💰 Elon $27B Pay Package

+ Joby Aviation Acquires Blade’s Passenger Biz in $125M Deal

August 04, 2025

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Good afternoon! Anthropic just cut off OpenAI’s access to its Claude API, claiming the ChatGPT-maker violated its terms of service by using Claude Code to test and compare performance ahead of GPT-5’s launch. The clause in question? Users can’t use Claude to build or train competing AI products—which Anthropic says OpenAI did. OpenAI called the move “disappointing,” saying it’s industry standard to benchmark rival models.

This isn’t Anthropic’s first rodeo just last month, it blocked a startup rumored to be on OpenAI’s acquisition list. And they’re not alone in this game. Tech giants have a long history of yanking API access from rivals when the competition gets too close for comfort. With AI heating up and Claude Code gaining traction, expect more turf wars ahead.

MARKETS

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  • Markets shook off last week’s labor-induced slump, rallying Monday on growing hopes that the Fed might blink. The S&P jumped 1.5%, the Dow added nearly 600 points, and the Nasdaq surged 1.9% a full-on recovery rally as investors bet that the dismal jobs report could force a rate cut.

  • President Trump is expected to announce replacements for the BLS commissioner and Fed Governor Adriana Kugler soon, adding even more intrigue to the economic outlook. Meanwhile, Swiss stocks cratered after Trump hit them with a 39% tariff, and India may be next. The EU, opting for diplomacy, delayed retaliatory tariffs by six months.

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STOCKS
Winners & Losers

What’s up 📈

  • IDEXX Laboratories surged 27.49% after posting better-than-expected earnings and revenue, fueled by long-term growth in pet diagnostics. ($IDXX)

  • Energizer jumped 26.69% following a strong earnings beat and a raise to full-year guidance. ($ENR)

  • American Eagle Outfitters rallied 23.65% after former President Trump praised its Sydney Sweeney ad as the “HOTTEST” out there. ($AEO)

  • Fortrea climbed 17.58% after a bullish upgrade from Baird, which said it’s in for the “long game.” ($FTRE)

  • Joby Aviation rose 18.82% after acquiring Blade’s air mobility business for $125 million, signaling a major global rollout. ($JOBY)

  • Commscope exploded 86.26% after Amphenol agreed to acquire its broadband unit for $10.5 billion. ($COMM)

  • Amphenol rose 4.14% on news of the $10.5 billion deal with CommScope. ($APH)

  • Wayfair gained 12.66% after blowing past Q2 earnings and revenue expectations. ($W)

  • Spotify climbed 5.01% after announcing price hikes for its premium subscriptions in multiple markets. ($SPOT)

What’s down 📉

  • Figma plunged 27.38%, giving back gains from its red-hot IPO debut last week as investors locked in profits. ($FIG)

  • Replimune plummeted 24.87% after the FDA’s cancer division rejected its lead oncology drug RP1. ($REPL)

  • TG Therapeutics dropped nearly 17.99% following an earnings miss that came in below analyst expectations. ($TGTX)

  • On Semiconductor fell 15.58% after issuing a weak Q3 outlook, even as it topped Q2 revenue estimates. ($ON)

  • Bruker slid nearly 8.62% after cutting its earnings and revenue guidance for the year. ($BRKR)

  • Kraft Heinz declined 2.23% as investors interpreted Berkshire Hathaway’s selling as a bearish signal. ($KHC)

COMPENSATION
Tesla Grants $23.7B Stock Award to Keep Elon Musk Through 2027

Tesla is dangling a massive $23.7 billion stock award in front of Elon Musk to make sure he stays put at least through 2027. The “interim” award includes 96 million shares that will vest only if Musk remains in a top leadership role for the next two years. It's one of the largest pay packages ever granted, even as the company is still waiting on a court decision about his earlier, and even bigger, $56 billion package from 2018.

The board described the deal as a “good faith payment” to keep Musk focused on Tesla’s turnaround. The EV maker has had a rough 2025, with shares down 23% year to date, and investors increasingly frustrated by Musk’s split attention between SpaceX launches, funding his xAI startup, and his brief detour to the Trump White House.

A $29 Billion Carrot: Musk’s political involvement and side ventures have weighed on Tesla’s brand and sales, with boycotts and criticism piling up. Still, the board (which includes Musk’s brother) believes the company’s future hinges on keeping him engaged—especially with the AI talent wars heating up across Big Tech. Wedbush’s Dan Ives, a longtime Tesla bull, sees the deal as a smart strategic move to lock in Musk and focus him on growth, reiterating a $500 price target.

Strings Attached... Kind Of

There are a few caveats. The award only vests if Musk stays onboard in a senior role and doesn’t get back his old 2018 compensation through court appeal. And while Tesla won’t record the award as an expense unless it thinks the vesting is likely, the package remains a high-stakes bet. If it works, Tesla might get Musk’s full attention. If it doesn’t well, the lollipop didn’t stop the screaming toddler.

For now, the stock market seems optimistic. Tesla shares rose just over 2% on the news, signaling that even after a turbulent stretch, Wall Street still believes in the Musk premium as long as he shows up.

NEWS
Market Movements

AIR TAXI
Joby Aviation Acquires Blade’s Passenger Biz in $125M Deal to Fast-Track Air Taxi Launch

Joby Aviation just locked in a major airlift. The electric air taxi company is acquiring Blade Air Mobility’s passenger business for up to $125 million minus Blade’s core medical transport unit, which makes up two-thirds of its revenue and will now rebrand as Strata. The deal hands Joby the Blade brand, operations in the U.S. and Europe, and access to lounges, terminals, and a loyal flyer base.

Both stocks took flight on the news. Joby jumped 18% while Blade surged over 27%, as investors saw the deal as a fast lane for Joby to plug into real-world infrastructure and paying customers ahead of its commercial launch.

Helicopters Today, eVTOLs Tomorrow
The move lets Joby transition Blade’s traditional helicopter passengers into next-gen electric aircraft riders over time. The company gains immediate access to key markets like NYC and Southern Europe, along with a team that knows how to operate high-end urban air mobility services. Blade CEO Rob Wiesenthal will join Joby to run the passenger division, while Blade’s remaining business focuses on organ transport and critical logistics.

Timing, Meet Tailwinds: The announcement lands just as the Trump administration pushes forward an executive order favoring advanced air mobility, and Joby’s testing gets greenlit in Dubai. Add to that Joby’s recent defense partnerships and it’s clear the company is expanding on multiple fronts civilian and military.

Bottom line: Instead of waiting to build its own route network from scratch, Joby just bought the fast pass. Now it’s not just flying aircraft—it’s flying into commercial readiness.

Calendar
On The Horizon

Tomorrow

Tuesday’s economic calendar brings the ISM services report and June’s trade balance neither likely to shake markets, but both offering a temperature check on how the U.S. and global economies are holding up. Think of them as the side dishes before the earnings feast.

The reporting deluge kicks into gear with a packed lineup including AMD, Pfizer, Caterpillar, Rivian, and Snap. One company in particular will be under the microscope as investors look for signs of just how much heat tariffs are putting on the bottom line.

Before Market Open:

  • Diageo’s international empire used to be a bragging right—now it’s a risk factor. As tariff tensions escalate, the alcohol giant’s broad footprint could become a profit drag depending on how global duties shake out.
    Management’s response? Trim the fat and double down on free cash flow. But with earnings dropping tomorrow, investors will be watching closely to see if that’s enough or if the stock’s recent hangover is about to get worse.

NEWS
The Daily Rundown

  • 🔫 Montana Bar Shooting Manhunt Enters Day Four: Authorities are still searching for the suspect involved in a deadly bar shooting in Montana, now entering its fourth day. The shooting left multiple victims and has rattled the local community. Law enforcement has expanded the search area and urged residents to stay alert. No new leads have been made public as the investigation continues.

  • 🎥 Hamas Releases Hostage Video Amid Global Outrage: Hamas published footage of Israeli hostage Evyatar David appearing severely emaciated, sparking widespread condemnation. On Sunday, Hamas offered to work with the Red Cross to deliver aid to hostages in Gaza, contingent on its demands being met. That same day, Israeli PM Netanyahu said he is now pursuing a “military solution” to secure their release. The developments mark a grim escalation in the hostage crisis.

  • 🛢 OPEC+ to Increase Oil Production in September: OPEC+ announced it will raise oil output by 547,000 barrels per day starting in September. The decision follows months of tight supply and high global demand. Markets are watching closely to see how the added volume will affect prices. Some analysts expect only a modest dip in oil prices given ongoing geopolitical uncertainty.

  • ✈️ Delta Says No to AI-Based Ticket Pricing: Delta Air Lines told U.S. senators it has no plans to use AI for dynamically pricing individual tickets. The airline clarified that AI may be used for customer service and operations—but not to adjust prices on a person-by-person basis. The statement comes amid rising scrutiny of AI use in consumer pricing. Lawmakers have raised concerns about fairness and transparency in automated systems.

  • 🎭 Actress Loni Anderson Dies at 79: Loni Anderson, best known for playing Jennifer Marlowe on WKRP in Cincinnati, has died at 79. Her role as the witty, glamorous receptionist became a TV icon in the late 1970s and early 1980s. Anderson was also known for her roles in Nurses and Easy Street, and her high-profile marriage to actor Burt Reynolds. She passed away surrounded by family, according to a statement.

  • 🗳 Texas Dems Flee State to Block Redistricting Vote: Fifty-seven Texas House Democrats fled the state to stall a GOP-led redistricting vote aimed at flipping five congressional seats. Most took shelter in Illinois, with others in Boston and Albany, risking $500-a-day fines and removal threats from Governor Abbott. The move can’t stop the bill entirely but could run out the 30-day special session clock. Texas AG Ken Paxton warned the strategy won’t hold forever.

  • 🏈 ESPN–NFL Deal Could Shake Up Sports Media: ESPN may gain control of NFL RedZone, the NFL Network, and more in exchange for handing the league up to 10% equity. The reported deal would bolster ESPN’s upcoming streaming service and give it rights to additional games and fantasy football assets. The NFL, struggling to monetize its media arm, recently cut costs and programming. Any agreement would likely face regulatory scrutiny—especially with Trump’s known NFL critiques.

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