Elon Musk overtakes Bill Gates to become world’s second richest person | Science & Tech News

Elon Musk has passed Bill Gates to become the world’s second richest man as Tesla’s share price continues to soar.

The electric car company’s value has risen following the announcement that it would join the S&P 500 index, and is currently valued at $521.49 (£390.20) a share.

Mr Musk, 49, is now worth more than $128 billion (£95bn) as he owns 20% of all of the company’s shares, which have risen by more than 675% since 25 November last year, when they were valued at $67.27 (£50.33) each

The limelight-friendly billionaire started this year in 37th position on the rich list. Last week he overtook Facebook founder and chief executive Mark Zuckerberg in third position.

Tesla shares rose on the news it would be added to the S&P 500

The deposition of Bill Gates, who is also worth $128bn, marks only the second time the Microsoft founder has dropped out of the top two on the Bloomberg billionaires index, although Mr Gates could conceivably be ranked higher if he did not persistently donate billions of his personal wealth to charity.

Amazon founder and chief executive Jeff Bezos remains at the top of the Bloomberg rich list, with an estimated net worth of $182bn (£136bn).

Tesla is the most valuable car company in the world by share price, with a market value of just over $494bn (£370bn).

It produces fewer vehicles than all of its major rivals, with just 500,000 expected this year. Toyota has an annual production of 10 million.

Mr Musk and Mr Gates have recently distinguished themselves by their reactions to the COVID-19 pandemic, with Mr Gates’ foundation committing $36bn to ramping up the manufacturing and distribution of future vaccines.

In contrast, Mr Musk claimed to have taken four tests on the same day, two of which showed he was positive for the virus, and two that came back negative, as he stated “something extremely bogus is going on”.

It is not the first time the outspoken billionaire has expressed scepticism about the coronavirus pandemic. Earlier this year, he described lockdowns as “forcibly imprisoning people in their homes” and “fascist”.

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Elon Musk overtakes Bill Gates to become world’s second-richest person

Elon Musk’s year of dizzying ascents hit a new apex on Monday (US time) as the Tesla co-founder passed Bill Gates to become the world’s second-richest person.

The 49-year-old entrepreneur’s net worth soared $US7.2 billion to $US127.9 billion ($175 billion), driven by yet another surge in Tesla’s share price. Musk has added $US100.3 billion to his net worth this year, the most of anyone on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. In January he ranked 35th.

Elon Musk is now the world’s second-richest person. Credit:Bloomberg

His advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $US500 billion. About three-quarters of his net worth is comprised of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies, or SpaceX.

Tesla closed 6.5 per cent higher at $US521.85. A year ago, they were fetching around $US67.

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15 Career Lessons From Elon Musk, Warren Buffett, Sara Blakely and Other Successful Founders

1 min read

It’s easy for it to seem like everything Elon Musk, Jeff Bezos, Warren Buffett and Sara Blakely touches turns to gold. And it’s true that each has been incredibly successful in their respective industries. But every one of those founders had to start somewhere, and success is never guaranteed — even for billionaires. 

Related: 61 Books Elon Musk Thinks You Should Read

The internet is full of career advice from successful people, but overseeing a multi-billion-dollar empire is different than managing a small business. So, Resume.io took career advice from someof the world’s most successful founders and distilled it down to the following pro tips that can apply  to your own career, whether you’re just starting out or already up and running.

Related: Do You Get More Sleep Than Elon Musk, Jeff Bezos and Winston Churchill?

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Elon Musk chimes in as Game of Thrones actress Maisie Williams asks internet for bitcoin advice — RT World News

Maisie Williams, who portrayed Arya Stark in Game of Thrones, is considering buying bitcoin, and asked her Twitter followers for advice. The question sparked a frenzy, with Tesla founder Elon Musk even wading into the replies.

The English actress posted a poll to her 2.7 million Twitter followers, asking whether she should “go long on bitcoin.” The query quickly attracted more than 800,000 votes and, at the time of writing, Williams’ wisdom-of-crowds approach is cautioning her against the move, with 54 percent of respondents voting against investing in the cryptocurrency.

But the poll is only the start of the story, as the post attracted thousands of messages in response. Unsurprisingly, there was an onslaught of Game of Thrones references, with Westeros fans hurling memes and quotes at the 23-year-old actress with more ferocity than an army of wights attacking a wildling village.

The whirlwind of reactions reached fever pitch when Elon Musk took time out from running his array of multi-billion-dollar companies to respond to Williams with a reference to another fantasy TV series. 

“Toss a bitcoin to ur Witcher,” he said, along with two musical note emojis. The message is a reference to a song in The Witcher TV show, which became a viral hit shortly after the series was released on Netflix late last year.

Musk’s message proved to be even more popular than Williams’ original post, quickly racking up more than 60,000 likes.

The Tesla and SpaceX founder is very familiar with bitcoin, previously describing its structure as “brilliant.” Twitter accounts pretending to be Musk in order to scam people out of bitcoin have plagued the social media platform for years. The business magnate’s real Twitter page was also among a range of high-profile accounts that were used to share a bitcoin scam earlier this year.

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Two teens & 22yo charged with twitter hack that affected accounts of Bill Gates, Elon Musk and other A-listers

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Elon Musk’s personal fortune rockets after eventful week


3 “Strong Buy” Stocks Insiders Are Snapping Up

President John Kennedy famously said, once, “A rising tide lifts all boats,” and this is true in the stock markets, too. We’re in the midst, now, of just such a rising tide – at least for the short term. The main indexes, the Dow, the S&P, and the NASDAQ, are all up between 9% and 12.5% this month, and the trends are positive. The recent election, making clear the prospect of a divided government unlikely to pass radical changes in economic policy, and positive COVID-19 vaccine news, have improved investor sentiment. And not just investors. Corporate insiders are buying up stocks, as well, in a show of confidence that should attract investors’ attention. These insiders are not just buyers when it comes to stocks – they are also custodians. The insiders are corporate officers and board members, responsible for maintaining the profitability of their companies, and their companies’ stocks, for the benefit of the shareholders. In addition, their positions give them access to information that is not always available to the general public. In short, following the corporate insiders is a viable path toward profitable stock moves.To make that search easier, the TipRanks Insiders’ Hot Stocks tool gets the footwork started – identifying stocks that have seen informative moves by insiders, highlighting several common strategies used by the insiders, and collecting the data all in one place.Fresh from that database, here are the details on three “Strong Buy” stocks showing ‘informative buys’ in recent days.Hanesbrands (HBI)Hanesbrands is undoubtedly one you are familiar with. Hanes is a clothing manufacturer, specializing in undergarments, whose brands includes Hanes, Playtex, L’eggs, Champion, and plenty more. The company’s garments are somewhat ubiquitous, reflecting their necessity, and these modest products brought in over $7 billion in revenue last year.This year, Hanes, like much of the retail world, took a hit in the first quarter when the corona pandemic forced a general economic shutdown. But the company quickly rebounded, and the Q3 revenues, at $1.81 billion, were the highest of the last four quarters. Earnings show a more mixed picture; Q2 EPS came in at an excellent 60 cents, while Q3 showed a 30% drop to 42 cents. That drop, however, still left the Q3 earnings in line with previous years’ results.The earnings report, with its combination of beating the estimate while falling year-over-year, pushed the stock down in recent sessions. Even so, HBI has clearly recovered its value since hitting bottom in the ‘corona recession.’ The stock is up ~90% from its low point this year. Adding to the attraction, Hanes has kept up its regular stock dividend, maintaining the payout at 15 cents per common share, for all of 2020. That dividend is now yielding an above-average 4.6%.On the insider front, two transactions, both by Ronal Nelson of the Board of Directors, have swung the sentiment needle on Hanes well into positive territory. In the last five days, Nelson has purchased over $1 million worth of shares, in two tranches, one of 50,000 shares and the other of 30,000.Covering Hanesbrands for Raymond James, analyst Matthew McClintock notes the company’s strong current position. “We believe that HBI’s 3Q20 results signal a continuation of market share gains in its core categories driven by the company’s inherent competitive advantages of scale, strong brands, and in-house supply chain,” the 5-star analyst noted. In addition, McClintock believes the company demonstrates its ability to adapt to the coronavirus scene: “HBI’s protective garment businesses is expected to slow meaningfully going forward. This recently developed business line to help fight the pandemic generated $179 million in revenues during 3Q20 (reflecting 10% of revenues) — surpassing HBI’s previous 2H20 outlook of $150 million.”McClintock rates HBI a Strong Buy, and his $16 price target suggests it has a 22% upside from current levels. (To watch McClintock’s track record, click here)Other analysts are on the same page. With 4 Buys and 1 Hold received in the last three months, the word on the Street is that HBI is a Strong Buy. (See HBI stock analysis on TipRanks)Dun & Bradstreet Holdings (DNB)The next stock is a newcomer to the markets. Dun & Bradstreet is a data analytics company, with a focus on business needs and services. The company, frequently known as D&B, offers data services in risk and finance, ops and supply, sales and marketing, and research and insight. D&B has a global reach, and this past summer, 171 years after its founding, it held its IPO.That IPO raised an impressive $1.7 billion in new capital – and sold more shares than expected, at a higher price than forecast. After initially pricing 65.75 million shares at $19 to $21 each, the company’s June IPO saw the sale of 78.3 million shares at a share price to $22. Since then, the stock is up ~30%. Revenues are strong, too. For the calendar Q3, the company’s first in public trading, the top line hit $442 million, its highest level in over a year.All of this could explain the strongly positive insider sentiment. Two large buys in the past week are flashing signals for investors. Bryan Hipsher, company CFO, purchased over $105,000 worth, while CEO Anthony Jabbour spent $999,780 on a bloc of 38,000 shares. The two sales together total over $1.1 million.RBC analyst Seth Weber, rated 5-stars by TipRanks, is bullish on DNB. He rates the stock Outperform (i.e. Buy) along with a $31 price target. (To watch Weber’s track record, click here)In his comments, Weber says, “We see D&B’s ongoing transformation as intact, supporting more consistent rev growth, margin expansion and better cash generation… On the tech side, the cloud based Analytics Studio is ramping, and initial functionality from Project Ascent is expected in 4Q20 (improve data ingestion, reduced latency); the company continues to add new/alt data sources and coverage.”D&B shares are currently trading for $27.40, and its $31.67 average price target is slightly more bullish than Weber’s, implying a 15% upside for the coming year. The analyst consensus rating, a Strong Buy, is based on a unanimous 3 Buy reviews. (See DNB stock analysis on TipRanks)Assurant (AIZ)Last but not least is Assurant, niche player in the insurance industry. Assurant provides insurance products and solutions for a variety of needs, including connected devices, vehicles, rental units, funerals, and consumer goods. Some of these are traditional insurance products (vehicles come to mind here), while others are good examples of a company spotting an unfilled need – and moving to fill it (connected devices and rental units). Assurant’s shares and fiscal results this year have been solid. The stock has fully recovered from the COVID hit, and now shows a real, if modest, year-to-date gain of 5.5%. At the top line, revenues have remained firmly between $2.4 billion to $2.6 billion for the past 12 months; the Q3 number, at $2.5 billion, is smack in the middle of that range. The only dark spot is EPS, which slipped in Q3 to $1.41, a sequential drop of 48%.The drop didn’t bother Braxton Carter, the company’s board member, too much. Carter bought a bloc of 1,950 shares on November 6, paying over $249,000. Covering the stock for Truist, 5-star analyst Mark Hughes points out the company’s strength in the underappreciated rental insurance market. “The company has renewed 85% of its US customers in Lender-placed since the start of last year. They are not yet seeing any uptick in placements from the surge in mortgage delinquencies, but suggested there could be incremental volume in 2021 depending on the state of the housing market. The acceleration in Multi-family revenue growth, to 9% in the third quarter, was attributed in part to the momentum with the Cover360 property management product,” Hughes noted. In analyst concluded, “Assurant has had success in operating in parts of the insurance industry that are much less-traveled than most – particularly in the controversial and volatile, but very profitable, lender-placed homeowners insurance market.” To this end, Hughes rates AIZ a Buy, along with a $150 price target. This figure implies a 10% upside from current levels. (To watch Hughes’ track record, click here)All in all, with 3 Buy reviews on record, the Strong Buy analyst consensus rating on Assurant is unanimous. The stock’s average price target, of $149.67, is in line with Hughes’, and suggests a one-year upside potential of ~10%. (See AIZ stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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NASA finds water and ice on the Moon

The NASA program for many years has been focused on the Moon. It’s now more than 50 years since Neil Armstrong and Buzz Aldrin took that memorable walk on the Moon’s surface. So it seems rather interesting today that with the development of technology and refined knowledge from the many lunar module trips we now know there is considerably more water and ice on the Moon, than ever anticipated.

Our fascination with the Stars, the Galaxy way beyond our little part of the Universe has taken focus with the Mars Rover being the most well known in recent years. Elon Musk’s Space X success with recent rocket launches, has regained focus towards the Stars once more. So with the finding of water and ice on the Moon, what will this mean? Will we see Starship Enterprize pop up from a worm-hole somewhere in space and look to colonise the Moon? Well, no. It simply means there once was and could still be the possibility of some form of life on the Moon, but not as we know it….

Will Richard Branson and Elon Musk be the people that deliver the potential space travel to reality? It may even be a further generation to come, which may favor Elon Musk. Since the early 2000’s tickets have been sold for space travel with some paying out $60,000 a ticket in the hope of one day experiencing this for themselves. NASA’s findings doesn’t mean the Moon will be open for business as a space destination but it does provide more answers to the never ending question of are we alone in the galaxy, or galaxies?

Elon Musk’s satellite internet plan gets green light from Canadian regulator

The Canadian Radio-television and Telecommunications Commission has approved an Elon Musk-owned company’s application to provide low Earth orbit satellite internet to rural Canadians.

Space Exploration Technologies Corp (SpaceX) is Musk’s rocket and spacecraft company.

One of the company’s projects is to bring high-speed internet service to hard-to-reach rural areas around the globe by launching thousands of small satellites that will orbit just 550 kilometres above the Earth, vastly speeding interaction with residential computers on the ground.

Traditional telecommunications satellites orbit at more that 20,000 km above the Earth.

The CRTC approval letter is dated last Thursday and addressed to SpaceX’s chief financial officer, Bret Johnson.

“The Commission received 2,585 interventions regarding Space Exploration Technologies Corp.’s BITs application,” reads the notice.

“After consideration of the comments received, the Commission has approved the application and a BITS licence is enclosed.”

The vast majority of the interveners were individual Canadians living in rural areas of the country who support the application.

Aiming for network of 12K satellites

SpaceX has been launching trains of 60 satellites roughly twice a month since May 2019.

The most recent launch took place at Cape Canaveral on Sunday aboard the company’s Falcon 9 reusable rocket.

That brings the total number of orbiting Starlink satellites to 835. Eventually, there will be 12,000 satellites in the network.

It is not clear how soon Canadians will be able to access Starlink’s service.

SpaceX has said it will begin beta tests on the service with volunteer households in Canada and northern areas of the United States this fall.

Musk, who is also the force behind electric car manufacturer Tesla, has been cautious about predicting how well the service will work, telling attendees at the Satellite 2020 Conference in Washington, D.C., in March that it is aimed at the three to four per cent of rural customers “who simply have no connectivity right now, or the connectivity is really bad.”

SpaceX did not respond to a CBC request for comment Monday.

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Elon Musk promises ‘improvement’ in sustainable energy

Tesla boss Elon Musk wants the electric vehicle and battery maker to be “the best at manufacturing of any company on Earth” in a bid to bring down electric vehicle costs and accelerate the transition to sustainable energy.

Elon Musk said that will be the company’s goal and how its eventual success is measured.

“By how many years did we accelerate sustainable energy? That’s the true metric of success,” Mr Musk said, adding: “It matters if sustainable energy happens faster or slower.”

“We’re going to run out of these fossil fuels,” Tesla senior vice president of powertrain and energy engineering Drew Baglino said. “Let’s just move to the future and not run this experiment any longer.”

RELATED: Musk dared to put ‘chip in his own brain’

RELATED: Elon thanks worker who foiled ‘serious attack’

Mr Musk said the three focuses of sustainable energy will be around generation, storage, and electric vehicles (EVs).

“We intend to play a significant role in all three.”

He said the transition will require producing more affordable EVs and energy storage as well as building new factories faster while simultaneously spending less on them.

Mr Musk made the comments at Tesla’s “Battery Day”, a long-awaited announcement of new battery technology that followed the companies annual shareholder meeting, which investors viewed from screens inside their Tesla.

RELATED: Tesla planning faster version of Model S

RELATED: ‘Game changer’ for electric cars

The first change he announced is Tesla’s new goal to reach terawatt hour (TWh) scale battery production, noting that “100 per cent electric transportation requires 100 times growth”.

“A terawatt is a thousand times more than a gigawatt, so we used to talk in terms of gigawatts, in the future we’ll be talking about terawatt hours,” Mr Musk said.

But there’s a problem.

“Today’s battery (factories) can’t scale fast enough’ they’re just too small,” Mr Musk said.

He noted Tesla’s so-called “Gigafactory” in Nevada produces around 150GWh per year.

“That’s only 0.15TWh,” Mr Musk noted.

“And it costs too much,” he added.

RELATED: Mystery of Elon Musk’s $2.1 billion bonus

Mr Baglino said that scaling as fast as Tesla “can and should” required a “dramatic rethink of the cell manufacturing system”.

He said Tesla’s vehicles and factories are designed from the ground up to “make the best cars in the world”, before revealing the company would now do the same for batteries, to a chorus of approving horns from the assembled crowd of Teslas.

He said Tesla’s plan was to “halve the cost per KWh” of battery production.

This could likely bring Tesla’s production below the $US100/KWh threshold at which point experts believe electric vehicles become more economical than internal combustion vehicles.

Mr Musk said the plan the company has cooked up “thought through almost every element of the battery”.

Doing that has led to the design of a new type of battery cell, which is more powerful and efficient, and which “nobody has done before,” according to Mr Musk.

That design comes in the form of the new “4680” Tesla cell (the numbers refer to the size of the cylindrical battery cell: 46mm in diameter and 80mm tall).

Mr Baglino said the 4680 cell offers “five times the energy with six times the power, and enables a 16 per cent range increase, just on the form factor alone”.

“This is not just a concept or rendering. We are starting to ramp up manufacturing of these cells,” Mr Baglino promised.

Prior to the event Mr Musk said it would probably take until 2022 before the batteries reached widescale production.

The pair also outlined plans for new factories to make these better batteries, which would use a dry process to coat electrodes onto film rather than the traditional wet process, leading to a factory that’s 10 times smaller.

Mr Musk said the dry coating process was “insanely difficult” to scale up but “it’s close to working”.

“There’s a clear path to success but a tonne of work between here and there,” Mr Musk said.

The aim of the new factories is to provide “high-speed continuous motion assembly”.

Mr Baglino said the changes would result in a seven-fold increase in output.

“You would be astounded at how bad most factories are,” Mr Musk said.

He added that only two or three per cent of a factory’s area size does “useful work”, including Tesla’s at Fremont.

“Basically Tesla is planning to be the best at manufacturing of any company on Earth,” Mr Musk said ambitiously.

“This is the thing that’s actually most important in the long run, from a company standpoint and from achieving sustainability as fast as possible.”

Tesla plans to continue working with existing battery cell suppliers like LG, Panasonic and CATL, but also wants to produce 3TWh per year at its own factories by 2030.

Mr Baglino also announced Tesla would move to use silicon instead of graphite.

Silicon holds more lithium but also expands as it is charged, leading to degradation over time in its engineered form.

Tesla is proposing using raw silicon and designing to account for the expansion.

But before you race out to buy a silicon mine, the company also announced it will be looking for a lot of nickel.

The plan is to maximise the amount of nickel and remove cobalt from the batteries, which promises a 15 per cent reduction in production costs.

Mr Musk said he spoke to CEOs of the biggest mining companies and asked them to “please make more nickel”.

The company has also developed a new metal alloy that means the entire rear section of a car can be made as one piece, which costs 40 per cent less and uses 79 fewer parts per car.

Tesla’s planned vertically integrated manufacturing approach promises to bring a 54 per cent range increase for its cars, a 56 per cent reduction in the cost per kilowatt hour, and 69 per cent reduction per gigawatt hour.

“I think it’s pretty nice that investment per GWh reduction is 69 per cent,” Mr Musk joked as Tesla horns honked in the background.

“It will take us probably a year to 18 months to start realising these advantages, and probably to fully realise … three years or thereabouts.

“If we could do this instantly we would; it just really bodes well for the future.”

“What tends to happen as companies get bigger is things tend to slow down. Well actually they’re going to speed up,” Mr Musk said.

“And they’ll have to speed up if we’re going to accelerate the transition to sustainable energy,” Mr Baglino added.

Tesla’s long-term goal is to make around 20 million electric vehicles per year in order to replace “at least one per cent” of the Earth’s total vehicle fleet.

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61 Books Elon Musk Thinks You Should Read

The billionaire entrepreneur is also a prolific reader.

3 min read

Although his days are presumably filled with Tesla, SpaceX, cyber pigs and lots and lots of tweeting, it seems Elon Musk also finds the time to make reading part of his routine. The businessman is known for sharing (and oversharing) all his recommendations and thoughts on , so it’s no surprise that books are part of that. 

Most Recommended Books compiled a list of all the books Musk has commented on in the past several years, and you can see all 61 here. But if you’re short on time today, click through to see 11 of the most interesting picks from his list. 

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