Category Archives: Elon Musk

Evergrande, the biggest real estate developer in China, which is staring at bankruptcy, hit the worlds biggest fortunes, with the richest people losing billions of dollars.

The worlds top 10 richest people, such as Elon Musk, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and others lost over $26 billion.

China'sEvergrande Group is the country's second-biggest property developer. It is battling a liquidity crisis as it looks for funds.

There have been growing fears that it is set for a meltdown. However, the cash-strapped developer had told authorities earlier that it had begun repaying investors.

The group reportedly has over $300 billion inliabilities. Reports had claimed earlier that Evergrande had overdue debts even as it vowed to repay all of its matured wealth management products as soon as possible.

Also read |US stocks slide over fears of China property giant Evergrande's collapse

Musk saw his net worth falling by $7.2 billion to $198 billion, according to the Bloomberg Billionaires Index.

Amazon.com Inc. founder Jeff Bezos lost $5.6 billion, with a net worth of $194 billion.

In comparison, the S&P 500 index tanked 1.7 per cent to $4,357.73, posting its worst daily performance since May this year.

Mondays sell-off dragged the S&P 500 index 4.3 per cent down from its 52-week high of $4,545.85.

Meanwhile, stocks in Asia opened amid the turmoil caused by Evergrande. Hong Kong'sHang SengIndex saw a marginal gain of 0.2 per cent after it had plunged three per cent on Monday.

The stock market in Tokyo lost two per cent in early trade as markets in the Philippines and Indonesia also fell on Tuesday morning.

See the original post here:

Elon Musk, Jeff Bezos, others lose over $26 billion wealth due to Evergrande crisis - WION

SpaceX CEO Elon Musk is calling for at least some amount of cooperation between NASA and China despite legislation that restricts NASA from using any federal funds to engage with the Chinese government.

The Wolf Amendment, passed by Congress in 2011, severely restrictsany bilateral cooperation with the Chinese government an effort to put a stop to espionage, effectively painting China as an adversary in space.

The Chinese civilian space program is, in reality, their military space program, NASA administrator Bill Nelson told Scientific American this summer. Thats why I think we are going into a space race with China.

China made massive strides in spacein recent years, launching the first core module of its Tiangong space station and sending a crew of three astronauts there. The country even successfully returned a sample of Moon rocks to Earth last year, becoming the first country to do so since 1976, as well as landing a functional Mars rover early this past spring.

Those accomplishments have clearly caught Musks attention.

The CEOs goal has long been to make humanity multiplanetary, which hes tackling head-on with his space company, SpaceX. But NASA, an important source of funds for rocket development, has its hands tied when it comes to cooperating with China.

Its unclear to what exactly Musk meant with some amount of cooperation, and its unclear what role China should play in his view.

But unlike Congress, Musk has had a much more positive relationship with China, especially when it comes to his car company Tesla, which has made substantial moves to expand its footprint in the country.

Theres certainly an argument that, given Chinas advancements in space, sharing knowledge could benefit both the countrys space agency and SpaceX.

With NASA mulling plans to eventually dismantle and destroy the International Space Station, China is racing ahead to establish its own orbital outpost. That means the country will soon have a permanent presence in space while NASA may no longer have one.

And, of course, launching cargo and astronauts to the ISS is a major revenue source for SpaceX.

In reality, political disagreements will likely get in the way of any cooperation moving forward. China-US relations have deteriorated, especially during Donald Trumps presidency.

Two world powers are each working on their own plans to populate outer space. Whether they will find common ground, and where that leaves SpaceX, is anybodys guess.

I think were going to see a mixture of cooperation and competition, probably between two blocs: one led by the US and one led by China, John Logsdon, a professor at George Washington University, told Scientific American.

After all, it was [US versus Soviet] competition that got us to the Moon, he added. There is competition between the US and China for global leadership.

READ MORE: Can the U.S. and China Cooperate in Space? [Scientific American]

More on Elon Musk: Tesla Owners Furious That Elon Musk Keeps Pushing Back Full Self-Driving

Futurism Readers: Find out how much you could save by switching to solar power at UnderstandSolar.com. By signing up through this link, Futurism.com may receive a small commission.

Visit link:

Defying Congress, Elon Musk Calls for Cooperation Between NASA and China - Futurism

Provided by Business Insider Elon Musk, SpaceX's CEO. Steve Nesius/Reuters

Elon Musk said on Twitter that SpaceX plans to upgrade the amenities for its next space-tourist flight, including the toilet.

The Inspiration4 crew, made up of four civilian astronauts, took off on Wednesday aboard SpaceX's Crew Dragon spacecraft. They landed back on Earth on Saturday evening.

Elon Musk tweeted on Monday that he met the crew in person in Florida, and then he answered questions from Twitter users about the company's plans for the next mission.

Responding to one user, Musk said the next flight would have "upgraded toilets." He added, "We had some challenges with it this flight."

The billionaire did not elaborate on what these challenges were or how exactly the toilets would be upgraded.

Video: SpaceX makes history launching all-civilian crew into orbit (MSNBC)

SpaceX makes history launching all-civilian crew into orbit

Click to expand

UP NEXT

Jared Isaacman, one of the passengers on Inspiration4, told Insider in July that the toilet for Crew Dragon was located on the ceiling of the spacecraft and featured a glass dome, meaning crew members had a 360-degree view while using the bathroom.

"It's not a ton of privacy. But you do have this kind of privacy curtain that cuts across the top of the spacecraft, so you can kind of separate yourself from everyone else," Isaacman said.

Isaacman added that learning to use the toilet on the spacecraft was part of the civilian astronauts' rigorous preflight training.

Musk also said the next flight would have a small oven for heating food, as well as WiFi provided by Starlink, SpaceX's satellite-internet project.

The crew for the Inspiration4 mission took cold pizza on its three-day flight. While in space, the crew members chatted with Musk and the actor Tom Cruise.

Read the original here:

Elon Musk said SpaceX's first-ever civilian crew had 'challenges' with the toilet and promised an upgrade for the next flight - msnNOW

The JEE Main 2021 result was released late on September 14 and 44 students scored 100 percentile marks, out of whom 18 were given All India Rank (AIR) 1 based on the combined results of the four JEE Main sessions held this year.

JEE Main topper Amaiya Singhal, a student of Apeejay School, Noida, was one of those 18. We got talking to him to know more about his preparation strategy and future plans.

Amaiya appeared for JEE Main three times this year. This was the first time that JEE Mian was held four times to allow students to reappear in order to boost their scores.

I was satisfied with my percentile in the first attempt but gave the next two as well to help reduce exam fear and make me more comfortable with the exam environment for JEE Advanced, he says.

Amaiya had secured 96.8% in his Class 10 boards and 98.8% and his Class 12 board exam. He was also among the top 60 students across India selected for the orientation camps for both the Physics and the Chemistry Olympiads.

Amaiya lives in Ghaziabad with his parents and grandfather. He comes from a family for IIT-ians.

His father works as an engineer while his mother is a homemaker.

Amaiyas plan for offline coaching after Class 11 went to the dogs when Covid-19 hit India. Online classes became the new normal.

It did take me some time to get used to it but over time, I found it better as less time was spent on travelling and I could devote more time to my studies. Also, the ability to re-watch the lectures helped me a lot in revision, he says.

He usually studied for around 11-12 hours a day, including classes.

In April 2021, he and his family both got infected with the virus and his father also had to be hospitalised for three weeks.

It was a very difficult time for my family, but I tried to keep myself focussed on my studies as much as I could, says the JEE Main topper.

To take his mind off studies, the JEE Main topper watched YouTube videos or browsed through social media.

Because of focusing on studies or the past 2-3 years, I have not really tried to participate in many co-curricular activities. However, I have a lot of interest in computer science, he says.

Amaiya thanked his school teachers of Apeejay Noida, where he has studied for 14 years, for building the foundation to his success. He also extended special thanks to Unacademy and all its educators for their guidance in his preparation.

It goes without saying that my parents were the biggest support and helped me a lot mentally during this preparation, says the JEE Main topper.

For now, Amaiya Singhal wants to get a seat in a good IIT and pursue Computer Science.

I dont have any particular long-term goal in mind, but I really look up to Elon Musk and would like to hopefully start my own company in the future, says the JEE Main topper.

Read: 'Do not stress and panic': JEE Main topper Ruchir Bansal from Delhi with AIR 1 shares strategy for getting 100 percentile

Read: 6 out of 18 JEE Main 2021 Rank 1 students hail from Kota classroom

Read: JEE Main topper 2021 with 100 percentile doesn't want to study in an IIT

Visit link:

JEE Main topper with AIR 1 looks up to Elon Musk and wants to start his own company - India Today

Jeff Bezos, left, and Elon Musk

Getty Images; Reuters

The wealthiest Americans may be dodging as much as $163 billion in income taxes every year, according to the U.S. Department of the Treasury, and many leverage tax laws to do it legally, financial experts say.

Although U.S. levies increase with income, the ultra-wealthy often finesse the tax code to reduce how much they owe. And some billionaires, such as Amazon founder Jeff Bezos and Tesla CEO Elon Musk, pay little to no taxes compared with their wealth, a ProPublica report found.

"As long as you're adhering to the law, everything's fair game," said certified financial planner Sharif Muhammad, founder and CEO of Unlimited Financial Services in Somerset, New Jersey.

More from Personal Finance:Top 1% dodge $163 billion in annual taxes, Treasury estimatesHouse Democrats' capital gains tax proposal is better for the super rich than Biden planMillionaire taxes would increase 11% in 2023 under House Democrat plan

While most Americans earn money through labor, such as salaries and benefits, the super affluent may receive income from interest, dividends, capital gains or rent, from investments, known as capital income.

Everyday Americans typically cover taxes through their paychecks, though the 1% may not see income on their tax returns because they can delay selling investments or use losses to offset capital gains.

For example, an executive may receive stock-based compensation, and when it's time to sell, they may sell other losing investments the same year to zero out their taxable growth, Muhammad said.

Another popular tactic, asset-based lending, allows the wealthy to borrow money against their portfolio when they need cash, eliminating the need to sell appreciated investments that may incur gains. Plus, the portfolio loan isn't taxable or reported on a tax return.

"That's probably one of the most prominent ways they are able to keep that income off the purview of the IRS," Muhammad said.

The affluent often hold assets until death, avoiding capital gains taxes by passing property to heirs. The value of the inherited property generally adjusts to what it's worth on the date of death, known as a "step-up in basis."

President Joe Biden has called for taxing gains at death, with an exemption for growth less than $1 million for single filers and $2.5 million for married couples. However, House Democrats dropped the measure from their $3.5 trillion spending plan last week.

"For the ultra-wealthy, it's not all about income tax," said Lisa Featherngill, CFP and national director of wealth planning at Comerica Wealth Management in Winston-Salem, North Carolina. "The wealth transfer tax is just as important."

When someone passes wealth to heirs or gives assets during life, they may be subject to up to 40% federal estate or gift taxes for property worth more than $11.7 million for individuals and $23.4 million for married couples, thanks to former President Donald Trump's 2017 tax overhaul.

While these thresholds will decrease to about $6 million and $12 million after 2025, House Democrats want to drop the exemption to $5 million to help fund their spending plan.

For the ultra-wealthy, it's not all about income tax. The wealth transfer tax is just as important.

Lisa Featherngill

Director of wealth planning at Comerica Wealth Management

In the meantime, wealthy families are making gifts to reduce their taxable estates ahead of the 2026 deadline, Featherngill said.

They also use estate planning strategies, such as so-called dynasty trusts, which allow families to pass wealth from generation to generation without the risk of incurring estate taxes at each death.

House Democrats have proposed reeling in some of these popular techniques to help fund their budget plan.

Those who are philanthropic may also make charitable gifts, allowing donors to claim a federal write-off if they itemize tax deductions.

Wealthy families may give to a so-called donor-advised fund, which benefits a charity over time. Those making larger gifts who want more control may set up a private foundation, Featherngill said.

Read the rest here:

The wealthy may avoid $163 billion in taxes every year. Heres how they do it - CNBC

There are a lot of things about 2021 that we wouldnt have expected a few years ago. But who anticipated that scientists would be throwing the hottest Met Ball after parties?

As we reported, the word in the fashion world on Monday was that Rihanna would have the best late night bash. But it sounds like Elon Musks rocket-fueled fte may have given her a little competition.

Were told the Space X founder hosted an appropriately interstellar guest list including Lil Nas X, Leo DiCaprio, Chris Rock, Rami Malek, music mogul Scooter Braun, Nina Agdal, and rapper Lil Baby at a bash at fashionable private club Zero Bond.

(Lil Nas X had also been at RiRis bash earlier in the evening.)

Sleepless sources say the Tesla bosss pals partied all night.

Teyana Taylor showed up with 15 people and they wouldnt let them in, said a spy, She was pissed. Were told the rapper left with her crew.

Meanwhile, they added, Elon had Secret-Service-level security. He had around 10 guys.

Were told there were no cell phones allowed inside the party.

The Met Gala is something of a special occasion for Musk and baby mama Grimes, who went to this year in a mask (the sci-fi kind, rather than the COVID kind) and a sword inspired by the movie and book Dune.

The pair made their public debut as a couple there in 2019, shortly after Page Six revealed that the pair were an item.

Reps for Musk and Taylor didnt immediately get back to us.

Read more:

Elon Musk may have had the best Met Gala afterparty - Page Six

Back to business.

Elon Musk and Grimes were spotted leaving the Big Apple on Wednesday following a few days of schmoozing with some of the biggest names in fashion and entertainment.

The couple attended the 2021 Met Gala on Monday, and Page Six exclusively learned that Musk, 50, hosted an all-star bash after the ritzy event with guests like Lil Nas X, Leo DiCaprio, Chris Rock, Rami Malek, and music mogul Scooter Braun at the private club Zero Bond.

Fashions biggest night held annually at the Metropolitan Museum of Art likely is a special place for Musk and Grimes, who made their official debut on its red carpet back in 2018.

They later welcomed their first child, a son named X A-12, in May 2020.

After a day of recovering from this years Met Gala, Musk and Grimes, 33, were photographed leaving their Manhattan hotel in casual attire and face masks due to the ongoing COVID-19 pandemic.

The duos dog, were told, was accompanied by its own security and chauffeur. It does not appear the couples child was present.

Grimes was seen wearing pink and blue tie-dye pants that matched her pink locks, a black blazer, Alexander Wang tank top, and a gray sweater around her waist. The Delete Forever singer also added to her look with blue, circular sunglasses and a silver bag by Brandon Blackwood NYC.

A rep for the fashion designer told us the bag was designed for Grimes Met Gala look, and the Canadian singer took the accessory from red carpet to the streets of NYC.

Meanwhile, Musk kept his outfit much simpler with black jeans, a black cap, a black bandanna around his nose and mouth, and a very on-brand SpaceX T-shirt.

Diggzy/Jesal/Shutterstock

Diggzy/Jesal/Shutterstock

Diggzy/Jesal/Shutterstock

The actor was involved in another incident earlier this year...

The CEO of the aerospace company likely needed to leave the city as soon as possible on Wednesday to monitor what we now know was the successful launch of SpaceXs historic all-civilian flight into space on Wednesday night.

Musk tweeted on Thursday, Just spoke with @inspiration4x crew. All is well.

Visit link:

Elon Musk and Grimes spotted leaving NYC after Met Gala

The following is an excerpt from the daily CryptoCodex email newsletter.Sign up now for free here

Cryptocurrency prices have kicked off the week with a whimper, continuing the downward trend that wiped billions of dollars from the value of the combined crypto market last week.

The bitcoin price has drifted lower, with ethereum and cardano also losing ground. However, Tesla ... [+] billionaire Elon Musk has boosted the price of dogecoin rival shiba floki.

Thebitcoinprice is now closer to $40,000 than $50,000, withethereumheading toward $3,000. Among the crypto top ten,cardanoandsolanaare leading the market lower asan upgrade hangovergrips ADA and sol pulls back after its blazing run through August.

Among (very) minor tokens, the memecoinshiba flokihas added almost 500% (though is still ranked around 3,000th on CoinMarketCap) after the number one crypto influencer, Elon Musk, last nightshared an imageof his new puppya Shiba Inu called Floki.

Inflation watch...The latest U.S. consumer price index (CPI) data is out tomorrow (Tuesday) and will reveal how much prices increased last month as the row between economists and the crypto community continues over whether recent inflation should be a cause for concern. Tomorrow's data will influence next week's meeting of Federal Reserve officials where plans for the reduction of economic stimulus are due to be discussed.

Crypto in sports doubleheader: The strange story of a cryptocurrency that players and legends pumped on social media / Crypto and sports: a marriage made in well, we'll see

Bithumb is one of the largest crypto exchanges in South Korea

Altcoin angst:Cryptocurrency traders in South Korea are facing a "bank run" situation according to media reports with regulation poised to shut down many smaller exchanges in the country, potentially wiping out some 42 so-called kimchi coins. Foreign and local exchanges have to register as legal trading platforms by September 24 but many are struggling to meet the conditions.

Looming:"A situation similar to a bank run is expected near the deadline as investors cant cash out of their holdings of altcoins listed only on small exchanges," Lee Chul-yi, head of Foblgate, a mid-sized exchange in the country, told theFinancial Times. "They will find themselves suddenly poor. I wonder if regulators can handle the side-effects."

Counting the cost:According to theFT, South Korean cryptocurrency traders are bracing for losses of $2.6 billion as the country's regulator, the Financial Services Commission (FSC), cracks down on two-thirds of South Korea's crypto exchanges. Around 40 of South Koreas estimated 60 crypto operators are expected to be shut down.

Why it matters:South Korea is one of the worlds biggest crypto markets currency markets and the Korean won is the third most widely used currency for bitcoin trading, after the dollar and euro, accounting for about 5% of global trading, theFTreported, citing data from Coinhills. The regulations will also affect global exchanges offering won trading. The FSC has sent a notice to 27 foreign crypto exchanges that run operations for Korean traders. Last month, the worlds biggest crypto exchange, Binance, suspended its won-to-crypto trading service.

Now read this:Stablecoins face crackdown as the U.S. discusses risk council review

Rumors are swirlingon social mediathat Ukraine could follow El Salvador in adopting bitcoin as legal tender following some over-excited media reports.

Ina reportby London business newspaperCityAM, headlined "Ukraine set to become next country to make bitcoin legal tender," experts argued the European country is gearing up to make bitcoin official currencythough there's little evidence that it's actually in the works. Bear in mind, it wasCityAMthat recentlyreportedonline retail giant Amazon AMZN was poised to roll out bitcoin and crypto supportsomething Amazon subsequentlydenied.

Last week, in a nearly unanimous vote, the Ukrainian Parliamentoptedto legalize and regulate bitcoin and cryptocurrency, triggering speculation it could be about to jump foot-first into crypto adoption.

Don't miss:El Salvador runs a bitcoin scam

London-based hedge fund Brevan Howard is expanding its crypto business, hiring new talent and launching a new crypto-focused division called BH Digital.

Brevan, which launched a digital assets fund in May and said its flagship fund would also invest in crypto, is well known for its macroeconomic bets. Brevan Howardhas nowhired CMT Digital chief executive Colleen Sullivan to lead private and venture investments in crypto.

"Colleen's exceptional track record in making highly successful crypto venture investments will be of tremendous benefit to Brevan Howard clients and underscores the firms commitment to rapidly expanding its platform and offerings in cryptocurrencies and digital assets," said Brevan CEO Aron Landy in a statement first reported byReuters.

Now read this:Can't the crypto crowd see the scars from 2017?

See more here:

CryptoCodex: Elon Musk Suddenly Sends The Price Of One ...

Elon Musk, Grimes' baby name 'X A-12' broken down

Entrepreneur Elon Musk and musical artist Grimes welcomed a baby boy, "X A-12," to the world. Here's a possible explanation of the name.

USA TODAY

To Grimes' son X A-XII Musk, she's just Claire.

The 33-year-old musicalartist, whose real name isClaire Boucher, said the16-month-oldson she shares with SpaceX and Tesla CEO Elon Musk refers to her by name only.

"Being a mother feels weird to say. For some reason, I dont identify with that word," she saidin aVogue video documenting her getting ready for Monday's Met Gala.

"He says Claire, but he doesnt say Mama," Boucher said, referring to her son, who she affectionately called "X."

She continued: "Maybe he like, can sense my distaste for the word 'mother.' Which, I dont even know why I have a distaste for it, because I respect… I just cant identify with it, weirdly."

Met Gala's outrageous looks: Grimes wields sword, Kim K's'Harry Potter' memes

Boucher and Muskwelcomed their first child together in May 2020, a son named"X A-12 Musk," which quickly became a trending topic across social media.

The backstory on the baby's unusual name? Grimes later tweeteda full breakdown:

"X, the unknown variable

, my elven spelling of Ai (love &/or Artificial intelligence)

A-12 = precursor to SR-17 (our favorite aircraft). No weapons, no defenses, just speed. Great in battle, but non-violent

+ (A=Archangel, my favorite song) (metal rat)"

The couple tweaked their baby's famed name shortly afterCalifornia officials noted it didn'tcomply with state health codes.Grimes revealed to her followers that the couple had slightly changed their son's name from "X A-12" to"X A-XII."

'X A-12 Musk': Grimes, Elon Musk explain the backstory of new baby boy's name

'Looks better tbh': Grimes, Elon Musk change baby's name to comply with state law

In the Vogue video, she said her journey to motherhood "was a kind of rebirth for me, like artistically."

She's not the only one who enjoysart. In October, she saidBaby X enjoys "radical art."

"Ive watched 'Apocalypse Now'and stuff with my baby,"she said. "He's into radical art. Like, he just actually is, and I don't think it's problematic to engage with them on that level."

This is Grimes'first child.Musk has five sons a set of twins and a set of triplets from his previous marriage.

Contributing: Charles Trepany

Grimes now goes by 1 letter, says her and Elon Musk's 5-month-old son X A-XII enjoys 'radical art'

Continued here:

Grimes says her toddler with Elon Musk doesn't call her mom: 'I don't identify with that word' - USA TODAY

Tesla aims to show off a prototype humanoid robot as soon as next year. Credit: Tesla

Elon Musk announced a humanoid robot designed to help with those repetitive, boring tasks people hate doing. Musk suggested it could run to the grocery store for you, but presumably it would handle any number of tasks involving manual labor.

Predictably, social media filled with references to a string of dystopian sci-fi movies about robots where everything goes horribly wrong.

As troubling as the robot futures in movies like I, Robot, The Terminator, and others are, its the underlying technologies of real humanoid robots and the intent behind them that should be cause for concern.

Musks robot is being developed by Tesla. Its a seeming departure from the companys car-making business, until you consider that Tesla isnt a typical automotive manufacturer. The so-called Tesla Bot is a concept for a sleek, 125-pound humanlike robot that will incorporate Teslas automotive artificial intelligence and autopilot technologies to plan and follow routes, navigate traffic in this case, pedestrians and avoid obstacles.

Dystopian sci-fi overtones aside, the plan makes sense, albeit within Musks business strategy. The built environment is made by humans, for humans. And as Musk argued at the Tesla Bots announcement, successful advanced technologies are going to have to learn to navigate it in the same ways people do.

Initial plans call for the Tesla Bot to stand 5 feet, 8 inches and weigh 125 pounds. Credit: Tesla

Yet Teslas cars and robots are merely the visible products of a much broader plan aimed at creating a future where advanced technologies liberate humans from our biological roots by blending biology and technology. As a researcher who studies the ethical and socially responsible development and use of emerging technologies, I find that this plan raises concerns that transcend speculative sci-fi fears of super-smart robots.

Self-driving cars, interplanetary rockets, and brain-machine interfaces are steps toward the future Musk envisions where technology is humanitys savior. In this future, energy will be cheap, abundant and sustainable; people will work in harmony with intelligent machines and even merge with them; and humans will become an interplanetary species.

Its a future that, judging by Musks various endeavors, will be built on a set of underlying interconnected technologies that include sensors, actuators, energy and data infrastructures, systems integration and substantial advances in computer power. Together, these make a formidable toolbox for creating transformative technologies.

Musk imagines humans ultimately transcending our evolutionary heritage through technologies that are beyond-human, or super human. But before technology can become superhuman, it first needs to be human or at least be designed to thrive in a human-designed world.

This make-tech-more-human approach to innovation is whats underpinning the technologies in Teslas cars, including the extensive use of optical cameras. These, when connected to an AI brain, are intended to help the vehicles autonomously navigate road systems that are, in Musks words, designed for biological neural nets with optical imagers in other words, people. In Musks telling, its a small step from human-inspired robots on wheels to humanlike robots on legs.

Teslas full self-driving technology, which includes the dubiously named Autopilot, is a starting point for the developers of the Tesla Bot. Impressive as this technology is, its proving to be less than fully reliable. Crashes and fatalities associated with Teslas Autopilot mode the latest having to do with the algorithms struggling to recognize parked emergency vehicles are calling into question the wisdom of releasing the tech into the wild so soon.

A series of crashes involving Teslas autopilot technology has prompted a federal investigation. Credit: South Jordan Police Department

This track record doesnt bode well for humanlike robots that rely on the same technology. Yet this isnt just a case of getting the technology right. Teslas Autopilot glitches are exacerbated by human behavior. For example, some Tesla drivers have treated their tech-enhanced cars as though they are fully autonomous vehicles and failed to pay sufficient attention to driving. Could something similar happen with the Tesla Bot?

In my work on socially beneficial technology innovation, Im especially interested in orphan risks risks that are hard to quantify and easy to overlook and yet inevitably end up tripping up innovators. My colleagues and I work with entrepreneurs and others on navigating these types of challenges through the Risk Innovation Nexus, an initiative of the Arizona State University Orin Edson Entrepreneurship + Innovation Institute and Global Futures Laboratory.

The Tesla Bot comes with a whole portfolio of orphan risks. These include possible threats to privacy and autonomy as the bot collects, shares and acts on potentially sensitive information; challenges associated with how people are likely to think about and respond to humanoid robots; potential misalignments between ethical or ideological perspectives for example, in crime control or policing civil protests; and more. These are challenges that are rarely covered in the training that engineers receive, and yet overlooking them can spell disaster.

While the Tesla Bot may seem benign or even a bit of a joke if its to be beneficial as well as commercially successful, its developers, investors, future consumers and others need to be asking tough questions about how it might threaten whats important to them and how to navigate these threats.

These threats may be as specific as people making unauthorized modifications that increase the robots performance making it move faster than its designers intended, for example without thinking about the risks, or as general as the technology being weaponized in novel ways. They are also as subtle as how a humanoid robot could threaten job security, or how a robot that includes advanced surveillance systems could undermine privacy.

Then there are the challenges of technological bias that have been plaguing AI for some time, especially where it leads to learned behavior that turn out to be highly discriminatory. For example, AI algorithms have produced sexist and racist results.

MITs Joy Buolamwini explains the threat of bias in AI.

The Tesla Bot may seem like a small step toward Musks vision of superhuman technologies, and one thats easy to write off as little more than hubristic showmanship. But the audacious plans underpinning it are serious and they raise equally serious questions.

For instance, how responsible is Musks vision? Just because he can work toward creating the future of his dreams, whos to say that he should? Is the future that Musk is striving to bring about the best one for humankind, or even a good one? And who will suffer the consequences if things go wrong?

These are the deeper concerns that the Tesla Bot raises for me as someone who studies and writes about the future and how our actions impact it. This is not to say that Tesla Bot isnt a good idea, or that Elon Musk shouldnt be able to flex his future-building muscles. Used in the right way, these are transformative ideas and technologies that could open up a future full of promise for billions of people.

But if consumers, investors, and others are bedazzled by the glitz of new tech or dismissive of the hype and fail to see the bigger picture, society risks handing the future to wealthy innovators whose vision exceeds their understanding. If their visions of the future dont align with what most people aspire to, or are catastrophically flawed, they are in danger of standing in the way of building a just and equitable future.

Maybe this is the abiding lesson from dystopian robot-future sci-fi movies that people should be taking away as the Tesla Bot moves from idea to reality not the more obvious concerns of creating humanoid robots that run amok, but the far larger challenge of deciding who gets to imagine the future and be a part of building it.

Written by Andrew Maynard, Associate Dean, College of Global Futures, Arizona State University.

This article was first published in The Conversation.

See the rest here:

Orphan Risks: Elon Musks Tesla Bot Raises Serious Concerns But Probably Not the Ones You Think - SciTechDaily