Category Archives: Tesla

Elon Musk’s Net Worth Journey: Now Down $200 Billion Since Peak

In January of 2021 Elon Musk became the second person to be publicly recognized as having a fortune of over $200 billion. The first person to get credit for this “feat”? Amazon’s Jeff Bezos. The all time high for Musk’s worth, as calculated by Bloomberg, was $340 billion, which was tallied at that absurd figure in November of 2021.

This amount coincided with the all time high for the stock of Tesla – which has since dropped its market cap by $880 billion while falling around 73% from the peak.

Again the $200 billion figure crosses Elon Musk’s path, this time on the downside, as he became the first person in history to lose $200 billion. Doing the simple math (which could be single dollars but in this case in in billions) in a bit over a year his fortunes changed to the tune of $340 billion > minus $200 billion leaving him with a “paltry” $137 billion to squeak by on.

Of course, this still leaves him with enough scratch to be the #2 richest person in the world after Bernard Arnault, the LVMH French luxury goods titan.

A little refresher on Elon Musk’s journey

As founder and CEO of SpaceX, Tesla, Neuralink, and The Boring Company, Elon Musk has made significant contributions to the development of electric vehicles, space exploration, and artificial intelligence. Musk has also been involved in other ventures such as PayPal and SolarCity.

In the early 2000s, Musk was primarily known for his role as CEO of PayPal, an online payment company that he co-founded in 1998. PayPal was acquired by eBay in 2002 for $1.5 billion, and Musk’s net worth at the time was estimated to be around $100 million.

After the sale of PayPal, Musk turned his attention to SpaceX, a company he founded in 2002 with the goal of reducing space transportation costs and enabling the colonization of Mars. In 2008, SpaceX became the first privately funded company to send a spacecraft to the International Space Station, and in 2012, it became the first private company to send and dock a spacecraft with the ISS. These milestones significantly increased the value of SpaceX and contributed to Musk’s growing net worth.

In the mid-2000s, Musk also became involved in the development of electric vehicles through his involvement with Tesla, a company he co-founded in 2003. Tesla’s first production vehicle, the Roadster, was released in 2008 and received widespread acclaim for its performance and range. In the years that followed, Tesla released several more electric vehicles, including the Model S, Model X, and Model 3, which have all been successful in the market.

Musk’s net worth experienced significant growth in the 2010s, particularly in the last few years. In 2020, Tesla’s stock price soared, and as a result, Musk’s net worth increased by over $100 billion. In 2021, his net worth reached over $200 billion, making him one of the wealthiest people in the world.

In addition to his work with SpaceX and Tesla, Musk has also been involved in other ventures, including Neuralink, a company that develops implantable brain-machine interfaces, and The Boring Company, which focuses on tunnel construction and transportation. These ventures have also contributed to Musk’s net worth.

If his recent purchase of Twitter and the attendant brouhaha played any role in the Tesla crash and his turn of fortunes is unclear. He denies that anything other than inflation is at fault.

Elon Musk’s net worth has fluctuated significantly over the years, but it has experienced significant growth in recent years, particularly in 2020 and 2021. His success is largely due to his involvement in companies such as SpaceX, Tesla, Neuralink, and The Boring Company, which have all had a significant impact on various industries.

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Love or Hate Elon Musk, The Tesla Semi is a Big Step Forward

The December 1st launch date is good news for the climate

Elon Musk confirmed, via tweet, that a Tesla Semi successfully completed a 500 mile trip, fully loaded, on November 27th. With a full weight of 81,000 lbs, the 500 mile trip on a full charge is an impressive feat that bodes well for the production roll out, scheduled to begin on December 1st, 2022.

The date also coincides with scheduled delivery of the first production Semis to Pepsi. The timing is also interesting as Coca-Cola has recently begun its roll out of Renault trucks intended for last-mile deliveries in Belgium.

The Tesla Semi accomplishment is particularly impressive as the difficulty of designing a long-haul EV truck that is capable of 500 miles on a charge with a full load of cargo plus battery weight is off-the-charts difficult.

The 500 mile target is important since it corresponds to an 8 hour shift for drivers, after which a rest period would be mandatory. Not only is there an obvious climate benefit to fleets, and eventually the entire long haul industry, switching to EVs, the reduced costs per mile compared to diesel is significant.

Since an 80% charge is the recommended maximum for battery health and longevity, the Tesla Semi is expected to be able to run 400 miles (fully loaded) on a charge. The company has plans to provide solar-powered “Tesla Megacharger” charging stations that can reach 80% in 30 minutes.

Reducing the long haul diesel carbon footprint is a hugely important milestone

Diesel emissions are dirty if you try to breathe them, but they also emit 13% more CO2 compared to vehicles running on gasoline. As of 2020, transportation was responsible for 27% of GHG emissions, according to the US Environmental Protection Agency.

Although replacing the entire US fleet of both passenger vehicles and trucks with EVs, charged ideally by sustainable energy sources is a huge, long term undertaking, the mere possibility that it can be accomplished is proven by this first step into sustainable commercial transportation.

Considering the economic benefits, the opposite of a so-called “green premium” the adoption of EVs for the long haul trucking industry seems very likely to proceed rapidly. And, regardless of your take on Twitter’s recent drama, that’s good news for all of us.

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Why Elon Musk Bought Twitter V3: The Tesla Phone Wrinkle

In a bizarre twist Elon tweets a “threat” to sell phones if Apple or Google ban Twitter from App stores

This article is the third in a series that was never intended to be one. The question of why, other than lack of impulse control and way too much money, Elon Musk would buy Twitter and take it over himself is still unknown. Our first two articles chronicled two possible motivations, each put forth by someone claiming to have inside information. This story is based on Elon Musk’s direct reply to a tweet.

With Twitter getting more dangerous daily, if you are an advertiser or stake your reputation on the content not being toxic (good luck!), and now speculation is mounting that Apple and/or Google might ban downloads for the app.

Elon Musk actually responded to these thoughts with a tweet saying, “…yes, if there there’s no other choice, I will make an alternative phone.”

Oddly, this idea has been around a long time as a sort of fake news thread – various YouTubers have a continuous output of made-up stories about Elon Musk, Tesla and SpaceX. One of the most circulated is one claiming that there is already a solar-powered, Starlink connected phone from Tesla, which some claim is called the “Model Pi”.

Spoofs that become real?

There are many, many reasons, beyond the fact that the whole thing was a spoof, that make it very unlikely that this could ever happen. It’s true that the various capabilities that would be needed to make an iPhone like product are generally within the scope of what Tesla already does.

Manufacturing, supply chains, software, all of these are within the general scope of what Tesla has done very well up until now. It is, on the other hand, more than a bit crazy to think that, literally overnight, a new product could overtake or even compete with the incredibly mature capabilities of the iPhone or a top Android unit.

The iPhone has been evolving for fifteen years and the resources that Apple brings to bear in improving it are not small. The spoof version invents a few bombshell features such as built in crypto mining (presumably where the name “Pi” comes from ), Solar charging, Starlink internet, and others to ad believability to the joke.

Even if these features were available (crypto less of a incentive now lol) it’s extremely unlikely that a large number of people would jump on the trend with so many other features delayed (Cybertruck, anyone?).

The genius is that people think that Elon Musk can make the impossible happen

Getting away from the negative, what Tesla has accomplished in changing perception of EVs from a dead on the shelf product, to one that has forced the entire automotive industry to adopt a similar path is amazing.

And, even at Twitter, it is possible that, after a lot of pain and tumult there could be a new Twitter that is no worse that the pre-Musk version. It could even be bigger and, eventually, not a cesspool.

One thing that is abundantly clear, however, is that the ongoing drama will continue and maybe even accelerate. Watch this space for the next chapter.

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Why Elon Musk Really Bought Twitter V2

Straight from a follower named “Spam Bot” the real reason…

Yesterday we published a story featuring a theory floated by a lady who, apparently, worked for Tesla for a decade, who believes that Elon is a “humanist” and wants to save the planet and needs Twitter to help him better communicate his ideas and solutions. No, not reinstating Trump, but she claimed it was all about global warming.

Not long after that article hit the airwaves, “Spam Bot”, reacted and posted a message (see photo below) where he (or she? or they?) outlined what’s really goin’ on:

Here’s the posted text in its entirety:

“Elon’s plan will soon be clear. Setting aside the fact the guy is an Alien (he literally admitted it) the ultimate plan is frightening. Twitter is key.

He needed to get rid of the engineers to rewrite the app.

After the re-engineering Twitter will be re-coded to subliminally force everyone to either buy a Tesla, Cybertruck or generate an uncontrollable urge to get into a Boring company pod.

Then, using the vast Starlink constellation a signal will be sent and all the Teslas, trucks and Boring pods will suddenly lock trapping the passengers inside.

The controls will freeze and they will autonomously head to the nearest Starbase launch site where flamethrower bearing a highly advanced version of the recently previewed ‘Musk clone robots will force NeuraLink implants deep into each persons cerebral cortex and then send them, like lame zombie sheep into waiting Starships for the journey to Mars.

Controlling everyone via NeuraLink, humanity will quickly devolve into a slave species, serving the Mars overlords for all of eternity. (Except for brunette Goth virgins. Virgins will be celebrated as honored guests and taken to a great feast within the Martian temple.

Afterwards they will be stripped naked, tied up and boiled alive to be consumed by the festive Martians).

Earth will be plundered for its remaining natural resources and die off becoming just another sphere of lifeless space rock eventually breaking apart into smaller and smaller pieces until turning to dust, scattering, and finally leaving the galaxy to drift into the abyss. It’s all so clear – you just need to put the pieces together.”

The actual comment left on Flipboard

Ok, let’s all take a short pause to, um….

If anyone is offended (or frightened ) by that, apologies on behalf of Lynxotic. As a writer it is important to always have something to say. This, text, this outpouring of strung together amalgamation of brand names and alien motivations has rendered this scribe… almost speechless…

To unpack this, in spite of being dumbfounded, the first thing that comes to mind is that “Spam Bot” gives Elon too much credit. Sure, he has admitted to being an alien, yes he is the wealthiest person on the planet, sure, his companies do all seem to fit together in a neat little puzzle that could enable exactly such a scenario…. But, no, it is not likely (hahaha) that this scenario is true, at least not all of it.

Actually, the idea that it was Elon’s intention all along to fire nearly all of Twitter and the mass exodus was what he wanted all along, does kind of make sense. If he really does want to rebuild it from the ground up, what better way to get rid of nearly all the employees than to find a clever (?) way to get everyone to quit (without looking really bad for firing everyone just before the holidays) .

And it will be quite entertaining to see how this plays out. For example, as we note in a new article coming today, Mastodon is growing fast and there’s an interesting possibility that a migration en mass over there could be a major upgrade.

Maybe that was Elon’s plan all along!

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Revolutionary changes in transportation, from electric vehicles to ride sharing, could slow global warming – if they’re done right, IPCC says

Electric vehicle sales are growing quickly. Michael Fousert/Unsplash

Alan Jenn, University of California, Davis

Around the world, revolutionary changes are under way in transportation. More electric vehicles are on the road, people are taking advantage of sharing mobility services such as Uber and Lyft, and the rise in telework during the COVID-19 pandemic has shifted the way people think about commuting.

Transportation is a growing source of the global greenhouse gas emissions that are driving climate change, accounting for 23% of energy-related carbon dioxide emissions worldwide in 2019 and 29% of all greenhouse gas emissions in the U.S.

The systemic changes under way in the transportation sector could begin lowering that emissions footprint. But will they reduce emissions enough?

In a new report from the Intergovernmental Panel on Climate Change released April 4, 2022, scientists examined the latest research on efforts to mitigate climate change. The report concludes that falling costs for renewable energy and electric vehicle batteries, in addition to policy changes, have slowed the growth of climate change in the past decade, but that deep, immediate cuts are necessary. Emissions will have to peak by 2025 to keep global warming under 1.5 degrees Celsius (2.7 F), a Paris Agreement goal, the report says.

Costs are falling for key forms of renewable energy and EV batteries, and adoption of these technologies is rising. IPCC Sixth Assessment Report

The transportation chapter, which I contributed to, homed in on transportation transformations – some just starting and others expanding – that in the most aggressive scenarios could reduce global greenhouse gas emissions from transportation by 80% to 90% of current levels by 2050. That sort of drastic reduction would require a major, rapid rethinking of how people get around globally.

The future of EVs

All-electric vehicles have grown dramatically since the Tesla Roadster and Nissan Leaf arrived on the market a little over a decade ago, following the popularity of hybrids.

In 2021 alone, the sales of electric passenger vehicles, including plug-in hybrids, doubled worldwide to 6.6 million, about 9% of all car sales that year.

Strong regulatory policies have encouraged the production of electric vehicles, including California’s Zero Emission Vehicle regulation, which requires automakers to produce a certain number of zero-emission vehicles based on their total vehicles sold in California; the European Union’s CO2 emissions standards for new vehicles; and China’s New Energy Vehicle policy, all of which have helped push EV adoption to where we are today.

Pickups, Vans and SUVs, which typically have much lower gas mileage than cars, make up the majority of new car sales in the U.S. Electric versions could be game-changers for emissions.

Beyond passenger vehicles, many micro-mobility options – such as autorickshaws, scooters and bikes – as well as buses, have been electrified. As the cost of lithium-ion batteries decreases, these transportation options will become increasingly affordable and further boost sales of battery-powered vehicles that traditionally have run on fossil fuels.

An important aspect to remember about electrifying the transportation system is that its ability to cut greenhouse gas emissions ultimately depends on how clean the electricity grid is. China, for example, is aiming for 20% of its vehicles to be electric by 2025, but its electric grid is still heavily reliant on coal.

With the global trends toward more renewable generation, these vehicles will be connected with fewer carbon emissions over time. There are also many developing and potentially promising co-benefits of electromobility when coupled with the power system. The batteries within electric vehicles have the potential to act as storage devices for the grid, which can assist in stabilizing the intermittency of renewable resources in the power sector, among many other benefits.

Other areas of transportation are more challenging to electrify. Larger and heavier vehicles generally aren’t as conducive to electrification because the size and weight of the batteries needed rapidly becomes untenable.

For some heavy-duty trucks, ships and airplanes, alternative fuels such as hydrogen, advanced biofuels and synthetic fuels are being explored as replacements for fossil fuels. Most aren’t economically feasible yet, and substantial advances in the technology are still needed to ensure they are either low- or zero-carbon.

Other ways to cut emissions from transportation

While new fuel and vehicle technologies are often highlighted as decarbonization solutions, behavioral and other systemic changes will also be needed to meet to cut greenhouse gas emissions dramatically from this sector. We are already in the midst of these changes.

Telecommuting: During the COVID-19 pandemic, the explosion of teleworking and video conferencing reduced travel, and, with it, emissions associated with commuting. While some of that will rebound, telework is likely to continue for many sectors of the economy.

Shared mobility: Some shared mobility options, like bike and scooter sharing programs, can get more people out of vehicles entirely.

Car-sharing and on-demand services such as Uber and Lyft also have the potential to reduce emissions if they use high-efficiency or zero-emission vehicles, or if their services lean more toward car pooling, with each driver picking up multiple passengers. Unfortunately, there is substantial uncertainty about the impact of these services. They might also increase vehicle use and, with it, greenhouse gas emissions.

New policies such as the California Clean Miles Standard are helping to push companies like Uber and Lyft to use cleaner vehicles and increase their passenger loads, though it remains to be seen whether other regions will adopt similar policies.

Public transit-friendly cities: Another systemic change involves urban planning and design. Transportation in urban areas is responsible for approximately 8% of global carbon dioxide emissions.

Efficient city planning and land use can reduce travel demand and shift transportation modes, from cars to public transit, through strategies that avoid urban sprawl and disincentivize personal cars. These improvements not only decrease greenhouse gas emissions, but can decrease congestion, air pollution and noise, while improving the safety of transportation systems.

https://datawrapper.dwcdn.net/OcmIT/5/

How do these advances translate to lower emissions?

Much of the uncertainty in how much technological change and other systemic shifts in transportation affects global warming is related to the speed of transition.

The new IPCC report includes several potential scenarios for how much improvements in transportation will be able to cut emissions. On average, the scenarios indicate that the carbon intensity of the transportation sector would need to decrease by about 50% by 2050 and as much as 91% by 2100 when combined with a cleaner electricity grid to stay within the 1.5-degree Celsius (2.7 Fahrenheit) target for global warming.

These decreases would require a complete reversal of current trends of increasing emissions in the transportation sector, but the recent advances in transportation provide many opportunities to meet this challenge.

Related Reading:

Alan Jenn, Assistant Professional Researcher in Transportation, University of California, Davis

This article is republished from The Conversation under a Creative Commons license. Read the original article.


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Elon Musk: Starlink Internet Service is Active in Ukraine

Above: Photo / SpaceX

In response to tweet by the Ukrainian Technology Minister, Musk confirms his Support

Even as Russian rockets target Ukrainian civilians a recent twitter exchange confirms that Elon Musk has pledged his support and sent additional terminals en route to bolster the Starlink service in the embattled country.

“While you try to colonize Mars — Russia try to occupy Ukraine! While your rockets successfully land from space — Russian rockets attack Ukrainian civil people! We ask you to provide Ukraine with Starlink stations.” – Ukrainian minister of digital transformation Mykhailo Fedorov on Twitter

In response to the tweet above, a simple but direct reply came from SpaceX founder Elon Musk; Starlink service is now active in Ukraine. More terminals en route.

— Elon Musk (@elonmusk) February 26, 2022

This news comes on the heels of a successful launch of a constellation of satellites by SpaceX on Friday. The potential is real for Starlink Terminals to enable internet connectivity in remote areas after Russian forces knocked out terrestrial internet during the invasion, ordered by Russian President Vladimir Putin.

Naturally during the Russian attack national connectivity is essential and more ground terminals, consisting of a satellite dish that can be mounted and aimed at the low earth orbit satellite internet system could be key.

Ukrainian President Volodymyr Zelenskyy recorded a response Saturday night, saying that was it was ‘brutal’ as Russia ‘attacks everything including ambulances’.
European nations along with the United States have pledged support by imposing sanctions and both humanitarian aid and support for Ukraine defense forces and military operations in the form of weapons and other means to resist after the historic unprovoked attack.

Since the siege first escalated early Thursday morning, as reported by the associated press, on command of the Russian President, massive explosions were seen and heard, first in Eastern Ukraine, and later further west, leading to a series of significant disruptions near Kiev.

On Sunday, after Russia said on Saturday evening that they sent a delegation to Belarus to enable talks with Ukrainian Government official representatives.

This option was ruled out by President Zelenskvy, however, who indicated that Ukrainian officials would not be accepting this invitation noting that it “could have been possible” if the Russian military had not attacked Ukraine from the territory of Belarus.

The Russian invasion, deplored by vast majorities of the world, including sane Russians, has expanded the fight from eastern parts of the country, where armed conflict has been underway since 2014.

The buildup of troops around the boarders over the last several months signaled to the outside world that Russian troops would soon be launching an invasion that would be the largest in Europe since WWII.

In an earlier tweet, spacex billionaire elon musk also updated the status of his promise to help other areas of the world by providing SpaceX’s Starlink broadband internet service to Tonga, which suffered after a volcanic eruption and tidal wave that knocked out the country’s connectivity.

The benefits of the company’s Starlink system and its ability to beam satellite broadband service to remote communities without the need for cell towers or fibre-optic cables are being seen in real-time as a consequence of these tragic recent global events.

Starlink Launch, February 25, 2022

The Tesla CEO and tech billionaire has made a point of responding to areas in need, such as power shortages in Australia in 2017, when a massive battery system was offered to assist.

While it remains to be seen what the overall potential effectiveness of these satellite terminals and ground stations will be and how useful they will become for the Ukrainian people during this time of crisis, the local resistance’s ability to gain a stronger foothold and better communications via the use of these active Starlink satellites, and the new internet access they will provide, could be a significant factor.

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Steve Jobs & Elon Musk: Apple is the Tesla of Communication

Elon Musk believes he is saving the world: are others worthy to claim the same?

Tesla is a luxury car company with an impeccable green pedigree. Even with attempts at a car with mainstream entry level pricing, owning a Tesla is still beyond the reach of many.

Yet the belief in it’s sustainable energy mission, and the far reaching master plan to back it up, make this fact, for many, “forgivable” at least, and in many ways even a boon.

After all, surviving in the face of an extinction level threat of our own making, has to be for a reason. The reason is the beauty and luxurious success of being alive. These are the twin messages that Elon Musk created that led to a business triumph that is about more than money and power.

Apple makes expensive luxury gadgets that facilitate communication, education and entertainment. It could be argued that these, no less than a pleasurable acceleration of a Tesla in “Ludicrous Mode”, are essential to our continued survival and are desperately needed to help us meet the ever growing challenges of our world and its future.

Apple, since the premature demise of Steve Jobs, has not had the same kind of heroic branding of Tesla’s sustainable energy mission. But the iPhone company should be seen in the same light. The many tools for communication and education make Apple just as important as Tesla in creating a more positive future.

With the ongoing success of Apple’s brand, and the rapid and accelerating expansion of its hardware, software and services, the company will undoubtedly have a central role to play in our success or failure as a species going forward. Apart from the mundane marketplace triumphs, there is a deeper story of a mission that should not be overlooked.

Bad guys make good guys look even better

Look at Zuckerberg and Bezos. Would anyone ever mistake either for a savior? Does anyone believe that Zuckerberg wants to build the metaverse to save the world?

Or that Bezos has ambitions toward space travel for anything other than self-aggrandizement and commercial exploitation?

No one does, of course not. Steve Jobs and Elon Musk can (could) emanate natural sincerity and engender the belief that they are on a “holy” mission. And perhaps that ring of truth succeeds because of it’s honestly and authenticity.

Bill Gates just wants to sell you overpriced, inferior software. And lock you into a never ending billing cycle.

America has had a sad history, for the last century, of celebrating charlatans and hucksters like Zuckerberg, Bezos and Gates, and misunderstanding Steve Jobs until he was gone. But it was his vision, finally, that brought Apple to the pinnacle of business success where it stands today.

Elon Musk’s ‘saving the world ethos’ is important to recognize, acknowledge and adopt. We need more visionaries with an explicit aim to improving and uplifting not just winning a battle between equality corrupt adversaries.

Apple is the Tesla of communication and it’s innovative DNA inspired and created by Steve Jobs is just as essential to building a sustainable, and better, world as Tesla & Musk.

The days of celebrating empty, temporary monetary “success” achieved by scurrilous business models must end, now.

The future heroes of sustainable tech, blockchain innovation, Web3 and, yes, even the metaverse must be lauded, supported and acknowledged as they emerge, while the truth of the shortcomings of evil men must be taught to every child.

Because the choice is not between Coke vs. Pepsi, Tesla vs. Ford or Apple vs. Microsoft. The choice is between Utopia or Oblivion. And there is no third way forward.


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Elon Musk & Jack Dorsey finally agree to debate for the BitCurious

Above: Jack Dorsey & Elon Musk – Photo – various / tesla / Twitter / collage Lyxotic

Possibly staged “Twitter feud over BitCoin” leads to portentous upcoming event: “THE talk”

Although both Jack Dorsey, head of both Twitter and Square, and Elon Musk are long standing and staunch BitCoin advocates, a lot of chatter around the internet has painted Musk as having gone soft on the crypto currency.

Th narrative that has been put forth pits his loyalty to Bitcoin as somehow incongruous with his support for DogeCoin, the somewhat less serious AltCoin variant he has openly championed.

Intermingled with this straw-man charade, is the also over-hyped idea that the energy used by BitCoin mining is a factor in global warming and therefore a stain on Musk’s otherwise high profile positive sustainable energy resumé.

While many article have shown this argument to be blown out of proportion at best, apparently the whole world (China, if you’re listening) has seized on this talking point as a way to damage BitCoin’s popularity and pedigree.

The attempt to use this argument to undermine BitCoin’s adoption progress and futuristic pedigree appears to have already backfired, however. For example, at the recent BitCoin conference in Miami, Jack Dorsey announced plans to invest in a sustainable energy powered BitCoin mining facility.

Elon Musk has also stated via his twitter account that Tesla would resume accepting BitCoin payments, as soon as more miners switch to renewable energy. This coming after he had announced, to great fanfare, that Tesla would accept the cryptocurrency and then, in May, reversed the decision after backlash from those who pounced on the issue to try to tarnish Tesla’s sterling reputation as a proponent of the transition to sustainable energy.

The hype is warranted and the buzz can begin

Though not yet confirmed 100%, the Twitter exchange between the two titans implied that the “talk” would take place in conjunction with the “The B Word” BitCoin conference, which kicks off on July 21, 2021. Sponsored by Ark Invest, Square and Paradigm, the big name speakers and hype already building, along with the timing, coming on the heels of a huge peak then “crash” in the crypto markets, looks to be a watershed event for Bitcoin and cryptocurrencies in general.

Details on whether the exchange between the two will be live on stage or via video conference have, as of yet, not been revealed.

Twitter and Square CEO Dorsey tweeted Thursday about an upcoming “The B Word” bitcoin event, and Musk responded to it. It’s unclear if the event, which kicks off on July 21, will be virtual or in-person.

The potential for drama as the two discuss a topic on which they, for the most part agree, is a smart way to hype the event, both the conference itself and the monumental meeting for “THE Talk”.

Regardless of any fireworks or revelations coming out of the event and the meeting between these two incredibly influential business leaders, the upshot is that all of the above is a net positive for BitCoins progress toward more widespread adoption and acceptance.

Critical mass may already been achieved for crypto in the US

The overly manic focus on price fluctuations notwithstanding, there is a rapidly growing sense that the #1 cryptocurrency as well as all related coins and activities are reaching the point, in the US, that it will be impossible to return the genie to the bottle.

Any attempt to block or outlaw, in totality, the emerging world of crypto-finance, is likely to fail. Realizing this there appears to be a faint whisper of capitulation on the part of both the government in the US and among the “old guard” establishment, namely Wall Street.

Dorsey’s take, as quoted from his appearance at the BitCoin conference in Miami:

  • “Governments are trying to block cryptocurrency use to avoid losing hold of power”
  • “It can’t, and it never will.” — musing on the likelihood of Wall Street controlling bitcoin.
  • “That’s why we don’t deal with any other currencies or coins — because we’re so focused on making bitcoin the native currency for the internet.” — when asked about payments provider Square’s ambitions for bitcoin.

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‘Big Short’ Investor Dr. Michael Burry Now has a $534 million short in Tesla, Inc.

Above: Christian Bale, playing Dr. Michael Burry in “The Big Short

The more things change, the more they stay the same

Shorting in the stock market has gotten a bad rep recently among the “WallStreetBets” crowd on Reddit, and those that were in the run-up frenzy over Game-Stop and AMC, Koss, etc. This was, for the most part, due to a lack of understanding of what shorting is, how it works and why it adds liquidity and has other benefits to markets as a whole.

Many of the crowd from that frenzy has now moved on to the crypto frenzy, which has a lot of speculators worried after relatively large drops in many of the top coins. Similar to the misunderstanding of short positions many of the speculators in crypto are new arrivals and, for a short time, had no experience of the fact that volatile, fast moving instruments, such as shares in tech companies or “alt-coins” also go down faster than slow moving investments. They don’t “only go up” as was the “slogan” for the Game Stop crowd and others at the time.

Michael Burry, the genius founder of Scion Asset Management, the firm that was chronicled in “The Big Short” (both the book and the film) which tells the story of how Burry bet against the US housing market at the peak of the bubble and experienced massive success when his billion dollar bet paid off.

That bet was, as the name of the book implies, the longest of long shots, and in the movie the skepticism and outright scorn and derision that he experienced for even thinking of taking that gamble was shown and formed the backbone of the story.

The power of that story was how a man with knowledge and experience could see clearly, even with one good eye, what millions of “experts” either could not see or were too corrupt to admit or accept.

That the housing market and the products devised to profit off of it, mortgage backed securities, collateralized debt obligations, credit default swaps, and so forth, were about to take the entire world economy to the brink of doom.

A collapse did occur, and were it not for desperate and questionable bail-outs by the governments and the central banks around the world, could have collapsed the world economy to a level that would have taken decades to recover from.

Instead this “largest band-aid” in the history of the universe has been followed up by larger and larger ones until as of the writing some 14 trillion has been created to prop up the original “fix” and kick the can further and further down the road.

Fast forward to 2021 and see where Burry sees a big opportunity now…

Michael Burry, the same man who say the end of the housing bubble in 2006 and 2007, and bet big against the one market that no one, literally no one, believed could ever go down, appears to believe that the end of the road for the current speculative bubble ( at least in Tesla stock prices) is near.

Michael Burry’s Scion Asset Management has disclosed a major, half-a-billion dollar short position against Tesla Inc.

Scion Asset Management disclosed via a regulatory filing on May 17th that purchases were made for bearish put options on 800,100 shares in Tesla. In the disclosure was also the further information that, as of the end of the first quarter, the options had a value of US$534 million.

“my last Big Short got bigger and Bigger and BIGGER,” Burry said in a tweet from February, apparently referring to Tesla’s large surge in market capitalization. “Enjoy it while it lasts,” he continued.

It appears that, as of May 18th, he may have deleted his Twitter account entirely. Which, if true, may be over concerns that the SEC could have questions about the tweets, as wells as earlier tweets he made referring to other short position in GameStop Corp.

https://movietrailers.apple.com/movies/paramount/thebigshort/thebigshort-onlinespot_h1080p.mov

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Elon Musk looking to fix Dogecoin System Transaction Efficiency after Bitcoin Reversal

As has been the case throughout, Elon Musk is Pro Crypto

As can be seen in the tweet above, Elon Musk has announced that he is working with Dogecoin developers to improve system transaction efficiency. He feels, apparently that this ongoing development, an effort to improve energy efficiency, no doubt, is “promising.

This comes after both his silly kinda-sorta negative jokes from his Saturday Night Live appearance a week ago, and his subsequent announcement regarding bitcoin and issues with energy consumption (see below).

Regardless of those issues being about perception or reality, which is an ongoing hot debate within the crypto community, at least the issue of making crypto even more viable as a medium of exchange and store of value is being talked about in good faith serious tones.

This is an indicator of his highly positive attitude and beliefs regarding the future of Bitcoin, Dogecoin and cryptocurrencies in general.

PR nightmare abated and pre-empted by announcement that Tesla will no longer accept Bitcoin

In a sudden about-face Elon Musk announced that Tesla would not accept Bitcoin for its environmentally friendly electric vehicles after all. This, after the company made big news when it purchased $1.5 billion of the cryptocurrency which was revealed in an SEC filing.

In the first quarter report of 2021 the company revealed that it sold a portion of its Bitcoin and netted a $101 million profit. That number represented nearly a fourth of the reported total profits for the quarter.

An even larger contributing factor to the positive news at the time was the massive sales of regulatory credits were $518 million. In other words, profit from Bitcoin and government subsidies was basically 100% of the upside. Car sales, not so much.

Enter the massive media frenzy over the energy use “wasted” on Bitcoin mining and you have a PR disaster waiting to happen for Tesla and Musk. Naturally, clever lad that he is, it was prudent to cancel, at least temporarily the policy of allowing customers to pay with Bitcoin.

Odd thing is, there are many worse things sucking up energy than Bitcoin. And the mining will not stop or slow down because Tesla is not getting any for its cars. But the perception that there’s a “great cost to the environment” from crypto-mining is enough to make this sudden announcement mandatory from a PR standpoint.

Though not mentioned in the tweet where this policy change was announced, it is unlikely that Tesla will go forward with accepting Dogecoin, which was mentioned recently by Musk also, due to the perceived similarities in the mining process.

In the statement attached to Musk’s tweet he also states that they will potentially use a crypto currency if it can be used at an energy cost of less than 1% of Bitcoin per transaction.

This is a separate issue from the mining energy usage but it has also been a criticism that the energy expended to transact using Bitcoin is very high, compared to what is a separate question. Perception is at the root, but wanting more efficient crypto is certainly a laudable goal.

This part of the statement will no doubt lead to feverish speculation as to which cryptocurrency might meet his stated requirements.

Elon Musk’s support for cryptocurrency is, like his commitment to sustainable energy, a positive stance and, before his personal success became completely overblown, a courageous one.

Taking on the fossil fuel industry, it’s easy to forget, was no easy feat in the early days. And, similarly, the inevitable upcoming clash between crypto-adherents and governments (printers of fiat currencies) will need established eminent “super-citizens” to give crypto a chance of survival.

For that reason it is good to see that this does no represent a rejection of crypto itself on Musk’s part, but a necessary response to mounting criticism based on the perception of hypocrisy.

You can bet that, if there is a way to mine with sustainable energy sources (actually in many ways already happening) he will reverse his stance yet again.


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Elon Musk Announces BitCoin Reversal

Perception is Reality and the Perception is Bad

In a sudden about-face Elon Musk announced that Tesla would not accept Bitcoin for its environmentally friendly electric vehicles after all. This, after the company made big news when it purchased $1.5 billion of the cryptocurrency which was revealed in an SEC filing.

In the first quarter report of 2021 the company revealed that it sold a portion of its Bitcoin and netted a $101 million profit. That number represented nearly a fourth of the reported total profits for the quarter.

An even larger contributing factor to the positive news at the time was the massive sales of regulatory credits were $518 million. In other words, profit from Bitcoin and government subsidies was basically 100% of the upside. Car sales, not so much.

Enter the massive media frenzy over the energy use “wasted” on Bitcoin mining and you have a PR disaster waiting to happen for Tesla and Musk. Naturally, clever lad that he is, it was prudent to cancel, at least temporarily the policy of allowing customers to pay with Bitcoin.

Odd thing is, there are many worse things sucking up energy than Bitcoin. And the mining will not stop or slow down because Tesla is not getting any for its cars. But the perception that there’s a “great cost to the environment” from crypto-mining is enough to make this sudden announcement mandatory from a PR standpoint.

Though not mentioned in the tweet where this policy change was announced, it is unlikely that Tesla will go forward with accepting Dogecoin, which was mentioned recently by Musk also, due to the perceived similarities in the mining process.

In the statement attached to Musk’s tweet he also states that they will potentially use a crypto currency if it can be used at an energy cost of less than 1% of Bitcoin per transaction.

This is a separate issue from the mining energy usage but it has also been a criticism that the energy expended to transact using Bitcoin is very high, compared to what is a separate question. Perception is at the root, but wanting more efficient crypto is certainly a laudable goal.

This part of the statement will no doubt lead to feverish speculation as to which cryptocurrency might meet his stated requirements.

Elon Musk’s support for cryptocurrency is, like his commitment to sustainable energy, a positive stance and, before his personal success became completely overblown, a courageous one.

Taking on the fossil fuel industry, it’s easy to forget, was no easy feat in the early days. And, similarly, the inevitable upcoming clash between crypto-adherents and governments (printers of fiat currencies) will need established eminent “super-citizens” to give crypto a chance of survival.

For that reason it is good to see that this does no represent a rejection of crypto itself on Musk’s part, but a necessary response to mounting criticism based on the perception of hypocrisy.

You can bet that, if there is a way to mine with sustainable energy sources (actually in many ways already happening) he will reverse his stance yet again.


Find books on Music, Movies & Entertainment and many other topics at our sister site: Cherrybooks on Bookshop.org

Enjoy Lynxotic at Apple News on your iPhone, iPad or Mac.

Lynxotic may receive a small commission based on any purchases made by following links from this page