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Tech Lite

Musk sees net worth shrink by $12 bn

Despite having over $12 billion lopped off his net worth, Musk still stands as the world’s richest person with $210 billion to his name…reports Asian Lite News

Tech billionaire Elon Musk recently saw over $12 billion wiped off his net worth following Tesla stock’s recent drop and the S&P Global Ratings’ decision to boot Tesla from its ESG index.

Musk’s decline in net worth also comes amidst his announcement that he would no longer be voting for a candidate from the Democratic Party in the next elections, reports Teslarati.

Despite having over $12 billion lopped off his net worth, Musk still stands as the world’s richest person with $210 billion to his name.

This still places him far ahead of the world’s second-richest person, Amazon founder Jeff Bezos, whose current net worth is estimated to be at $131 billion, the report said.

Tesla shares dropped 6.8 per cent on Wednesday, and according to Wedbush analyst Dan Ives, the primary driver for this change was the company’s departure from the S&P 500 ESG Index.

“The ESG (environmental, social, and corporate governance) issue is weighing on the stock combined with the market doldrums,” Ives noted.

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-Top News USA

Musk has a serious ‘warning’ for Twitter staff

The Tesla CEO also said that he strongly believes that all managers in a technical area “must be technically excellent”….reports Asian Lite News

Tesla CEO Elon Musk has warned that Twitter staff may face ‘extreme’ workloads if he takes over the micro-blogging platform.

While replying to an earlier tweet he shared about his plans for the micro-blogging site, he mentioned that he will still graft even harder than them to make the firm a success.

“Also, work ethic expectations would be extreme, but much less than I demand of myself,” Musk wrote on Twitter.

Earlier, Musk had revealed that Twitter will focus deeply on hardcore software engineering, design, and more, following the completion of the acquisition of the micro-blogging site.

The Tesla CEO also said that he strongly believes that all managers in a technical area “must be technically excellent”.

“If Twitter acquisition completes, the company will be super focused on hardcore software engineering, design, infosec and server hardware,” Musk tweeted late Friday.

“I strongly believe that all managers in a technical area must be technically excellent. Managers in software must write great software or it is like being a cavalry captain who cannot ride a horse!”

He tagged an article from Fortune, along with one of his tweets that said “Job interest in Twitter skyrocketed more than 250 per cent since Musk moved to take over”.

ALSO READ: Musk likely to take charge as temporary CEO of Twitter

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-Top News UK News

Twitter takeover: Musk invited to UK Parliament

Knight mentioned that his Committee has noted Musk’s proposed acquisition of the micro-blogging site and they are interested in the developments he has proposed…reports Asian Lite News

Tech billionaire Elon Musk has been invited to testify in the UK Parliament regarding his proposed $44 billion acquisition of the micro-blogging site Twitter.

In a letter, Julian Knight, the Chair of the UK House of Commons Digital, Culture, Media and Sport (DCMS) Select Committee requested the Tesla CEO to appear before lawmakers to discuss the proposal.

“At a time when social media companies face the prospect of tighter regulations around the world, we are keen to learn more about how Mr Musk will balance his clear commitment to free speech with new obligations to protect Twitter’s users from online harms,” Knight said.

“Appearing before the committee will give Mr Musk an ideal opportunity to set out his proposals for Twitter in more depth and we would look forward to welcoming him,” he added.

Knight mentioned that his Committee has noted Musk’s proposed acquisition of the micro-blogging site and they are interested in the developments he has proposed.

“In particular, your intention to roll out verification for all users echoes our calls on the UK Government as part of proposed legislation, which we hope will restore the UK public’s trust in digital platforms,” Knight said in the letter.

Recently, Twitter announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion.

Upon completion of the transaction, Twitter will become a privately-held company.

The purchase price represents a 38 per cent premium to Twitter’s closing stock price on April 1, which was the last trading day before Musk disclosed his nearly 9 per cent stake in the platform.

ALSO READ: MUSK MAKES THE MOVE

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-Top News Social Media USA

Jack Dorsey is against permanent Twitter bans

“I don’t believe any permanent ban (with the exception of illegal activity) is right, or should be possible,” Jack Dorsey, the founder and former CEO of Twitter said, reports Asian Lite News

Former Twitter CEO Jack Dorsey on Friday (local time) went on a tweetstorm in which he spoke about the microblogging site’s shortcomings, including a permanent ban on certain users on the platform.

Taking responsibility for every decision taken by the platform, he said, “I have tried taking a break from Twitter recently, but I must say the company has always tried to do its best given the information it had. Every decision we made was ultimately my responsibility. In the cases when we were wrong or went too far, we admitted it and worked to correct them.”

Reflecting on the platform’s shortcomings, he said it is important to get critical feedback. “Some things can be fixed immediately, and others require rethinking and reimplementing the entire system. It is important to me that we get critical feedback in all forms, but also important that we get the space and time to address it. All of that should be done publicly,” he said.

He further spoke about the user trust in Twitter and said that a transparent system, both in policy and operations, is the right way to earn trust.

“Whether it’s owned by a company or an open protocol doesn’t matter as much as deliberately deciding to be open about every decision and why it was made. It’s not easy to do, but it must happen,” he added.

Acknowledging his failure in correcting shortcomings, he said, “Doing this work means you’re in the arena. Nothing that is said now matters. What matters is how the service works and acts, and how quickly it learns and improves. My biggest failing was that quickness part. I’m confident that part at least is being addressed, and will be fixed.”

Noting that an individual or a company should not bear the brunt of flaws in service, Dorsey said that he does not believe in a permanent ban against certain users on Twitter. “It’s also crazy and wrong that individuals or companies bear this responsibility. As I’ve said before, I don’t believe any permanent ban (with the exception of illegal activity) is right, or should be possible. This is why we need a protocol that’s resilient to the layers above,” he said.

Notably, after Tesla Chief Elon Musk succeeded in his bid to take over Twitter, the former CEO of the microblogging site had dropped a series of tweets, suggesting that he supports the move.

Dorsey called Musk buying Twitter a step in the right direction for the website.

For those unaware, Dorsey, the maverick co-founder of Twitter, on November 29, 2021, had suddenly announced his resignation. Parag Agarwal, an IITian, who was CTO at Twitter, was named his replacement. (ANI)

ALSO READ: Twitter takeover: Parag Agarwal hits back at Musk

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-Top News World News

Musk joins Twitter board

According to a fresh filing with the US Securities and Exchange Commission (SEC), Musk will serve as a class II director until 2024….reports Asian Lite News

In a significant development, Indian-origin Twitter CEO Parag Agrawal on Tuesday announced that the micro-blogging platform has appointed Tesla and SpaceX CEO Elon Musk to its board of directors.

Musk, who acquired 9.2 per cent share in the micro-blogging platform for nearly $3 billion, is limited from buying more than 15 per cent of Twitter’s stock.

“I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Agrawal posted.

Musk replied to Agrawal: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”

According to a fresh filing with the US Securities and Exchange Commission (SEC), Musk will serve as a class II director until 2024.

This is a type of position that can be used as an anti-takeover measure.

“The Company will appoint Mr. Musk to the Company’s Board of Directors (the “Board”) to serve as a Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders,” the filing read.

“For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions,” it added.

Agrawal said that Musk is both a passionate believer and intense critic of the service “which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”

Earlier in the day, Musk asked his more than 80 million followers if they wish to have an edit button on their tweets.

“Do you want an edit button?” Musk posted a poll.

Agrawal replied: “The consequences of this poll will be important. Please vote carefully”.

Twitter users have long been demanding an edit button in order to tweets that went live with errors.

The buzz over an edit button on Twitter resurfaced on April 1 when the micro-blogging platform said it was working on an edit button.

Twitter shares closed up 27 per cent on Monday after Musk took 9.2 per cent stake in the social media company.

ALSO READ: Elon Musk is now Elona Musk on twitter

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-Top News USA

Elon Musk is now Elona Musk on twitter

Earlier, Musk had challenged the Russian president to a “single combat” fight over his invasion of Ukraine…reports Asian Lite News

Tesla CEO Elon Musk has changed his name on Twitter to “Elona Musk after his challenge to fight Russian president Vladimir Putin grabbed the attention of Ramzan Kadyrov, the leader of the Chechen Republic.

In a statement on Telegram, which was shared by the Tesla and Space X chief executive, the Chechen leader cautioned him against seeking out a challenge with the Russian president, reports The Independent.

“Elon Musk, a word of advice: Don’t measure strength against that of Putin’s,” wrote Kadyrov.

“Vladimir Vladimirovich (Putin’s middle name) will look unsportsmanlike when he beats the hell out of you, a much weaker opponent. Therefore you will need to pump up those muscles in order to change from the gentle (effeminate) Elona into the brutal Elon you need to be. I propose training at one of several centres in the Chechen Republic,” Kadyrov added.



He then offered Musk training in three Chechan institutes: The Russian Special Forces University, the Akhmat Fight Club and the Grozny Chechen State Television and Radio Broadcasting Company.

“You will return from the Chechen Republic a completely different person Elona, that is, Elon,” he said.

“Thank you for the offer, but such excellent training would give me too much of an advantage,” Musk, in response, wrote on Twitter.

“If he is afraid to fight, I will agree to use only my left hand and I am not even left-handed,” Musk added and signed off the message as “Elona”.

On Monday, Musk had challenged the Russian president to a “single combat” fight over his invasion of Ukraine.

He had tagged the official Kremlin Twitter account in one of the posts, asking in Russian whether it would “agree to this fight”. He is yet to receive any official response from the Russian government.

Musk has condemned Russia’s invasion of Ukraine, both on his Twitter feed and through his companies. He has also mocked Russian officials on social media, as well as providing Starlink space internet equipment to Ukraine.

ALSO READ: Musk challenges Putin to single combat

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-Top News World News

Musk challenges Putin to single combat

“Do you accept this fight?” Musk added in Russian, directly addressing the official English-language Twitter account of the 69-year-old president….reports Asian Lite News

Amid the Russian offensive in Ukraine, tech billionaire Elon Musk challenged Vladimir Putin to single combat. “I hereby challenge Vladimir Putin to single combat. Stakes are Ukraine,” Elon Musk said in a tweet.

“Do you accept this fight?” he added in Russian, directly addressing the official English-language Twitter account of the 69-year-old president.

Twitter user came up with a chart measuring Musk and Putin’s heights against each other. The Twitter user wrote, “The fight would be over in 10 seconds. It would just depend on how much damage Elon would want to do and how fast. Nothing else. Elon is also 19 years younger.” Musk tweeted back: “Pretty much.”

Another user asked, “Did you think this through? Or am I missing something?”

Musk answered: “I am absolutely serious.”

Vice president of Ukraine Mykhailo Fedorov also joined in and said that there is always the option to send Putin to Jupiter. “We can send him to Jupiter, just in case,” he wrote, sharing a link where people can donate to support Ukraine’s fight against Russia.

Recently, Ukrainian President Volodymyr Zelenskyy has invited Tesla Founder and CEO Elon Musk to visit his country after the war. A video of the meeting was posted on Zelenskyy’s Instagram. The Russia-Ukraine war began when Russia invaded Ukraine on February 24 in what it calls a special military operation.

ALSO READ: India’s tea export likely to hit due to Ukraine crisis

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-Top News USA

Musk alleges harassment, Pins blame on US SEC

Musk and Tesla wrote to the Southern District of New York court accusing the SEC of conducting a “harassment campaign.”…reports Asian Lite News

Tesla and SpaceX CEO Elon Musk has slammed the US Securities and Exchange Commission (SEC), saying the agency is targeting him and stifling his free speech.

Musk’s attorneys made the allegations in a letter to Judge Alison Nathan, who oversaw the 2018 settlement with the SEC over a controversial tweet by Musk that said he had funding secured to take Tesla private, reports The Verge.

“Worst of all, the SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government,” read the letter.

“The SEC’s outsized efforts seem calculated to chill his exercise of First Amendment rights rather than to enforce generally applicable laws in evenhanded fashion.”

Musk and Tesla wrote to the Southern District of New York court accusing the SEC of conducting a “harassment campaign.”

The regulator allegedly broke a promise to pay Tesla shareholders $40 million as part of its 2018 settlement with Musk over his controversial tweet.

Musk was charged with making false and misleading statements, ordered to pay a $20 million fine and required to step down as Tesla chairman for three years.

Tesla CEO Elon Musk. (File photo: IANS)

According to the SEC’s complaint against him, Musk tweeted on August 7, 2018 that he could take Tesla private at $420 per share — a substantial premium to its trading price at the time — that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote.

The SEC’s complaint alleged that, in truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies.

Musk’s misleading tweets caused Tesla’s stock price to jump by over six per cent on August 7, 2018 and led to significant market disruption.

ALSO READ: Biden treats Americans ‘like fools’: Musk

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Business USA

Biden finally mentions ‘Tesla’

Biden’s mentioning of Tesla was at an event announcing the creation of an electric vehicle charging station factory in Tennessee….reports Asian Lite News

Days after Elon Musk, head of leading electric carmaker Tesla, complained about the lack of attention his company is getting from US administration, President Joe Biden for the first time mentioned Tesla when talking about electric vehicles in Tennessee.

“For reasons unknown, @potus is unable to say the word ‘Tesla,'” he wrote, tagging the official account of the President of the United States, the latest of several tweets targeting Biden.

Biden’s mentioning of Tesla was at an event announcing the creation of an electric vehicle charging station factory in Tennessee.

Referring to the companies that had invested in factories in recent months in the United States, he first mentioned “iconic companies,” like GM and Ford and their new electric vehicle production, but then cited “Tesla, our nation’s largest electric vehicle manufacturer.”

Musk replied to a tweet noting the comment with a smiling sunglasses emoji, media reported.

U.S. President Joe Biden walks out from the White House in Washington, D.C., the United States, on Jan. 11, 2022. (Photo by Ting Shen_Xinhua_IANS)

Meanwhile, Biden has said assured the people that US will beat China in making electric vehicles (EVs) as the country grows its battery production and works on bringing home manufacturing that was offshored since the 1990s.

Sputnik News Agency reported that Biden was speaking after Australian electric vehicle charging company Tritium unveiled plans to manufacture in Tennessee.

He said the plant will “help ensure that America leads the world in electric vehicles.”

“China has been leading the race up to now, but this is about to change because of America’s convenient, reliable and equitable national public charging networks. So wherever you live, charging your electric vehicle will be quick and easy, and this foundation will help American automakers set the pace to lead,” the US President said, according to Sputnik.

The Biden administration is working to add 500,000 charging stations for EVs across the United States under a USD 15 billion plan.

The president said manufacturing was booming again after the 1990s drive to offshore US factories to China that left services to dominate the economy, according to Sputnik.

“We’re seeing the beginning of American manufacturing come back,” he said, adding that “this is not hyperbole. This is real. This is genuine. The world is at an inflexion point. Things are going to change in big ways. This is one of those transition moments.”

Recently, China is witnessing a slump in its car sales even as demand for semiconductors and prices of raw materials have been increasing, straining the country’s economic recovery and weighing on global trade. (with inputs from ANI)

ALSO READ: US worried over China’s illegal trade of Fentanyl drug
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-Top News Business USA

India turns down Tesla’s call for tax breaks

Prime Minister Narendra Modi’s administration has encouraged Tesla to produce locally, while Musk wants India to lower taxes — as high as 100 per cent on imported EVs — to enable the company to first sell vehicles built elsewhere at competitive prices, reports Asian Lite News

The Indian government has turned down a demand of tech billionaire Elon Musk’s electric vehicle (EV) company Tesla for tax breaks to import electric cars, saying rules already allow bringing in partially-built vehicles and assembling them locally at a lower levy, Bloomberg reported on Friday.

“We looked at whether the duties need to be re-jigged, but some domestic production is happening and some investments have come in with the current tariff structure,” Vivek Johri, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), was quoted as saying in an interview with Bloomberg.

“So, it is clear that this is not a hindrance,” Johri added.

Prime Minister Narendra Modi’s administration has encouraged Tesla to produce locally, while Musk wants India to lower taxes — as high as 100 per cent on imported EVs — to enable the company to first sell vehicles built elsewhere at competitive prices.

However, it levies import duties of between 15 and 30 per cent on parts shipped for assembly in the nation.

Indian Prime Minister Narendra Modi during tour to Tesla Motors with the CEO Elon Musk in San Jose.

Recently, a report said that Musk, who has been trying to launch Tesla in India for the past couple of years, is still haunted by the “key challenges” at the government’s end that have grounded his electric cars from running on domestic roads.

Despite the government luring him with various schemes and promises and repeated “come and manufacture/assemble your cars here” calls from the top ministers, Musk is “still working through a lot of challenges with the government,” the report had said.

According to industry experts, the main challenge for Tesla to enter the Indian market is import duty.

With a $39,990 global price tag, Tesla Model 3 may remain as an affordable model in the US but with import duties, it would become unaffordable in the Indian market with an expected price tag of around Rs 60 lakh, as per the report.

ALSO READ: Tesla postpones plan for $25,000 electric car