Elon Musk

In an About-Face, Tesla Has Sold 75% of Its Cryptocurrency Holdings for Nearly $1 Billion Cash

In an About-Face, Tesla Has Sold 75% of Its Cryptocurrency Holdings for Nearly $1 Billion Cash

Elon Musk’s relationship with cryptocurrency is as complicated as the rockets he sends into space.

In 2021, Tesla sank $1.5 billion into Bitcoin, stating to the Securities and Exchange Commission (SEC) that the investment would allow the carmaker “more flexibility to further diversify and maximize our returns on cash.” Tesla soon accepted cryptocurrency as payment for its EVs, and the carmaker raked in a breathtaking billion-dollar gain on investment in a mere 45 days. 

The stake was ambitious, especially since Tesla already claimed more than $19 billion in cash and cash equivalents in hand just a few months earlier. But as is often the case, Musk seemed ahead of the curve—until he decided to re-write the rules once again. Citing cryptocurrency’s environmental unfriendliness, Tesla abruptly rebuked Bitcoin as payment just 49 days later. Bitcoin’s price went on to soar as high as $68,990, with Musk’s every move—from provocative tweets to Saturday Night Live appearances—nudging the currency’s value until it plummeted to as low as $17,800 in June of this year. 

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021

Last week, Tesla raised eyebrows again by selling approximately 75 percent of its Bitcoin holdings, converting them into $936 million worth of good old-fashioned fiat currency. The move called out concerns over uncertainty surrounding the Covid-19 shutdowns in China. But during a quarterly earnings call, Musk insisted that “We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin.” He has even hinted that SpaceX, like Tesla, may soon accept Dogecoin as payment for merch.
Musk’s seismic recalculations have stirred the pot among some of his most diehard believers, inspiring a backlash from some of his most loyal fans. As for Tesla and how it relates to the auto industry at large, Musk has—and will likely continue to—defy the tried and true. For the naysayers, consider that at any other moment in history, the richest men in the world had accumulated their wealth through equally ambitious but more orthodox means. (Vanderbilt, Rockefeller and Carnegie, these movers and shakers innovated within the constraints of their expansive empires.)

However, as we hurtle further into the tumult of the 21st century, through pandemics, political instability and brave new currencies, it seems Musk’s methods of madness might very well continue to find him landing on all fours.

Tesla Has Made Supercharging EVs Free for People Fleeing Ukraine

Tesla Has Made Supercharging EVs Free for People Fleeing Ukraine

Tesla is doing what it can to help people get out of Ukraine.

In response to Russia’s attack on February 24, the American marque, which is headed up by billionaire tech tycoon Elon Musk, has made charging EVs free for those fleeing the war-torn country.
In an email to local Tesla owners, the automaker announced that it would wave the fee for Supercharging in several countries around Ukraine. The email, which was published by Electrek, states that both Tesla and non-Tesla electric vehicles can be charged at no cost in Poland (Trzebownisko), Slovakia (Košice) and Hungary (Miskolc and Debrecen).

“We hope that this helps give you the peace of mind to get to a safe location,” the email reads.

Tesla claims its Supercharger can charge electric cars up to 200 miles in just 15 minutes. 

Courtesy of Tesla

To date, around 660,000 refugees have fled Ukraine following the Russian military’s invasion, the United Nations Refugee Agency reported Tuesday.
Tesla claims its Supercharger can charge electric cars up to 200 miles in just 15 minutes. The marque currently owns and operates around 30,000 Superchargers that are accessible on a 24/7 basis. While prices fluctuate per location, the average Supercharger will set you back $0.25 per KW, which means a full recharge to about 250 miles of range would usually cost around $22.
Tesla has previously offered free Supercharging to owners in the wake of natural disasters such as hurricanes, but it marks the first time the automaker has done so during a war. It also appears to be the first time that non-Tesla electric vehicles have been included, too. (Tesla no longer has a public relations department that can confirm this.)
Although Tesla doesn’t officially operate in Ukraine, there are many residents who have imported Teslas into the country themselves. In fact, the Kyiv Independent reported in January that there are currently about 30,000 electric vehicles on Ukraine’s roads.
Musk also recently sent a number of Starlink satellite terminals to Ukraine to improve the country’s internet. Hey, every bit helps.

Here’s Everything We Know About Elon Musk’s Mysterious $5.7 Billion Donation to Charity

Here’s Everything We Know About Elon Musk’s Mysterious $5.7 Billion Donation to Charity

Where in the world did Elon Musk donate that $6 billion?

On Monday, the Wall Street Journal reported that the Tesla CEO gave around $5.74 billion to charity during a mass share-selling spree in November. Musk, 50, sold 5,044,000 Tesla shares—which was then trading at above $1,060—between Nov. 19 and Nov. 29, and the money was given to charity, according to an SEC filing.

Although it was one of the largest donations to charity ever recorded, details about where the money went remain unclear. The SEC filing reveals no information about a potential recipient, and Musk has remained tight-lipped about who received the donation.

We do know that Musk has offloaded $16.4 billion worth of shares—or 10 percent of his total stake in Tesla—since November. In a recent interview, he said it was to cover taxes exercised on expiring options next year. But the timing of the recent donation mysteriously coincides with an interaction between Musk and one foundation, which could hint at its ultimate landing place. Or not.
Back in late October, David Beasley, the director of the World Food Programme, called on the world’s billionaires— specifically mentioning Musk and Jeff Bezos—to step up and donate a small fraction of their net worth to help solve world hunger. In an interview with CNN, Beasley said that all that was needed was “$6 billion to help 42 million people that are literally going to die if we don’t reach them. It’s not complicated.”
For Musk, $6 billion represents just over 2 percent of his $244.5 billion fortune (at the time of this article’s publication). So, on Oct. 31, the Twitter-happy mogul took to his favorite platform and said that if the WFP could explain how $6 billion would solve world hunger on his Twitter thread, then he would sell Tesla stock immediately and donate. Beasley responded to Musk to clarify that $6 billion wouldn’t solve world hunger, but that it would prevent a bevy of factors like geopolitical instability, mass migration and save 42 million people from starvation.

If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.
— Elon Musk (@elonmusk) October 31, 2021

On Nov. 15, just four days before Musk’s first donation on Nov. 19, Beasley tweeted additional details at Musk about the United Nations’ $6.6 billion hunger crisis campaign to combat famine in 43 countries. Musk did not publicly respond to it this time.
On Tuesday, Beasley released a statement to ABC News saying that WFP had not received a donation from Musk yet.

“There are millions of people around the world on the brink of starvation. Whether WFP receives any of this money is yet to be seen, but I am excited to hear that Elon is engaged. This is an amazing and great first step,” Beasley said.
Both WFP and Tesla did not immediately respond to a request for comment from Robb Report.
In the past, Musk has donated millions to various entities, including $30 million to municipalities in Texas, where the billionaire’s aerospace company SpaceX operates. He also launched XPRIZE Carbon Removal, a competition inviting “innovators and teams from anywhere on the planet to create and demonstrate solutions that can pull carbon dioxide directly from the atmosphere.” The winning proposal is set to receive a $100 million purse.
The recipient or recipients of Musk’s $6 billion donation may be unknown for now, but one thing is certain: Any charitable organizations that receive it will likely have plenty of use for it.

The Tesla Roadster Is Finally Arriving in 2023, Elon Musk Says

The Tesla Roadster Is Finally Arriving in 2023, Elon Musk Says

Another one of the side effects of the ongoing pandemic: Strained auto supplies continue to limit production.

On Wednesday, Elon Musk shared that the second-generation Tesla Roadster is now expected to ship in 2023. Announced via Twitter, the CEO attributed the model’s third delay to supply chain shortages this year. The next-generation roadster was first expected to reach consumers in 2020, yet in May of that year, Musk announced it was more likely to debut in late 2021. When the following January arrived, the billionaire then stated production wouldn’t begin until 2022.

Following the 2008 to 2012 production and sale of Tesla’s first all-electric supercar, the manufacturer teased a second model at Tesla’s Semi event in 2017. The details of the ultra-performance EV took auto enthusiasts by surprise when first revealed, mainly for claims that it would be able to sprint from zero to 60 mph in a head-spinning 1.9 seconds and would have a top speed of more than 250 mph (making it possibly the world’s fastest production car.) The EV can even rocket through a quarter mile in just 8.8 seconds with a powerful torque of 738 ft lbs.

Once released, the newest model will reach consumers with a massive 200 kilowatt-hour battery pack that provides 620 miles of driving range. It also is designed around four seats rather than the standard two found in most traditional roadsters. The additional seating is made possible because of the model’s compact electric four-wheel drive system.
Tesla’s Roadster is the latest in a growing list of the automaker’s vehicles to be delayed. According to Hypebeast, both the Cybertruck and Semi Truck have been delayed until 2022. Musk’s tweet citing “super crazy supply chain shortages” seemingly references the car industry’s limited supply of semiconductor chips, which are needed to power an automobile’s onboard computers. In that regard, his statement that “it wouldn’t matter if we had 17 new products, as none would ship” makes complete sense, as without these chips, even fully built vehicles wouldn’t be able to run. But all is not lost, since–“assuming 2022 is not mega drama,” as Musk tweeted–the all-electric coupe will remain in production.

2021 has been the year of super crazy supply chain shortages, so it wouldn’t matter if we had 17 new products, as none would ship.
Assuming 2022 is not mega drama, new Roadster should ship in 2023.
— Elon Musk (@elonmusk) September 1, 2021

Orders for the Tesla Roadster have a base price of $200,000; you’ll have to join the line first, for a separate fee of $50,000. If you don’t have the patience, Mattel’s miniature Matchbox model will beat the life-sized version to market. Made with 99% recycled material, the pint-sized roadster will be available via Mattel.com next year.

Watch: Elon Musk’s Other Company Tests Its Tesla Tunnel System in Las Vegas With Real Passengers

Watch: Elon Musk’s Other Company Tests Its Tesla Tunnel System in Las Vegas With Real Passengers

Looks like the Las Vegas strip has some underground competition. The Boring Company, Elon Musk’s other brainchild, began offering free rides through its futuristic, neon-lit tunnel system in Sin City this week ahead of the official launch in June.

The company sent a few dozen Teslas along the twin tunnels that it’s constructed underneath the Las Vegas Convention Center. The complimentary rides, which were offered to Las Vegas residents last week, were designed to test the traffic capacity of the tunnels prior to rollout.

To recap, the Las Vegas Convention Center loop comprises roughly 1.7 miles of tunnels that are 30-feet deep. It has a total of three stops: The two stations at either end are above the ground while the middle stop sits below.

Adult Disneyland AF 🎉 #Tesla #VegasLoop #ElonMusk pic.twitter.com/bwpCYiMzXj
— Melissa Vegas (@themelissavegas) May 27, 2021

Frustrated with LA traffic, Musk established the Boring Company in 2016 to execute his vision of a fleet of autonomous vehicles that could be easily summoned via an app and soar through the tunnels at 150 mph. As a result, convention-goers will be able to navigate the grounds at speed. In fact, the company claims that eventually, the loop will turn a 45-minute walk into a two-minute ride.
Videos of the test runs have surfaced on social media, offering the first real glimpse at the literally groundbreaking infrastructure since the tunnels were opened to the press in April. By the looks of it, there’s still a little fine-tuning required.
For the trial, the company enlisted an array of Tesla vehicles, including a handful of Model 3 sedans plus a few Model Y and Model X SUVs. Passengers didn’t appear to use an app; instead, they just walked up to the next available Tesla. In one video, a test rider said they had to wait three to five minutes for a car, and there definitely appeared to be a little congestion.

The Las Vegas Loop is running a capacity test today & will be smashing speed records for A-EVs 😁.
The speed to beat is 116 mph 🐌 !!!!!#BoringCompany_ pic.twitter.com/TL1XFwZ6tR
— A Boring Revolution (@BoringPrufrock) May 25, 2021

Once aboard, passengers were shuttled between stations and most testers took between seven to 12 rides, as reported by The Verge. What they experienced, though still impressive, was not an autonomous fleet moving at high speeds. Instead, trained drivers piloted the EVs through the tunnels at limited speeds with the majority of clips showing the cars sitting at 40 mph. While this is a far cry from Musk’s end game, one video does appear to show a Tesla hitting 116 mph.
The goal of The Boring Company’s $52.5 million project is to eventually transport 4,400 people per hour through the convention center’s loop tunnels. The company has also expressed interest in building underground loops in several other major cities, including Miami. There are, of course, regulatory hurdles that the company must clear first. But if the Vegas trials are any indication, Musk’s dream appears to be at least one step closer to reality.

In an About Face, Elon Musk Says Tesla Will Stop Accepting Bitcoin for Car Purchases

In an About Face, Elon Musk Says Tesla Will Stop Accepting Bitcoin for Car Purchases

Tesla has slammed the brakes on bitcoin payments.

Just weeks after CEO Elon Musk announced that the EV automaker would accept the digital currency as a form of payment, he has reneged on the decision due to environmental concerns.
The 49-year-old tech tycoon, who has been an avid supporter of cryptocurrency, took to Twitter on Wednesday to let the public know that Tesla has “suspended vehicle purchases using bitcoin” due to the “rapidly increasing use of fossil fuels for bitcoin mining.”

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk wrote.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021

Following Musk’s about-face, the world’s biggest and oldest digital currency fell almost 17 percent in value to its lowest point since the beginning of March. Bitcoin had previously been on an upward trajectory that saw it rise by 400 percent over the past year and hit a record high of $40,000 per coin. Musk had been one of the catalysts for its success with Tesla investing $1.5 billion into the cryptocurrency last February.
Regardless, it seems even Musk can’t ignore that the environmental cost of bitcoin is at odds with Tesla’s eco-friendly ethos. Indeed, the “mining” process, which typically involves tens of thousands of computers operating around the clock, drains colossal amounts of energy.
According to Cambridge University researchers, mining bitcoin currently consumes around 110 Terawatt Hours per year, which equates to roughly 0.55 percent of global electricity production. To put that into perspective, the cryptocurrency consumes more energy per year than countries such as the Netherlands, Argentina, Malaysia and Sweden.
Furthermore, as Bill Gates eloquently summed it up in a recent interview with CNBC, “Bitcoin uses more electricity per transaction than any other method known to mankind.”

Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021

Musk isn’t ready to pull the plug on all crypto, though. He said Tesla will look at other cryptocurrencies that use less than 1 percent of Bitcoin’s energy per transaction. Dogecoin could be one such option as it uses 0.12 of a Kilowatt-hour (KWh) per transaction whereas bitcoin uses 707 KWh, according to statistics from TRG Datacenters.
Musk has been a proponent for the meme-originated coin and recently plugged it during his Saturday Night Live appearance. Prior to the bitcoin announcement, he also did a poll asking whether Tesla should accept dogecoin and 78.2 percent of the Twittersphere voted yes. Shortly after Musk renounced bitcoin, though, dogecoin fell sharply by 15 percent to below 40 cents per coin.
It’s safe to say whichever cryptocurrency Musk ends up accepting at Tesla, its value will stand to benefit from the news. Let the efficiency games begin.

You Can Now Buy a Tesla With Bitcoin, According to a 3am Tweet From Elon Musk

You Can Now Buy a Tesla With Bitcoin, According to a 3am Tweet From Elon Musk

There he goes again.

Twitter-happy Elon Musk has taken to his favorite social media platform to offer his followers a whole new way to buy a Tesla.
The 49-year-old tech tycoon, who founded the EV automaker back in 2003, published a series of tweets in the wee hours of Wednesday morning explaining that the marque would now accept bitcoin as a form of payment in the US. This comes not long after Tesla invested $1.5 billion into the cryptocurrency last February.

Musk even went so far as to detail the marque’s infrastructure for accepting bitcoin payments. Tesla is bringing all of the tech in-house “using only internal & open-source software.” The CEO also stated that the bitcoins won’t be converted to fiat currency—regular American dollars, for example—but will instead stay as bitcoins and presumably supplement Tesla’s growing stockpile.

You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021

As for how you actually pay, Tesla has outlined the process in a FAQ. Customers must first initiate the payment from their bitcoin wallet by scanning a QR code or pasting the bitcoin address and the exact bitcoin amount into the wallet. The amount for a vehicle deposit is based on current market rates, with the value of Tesla’s cars still set in USD. Tesla will send a confirmation once the payment is received, and, presto, you’ve got yourself a brand new EV.
This process will allow customers to purchase any one of Tesla’s electric four-wheelers, including the Model S, 3, X (above) and Y, plus the Cybertruck and the second-generation Roadster, both of which are slated to arrive this year. For now, the new payment method is only available in the US, but Musk did add that he plans to offer it to other markets later this year.
The Twittersphere was quick to point out the environmental cost of “mining” bitcoin seems a little incongruous with Tesla’s eco-friendly ethos. To be sure, the cryptocurrency is an energy suck, consuming more electricity than the entire annual energy consumption of the Netherlands, according to Cambridge University researchers. That, however, doesn’t appear to be deterring Musk—or the market for that matter. Earlier this year, the price of a single Bitcoin topped $40,000 for the first time in its relatively short history. Now, even some of the most begrudging financial analysts believe it’s here to stay. Best get your e-wallet sorted now.

PHP Code Snippets Powered By : XYZScripts.com