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Tuesday, November 10, 2026Nov 10, 2026 · morning edition

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Anthropic's roadshow could turn an old Schmidt bet into billions

The AI lab's IPO filing puts a number on what Eric Schmidt's 2021 check might be worth, with its roadshow reportedly able to start this week.

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6 moves
Eric SchmidtIPO / MarketsAI & techPrivateAI read · ▲ Watching

Anthropic IPO could turn Schmidt's 2021 bet into billions

The move

Eric Schmidt holds roughly 1% of Anthropic, built from a check of "tens of millions" of dollars in its 2021 Series A when the AI company was valued at $461 million, people familiar with the matter said. At Anthropic's most recent private valuation of $965 billion, the stake would be worth about $10 billion; at the top of the valuation range Anthropic has discussed for its IPO, it could be worth closer to $20 billion. Formal marketing of the IPO could begin as early as the week of Nov. 9, with trading possible before Thanksgiving.

Why it matters

A successful listing would turn one of the smaller-looking AI bets of the early 2020s into one of the biggest paper fortunes in tech, and would test how public investors price a company that still loses money while building toward more advanced AI.

The bear case

Neither Schmidt nor Anthropic has confirmed the 1% figure or said whether any shares have already been sold, and no SEC filing discloses his personal stake, so the exact size and value are unverified.

What to watch

Anthropic's price range, expected before the roadshow begins.

Source · 24/7 Wall St.Read original ↗Report an error
Elon MuskPolicyAerospaceTSLA · SPCXAI read · ▼ Bearish

Musk braces for new scrutiny as Democrats take Congress

The move

Democrats won majorities in the House and Senate in the Nov. 3 midterms. Lawmakers have signaled they want to examine Elon Musk's four months running the DOGE government-efficiency office, during which his companies won at least $6.3 billion in federal contracts, plus at least $10 billion more since, and to look at his ties to Russia. Sen. Chris Coons posted that Musk's links to Vladimir Putin are "one more thing to add to the list of questions" if Coons subpoenas him. SpaceX shares fell nearly 4% and Tesla fell 3% on Nov. 5, even as the broader market rose that day.

Why it matters

SpaceX and Tesla depend heavily on federal contracts and goodwill in Washington, so a Democratic-controlled Congress willing to use subpoena power adds a kind of political risk neither company has faced at this scale.

The bear case

Musk has said he will push back against lawmakers who investigate him, and as of early November no committee had opened a formal investigation or issued a subpoena, so the scrutiny remains a threat rather than a concrete action.

What to watch

Whether a House or Senate committee opens a formal investigation into DOGE or Musk's federal contracts.

Source · NPR via OPBRead original ↗Report an error
Aliko DangoteIPO / MarketsEnergyPrivateAI read · ▲ Bullish

Dangote refinery closes $1.58 billion share sale

The move

Crude deliveries to Aliko Dangote's refinery averaged a record 735,000 barrels a day in October, up from 665,000 in September, according to ship-tracking data. Its initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE closed Oct. 27 after regulators extended the offer period by two weeks, selling 4.1 billion new shares at ₦525 each to raise about ₦2.15 trillion ($1.58 billion), with an option to increase the offer by 30%. Allotment details are due to the regulator by Nov. 10, and trading on the Nigerian Exchange is expected to start in December.

Why it matters

A record run rate shows the refinery, which took years longer and cost far more than planned, is finally operating near capacity, and the share sale ranks among Africa's largest IPOs.

The bear case

The offer period has already been extended once, and the large new share count dilutes Dangote's own stake in a project he built mostly with his own capital and debt.

What to watch

Whether Dangote Petroleum Refinery shares begin trading on the Nigerian Exchange in December as planned.

Source · Billionaires.AfricaRead original ↗Report an error
Paolo ArdoinoInvestmentFinancePrivateAI read · — Watching

Tether's Ardoino claims more bitcoin than filings show

The move

Tether CEO Paolo Ardoino said in a keynote at the Plan ₿ Forum in Lugano on Nov. 3 that the company holds about 150,000 bitcoin, worth roughly $11.5 billion. Tether's own third-quarter reserve attestation lists $8.37 billion of bitcoin at $83,621 a coin, implying about 100,060 coins, a gap of roughly 50,000 bitcoin worth close to $3.8 billion. Ardoino did not say where the extra coins are held or when they were bought; Tether says its corporate bitcoin holdings are kept separate from the reserves that back its USDT stablecoin.

Why it matters

Tether underpins much of crypto trading liquidity, and a gap this size between a CEO's public claim and the company's own audited reserve snapshot feeds long-running questions about how fully its disclosures capture what it actually holds.

The bear case

Tether offered the same separate-corporate-holdings explanation for a similar gap in 2024, and no independent audit has reconciled either gap, so the extra bitcoin remains unverified.

What to watch

Whether Tether's next quarterly attestation accounts for the gap Ardoino described.

Source · DecryptRead original ↗Report an error
Elon MuskProduct launchAutosTSLAAI read · ▲ Watching

Tesla opens driverless Robotaxi rides in Fort Worth

The move

Tesla opened driverless, app-booked Robotaxi rides in Fort Worth starting Nov. 2 at 6 a.m., after announcing the launch the night before. The service area is a downtown-centered zone reaching toward Saginaw, White Settlement, Benbrook, Haltom City and Forest Hill. Tesla has not disclosed fares or how many vehicles will serve the city; across Texas it has reported a combined Robotaxi fleet of 1,204 vehicles, 631 Model Ys and 573 Cybercabs, not broken down by city.

Why it matters

Each new city adds to the driverless-mile record Tesla needs to support its robotaxi ambitions, which investors have leaned on heavily to justify the stock's valuation.

The bear case

Tesla still has not disclosed fleet size, fares or safety-monitor policy for Fort Worth, and independent trackers have found only a handful of vehicles actually running in established cities like Austin.

What to watch

Whether Tesla discloses Fort Worth fleet size, fares, or a connection to its Dallas service.

Source · Tesla NorthRead original ↗Report an error
Changpeng ZhaoSecurity breachFinancePrivateAI read · — Watching

CZ says Binance hack victims were made whole

The move

Binance founder Changpeng Zhao told Yahoo Finance on Nov. 3 that withdrawals have resumed and the exchange is running normally after an Oct. 29 breach, saying "the users did not suffer any loss." He said attackers compromised an employee's laptop and exploited internal automated transaction systems rather than cryptographic keys. Binance had covered 90% of affected assets by Oct. 31, with more purchases underway to replace less liquid tokens, and the exchange holds roughly $171 billion in assets. Zhao said AI is making this kind of attack easier to carry out and said the industry should expect more of them.

Why it matters

Zhao's account is the first detailed explanation of how roughly $6.3 billion left the world's largest crypto exchange, and his warning about AI-assisted hacking raises the stakes for every exchange watching how Binance recovers.

The bear case

By Zhao's own account, 10% of affected assets had not yet been replaced as of Oct. 31, and he did not explain how one employee's laptop gave attackers access to internal transaction systems in the first place.

What to watch

Whether Binance completes restitution for the remaining affected assets.

Source · The Wealth AdvisorRead original ↗Report an error

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