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El Salvador becomes first nation to make Bitcoin a legal tender

San Salvador: El Salvador President Nayib Bukele has announced that the country has approved the bill to make Bitcoin cryptocurrency a legal tender in the Central American country.

The Central American country is now the first country in the world to make Bitcoin legal tender.

“The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes! History!,” tweeted Bukele.

Bukele on June 5 announced the move in a pre-recorded message played at the Bitcoin 2021 conference in Miami, Florida, during a presentation hosted by Jack Mallers, founder digital wallet company Strike.

“In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy,” the President had said.

Mallers said he has been working with Bukele to determine the logistics of the move.

“Over 70 per cent of the active population of El Salvador doesn’t have a bank account. They’re not in the financial system,” Mallers said during the presentation.

“They asked me to help write a bill and that they viewed bitcoin as a world-class currency and that we needed to put together a bitcoin plan to help these people.”

According to Shivam Thakral, CEO of BuyUcoin. EI Salvador’s decision to make Bitcoin a legal tender will boost financial inclusion in their country as the majority of the population does not have access to formal banking channels.

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Pre-booking for Elon Musk’s Starlink Internet opens in India

New Delhi: Pre-booking for Elon Musk-owned SpaceX’s Starlink Internet Service has opened for several places around the world, including certain areas in India.

Starlink has revealed that it is targeting coverage in several areas in India by 2022. Pre-booking for these areas have started for a refundable amount of $99.

“Availability is limited. Orders will be fulfilled on a first-come, first-served basis,” Starlink said on its website.

The areas in India for which pre-booking is available include India Colony Rd, Bapunagar, Ahmedabad, Gujarat; and Indian Coffee House Road, Indore, Madhya Pradesh, among others.

Musk had said last month that internet speed of its Starlink satellite-based internet service, which aims to provide cheaper web for millions in remote areas across the world, will double to 300 Mbps this year.

The company currently promises speeds between 50 and 150 Mbps for the Starlink project that plans to deliver high-speed internet through a network of about 12,000 satellites. It has already put over 1,000 of its Starlink satellites in orbit.

Musk had earlier said that Starlink will list publicly after the cash flow of the service becomes “reasonably well”.

Starlink says that the service is ideally suited for areas of the globe where connectivity has typically been a challenge.

Amazon’s Project Kuiper has a similar goal as it aims to deliver fast, affordable broadband through a constellation of over 3,000 low Earth orbit satellites.

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Mukesh Ambani turns 8th richest person in the world

New Delhi: Reliance Industries (RIL) Chairman Mukesh Ambani is now the eighth richest person in the world with a fortune of $83 billion, according to the Hurun Global Rich List 2021.

Ambani’s wealth increased 24 per cent on a year-on-year basis on the back of a surge in the value of energy-to-telecom giant RIL.

“India’s largest exporter, Reliance accounts for 8 per cent of the country’s exports and 5 per cent of India’s total revenues from customs and excise duty. Reliance is planning a calculated shift to renewable energy and has decided to venture into the battery-making business ahead of the electric vehicle boom,” said the Hurun statement.

His rank in the previous Hurun Global Rich List was ninth.

Among the countries, India rose to third spot with 177 billionaires, 40 more than last year.

The Hurun statement said that Mumbai is by far the billionaire capital with 61 billionaires in the city, followed by New Delhi with 40. The average age was 66. There are 32 more billionaires of Indian origin, living outside of India, led by L.N. Mittal of ArcelorMittal in London.

Among other Indians, Gautam Adani and family was at the 48th place among the top 100 billionaires. Adani saw his wealth almost double to $32 billion, on the back of Adani Green Energy growing to a $20 billion valuation, it noted.

The richest individual in the world is Tesla and SpaceX CEO Elon Musk with a net worth of $197 billion. Musk’s wealth grew over three-fold in 2020.

Amazon founder Jeff Bezos was on the second spot with a 35 per cent increase in his wealth to $189 billion.

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Jeff Bezos back as world’s richest man

New Delhi: Amazon Founder Jeff Bezos is back as the world’s richest person after Tesla shares fell, resulting in a slight erosion in Elon Musk’ wealth.

Tesla shares were down 2.4 per cent on Tuesday and Musk lost $4.6 billion, slipping to the second position on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.

Bezos returned as the world’s richest man with a net worth of $191.2 billion.

Last month, Musk became the world’s richest person, as his net worth crossed $185 billion after Tesla’s share price increased.

He took the top spot from Bezos, who had held it since 2017.

Tesla has surged in value this year, and hit a market value of $700 billion last month, making the electric car maker worth more than Toyota, Volkswagen, Hyundai, GM and Ford combined.

Musk’s net worth increased by more than $150 billion and Tesla’s share price surged a massive 743 per cent last year.

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Kremlin ‘interested’ in Elon Musk’s offer to talk to Putin

Moscow: The Kremlin has found SpaceX and Tesla CEO Elon Musk’s proposal to have a chat with Russian President Vladimir Putin on voice-based social network Clubhouse interesting.

Talking to reporters, Kremlin Spokesman Dmitry Peskov, however, said that details of the proposal should be considered first.

“We want to make sense of it first. Putin himself does not use social networks, he doesn’t have any personal accounts,” Peskov told reporters.

His comments came after Musk said he was interested in talking to the Russian President.

“.@KremlinRussia_E would you like join me for a conversation on Clubhouse?” Musk said in a tweet while tagging the Kremlin’s Twitter account.

“It would be a great honor to speak with you,” he said in a separate tweet.

Peskov noted that Musk’s proposal is “without a doubt, very interesting,” according to the Tass news agency.

“But we need to understand somehow what he means, what the offer is about, we need to verify this first, and then we will respond,” the spokesman said.

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Court rejects Elon Musk’s argument against Indian American student who sued him

Tesla Inc. Chief Executive Officer Elon Musk failed to turn the tables on a critic of the company who sued him for defamation according to a Bloomberg report. 

A California state judge rejected Musk’s argument that the suit filed by Randeep Hothi was baseless and should be thrown out as an attempt to silence the billionaire’s free speech.

Hothi, a University of Michigan graduate student known as “@skabooshka” on Twitter, drew Musk’s wrath two years ago after two incidents, both of which Hothi claims were harmless.

In the first, in February 2019, Hothi was confronted by a security guard when he showed up — to do research, he says — at the Tesla sales center in Fremont, California. In the second, in April 2019, Hothi said he was driving when he spotted a Tesla test car and took photos of it, which he later posted online.

Musk complained about Hothi in an email to an online tech editor, describing him as a liar and accusing him of “almost” killing Tesla employees when he was trying to drive away from the sales center.

Hothi claimed that Musk triggered an online hate campaign against him in the complaint he filed in August in Alameda County Superior Court.

Musk asked the judge to strike the lawsuit on the grounds that what he said involved a matter of public interest — making it protected speech — and that Hothi couldn’t prove the statements were untrue or made with malice.

In a brief written ruling, Judge Julia Spain concluded there are issues suitable for a trial over whether Musk’s statements were true. She also said Hothi showed that he can probably win the lawsuit.

Tesla didn’t immediately respond to a request for comment after regular business hours.

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Musk finally relocates to Texas, calls California ‘complacent’

San Francisco: After spending his most life in California, Tesla and SpaceX CEO Elon Musk has finally relocated to Texas, calling California ‘complacent’.

Revealing this for the first time during an interview for The Wall Street Journal’s annual CEO Council summit, Musk said: “California has been winning for a long time, and I think they’re taking it for granted”.

Criticizing California’s economic environment, Musk added. “If a team is winning for too long, they tend to get complacent”.

Musk stated that Silicon Valley was declining in relevance, The Verge reported on Tuesday.

It was reported earlier that he sold all his properties in California for a combined $62.5 million.

Last week, CNBC reported that Musk is planning to leave California and move to Texas that has no state income tax, a move that could save him billions of

Musk last month surpassed Microsoft co-founder Bill Gates to become the second-richest person in the world.

The Bloomberg Billionaires Index put the Tesla chief executive with a $127.9 billion fortune above Gates at $127.7 billion for the first time.

The 49-year-old entrepreneur has added more than $100 billion to his net worth since January 2020, making him one of the fastest-growing among the world’s 500 richest people.

The move to Texas makes sense for him as it has no state income tax while California has the highest tax regime in the country.

Musk also cited the construction of a new Tesla factory outside Austin, as well as Space X’s planned launch site near the South Texas village of Boca Chica, as a reason for his relocation.

Musk frequently visits Texas where Tesla and his startup Boring Company have operations and also a SpaceX facility that began its operations in 2003.

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Elon Musk second richest person in world, surpasses Gates

San Francisco: Tesla chief Elon Musk has surpassed Microsoft co-founder Bill Gates to become the second-richest person in the world.

The Bloomberg Billionaires Index on Monday put the Tesla chief executive — with a $127.9 billion fortune — above Gates — at $127.7 billion — for the first time.

The 49-year-old entrepreneur has added more than $100 billion to his net worth since January 2020, making him one of the fastest-growing among the world’s 500 richest people.

The jump in Musk’s fortune came as the shares of the electric car-maker Tesla soared and its market cap neared $500 billion on Monday.

The wealth gap between Musk and Gate is not huge, and it is possible they could switch places again.

Bill Gates’ current net worth is $127.7 billion, and he would have ranked on the top had he not donated so prodigiously to charities over the years. Gates has donated more than $27 billion to his namesake foundation, Bill & Melinda Gates Foundation, since 2006.

Gates was the richest man for four years running till 2017 when Amazon CEO Jeff Bezos overtook him. Bezos continues to be the richest man in the world with an estimated net worth of $182 billion.

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Elon Musk one step closer to connecting your brain to a computer

New York: At an event last week, Elon Musk revealed more details about his mysterious neuroscience company Neuralink and its plans to connect computers to human brains. While the development of this futuristic-sounding tech is still in its early stages, the presentation was expected to demonstrate the second version of a small, robotic device that inserts tiny electrode threads through the skull and into the brain. Musk said ahead of the event he would “show neurons firing in real-time. The matrix in the matrix.”

And he did just that. At the event, Musk showed off several pigs that had prototypes of the neural links implanted in their head, and machinery that was tracking those pigs’ brain activity in real time. The billionaire also announced FDA had awarded the company a breakthrough device authorization, which can help expedite research on a medical device.

Like building underground car tunnels and sending private rockets to Mars, this Musk-backed endeavor is incredibly ambitious, but Neuralink builds on years of research into brain-machine interfaces. A brain-machine interface is technology that allows for a device, like a computer, to interact and communicate with a brain. Neuralink, in particular, aims to build an incredibly powerful brain-machine interface, a device with the power to handle lots of data, that can be inserted in a relatively simple surgery. Its short-term goal is to build a device that can help people with specific health conditions.

Musk has already said the project allowed a monkey to control a computer device with its mind, and as the New York Times reported in 2019, Neuralink had demonstrated a system with 1,500 electrodes connected to a lab rat.

Musk opened Friday’s event by emphasizing the wide variety of spinal and neurological conditions — including seizures, paralysis, brain damage, and depression — that Neuralink technology could help treat.

“These can all be solved with an implantable neural link,” said Musk. “The neurons are like wiring, and you kind of need an electronic thing to solve an electronic problem.”

But it’s worth highlighting that Musk wants Neuralink to do far more than treat specific health conditions. He sees the technology as an opportunity to build a widely available brain-computer interface for consumers, which he thinks could help humans keep pace with increasingly powerful artificial intelligence.

Source: Vox.com

Illustration showing Neuralink disk implant at different stages of implantation during Elon Musk’s livestream presentation on Aug. 28. (Photos: Nueralink)
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