Category: fox-business/business-leaders/elon-musk

Musk says shareholders are backing his $56 billion pay package

Tesla CEO Elon Musk said shareholders are voting to approve his $56 billion pay package and move the electric vehicle company to reincorporate in Texas from Delaware. “Both Tesla shareholder resolutions are currently passing by wide margins! Thanks for your support!!,” Musk posted on X late Thursday, sharing graphics that showed both votes had met the threshold to pass. Tesla shares moved up 6.6% in…

Elon Musk waves off Hunter Biden verdict, says more serious crime is ‘taking bribes’

Billionaire entrepreneur Elon Musk weighed in on the guilty verdict handed down Tuesday to Hunter Biden, son of President Biden, following his trial on federal gun charges. Musk responded to a post on X, formerly Twitter, by Rep. Thomas Massie, R-Ky., that Hunter Biden shouldn’t be put in jail for lying about his drug use on a federal form that is required to be completed…

Elon Musk blasts Apple’s approach to AI, threatens to ban devices if OpenAI integrated into operating system

Elon Musk on Monday threatened to ban Apple devices at his respective companies if the tech giant integrated OpenAI at the operating system level.  Writing on X, the Tesla CEO called the prospect an “unacceptable security violation.”  Should he follow through with the ban, Musk said visitors would have to check their Apple devices “at the door, where they will be stored in a Faraday…

Australia drops legal challenge against X over Sydney church stabbing video removal

Australia’s cyber safety regulator on Wednesday decided to drop a legal challenge against Elon Musk-owned X over the removal of videos of the stabbing of an Assyrian church bishop in Sydney, after a setback last month in federal court. Judge Geoffrey Kennett in May rejected a bid by the eSafety commissioner to extend a temporary order for the social media platform to block videos of…

Elon Musk accused of $7.5 billion insider trading in lawsuit from Tesla shareholder

Tesla CEO Elon Musk was accused of insider trading in a lawsuit filed Thursday by a Tesla shareholder in Delaware Chancery Court. Shareholder Michael Perry claims in the filing that Musk sold over $7.5 billion of shares of his electric car company in late 2022 before potentially disappointing production and delivery numbers were made public.  Perry said Tesla’s stock took a nose dive after the…

Trump weighs White House advisory role for Elon Musk: report

Former President Trump is considering offering billionaire Elon Musk an advisory role in the White House if Trump reclaims the presidency in this fall’s election, according to a report. The Wall Street Journal reported, citing people familiar with the talks, that Trump and Musk have discussed a role that would give the Tesla CEO a formal opportunity to provide input and have influence over border…

Elon Musk’s xAI gets $6B in new funding and announces valuation

Billionaire Elon Musk’s artificial intelligence (AI) startup xAI announced Sunday that the company raised $6 billion in Series B funding that lifts the company’s valuation to $24 billion after the investment. Among the investors in xAI’s $6 billion Series B round were Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, according to…

Elon Musk expects AI will replace all human jobs, lead to ‘universal high income’

Billionaire entrepreneur Elon Musk reiterated his stance this week that artificial intelligence will eventually eliminate the need for humans to work, giving his vision for how the future will look as the technology continues to rapidly advance. During his remote appearance at the Viva Technology conference in Paris on Thursday, Musk was asked whether he was concerned about losing his job to AI, and what…

Carnival cruises feature SpaceX Starlink internet on entire fleet

The world’s largest cruise company, Carnival Corporation, announced Tuesday that all of its ships are now set up for internet service via SpaceX’s Starlink. Carnival said in a press release that the completed installation of the satellite technology “enhances” the experience of guests and crew alike on its global fleet of 90-plus ships that visit more than 800 ports worldwide, offering “even faster service, greater…

Huge solar storm impacting Starlink satellites, ‘degraded service’ reported: Musk

Elon Musk has said that the powerful geomagnetic storm hitting Earth right now is putting Starlink satellites under tremendous strain. Conditions reached level 5 on the 5-point scale of geomagnetic activity on Friday evening, according to the Space Weather Prediction Center (SWPC) which says its satellites observed an “extreme” event — the first such storm to reach that level since October 2003.  “Major geomagnetic solar storm happening…

Elon Musk sues Indian battery company Tesla Power for trademark infringement

Tesla, Inc., owned by CEO Elon Musk, has filed a lawsuit in India against an Indian battery company called Tesla Power over alleged trademark infringement.  Musk’s Tesla, Inc. sent a cease-and-desist letter to the Gurgaon-based Tesla Power India, which also has a global office in Delaware as Tesla Power USA, two years ago, but said that the company continues to use its name in a hearing at…

Tesla slashes price for Full Self-Driving software

Electric vehicle-maker Tesla announced Saturday that it cut the price of its Full Self-Driving (FSD) driver assistant software by one-third as the company reaffirmed its commitment to self-driving technology. The change slashes the price for FSD software to $8,000 from $12,000 for U.S. customers. Tesla CEO Elon Musk believes the technology will eventually become a major source of revenue for Tesla, the world’s most valuable…

Tesla announces price cut for certain models

Elon Musk’s Tesla slashed the U.S. prices of its Model Y, Model X and Model S vehicles by $2,000 each on Friday after first-quarter deliveries came up short of expectations. The valuable electric-vehicle maker lowered the prices for its Model Y base variant to $42,990, while the long-range and performance variants now cost $47,990 and $51,490, respectively, the Tesla website now shows. “Affordabiity is key…

X platform’s brand safety score for advertisers hurt by error

Social media platform X, formerly Twitter, is looking to set the record straight after its brand safety score on a key platform used by major media advertisers displayed an inaccurate rating for four and a half months. X’s brand safety score on DoubleVerify, one of the leading sources for media holding companies to check the safety and suitability of a given platform for advertising campaigns,…

Elon Musk hosts Argentine President Javier Milei at Tesla headquarters

Tesla CEO Elon Musk hosted Argentine President Javier Milei at the electric vehicle giant’s headquarters in Austin, Texas, on Friday, where the pair reportedly agreed to work together to promote free markets and discussed potential lithium projects. The Wall Street Journal reported this was the first face-to-face meeting between the pair, who have praised each other on Musk’s social media platform, X, for months. The…

Elon Musk boosting pay of AI engineers to prevent poaching from OpenAI

Tesla CEO Elon Musk said the electric vehicle giant is giving its artificial intelligence engineers a raise as the automaker tries to fend off poaching efforts by ChatGPT creator OpenAI. The tech billionaire made the revelation in a series of X posts Wednesday, confirming a report from The Information that Tesla machine-learning scientist Ethan Knight left for Musk’s AI startup, xAI. “Ethan was going to…

Elon Musk backs Nelson Peltz in Disney proxy fight: ‘His track record is excellent’

Elon Musk on Wednesday advocated for Nelson Peltz in the activist investor’s proxy fight with Disney, saying he “should definitely” get a seat on the entertainment giant’s board. “He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies,” Musk said on X. “This would significantly improve Disney’s…

Tesla deliveries expected to slump on China competition, weak demand

Electric vehicle maker Tesla is expected to release first-quarter delivery figures next week that show a sales slowdown amid increasing competition in the EV market and a waning boost from price cuts. The world’s most valuable automaker has seen years of rapid sales growth but is bracing for a slowdown in 2024. Tesla is projected to deliver 458,500 vehicles in the quarter ending March 31,…

Truth Social on verge of stock market approval, potentially netting Trump billions

Former President Trump will find out Friday if his social media platform Truth Social will be green-lighted to be traded on the Nasdaq stock market. A vote will take place on whether Trump’s media company, Trump Media & Technology Group, which operates his Truth Social site, can merge with Digital World Acquisition Corp, a publicly traded shell company. If the deal is approved, Trump Media &…

First Neuralink patient plays chess with brain chip implant in new video

Elon Musk’s cybernetic implant company, Neuralink, livestreamed video Wednesday of its first brain chip patient using his mind to play chess on a computer. Noland Arbaugh, a 29-year-old paralyzed below the shoulders after a diving accident, demonstrated how he could control the cursor on his laptop with nothing other than his thoughts.  He used Neuralink’s wireless brain-computer interface (BCI) to play computer chess and discussed…