Sponsored by Nord Precious Metals

Trump Denies Knowing CZ After Pardon

President Donald Trump said he does not know who Changpeng Zhao is even as he pardoned him last month and after Zhao’s exchange helped facilitate a $2 billion purchase of World Liberty Financial’s stablecoin this year.

The denial came in a CBS 60 Minutes interview when host Norah O’Donnell asked, “Why did you pardon Changpeng Zhao?”

“Are you ready? I don’t know who he is,” Trump replied. He added, “I know nothing about it,” when pressed about the Binance transaction tied to his family’s new DeFi venture.

You can read more on the matter here.

What’s going on?

• Altman Waves Off Critics On OpenAI’s $1.4T Spending Commitments (theDeepDive)

• Budget to include $50-billion local infrastructure fund (Globe)

• OPEC+ Lifts Production In December, Pauses Hikes In Q1 2026 (theDeepDive)

• Canada to Start $36 Billion Building Fund as Carney Seeks Economic Growth (Bloomberg)

• First Nation Moves To Quash Wheeler River Uranium Approval (theDeepDive)

• US imposes North Korea-related sanctions on individuals, entities for money laundering (Reuters)

• Trump ‘Doesn’t Know’ CZ After Pardon, His $2B Link To Binance (theDeepDive)

• Trump Threatens to Block SNAP Payments During Shutdown (WSJ)

What’s the latest?

• Musk: Norway’s $2 trillion sovereign wealth fund (NBIM) voted against Elon Musk’s proposed $1 trillion Tesla pay package, citing concerns over its size, shareholder dilution, and key person risk. NBIM, which owns 1.14% of Teslaworth $11.6 billion, said it values Musk’s vision but finds the award excessive. The proposal faces opposition from ISS, Glass Lewis, and the Take Back Tesla coalition, while Musk warned he may step down if rejected. Tesla shares dropped 2.5% in premarket trading following the news.

• Markets: U.S. stocks slipped Tuesday as big tech losses dragged major indexes down — the S&P 500 fell 0.5%, Dow Jones 0.2%, and Nasdaq 0.8%. Palantir (-6.4%), Nvidia (-2.3%), and Microsoft (-0.4%) weighed heavily, while Zoetis (-13.7%), Norwegian Cruise Line (-11%), and Uber (-6.5%) also declined despite mixed or strong earnings. Investor sentiment weakened amid a U.S. government shutdown, limited economic data, and uncertainty over further Fed rate cuts. Markets now price a 71% chance of a December rate cut, down from 90.5% last week.

• Crypto: The U.S. imposed sanctions on eight individuals and two firms for laundering money from North Korean cybercrime schemes funding its nuclear weapons program. Treasury officials said over US$3 billion in digital assets were stolen via North Korean hackers over the past three years. The network allegedly spans North Korea, China, and Russia, using shell companies and fake IT worker identities to evade sanctions. Key targets include bankers Jang Kuk Chol and Ho Jong Son, linked to managing US$5.3 million in crypto for the sanctioned First Credit Bank.

• Politics: Canada’s federal government will unveil its first budget under PM Mark Carney, marking its first fiscal update in nearly a year. Finance Minister François-Philippe Champagne said it will include “generational investments” and tax cuts to help young Canadians. The budget centers on boosting investment and reducing reliance on U.S. trade amid Trump’s protectionist policies. With the Liberals three seats short of a majority, they’ll need opposition support — Conservatives say they’ll back it only if it eliminates the carbon and capital gains taxes.

• Tech: Major U.S. firms like Amazon, UPS, and Target have announced over 60,000 layoffs in 2025, signaling historic white-collar cuts amid an uncertain economy. While some cite AI and automation, experts say many companies are engaging in cost-cutting and restructuring, not true AI replacement. Amazon alone has eliminated 41,000 corporate jobs since 2022; UPS has cut 48,000 roles tied to volume declines; and Target slashed 1,800 jobs (8% of corporate staff) after sales stagnated. Analysts warn this may mark the start of a white-collar recession, driven more by efficiency, tariffs, and consumer weakness than by AI itself.

New Gold Q3 Earnings

The stock market and stuff

• Glencore Reportedly Closing Canada Copper Hub — Sources (theDeepDive)

• Denison Mines Denies Claims Made By Saskatchewan First Nation (theDeepDive)

• Norway’s oil fund to vote against Elon Musk’s $1tn pay deal at Tesla (FT)

• Shopify Q3 2025: Revenue Climbs But Net Income Drops (theDeepDive)

In the juniors

• Antimony Resources Sees Bald Hill Potential Double In Latest Technical Report (theDeepDive)

• The Decade Gold Miners Have Been Waiting For. | Frank Callaghan – Golden Cariboo (theDeepDive)

• Aya Gold & Silver Outlines $1.5 Billion NPV For Boumadine Project (theDeepDive)

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