![]() For this, he founded OpenAI, a not for profit artificial intelligence research company that would develop systems to counteract large corporations and governments who may gain too much power by owning super-intelligence systems. Musk has been very vocal about the need to regulate or rather steer the development of AI in a certain direction that would allow Humans to have perpetual control over Artificial Intelligence. Having funded the company initially, Musk acquired SolarCity to develop battery technology that would be capable of powering the cars that Tesla made, and eventually entire cities. SolarCity was one of the major players in developing and installing solar panels in and around the state of New York. It took Tesla 18 years to register a full year of profit.Īlong with Tesla Motors, Musk was also involved in Tesla Energy, which was previously known as SolarCity. It wouldn’t be farfetched to say that it was Tesla who made mass production of electric cars look viable, and started making ICE automobiles look archaic. The result of all those hours? Tesla became the most valuable car manufacturer, with almost double the value of Toyota, hitherto the global leaders in car manufacturing. During this time, he would often sleep at the Tesla factory, and would over 365 days a year. Musk would work 18-22 hours on SpaceX and Tesla, overseeing the minutest of things. SpaceX & Tesla Motors, were two ventures that almost bankrupted Musk. He came on board much later, but led the series A funding for the company in 2004. Not many people know this, but Musk was not the founding member of Tesla. The car company is currently up 57pc from the start of this year, trading at $169.75.It took musk and his team of engineers 18 years to post their first year of profit at Tesla. Some analysts and investors expressed unease at the end of last year over Mr Musk’s focus on Twitter, which appeared to be dragging Tesla’s share price down. The multibillionaire is also chief executive of electric car maker Tesla. Pranksters jumped on the site to impersonate major brands, in some cases posting fake messages that moved stock prices. Industry sources cited concerns over brand safety as content moderators were made redundant.Īnother advertising disincentive was Twitter’s move to offer blue ticks, previously used as a mark of authenticity, for sale to any user for $8 a month. Some reports claimed that Twitter has lost half of its top 100 advertisers over the last three months. Major spenders including Volkswagen, US foodstuffs conglomerate General Mills and pharma business Pfizer all suspended ad campaigns with Twitter last year. Twitter is heavily dependent on advertising revenue for its survival, a dependence that has taken a major hit after Mr Musk acquired it.Ī series of erratic decisions about letting banned users including ex-US president Donald Trump back onto the site, combined with around 5,000 staff departures, spooked advertisers. Integrating payments into Twitter could be a route to opening up new revenue streams. Many tens of thousands of Twitter users share links every day to payments processing websites such as PayPal, Cashapp and Venmo. ![]() PayPal’s acquisition by eBay for $1.5bn a year later, in 2002, set Mr Musk on the path to becoming owner of one of the world’s most influential social media websites, as well as helming a rocket launch company and a global electric car manufacturer.Īfter acquiring Twitter, Mr Musk said he would turn it into an “everything app” called X, echoing the name of the company bought by PayPal two decades ago. Plans were in place for Twitter to set up an online payments division last year, pre-dating Mr Musk’s buyout of the company for $44bn (£35.5bn) last October. Mr Musk cut his business teeth as chief executive of a dotcom bubble-era company acquired by PayPal, the online payments giant. In November Twitter registered with the US Treasury as a payments processor, according to regulatory filings. Twitter’s director of product management, Esther Crawford, is in charge of the operation to turn the social media website into a PayPal rival, the Financial Times reported. ![]() The social media company has been applying for payments processing licences across the US as well as hiring people to start building a payments system. Elon Musk is going head to head with his old company PayPal as Twitter gears up to become an online payments business. ![]()
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