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Donald Trump Launches Debanking Lawsuit Against JPMorgan

TikTok Completes Sale of Data Security Arm to Joint Venture -- Elon Musk Says Tesla Will Sell Optimus Robots By End of 2027 -- Capital One Agrees to Buy Brex for $5 Billion, a Discount to Last Private Valuation -- Intel's Sales Slump Persists Despite AI Growth  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ 

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Jan 23, 2026

The Information AM

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Friday is here! Trump sues JPMorgan. TikTok completes sale of U.S. data security arm to a joint venture. Elon Musk says Tesla will start selling its Optimus humanoid robots to the general public by the end of 2027.

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1.
Donald Trump Launches Debanking Lawsuit Against JPMorgan
By Michael Roddan Source: The Information

President Donald Trump sued JPMorgan and the bank's CEO Jamie Dimon for closing his bank accounts in 2021 shortly after the January 6 riots in the U.S. Capital.

The lawsuit, which was filed in Miami-Dade County and Thursday, claims accounts owned by Trump and his related entities were closed "as a result of political and social motivations." Trump is seeking at least $5 billion in damages for allegedly cutting off his banking services. In a statement, JPMorgan said the suit has "no merit."

JPMorgan disclosed to investors last year that it was facing reviews and investigations related to the government's probe of "debanking" in the financial sector. The lawsuit was filed after Dimon earlier this month criticized the Trump administration's criminal probe into Federal Reserve chair Jerome Powell.

"We respect the President's right to sue us and our right to defend ourselves - that's what courts are for," JPMorgan said. The Trump Organization is suing Capital One over similar debanking allegations.

2.
TikTok Completes Sale of Data Security Arm to Joint Venture
By Martin Peers Source: The Information

TikTok announced it has completed a restructuring in which its data security arm is being sold into a joint venture, owned by a group of investors including Oracle, MGX and Silver Lake, to bring the popular app into compliance with a 2024 law. The law had required TikTok's U.S. operations to sever its ties with its Chinese parent ByteDance or face a ban.

The deal, blessed by President Trump last September, doesn't entirely sever TikTok from ByteDance. As previously reported, and confirmed in today's announcement, the joint venture will oversee the protection of TikTok's U.S. user data, the security of the algorithm that governs what people see on the app and oversee content moderation. TikTok's business—the sale of advertising and the running of TikTok Shop—remains part of ByteDance.

Thursday's announcement named the board members for the new joint venture. They include TikTok CEO Shou Chew, as well as Mark Dooley, a representative of ByteDance investors Susquehanna International Group, as well as Silver Lake co-CEO Egon Durban, Timothy Dattels from TPG Global, Oracle executive Ken Glueck and MGX executive David Scott. As expected, TikTok executive Adam Presser will run the joint venture, confirming an earlier report by The Information.

TikTok also revealed the identity of other investors, including Michael Dell, affiliates of ByteDance investors Susquehanna and General Atlantic, as well as a Yuri Milner and Xavier Niel, a French entrepreneur and a ByteDance board member. ByteDance keeps 19.9% of the venture.

3.
Elon Musk Says Tesla Will Sell Optimus Robots By End of 2027
By Theo Wayt Source: The Information

Tesla plans to start selling its Optimus humanoid robots to the general public by the end of 2027, CEO Elon Musk said at the World Economic Forum in Davos on Thursday. By then, Musk said Tesla expects the robots to be "high reliability, high safety."

While Musk has promised that the Optimus program is the future of Tesla, the company slashed production goals in 2025 due to problems perfecting the robots' hands and other technical challenges, The Information has reported. Musk said Thursday that Tesla was using Optimus for "simple tasks" inside its factories and was hoping to have the robots doing "more complex tasks" by the end of 2026.

Musk also shared other optimistic projections for Tesla on Thursday, including that its supervised Full Self-Driving software would receive approval in Europe and China by the end of February. Tesla has blown through several previous timelines shared by Musk for progress on autonomous driving software.

4.
Capital One Agrees to Buy Brex for $5 Billion, a Discount to Last Private Valuation
By Michael Roddan Source: The Information

Capital One struck a deal to buy payments and credit card startup Brex for $5.15 billion, the U.S. bank said on Thursday. That is a far cry from Brex's last valuation of $12 billion during a 2022 fundraising, though the sale means investors in the nine-year-old startup will be able to cash out of their investments during a sluggish period for initial public offerings

The purchase of Brex, which offers corporate credit card programs and sought to take on American Express, will be funded with an even split of cash and stock, Capital One said in a statement accompanying its latest quarterly results.

Venture capital investors Greenoaks and TCV led Brex's $300 million fundraising round in 2022. More recently, Brex took on $235 million of debt from Citi and private equity firm TPG. Brex was generating more than $700 million in annualized revenue as of September.

Brex's main rival, Ramp, raised money at a $22.5 billion valuation last summer and $32 billion valuation in November, after taking business away from Brex and competitors by offering slick software and more credit card rewards.

Brex was founded by Brazilian entrepreneurs Henrique Dubugras and Pedro Franceschi, who ran the startup as co-CEOs until Dubugras stepped aside to serve as chairman in 2024. In a post on X, Brex said it was excited about "the largest bank-fintech deal in history" and the resources of Capital One would allow the startup to invest even more aggressively in automation and AI. In a post on X, Franceschi said he would continue as Brex's CEO.

5.
Intel's Sales Slump Persists Despite AI Growth
By Anita Ramaswamy Source: The Information

Intel's fourth quarter revenue fell 4%, the chip firm reported Thursday, at the high end of the company's projections. The result reflected a 7% decline in its largest unit, through which it sells CPUs for use in personal computers and other consumer products. Intel stock, which has more than doubled in recent years, fell 6.6% in after-hours trading.

That decline was partly offset by a 9% increase in its artificial intelligence data center CPU business and a 4% boost in sales from its chip manufacturing arm. Intel projected first quarter  revenue would be between $11.7 and $12.7 billion in revenue, which would be as much as 7.8% lower than a year earlier. Intel generated $12.7 billion in revenue in the first quarter last year.

Chief financial officer David Zinsner attributed the expected downturn in the current quarter to supply shortages, saying in the company's earnings release that it expects available supply to be "at its lowest level in Q1 before improving in Q2 and beyond."

6.
BitGo Jumps in First Crypto IPO This Year
By Yueqi Yang Source: The Information

BitGo, a crypto custodian, opened up 25% on the New York Stock Exchange Thursday, becoming the first crypto company to go public this year.

The company and its shareholders raised $213 million in its initial public offering, at a price of $18 per share, giving it a valuation of about $2.1 billion. It opened trading at $22.43 per share.

BitGo's performance could bode well for other crypto firms that are preparing to go public. Crypto exchange Kraken and asset manager Grayscale have also filed for IPOs. The crypto markets have cooled since the market fell last October. Bitcoin now trades at $89,376, down 28% from early October.

7.
Tesla Starts Limited Robotaxi Rides Without Backup Humans in Austin
By Theo Wayt Source: The Information

Tesla has started offering rides to customers in a few of its Robotaxi vehicles without backup human supervisors for the first time, the company's top AI executive said on Thursday. The move in Austin is a key initial step toward catching up with Alphabet's Waymo, which offers autonomous rides to customers without backup humans in more than 2,000 vehicles across six U.S. cities.

In a post on X, Tesla's vice president of autopilot and AI software Ashok Elluswamy said Tesla was "starting with a few unsupervised vehicles mixed in with the broader robotaxi fleet with safety monitors" and that the "ratio will increase over time." Elluswamy did not say when Tesla plans to fully remove humans from Robotaxi vehicles in Austin or start doing so in any other cities. Tesla shares were up about 4% Thursday afternoon.

Tesla has blown through deadlines that Elon Musk announced for Robotaxi. Musk said in July that Robotaxi would be available to half the U.S. population by the end of 2025, "subject to regulatory approvals." In October, Musk scaled back that target to eight to 10 U.S. metro areas and said that the company would remove backup supervisors in Austin by the end of the year. But the service is still only available in Austin and the San Francisco Bay Area. In California, Tesla is offering Robotaxi rides with humans in the driver's seat and is operating under a permit that only allows a human driver to drive a traditional vehicle, making the removal of humans more difficult than in Texas.

8.
Caroline Ellison, Former Alameda CEO, Released From Jail
By Yueqi Yang Source: The Information

Caroline Ellison, the former chief executive officer of Alameda Research and ex-girlfriend of Sam Bankman-Fried, was released from jail Wednesday, according to the Federal Bureau of Prisons' inmate record.

Ellison was sentenced for two years in prison, after she pleaded guilty to fraud in 2023 for the collapse of FTX, the crypto exchange founded by Bankman-Fried that misappropriated customer funds. She was a key government witness and cooperated with prosecutors.

Bankman-Fried is currently serving a 25-year sentence in California, set to be released in 2044. He and his family members have been petitioning President Donald Trump for a pardon.

9.
Microsoft Outage Takes Down Outlook Email For Hours
By Aaron Holmes Source: The Information

Microsoft said Thursday it was investigating an outage that took down Office 365 apps such as its Outlook email service and Teams messaging app in North America throughout the day. The company said it was aware of customers who were unable to send or receive emails through Outlook.

It's one of the most notable Microsoft outages since July last year, when an Outlook was down for 21 hours.

Microsoft first acknowledged the outage around 1:30 p.m. Pacific Time. Two hours later the company said most of the service had been restored but customers might experience "degraded service" while it investigates the issue.

10.
PayPal Acquires Startup to Boost AI Shopping Efforts
By Ann Gehan Source: The Information

PayPal said Thursday it would acquire the e-commerce startup Cymbio, which makes software that helps brands make their product catalogs available to AI search apps and agents. The deal is aimed at helping PayPal quickly build up more features to help merchants make sales through AI chatbots like ChatGPT, Google Gemini and Microsoft Copilot. Terms of the deal weren't disclosed.

Ensuring that merchants are able to easily share standardized, accurate data with AI agents so that their products show up in search results and can be made available for purchase has been one of the biggest challenges in building AI shopping features. PayPal rival Stripe had previously weighed making a similar acquisition to help speed work on AI shopping, The Information previously reported.

Cymbio was founded in 2015, and its investors include PayPal Ventures and FJ Labs, according to PitchBook.

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