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Tag: Elon Musk

  • Why Tesla was once kicked out of the S&P 500’s ESG index

    An aerial view of the Tesla Fremont Manufacturing unit on Might 13, 2020 in Fremont, California.

    Justin Sullivan | Getty Pictures

    The S&P 500 booted electrical car maker Tesla from its ESG Index in an annual rebalancing. In the meantime Apple, Microsoft, Amazon or even oil and fuel multi-national Exxon Mobil have been integrated at the record.

    The S&P 500 ESG Index makes use of environmental, social and governance knowledge to rank and successfully counsel corporations to traders. Its standards come with masses of information issues in keeping with corporate that pertain to the best way companies have an effect on the planet and deal with stakeholders past shareholders — together with shoppers, staff, distributors, companions and neighbors.

    Adjustments to the index took impact on Might 2, and a spokesperson for the index defined why they have been made in a weblog submit printed Wednesday.

    It mentioned that Tesla’s “loss of a low-carbon technique” and “codes of commercial habits,” at the side of racism and deficient operating prerequisites reported at Tesla’s manufacturing unit in Fremont, California, affected the rating. Tesla’s dealing with of an investigation by way of the Nationwide Freeway Transportation Protection Management additionally weighed on its rating.

    Whilst Tesla’s mentioned project is to boost up the arena’s transition to sustainable power, in February this 12 months it settled with the Environmental Coverage Company after years of Blank Air Act violations and neglecting to trace its personal emissions. Tesla ranked twenty second on remaining 12 months’s Poisonous 100 Air Polluters Index, compiled every year by way of U-Mass Amherst Political Financial system Analysis Institute — worse than Exxon Mobil, which got here in twenty sixth. (The index makes use of knowledge from 2019, probably the most lately to be had.)

    In Tesla’s first-quarter submitting the corporate additionally disclosed it’s being investigated for its dealing with of waste within the state of California, and that it needed to pay a high-quality in Germany for screw ups to satisfy “take again” duties within the nation for spent batteries.

    In the meantime, California’s Division of Truthful Employment and Housing sued Tesla over anti-Black harassment and discrimination in its Fremont automobile plant The company says it discovered proof that Tesla automatically saved Black employees in low-level roles on the corporate, gave them extra bodily difficult and threatening assignments, and retaliated towards them once they complained about racist slurs.

    Ultimate 12 months, the Nationwide Hard work Members of the family Board mentioned Tesla had engaged in unfair hard work practices, as neatly.

    “Whilst Tesla could also be enjoying its section in taking fuel-powered vehicles off the street, it has fallen in the back of its friends when tested thru a much broader ESG lens,” the S&P spokesperson wrote.

    Tesla CEO Elon Musk griped concerning the index on Wednesday morning on Twitter, the place he boasts greater than 90 million fans, pronouncing S&P International Rankings has “misplaced their integrity.”

    In an previous tweet on Musk wrote: “I’m an increasing number of satisfied that company ESG is the Satan Incarnate.”

    In an organization have an effect on document that adopted, Tesla wrote:

    “Present environmental, social and governance (ESG) reporting does now not measure the scope of certain have an effect on at the global. As an alternative, it makes a speciality of measuring the greenback price of chance / go back. Particular person traders – who entrust their cash to ESG price range of huge funding establishments – are most likely unaware that their cash can be utilized to shop for stocks of businesses that make local weather alternate worse, now not higher.”

    In that document, Tesla contended that different automakers may just reach upper ESG rankings although they slightly scale back their greenhouse fuel emissions and proceed production inside combustion engine automobiles.

    Tesla stocks have been buying and selling down greater than 5% mid-day Wednesday amid a vast marketplace selloff. The corporate’s inventory is down greater than 30% this 12 months.

  • Musk met Twitter professionals for three days sooner than creating a bid, unclear in the event that they mentioned bots

    Elon Musk has stated he would possibly not transfer ahead along with his $44 billion Twitter acquisition till he has extra information about pretend accounts at the platform, however he met with the corporate’s most sensible brass for 3 days to talk about its industry sooner than he publicly introduced his bid, in line with a brand new securities submitting.

    The submitting with the Securities and Trade Fee does not specify what was once mentioned or if Musk introduced up his issues in regards to the bots throughout the conferences.

    In overdue March and early April, Musk held discussions with Twitter co-founder and previous CEO Jack Dorsey, present CEO Parag Agrawal, Twitter board chair Bret Taylor and board member Egon Durban, amongst different corporate executives.

    The conferences happened after Musk invested in Twitter and sooner than the announcement on April 14 that he was once making a proper bid for the corporate. Twitter’s board ultimately agreed to promote to Musk for $44 billion overdue final month, however the way forward for the deal is unsure because the Tesla CEO has stated the purchase won’t transfer forward till he has a clearer sense of the choice of pretend accounts at the platform.

    Traders had been dumping Twitter stocks on issues that Musk goes to desert the deal to buy Twitter for the agreed-upon value of $54.20 a proportion. Twitter’s inventory has given up all its good points for the reason that billionaire first disclosed his 9% stake within the corporate final month. Stocks rose over 2% on Tuesday to $38.54, beneath the $39.31 remaining value on April 1, the final buying and selling consultation sooner than Musk printed his minority possession.

    On Tuesday, Musk doubled down on his conviction that the Twitter deal “can’t transfer ahead” till the corporate can end up that bots make up fewer than 5% of customers at the platform. Bots are automatic accounts that may be helpful or nefarious. Neither Musk nor Twitter have stated precisely how they outline bots or pretend accounts.

    “My be offering was once in response to Twitter’s SEC filings being correct,” Musk tweeted early Tuesday morning. “The previous day, Twitter’s CEO publicly refused to turn evidence of <5%. This deal can’t transfer ahead till he does.”

    Since its IPO in 2013, the corporate has estimated in monetary filings that faux accounts or unsolicited mail accounts made up fewer than 5% of per month customers. In its annual file for 2018, Twitter added that the quantity additionally applies to its monetizable day by day energetic customers (mDAUs).

    The corporate, which had 229 million mDAUs as of final quarter, says “the true choice of false or unsolicited mail accounts may well be upper than we have now estimated.”

    In a chain of tweets on Monday, Agrawal broke down how Twitter determines what proportion of accounts at the platform are pretend. He stated Twitter cannot publicly expose particular main points of the method for the reason that corporate is predicated partly on personal consumer data.

    Musk spoke back to one in all Agrawal’s tweets with a smiling poop emoji, then stated in a separate tweet: “So how do advertisers know what they are getting for his or her cash? That is basic to the monetary well being of Twitter.”

    Musk additional elaborated on his ideas about Twitter’s unsolicited mail drawback on Tuesday at a summit hosted through Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg for his or her “All-In” podcast.

    “It kind of feels past cheap for Twitter to assert that the choice of actual, distinctive people that you just see making feedback every day on Twitter is above 95%,” Musk remarked. “That’s what they are claiming. Does somebody have that have? I imply, in reality?”

    However, the Tesla CEO hasn’t equipped any proof that Twitter’s calculations are unreliable. Chris Kelly, Fb’s former leader privateness officer and common recommend, advised CNBC in an interview on Tuesday that Twitter’s bot estimates are “lovely smartly vetted.”

    On Tuesday, Musk stated he estimated that round 20% of the accounts on Twitter are pretend or unsolicited mail, and he stated he is involved that the quantity may well be even upper.

    “Clearly, there may well be and there must be demanding situations from out of doors occasionally, however Elon does not appear to have any proof,” Kelly stated, “[but] Parag and the Twitter crew have offered a large number of proof about how they do that. Barring him arising with actual proof right here, his assertions are simply assertions.”

    Twitter has in the past confronted grievance over the accuracy of its consumer metrics. Ultimate September, the social media corporate stated it agreed to pay $809.5 million to settle a class-action lawsuit introduced in 2016 through shareholders who argued it artificially inflated its inventory value through deceptive them about consumer engagement.

    Musk has his personal concepts on the way to quantify the choice of pretend, unsolicited mail and replica accounts on Twitter. Ultimate week, Musk stated in a tweet he would assessment “a random pattern of 100 fans of @twitter.”

    He added later: “Forget about first 1000 fans, then pick out each and every tenth. I am open to higher concepts.”

    Professionals in social media, disinformation and statistical research advised CNBC that this manner would possibly not paintings and must now not function “due diligence” for creating a $44 billion acquisition.

    — CNBC’s Lora Kolodny contributed to this tale.

    WATCH: Elon Musk does not appear to have proof for his bot claims, says former Fb leader privateness officer

  • Twitter loses 3 extra senior staff forward of Musk deal

    The respectable profile of Elon Musk at the social community Twitter.

    Rafael Henrique | Lightrocket | Getty Pictures

    3 extra senior staff are leaving Twitter forward of Elon Musk’s expected buyout, CNBC showed Tuesday.

    Ilya Brown, vp of product control; Katrina Lane, vp of Twitter Carrier; and Max Schmeiser, head of knowledge science are all departing from the corporate.

    The departures come after head of client Kayvon Beykpour and income product lead Bruce Falck mentioned they have been leaving the corporate. In a chain of tweets, Beykpour mentioned it was once no longer his choice to depart Twitter. The social media corporate additionally mentioned it was once pausing maximum hiring and pull again non-labor prices.

    A Twitter spokesperson mentioned the 3 are leaving the corporate for brand spanking new alternatives. Bloomberg first reported the exits.

    Twitter accredited Musk’s be offering to shop for the corporate for $54.20 according to proportion on April 25. Musk instructed banks in elevating cash for the deal he would narrow government and board pay and push the corporate to decrease different prices, Reuters prior to now reported.

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  • Elon Musk blasts Joe Biden, says he has did not get a lot finished

    Elon Musk arrives for the 2022 Met Gala on the Metropolitan Museum of Artwork on Might 2, 2022, in New York.

    Angela Weiss | AFP | Getty Pictures

    Tesla CEO Elon Musk blasted Joe Biden all the way through an interview this week, announcing the president is any person who simply reads a teleprompter and that his management has did not get a lot finished.

    “It is arduous to inform what Biden is doing to be completely frank,” Musk mentioned on a podcast recorded Monday night time all the way through the All-In Summit with Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg.

    “The actual president is whoever controls the teleprompter. The trail to energy is the trail to the teleprompter. I do really feel like if any person have been to unintentionally lean at the teleprompter, it’ll be like Anchorman,” Musk added, relating to the 2004 movie a couple of information anchor who will learn the rest written at the teleprompter despite the fact that it ruins his profession.

    Musk, who says he has overwhelmingly voted for Democrats, has again and again criticized the president. He has appeared to be aggravated by means of the truth that Biden has hosted a number of electrical car makers on the White Space, however has excluded Tesla. In an e-mail to CNBC in February, Musk accused Biden of ignoring Tesla in prefer of legacy automakers. At one level Musk, in a tweet, referred to as Biden a “damp sock puppet in human shape.”

    CNBC reported in March that Biden and his workforce have been irritated with Musk’s complaint.

    “This management, it does not appear to get so much finished,” Musk added. “The Trump management, leaving Trump apart, there have been a large number of folks within the management who have been efficient at getting issues finished. This management turns out not to have the power to simply get s*** finished. That is my influence.”

    Fellow billionaire, Amazon’s Jeff Bezos, has additionally criticized Biden and his management in fresh days, in particular on the way it has attempted to care for inflation.

    A White Space spokesperson used to be now not instantly to be had for touch upon Musk’s remarks.

  • New submitting finds the whole tale at the back of Musk’s bid to shop for Twitter

    The legit profile of Elon Musk at the social community Twitter.

    Rafael Henrique | Lightrocket | Getty Photographs

    A brand new submitting with the Securities and Change Fee sheds gentle at the Twitter board’s early conversations with billionaire Elon Musk as he made up our minds to enroll in the board, and later, abandon that plan and take a look at to take over the corporate.

    The board in the end agreed to promote to Musk for $44 billion, even though the Tesla CEO has stated the deal is on dangle as he research the collection of unsolicited mail and bot accounts at the platform.

    Tuesday’s submitting finds a timeline of conversations from Twitter’s point of view within the lead-up to the deal, starting on March 26, when Musk reached out to former CEO Jack Dorsey “to speak about the long run path of social media.” That very same day, Musk additionally reached out to Twitter board member Egon Durban and the 2 mentioned the opportunity of Musk becoming a member of the board.

    The next day to come, Musk spoke with Twitter board Chair Bret Taylor and CEO Parag Agrawal about his pastime in Twitter, announcing he was once making an allowance for becoming a member of the board, seeking to take Twitter non-public or beginning a competitor.

    After conferences between board individuals with Musk that integrated legal professionals and bankers, they reached an settlement on Musk becoming a member of the board in early April, contingent on a background test and different normal procedures.

    On April 4, Musk reached out to Dorsey about his point of view on Twitter. Dorsey instructed Musk he in my opinion believes Twitter could be higher provided to concentrate on execution as a personal corporate, in line with the submitting. Musk requested if Dorsey would keep at the board despite the fact that he had already been set to depart, and Dorsey declined.

    Quickly after that dialog, the board finished Musk’s background test and his appointment to the board was once set to enter impact on April 9. Main as much as that date, Musk and Agrawal endured discussing Twitter’s industry and merchandise in anticipation of his new position at the board. However ahead of the appointment got here into impact, Musk instructed Taylor and Agrawal he would not be becoming a member of the board and would as an alternative make an be offering to take Twitter non-public.

    That activate a frenzied few weeks the place Musk made what he referred to as his “perfect and ultimate” be offering to shop for Twitter at $54.20 in line with proportion. The board later followed a so-called poison tablet or shareholder rights plan to forestall Musk from shifting ahead with a opposed takeover. However he then floated the theory of a young be offering, interesting to shareholders immediately in a takeover, which once more gave the impression to affect the calculus of the Twitter board’s choice on whether or not the settle for Musk’s preliminary be offering.

    Within the deliberations over the bid, the submitting finds, Twitter’s board thought to be its historic demanding situations in rising the industry and in addition decided it was once “not likely” different doable acquirers would have an interest or ready to shop for Twitter according to regulatory, monetary and execution dangers. In addition they thought to be that Musk may just get started an unsolicited takeover and that Musk’s first be offering was once most likely “the most productive price that Twitter may just somewhat download” from him.

    In the long run, the board agreed to the deal. Later, on Might 5, Musk publicly published he was once talking with current stockholders, together with Dorsey, about holding fairness within the newly merged corporate. In line with the submitting, Dorsey instructed the corporate about those conversations and that he may just finally end up keeping fairness within the ensuing company.

    Since Musk made the be offering, Twitter’s inventory has fallen together with the wider marketplace, elevating questions for buyers about whether or not the deal can nonetheless make it around the end line. Musk hinted at an match that he may just search to renegotiate the associated fee.

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    WATCH: Twitter offers up all features since Musk introduced 9% stake — Is the takeover deal at risk?

  • Elon Musk says Twitter deal ‘can’t transfer ahead’ till he has readability on bot numbers

    Musk’s plan to shop for Twitter has fearful policymakers world wide.

    Joe Skipper | Reuters

    Elon Musk has stated his $44 billion acquire of Twitter won’t transfer forward till he has extra readability on what number of accounts are faux.

    Twitter estimated in a submitting previous this month that fewer than 5% of its monetizable day-to-day energetic customers throughout the primary quarter have been bots or unsolicited mail accounts.

    However Musk estimates that round 20% of the accounts on Twitter are faux or unsolicited mail accounts and he is involved that the quantity might be even upper.

    “My be offering used to be in line with Twitter’s SEC filings being correct,” Musk tweeted early Tuesday morning. “The previous day, Twitter’s CEO publicly refused to turn evidence of <5%. This deal can’t transfer ahead till he does.”

    Twitter’s stocks slipped 2.22% in pre-market buying and selling on Tuesday. A spokesperson for Twitter didn’t straight away reply to a CNBC request for remark.

    Musk has stated his group are engaging in their very own research at the selection of faux accounts at the platform, however professionals in social media, disinformation and statistical research say his steered strategy to additional research is woefully poor.

    “To determine, my group will do a random pattern of 100 fans of @twitter,” Musk tweeted on Friday. “I invite others to copy the similar procedure and spot what they uncover.”

    He clarified his method in next tweets, including: “Pick out any account with a large number of fans,” and “Forget about first 1000 fans, then select each tenth. I am open to higher concepts.”

    Musk additionally stated, with out offering proof, that he picked 100 because the pattern dimension quantity for his learn about as a result of that is the quantity Twitter makes use of to calculate the numbers of their profits studies.

    “Any smart random sampling procedure is ok. If many of us independently get an identical effects for % of faux/unsolicited mail/reproduction accounts, that will likely be telling. I picked 100 because the pattern dimension quantity, as a result of that’s what Twitter makes use of to calculate <5% faux/unsolicited mail/reproduction.”

    Carl T. Bergstrom, a College of Washington professor who co-wrote a guide to lend a hand folks perceive knowledge and steer clear of being taken in via false claims on-line, informed CNBC that sampling 100 fans of any unmarried Twitter account will have to now not function “due diligence” for creating a $44 billion acquisition.

    He stated {that a} pattern dimension of 100 is some distance smaller that the norm for social media researchers learning an identical problems and may just lead to variety bias.

    Fb co-founder Dustin Moskovitz weighed-in at the factor by the use of his personal Twitter account, stating that Musk’s way isn’t if truth be told random, makes use of too small pattern, and leaves room for enormous mistakes.

    — Further reporting via CNBC’s Lora Kolodny.

  • Musk reportedly says Twitter deal at lower cost ‘now not out of the query’

    Tesla Inc CEO Elon Musk attends the International Synthetic Intelligence Convention (WAIC) in Shanghai, China August 29, 2019.

    Aly Music | Reuters

    Elon Musk hinted that he may just search to renegotiate the cost of his Twitter takeover, announcing a deal at a lower cost wasn’t “out of the query,” Bloomberg reported Monday.

    Musk reportedly made the feedback whilst talking at a summit hosted by way of Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg for his or her “All-In” podcast.

    The inventory closed down greater than 8% as traders concern Musk will stroll again on his settlement to procure the social media corporate for $44 billion.

    Twitter stocks have additionally erased all beneficial properties made since Musk disclosed his funding within the corporate on April 4, partially due to a sell-off overdue remaining week. Musk mentioned Friday that the purchase was once “on dangle” whilst he researches the percentage of pretend and unsolicited mail accounts at the platform, which he believes Twitter has misstated.

    Musk on Monday estimated that pretend customers make up a minimum of 20% of all customers, in step with the Bloomberg document. Twitter, in the meantime, has mentioned the accounts made up fewer than 5% of its monetizable day-to-day lively customers previously quarter.

    Learn the overall tale from Bloomberg right here.

  • Elon Musk Responds To Twitter CEO’s Clarification About Junk mail With Poop Emoji

    On Monday, Agrawal tried to provide an explanation for how junk mail impacts the platform in an in depth 15-part tweet thread so as to provide an explanation for how Musk’s plan may not be efficient except issues had been carried out internally.

    Musk it appears idea that remark was once crap. Actually, in response to his mature, measured reaction.

    Musk was once moderately extra articulate in a follow-up tweet.

    To this point, Agrawal hasn’t spoke back immediately to both of Musk’s tweets, however many Twitter customers felt forced to provide their ideas.

  • Twitter CEO explains how the corporate if truth be told fights spambots in rebuttal to Musk

    Twitter CEO Parag Agrawal on Monday laid out how the social media corporate fights pretend and unsolicited mail accounts at the platform.

    The guidelines, posted in a long Twitter thread, comes simply days after Elon Musk stated he would put his $44 billion acquisition of the corporate “on dangle” whilst he researches the share of faux and unsolicited mail accounts at the platform.

    Agrawal stated the staff updates its programs and laws “continuously” to lend a hand take down as a lot unsolicited mail as imaginable, with out by chance postponing actual other folks or including friction to the person revel in.

    Twitter has stated false or unsolicited mail accounts represented fewer than 5% of its monetizable day-to-day lively customers up to now quarter. Agrawal stated that estimate is in line with “a couple of human critiques (in reflect) of hundreds of accounts, which can be sampled at random, constantly through the years, from *accounts we depend as mDAUS.”

    The corporate’s human evaluation procedure is in line with its laws that outline unsolicited mail and platform manipulation, he stated, the usage of each private and non-private knowledge, like IP deal with and geolocation, to make a resolution on every account.

    “There are LOTS of main points which can be crucial beneath this high-level description,” he stated in a tweet. “We shared an outline of the estimation procedure with Elon every week in the past and stay up for proceeding the dialog with him, and all of you.”

    Musk replied to Agrawal’s tweets with a smiling feces emoji. He later added: “So how do advertisers know what they are getting for his or her cash? That is elementary to the monetary well being of Twitter.”

    After pronouncing his intent to procure the corporate ultimate month, Musk stated one among his primary priorities could be to take away unsolicited mail bots from the platform.

    However the Tesla CEO in contemporary days has been expressing doubt concerning the deal in public, because of what he perspectives because the selection of pretend customers at the platform mixed with issues about Twitter’s accuracy on the subject of reporting pretend accounts.

    Musk stated he would get started taking random samples to resolve the level of the issue.

    “To determine, my staff will do a random pattern of 100 fans of @twitter. I invite others to copy the similar procedure and spot what they uncover,” Musk wrote. Professionals in social media, disinformation and statistical research advised CNBC over the weekend that Musk’s advised solution to additional research is woefully poor.

    As a part of the deal phrases, Musk is illegitimate from pronouncing destructive issues about Twitter and its workers, despite the fact that it is not transparent what would occur if he violated the clause.

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  • Trump’s loose to make use of Twitter if Musk lifts his ban, however he has to put up on Fact Social first

    Former President Donald Trump speaks to supporters right through a rally on the I-80 Speedway on Might 01, 2022 in Greenwood, Nebraska.

    Scott Olson | Getty Photographs

    Former President Donald Trump will in part prohibit himself on social media, despite the fact that Elon Musk lifts Trump’s ban on Twitter, in step with an SEC submitting from Virtual Global Acquisition Corp.

    Trump is obligated to first put up to Fact Social, a brand new social community he is backing, and cannot put up the similar content material on every other social media website online for 6 hours. After that, he can put up to “any website online to which he has get entry to,” in step with the submitting.

    The six-hour coverage would most commonly have an effect on Trump’s Twitter use if he is allowed again at the platform below possible proprietor Musk.

    Trump continues to be loose to put up from a non-public account about political messaging, political fundraising or get-out-the-vote efforts on any platform at any time, the submitting added, which might give him leeway in case he runs for administrative center in 2024.

    Virtual Global Acquisition has a deal to take Trump Media & Generation Crew, which owns Fact Social, public.

    Twitter completely suspended Trump from the platform in January 2021 following the assault through his supporters at the U.S. Capitol. The corporate stated it made the verdict after the Jan. 6 revolt “because of the danger of additional incitement of violence.” Trump was once an avid tweeter and on the time had greater than 80 million fans at the platform.

    Trump has stated he would not go back to Twitter despite the fact that invited, however CNBC prior to now reported that some folks with regards to him say they be expecting Trump to come back again to the platform anyway.

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