supply as cornerstone investors move quickly to scoop up large portions of the available shares
- Basic structure: VW is the selling entity. Public entity will be Porsche AG and its = shares will be split into ordinary and preferred shares. Ordinary shares carry voting rights, preferred do not
- 455.5 M shares each, totaling 911M (wink)
- Porsche AG will sell 25% plus one of ordinary stock to Porsche SE (the Piech and Porsche family owned entity) to give them blocking rights
- Some large investment firms such as T Rowe Price and sovereign wealth funds of Norway and Abu Dhabi are scooping up large quantities of available shares
- The company is valued around $80B therefore proceeds from the sale are estimated to be about $20B
- Retail shares will be traded on European exchanges Berlin, Düsseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart
- Tesla pulls it’s Autopilot team to help the Optimus Humanoid robot team meet an end of month deadline
- Last night on Twitter, a Tesla owner asked CEO Elon Musk about a fix for Autopilot, and his response included: Note, Autopilot/AI team is also working on Optimus and (actually smart) summon/autopark, which have end of month deadlines
- The deadline at the end of the month for Optimus is the Tesla AI Day 2, during which the company is expected to unveil its first working prototype of the robot.
- Tesla also appears to have plans to unveil an updated version of its “Smart Summon” and Autopark features at the event.
- In another tweet, Musk says “FSD Beta 10.69.2.1 looks good, extending to 160k owners in US & Canada”
- At one point, Musk said FSD would provide a fleet of 1M robotaxis by year end and now seems to be satisfied with a strong Beta
- The Ethereum Merge was a complete success in a victory for power consumption as the platforms switch from ‘proof of work’ to ‘proof of stake’ now uses over 95.5% LESS power saving an amount of power equal to the annual consumption of New Zealand
- The transition, which could have been a massive disaster, went off without a hitch, however still doesn’t address transaction fees or speed.
- Ethereum is now the only crypto currency to accomplish such a feat and many believe this will put price pressure on Bitcoin, which has the highest market cap
- The transition didn’t help the price of the coin which hit a 7 week low of $1,279 on Sunday
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