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☆ Elon Musk is reportedly planning to build a town for Texas staff, complete with a swimming pool, private compound, and school
  + stars: | 2023-03-09 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com   time to read: +3 min
Elon Musk is planning to build his own town for SpaceX and The Boring Company staff. While Musk has overseen all purchases, Kanye West and the billionaire's ex-girlfriend, Grimes, also discussed the idea last year, the Journal reported. The town will be outfitted with a pool, an outdoor sports area, and a gym in addition to the prefabricated homes, the Journal reported. Spokespeople for SpaceX and The Boring Company did not respond to a request for comment from Insider. Do you work for The Boring Company, SpaceX, or have insight to share?
☆ Wall Street Journal: Elon Musk is planning to build his own town
  + stars: | 2023-03-09 | by ( Clare Duffy | ) edition.cnn.com   time to read: +3 min
Entities connected to Elon Musk and his companies have reportedly been acquiring thousands of acres of land in Texas with the hope of starting a town where his employees could live and work, according to a report from the Wall Street Journal Thursday. (CNN has not reviewed all of the land and other records cited in the Journal report.) By building out a company town of his own, Musk could take that approach even further. Incorporating a town might also give Musk, who has been known to clash with state and federal regulators, more say over how things are run. The Journal reported that Musk’s team has discussed incorporating the town in Bastrop County.
☆ The Twitter leaders Elon Musk put in place keep quitting or getting fired. See who's left and who's recently been hired, including engineers from Google's DeepMind and a Tesla superfan.
  + stars: | 2023-03-03 | by ( Kali Hays | ) www.businessinsider.com   time to read: +6 min
About half of the 20 people who reported to Elon Musk after his takeover have left Twitter. Musk has hired some new people, including engineers who may be working on an AI project. Elon Musk's Twitter is ruled by chaos. None have been directly replaced, the people familiar said, although Musk has also hired some new people from outside his companies. Below is a complete list of who Musk set as his direct reports, including those who have already left the company.
☆ Tesla's investor day featured 17 execs, taking Elon Musk out of the limelight
  + stars: | 2023-03-03 | by ( Lora Kolodny | ) www.cnbc.com   time to read: +5 min
In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTElon Musk speaking at Tesla Investor Day. The hours-long Tesla Investor Day on Wednesday evening left many shareholders and fans wanting more, however, and sent Tesla's stock price lower on Thursday, though analysts were positive on balance. Deutsche Bank analysts wrote in a Friday morning autos update, "Walking away from Tesla's investor day, we were admittedly disappointed with the overall lack of details on its next-gen platform, including launch timing, vehicle segments and price points, and financial implications. Team showingOne thing the Investor Day accomplished well was to turn shareholders' attention to the broader organization under Tesla's celebrity CEO. While the investor day highlighted Tesla's bench, diversity was not a strong point: Only two of the leaders who presented were women.
☆ The Boring Company CEO who slept at Twitter's headquarters with his newborn baby is rumored to be Twitter's next CEO, report says
  + stars: | 2023-02-28 | by ( Grace Kay | ) www.businessinsider.com   time to read: +3 min
Twitter employees are speculating that The Boring Company CEO Steve Davis could replace Elon Musk as CEO, Platformer reported. The publication said that Davis helped orchestrate a round of layoffs at the social media company that impacted about 200 people this week. The Boring Company CEO spent the first few weeks after his baby was born sleeping in a makeshift bedroom in the office, along with his newborn and partner, according to the report. Before he became CEO of The Boring Company, Davis worked with Musk at SpaceX. Tesla's stock has fallen over 37% since he announced his plans to buy the social media company on April 14.
☆ The boss of Elon Musk's Boring Company called Twitter managers to ask about employee performance just days before 200 people were laid off, report says
  + stars: | 2023-02-28 | by ( Sawdah Bhaimiya | ) www.businessinsider.com   time to read: +3 min
The Boring Company's boss called Twitter managers last week to ask about staff performance, Platformer reports. Twitter then cut at least 200 employees on Saturday night, including four high-ranking managers. Davis is a longstanding ally of Twitter owner Elon Musk, and has helped cut costs since his takeover. Steve Davis, a long-term associate of Musk, has been working with Twitter for the past few months to help cut costs at Musk's request. These managers later learned on Saturday that at least 200 employees were being laid off, including product managers, data scientists, and engineers.
☆ Elon Musk is currently working for Tesla for free. That could be about to change
  + stars: | 2023-02-20 | by ( Chris Isidore | ) edition.cnn.com   time to read: +5 min
New York CNN —For the moment at least, Elon Musk is working at Tesla for free. And last month the company disclosed Musk received the last remaining block of options granted under an even more lucrative 2018 pay package. Tesla stock closed Friday at $208.31. Still, some believe that the Tesla board could soon announce a new pay package for Musk. Some Tesla shareholders challenged the 2018 deal in a Delaware court, even though it was overwhelmingly approved by shareholders at that time.
☆ Elon Musk plans to build hundreds of homes for workers in Texas on streets including Boring Boulevard
  + stars: | 2023-02-12 | by ( Sam Tabahriti | ) www.businessinsider.com   time to read: +2 min
The Boring Company is working with a construction company to build housing near Austin, Texas. County documents show the subdivision has streets named Boring Boulevard, Cutterhead Crossing, Waterjet Way, and Porpoise Place. The land is owned by Gappes Bass LLC, a company affiliated with The Boring Company, according to online records. Adam Pashaian, a corporate controller for the Boring Company, is also registered as an agent for Gapped Bass. The Boring Company, Lennar, and Bastrop County didn't respond to requests for comment from Insider, made outside normal working hours.
☆ Elon Musk is mulling over ways to whittle down some of his Twitter debt
  + stars: | 2023-01-26 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
And speaking of cold hard reality, the Wall Street Journal reported that Elon Musk is trying to raise fresh funds to pay off some of the pricier bits of his $13 billion Twitter loan. New fundraising to the tune of $3 billion could help Musk repay the obligations he took on in his Twitter takeover. For every quarter that goes by without refinancing, the interest rate goes up by an additional 0.50 percentage point, regulatory filings show. That said, if Twitter can pay back those unsecured bridge loans, meeting its debt obligations would be much more manageable. What are some ways you think Elon Musk could boost revenue at Twitter?
☆ Twitter recruiters are keeping busy by reaching out to select former employees Elon Musk laid off
  + stars: | 2023-01-24 | by ( Kali Hays | ) www.businessinsider.com   time to read: +4 min
Some Twitter recruiters are getting back to work about three months after Elon Musk's acquisition. Despite being laid off by Musk in his first round of cuts, former employees are being contacted by Twitter recruiters. At least two emails have been sent by Twitter recruiters to laid-off workers with the subject line "Hello from Twitter!," according to messages seen by Insider. That subject line has been used by Twitter recruiters for years in reaching out cold to prospective job candidates, one of the people familiar said. "That's dirty," one former employee said of Twitter recruiters contacting people who worked there only a couple of months ago.
☆ Elon Musk says Twitter now has 2,300 'active, working employees' – and just 10 are from his other companies
  + stars: | 2023-01-21 | by ( Sam Tabahriti | ) www.businessinsider.com   time to read: +3 min
Elon Musk disputed a tweet and said Twitter now has 2,300 "active, working employees". Some staff from other Musk companies such as Tesla and SpaceX were brought in when he took over. "There are ~2300 active, working employees at Twitter," he wrote. "There are still hundreds of employees working on trust & safety, along with several thousand contractors." Musk also took issue with that figure, tweeting that "less than 10 people from my other companies are working at Twitter."
☆ Twitter is down to fewer than 550 full-time engineers
  + stars: | 2023-01-20 | by ( Lora Kolodny | ) www.cnbc.com   time to read: +2 min
Twitter's full-time headcount has dwindled to approximately 1,300 employees, including fewer than 550 full-time engineers by title, according to internal records viewed by CNBC. Around 75 of the company's 1,300 employees are on leave including about 40 engineers. The company's trust and safety team, which makes policy recommendations, design and product changes with the aim of keeping all of Twitter's users safe, is down to fewer than 20 full-time employees. Before Musk led a $44 billion leveraged buyout of Twitter last year, Twitter's headcount stood at about 7,500 employees. Since taking over Twitter, Musk has faced a shareholder backlash at Tesla for being distracted, for stirring up political controversy with his strategy at Twitter, and for selling billions of dollars worth of his Tesla shares to finance his Twitter takeover.
☆ Infrastructure innovation derailed: How Facebook's failed plan to turn a century-old railway into a commuter bridge may serve as a warning for The Boring Company
  + stars: | 2023-01-09 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com   time to read: +6 min
Elon Musk's tunnel infrastructure company has completed just one known project. While reporters and consumers immediately questioned whether Musk was serious about creating The Boring Company, early progress on its development silenced critics for several years. It's unclear whether The Boring Company will submit additional bids for tunnel projects in the future or complete the scheduled additions to the Vegas Loop. Despite its failed plan to materialize the Dumbarton Rail Bridge project, Facebook has continued massive infrastructure undertakings, largely in the form of submarine cable acquisition and development. Representatives for Facebook and The Boring Company did not immediately respond to Insider's requests for comment.
☆ How tech groundbreaker Greg Smithies went from Elon Musk's inner circle to tackling real estate's $18 trillion carbon-emissions problem
  + stars: | 2023-01-02 | by ( Alex Nicoll | ) www.businessinsider.com   time to read: +4 min
Greg Smithies leads the biggest fund focused on the decarbonization of real estate. Smithies has worked on sustainability issues and with Elon Musk's The Boring Company. But Smithies is no stranger to investment-led decarbonization efforts, having tackled the problem for much of his career. "At the end of the day, software isn't going to solve the climate crisis," Smithies said. But above all, he's focused on the money and the potential savings that low-carbon technology can have on real estate.
☆ Twitter employees have been bringing their own toilet paper to the office after janitorial services were cut, report says
  + stars: | 2022-12-30 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +2 min
Bathrooms at Twitter's San Francisco HQ are dirty amid a lack of janitors, per the New York Times. Twitter failed to negotiate a new contract with a janitorial company after they went on strike. The company's San Francisco headquarters have been left with dirty bathrooms and the office is in disarray, per the publication. The company didn't negotiate a new contract with Flagship, the janitorial company that employs them, according to unions. The Boring Company's CEO Steve Davis, who reportedly slept at Twitter's headquarters with his partner and newborn baby, is supervising the cost-cutting exercise.
☆ Elon Musk has lost $132 billion in 2022 after Tesla's 68% crash - but that still makes him the world's 2nd richest person
  + stars: | 2022-12-27 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
Elon Musk has seen more than $130 billion disappear from his net worth in 2022 as Tesla continues to fall. Despite the massive decline, Musk's $139 billion fortune still makes him the world's second richest person, based on data as of December 23. Musk's net worth peaked at just over $300 billion earlier this year. Meanwhile, Musk's Tesla stake is worth about $40 billion, while his options in Tesla are worth another $28 billion, according to Bloomberg. While the decline in Tesla stock has erased the biggest chunk of Musk's net worth, it has created fortunes for those who bet against the company.
☆ The CEO of Elon Musk's Boring Company who reportedly slept at Twitter HQ with his wife and baby once owned a bar called 'Thomas Foolery'
  + stars: | 2022-12-24 | by ( Aaron Holmes | Sam Tabahriti | ) www.businessinsider.com   time to read: +2 min
Elon Musk's Boring Company aims to build a network of road tunnels under major cities. Davis reportedly slept at Twitter HQ with his wife and baby after Elon Musk sought his help. Musk also owns The Boring Company, which has built a reputation for offbeat stunts. Before working for Musk, Davis founded a frozen yogurt shop and a bar that accepts bitcoin, among other ventures. Boring Company has faced scrutiny, especially in Chicago and Las Vegas, where it aimed to build its first tunnels.
☆ The CEO of Elon Musk's Boring Company slept at Twitter HQ with his partner and newborn baby, report says
  + stars: | 2022-12-24 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +3 min
The Boring Company CEO slept at Twitter's HQ with his partner and baby, The Information reported. Steve Davis and his family all slept in its makeshift bedrooms for weeks after the baby was born. Steve Davis spent the first few weeks after his baby was born sleeping in a makeshift bedroom in the San Francisco office, along with his partner. Forbes revealed earlier this month that the "Chief Twit" had converted some space in the San Francisco office into bedrooms. Soon afterwards the San Francisco Department of Building Inspection said it was investigating the building's use after a complaint was made.
☆ Elon Musk's net worth has plummeted $124 billion in 2022, bringing his fortune to a 2-year low
  + stars: | 2022-12-21 | by ( Grace Dean | ) www.businessinsider.com   time to read: +2 min
Elon Musk's net worth has crashed $124 billion so far this year, per estimates by Bloomberg. Falling Tesla shares have put his fortune at $148 billion, its lowest level since December 2020. Musk's fortune fell nearly $8 billion on Tuesday after Tesla shares plummeted. Musk's fortune has shrunk drastically this yearMusk's net worth hasn't been so low since December 2020, per Bloomberg's estimates. His net worth began a rapid ascent at the start of the pandemic, peaking at $340 billion in November 2021.
☆ Elon had to choose between Twitter and Tesla. He's choosing Tesla.
  + stars: | 2022-12-19 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +7 min
Elon Musk has been forced to make a tough choice: Tesla or Twitter. He's picking Tesla, which represents nearly half his $156 billion in estimated wealth, and the Twitter poll gave him a handy escape pod. That red ink wasn't as much of a problem when interest rates were low, and Tesla's shares were soaring. But as the Federal Reserve has aggressively hiked interest rates to curb inflation, using Tesla stock to pay off the debt on the Twitter buyout is a problem for Tesla. "Tesla is so much an Elon stock, it stands or falls because of him," Beauchamp said.
☆ Elon Musk Was Always a Visionary Jerk, Bad Boss at SpaceX, Tesla. but It Won't Work at Twitter.
  + stars: | 2022-12-18 | by ( Linette Lopez | ) www.businessinsider.com   time to read: +13 min
Elon Musk has a pretty tried-and-true playbook for doing business — he's used it for years to build companies from Tesla to SpaceX. Twitter is the antithesis of an "Elon Musk company." And without a big, world-changing promise to paper over his sophomoric product ideas and erratic management, Musk's Twitter takeover is doomed. No time to wasteA Musk company is usually the first, and sometimes the only, company in a specific market. Based on his most recent quarterly calls with investors — the ones where he is supposed to talk about plans to make more money — Musk does not have one.
☆ A SpaceX director defended Elon Musk after Twitter layoffs, telling employees to show some empathy for the billionaire, report says
  + stars: | 2022-12-15 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +2 min
A SpaceX director told Twitter staff to show empathy for Elon Musk after mass layoffs, per Bloomberg. Staff have called Gracias and other people Musk has brought into Twitter as "goons," per the report. Twitter employees have referred to these people as "the goons," per Bloomberg. Gracias, Twitter, and SpaceX didn't immediately respond to Insider's request for comment made outside of normal US operating hours. It follows the loss of thousands of Twitter employees through firings, layoffs, and resignations since Musk bought the platform in late October.
☆ Elon Musk enlists more than 6 lawyers from SpaceX to bolster Twitter's depleted legal department, report says
  + stars: | 2022-12-14 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +2 min
Elon Musk has brought in more than six SpaceX lawyers to work at Twitter, the NYT reports. After Musk acquired the platform in late October, thousands of Twitter employees were laid off, fired, or resigned from their jobs. More than six SpaceX lawyers were authorized to access Twitter's internal systems, per The Times, citing documents and two people familiar with the matter. SpaceX, Twitter, and Cardaci didn't immediately respond to Insider's request for comment. The SpaceX lawyers aren't the only workers at a Musk-led company reportedly being brought into Twitter.
☆ Elon Musk has authorized at least 17 senior execs from Tesla, SpaceX, and The Boring Company to work at Twitter, report says
  + stars: | 2022-12-09 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +2 min
At least 17 Tesla, SpaceX, and Boring execs have been authorized to work at Twitter, CNBC reports. At least 11 senior Tesla executives have been authorized to work at Twitter, including Silvio Brugada, director of software engineering, and RJ Sekator, Autopilot project manager, CNBC reported. Musk also gave the green light for at least three senior SpaceX executives and a further three from The Boring Company to work at Twitter, CNBC said. Twitter, Tesla, SpaceX, The Boring Company, and the executives named in this report didn't immediately respond to Insider's requests for comment, made outside normal US operating hours. In October, CNBC reported that Musk was bringing in 50 Tesla engineers to work at Twitter, including five senior leaders.
☆ Short Hills Capital Partners' Stephen Weiss would rather short Tesla than own it
  + stars: | 2022-12-08 | by ( Carmen Reinicke | ) www.cnbc.com   time to read: +2 min
Stephen Weiss, the chief investment officer and managing partner of Short Hills Capital Partners, is very bearish on Tesla stock. Currently, Musk is running SpaceX, the Boring Company, Tesla and Twitter, which Weiss added is a "complete nightmare." Headwinds for Tesla, EVs In addition, he sees rising competition, a lack of infrastructure and a weak economy as major headwinds for Tesla going forward. "Now you look in a garage, you look anywhere, and you see tremendous cars that make Teslas look like Model Ts," he said, pointing to models from Ford and Porsche. Beyond his views on Tesla, Weiss recently sold Dick's Sporting Goods and Honeywell for profit in a rough environment to make money.
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