Category Archives: Elon Musk

On Saturday, November 6, Elon Musk logged onto his Twitter account and appeared to put a multibillion-dollar financial decision into the hands of millions of online voters. Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this? he asked his followers. I will abide by the results of this poll, whichever way it goes. Almost 58% of respondents voted in favor of the sale.

Tesla CEO Elon Musk has sold nearly $9 billion worth of stock over the course of two wild weeks. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)

True to his word, the electric car billionaire began parting with shares just a few days later. Two weeks in, Musk has sold roughly 8.2 million shares, worth about $8.8 billionputting billions of dollars into the famously cash-poor billionaires pockets, even after he used about $3 billion of the proceeds to pay taxes due fromexercising some of his stock options. The sales represent 3.2% of Musks Tesla stake, meaning he still has 11.6 million sharesworth about $13.2 billion as of Fridays market closeleft to sell if he plans on hitting the 10% goal he set for himself on Twitter.

Although Musk has sold 3.2% of his Tesla stock so far, his share count is only down by 1.2% because hes been acquiring new stock at the same time he's been selling shares on the market. He has exercised options to buy 6.4 million shares at $6.24 apiece, and has sold about half of them to cover the tax bill due from exercising the stock. Musk still has 19.1 million more options, currently worth $21.6 billion, to exercise before they expire in August 2022, so he will likely be doing a lot more deals in the weeks or months to come.

Prior to this selling bonanza, Musk has dumped Tesla shares on only two occasions. In 2010, he sold roughly 1.4 million shares for $24 million shortly after Tesla went public, and in 2016, he unloaded 2.7 million shares for some $593 million, which he used to cover taxes he owed for exercising some of his Tesla options.

On Friday, Musks estimated net worth settled at $296.2 billion after Tesla shares jumped 3.7%, adding about $9.5 billion to his fortune in a single day. His net worth has ping-ponged recently, soaring above a previously unheard of $300 billion earlier this month before dropping by more than $50 billion after shares slid following Musks announcement that he would sell stock. Musk nonetheless remains the richest person in modern history, well ahead of Jeff Bezos (who is worth $221.9 billion), French fashion mogul Bernard Arnault ($201.1 billion) and Bill Gates ($139.1 billion).

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Two Weeks After Twitter Poll, Elon Musk Has Unloaded Billions In Tesla Stock - Forbes

U.S. Senator Bernie Sanders (I-VT) greets reporters as he arrives for a vote at the U.S. Capitol in Washington, U.S. November 1, 2021.

Jonathan Ernst | Reuters

Tesla and SpaceX CEO Elon Musk sparred with Senator Bernie Sanders over tax policy this weekend on Twitter, and tried to provoke him again on Monday morning.

According to his website, the independent Senator (who generally caucuses with Democrats) is a proponent of transitioning the U.S. energy system to renewables, providing $200 billion to a Green Climate Fund, and other environment-oriented policies that would serve Tesla well.

But he is also a proponent of hiking taxes for the super-rich, as is Oregon Democratic Senator Ron Wyden, who Musk needled on Twitter in a similar exchange earlier in November. Musk, who has the highest net worth in the world today, is staunchly against a so-called "billionaire's income tax."

Last week, Musk sold about $6.9 billion worth of stock. (As of Monday morning, Musk still holds more than 166 million shares in the company.) In recent weeks, sales from Musk and other insiders have put pressure on Tesla shares. Last week, Tesla stock declined 15.4%, marking the company's worst one-week performance in 20 months, and its worst week ever excluding declines in the first quarter of 2020 as the coronavirus pandemic sent markets tumbling. Tesla closed down another 1.94% on Monday.

As his sell-off continues, Musk will face a potentially massive tax bill. However, as ProPublica reported, Musk previouslypaid a 3.27% true tax rate, or $455 million, on wealth growth of $13.9 billion. Musk, who had an actual taxable income of $1.52 billion during the five-year period, paid no federal income taxes in 2018, according to ProPublica.

On Twitter, Sanders has amassed a following of more than 15 million, and Musk has amassed a following of 63.8 million.

On Saturday, the 80-year-old Vermont senator wrote in a tweet, "We must demand that the extremely wealthy pay their fair share. Period."

Musk replied the next day with, "I keep forgetting that you're still alive." Musk also asked Sanders on Sunday, "Want me to sell more stock, Bernie? Just say the word." Then, the CEO berated the senator saying, "Bernie is a taker, not a maker."

Musk attempted to engage Sanders once again on Monday.

He asked, "Ok, how much do you think is fair? Does 53% seem reasonable?"

When Sanders did not reply to him, a Musk fan remarked that the senator doesn't respond to followers on Twitter generally. Musk asked, "How do we know he hasn't been kidnapped by aliens!?" Musk continued to hold forth on Twitter, discussing his tax policy preferences with fans and followers including promoters of bitcoin and Tesla.

In his tweet exchanges, Musk revealed that he would support an estate tax, and taxes on what he called extravagant consumption.

The CEO also said he currently owns around 20% of Tesla's stock.

Sen. Sanders and Tesla did not immediately respond to requests for comments.

In 2020, Muskput his California mansions on the market while he was sparring with state health regulators over Covid-19 restrictions that impacted the Tesla factory in Fremont. He then moved to Austin, Texas, near the site of a new Tesla factory that's under construction.

This year, Tesla moved its headquarters from Palo Alto, California, to Austin, Texas, as well.

Moving from California, with the highest state income tax in the country, to Texas, which has no state income tax, couldsave Musk billions of dollarsbased on hiscompensation package awarded in 2018.

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Elon Musk picked a Twitter fight with Bernie Sanders over tax policy - CNBC

Amazon (AMZN) CEO Jeff Bezos is no longer the richest person in the U.S. That honor now goes to Elon Musk.

Musk, the CEO of both SpaceX and Tesla (TSLA), holds a net worth of a whopping $299 billion. Formerly a resident of California, Musk relocated to Texas this year, also making him the richest resident of the state. He stated that his reason for moving was due to Texas having no income tax while Californias is the highest in the country.

Tesla CEO Elon Musk talks during a tour of the plant of the future foundry of the Tesla Gigafactory on August 13, 2021 in Grnheide, Germany. (Photo by Patrick Pleul/Getty Images)

Meanwhile, with a net worth of $204 billion, Bezos is still the richest person in the state of Washington. The Amazon founder has garnered criticism over the years, especially after it was revealed that between 2014 and 2018, he paid a true tax rate of only 0.98%.

Taking the top spot formerly held by Musk in California is now Meta (FB) CEO Mark Zuckerberg, who has a net worth of $127 billion.

There are some newer names to the list of the richest people in each U.S. state. Following the death of her husband Sheldon, Miriam Adelson became the richest person in the state of Nevada as the majority shareholder in Las Vegas Sands (LVS), a company that Sheldon formerly led. Adelsons net worth is currently $27.2 billion.

Other new names include Philip Anschutz of Colorado ($14.5 billion); Mitchell Rales of Maryland ($9.14 billion); Rocco Commisso of New Jersey ($9.52 billion); Ron Corio of New Mexico ($1.1 billion); George Kaiser of Oklahoma ($10.6 billion); and Jeff Yass of Pennsylvania ($12 billion).

Some of the richest people in their respective states arent even billionaires. Such is the case of current West Virginia governor, Jim Justice II. The Republican politician lost his billionaire status after it was revealed he holds more than $850 million in debt to a now insolvent financial services company. His current net worth is estimated to be around $513.3 million.

Several sports team owners made the list. Gayle Benson, the owner of both the New Orleans Saints and the New Orleans Pelicans, is the richest person in Louisiana with a net worth of $3.8 billion. Glen Taylor, the owner of the Minnesota Timberwolves and Minnesota Lynx, is the richest person in Minnesota with $2.7 billion to his name. And Daniel Gilbert, the owner of the Cleveland Cavaliers, is the richest person in Michigan with a net worth of $28.8 billion.

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Nov 7, 2021; New Orleans Saints owner Gayle Benson smiles during the first quarter of their game against the Atlanta Falcons at the Caesars Superdome. (Chuck Cook-USA TODAY Sports)

Founders and CEOs were the most common occupations among members of the list, however. Warren Buffett, the CEO of Berkshire Hathaway (BRK-A, BRK-B), is one of them. With a net worth of $103 billion, hes the richest person in the state of Nebraska.

In Kansas, Koch Industries CEO Charles Koch is by far the richest resident with $60.6 billion to his name. Fidelity CEO Abigail Johnson is Massachusetts richest resident with a net worth of $27.1 billion.

And in Oregon, Nike (NKE) Co-founder Phil Knights $64.2 billion makes him the richest person in the state.

Adriana Belmonte is a reporter and editor covering politics and health care policy for Yahoo Finance. You can follow her on Twitter @adrianambells and reach her at adriana@yahoofinance.com.

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Elon Musk in Texas, Zuck in California: Here is the richest person in each U.S. state - Yahoo Finance

Editor's note: Elon Musk said Wednesday that SpaceX is targeting early 2022, possibly January or February, to launch its first orbital test flight of a Starship rocket. Read our full story.

Elon Musk, the billionaire founder of SpaceX, will give an update on his company's progress on its huge new Starship rocket and you can watch it live online.

Musk will discuss the SpaceX Starship program at 6 p.m. EST (2300 GMT) during a 30-minute presentation for the National Academies' Space Studies Board and Board of Physics and Astronomy. The two boards are meeting this week to discuss a wide range of space exploration missions, astrophysics and astronomy projects and more.

You can watch Musk's Starship talk at the top of this page or directly from the National Academies' webcast here.

Video: Watch SpaceX's Starship SN20 test-fire 6 Raptor engines

SpaceX's Starship rocket and its Super Heavy booster are designed to be a fully reusable launch system for deep-space missions to the moon, Mars or elsewhere in the solar system. Musk first unveiled plans for Starship in 2016 (it was initially called the Interplanetary Transport System, and later the Big Falcon Rocket) and has issued periodic updates on its design over the years leading up to a series of suborbital test flights earlier this year.

The current prototype, called Starship SN20, test-fired its six Raptor engines last week at the SpaceX's Starbase facility in South Texas in a step towards its first orbital flight. That orbital test flight can only launch once the Federal Aviation Administration completes an environmental review of the Starbase facility, which is located near the village of Boca Chica on the coast of the Gulf of Mexico. That review should be complete by Dec. 31, FAA officials have said.

"Limiting factor for first launch is regulatory approval. Thereafter, fundamental issue is solving engine production," Musk wrote on Twitter late Tuesday (Nov. 17). "Prototypes are easy, production is hard."

World's tallest rocket: SpaceX stacks Starship atop massive booster for 1st time

Starship SN20 stands 165 feet tall (50 meters) and is powered by six Raptor engines. When stacked atop its Super Heavy booster, which has 29 engines of its own, the entire rocket stands 395 feet tall (120 m). That's taller than NASA's Saturn V moon rocket, which stood 363 feet (110 m).

NASA has picked SpaceX's Starship as the vehicle to land Artemis astronauts on the moon in the near future. SpaceX has also sold a trip around the moon on Starship to Japanese entrepreneur Yusaku Maezawa for an undisclosed sum.

Email Tariq Malik attmalik@space.comor follow him@tariqjmalik. Follow us on Twitter@Spacedotcom, onFacebookand onInstagram.

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Elon Musk will give a SpaceX Starship update today and you can watch it live - Space.com

The most riveting and frequently delicious evocation of upper-class class warfare came to us this past week not via an episode of Succession but rather during a Zoom hearing, more than three hours long, of New Yorks Landmarks Preservation Commission.

The matter at hand was whether the city ought to let a billionaire hedge-fund manager build a two-story glass pavilion above the top-floor apartment he owns in a 1927 building in Manhattan. But really it was about where the retaining wall ought to be erected against the desires of the magnificently wealthy to configure the world precisely to their specifications.

The apartment, on West 77th Street, belongs to Bill Ackman and his wife, Neri Oxman, who commissioned celebrated British architect Norman Foster (addressed by nearly all during the proceedings according to his honorific, Lord Foster) to design the 3,000-square-foot addition that would replace an existing structure of the same size.

The arguments against it have not necessarily been rooted in aesthetics, although some made the case that the addition would feel incongruously pastoral, or too beach-y, or just intrusive. Calling to mind Philip Johnsons Glass House, the design is tasteful in the minimalist vernacular. But if this were permitted, what hellish billionaire fantasies might materialize later?

Many testimonies that called on commissioners to reject Ackmans plans were based on the fear of precedent this project might set, which itself stems from the feeling that the selfishly rich have inflicted so many traumas already. Even on the outlying chance that you could concede that the thing itself was unobjectionable stunning, even what would prevent the landmarks committee, as one speaker remarked, from someday allowing Elon Musk to build whatever he wanted, say, on top of the Dakota?

Among those who have stood in opposition to the venture is Bill Moyers, the longtime PBS host and former White House press secretary, now 87, who had planned to appear at the hearing until a medical issue intervened. When we talked on the phone the next day, he said he worried about the disruptive glare of light the glass penthouse would produce at night and what that would do to the evening skyline at the periphery of Central Park. At the crux of his concern seemed something much deeper. I think this undermines the soul of the city at the vanity of one person, he said. If the commission is going to cave to the glitter of one billionaire, theres no hope for this city as a place where everyday people hope and live and die.

Ackman, who turned an early pandemic hunch about how investors might approach risky securities into a $27 million bet that yielded a $2.6 billion return, is not restrained by fears of controversy or provocation. (A few days before the hearing, he used Twitter to express what would inevitably count as an unpopular view on the Upper West Side, that Kyle Rittenhouse had acted in self-defense.)

Billionaires generally dont care what you think of them, but Ackman diverges from some of the other stereotypes in subtle ways, among them his interest in living in an old co-op without golf simulators and $125 million units.

For years, he has lived nearby in the Beresford. The building in which he hopes to move, designed in the neo-Renaissance style, overlooks the Museum of Natural History on one of the most beautiful blocks in Manhattan. And like others that went up during the same distinguished period in the citys architectural history, it has transformed over the past two decades as the moneyed class has demanded more of tradition.

Even by the standard in which apartments are routinely combined and made larger, Ackmans plans are ambitious. Typically, a municipal hearing on the viability of a residential addition would not feature a roster of speakers that might make up a lecture series at the Century Association. But Ackman, seemingly having planned for every contingency, had supporters to counter all possible lines of opposition.

Was the design too aggressively modern? Here was Kenneth Jackson, a preeminent historian of New York City to explain that no, it was not (because New York isnt Charleston and it should never become Dubuque, and please let it remain always all about change).

Would the new structure improve on what it would replace a pink stucco box that had originally been built to house servants? Here was Pulitzer Prize-winning architecture critic Paul Goldberger, an Upper West Side neighbor of Ackmans who has advised him on the project, to say that yes, of course it would.

How would integration play out with the buildings immediate neighbors? Fantastically. That was the opinion of Louise Mirrer, president of the New-York Historical Society, which is next door and an organization to which, it is worth noting, Ackman has been an enormously generous donor.

Soon enough, the audience also heard from venerable Betsy Gotbaum, who was president of the historical society in the 1990s, after she had served as the citys first female parks commissioner and before she became public advocate, a background that seemed to swaddle Ackmans agenda in the warmth of civic virtue. Was it possible to be blown away by the beauty of this proposal? Gotbaum was indeed blown away, as she put it, recalling how she and her colleagues at the historical society would snicker about the pink structure on the roof but were hamstrung to complain too much about it because media executive Norman Pearlstine, a longtime trustee, lived there.

Pearlstine moved in when he became involved with Nancy Friday, a bestselling author and loopy analyst of sexual politics who bought the original apartment in the late 1970s and added on to it, at a time when writers might conceivably live in 13-room apartments off Central Park. The couple divorced in 2005, and Ackman bought the apartment after Friday died in autumn 2017. Even her former caretaker appeared at the hearing to declare himself spectacularly in favor of Ackmans proposal.

At the end of the hearing, the landmarks commission asked that Ackman and his architects come back with an amended plan that would scale back the second story of the penthouse. Although the committee could still turn him down, the enthusiasm its members displayed made that seem unlikely. Exactly how much goodwill there is for the project within the building itself is not especially clear. Ackman believes it is extensive; opponents estimate that there is a roughly even split. Recently, a vacancy on the co-op board resulted in the election of an architect who is in favor of Ackmans plan. The candidate who lost to her is not. Some residents have asked for an audit of the vote.

Before the commissioners announced their decision, Ackman spoke, offering himself up as a benevolent rich person, an asset. Since the beginning of COVID, he said, he had given away approximately $100 million, much of it to organizations that serve the interests of the city. Unlike many in his industry, he pointed out, he had not fled to Miami or Austin, Texas, to escape high taxes. He did not abandon a place he had been committed to for a long time. But did it have to be that way? If things didnt work out, he said, as graciously as he could, he could always pack his bags.

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What if Elon Musk wants to build a rocket on the roof of the Dakota? - WION

Elon Musks success with Tesla has inspired a slew of American entrepreneurs to establish automobile startups. But for every Rivian or Lucid, theres a Lordstown Motors.

At the 2021 LA Auto Show this week, the show floor was populated by names youve never heard of, hawking vehicles youve likely never seen before. TheDetroitBureau.com took close look at the and, with the exception of Bremach, all are producing and or selling battery electric vehicles.

Given that established OEMs are just beginning to sell their own EVs, it remains to be seen how many of these makers will succeed. Nonetheless, here are the newest names soon to be competing for customers.

This California-based company is looking to sell the Russian-builtUAZ Patriotunder theBremachname, as UAZ doesnt translate well in English. Introduced in Russia in 2005, the gas-powered Bremach employs solid axles front and rear, four-wheel drive with a 2-speed Borg Warner transfer case, and a Bosch traction control system. Its powered by a 2.7-liter inline 4-cylinder engine mated to a GM 6-speed automatic transmission residing in a ladder-type chassis.

This is equivalent of Jeep Rubicon, but a Jeep Wrangler Rubicon is $54,000, and this one is $26,000, said Ray Hoogenraad, Bremachs chief executive officer. Its fully loaded. Its got an air-conditioned glovebox, its got a heated windshield, heated steering wheel, heated seats, heated rear seats, air conditioning, electric windows; $26,400 and its got a 10-year warranty.

The Bremachs boxy shape creates a roomy interior, although the dcor is fairly spartan. Switchgear seems to come from 15-year-old GM products and the doors feel lightweight and tinny. But this is a fully-loaded midsize two-row SUV for the entry price of a compact SUV.

Hoogenraad says the company has signed up dealers mostly on the East Coast, as well as in Texas, and Southern Southern California. Therell be parts distribution facilities in Florida, Boston and Southern California. The company says that the vehicle will go on sale in the first quarter of 2022.

Looking much like a modern-day version ofBuckminster Fullers Dymaxion, Texas-basedCanoodisplayed a lozenge-shaped minivan designed in-house by Richard Kim best known for designing the BMW i3.

Dubbed a lifestyle vehicle, the automaker plans for it to go on sale in the third quarter of 2022. The company is targeting the vehicle to have a 250-mile range and as much as 350 horsepower with front-wheel or all-wheel drive. Look for prices to start at $34,750.

Canoos van seats seven in a unique rear bench seat that curves around the back of the cabin, along with individual seats mounted on each rear door. Next to these seats on each door is a pegboard that allows you to customize the interior by attaching accessories to it.

The vehicle also employs drive by wire and steer by wire, allowing the company to dispense with a traditional steering column and open up the space typically occupied by an instrument panel.

Founded in 2017, Canoo is based near Dallas, but the company announced this week that it be opening up a new corporate office in Bentonville, Arkansas. The companys design and engineering office is in Torrance, California, with manufacturing located in Pryor, Oklahoma.

Look for the company to use this vehicles platform for a pickup truck and multi-purpose delivery vehicle. We really focus on being American made, said a company spokesman. We are a car built for the American market and want to bring as much to the American economy as possible.

Edison Futureis a subdivision byPhoenix Motorcars, which was founded in 2003 with the intention of producing electric SUVs. But the financial crisis led the company to file for bankruptcy in 2008.

Bought by a Dubai company shortly thereafter, the firm transitioned to manufacturing electric drive systems for ICE vehicle conversions. Still an ongoing line of business, it gave the company the experience needed to build a full EV, according toTarek Helou, chief operating officer of Phoenix Motorcars.

Phoenix was acquired solar power company SPI in 2019 with the intention of leveraging Phoenixs expertise to build their own pickup tricks and commercial/passenger vans.The company is focusing on Class 3-to-six passenger and commercial vans, as well as Class 2 pickups.

Edison Futureunveiled its sleek battery electric pickup truck prototype that it plans to sell in 2025. Given the far-off production date, specifics about the vehicles range, power, and payload havent been finalized. The company began work on the pickup in 2019, with help fromIcona Design Group.

Were looking at top of the line in terms of efficiency, and battery range, said Helou. Were going to pre-launch and listing some of the features very shortly on the Edison Future website.

Built atop a skateboard platform, this pickup is designed with solar roof panels that can extend the vehicles range by as much as 15% depending on the weather. The trucks sleek lines, futuristic lines are far more sophisticated that Teslas Cybertruck, and is accented with the companys initials in the front grille. Side-mounted cameras replace traditional side mirrors, displaying the side view on monitors mounted on each of the vehicles a-pillars. Inside, the center of the bench seat backrest folds to become a console.

The company has offices in Santa Ana and Anaheim, California and is looking for manufacturing facilities in the Midwest and in California.

Imperium Motorsis a 1-year-old Canadian company owned by Canadian-basedDSG Globalthat imports EVs, most of them manufactured in China, with some produced in Australia and Sweden. Initially, Imperium will be importing vehicles built by Skyworth, one of the largest manufacturers of electronics in China as well as one of the largest manufacturers of commercial electric vehicles, such as buses, delivery and cargo vans.

For consumers, the company plans to offer the Skywell SUV, in Comfort, Premium and Limited trim, with prices starting at $34,990 to $48,990 depending on model. The base Skywell Is a single motor model with 204 horsepower powered by a 55-kWh battery and an estimated range of 255 kilometers. Premium and Limited models get a larger 72-kWh battery, 323 miles of range and a 12.3-inch color touchscreen in place of the 8-inch screen used in the Base.

The company will also field the Terra-e midsize pickup truck also builtin China. Offered with rear- or all-wheel drive, it will come in two- and four-door configurations, as well as a van similar to the Ford Transit, with the latter two going on sale before the Skywell SUV arrives in the U.S. The vehicles displayed were European production units.

The company has signed three dealers in Quebec, and is in the process of signing more, including in the U.S., with sales slated to start in January, officials noted.

Imperium is also planning to sell small three- and four-wheeled low speed EVs through a separate retail channel at existing motorbike and power sports dealers. Made by Chinese manufacturer Jonway, vehicles such as the Jonway Urbee, base price $8,890, these street-legal tiny transports have a top speed of 25 mph, although they are designed for final mile deliveries or maintenance/security vehicles in gated communities, among other uses.

Overseas, in places like Bangladesh, they are used as taxis. Imperium is also selling an officially licensed Shelby Cobra golf cart powered by a 6.3kWh AC motor and hydraulic brakes. Given its power, this Cobra comes with LED lights, parking brake, a 9-inch Bluetooth touchscreen and three-point safety belts at a price of $14,950.

After four years of work, Los Angeles-based company Indi displayed theIndi One, a five-door sedan with a rounded greenhouse and two-tone paint. Under its modern exterior resides an electric driveline powered by a 95kWh battery that produces 410 horsepower and boasts an estimated range of 300 miles.

The company says it is the first automaker to integrate a Windows Huawei computer in a car that uses an open-source platform, so that software developers can create their own in-car experience. The computer can be accessed through a 22-inch screen mounted in front of the passenger. The center-mounted 22-inch screen is controlled by traditional infotainment software while the instrument cluster features digital gauges.

The cabin is designed for family-friendly flexibility, with cargo space hidden under the second row, which slides forward and back. Also, Indi equipped it with a back seat monitor so that parents in the front row can easily keep an eye on their children. For the trunk, the company offers a variety of accessories that can be 3-D printed, including the shelf shown on the show vehicle that can be used as a seat or a workstation. Other items that can be fitted include a cage for pets or a refrigerator.

The company sources its parts globally, but it will be built in the U.S. Indi expects production to begin at the end of 2022, with pre-orders opening up in early 2022. Cars will be distributed through Imperium dealers with prices starting at $45,000 cheaper than one Bitcoin.

With great bravura, David Michery, CEO and chairman of Mullen Automotive, introduced its first vehicle, theMullen Five EV crossoverat the L.A. auto show Wednesday.

The car was designed over the past year by Thurner Design, whose president, Andreas Thurner, designed the Rolls-Royce Ghost. For the Mullen Five, Thurner was given complete control. What he created is a sleek, smooth design with an arched greenhouse that seems more like a bulked-up sports car than an off-road warrior. But the Mullen Fives design is crafted by those who worked for Bugatti, Lamborghini, Porsche, Bentley and Rolls-Royce.

This is one of the finest teams in the world, Thurner said, adding, We were asked to come up with something breathtaking.

But the numbers tell an equally compelling story. The Mullen Fives dual motor driveline is capable of running of 0-to-60 in 3.2 seconds, has a 155-mph top speed, an estimated range of more than 325 miles from a 95-kWh battery pack, and is able to recharge up to 80% in less than 20 minutes. But thats just the base model.

At its most extreme, the automaker is promising its top-of-the-line ERS model will reach 60 mph in 1.9 seconds and possess a top speed of more than 200 mph, thanks to its extensive use of carbon ceramic composite materials to reduce weight. Thankfully, ceramic rotors and brakes will be available, as will 23-inch wheels.

The company plans to build the Mullen Five at its existing 127,000 square foot facility in Tunica, Mississippi, where it is adding 1.2 million square feet for a body shop and general assembly.

The vehicles distinctive feature is the camera and monitor incorporated into the B-pillars, which the company calls the Personal Vehicle Assistant that not only lights up the vehicle, adjusts everything to your settings and unlocks the door, it also starts the car.

Prices will start at $55,000, with four-seat Touring models starting at $75,000 before federal tax credits. Vehicles will come with a 60-month/60,000-mile warranty, while the battery pack comes with a 10-year warranty. And all owners have access to Mullen Home Assist, which will assist customers in having a Level Two Charger installed in their home.

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Does the '21 LA Auto Show Feature the Next Elon Musk? - Paul Eisenstein

Bitcoin, ethereum and other major cryptocurrencies have swung wildly this weekbouncing around after a closely-watched bitcoin upgrade.

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The bitcoin price has rallied back toward $60,000 per bitcoin after crashing towards $55,000 earlier this week. Ethereum, the second-largest cryptocurrency by value, has meanwhile soared back toward its all-time highs.

Now, as traders and investors watch for news of who will be the next chair of the U.S. Federal Reserve, Ark Investment Management chief executive Cathie Wood has renewed her huge bitcoin price predictionbut warned over the increasing likelihood of the Fed raising interest rates.

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Cathie Wood, the chief executive of Ark Invest, is a long-time supporter of Tesla CEO Elon Musk as ... [+] has made a name for herself as a bitcoin, ethereum and crypto bullwith her bold bitcoin and etheruem price predictions making headlines.

"There has been a lot of fear," Wood said this week, speaking on a call with finance magazine Barron's. "It was partly behind the correction in May. There was a shiver associated with the end of quantitative easing and then ultimately raising."

The bitcoin price crashed in May this year following a huge rally, with the crash largely put down to China's latest bitcoin and crypto crackdown. The bitcoin price lost around 50% of its value in a matter of weeks in May but has since climbed back to a fresh all-time high of almost $70,000.

This week, analysts at JPMorgan reeled in their prediction of when the Fed will act to curtail inflation, now putting their rate hike prediction at September next year, bringing it forward from 2023. JPMorgan now expects the Fed to raise rates by 0.25% from the third quarter of next year and keep raising them by 25 basis points every quarter "at least until real rates are at zero," it was reported by Reuters.

"I don't think the Fed is going to do anything very quickly and this has been part of the wall of worry in the stock market as well and yet the stock market has continued to go up," said Wood, who's made a name for herself with big bets on bitcoin and Elon Musk's electric car company Tesla.

"You will have corrections for sure if the crypto market continues to scale as dramatically as it has recently, you'll have those fears grip the market from time to time as people simply take profits because the profits have been enormous in the past year."

However, despite raising concerns over short-term price volatility, Wood remains bullish on both bitcoin and ethereum.

"The reason we've used the $500,000 mark for a bitcoin price target is that if institutional investors move into bitcoin and allocate 5% of their portfolios to it, by our estimates bitcoin will go up by $500,000," said Wood. "We can tell this is happening by looking at on-chain analytics," referring to bitcoin's transactions being visible to anyone via its public blockchain.

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Bitcoin's huge price rally this year could mean investors look to take profits if they predict the ... [+] bitcoin price bull run could be coming to an end.

"We can see who's moving in and it looks like strong, institutional holders are moving in [to bitcoin]," she said, asking: "Why are they moving in? Because the correlation of returns among crypto, especially bitcoin, and other assetsstocks, bonds, currencies, commoditiesare very low. Studies tell us that if there's a low correlation of returns among assets, [buying] that asset with the low correlation, you will be raising returns and lowering risk over time."

Wood named a report by Cambridge Associates from 2019 that advised institutional investors to look into bitcoin and crypto.

"What we didn't expect when we did our own study on bitcoin, we didn't expect institutions, mainly corporations, to begin diversifying their cash on the balance sheet into bitcoin," said Wood. Tesla, run by bitcoin and crypto fan Elon Musk, has popularized the idea companies could add bitcoin to their balance sheet, following in the footsteps of business sofware company Microstrategy.

"[Company, corporate and institution interest] will be another source of demand going forward, especially if the Financial Accounting Standards Board changes the accounting rules and shifts away from treating bitcoin as an intangible asset," said Wood.

Wood said she's also still upbeat about ethereum's prospects, after the ethereum price has leaped over the last year amid a surge of interest in blockchain-based decentralized finance (DeFi) and non-fungible tokens (NFTs)both largely built on top of ethereum's network.

"We've become just as bullish on [ethereum]," Wood said. "We see DeFi and NFTs taking off on the ethereum network."

Original post:

Tesla And Elon Musk Devotee Cathie Wood Issued A Serious Bitcoin And Ethereum Fed WarningBut Held Her Huge $500,000 Price Prediction - Forbes

DogecoinNurPhoto

Dogecoin was the most-googled in 23 states, including in Florida, Illinois and Michigan, according to financial advisor The Advisor Coach.

The meme crypto's widespread popularity was partly down to Tesla CEO Elon Musk who has cheered the token on this year.

Bitcoin came in second place, while ether was third, according to the report.

Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

There's no doubt that 2021 has been the Year of the Cryptocurrency. Bitcoin is being heralded as an inflation hedge on a par with gold and ether is rapidly becoming the cryptocurrency of choice for decentralized finance, play-to-earn games, digital collectors' items, known as non-fungible tokens, and likely soon, the metaverse.

But it's not either of these two cryptocurrencies that have captured the public's imagination.

Dogecoin, which was founded by software engineers Billy Markus and Jackson Palmers in 2013 as a joke, has been the most searched-for cryptocurrency in the largest number of states so far this year, according to research by The Advisor Coach, a financial advisor. The coin, which is based on an internet meme of a Japanese Shiba Inu dog, was the most-googled in 23 states, including Florida, Illinois and Michigan.

This year, it shot to prominence, thanks in large part to the Twitter-based cheerleading of Tesla chief executive Elon Musk, who is a known crypto enthusiast that holds dogecoin, bitcoin and ether. Musk even went so far as saying in May this year that he might accept dogecoin as payment for his company's electric vehicles.

By that point, dogecoin was already beloved among the army of Reddit retail traders, who had pushed the coin up to around $0.07, from closer to $0.007 at the start of the year and Musk's payment remark sent the price to a record $0.70. It's since eased to around $0.24, but it's still one of the crypto stars of 2021, with a gain of nearly 5,000% so far.

Story continues

"The rise in interest can be partially attributed to the endorsement of Elon Musk who stated earlier in the year that Tesla would accept dogecoin as a form of payment," The Advisor Coach note said.

Crypto traders' adoration of Musk extends well beyond what coins he holds and has given rise to dogecoin spinoffs. The Tesla boss even owns a Shiba Inu. There's now a shiba inu coin, and even a floki inu, named after Musk's real-life pup, Floki.

By contrast, bitcoin, the biggest and original cryptocurrency, was the most-searched for in just 10 states, including Connecticut, Alaska and Mississippi, ranking it second in the list. Bitcoin has led the surge in appetite for and adoption of cryptocurrencies. The total market value of crypto assets is hovering at close to $3 trillion, having risen from around $500 billion a year earlier, according to CoinGecko.

Ether came in third place, being the most searched in eight states, while shiba inu landed in fourth place. Interestingly, shiba inu was the most-searched for cryptocurrency in New York, home to Wall Street and the country's most powerful financial institutions.

Map of crypto google searchesThe Advisor Coach

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"Dogecoin" is the most-googled cryptocurrency in more US states than "bitcoin" and "ether" combined right now, partly...

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk appeared to be amused by a speech given by President Joe Biden in which the U.S. leader praised the role of Detroit-based traditional automakers in leading the world in electric vehicles.

What Happened: Musk responded to a video of the presidents speech, bestowing praise on General Motors (NYSE: GM) and its CEO Mary Barra.

The Tesla CEO replied to a tweet posted by a fan, featuringBidens speech, withtwo Rolls on Floor Laughing emojis.

See Also: How To Buy Tesla (TSLA) Shares

Why It Matters:In the auto industry, Detroit is leading the world in electric vehicles, said Biden.The president's speech made no mention of Tesla, but praise was doled out on Detroits three large car makers GM, Ford Motor Company (NYSE: F), and Stellantis N.V. (NYSE: STLA).

The President test drove an electric Hummer SUV in Detroit on Wednesday as a part of a tour promoting the $1 trillion infrastructure bill.

Biden touched on GMs dramatic announcement on turning completely electric by 2035and credited Barra for changing the whole story surrounding EVs.

Wedbush securities analyst Daniel Ives recently said that conversion of GMs massive customer base to EVs over the coming year represents a transformational opportunity for the legacy vehicle manufacturer.

Musk derided Bidenas "sleeping" earlier in September over the latters lack of acknowledgement of the efforts made by SpaceX, a company he heads, in sending an all-civilian mission to space.

Over the weekend, Musk insulted Sen. Bernie Sanders (I-VT) when the leader demanded that the wealthy pay their fair share of taxes.

Price Action: On Thursday, Tesla shares closed 3.25% higher at $1,089.01 in the regular session.

Read Next: 'Broken Clock:' Elon Musk Fires Back At Michael Burry Over Allegations The World's Richest Person Just Wants To Profit From Tesla Stock Surge

Photo: Courtesy of Heisenberg Media via Flickr

2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Elon Musk Has A Laugh As President Biden Says Detroit Leading The World On EVs And Skips Mentioning Tesla - Benzinga

While Musk has used a term for these machines Giga press that suggests Tesla conjured them in-house, this isnt the case. The company has been buying them from Idra Group, a closely held Italian company thats sold them to three customers on three continents and is in talks with other carmakers and major suppliers.

The front and rear castings will interface with frames beneath Model Ys that will house batteries built into the structure of the vehicle. This, too, could be a step change Tesla and other EV makers have to this point been housing their batteries in sheet metal, then sealing those coverings to separate floorpans.

Musk touted the ramifications of simpler and more integrated battery and body manufacturing during Teslas Battery Day event last year. He claimed the company could reduce investment per gigawatt hour of battery output by 55 per cent and shrink the amount of plant-floor space needed by 35 per cent.

Germanys automakers are watching Teslas progress closely.Credit:AP

For all the upside Musk has described, hes also acknowledged Tesla will be gambling in Gruenheide, a town about an hours drive east of the German capital.

Lot of new technology will happen in Berlin, which means significant production risk, Musk tweeted in October of last year. Teslas plants in Shanghai and Fremont, California, will attempt the same transitions in about two years, when the new tech is proven, he wrote at the time.

Five months after that post, a Giga press in Fremont was involved in a minor fire. The machine melts aluminum alloy at up to 850 degrees Celsius before the metal is moved into an only somewhat less-hot holding oven. Morgan Stanleys Jonas wrote in his October 24 report that the manufacturing process is tricky in part because the alloy must enter at a speed that ensures even cooling across the structure.

Germanys automakers are watching Teslas progress closely. VW may build a new EV factory near its sprawling Wolfsburg headquarters in direct response to Musks foray.

Earlier this month, VWs CEO Herbert Diess sought to rally his workers for the challenge. He warned Tesla may manage to make an EV in just 10 hours, versus the more than 30 hours VW needs at its plant in Zwickau. VWs new factory would make 250,000 EVs a year and aim to catch up to Tesla on production time.

Morgan Stanleys Jonas last month increased his forecast for how many cars Tesla will crank out annually by the end of the decade by 2.35 million, citing his expectation that Tesla will produce an average of more than 800,000 vehicles per plant by 2030. Thats far greater than the capacity for 500,000 units the company claims for its Fremont factory now.

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We have yet to see the moving assembly line moment in the EV industry, Jonas wrote, referring to Henry Fords 1913 breakthrough. We believe the time is approaching for that moment. And we believe Tesla is uniquely positioned to push the boundaries at the epicentre of a manufacturing change in auto making.

BMW AGs production chief Milan Nedeljkovic told reporters at an event last month that the carmaker hasnt worked with big casting components like Tesla, in part because this would reduce the flexibility it needs to produce several different kinds of models on the same assembly lines. Teslas new approaches intrigue him, nonetheless.

If it works, maybe its something wed consider, Nedeljkovic said.

Originally posted here:

Elon Musk wants to show Germans how to build cars - The Sydney Morning Herald