Elon Musk Slammed Online by Chinese – Latest news headlines

Chinese citizens lashed out online against billionaire Tesla founder Elon Musk’s space ambitions on Monday after China complained that its space station was forced to take evasive action to avoid collision with satellites launched by Musk’s Starlink programme.

The satellites from Starlink Internet Services, a division of Musk’s SpaceX aerospace company, had two “close encounters” with the Chinese space station on July 1 and October 21, according to a document submitted by China earlier this month to the UN’s space agency.

“For safety reasons, the China Space Station implemented preventive collision avoidance control,” China said in a document published on the website of the United Nations Office for Outer Space Affairs.

The complaints have not been independently verified. SpaceX did not immediately respond to a request for comment.

In a post on China’s Twitter-like Weibo microblogging platform on Monday, one user said Starlink’s satellites were “just a pile of space junk”, while another described them as “American space warfare weapons”.

With nearly 30,000 satellites and other debris believed to be orbiting the planet, scientists have urged governments to share data to reduce the risk of catastrophic space collisions.

SpaceX alone has deployed nearly 1,900 satellites to serve its Starlink broadband network, and is planning more.

“The risks of Starlink are being gradually exposed, the whole human race will pay for their business activities,” a user posting under the name Chen Haiying said on Weibo.

US space agency NASA was forced to abruptly call off a spacewalk at the end of November, citing risks posed by space debris. Musk tweeted in response that some Starlink satellite orbits had been adjusted to reduce the possibility of collisions.

China began constructing the space station in April with the launch of Tianhe, the largest of its three modules. The station is expected to be completed by the end of 2022 after four crewed missions.

Musk has become a well-known figure in China, though Tesla’s electric-vehicle business has come under growing scrutiny from regulators, especially after a customer climbed on top of a Tesla car at the Shanghai auto show in April to protest against poor customer service.

© Thomson Reuters 2021

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Latest News Today – Elon Musk Talks About His Cryptocurrency Investments,

Elon Musk has been a staunch supporter of everything crypto and now, the SpaceX CEO has for the first time admitted that his privately-owned aerospace company also owns Bitcoin. This is, of course, besides Tesla’s investment of $1.5 billion (roughly Rs. 11,150 crores) in the world’s biggest and oldest digital token that has struggled a lot in the last few weeks within months of peaking at over $60,000 (roughly Rs. 45 lakhs). 

Speaking at The B Word conference, an event hosted by the Cryptocurrency Council for Innovation, in the company of ARK Invest CEO Cathie Wood and Twitter CEO Jack Dorsey, Musk confirmed that SpaceX does hold Bitcoin (at around the 8-minute mark during the video conference). However, he didn’t disclose the extent of SpaceX’s investment in Bitcoin. The 50-year-old business magnate did mention that he personally owned Bitcoin and Ethereum, the second most popular cryptocurrency. Wondering if Musk owns anything in Dogecoin? The answer is yes. Musk revealed that he has personally invested in the Shiba-Inu face-themed digital currency that started as a joke but got popular on the Internet after receiving support from celebrities.

Musk once again showed that he was committed to cryptocurrency in general, saying, “One thing you do need to watch out for with crypto, especially Bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”

He also used the platform to reiterate that he wanted to see Bitcoin succeed. Besides, Musk unerlined neither SpaceX nor he personally wanted to part ways with Bitcoin. “If the price of Bitcoin goes down I lose money. I might pump but I don’t dump,” he said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”

And just as we have seen on so many occasions in the past few months that a tweet from Musk is capable of altering the prices of these tokens, it happened again on Wednesday when prices of Ethereum were up nearly 9 percent as it traded at Rs 1,48,401 on Thursday morning. Bitcoin rose by 6.54 percent and opened at Rs 24,00,040 on Thursday. Dogecoin, that closed at Rs 13.16 last, opened at Rs 14.82 on Thursday, up 6.51 percent.

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Latest News Today – Elon Musk Congratulates Tesla on Producing, Delivering

Tesla CEO Elon Musk congratulated his electric vehicle-making company on building and delivering more than 200,000 cars in the April-June quarter “despite many challenges.” During the same period last year, Tesla produced about 82,000 vehicles and delivered 90,650. The release of Tesla’s second-quarter numbers suggested just how fast the once-struggling electric vehicle (EV) segment was making inroads into a market dominated by vehicles that run on fossil fuels. This also showed Tesla was quickly ramping up its production capacity to meet the rising demand as the world shifts towards cleaner energy sources.

Tesla built 206,421 vehicles and delivered 201,250 — a record for the company — despite the COVID-19 pandemic unravelling several economies and subduing the demand.

In a statement, the company praised its employees for doing an “outstanding job” in navigating the supply chain and logistics challenges, including a global shortage of semiconductors.

Tesla currently manufactures the Model S sedan and Model X SUV only at its factory in California, US, and the smaller Model 3 and Model Y at its plant in Shanghai. The bulk sales were of Model 3 and Model Y.

Tesla said their delivery count should be seen as “slightly conservative” and final numbers could vary by up to 0.5 percent or more. Nonetheless, the Q2 numbers showed a dramatic 150 percent year-on-year (YoY) improvement in Tesla’s production.

Many congratulated Musk and Tesla on achieving this feat on Twitter.

One user, @eastmeetswest82,  also thanked him for saving the green Earth.

Tesla is set to make its India entry soon. In a two-word tweet in January, Musk confirmed Tesla’s plan to open centres in the country. Responding to a tweet that said Tesla was preparing for a “robust entry” into India, a multi-billion dollar market, he said, “As promised”.

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Latest News Today – Bitcoin Tumble Slows as Elon Musk Suggests Tesla Hasn’t

Bitcoin’s value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter.

The virtual currency fell to almost $30,000 (roughly Rs. 21.9 lakhs) – less than half the record value it reached last month – before climbing back over $39,500 (roughly Rs. 28.8 lakhs) around 2000 GMT (1:30am IST). It was still above its level at the start of the year.

Bitcoin (price in India) recovered somewhat following tweets from Musk that featured a diamond and hands emoji, taken as a signal the company had not sold off its huge Bitcoin holdings as the CEO appeared to suggest recently.

Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering, as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.

In a statement, three state-backed industry associations said “cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded.”

The price fluctuations “seriously violate people’s asset safety and disrupt normal economic and financial order,” said the statement posted to social media by the People’s Bank of China.

The notice warned consumers against wild speculation, adding that the “losses caused by investment transactions are borne by the consumers themselves,” since Chinese law offers no protection to them. 

It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers.

“This is the latest chapter of China tightening the noose around crypto,” said Antoni Trenchev, managing partner and co-founder of London-based crypto lender Nexo.

Linghao Bao, analyst at Trivium China, said that despite the ban, Chinese investors could still find ways to buy cryptocurrencies through illegal vendors.

“There will always be a way to circumvent regulations,” he said. “The point of this order is to tell financial institutions to up their game to detect these crypto-related transactions.”

Bitcoin had a roller-coaster day on Wednesday, falling from $45,600 (roughly Rs. 33.3 lakhs) to under $40,000 (roughly Rs.. 29.2 lakhs), then climbing back before dropping to $30,017 (roughly Rs. 21.9 lakhs) and up again.

“This looks like your typical flash crash, but there seems to be some hesitancy in getting back in,” said Edward Moya, senior market analyst at OANDA.

‘Here to stay’
Adam Reynolds, of Saxo Markets, added that avoiding use of cryptocurrency, which can be transferred out of the country, is “essential to maintaining capital controls” in China. 

Bitcoin has had a torrid few days, in good part because of Musk and Tesla.

Last week Tesla hit the brakes on letting people pay for its electric cars with Bitcoin, citing concerns about the harmful effects that mining cryptocurrencies has on the environment.

Then Musk appeared to suggest Tesla was planning to sell its huge holdings of the unit, before clarifying that the company had not sold any Bitcoin.

“Elon Musk started the ball rolling,” Germany-based crypto analyst Timo Emden told AFP. “It will take some time for them to recover from this shock.”

Mining cryptocurrency is a hugely energy-intensive process requiring large amounts of electricity in giant data centers.

China, which powers nearly 80 percent of the global cryptocurrency trade, relies on a particularly polluting type of coal, lignite, to power some of its mining.

“If Bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total,” Deutsche Bank analysts said in a note.

Some Chinese enthusiasts, however, remained unfazed.

“This has happened before and it happens every year…,” said trader and ex-tech industry worker Zeng Jiajun. “Crypto is here to stay.”  

China is in the midst of a wide-ranging regulatory crackdown on its fintech sector. Its biggest players – including Alibaba and Tencent – have been hit with big fines after being found guilty of monopolistic practices.

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Latest News Today – Elon Musk Says He’s Working With Dogecoin Developers To

Elon Musk has shown again he can influence the digital currency market with just his tweets. After saying that his electric vehicle-making company Tesla will not accept payments in Bitcoin because of environmental concerns, he tweeted that he was working with developers of Dogecoin to improve system transaction efficiency. Following the two distinct statements from him, the world’s largest cryptocurrency hit a two-month low, while Dogecoin rallied by about 20 percent. The SpaceX CEO has in recent months often tweeted in support of Dogecoin, but rarely for Bitcoin.

In a recent tweet, Musk put out a statement from Tesla that it was “concerned” about the rapidly increasing use of fossil fuels for Bitcoin (price in India) mining and transaction, and hence was suspending vehicle purchases using the cryptocurrency.

A day later he again tweeted saying, “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal”.

It triggered a downward spiral for Bitcoin value but the cryptocurrency has stabilised since.

And now he has said he was working with Dogecoin (price in India) developers to improve “system transaction efficiency” and added that the currency has potential.

A number of Twitter users welcomed Musk’s statement. One of them said it’s time people started realising that Dogecoin “is here to stay” and another referred to Musk’s previous assertion that crypto could become the world’s future currency.

However, Twitter user @JeffTutorials also asked him to stop “manipulating” crypto markets and he was supported by a few others.

Time and again, Musk’s tweets have influenced the value of Bitcoin as well as Dogecoin. While in February, a series of tweets by Musk, hailing Dogecoin, took the value of the meme-based cryptocurrency to wild levels. In March, the value of Bitcoin rose to a then all-time high of $60,000 (roughly Rs. 43 lakhs) after he announced that Tesla would accept the cryptocurrency as a mode of payment.

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Latest News Today – Elon Musk Asks Followers On Twitter if Tesla Should

In February, Elon Musk’s Tesla became the first car company in the world to accept Bitcoin as a form of payment for its vehicles. Now, if a tweet by the Tesla and SpaceX CEO is anything to go buy, the electric car company may soon accept Dogecoin, too, as a mode of payment. Two days after he referred to Dogecoin, the cryptocurrency that started as a meme, as a “hustle” on a comedy sketch show, Musk, on Tuesday, posed a question to his Twitter followers. The Tesla CEO has a staggering 54 million followers on the micro-blogging site and he interacts with them regularly.

His favourite subject, these days, is cryptocurrency, especially Dogecoin, which currently holds a market cap of over $60 billion (roughly Rs 4,40,400 crore). The billionaire has also called himself “Dogefather” in the past. On Tuesday, he asked a crucial question — “Do you want Tesla to accept Doge?”

An overwhelming majority of 3,775,223 people, who registered their opinion, at the time of writing were in favour of Tesla allowing Doge as a mode of payment. While 78 per cent of the respondents wanted Tesla to accept Dogecoin, just under 22 per cent were against the idea. However, some people exhibited their excitement in replies to Musk’s tweet. 

“DOGE is about to go ripping out of this galaxy,” wrote a user, @davidgokhshtein.

Others simply said of course, and the results of the poll were also overwhelmingly positive at the time of writing.

Last Sunday, the cryptocurrency lost over one-third of its price following the SpaceX CEO’s comments on Saturday Night Live (SNL). Musk, in one of the show’s segments, said the virtual currency was a “hustle”. Still, many people have held on to the cryptocurrency.

Some people though, continued to express skepticism about Tesla, and cryptocurrency both.

The same day, though, he tweeted something nobody anticipated. “SpaceX launching satellite Doge-1 to the moon next year. Mission paid for in Doge. 1st crypto in space. 1st meme in space. To the mooooonnn!!” Musk tweeted, a day after his SNL appearance.

Earlier this year, the Tesla CEO had announced that the electric car manufacturer was now accepting Bitcoin as an alternate mode of payment.

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Latest News Today – Elon Musk Says Cryptocurrency Promising But Exercise

Elon Musk, the Tesla and SpaceX CEO who is a key proponent in the latest surge of cryptocurrency Dogecoin, has sounded a note of caution for those who are investing or want to invest in cryptocurrency. This comes ahead of his Saturday Night Live (SNL) appearance where he is expected to talk about his support for cryptocurrency and making humanity a multi-planet species. Musk warned his 53 million social media followers against investing their life-savings into cryptocurrency via a tweet, in which he also shared a video of an interview he did with TMZ in February.

In the video, Musk says people should not invest their life savings in cryptocurrency. “That’s unwise.” But he then adds that there is a good chance that crypto is the future currency of Earth, but it’s not yet clear which one it is going to be. Musk does not rule out the possibility of having a multiple currency system future.

The TMZ interview from February was around the time Musk sent out a number of tweets popularising Dogecoin. The cryptocurrency began its first major rally in February this year after Musk posted a series of tweets about it. Now, it is again on a frenzied run ahead of Musk’s SNL appearance.

Towards the end of the video, Musk warns again, “Like I said, don’t take too much risk on crypto”. Twitter users seem to have liked the candidness of the billionaire tycoon and commented with sharp memes praising him while some others just had fun being there.

A few days ago, Musk sent out tweets seeking skit ideas for his SNL appearance, and his followers wanted him to talk about Dogecoin. That is believed to have fuelled a frenzied rise in the value of the meme currency to an all-time high over the past week.

On Saturday (at the time of writing), the value of Dogecoin stood at $0.715669 (roughly Rs 50). Created in 2013 by software engineers Billy Markus and Jackson Palmer, the digital currency, like Bitcoin, offers recourse to the inadequacies of traditional banking systems. It was never meant to succeed and was used and traded for a long time as a joke.

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Latest News Today – Elon Musk Bragged About Tesla And Did What He Rarely

Tesla shares declined as much as 4.6% in late morning trading Friday. (File)

Does Tesla Inc. have the potential to be a $1 trillion company? It’s a notion that got Elon Musk tweeting early Friday, only for the billionaire to do something fairly rare for him: delete a post.

The exchange started with a tweet by an account that regularly features promotional posts about Tesla and “Full Self-Driving,” a package the company sells along with its driver-assistance system Autopilot. The suite of features often referred to as FSD is controversial because of Tesla’s mixed messaging — the company tells drivers who use it that they need to be fully attentive.

“FSD is the biggest thing ever,” the user @WholeMarsBlog wrote. “Tesla is going to be bigger than Apple.”

Musk, Tesla’s chief executive officer, replied that he thinks there is “a >0% chance Tesla could be the biggest company.” After another user wrote that they loved “the direction of that arrow,” Musk responded: “Probably within a few months.”

Musk then quickly deleted the latter post. It’s unclear if he thought better of sending it or was asked to take the tweet down.

Tesla shares declined as much as 4.6% in late morning trading Friday. The stock was down 3.7% as of 12:55 p.m. in New York.

As part of a settlement reached with the U.S. Securities and Exchange Commission in 2018 related to Musk’s tweets about taking the company private, Tesla agreed to employ a securities lawyer to review executives’ social media posts and make sure they’re consistent with disclosure policies and procedures. Tesla also agreed to oversee communications by Musk, specifically, and to pre-approve anything containing information material to the company or shareholders.

Hours before Friday’s exchange, the National Labor Relations Board ruled that Tesla repeatedly violated U.S. labor law and needed to make Musk delete a tweet in which he threatened to punish workers if they unionized. He has not yet taken down that post.

With a roughly $600 billion market capitalization, Tesla has a long way to go to pass Apple Inc. as the world’s biggest company. The iPhone maker’s market value is about $2 trillion.


(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Latest News Today – Elon Musk Says Tesla Would Be Shut Down if Its Cars Were

Tesla chief executive Elon Musk said on Saturday his company would be shut down if its cars were used to spy, his first comments on news that China’s military has banned Teslas from its facilities.

“There’s a very strong incentive for us to be very confidential with any information,” Musk told a prominent Chinese forum during a virtual discussion, asserting that Tesla would be shut down if its vehicles spied in China or anywhere else.

Sources told Reuters on Friday that the Chinese military has banned Tesla cars from entering its complexes, citing security concerns over cameras installed on the vehicles.

Those restrictions surfaced as the top Chinese and US diplomats were holding a contentious meeting in Alaska, the first such in-person interaction since US President Joe Biden took office in January.

Musk urged greater mutual trust between the world’s two biggest economies, in his remarks to the China Development Forum, a high-level business gathering is hosted by a foundation under the State Council.

He was holding a discussion panel with Xue Qikun, a Chinese scientist specialising in quantum physics who is now head of Southern University of Science and Technology.

In China, the world’s biggest car market and a key battleground for electric vehicles, Tesla sold 147,445 vehicles last year. However, it is facing more competition this year from domestic rivals from Nio to Geely.

© Thomson Reuters 2021

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Elon Musk Sued by Tesla Investor Who Claims Tweets | Sidnaz Blog

Tesla Chief Executive Elon Musk has been sued by a shareholder who accused him of violating his 2018 settlement with the U.S. Securities and Exchange Commission over his Twitter use. According to a complaint unsealed late Thursday in Delaware Chancery Court, which also names the electric car company’s board as defendants, Musk’s “erratic” tweets and the failure of Tesla directors to ensure he complied with the SEC settlement have exposed shareholders to billions of dollars of losses.

The complaint highlighted several Musk posts on social media platform Twitter, including his assessment last May 1 that Tesla’s stock price was “too high,” prompting a more than $13 billion tumble in Tesla’s market value.

Chase Gharrity, the plaintiff, said Musk’s actions and the directors’ inaction have caused “substantial financial harm,” and that they should pay damages to Palo Alto, California-based Tesla for breaching their fiduciary duties.

The lawsuit was filed even though Tesla’s share price has soared nearly fivefold since Musk’s “too high” tweet, giving Tesla a valuation well above $600 billion, and the SEC has not publicly accused Musk of recent violations.

“It could pressure the SEC into taking some sort of recourse,” said Charles Elson, a University of Delaware professor and corporate governance specialist.

Tesla did not immediately respond on Friday to requests for comment. Gharrity’s lawyers, Musk’s lawyers in the SEC case, and the SEC did not immediately respond to similar requests.

The SEC settlement followed Musk’s August 2018 tweet that he had “funding secured” to possibly take Tesla private in a $72 billion transaction. In reality, Musk was not close.

Musk and Tesla each paid $20 million in civil fines, and Tesla lawyers agreed to vet some of Musk’s tweets in advance.

The settlement was later amended to clarify when pre-approvals were required, prompted by a unvetted tweet by Musk about Tesla’s vehicle production forecast.

Last April, a San Francisco federal judge said Tesla and Musk must face a lawsuit claiming Musk’s going-private tweet defrauded shareholders. That case remains pending.

© Thomson Reuters 2021

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