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Elon Musk,World’s Richest Person, Says He Doesn’t Own A Home

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Nigeria Approves Elon Musk's Starlink As Internet Service Provider
Elon Musk

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Weilun Soon

Elon Musk said in a video interview that he doesn’t own a home and is “staying at friends’ places.”

The world’s richest man also doesn’t own yachts or take vacations but has a plane to save time.

Musk was responding to a comment about how many people criticize billionaires for their wealth.

The world’s richest man said that he doesn’t own a home and crashes on friends’ couches.

“I don’t even own a place right now, I’m literally staying at friends’ places,” Elon Musk said in a video interview with Chris Anderson, head of conference organizers TED, published Monday.

“If I travel to the Bay Area, which is where most of Tesla’s engineering is, I basically rotate through friends’ spare bedrooms,” Musk added.

Musk, who has an estimated net worth of $251 billion, according to Bloomberg, was responding to Anderson’s comment that many are offended by the concept of billionaires, given global disparities in wealth. US lawmakers, such as Sen. Elizabeth Warren, have also criticized megabillionaires like Musk for their comparatively low tax bills.

“For sure, it would be very problematic if I was spending billions of dollars a year in personal consumption, but that is not the case,” Musk told Anderson, adding that he doesn’t own a yacht or really take vacations, though he famously does have a personal jet.

“It’s not as though my personal consumption is high. I mean, the one exception is the plane, but if I don’t use the plane then I have less hours to work,” he said, acknowledging that his net wealth was nonetheless “bonkers.”

Musk’s comments look like his first confirmation that he doesn’t have a permanent home, despite being the world’s richest person.

The billionaire’s friends have commented over the years on his thrifty habits.

In May 2020, he tweeted his intention to sell all his possessions and that he would “own no house.” In August 2021, Insider reported that Musk was thought to be living in a $50,000 prefab tiny home, which he rents from SpaceX.

In a recent interview with Vanity Fair, Musk’s on-again, off-again partner Grimes said he sometimes lived “below the poverty line.” He refused to buy a new mattress after her side had a hole in it, she said.

And in 2015, Google’s cofounder and then-CEO Larry Page said that sometimes when Musk visited Silicon Valley, he would email Page and say: “I don’t know where to stay tonight. Can I come over?”

Musk’s prerecorded interview comes after he spoke with Anderson live at a TED conference on April 15, and addressed the ongoing saga that is his attempted buyout of Twitter.

Musk said that he had a backup plan in the event that Twitter rejects his $43 billion bid, but declined to share any details.

During the live event, Musk said that it’s possible he may not be able to acquire the company, but said he could “technically” afford it.

READ ALSO: Elon Musk Offers To Buy Twitter For $43b

“I have sufficient assets,” he said, without giving further details. Most of Musk’s personal fortune is tied up in his stake in Tesla.

Musk is in for a fight. On Friday, Twitter said it would adopt a “poison pill” defense. Insider’s Gabrielle Bienasz reported that this “essentially devalues each share in a company by increasing the total number of shares — making it harder for any person or group to acquire all of a company’s stock.”

In the prerecorded interview, Anderson asked how upset Musk was with comments about him and other billionaires as being too wealthy.

“I mean, at this point, it’s water off a duck’s back,” Musk said.

Read the original article on Business Insider

 

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Outage Looms As Electricity Workers Threaten To Shut Down National Grid

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BREAKING: National Grid Collapses Again, Triggers Nationwide Outage

Nationwide outage may soon occur as the National Union of Electricity Employees (NUEE) has again threatened to shut down the national grid.

The electricity employees are disappointed that the two-week given to the Federal Government to resolve the crisis has elapsed.

While briefing reporters in Kaduna on Thursday, Comrade Dukat Ayuba, the zonal organizing secretary, North West of NUEE, explained that while negotiation was still on-going, the shutdown of the national grid was imminent.

 READ ALSO: Why Shutdown Of Electricity Nationwide Will Continue – Workers

According to him, the so-called privatization of the sector was a scam, explaining that nine (9) years after, nothing has changed to improve its activities, especially to the consumers of electricity.

He added: “That was why we kicked against privitazing the distribution sector, because the investors don’t have the capacity and expertise. As committed Nigerians, we advised government against it. But the government was hell- bent on doing so.”

He noted that the investors were still operating with obsolete equipment dating back to 35, 40, and 50 years, stating that one would expect that with the coming of the investors, they would replace the obsolete equipment but nothing had been done.

He regretted that the nation still generates 5,000 megawatts of electricity, saying that it is the same 5,000 megawatts that they used to generate, with no benefit from privitazation.

He added that the company now generates megawatts with higher tariffs, bringing hardships to the homes of millions of Nigerians and that is what all Nigerians are experiencing at the moment.

According to Wisdom Nwachukwu, a member of Central Executive Committe, the federal government now wants to sell the Transmission Company of Nigeria (TCN).

He stated that they were going behind meeting with some stakeholders and that they would not allow that, as they were patriotic Nigerians that want the best for the country.

READ ALSO: Nationwide Blackout Begins As Grid Collapses

Ado Gaya, the Vice President, North West, NUEE, while elaborating further, revealed that the 16 months remunerations demanded by the electricity workers are their legitimate earnings which involved 55,000 workers.

He explained that nine years after, the workers have not received a dime, regretting that many of the workers have died, while those who were laid off are suffering with their families receiving nothing to help them make a living.

 

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BREAKING: Nigeria’s Debt Hits N42.84 Trillion

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BREAKING: Nigeria's Debt Hits N42.84 Trillion

Nigeria’s total public debt stock is now N42.84 trillion ($103.31 billion), according to the Debt Management Office (DMO).

It was N41.60 trillion ($100.07 billion) in March.

According to a statement from DMO’s website on Tuesday, the total debt represents the domestic and external debt stocks of the federal government, the 36 states and the Federal Capital Territory (FCT).

It noted that while the foreign component of the debt remained at the same level of N16.61 trillion ($39.96 billion), the local component increased to N26.23 trillion ($63.24 billion).

The local component of the country’s borrowings was N24.98 trillion ($60.1 billion) as of March 30. The DMO said a larger percentage of the external debts were concessional and semi-concessional loans.

READ ALSO: Nigeria’s Public Debt Hits N38.005 Trillion

“Over 58 per cent of the external debt stock are concessional and semi-concessional loans. They were obtained from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank, and bilateral lenders including Germany, China, Japan, India and France,” explained the DMO.

It added that the total domestic debt stock increased from N24.98 trillion ($60.1 billion) in March to N26.23 trillion ($63.24 billion) in June, pointing out that it “is due to new borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT.”

The DMO further mentioned that the total public debt-to-GDP ratio remained within limits, at 23.06 per cent, while debt-service-to-revenue was still high.

It, however, assured that President Muhammadu Buhari’s regime is committed to increasing revenue to reduce the amount that went into debt servicing.

“The debt-to-GDP as of June 30 was 23.06 per cent compared to the ratio of 23.27 as of March 30. It remains within Nigeria’s self-imposed limit of 40 per cent,” the DMO noted.

“While the federal government continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, debt service-to-revenue ratio remains high.”
(NAN)

 

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23 Million Jobs Lost Under Buhari – Abubakar Atiku

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Only Ayu Can Decide To Resign As PDP Chair - Atiku

Over 23 million Nigerians have lost their jobs since Muhammadu Buhari became the nation’s president, according to former Vice President Atiku Abubakar.

Abubakar, the presidential candidate of the Peoples Democratic Party, also lamented that Nigeria’s economy was “crawling” instead of growing, and Nigerians were miserable under Buhari’s rule.

“The Nigerian economy is crawling rather than growing,” the PDP standard-bearer stated.

The former vice president noted that per capita income, “a measure of citizens’ well-being, has progressively fallen since 2015 because of declining output and a fast-growing population.”

He added, “Nigerians are worse off today than they were in 2015.”

READ ALSO: Keyamo Once Sued Tinubu For Certificate Forgery – Atiku Campaign Spokesman

“More Nigerians are poorer and more miserable today than in 2015,” Abubakar further stated.

“Basic commodities are now beyond the reach of the average Nigerian. A loaf of bread costs 100 per cent more today than it did in 2020.”

Abubakar, Nigeria’s vice president between 1999-2007, disclosed this while speaking on Tuesday at the Private Sector Economic Forum organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.

“Under the present administration, our people are not working. More than 23 million people are out of jobs,” Abubakar claimed. “In just five years between 2015 and 2020, the number of fully employed people dropped by 54 per cent, from 68 million to 31 million people.”

The opposition presidential candidate was once in the same party, APC, as Buhari.

On Friday, however, Buhari claimed the Nigerian economy was growing under his leadership despite the COVID-19 pandemic disruption, Russia-Ukraine war and internal crises besetting the country.

“In this period, challenges faced by the world have been many, including lockdowns as COVID-19 raged; disruptions to supply chains around the world, and sharp fluctuations in prices,” the Nigerian leader explained.

“Our economy continues to grow despite the adverse effects of rising interest rates, a stronger U.S. dollar and higher inflation across the world.”

 

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