Elon Musk Jokes about Giving Satoshi a Nobel Prize, Reveals Bitcoin Balance

Wall Street is abuzz with rumors that Apple might dip into its $245 billion war chest to purchase electric vehicle giant Tesla, but all Crypto Twitter wants to talk about is what Elon Musk thinks about bitcoin – and its pseudonymous creator.

Tesla CEO Doesn’t Have Much Crypto, But He Owns Bitcoin

Just one day after heaping praise on bitcoin during the latest episode of the ARK Invest podcast, Musk revealed that he still owns a relatively small amount of cryptocurrency. All of it, he said, is denominated in bitcoin.

Responding to a report that he had called bitcoin “brilliant” and said that crypto was a “far better way to transfer value” than paper money,” he stressed that he had not yet made the transition himself:

“That said, I still only own 0.25 BTC, which a friend sent me several years ago. Don’t have any crypto holdings.”

Elon Musk said the only cryptocurrency he owns is bitcoin. | Source: Twitter

Musk has long maintained both that he only owns one-quarter of a bitcoin and that it was a gift – he did not purchase it himself.

Almost exactly one year ago, Musk tweeted:

“I literally own zero cryptocurrency, apart from 0.25 BTC that a friend sent me many years ago.”

Those funds were worth as much as $5,000 during the crypto market’s late 2017 bull run, which doesn’t even add up to a drop in the bucket of Musk’s massive $22 billion net worth.

Musk owns no ethereum, which is somewhat ironic given the proliferation of crypto scammers who have schemed to trick his followers into participating in a fake ethereum giveaway.

Elon Musk: Satoshi Deserves a Nobel for ‘Delayed Gratification’

Rumors have long circulated that Elon Musk himself created bitcoin, though he flatly denies them and few within the crypto industry give them any credence anyway.

Replying to yet another tweet implying that he was Satoshi Nakamoto, the Tesla CEO joked that Satoshi deserves a Nobel Prize for “delayed gratification,” given that he/she/they owned a fortune in cryptocurrency but never spent a dime, other than for testing purposes.

“Whoever owns the early BTC deserves a Nobel prize in delayed gratification”

While the Royal Swedish Academy of Sciences has not yet recognized “delayed gratification” as a valid scientific field, Musk does have a point.

Satoshi is believed to have at one time controlled bitcoin wallets holding as much as 1 million BTC – funds that have never been spent.

At the height of the crypto boom, the mysterious programmer would have ranked as one of the world’s richest people, with a net worth – nearly $20 billion – rivaling that of Musk’s. However, a decade after the cryptocurrency’s launch, the general consensus is that those coins are locked away forever, either because Satoshi died or otherwise lost access to the wallets containing them.

Despite his praise for bitcoin, Musk maintains he does not think it is wise to involve Tesla in the still-fledgling crypto industry. However, some believe that his love for technology and courage to gamble on nascent-but-potentially-world-changing ideas makes a future embrace of cryptocurrency inevitable.

After all, if someone’s going to take bitcoin to the moon, it makes sense that it would be the founder of SpaceX.

Elon Musk Image from AP Photo / Rich Pedroncelli


Source
Author: Josiah Wilmoth 
Image Credit: Source: AP Photo / Rich Pedroncelli

Tesla Cheats with New Battery Supplier, Panasonic Forecast Plunges

Panasonic wasted no time lowering its guidance after its bread-and-butter customer, Tesla, announced it was buying another battery supplier to power its electric vehicles.

The lucky company Tesla chose to replace Japan-based Panasonic is California-based Maxwell Technologies.

On the news, Panasonic lowered its profit expectations by 9%. The possible loss of Tesla isn’t the only culprit that led to the lowered guidance. The struggling tech player revealed it was also being hurt by weak demand in China for auto components and factory equipment. China’s slowing economy and the overhang of trade wars have weighed on countries and tech companies all over the world.

Musk Praised Panasonic Just Three Months Ago

Back in November, it appeared that the partnership between Tesla and Panasonic was going well. CEO Elon Musk took to Twitter to sing the praises about Panasonic helping it boost profits.

Here’s the tweet.

However, Musk had other plans. CCN raised the caution flag on Panasonic last month. We pointed to Tesla’s November indication that it would diversify its sources after experiencing several problems with its Model 3 supply chain.

On the heels of that announcement, rumors swirled that Tesla was on the lookout for a new battery supplier.

In previous reports, CCN noted that Panasonic was also feeling the effects of the possibility of losing Tesla. Its stock price was down by more than 2% on the news that the carmaker was looking for a new supplier.

Tesla Giveth Then Taketh Away

Elon Musk | Source: Shutterstock

Interestingly, when this supply agreement was announced, Tesla stated:

“The agreement supplies Tesla with Panasonic’s lithium-ion battery cells to build more than 80,000 vehicles over the next four years. It guarantees the availability of enough cells in 2012 to meet Tesla’s aggressive production ramp-up and fulfillment of more than 6,000 existing Model S reservations. This supply agreement helps ensure Tesla will meet its cost and margin targets for Model S.”

The purchase of Maxwell Technologies comes less than a decade since Musk and company inked the deal with Panasonic. The electric vehicle maker had lauded Panasonic as being a battery cell manufacturer and a diverse supplier to the global automotive industry.

Musk’s Always Up To Something, Could Be Good This Time

The move is a disappointing one for Panasonic, but it’s a solid one for Tesla, which has been under financial pressure.

In January, CCN reported that Tesla enjoyed a solid Q4 2018 with record production and delivery numbers driving the company’s first profit in two years. The company posted a net profit of $311.5 million and $891 million in free cash flow. However, the company’s stock price slumped 9% after it failed to meet investor targets for delivery and production numbers.

Tesla’s stock price has traded wildly over the past several months.

Owning battery supplier Maxwell should help the company lower its operating costs. The heavily indebted electric car company, whose CFO stepped down just four days ago, is making the acquisition in an all-stock deal.

A Tesla stock shorter (Musk has extreme disdain for them) responded to the Maxwell announcement with this tweet.

Maxwell already supplies batteries to General Motors and Volkswagen subsidiary Lamborghini. Specifically, it provides so-called ultracapacitors that store electricity and complement battery cells.


Source
Author: Tedra DeSue 
Image Credit: Featured Image from Shutterstock

First Look: Elon Musk Teases SpaceX’s Bold New Raptor Rocket

Elon Musk posted four tweets last night demonstrating the new Raptor rocket engine. SpaceX engineers have been hard at work finalizing the next-generation rocket technology that will eventually power trips for the exploration of Mars.

Musk Tweets Proof of Rocketry

While most of America was focused on the Super Bowl, Musk was in Texas at the SpaceX testing site. The rockets had recently been shipped from California to the testing site near McGregor, Texas. Musk and his team were up late preparing for the first test late Sunday night. A few hours later, the first video went live on Twitter.

Viewed more than a million times by press time, the 4-second video shows an extremely long flame shooting out of the Raptor. A second video went shortly thereafter, twice as long and loud:

Local Civilian Spots Reusable Rocket Test at SpaceX Facility

A Central Texas local reportedly noticed what was going on at SpaceX and tweeted about it:

Intended to be reusable, the engines use cryogenic liquid methane and liquid oxygen. Previous SpaceX rockets used RP-1 Kerosene and liquid oxygen. Developing the rockets in-house was part of Musk’s business plan from the start, according to an early SpaceX investor.

When the rockets were first shipped from California to Texas, Musk noted that the company is working hard to get a moon-worthy rocket to ready. The ultimate goal of the Raptor rockets is still for Mars exploration. The Raptor is intended to replace existing rockets already in production, the Falcon 9, Falcon Heavy, and Dragon.

The Raptor product is currently on track. Musk has previously tweeted that the company will attempt a moon trip first.

SpaceX: Mars Exploration is the Goal

While SpaceX keeps its eyes on human exploration of Mars, heavily developing the Raptor, it is under financial pressure to actually develop revenues. The company is good at winning open contracts from governments and large companies around the world, but recently suffered a spate of layoffs. Musk blamed these layoffs on the “absolutely insane”  Starlink global high-speed internet project as well as a co-existing Mars rocket project.

Musk says the company needs to be “spartan” in its expenditures. The revamped approach to Raptor appears to be an attempt to cut costs by developing the rocket in stages. First it will go to the Moon and potentially function as an orbiting product around Earth. Later it will be further developed and upgraded into a rocket with the potential to explore Mars.

While Musk believes that layoffs at his day job — electric carmaker Tesla — were necessary in order to keep the company’s products relatively affordable, he thinks the SpaceX research projects are costing too much and seems to regret the SpaceX layoffs. He reportedly said during an investor call last week:

“And so, SpaceX has to be incredibly spartan with expenditures until those programs reach fruition.”

When Musk says “insane,” he doesn’t necessarily mean it in a negative way. As a businessman, he’s referring to the fact that his company is engaged in services once only provided by governments with virtually unlimited resources. When SpaceX eventually develops a space highway to Mars for mankind, they will either be the only company doing it or the only one doing it well. Untold fortunes await SpaceX at that point.

SpaceX IPO: Will It Ever Happen?

Still, SpaceX has yet to reach out for public money via an IPO. In 2017, rumors rocked the investor community: SpaceX would be launching an IPO that year. A year later, the company went for more venture capital funding, selling some shares at $135 to Fidelity. Its valuation at that time was $27.5 billion.

While SpaceX could focus on more terrestrial projects like competitive satellites, which they are also into, the company’s true mission is deep space exploration. The potential for profit from space exploration is an unknown quantity, but it could easily go into the trillions. As profit goes, one potential area of investment would be minerals acquisition. The quantities of gold, platinum, and other rare materials in space by definition outsize supplies on earth. Developing a profitable method of extraction from foreign planets and space rocks is but one way that SpaceX could, in the long run, become the most profitable company in history.

Tesla Opens A Chaotic Trading Day After SpaceX Tweets

As for Tesla, trading early this morning showed a big sell-off. Buy orders kicked in and kicked it up momentarily. After an hour or so of trading, things were on a recovery path.

While SpaceX is a separate company from Tesla, its fate is very much tied to Tesla. Good news about SpaceX can reflect well on Tesla, and vice versa.

Certainly the weekend’s activities demonstrate one thing about Musk: he is fully grounded. He understands that SpaceX needs to get realistic in its endeavors, and completion of rockets for near-term use (and potential sale to governments and others) is one of many ways they can do so. As for SpaceX engineers, this was likely not the first or last time they’ll be putting in long weekend hours in pursuit of a noble dream.


Source
Author: P.H. Madore 
Image Credit: Featured Image from Shutterstock. Charts from Tradingview.

Elon Musk’s Bad Week Gets Worse as SpaceX Lays off 600 People

SpaceX, the rocket company founded by Tesla billionaire Elon Musk, is laying off 10 percent of its 6,000-employee workforce. The layoffs are part of a move to streamline the business and cut costs.

“SpaceX must become a leaner company,” President Gwynne Shotwell wrote in a Friday email. The news was first reported by the Los Angeles Times.

‘Extraordinarily Difficult Challenges Ahead’

Shotwell explained:

This means we must part ways with some talented and hardworking members of our team. This action is taken only due to the extraordinarily difficult challenges ahead and would not otherwise be necessary.

The company is providing a minimum of eight weeks’ pay and other benefits to the fired workers.

SpaceX is streamlining to prepare for “difficult challenges ahead.” (Twitter)

Investors Dazzled by SpaceX

Elon Musk — the billionaire founder of electric-car company Tesla — launched SpaceX in 2002 to make space travel accessible to everyday people. In addition, SpaceX’s goal is to colonize Mars.

Equidate’s Robert Hilmer says SpaceX is one of the most valuable private companies in the world, with the potential to raise an “unlimited amount” of capital.

“SpaceX is one of [the most] popular pre-IPO tech companies globally,” Hilmer told CNBC.

Everywhere I travel around the world, investors of all types — individuals, family offices, hedge funds, sovereign wealth funds or private equity — want to get into SpaceX.

Meanwhile, Musk is taking the downsizing in stride.

He has not commented on the layoffs, preferring instead to focus on upcoming space launches.

The South African business mogul is more concerned that SpaceX’s newest test flight rocket has a cool, aerodynamic design.

“Obv must be more pointy tho,” Musk tweeted, in reference to the tip of the rocket.

Musk is an unwitting media darling who generates countless headlines. In August 2018, Musk stirred a volcanic backlash from Tesla investors after tweeting that he might take his car company private.

Weeks later, the SEC sued Musk for securities fraud, claiming his errant tweet caused Tesla stock to spike 6 percent that day. Shareholders were enraged when Tesla shares abruptly tanked in the following days.

The debacle forced Musk to step down as chairman in September 2018 and pay a $20 million fine to the SEC.

Elon Musk: I am Not Satoshi Nakamoto

Despite being a technophile, Elon Musk does not own crypto, as CCN reported.

“I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago,” Musk confessed on Twitter.

In November 2017, Musk denied speculation that he was Satoshi Nakamoto, the inventor of Bitcoin. A former SpaceX intern inadvertently started the rumor with a blog post.

Sahil Gupta wrote at Medium: “Satoshi is probably Elon.”

Elon is a self-taught polymath. He’s repeatedly innovated across fields by reading books on a subject and applying the knowledge.

It’s how he built rockets, invented the Hyperloop (which he released to the world as a paper), and could have invented Bitcoin.

Musk responded by denying that he invented Bitcoin. Meanwhile, the real identity of Satoshi Nakamoto has never been confirmed.


Source
Author: Joseph Young
Image Credit

Tesla Isn’t the Best Stock to Buy to Play the Extinction of Gas Engines

The internal combustion engine is on its way out for luxury car brands, and it’s a big opportunity for investors in chip stocks like Monolithic Power Systems.

Listen closely. It’s the sounds you don’t hear that count. The electric car revolution is happening.

Balding and mustachioed, Dieter Zetsche does not look the part of a futurist. Still, the Mercedes-Benz chief is pushing the 92-year old automaker headlong into the future. It’s electric.

The internal combustion engine is on its way out, and it’s a big opportunity for investors.

Electric propulsion has been softly creeping up on us for years. Prior to the new millennia, Toyota’s (TM) Prius was a hit with the Sierra Club set. Tesla (TSLA)  pushed the market beyond green patrons with a fleet of no compromise electric vehicles. A Tesla SUV recently crushed a $530,000 gas swilling Lamborghini. I commute on an electric performance motorcycle made in Santa Cruz, Calif., called the Zero S. Electric has also piqued the interest of luxury car markers

In addition to the 2019 Mercedes EQC, all electric SUV, Porsche is bringing Taycan to market. The head turning, swooped, stretched Targa sports car looks more concept than reality. And the Audi e-tron and the Jaguar I-Pace are muscular EV crossovers that look fast even when they are parked.

These vehicles are not supposed to be for soccer moms. They are designed for eye-stabbing flashes of neon light. They beg for drivers with a heavy foot.

They are being called Tesla killers, but this characterization misses the point.

The Trade

The Silicon Valley carmaker is an easy target. It has been plagued with production woes since inception. It can’t keep top brass, and Elon Musk, its brilliant chief executive, is an emotional mess eager to please. Too often, the result is over-promise.

The Germans are promise keepers. They know how to make cars. But they are not going to kill Tesla, at least not intentionally. In a way, they are surrendering to Musk’s vision of the future of cars. They are migrating production to electric propulsion.


Source
Author: Jon Markman
Image Credit
Video Credit

Elon Musk will bring humans to Mars, and cryptocurrencies to the moon

Elon Musk, CEO and co-founder of SpaceX and CEO of Tesla has posted a series of tweets about his ambitions to start his own confectionery enterprise, adding that he was “super, super serious” about this new venture to spite sceptics.

And he dropped a hint of what his upcoming venture would be called, or maybe what it might involve: cryptocurrencies; specifically, “Cryptocandy.” Whether he was serious or not, we don’t know for sure. Some people suggested his business should be called chocolate bitcoins or moon rocks, while others stretched the connection between crypto and his theoretical candy business even further: “My candy better be airdropped from a space station or I want my money back,” one person wrote.

The tweets gained over 100,000 likes by Saturday and sent the Twitter sphere into a frenzy. People asked when his company was hiring, and how they could buy stock (or tokens?) as part of the possible venture.



Musk’s candy idea seems to have been part of an exchange between Musk and Warren Buffet. It started earlier this week when Musk, as part of Tesla’s earning report call, stated that economic moats were “lame.” The statement takes a jab at Buffet, and he is known to have coined the term to describe a company’s competitive advantage.

Buffet responded to Musk’s reward at his annual Berkshire Hathaway meeting, stating that moats are still a viable idea, and that one can look at his See’s Candies business as a great example.

“Then I’m going to build a moat & fill it w candy,” Musk tweeted in response. “Warren B will not be able to resist investing!” Musk said in another, provoking Buffet further.

Elon Musk is currently ranked as the 53rd richest person in the world according to the Forbes, and 21st on the list of The World’s Most Powerful People.

 


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author:  Matthew North 
Image Credit