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Twitter deceived the world’s richest man .. Musk lost $ 11 billion per hour



إيلون ماسك

Tesla, the world’s richest man, and Elon Musk, CEO of SpaceX, lost $ 10.7 billion in net worth on Friday.

It came after shares of the American billionaire electric car maker fell 6.4% to end the week with a 13.7% decline.

25 billion loss per week

That means the world’s richest man, valued at $ 207.3 billion, lost a total of $ 25.2 billion last week, announcing on his Twitter account that he had stopped acquiring $ 44 billion, leading to 5.7 percent. Increase in Tesla shares.%.

The reason for the loss of Kasturi

According to John Coffey, a law professor at Columbia University, there was an obvious reason for Tesla’s shares’ poor performance on Friday: “The allegation that Musk was exposed to a flight attendant in a Business Insider article late on Thursday did not have an impact.

According to Forbes, the American millionaire did not respond to a request for comment.

He added: “Tesla’s shares have plummeted since Tuesday’s report by Twitter’s board of directors to the New York Times.

In it, the company indicated its desire to “complete the transaction and execute the merger agreement” between the company and Musk. This frustrated the thinking of Tesla shareholders that their CEO might step down from his Twitter acquisition and reduce his distractions (Tesla shares fell 6.8% the next day).

Cowie insists, “Twitter is more likely to close the deal, and Musk will reach a settlement at a lower discount from the original price (which is now very high).

For example, if Musk were to settle for $ 50 a share, he would have to sell his Tesla shares (his only real assets).

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This could lead to a fall in stock prices and an early exit by some shareholders looking forward to the sale. ”

Cautious performance of Tesla shareholders

Twitter’s team did not provide further details in its report released on Tuesday, so the performance of Tesla investors mixed with reactions when shares were relatively equal since Thursday, while the social media company’s share rose 2.7% on Friday, while Nasdaq technology weighed down. 0.3% of companies indicate that Twitter’s share price was driven by the potential for a near-complete deal.

Wetbush Dan Yves, a private bank analyst who covered Tesla News, acknowledged that the Twitter deal was a top priority for Tesla shareholders, with shares “falling significantly due to concerns about Twitter funding and Musk selling more Tesla shares.” The deal was announced.

Mask project

According to a Forbes estimate, Tesla’s shares have lost 35% of their value since April 13, the day before Misak announced his plans to acquire Twitter, reducing the CEO’s net worth to $ 66.3 billion.

Musk originally planned to pledge $ 62.5 billion in shares of Tesla to obtain a $ 12.5 billion margin loan to finance part of the deal.

He halved the number of margin funding and Tesla shares after raising $ 7.1 billion in capital liabilities from a group of first-list investors on May 5.

Forbes estimates that despite $ 8 billion in cash, his capital commitment to Twitter team members increased from $ 21 billion to $ 27.3 billion in the same day.

Musk now regrets all of these events because it was difficult to find external investors to finance a company contract he was forced to buy. As the value of Tesla’s shares continues to fall, bankers may be reluctant to repay the additional shares without a pledge from Musk, a margin loan for the amount originally agreed (let alone further lending).

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Although Musk is the richest man in the world, nothing has been offered to him in this regard as he has already pledged more than half of his stake in Tesla as a network for other loans before pursuing his Twitter deal.

With the fall of Tesla’s stock, Musk’s funding for the Twitter deal became more and more uncertain. The more uncertainty there is, the less Tesla’s stake will be.

And the Twitter deal is not weighing on Tesla shares these days, according to Dan Yves, who said that “headlines about Elon Musk are the focus of investors.”

Bad news

Unlike Cowie, Yves points out that the fall in stock prices was primarily due to allegations that Musk misbehaved with the flight attendant who was released on Thursday (Musk denied the allegations on Twitter on Thursday night).

Add to this week many bad news, for example, Reuters reported Monday that Tesla’s plans to bring production levels in China to a pre – epidemic level will be delayed.

Standard & Poor’s earlier this month excluded Tesla from its S&P Environmental, Social and Corporate Governance Index, or ESG. Tesla investor Kathy Wood has cut its investment in the company, Bloomberg said Friday.

Good luck with the mask

Not long ago, Musk became the first person to acquire assets of $ 300 billion or more, as Tesla’s market capitalization was twice $ 1 trillion in November and January.

Musk is now valued at $ 207.3 billion, and could fall below the $ 200 billion he had in September, when he surpassed Amazon’s Jeff Bezos to become the world’s richest man for the first time.

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“I’m going to send a giant ‘2’ with a silver medal to Jeff Bezos,” Musk wrote in a short email to Forbes commenting with great confidence.

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“Artificial Noise”…Why Are Electric Cars Banned From Driving Quietly?



“Artificial Noise”…Why Are Electric Cars Banned From Driving Quietly?

Electric cars

Electric vehicle sales across the globe have seen significant growth recently, and amid fierce competition among vehicle manufacturers of this type, most countries are taking rapid steps in adopting the electric vehicle option to capture a larger share of this promising market.

The latest data shows that the number of electric passenger cars on the world’s roads reached 27 million cars by the beginning of 2023, and this number is expected to rise to 100 million cars by 2026, with more and more customers adopting clean methods. Transportation.

A number of factors have helped the electric car market flourish, as a previous report by Bloomberg New Energy Finance expected the number of electric vehicles on the road to reach approx. 731 million cars by 2040, or 46 percent of the number of vehicles on the road at that time.

Losing an important element in the world of leadership

According to Bloomberg, electric car sales are expected to exceed 10.5 million cars in 2022, up nearly 50 percent from 2021, and reach 22 million units in 2025.

But the growing reliance on electric vehicles is causing many drivers to miss an important part of the driving world, which is the sound produced by the engine in traditional cars. An electric car does not emit engine noise, much to the chagrin of car enthusiasts who believe that the quietness of electric cars leaves the driver with nothing to feel.

Biggest Disadvantages of Electric Cars

The absolute silence of electric cars has become one of the biggest drawbacks that these vehicles suffer from, not only according to the opinions of drivers who love the sounds of car engines, but also according to road traffic safety authorities in many countries, which has provoked. Some of them issue a law that seems surprising, however, that electric cars produced in the future must have clear sounds that can be distinguished from a distance.

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For example, the European Union considers electric cars to be too quiet to pose a danger to road users, particularly pedestrians, cyclists and other cars, who sometimes sense the presence of a car nearby. Not only by its sound, but also by its sight, which prompted the European Union to pass legislation in 2019 that would force electric cars to “make noise” to attract the attention of pedestrians.

Under European law, all electric car manufacturers must provide their vehicles with a device that emits sounds similar to the sounds of traditional engines while driving on the road, and this sound also works when the car turns.

In turn, regulators in the United States insist that electric cars emit sounds that let pedestrians know they are approaching, and this is welcomed by the world’s stray animal protection associations, which believe that electric cars emit sounds. Also contributes to alerting animals on roads.In rural areas.

Currently, various electric car manufacturers are intensifying their efforts to provide their cars with systems that emit fake engine sounds. Famous musicians.

Exaggerated strange sounds

Dr. Hasna Harfouch, a series columnist on electric cars, told the “Iqtizad Sky News Arabia” website that the primary goal of laws and regulations enacted in some countries is to force car manufacturers. Electric vehicles emit fake sounds, ensuring safety and reducing risks is the first goal. Traffic accidents by warning pedestrians, bicyclists and other drivers that a car is approaching Previous statistics collected by the U.S. National Highway Traffic Safety Administration showed that pedestrians and bicyclists were twice as likely to be injured in collisions with an electric car. Also, another study found that quieter cars cause 40 percent of accidents. .


According to Harfouche, many electric car manufacturers now offer a range of models of fake engine sounds to add life to the car’s dynamics, with these models shocking passengers in terms of amplification like some cars. For example, it can emit a sound similar to the sound of a fighter jet or racing car engines, which prompts many electric car drivers to describe the sounds of their cars as strange and funny because they are exaggerated and do not reflect the car’s true power.

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Harfouch explains that the sounds produced by electric cars are not produced by the car itself, but by an audio simulation system that relies on a loudspeaker, in addition to the safety element, companies are trying to bring back its flavor. A thing of the past for some drivers who don’t have experience driving gas-powered cars.As a society that communicates using sounds, the lack of engine noise in electric cars has created a sense of emptiness for many experienced drivers. Years to the sounds of their cars.

Noise is not a negative factor

For his part, in an interview with the website “Eqtisad Sky News Arabia”, Muhammad Musa, an expert in the automobile trade, said that China, the United States, Britain, the European Union and Japan are among the countries that support this policy. Electric cars that make artificial noise act as a warning to pedestrians, the advantage of the absence of sound in electric vehicles is considered a disadvantage, especially when these cars travel at low speeds in residential areas, which is not there. Pedestrians have a car coming toward them or near them, which may pose a danger to them.

According to Musa, car noise can be a concern for the comfort of residents in areas where vehicles are always moving, but the fact that electric cars do not emit sounds has turned the situation from a nuisance to a hazard for pedestrians. It showed that noise is not a negative factor, which is what I felt. Traffic safety authorities in several countries have already insisted on the use of sounds to warn passers-by, and companies such as Fiat, Renault, BMW, Mercedes and Tesla are working on designing fake sounds compatible with their models.

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Looks like a lot of fun

Based on estimates, the number of electric vehicles traveling on the world’s roads is expected to reach 731 million cars by 2040, and Moussa stressed that this would be significantly reflected if all these cars were “quiet”. The increase in the number of collision accidents around the world indicates that manufacturers are becoming more interested in the issue of car sound, as some companies are considering offering fake engine sound systems as a kit that can be fitted to previously sold electric cars.

Musa noted that some of the sounds made by electric cars don’t necessarily resemble the sound of a regular car, as there are cars that sound closer to the sound of a broom, and that makes the situation more fun.

This category dominates the global automobile market

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A strong dollar is powerless against oil… Brent is “around the corner” from 100



A strong dollar is powerless against oil… Brent is “around the corner” from 100

Brent crude breaks above $97 level

At a steady pace, oil prices continued to rise in early Asian trade on Thursday after hitting a 2023 high in the previous session, as fears of global supply shortages worsened in light of a sharp decline in US crude inventories. Reached important milestones.

U.S. crude inventories fell by about 2.2 million barrels last week to 416.3 million barrels, according to government data. With a decline of about 320,000 barrels, the decline significantly exceeded analysts’ expectations, according to a Reuters poll.

This comes after Saudi Arabia and Russia announced voluntary production cuts of 1.3 million barrels per day until the end of the year.

Price action

Brent crude remained close to $100 a barrel as it traded above $97 a barrel in Asia on Thursday, up 0.9 percent, its highest level since last November.

U.S. West Texas Intermediate crude futures rose more than a dollar to $94.70, their highest level since August 2022, and U.S. crude rose 3.6 percent after settlement on Wednesday, its biggest gain since early May.

Inventories in Cushing, Oklahoma — a delivery point for U.S. crude oil — fell below 22 million barrels, the lowest level since July 2022 and near the operational minimum.

A strong dollar has failed to deter oil

Amrita Sen, co-founder and head of research at Energy Aspects, said: “What I fear in this market is that we’ve made a huge reduction in inventories… Right now, what’s happening in the U.S. — (the drought) according to Bloomberg, inventories in Cushing).

Will oil prices hit $100 soon?

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West Texas Intermediate crude has risen by about a third since late June and is on track for its biggest quarterly gain since early 2022, fueling inflation and posing new problems for central banks.

Earlier this month, OPEC predicted a shortfall of up to 3 million barrels per day of crude oil in the fourth quarter. With demand in the United States and China proving resilient, many in the market now see $100 oil as inevitable, despite a strengthening dollar and lingering worries about rising global interest rates.

The dollar rose to its highest level in ten months against a basket of major currencies on Wednesday, sending the euro to its lowest level in nine months and raising the possibility of intervention to support the yen.

The dollar index, which measures the currency’s performance against a basket of currencies, rose to 106.7, its highest since last November 30.

In an exclusive interview with Sky News Arabia, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said our expectations for oil prices were revised higher after strong support prices received from the Middle East based on continued production cuts.

“OPEC expects a large supply shortfall in the last quarter of the year, Saudi Arabia maintains voluntary cuts, which will keep markets tight in the coming months, so the risk of oil prices reaching $100 remains.” In Hansen’s words.

Can the world do without oil?

However, Ole Hansen, head of commodity strategy at Saxo Bank, noted that some countries in the world are headed for stagnation, meaning demand prospects in 2024 will be challenging.

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He emphasized that OPEC member countries are well aware that higher oil prices will reduce demand and that this is not in their interest.

For his part, Warren Patterson, Head of Commodity Strategy at ING Groep NV, said: “It will be a while before Brent crude oil exceeds the $100 per barrel level (…) However, we believe that the breach of these levels will be relatively short-lived,” OPEC+ said in a statement. There will be more pressure to ease the cuts.”

It’s worth noting that stocks in Cushing have fallen for seven consecutive weeks, and many traders believe they are already at a low enough level to allow tanks to function normally. Buying spot supplies from storage centers is also expensive, and the price of U.S. crude has risen significantly for foreign buyers outside the U.S.

Madonier: Oil will be an important part of the global energy mix

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European shares fall for fifth straight day, real estate shares fall, Reuters



European shares fall for fifth straight day, real estate shares fall, Reuters
© Reuters. Electronic screens show stock trading activity on the German DAX index at the Frankfurt Stock Exchange on Wednesday. Photo: Reuters.

(Reuters) – European stocks fell for a fifth straight day on Wednesday as negative reports from brokerages on property owners in Britain hurt real estate stocks, while recent moves weighed on shares of Dutch insurers and Swiss bank UBS. .

The European index fell 0.2 percent, closing at its lowest level in six months.

The European real estate sector index fell 2 percent.

Land Securities, British Land and Derwent London shares fell between 3.4 percent and 4.3 percent.

Overall, market sentiment remained pessimistic with investors on the likelihood of major central banks keeping interest rates high for longer, and a slump in China’s real estate sector added to negative sentiment.

The STOXX 600 index appeared to be on track for its first quarterly loss in four years, while the German index turned out to be the worst performer at the regional level.

Meanwhile, shares of Dutch insurers took a hit after court rulings raised the prospect of huge damage claims in a long-running battle over investment-linked products.

NN shares fell 18.8 percent, while ASR shares fell 14.2 percent.

Shares of UBS Bank fell about three percent after the U.S. Justice Department stepped up scrutiny of cases of suspected noncompliance with rules that helped clients from Russia avoid sanctions.

H&M shares, on the other hand, rose 3.4 percent after the world’s second-largest clothing retailer reported a slightly larger-than-expected increase in its quarterly profit, supported by cost cuts.

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(Prepared by Rehab Ala for Arabic Bulletin)

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