Elon Musk Sells $1 Billion USD in Shares and El Salvador Is Building a Bitcoin City in This Week’s Business and Crypto Roundup

While Odell Beckham Jr. will take his full NFL salary in Bitcoin.

Tech 
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Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before.

HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries.

Business

1. Elon Musk sold another $1 billion USD in Tesla shares

Financial filings posted this week indicate that Musk sold another $1.05 billion USD in stocks on Tuesday. According to CNBC, Musk has sold a total of $9.85 billion USD in Tesla stock this month.

2. Instagram’s head Adam Mosseri will testify before Congress on how the app influences young people

For the first time, the head of InstagramAdam Mosseri, has agreed to testify in front of Congress over the app’s potential dangers and negative impact on young people. Mosseri is expected to appear before the Senate panel the week of December 6.

3. Samsung plans to build a $17 billion USD semiconductor factory  to deal with the global chip shortage

The company already manufactures chips at other locations throughout the country, including one in Austin. Construction is expected to begin in 2022 to have the facility completed sometime in the second half of 2024.

4. Nvidia’s CEO said the metaverse will save companies billions of dollars

Speaking to CNBC’s Jim Cramer on Friday, Nvidia CEO Jensen Huang said that the next iteration of the internet will enable companies to reduce wastefulness and increase efficiency. “We want to simulate all factories in metaverses, in this omniverse,” he said.

5. Apple is suing the maker of Pegasus spyware

Apple describes attacks in which NSO Group — the maker of Pegasus — or its clients had created Apple IDs to send malicious data to devices, which then enabled hackers to install Pegasus without users’ knowledge. With the lawsuit, Apple is seeking to ban NSO Group from using any Apple software, services or devices.

Crypto

1. Odell Beckham Jr. is will receive his salary in Bitcoin

The Los Angeles Rams wide receiver is said to have a base salary of $750,000 USD and a $500,000 signing bonus, along with an additional $3 million USD available in team-based incentives. He joins other NFL stars like Aaron Rodgers, who have agreed to take compensation in Bitcoin.

2. A digital superyacht NFT sold for a record $650,000 USD in Ethereum

Metaverse developer Republic Realm has successfully sold The Metaflower Super Mega Yacht for 149 ETH (approximately $650,000 USD), making the digital yacht the most expensive NFT asset in The Sandbox. The company has created a series of “Fantasy Islands” on the platform consisting of 100 private islands.

3. El Salvador is building a Bitcoin City

El  Salvadorthe first country in the world to recognize Bitcoin as legal tender, is now building a “Bitcoin City” that is being funded by Bitcoin-backed bonds. The ambitious plan also purports to offer “no income tax, zero property tax, no procurement tax, zero city tax and zero CO2 emissions.”

4. U.S. banking organizations are trying to better regulate crypto

The aim is to clarify what role banks can play in the cryptocurrency economy. The agencies identified the areas where there needs to be further clarity on certain activities involving banks, such as asset safekeeping, loans collateralized in crypto and facilitation of purchases and sales of crypto.

5. NFT is the word of the year, according to Collins Dictionary

According to Collins, “NFT” has witnessed a “meteoric” rise in popularity this year, growing 11,000% in usage in 2021. Coming in second place was “cheugy.”

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