Investors also re-elected to the board Kimbal Musk, Mr. Musk’s brother, and James Murdoch, the former 21st Century Fox executive, despite a recommendation to vote against them by ISS, a firm that advises investors on shareholder votes and corporate governance.

Proposals calling for additional reporting both on Tesla’s practice of using mandatory arbitration to resolve employee disputes and on the human rights impact of how it sources materials failed, according to early results. A final tally will be announced in the coming days, the company said.

Ivan Penn contributed reporting.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Biden’s Electric Car Plans Hinge on Having Enough Chargers

For years, start-ups, automakers and other companies have been slowly building chargers, mainly in California and other coastal states where most electric cars are sold. These businesses use different strategies to make money, and auto experts say it is not clear which will succeed. The company with the most stations, ChargePoint, sells chargers to individuals, workplaces, stores, condo and apartment buildings, and businesses with fleets of electric vehicles. It collects subscription fees for software that manages the chargers. Tesla offers charging mainly to get people to buy its cars. And others make money by selling electricity to drivers.

Once the poor cousin to the hip business of making sleek electric cars, the charging industry has been swept up in its own gold rush. Venture capital firms poured nearly $1 billion into charging companies last year, more than the five previous years combined, according to PitchBook. So far in 2021, venture capital investments are up to more than $550 million.

On Wall Street, publicly traded special purpose acquisition companies, or SPACs, have struck deals to buy eight charging companies out of 26 deals involving electric vehicle and related businesses, according to Dealogic, a research firm. The deals typically include an infusion of hundreds of millions of dollars from big investors like BlackRock.

“It’s early, and folks are trying to wrap their heads around what does the potential look like,” said Gabe Daoud Jr., a managing director and analyst at Cowen, an investment bank.

These businesses could benefit from the infrastructure bill, but it is not clear how the Biden administration would distribute money for charging stations.

Another unanswered question is who will be the Exxon Mobil of the electric car age. It might well be automakers.

Tesla, which makes about two-thirds of the electric cars sold in the United States, has built thousands of chargers, which it made free for early customers. The company could open its network to vehicles made by other automakers by the end of the year, its chief executive, Elon Musk, said in July.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Inside a Fatal Tesla Autopilot Accident: ‘It Happened So Fast’

George Brian McGee, a finance executive in Florida, was driving home in a Tesla Model S operating on Autopilot, a system that can steer, brake and accelerate a car on its own, when he dropped his phone during a call and bent down to look for it.

Neither he nor Autopilot noticed that the road was ending and the Model S drove past a stop sign and a flashing red light. The car smashed into a parked Chevrolet Tahoe, killing a 22-year-old college student, Naibel Benavides.

One of a growing number of fatal accidents involving Tesla cars operating on Autopilot, Mr. McGee’s case is unusual because he survived and told investigators what had happened: He got distracted and put his trust in a system that did not see and brake for a parked car in front of it. Tesla drivers using Autopilot in other fatal accidents have often been killed, leaving investigators to piece together the details from data stored and videos recorded by the cars.

“I was driving and dropped my phone,” Mr. McGee told an officer who responded to the accident, according to a recording from a police body camera. “I looked down, and I ran the stop sign and hit the guy’s car.”

Distracted driving can be deadly in any car. But safety experts say Autopilot may encourage distraction by lulling people into thinking that their cars are more capable than they are. And the system does not include safeguards to make sure drivers are paying attention to the road and can retake control if something goes wrong.

Mr. McGee, who declined to comment through his lawyer, told investigators that he was on the phone with American Airlines making reservations to fly out for a funeral. He called the airline at 9:05 p.m. on April 25, 2019. The call lasted a little more than five minutes and ended two seconds after his Model S crashed into the Tahoe, according to a Florida Highway Patrol investigation. Florida law makes it illegal to text while driving, but the state does not prohibit drivers from talking on a hand-held cellphone except in school or work zones.

no vehicle on sale today is close to achieving.

Tesla’s critics contend that Autopilot has several weaknesses, including the ability for drivers like Mr. McGee to use it on local roads. With the help of GPS and software, G.M., Ford Motor and other automakers restrict their systems to divided highways where there are no stop signs, traffic lights or pedestrians.

Tesla owners’ manuals warn customers not to use Autopilot on city streets. “Failure to follow these instructions could cause damage, serious injury or death,” the manual for 2019 models says.

a California couple sued Tesla in connection with a 2019 crash that killed their 15-year-old son.

The National Highway Traffic Safety Administration is investigating more than two dozen crashes that occurred when Autopilot was in use. The agency said it was aware of at least 10 deaths in those accidents.

posted videos on YouTube showing that the camera sometimes fails to notice when drivers look away from the road and that it can be fooled if they cover the lens. When the camera notices a Tesla driver looking away from the road, it sounds a warning chime but does not turn Autopilot off.

G.M. and Ford systems use infrared cameras to monitor drivers’ eyes. If drivers look away for more than two or three seconds, warnings remind them to look straight ahead. If drivers fail to comply, the G.M. and Ford systems will shut off and tell drivers to take control of the car.

Ms. Benavides emigrated from Cuba in 2016 and lived with her mother in Miami. She worked at a Walgreens pharmacy and a clothing store while attending community college. An older sister, Neima, 34, who is executor of the estate, said Naibel had been working to improve her English in hopes of getting a college degree.

“She was always laughing and making people laugh,” Neima Benavides said. “Her favorite thing was to go to the beach. She would go almost every day and hang out with friends or just sit by herself and read.”

Neima Benavides said she hoped the lawsuit would prod Tesla into making Autopilot safer. “Maybe something can change so other people don’t have to go through this.”

Ms. Benavides had just started dating Mr. Angulo when they went fishing on Key Largo. That afternoon, she sent her sister a text message indicating she was having a good time. At 9 p.m., Ms. Benavides called her mother from Mr. Angulo’s phone to say she was on the way home. She had lost her phone that day.

On the 911 call, Mr. McGee reported that a man was on the ground, unconscious and bleeding from the mouth. Several times Mr. McGee said, “Oh, my God,” and shouted “Help!” When an emergency operator asked if the man was the only injured person, Mr. McGee replied, “Yes, he’s the only passenger.”

Mr. Angulo was airlifted to a hospital. He later told investigators that he had no recollection of the accident or why they had stopped at the intersection.

An emergency medical technician spotted a woman’s sandal under the Tahoe and called on others to start searching the area for another victim. “Please tell me no,” Mr. McGee can be heard saying in the police video. “Please tell me no.”

Ms. Benavides’s body was found about 25 yards away.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

No End to Whiplash in Meme Stocks, Crypto and More

Drew Austin, an entrepreneur and investor, invested heavily in cryptocurrencies and NFTs, including digital horses, digital sports cards and some digital art. He took a “substantial liquidity hit” when cryptocurrency prices crashed in May, he said. But he is not cashing out, because he believes these new assets are the future. Still, the volatility can be stressful. Unlike a stock exchange, these newer markets never close.

“There are nights when I go to bed and I think, Please, God, China, don’t mess this up,” he said using stronger language. “It’s 24/7. It never stops.”

Bitcoin’s volatile month — dropping by around 65 percent in May, recovering some and then falling further this week — has not swayed investor enthusiasm. A recent survey by The Ascent, a financial services ratings site, showed that Generation Z investors viewed cryptocurrencies as slightly less risky than individual stocks.

But they’re learning that wild price swings can happen over a single tweet. In February and March, when Elon Musk and his company, Tesla, embraced Bitcoin, its price soared. In May, when Mr. Musk tweeted that Tesla would not accept Bitcoin payments over concerns with its environment impact, its price dropped.

It jumped again this week when Mr. Musk suggested on Twitter that Tesla would again accept Bitcoin someday. (His tweets have also propelled Dogecoin, a joke cryptocurrency based on a meme about a Shiba Inu.)

The sustained appetite for risky bets has fueled companies, like Robinhood, that enable customers to trade stocks, options and cryptocurrencies. In January, Robinhood’s role in the trading of meme stocks landed it in hot water with Congress, state regulators and its customers.

The attention only turbocharged Robinhood’s growth: Revenue more than tripled in the first three months of 2021 compared with the same period last year. Robinhood plans to go public in the coming months.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Bitcoin Prices Stabilize After Volatile Weekend

Over the weekend, the price of Bitcoin briefly fell to around $31,000, more than 50 percent down from its high last month. It has recovered somewhat and is currently trading at around $37,000.

“About $20 billion of long positions were liquidated last week,” Sam Bankman-Fried, the chief executive of the crypto derivatives exchange FTX, told the DealBook newsletter. “In terms of price movements: the biggest part of it is liquidations,” he said, suggesting the worst is over.

But he also noted news from China late Friday of a crackdown on Bitcoin mining and trading. This added to other news of official scrutiny that has spooked crypto investors in recent days, from Hong Kong, Canada and the United States.

probably isn’t buying, either.

  • MicroStrategy: The business intelligence software company has spent about $2.2 billion on Bitcoin, at an average price of $24,450. The company bought more last week and is still sitting on big gains.

  • Square: The payments company, led by the Twitter chief Jack Dorsey, bought two batches of Bitcoin for its treasury — $50 million in October at a price of about $10,600 per coin and $170 million in February at a price of around $51,000. It took a $20 million impairment on its holdings last quarter. It doesn’t plan to buy any more, its finance chief said this month.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Disney Could Have Bought Time Warner in 2016

“About $20 billion of long positions were liquidated last week,” Sam Bankman-Fried, the C.E.O. of the crypto derivatives exchange FTX, told DealBook. “In terms of price movements: the biggest part of it is liquidations,” he said, suggesting the worst is over. But he also noted news from China late Friday of a crackdown on Bitcoin mining and trading. This added to other news of official scrutiny that has spooked crypto investors in recent days:

Companies with Bitcoin on their balance sheets may be getting nervous. For accounting purposes, crypto is valued at its purchase price. If it goes up in value, this isn’t reflected in a company’s accounts but if it falls, the value is impaired and puts a dent in quarterly profits. Let’s check in on the three big corporate Bitcoin holders — Tesla, MicroStrategy, and Square — shall we?


Barry Diller, when asked by Andrew on CNBC’s Squawk Box whether he thinks Disney’s C.E.O., Bob Chapek, has pushed his predecessor, Bob Iger, to the sidelines, as he suggested earlier in the interview. (And “not very nicely,” per Diller.)


The investment bank Lazard has hired William McRaven, the retired Navy admiral who led the U.S. Special Operations Command, as a senior adviser for its financial advisory business. McRaven oversaw the raid that killed Osama Bin Laden.

His hiring underscores business’ concerns about geopolitics. The pandemic has highlighted the potential business risks of global interconnectedness and China’s increasing assertiveness, among the many fault lines that multinational companies face.

McRaven is the latest financial outsider to join Lazard. Memorably, the firm hired the late Vernon Jordan, the civil rights leader with a gold-plated Rolodex, in 2000. “It’s not a place that is big on golfing,” said Peter Orszag, the head of financial advisory at Lazard, himself a veteran of the Clinton and Obama administrations. Bringing such people on board brings both intellectual “content” and deep relationships around the world, Orszag said.


View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

The Costly Pursuit of Self-Driving Cars Continues On. And On. And On.

It was seven years ago when Waymo discovered that spring blossoms made its self-driving cars get twitchy on the brakes. So did soap bubbles. And road flares.

New tests, in years of tests, revealed more and more distractions for the driverless cars. Their road skills improved, but matching the competence of human drivers was elusive. The cluttered roads of America, it turned out, were a daunting place for a robot.

The wizards of Silicon Valley said people would be commuting to work in self-driving cars by now. Instead, there have been court fights, injuries and deaths, and tens of billions of dollars spent on a frustratingly fickle technology that some researchers say is still years from becoming the industry’s next big thing.

Now the pursuit of autonomous cars is undergoing a reset. Companies like Uber and Lyft, worried about blowing through their cash in pursuit of autonomous technology, have tapped out. Only the most deep pocketed outfits like Waymo, which is a subsidiary of Google’s parent company Alphabet, auto industry giants, and a handful of start-ups are managing to stay in the game.

said that fully functional self-driving cars were just two years away. More than five years later, Tesla cars offered simpler autonomy designed solely for highway driving. Even that has been tinged with controversy after several fatal crashes (which the company blamed on misuse of the technology).

Perhaps no company experienced the turbulence of driverless car development more fitfully than Uber. After poaching 40 robotics experts from Carnegie Mellon University and acquiring a self-driving truck start-up for $680 million in stock, the ride-hailing company settled a lawsuit from Waymo, which was followed by a guilty plea from a former executive accused of stealing intellectual property. A pedestrian in Arizona was also killed in a crash with one of its driverless cars. In the end, Uber essentially paid Aurora to acquire its self-driving unit.

But for the most deep-pocketed companies, the science, they hope, continues to advance one improved ride at a time. In October, Waymo reached a notable milestone: It launched the world’s first “fully autonomous” taxi service. In the suburbs of Phoenix, Ariz., anyone can now ride in a minivan with no driver behind the wheel. But that does not mean the company will immediately deploy its technology in other parts of the country.

Dmitri Dolgov, who recently took over as Waymo’s co-chief executive after the departure of John Krafcik, an automobile industry veteran, said the company considers its Arizona service a test case. Based on what it has learned in Arizona, he said, Waymo is building a new version of its self-driving technology that it will eventually deploy in other geographies and other kinds of vehicles, including long-haul trucks.

The suburbs of Phoenix are particularly well suited to driverless cars. Streets are wide, pedestrians are few and there is almost no rain or snow. Waymo supports its autonomous vehicles with remote technicians and roadside assistance crews who can help get cars out of a tight spot, either via the internet or in person.

“Autonomous vehicles can be deployed today, in certain situations,” said Elliot Katz, a former lawyer who counseled many of the big autonomous vehicle companies before launching a start-up, Phantom Auto, that provides software for remotely assisting and operating self-driving vehicles when they get stuck in difficult positions. “But you still need a human in the loop.”

Self-driving tech is not yet nimble enough to reliably handle the variety of situations human drivers encounter each day. They can usually handle suburban Phoenix, but they can’t duplicate the human chutzpah needed for merging into the Lincoln Tunnel in New York or dashing for an offramp on Highway 101 in Los Angeles.

“You have to peel back every layer before you can see the next layer” of challenges for the technology, said Nathaniel Fairfield, a Waymo software engineer who has worked on the project since 2009, in describing some of the distractions faced by the cars. “Your car has to be pretty good at driving before you can really get it into the situations where it handles the next most challenging thing.”

Like Waymo, Aurora is now developing autonomous trucks as well as passenger vehicles. No company has deployed trucks without safety drivers behind the wheel, but Mr. Urmson and others argue that autonomous trucks will make it to market faster than anything designed to transport regular consumers.

Long-haul trucking does not involve passengers who might not be forgiving of twitchy brakes. The routes are also simpler. Once you master one stretch of highway, Mr. Urmson said, it is easier to master another. But even driving down a long, relatively straight highway is extraordinarily difficult. Delivering dinner orders across a small neighborhood is an even greater challenge.

“This is one of the biggest technical challenges of our generation,” said Dave Ferguson, another early engineer on the Google team who is now president of Nuro, a company focused on delivering groceries, pizzas and other goods.

Mr. Ferguson said that many thought self-driving technology would improve like an internet service or a smartphone app. But robotics is a lot more challenging. It was wrong to claim anything else.

“If you look at almost every industry that is trying to solve really really difficult technical challenges, the folks that tend to be involved are a little bit crazy and little bit optimistic,” he said. “You need to have that optimism to get up everyday and bang your head against the wall to try to solve a problem that has never been solved, and it’s not guaranteed that it ever will be solved.”

Uber and Lyft aren’t entirely giving up on driverless cars. Even though it may not help the bottom line for a long time, they still want to deploy autonomous vehicles by partnering with the companies that are still working on the technology. Lyft now says autonomous rides could arrive by 2023.

“These cars will be able to operate on a limited set of streets under a limited set of weather conditions at certain speeds,” said Jody Kelman, the executive of Lyft. “We will very safely be able to deploy these cars, but they won’t be able to go that many places.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Josh Harris Steps Down From Apollo

Vegan milk is now a multibillion-dollar business on Wall Street. Oatly, the oat milk maker, priced its I.P.O. at $17 a share, the top end of its range, valuing it at about $10 billion. Part of the reason it appeared to avoid broader market declines is that it courted investors focused on so-called E.S.G. principles.

Even by Bitcoin’s standards, it’s been a wild week. A particularly steep drop in the cryptocurrency yesterday seemed to drag the entire market down with it, and the frenzy led to outages at big exchanges like Binance and Coinbase. Then, it came roaring back in late trading (Elon Musk tweeted about it) and has held the gains so far today. Still, Bitcoin is down by about a third from the all-time high it set just over a week ago.

The episode proves the point of skeptics that digital assets are too volatile to be taken seriously, and of die-hard supporters who say that the ups and downs come with the territory. DealBook spoke with Changpeng “C.Z.” Zhao, the C.E.O. of Binance, the world’s largest crypto exchange, about what it all means.

“It was a busy day but it happens,” C.Z. said. “I think it’s pretty typical.” It’s a commonly held belief among the crypto crowd that big corrections are part of the journey to new heights. “If you look at 2017, where there was a bull market, there were at least two instances of 40 percent drawdowns,” he said. New investors rushing in “may or may not be fully committed” but he believes it’s good for the markets to “shake out” the jittery types.

Lawmakers aren’t so sure. Yesterday, the Senate Banking Committee chair, Sherrod Brown — a crypto skeptic — wrote to the acting Comptroller of the Currency, Michael Hsu, with concerns about crypto companies getting approved for national trust charters. In particular, Brown mentioned that the approvals came under the former acting comptroller, Brian Brooks, who once worked for Coinbase and recently became the C.E.O. of Binance’s U.S. division.

All eyes are on the regulators. One factor in yesterday’s crash appeared to be a warning from China’s central bank that reiterated the ban on financial institutions in the country dealing in cryptocurrencies. Many of the crypto market’s ups and downs come amid questions about regulation driving mainstream acceptance (or not), as when the launch of a Bitcoin futures exchange in 2017 accompanied the last big run-up in crypto prices.


— Joseph Blount, the C.E.O. of Colonial Pipeline, in his first public interview about paying a ransom to hackers after a cyberattack crippled its systems. Colonial paid in Bitcoin worth $4.4 million, but the decryption tool it received in return didn’t immediately work, and the pipeline was shut for six days.

View Source

Wall Street tumbles, with tech leading the way. Bitcoin’s drop takes crypto stocks with it.

Tesla was one of the worst-performing stocks in the market on Wednesday, tumbling more than 4 percent. The company had once positioned itself as a prominent supporter of cryptocurrencies, and in March, it announced that it would accept Bitcoin in exchange for cars, helping to set off a surge in the asset.

Last week, Elon Musk, the company’s chief executive, reversed that decision, citing concerns about the energy consumption needed to produce cryptocurrencies. That process, known as mining, involves a using computers to create new Bitcoin by having them solve complex computational problems.

The hard drive maker Seagate Technology — which has a stake in cryptocurrency company Ripple, the creator of the XRP currency — tumbled more than 2 percent. Shares of Seagate and Western Digital, another maker of hard drives, had been on a tear in recent days, as analysts spotlighted surging demand for its computer products, in part, from cryptocurrency miners. Western Digital was down nearly 3 percent.

Bitcoin wasn’t the only element moving the markets. Crude oil tumbled roughly 4 percent, on lingering concerns that the still-spreading coronavirus in India, as well as Thailand, Vietnam and Taiwan, could prompt new restrictions that could curtail economic activity.

The Stoxx Europe 600 index was 1.5 percent lower, while the FTSE 100 in Britain was down 1.3 percent. Stock markets in Asia ended the day mainly lower, with the Nikkei in Japan down by 1.3 percent.

Volatility in the stock markets lately has been driven by sentiment about inflation. Investors are nervous that a jump in prices —  coming as global economies reopen and as the government continues to pump stimulus funds to spur growth — could push the Federal Reserve and other central banks to raise interest rates or take other measures to cool growth. That would be bad news for riskier investments like stocks.

The Fed and other central banks have said they see the recent increases as transitory caused partly by supply chain issues as economies revive from lockdowns, and that they have no plans to remove emergency support for the economy.

Federal Reserve policymakers will release the minutes from their April meeting on Wednesday.

View Source

Elon Musk Impostors Scammed $2 Million in Cryptocurrency, U.S. Says

The proposition was tantalizing: Handsome returns awaited investors who would be willing to provide an infusion of cryptocurrency to Elon Musk, the billionaire chief executive of Tesla and founder of SpaceX, for a moneymaking venture.

It seemed too good to be true, because it was.

Investors lost $2 million in six months to fraudsters who impersonated Mr. Musk, the Federal Trade Commission said in a report released on Monday that was meant to draw attention to a spike in cryptocurrency scams.

The commission found that nearly 7,000 people lost a reported $80 million over all from October through March as part of various scams targeting investors in Bitcoin and other cryptocurrencies like Dogecoin, a nebulous marketplace that Mr. Musk has bullishly promoted on Twitter. The median amount that they lost was $1,900, according to the commission.

The spate of fraud cases — a nearly 1,000 percent increase compared with the same period the previous year, the report said — came as the price of Bitcoin and Dogecoin soared toward record highs.

bought $1.5 billion worth of Bitcoin, which Tesla said was part of an initiative to invest in alternative assets like digital currencies and gold bullion.

accept Bitcoin as payment for cars in the United States, sent the price of Bitcoin skyward by more than 10 percent. But then Mr. Musk reversed course this month, saying that the company will no longer accept the cryptocurrency because of concerns over its effects on the environment.

Mr. Musk has similarly sent mixed messages regarding Dogecoin, which was created as a cryptocurrency parody in 2013 and has recently been booming.

Last week, he polled his 55.1 million followers on Twitter on whether Tesla should accept Dogecoin; 78 percent of respondents said yes. He also revealed last week that SpaceX would launch a satellite to the moon next year in exchange for a payment in Dogecoin. In a May 8 appearance on “Saturday Night Live,” Mr. Musk said that cryptocurrency was both “the future of currency” and “a hustle.”

Joseph A. Grundfest, a professor of law and business at Stanford and a former member of the Securities and Exchange Commission, said in an interview on Monday night that the surge in scams involving cryptocurrency was not at all surprising amid the surging prices.

He said that investors should be more circumspect when faced with propositions like those concocted by the impersonators of Mr. Musk.

“Don’t send cryptocurrency to Elon Musk,” Mr. Grundfest said. “He already has more than he needs.”

The Federal Trade Commission cautioned on Monday in the report that fraudsters had used online dating platforms to lure people into cryptocurrency scams. About 20 percent of the money that people reported losing through romance schemes since October was sent in cryptocurrency, the report said.

The commission also noted that people ages 20 to 49 were more than five times as likely as older people to report losing money on cryptocurrency investment scams.

Cryptocurrency experts cautioned that it was especially difficult for victims of fraud schemes to get their money back and that cryptocurrency had become a preferred payment method for those orchestrating ransomware attacks.

“As a practical matter, there is no recourse,” Mr. Grundfest said. “Why crypto? It’s very simple. It’s very hard to trace.”

View Source