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☆ Elon Musk softens 'go f--- yourself' comment as he tries to woo advertisers back to the platform
▼ + stars: | 2024-06-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

At the Cannes Lions advertising festival in Cannes, France, Musk was asked by WPP CEO Mark Read why he told advertisers threatening to pull ads from the platform late last year to "go f--- yourself." Musk said it was meant as a general point on free speech rather than a comment to the wider advertising industry. "In some cases, there were advertisers who were insisting on censorship," Musk said. "We're going to support free speech rather than agree to be censored for money which I think is the right moral decision," he added. He was joined by Linda Yaccarino, X's CEO and former chairman of global advertising and partnerships for NBC Universal.

Persons: Musk, Elon Musk, Mark Read, Linda Yaccarino Organizations: Cannes Lions, WPP, Cannes, NBC Universal Locations: Cannes, France

☆ Stay long AI and Tech sector through the second half of 2024, says PIMCO's Erin Browne
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStay long AI and Tech sector through the second half of 2024, says PIMCO's Erin BrowneCapital Wealth’s Kevin Simpson and PIMCO’s Erin Browne, join 'Closing Bell' to discuss their five-star playbooks.

Persons: PIMCO's Erin Browne, Kevin Simpson, Erin Browne Organizations: Tech, PIMCO's Erin Browne Capital

☆ SoftBank-backed travel tech firm TravelPerk acquires U.S. rival and bags $135 million for expansion
▼ + stars: | 2024-06-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

To help fund the deal and TravelPerk's broader expansion efforts, the company also raised $135 million in debt financing from private equity firms Blackstone and Blue Owl. Avi Meir, TravelPerk's CEO and co-founder, told CNBC the deal would allow the company to turbocharge its growth in the United States. He expects the deal to double TravelPerk's U.S. revenues and make the country its biggest revenue-generating region by 2026. The Global Business Travel Association estimated that the US corporate travel sector was worth $329 billion in 2023. TravelPerk said its U.S. office footprint would expand to include AmTrav's offices in Boston, Chicago, Los Angeles and Miami.

Persons: Avi Meir, Meir, AmTrav, TravelPerk Organizations: CNBC, Blackstone, American Airlines, Business Travel Association, TravelPerk Locations: Chicago, U.S, United States, Britain, Boston , Chicago, Los Angeles, Miami

☆ This fintech configures expense cards to block misuse — and investors just backed it with millions
▼ + stars: | 2024-06-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

CleverCards, a Dublin-based firm, uses a digital platform linked to configurable expense cards to give companies control over how their employees use their corporate payment cards. CleverCards CEO Kealan Lennon says his platform aims to tackle exactly that. Lennon said that CleverCards' funding round stood out in what has been a brutal market for dealmaking and fundraising in fintech. CleverCards will use the fresh funds to expand its business, scale its products and explore broader opportunities, it said. In addition to the fundraise, CleverCards appointed five new non-executive directors to its board with experience in payments technology.

Persons: Robert Half, Kealan Lennon, Lennon, CleverCards, CleverCard, It's, we've, Patrick Waldron, Donal Daly, Marc Frappier, Garry Lyons, Viktoria Otero del Val Organizations: CNBC, eBay, Accenture, Microsoft, Apple, Stripes Locations: Dublin, France, Adyen, Betfair, fintech

☆ Fintech has hit a bottom after plunge in valuations and squeeze on funding, execs and VCs say
▼ + stars: | 2024-06-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Executives and investors at the Money20/20 event in Amsterdam last week told CNBC that valuations have corrected from unsustainable highs from the industry's heyday in 2020 and 2021. Iana Dimitrova, CEO of embedded finance startup OpenPayd, told CNBC in an interview at the firm's booth that the market has "recalibrated." "Value is now ascribed to businesses that manage to prove there is a solid use case, solid business model," Dimitrova told CNBC. In 2021, global fintech funding reached an all-time peak of $238.9 billion, according to KPMG. Nanu added that the trend mimics the "craziness" fintech saw in terms of frothy valuations in 2020 and 2021.

Persons: Long, Dimitrova, Horacio Villalobos, Revolut, Prajit Nanu, fintech, Nanu, OpenPayd's Dimitrova, OpenPayd, Crypto, Andrea Pirlo, Fintech execs, they're, James Black, IVP, We've, Black, Charles McManus, Chris Ratcliffe Organizations: Bloomberg, Getty, AMSTERDAM, CNBC, RAI, KPMG, Companies, U.S ., ClearBank, Global Summit Locations: Amsterdam, Lisbon, Portugal, fintech, Italian, stablecoins

☆ Wise shares plunge 10% after fintech firm projects slower growth this year
▼ + stars: | 2024-06-13 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

Shares of British money transfer company Wise dropped on Thursday after the company projected weaker annual revenue growth in the current fiscal year. The firm's stock was down 9.8% at 1:30 p.m. London time, after falling as much as nearly 21% earlier in the session. The consumer payments company, which lets customers send or spend their money overseas at cheaper rates, said it was expecting underlying year-over-year income growth of 15-20% for the full-year ending March 2025. That's lower than the 31% underlying income growth to £1.2 billion ($1.53 billion), which Wise reported on Thursday in its results for the fiscal year that ended March 31.

Persons: Wise Locations: London

☆ Revolut moves global HQ to heart of London's financial district as it awaits UK bank license
▼ + stars: | 2024-06-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

A mockup of what Revolut's new global HQ in Canary Wharf will look like. RevolutBritish financial technology firm Revolut announced Thursday that it's planning to move its official headquarters in London to Canary Wharf, the city's major financial district. Revolut will relocate its global headquarters to the YY London building in the center of Canary Wharf. Canary Wharf is London's main financial district, home to many of the world's largest banks, insurers, and other financial institutions. Revolut said that its decision to open a new global headquarters at the heart of the city demonstrates that the firm remains committed to the U.K. market.

Persons: Revolut, Francesca Carlesi, Revolut's, Nikolay Storonsky, Vlad Yatsenko —, — Organizations: Barclays, Citigroup, HSBC, Bank of England, Financial, Authority, Revolut's Locations: Canary, London, Revolut, Canary Wharf, U.K

☆ Mastercard to phase out manual card entry for online payments in Europe by 2030
▼ + stars: | 2024-06-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

LONDON — The experience of paying for products and services online could feel a lot different in the coming years. Starting from 2030, Mastercard will no longer require Europeans to insert their card numbers manually when checking out online — no matter what platform or device they're using. Mastercard will announce Tuesday in a fireside chat with CNBC that, by 2030, all cards it issues on its network in Europe will be tokenized. The firm says it's been working with banks, fintechs, merchants, and other partners to phase out manual card entry for e-commerce by 2030 in Europe, in favor of a one-click button across all online platforms. Cards stored in a merchants' page or electronic wallet via tokenization can be automatically updated wherever they're stored when they're replaced or renewed.

Persons: it's, they're Organizations: Mastercard, CNBC Locations: Europe, fintechs

☆ UK tech bosses urge focus on AI skills and growth in high-stakes election — no matter who wins
▼ + stars: | 2024-06-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Pa Images | Getty ImagesLONDON — British technology executives and entrepreneurs want the next government to focus on promoting skills around the development and use of artificial intelligence and growth-oriented fiscal measures. Upskilling in an AI ageOne thing U.K. tech executives are pushing for is fostering innovation in artificial intelligence and cultivating citizens' grasp on AI-centric skills — across multiple generations. Last month, dozens of business executives, entrepreneurs, and investors signed an open letter stating their support for Labour in the upcoming election. Leon Neal | Getty Images News | Getty ImagesSignatories included several influential names in the world of U.K. tech: Wikipedia founder Jimmy Wales, Founders Forum co-founder Jonathan Goodwin, and Atom Bank CEO Mark Mullen. Tech bosses CNBC spoke with found themselves unable to point to specific policies and plans from either of the main political parties.

Persons: Rishi Sunak, Sir Keir Starmer, Keir Starmer, Zahra, Salesforce, Einstein, Astro, Matthew Houlihan, Rachel Reeves, Angela Rayner, Leon Neal, Jimmy Wales, Jonathan Goodwin, Mark Mullen, Sunak, Liz Truss, Jeremy Hunt, Danny Lawson, Rishi Khosla, Khosla Organizations: Conservatives, Labour Party, LONDON, it's, Labour, CNBC, Innovation, Cisco, coy, Centre, Getty, Founders Forum, Atom Bank, BAE Systems, Tech Locations: Downing, Salesforce's, Europe, Purfleet, United Kingdom, Ukraine, British, Barrow, Furness, England

☆ Microsoft is outsourcing its best AI, tech CEO says — and that's good news for Google
▼ + stars: | 2024-06-10 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Lionel Bonaventure | Afp | Getty ImagesLONDON — Microsoft is handing over the development of all of its best artificial intelligence tools and software to OpenAI, according to one tech CEO — which could be a boon for arch-rival Google. He noted that the so-called transformers that power today's generative AI technologies "all came from Google." Microsoft as an AI 'consultancy'McKinnon added that there's a risk Microsoft's position in AI becomes reduced to that of a "consultancy." Still, Google has a mountain to climb if it's going to achieve commercial success with its own AI investments. Microsoft has effectively become the leader in the push toward foundation AI models given its investment in and partnership with OpenAI.

Persons: Lionel Bonaventure, Todd McKinnon, McKinnon, OpenAI, Bard Organizations: Bard, Google, Getty, Microsoft, CNBC, OpenAI

☆ Payhawk, a $1 billion corporate card startup, plans M&A shopping spree to boost its U.S. footprint
▼ + stars: | 2024-06-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Saravutvanset | Room | Getty ImagesAMSTERDAM, Netherlands — Corporate payments startup Payhawk told CNBC it is planning mergers and acquisitions to grow its footprint in the U.S. and take on big players in the space like SAP and venture-backed firms Brex and Ramp. "We see an opportunity to have much better unit economics in this business," Borisov told CNBC at the Money 20/20 conference in Amsterdam, Netherlands, this week. Payhawk is a corporate spend management platform that issues smart cards for clients' employees to make payments and keep track of their expenses. Consolidation the name of the gamePayhawk recorded huge growth in the first quarter, the company told CNBC. Now, Payhawk wants to grow its U.S. footprint in a big way — and M&A will be a key to unlocking that growth, according to Borisov.

Persons: Hristo Borisov, Borisov, Payhawk, we're Organizations: Getty Images, CNBC, American Express Locations: Getty Images AMSTERDAM, Netherlands, U.S, Amsterdam

☆ Salesforce to open new AI center in London as part of $4 billion UK investment
▼ + stars: | 2024-06-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Gary Hershorn | Getty ImagesLONDON — Enterprise tech giant Salesforce is opening an artificial intelligence center in London, making a bullish bet on the U.K. as a global technology hub. Salesforce said it expects the AI center to play a role in creating 500,000 AI-related jobs in the U.K. $4 billion investment in UKThe AI center forms part of a $4 billion investment in the U.K., which Salesforce committed to make over five years in 2023. In addition to announcing the opening of its AI center, Salesforce also revealed that it had invested more than $200 million into U.K. startups via its venture capital arm, Salesforce Ventures. Salesforce reported revenue of $9.13 billion for the period, up 11% from a year ago but below analyst expectations of $9.17 billion.

Persons: Gary Hershorn, Salesforce, Zahra Bahrololoumi, Aston Martin, McLaren, John Lewis, Salesforce's, Salesforce's Bahrololoumi Organizations: Getty, Enterprise, Salesforce Ventures, Labs Locations: New York City, London, U.S, Ireland

☆ Cisco-owned ThousandEyes launches AI to predict and fix internet outages, teases ChatGPT-style tech
▼ + stars: | 2024-06-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

In this article CSCO Follow your favorite stocks CREATE FREE ACCOUNTSurasak Suwanmake | Moment | Getty ImagesCisco's ThousandEyes internet monitoring unit on Tuesday unveiled new artificial intelligence-powered capabilities it said will allow for much faster prediction and diagnosis of internet outages and disruptions. This is opposed to what is currently the case with ThousandEyes' software, where customers mostly only monitor their IT infrastructure for network issues. 'Google Maps of the internet'Cisco ThousandEyes terms itself the "Google Maps" of the internet. But now, ThousandEyes is making big, AI-focused changes to its platform aimed at giving its client base even more visibility over network quality and resilience. Cisco ThousandEyes says its platform is powered by over 650 billion daily measurements collected from around the globe.

Persons: ThousandEyes, it's, Joe Vaccaro, DXA, Vaccaro, Cisco ThousandEyes Organizations: Assurance, Google, Cisco, CNBC

☆ Fintech firm Nium cuts valuation by 30% in new funding round, eyes 2025 IPO
▼ + stars: | 2024-06-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The fundraising round was led by an undisclosed Southeast Asian sovereign wealth fund and backed by venture capital firms BOND, NewView Capital, and Tribe Capital. That marks a 30% discount to its previous valuation of $2 billion, which the firm notched in 2022 when it last raised external venture capital. Nanu said his company's down round was the result of a broader depression in public market valuations of fintech companies. He noted the example of Stripe, which raised a $95 billion valuation in the heady days of 2021 before slashing its value to $50 billion and then boosting its valuation to $65 billion in secondary share transactions. "Banks have gone from, crypto is hot, to not crypto, to crypto," he added.

Persons: Prajit, Nanu, he's, Banks, It's, Bitcoin Organizations: Westend61, Getty Images, CNBC, NewView, Tribe Locations: Getty Images AMSTERDAM, Netherlands, U.S

☆ Bunq, the $1.8 billion European neobank, hopes to secure license for UK expansion this year
▼ + stars: | 2024-06-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Dutch digital bank Bunq is plotting re-entry into the U.K. to tap into a "large and underserved" market of some 2.8 million British "digital nomads." Bunq, known for its rainbow-colored cards and a focus on so-called "digital nomads" not bound by any one country or location, initially launched in the U.K. in 2019. The passage of Brexit into law meant that EU-based financial institutions couldn't rely on their own country authorizations to operate in the U.K. market. Currently, Bunq only holds a banking license with the Dutch central bank. Challenges of reentering UK market

Persons: Pavlo Gonchar, Ali Niknam, it's, Niknam Organizations: Getty, PARIS, CNBC, Viva Tech, reentering Locations: Europe, Paris, U.K

☆ Digital bank Monzo posts first full year of profit after more than doubling revenue
▼ + stars: | 2024-06-03 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

A Monzo debit card being used at a payment terminal. Monzo, the British digital challenger bank, on Monday reported its first full year of profitability. The fintech startup said in annual financial results that its pre-tax profits totaled £15.4 million ($19.6 million) in its 2023-2024 fiscal year, swinging to the black from a £116.3 million loss the year prior. Monzo posted revenues of £880 million for the full year, up from £355.6 million in 2022. Monzo is one of Britain's largest digital banks, competing with the likes of Starling and Revolut as well as established lenders such as HSBC and Barclays .

Persons: Monzo, Starling, Revolut Organizations: HSBC, Barclays Locations: British

☆ $9.2 billion fintech Navan appoints ex-NYSE exec as CFO ahead of anticipated IPO
▼ + stars: | 2024-06-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Navan has hired a former New York Stock Exchange executive as its new chief financial officer, ahead of the anticipated IPO of the $9.2 billion travel and expense management platform. Amy Butte, who was NYSE's CFO between 2004 and 2006, will join Navan as its new CFO in June. Founded by entrepreneur Ariel Cohen, Navan is a platform that helps employees at companies big and small to manage their expenses and travel bookings. Last month, Cohen, Navan's CEO, told CNBC the firm is "not far" from an IPO, adding that the company expects to hit profitability this year. Navan was named as a CNBC Disruptor 50 company in May.

Persons: Amy Butte, Butte's, Ariel Cohen, Cohen Organizations: Navan, New York Stock Exchange, SAP, American Express, CNBC Locations: Navan

☆ France is aiming to become a global AI superpower — but not without help from U.S. Big Tech
▼ + stars: | 2024-05-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

AI everywhere at Viva TechAt Viva Tech, AI was everywhere. France boasts a strong AI research and development ecosystem, home to key facilities like the Facebook AI Research center from Meta and Google's AI research hub in Paris, as well as leading universities. He referred to H's mammoth funding round as an example of the momentum surrounding French AI right now. watch nowLevy said roughly 40% of the tech demos at Viva Tech were AI. He said that Google's recently introduced Gemma AI, a lightweight, open-source model, was developed heavily at the U.S. internet giant's Paris AI hub.

Persons: Emmanuel Macron, Yoan Valat, Eric Schmidt, Porte, Bruno Le Maire, CNBC's Arjun Kharpal, Le Maire, Etienne Grass, Capgemini, Imran Ghory, Ghory, CNBC's Andrew Ross Sorkin, Macron, Mistral, Yann LeCun, James Manyika, Google's, Maurice Levy, Karen Tso, Levy, Google's Manyika, Gemma AI Organizations: Afp, Getty, PARIS —, Viva Technology, Microsoft, Viva Tech, L'Oreal, Porte de, Facebook, CNBC, Blossom, Meta, Google, Paris, Groupe, U.S, Innovation Locations: Elysee, Paris, France, PARIS — France, China, Europe, Meta, French, U.S, Israel, Dealroom

☆ L’Oreal says it's working on a form of bioprinted skin that can actually ‘feel’
▼ + stars: | 2024-05-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

L'Oreal says it is working with start-ups and research institutions to bioprint skin that can actually "feel." PARIS, France — French beauty and cosmetics giant L'Oreal is working on a form of synthetically produced skin that it says will one day be able to "feel" like we do. At the Viva Technology conference in Paris last week, L'Oreal showed off demonstrations of "bioprinting," technology that can 3D print humanlike skin, in action. L'Oreal says it ceased testing its products on animals back in 1989, long before it was required by regulation. We're doing it internally but also working with external partners as well," Balooch told CNBC at the firm's booth at VivaTech.

Persons: Balooch Organizations: L'Oreal, Viva Technology, CNBC Locations: PARIS, France, Paris, VivaTech

☆ Fintech targeted by climate skeptics banks $37 million from likes of UBS, Commerzbank
▼ + stars: | 2024-05-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

From left to right: Johan Pihl, Doconomy's chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. DoconomySwedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it's raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank . Credit ratings agency S&P Global came on board as a new investor, while existing shareholders Motive Ventures, PostFinance and Tenity also participated. watch nowDoconomy plans to use the fresh cash to drive expansion into North America and roll out new products, CEO and co-founder Mathias Wikstrom told CNBC in an interview. Mathias Wikstrom CEO, Doconomy

Persons: Johan Pihl, Mathias Wikstrom, it's, Tenity, Wikstrom, Jordan Peterson, It's, Doconomy Organizations: CNBC, UBS, Commerzbank, UBS Next, P Global, Motive Ventures, PostFinance, Boston Consulting Group, Mastercard, United Nations, Dreams Technology, Citi Ventures, Ikea Locations: Sweden, North America

☆ BlackRock-backed fintech Trustly says IPO still at least one year out even as profits jump 51%
▼ + stars: | 2024-05-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The boss of Swedish financial technology startup Trustly says an initial public offering for the company is still a year or two away from happening, even after a 51% jump in operating profit. "We need another year or two to really demonstrate to the market that open banking is happening happening, it's here," Tjarnberg told CNBC. Trustly is holding out on an IPO even after reporting a strong set of financials. Growth accelerated significantly in the second half of the year, Trustly said, climbing 27% compared with the same period in 2022. Tjarnberg told CNBC that the company's performance in 2023 was heavily driven by the growth at its U.S. business.

Persons: Johan Tjarnberg, Tjarnberg, Trustly, PayWithMyBank Organizations: CNBC, Trustly

☆ PwC agrees deal to become OpenAI's first reseller and largest enterprise user
▼ + stars: | 2024-05-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

PwC said the deal will see its U.S. and U.K. employees and clients gain access to the latest tools from OpenAI. PwC landed a deal Wednesday with OpenAI to become the artificial intelligence company's first resale partner and largest enterprise user. PwC will hand ChatGPT Enterprise licenses to over 100,000 employees — 75,000 in the U.S. and 26,000 in the U.K. — according to Wall Street Journal, which earlier reported on the deal. PwC did not specify the number of workers that would use ChatGPT Enterprise. PwC didn't disclose the financial terms of the deal.

Persons: PwC, OpenAI, PwC didn't Organizations: Microsoft, ChatGPT Enterprise, Enterprise, —, Wall Street Locations: U.S

☆ Crypto exchange Gemini returns $2.2 billion to users after pausing withdrawals 18 months ago
▼ + stars: | 2024-05-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Customers with funds locked up in crypto exchange Gemini's defunct crypto lending program are finally going to start getting their money back. The email adds: "This means that if you lent one bitcoin in the Earn program, you will receive one bitcoin back. At $2.18 billion, the fund distribution represents a 232% recovery for users since Gemini froze withdrawals for customers of its Earn program 18 months ago. Gemini then lent customers' crypto to institutional borrowers through Genesis Global Capital, its lending partner of choice. In November 2022, Genesis Global Capital paused new loan originations and redemptions, forcing Gemini to halt withdrawals from its Earn program.

Persons: Tyler Winklevoss, Cameron Winklevoss, Cameron, Genesis, Gemini, Letitia Organizations: Gemini, Mana Convention, Genesis Global Capital, New York Locations: Wynwood, Miami , Florida, Manhattan

☆ X CEO Linda Yaccarino accuses Australia of 'overreach' after judge lifts ban on stabbing video
▼ + stars: | 2024-05-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

PARIS, France — X CEO Linda Yaccarino on Friday hit out at Australia after a face off with online safety regulators. It comes after the Elon Musk-owned social media platform X last week won a reprieve in Australia as a court refused to extend a temporary order blocking videos of a Sydney church stabbing. In a talk onstage at the VivaTech conference in Paris, Yaccarino accused Australia of overreach over the dispute. "The good news is that the people prevailed," Yaccarino, the former global advertising chief at CNBC parent company NBCUniversal, said. "We're happy to be that beacon of light and that place for truth."

Persons: Linda Yaccarino, Elon, Yaccarino Organizations: Elon Musk, eSafety, CNBC Locations: PARIS, France, Australia, Sydney, Paris, overreach

☆ Tesla CEO Elon Musk says he favors 'no tariffs' on Chinese EVs
▼ + stars: | 2024-05-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California. PARIS, France — Tesla CEO Elon Musk said on Thursday that he doesn't support President Biden's recent announcement of a tariff on Chinese electric vehicles. "Neither Tesla nor I asked for these tariffs," Musk said during a question and answer session at the VivaTech conference Wednesday in Paris. "Tesla competes quite well in the market in China with no tariffs and no deferential support," Musk said Thursday. It's a change of tune for Musk, who suggested earlier this year that Chinese EV companies will crush competitors elsewhere in the absence of trade restrictions.

Persons: Elon Musk, Tesla, Biden's, Musk, Biden Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Revenue Locations: Beverly Hills , California, PARIS, France, Paris, China, Europe

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