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Musk Loses 4 Top Execs in a Week

Elon Musk saw a rapid thinning of his executive bench this week as four high-profile lieutenants departed across three of his flagship companies—social media platform X, artificial intelligence startup xAI, and automaker Tesla.

Linda Yaccarino set the tone Tuesday, announcing: “After two incredible years, I’ve decided to step down as CEO of X,” adding that the platform’s turnaround had been “nothing short of remarkable.”

Her exit comes just as the company readies X Money, bets on AI-generated feeds, and seeks to lure back blue-chip advertisers wary of brand-safety blow-ups.

You can read more on the matter here.

What’s going on?

• OPEC+ Mulls It May Tap the Brakes After September’s Barrel Hike (theDeepDive)

• Manitoba wildfires prompt second declaration of province-wide state of emergency (Globe)

• Canada Launches Sweeping Review to Cut Federal Red Tape (theDeepDive)

• US judge blocks Trump order limiting birthright citizenship in a new legal challenge (FT)

• Trump Hits Surplus Partner Brazil With 50% Tariffs For “Witch Hunt” On Bolsonaro (theDeepDive)

• Pentagon to Take Stake in Rare-Earth Company, Challenging China’s Control (WSJ)

• YouTube Takes Aim at AI Content with New Monetization Crackdown (theDeepDive)

• Kyiv embraces city routines after nights of terror (Reuters)

• Trump’s Mailbox Diplomacy Issues Fresh Tariff Letters Up to 70% Duties Worldwide (theDeepDive)

• White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation (CNBC)

• Berlin Blasts ‘Unacceptable’ Chinese Laser Strike on Red Sea Patrol Plane (theDeepDive)

What’s the latest?

• TikTok: The EU has launched a new privacy investigation into TikTok over user data potentially stored in China. This follows a €530 million fine earlier this year for similar violations. The Irish Data Protection Commission is examining whether TikTok breached GDPR rules on data transfers. TikTok admitted to briefly storing some European user data on Chinese servers but says it self-reported the issue under its Project Clover security initiative.

• AI: University of Toronto professor Daniel Wigdor is launching 50 AI startups over the next five years through his venture studio, Axl, to keep Canadian AI innovation and talent local. Despite Canada’s leadership in AI research, 75% of related patents end up with global tech firms. Axl, based at the University of Toronto's innovation campus, partners with firms like Dentons to turn real business problems into AI-powered solutions. It recently closed a $15 million venture fund and aims to commercialize Canadian AI breakthroughs instead of letting them benefit foreign companies.

• Real Estate: Montreal-area home sales rose 15.5% year-over-year in June, with 4,385 homes sold. Median prices increased around 7% across all housing types: single-family homes rose 7.4% to $627,000, plexes rose 7.1% to $830,000, and condos rose 6.6% to $426,494. Active listings edged up 1.8%, driven by more condo inventory, while new listings rose 6.4% to 5,654.

• Politics: Canada will retaliate against U.S. President Donald Trump’s 50% tariff on copper imports, set to take effect August 1. Industry Minister Mélanie Joly confirmed the country is preparing a response, though specifics were not given. The U.S. is Canada’s largest copper buyer, accounting for over half of its $9.3 billion in exports last year. The tariff raises pressure ahead of a July 21 deadline for a potential trade deal between Prime Minister Mark Carney and Trump. A limited security-focused agreement could be enough to persuade Trump to withdraw the tariffs, experts say.

• Trade War: Global copper traders are rushing to offload shipments to China as U.S. President Donald Trump’s 50% copper tariff takes effect August 1. With limited time for cargoes to reach the U.S., offers to Chinese buyers have surged, hitting their highest level in months. The Yangshan Copper Premium dropped 5% to $62, reflecting growing supply. Traders are redirecting late July and August shipments—mainly from Latin America—to China and other markets, pressuring Shanghai copper prices, which fell 0.4% Thursday.

Why Copper Juniors Could Explode After This Trade War Move

The stock market and stuff

• Pentagon Takes 15% Stake In Rare Earth Producer MP Materials, Becomes Largest Shareholder (theDeepDive)

• Halifax Face 17% Rent Shock Even as CMHC-Backed Supply Floods Market (theDeepDive)

• Ferrero to buy cereal giant WK Kellogg in $3.1-billion deal (Globe)

• Rogers Employee Says Company Used Workers to Train AI Replacements (theDeepDive)

• Chevron Implements Texas Layoffs as Part of Global Workforce Reduction (theDeepDive)

In the juniors

• Osisko Metals Infill and Expansion Drilling Intersects New Wide Mineralization at Gaspé Copper (JMN)

• Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger (theDeepDive)

• Power Metallic Mines Provides Update on Summer 2025 Exploration Programs at Nisk Project (JMN)

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