 | Mar 03, 2025 | | | | Supported by  | | | | | Welcome back! President Trump names several coins for a potential strategic reserve. Tesla applies for permit to operate a ride-hailing service in California. Microsoft will shut down Skype to focus on Teams.
| | | | President Donald Trump said on Sunday that he supports a U.S. "crypto strategic reserve" that will include not just bitcoin, but also ether, Ripple-associated XRP, Solana, Cardano and other "valuable cryptocurrencies." In a post on Truth Social, he said he directed a presidential working group to "move forward" on the crypto strategic reserve under his earlier executive order on digital assets. That order, issued in January, said the administration would "evaluate the potential creation" of a national digital asset stockpile, without specifying any coin. The post sparked rallies in XRP, Solana and Cardano prices, which jumped by 32%, 22% and 60%, respectively, on Sunday. Bitcoin rose 9% and ether rose by 12%. The White House earlier said it will host a crypto summit on Friday, which will include founders, CEOs and investors from the industry. | | | | Tesla applied for a permit with a California regulator that would allow the electric car maker to operate a ride-hailing service, Bloomberg reported. The application for the transportation charter-party permit, filed to the California Public Utilities Commission late last year, indicates Tesla would own and operate the vehicles, the report said. The application is still pending. CEO Elon Musk has said that a Tesla robo-taxi service would be available in Austin this June. Tesla also holds a permit that allows it to test autonomous driving on California public roads with a safety driver. | | | | Microsoft will shut down its Skype videoconferencing app in March, the company said on Friday, as Microsoft focuses its efforts on its Teams meeting app. Microsoft will shift Skype staff to instead work on Teams and users with existing Skype accounts will be able to move their accounts to Teams for free, Microsoft said. Microsoft acquired Skype in 2011 for $8.5 billion, its largest acquisition at the time. While Skype was initially one of the most widely used consumer applications for video calls, the app's user base steadily declined from 300 million users in 2016 to 36 million last year, according to company disclosures, while competitors like Apple's FaceTime, Snapchat, WhatsApp, and Google Meet gained ground. Meanwhile, Teams—which Microsoft built from scratch and marketed primarily to business customers as a workplace meeting software beginning in 2016—had more than 320 million users as of last year. More recently, Microsoft has added AI features to Teams, charging business customers an extra fee monthly for features including AI-generated transcripts and summaries of video calls. | | | | Grubhub is cutting about 500 jobs, representing just over 20% of its workforce, weeks after the food delivery service was acquired by Marc Lore's food company Wonder. In a memo announcing the cuts, Grubhub CEO Howard Migdal said the move would help Wonder and Grubhub "work together to achieve our ambitious mission of becoming the primary destination for mealtime." Grubhub had about 2,400 employees as of last year. Wonder, which also operates restaurants in the northeastern U.S. and the Blue Apron meal service, has raised $1.8 billion, according to Pitchbook. Wonder completed its $650 million acquisition of Grubhub from European delivery firm Just Eat Takeaway in January. | | | | Startup Passes was hit with a class action lawsuit alleging that the creator membership site founded by Lucy Guo distributed child pornography. The complaint, filed by OnlyFans creator Alice Rosenblum in the Southern District of Florida, claims that Passes recruited young women that it knew were minors to create pornography before they turned 18 years old, and distributed that content to paying subscribers. Passes offers ways for fans to pay for exclusive content from creators and celebrities, including actress Bella Thorne, "Dance Moms" star Jojo Siwa and student-athlete Livvy Dunne. Last year, Passes raised $40 million in Series A funding led by Bond Capital. Guo previously co-founded artificial intelligence startup Scale AI. A spokesperson for Passes called the lawsuit "untethered from reality," adding that there is "no record or recollection of Lucy [Guo] ever interacting with the plaintiff." "Passes is a safe platform for brand-friendly content creators, and we have strict policies to enforce our content guidelines. The alleged conduct described in the complaint is a direct violation of our terms of service, content guidelines, and everything Passes stands for. Consistent with our policy, Passes took immediate action to suspend the flagged account as soon as a concern was brought to our attention," the company said in a statement. | | | | | Popular articles
By Aaron Holmes and Jon Victor
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