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

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Elon Musk Places Twitter Deal Hold
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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Bitcoin Value Drops By 50% Since November Peak

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Bitcoin Value Drops By 50% Since November Peak

The value of Bitcoin has dropped below $31,000 (£25,140) – less than half of what it was at its peak last November, according to the Coinbase cryptocurrency exchange.

The fall of the world’s largest cryptocurrency by market value comes as stock markets around the world have also tumbled in recent days.

On Monday, key European, Asian and US indexes slid lower again.

Investors are fleeing riskier assets for safe havens like the dollar.

On Monday, Japan’s Nikkei index dropped 2.5%, while London’s FTSE 100 closed down more than 2%. In the US, the Dow fell nearly 2%, the S&P 500 dropped 3.2% and Nasdaq lost 4.3%, deepening the falls in recent weeks.

READ ALSO: Why It Is Unsafe To Invest In Bitcoin Now – American Billionaire

Uber was among the companies driving the declines.

Shares in the company dropped more than 11% on Monday after media outlets reported that chief executive Dara Khosrowshahi had warned staff that investors were becoming more cautious about investments. He said Uber would respond by cutting costs and slowing its hiring.

“It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he wrote in the letter.

“The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach.”

In times of market uncertainty traditional investors will often sell what they see as riskier assets – like digital currency – and move their money into safer investments.

Moves in cryptocurrency markets have increasingly followed wider trends, as professional investors, such as hedge funds and money managers, become more active in trading what was once the domain of individual investors and enthusiasts.

Bitcoin, which accounts for about a third of the cryptocurrency market with a total value of close to $570bn, has seen its price plunge more than 10% in the last day and more than 20% in the last week.

READ ALSO: Ukraine Becomes Latest Country To Legalize Bitcoin

Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 20% in the last week.

Volatile trading in digital assets has not been unusual in previous years, but much of 2022 had been relatively quiet for the cryptocurrency market.

Last week, central banks around the world, including the US, UK and Australia, raised interest rates as they attempt to tackle rising prices.

The US Federal Reserve raised its key lending rate by half a percentage point, marking its biggest rate hike in more than 20 years.

That has triggered more concerns among some investors that inflation and the higher cost of borrowing could have a major impact on global economic growth.

Investors are also worried about the impact of the war in Ukraine on the world economy.

READ ALSO: CAR Becomes First African Country To Adopt Bitcoin

Meanwhile, in the last year Bitcoin has become legal tender in two countries – El Salvador and the Central African Republic.

Since El Salvador said it would allow consumers to use the cryptocurrency in all transactions, alongside the US dollar, the International Monetary Fund has urged it to reverse its decision.

. BBC

 

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BREAKING: Disputed Oil Wells Belong To Rivers – Supreme Court

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Supreme Court Grants Rivers' Request To Join Electoral Act Suit

The Supreme Court on Friday declared that Rivers State owns the 17 oil wells being disputed with Imo State.

The ruling has ended the political arrangement on the sharing of revenue.

In its verdict delivered on Friday, the Supreme court decided that the oil wells located in Ndoni and Egbema communities belong to Rivers State.

There was previously a political arrangement put in place by the federal government for the revenue from the disputed wells to be shared equally between the two states.

However, when Emeka Ihedioha became governor in 2019, a presidential memo directed that all the revenue should go to Imo.

READ  ALSO: Supreme Court Voids Buhari’s Executive Order 10

The Rivers State government swiftly filed a suit against the presidential directive.
This ruling by the court has now put an end to the equal sharing of the revenue from the oil wells with everything now going to Rivers.

 

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Transcorp Delivers Solid Q1 Performance As Profit Leaps By 147%

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Transcorp Delivers Solid Q1 Performance As Profit Leaps By 147%
Transcorp President/Group Chief Executive Officer, Owen Omogiafo

Transnational Corporation Plc, (Transcorp Group) has reported significant and impressive returns in all its major financial indices for the first quarter ended March 31, 2022.

Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0bn rising significantly by 147% up from N2.0bn recorded in March 2021; while profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.

A further look at the results showed that revenue increased by 28% from N24.4bn at the end of the first quarter of 2021; to N31.4bn as at March 2022, while operating income followed the same pattern as it grew by 45% to N10.0bn up from N6.9bn reported the previous year.

An increase in expenses such as inventories, prepayments, trade and other receivables, however, did not dampen the group’s total assets which rose to N417bn in the period under review, up from N416bn recorded at the end of the 2021 financial year; just shareholders’ funds also rose by 3% to N151.0bn, up from N146.3bn.

Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.

READ ALSO: Transcorp Group’s Profit After Tax Hits N27.9b

She stated: “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in revenue and 129% rise in profit before tax; and we are confident in the strategic direction for the group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

 

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