Sponsored by Sterling Metals

Neuralink bags $323 million

Neuralink, a biotech company founded by Elon Musk, managed to raise $323.2 million in a fresh equity funding round based on an SEC filing, just as the company faces increasing scrutiny from the government regarding the trials conducted at the firm.

The filing is believed to be an amendment to an August funding infusion of $280 million from a consortium of investors, spearheaded by Peter Thiel’s renowned Founders Fund.

Although the precise valuation following this funding influx remains undisclosed, earlier reports by Reuters in June had pegged Neuralink’s value at approximately $5 billion, a valuation derived from discreet stock transactions.

You can read more on the matter here.

What’s going on?

• The Netherlands Joins The Right-Wing Train With Populist Candidate’s Election Victory (theDeepDive)

• How will the Canada 'mortgage charter' impact homeowners, bank earnings? (BNN)

• IRS Delays Tax Deadlines Set by Congress. It Could Cost $8 Billion. (WSJ)

• Much Ado About Nothing: Sam Altman Back As OpenAI CEO, But At What Cost? (theDeepDive)

• Turkey’s central bank hikes interest rate by 500 basis points to 40%, well above expectations (CNBC)

• X-odus: Paris Hilton Pulls Ads Out Less Than Two Months After Announcing Exclusive Partnership (theDeepDive)

• Far-right anti-Islam candidate clinches shock Dutch election win. (CNBC)

• $115 million stolen from two crypto firms linked to Justin Sun after hack (CNBC)

• Poilievre Wants Inquiry If Windsor EV Battery Plant Will Actually Employ Canadians (theDeepDive)

• Canada wholesale trade most likely fell 1.1% in Oct (Reuters)

• Billions at stake as Doug Ford government prepares to change booze retailing in Ontario (CBC)

What’s the latest?

• Rainbow Bridge Incident: The Rainbow Bridge border crossing between Canada and the United States remains closed due to a deadly vehicle explosion that occurred on the U.S. side. The incident, which happened just before 11:30 a.m. on Wednesday, resulted in two fatalities. The vehicle involved reportedly sped towards the border checkpoint, went off the road, crossed a median, and became airborne. Initially suspected as a terrorism act, officials are now treating it as a traffic incident.

• Growing Populism: Geert Wilders, leader of the Dutch Freedom Party (PVV), experienced a significant election victory, positioning him to potentially become the next Prime Minister of the Netherlands. This development follows his 25-year career in Dutch politics, marked by his controversial anti-Islam stance. An exit poll showed the PVV leading with 35 seats, later updated to 37 seats in the 150-seat chamber

• Chinese Bank Failure: Zhongzhi Enterprise Group, a major Chinese wealth manager with significant real estate exposure, has disclosed to investors that it is heavily insolvent, with liabilities ranging between $58 to $64 billion, far exceeding its assets valued at about $28 billion. This revelation from the Beijing-based company highlights the deepening crisis in China's property sector and raises concerns about potential contagion to the broader financial system, especially within the $3 trillion shadow banking sector.

• Ozempic Production: Novo Nordisk is investing $2.3 billion in its Chartres, France site to increase production of weight-loss and diabetes drugs, including Ozempic and Wegovy. This move responds to the soaring demand and ongoing supply crisis in Europe for these medications. The investment, which follows a recent $6 billion investment in Denmark, will create 500 jobs and enhance manufacturing capacity, with construction expected to be completed between 2026 and 2028.

• Fund Rule Change: The Canadian federal government is considering the removal of a 30% cap on pension funds’ voting shares in domestic corporations. This proposal, part of the fall economic statement, aims to enhance pension funds' ability to invest in Canadian companies.

The OpenAI Drama

The stock market and stuff

• Netflix Director Blows Sci-Fi Series Funding on Stocks and Dogecoin (theDeepDive)

• Binance sees $956 mln in outflows after Zhao steps down to settle U.S. probe (Reuters)

• Novo Nordisk invests $2.3 billion in France to boost obesity drug production (Reuters)

• $115 million stolen from two crypto firms linked to Justin Sun after hack (CNBC)

• Stellantis to revise up revenue target for 'circular economy' unit (Reuters)

In the juniors

• Benton, Sokoman Each Receive $1.0 Million In Piedmont Shares After Option Exercise (theDeepDive)

• Golconda Gold Secures US$5.0 Million Via Streaming Deal With Empress Royalty (theDeepDive)

• Northstar Gold Intersects 14.78% Copper Over 2.45 Metres (theDeepDive)

• Adventus Mining To Acquire Luminex Resources, Creating Ecuador Focused Copper-Gold Developer (theDeepDive)

FULL DISCLOSURE: Sterling Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sterling Metals. The author has been compensated to cover Sterling Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.