Ethena Crypto Project Raises $100 Million to Fund Finance Foray
The fundraising, which hasn't been previously reported, was completed in December and drew investors including Franklin Templeton and F-Prime Capital, the venture capital firm affiliated with Fidelity Investments, according to a person with knowledge of the matter.
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CNBC
an hour ago
- CNBC
U.S. moving fast to secure access to critical minerals to counter China's dominance of market, Pentagon says
The Pentagon is taking immediate action to boost critical mineral production in the U.S. and counter China's dominance of the supply chain for rare earth magnets, a defense official told CNBC on Tuesday. The Defense Department last week agreed to buy a direct equity stake in MP Materials, which will make the U.S. government the miner's largest shareholder. MP operates the only rare earth mine in the U.S. located at Mountain Pass, California, and a magnet plant in Forth Worth, Texas. When asked whether the Pentagon is considering similar investments in other U.S. mining companies, the defense official said it is looking at opportunities to strengthen domestic critical mineral production. "Rebuilding the critical minerals and rare earth magnet sectors of the U.S. industrial base won't happen overnight, but DoD is taking immediate action to streamline processes and identify opportunities to strengthen critical minerals production," official said in a statement. Rare earths are used in weapons such as the F-35 warplane, drones and submarines among other other military platforms. The U.S. was almost entirely dependent on foreign countries for rare earths in 2023, with China representing about 70% of imports, according to the U.S. Geological Survey. MP Materials CEO James Litinsky told CNBC last week that he views the public-private partnership with the Defense Department as a model for other companies in industries that are important for national security but struggle to compete against the state-backed enterprises in China. "I'd like to think that this is sort of the first, it's a model," Litinsky told CNBC's "Squawk on the Street" on Thursday. "We have to deliver at MP and show that this is an incredible route to go. But it's a new way forward to accelerate free markets, to get the supply chain on shore that we want." Interior Secretary Doug Burgum said in April that the U.S. government was looking at taking direct equity stakes in critical mineral and rare earth miners to break China's dominance. The Trump administration is also looking at stockpiling critical minerals and creating a sovereign risk insurance fund to protect companies investments' in federally approved projects, Burgum said at an energy conference in Oklahoma City. The Pentagon makes long-term investments in mining, processing and refining critical minerals, the defense official told CNBC. It has invested $540 million so far to support a critical mineral and rare earth supply chain in the U.S. and allied nations, the official said. "That is significant, and DoD will continue to such efforts in accordance with congressional appropriations and statutory authorities," the official said.
New York Post
an hour ago
- New York Post
Apple inks $500M deal with US-based rare-earth mine operator MP Materials
Apple has inked a $500 million deal with the operator of a Texas-based mine producing rare earth materials used to build iPhones and other hardware – a move that comes as CEO Tim Cook's firm looks to reduce its reliance on China. The Cupertino, Calif.-based firm is partnering on the multiyear deal with MP Materials, which it described as the 'only fully integrated rare earth producer in the United States.' Apple will buy rare earth magnets produced at MP Materials' facility in Fort Worth, Texas. 'Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States,' Cook said in a statement. 3 Apple CEO Tim Cook is pictured. Getty Images Apple and MP Materials will also jointly develop a rare earth recycling plant in Mountain Pass, Calif. and collaborate on developing new rare earth processing technologies to boost magnet performance. The Fort Worth facility will be upgraded with 'a series of neodymium magnet manufacturing lines specifically designed for Apple products,' according to Apple. 'Once built, the American-made magnets will be shipped across the country and all over the world, helping to meet increasing global demand for the material,' the company said. Apple's pledge surfaced just days after the US Defense Department announced it would buy $400 million in preferred stock in MP Materials, becoming its largest shareholder. Apple shares were flat in Tuesday trading. The company's stock is down 14% since the start of the year – due in part to uncertainties related to the US-China tariff war. 3 Apple will buy rare earth magnets from MP Materials. REUTERS As The Post has reported, China's near-stranglehold on rare earth metals and other critical minerals has emerged as a key point of dispute in trade talks between Beijing and the Trump administration. Rare earths are needed for consumer electronic goods like smartphones and laptops as well as military hardware like F-35 fighter jets and drones. China controls up to 70% of the world's critical minerals supply and roughly 90% of the processing capacity, according to most estimates. 3 Apple will buy rare earth magnets produced at an MP Materials facility in Fort Worth, Texas. MP Materials/Apple Apple has sped up efforts to manufacture more products outside of China, which produces most of its iPhones and other hardware. That includes shifting production to facilities in India and Vietnam. The $500 million figure is part of the more than $500 billion that Apple has pledged to spend within the US over the next four years. The company announced the expanded pledge shortly after President Trump took office in January.
Miami Herald
4 hours ago
- Miami Herald
Dealer replaces Ford F-150 of man who ran over alleged church shooter
A Michigan dealership has replaced the 2018 Ford F-150 of Richard Pryor, who ran over a man he saw firing a rifle and handgun outside a suburban Detroit church, reports Automotive News. Pryor, a deacon at CrossPointe Community Church in Wayne, Michigan, was arriving late for June 22 services when he saw the shooter, clad in a tactical vest. "I'm just realizing there's no time," Pryor told Automotive News and other media July 10, saying the man, later identified as Brian Browning, who had attended the church occasionally with his mother. "I didn't have a weapon on me, in the truck or anything, so what are your options?" Pryor ran over Browning, who reports say began firing at the truck. Browning was killed by two other church staff members armed with their own guns. Police told ABC News that the actions of the three church staff "prevented a large-scale mass shooting." But while this use of a vehicle as a weapon appears to have done some good, others, such as the 2017 attack on protestors in Charlottesville, Virginia, with a Dodge Challenger, show that like any other weapon, a car can be dangerous in the wrong hands. The truck was Pryor's only vehicle, and was left out of commission after the incident. Jack Demmer Ford reportedly gave Pryor a free two-year lease on a new F-150, worth about $70,000. Full-size pickups can get much more expensive than that, of course, given the tendency of Ford and other brands to devise lineups top-heavy with high-end models. The F-Series-encompassing the half-ton F-150 and the heavy-duty Super Duty trucks-has been the bestselling vehicle line in the United States for decades, and that trend continued with Ford's recently-reported second-quarter sales results. The automaker reported an 11.5% increase in F-Series sales to 222,459-the best quarter for the truck line since 2019. However, Ford also issued 89 recalls in the first six months of 2025, surpassing a record for annual recalls set by General Motors in 2014. The F-150 is included in some of them, including one recall of over a million vehicles to address a software issue that prevents rearview cameras from displaying a proper live feed. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
