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The billionaire Twitter and Tesla owner visited the Capitol earlier this year to meet with House Speaker Kevin McCarthy.
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#Elon #Musk #Capitol #Hill #meeting #Senate #Majority #Leader #Chuck #Schumer
( With inputs from : www.politico.com )
Tag: Elon
 - Elon Musk is back on Capitol Hill and meeting with Senate Majority Leader Chuck Schumer.
 - Elon Musk Figured Out the Media’s Biggest Weakness- [ad_1] 
  - A vapor trail of broken Musk promises and failed predictions, all of which became news stories, have been documented by the elonmusk.today website. Musk vowed to build an “everything” Twitter app, but hasn’t. A full-time litigation shop? No sign of it yet. To convert atmospheric CO2 into rocket fuel? A no-show. The list continues: To create a super-fast Starlink service. Produce ventilators. Build a flying car. Distill a Tesla liquor (“Teslaquila”). Start a candy company. Sorry, not yet. When not making news by making promises, Musk enters our news diet by insulting people. He’s knocked a U.S. senator with a vulgar tweet, called a Thai cave rescuer a “pedo guy,” ridiculed Bill Gates’ beer belly and mocked a disabled Twitter employee. When predictions and insults fail to win him publicity, Musk has gained public attention by sharing conspiracy theories, signaling his support of the presidential candidacy of Ye, better known as Kanye West (and then withdrawing it), endorsing hydroxychloroquine as a Covid-19 treatment and by making a poop emoji the auto-response to questions the press sends to Twitter. - This unbroken stream of Musk blarney and BS should be enough to deter the press from automatically reporting the tycoon’s publicity hounding. But as with Donald Trump, the press seems unable to resist splashing coverage on Musk’s unnewsworthy high jinks, even though the stories have now become as common as dog-bites-man. Reporters on the Musk beat have a point when they say you never know which one of Musk’s outrageous stabs at grabbing attention will actually blossom into genuine news. For instance, when he first said he was going to buy Twitter, who among us could look at his track record and think he would actually complete the deal? Few of the acorns Musk tosses out there end up sprouting into a tree, but enough of them do that maybe his every burp does justify coverage. - But that can’t be the main reason the press covers every Muskism that comes over the transom. This column suggested late last year that journalists wean themselves from the Musk habit. But instead of giving the once-over twice to his antics, the press corps has further devoted itself to his promotion. He offers reporters table scraps. They turn it into a banquet. He picks a petty fight. They report it as if it were a global war. He’s got the media machine’s number, and keeps pressing it. - Here’s how it works: Too many editors are eager to assign an easy-to-assemble story from the components of a Musk prediction, threat or stunt. And readers seem to love the copy. It’s Musk-press synergy all the way down. Musk didn’t invent the mock news event, he’s only perfected it. Con men, pranksters and publicity agents have been jamming the press for more than a century with bogus stories like him. In recent decades, hoaxers have persuaded the press to chase the story that Paul McCartney was dead. Another time, a man made worldwide news by claiming to have cured his arthritis by injecting cockroach hormones. Not that long ago, Volkswagen pranked the press with a press release to publicize its electric car by saying it was changing its name to Voltswagen. And in 2009, a Colorado family claimed a helium balloon wafted their son into the heavens. - Some of these pranks can be dismissed as good-natured fun. But most of them stand as critiques of the press, showing how credulous and easily manipulated journalists can be. When Musk engages in his kind of publicity hounding, he consciously exploits the media’s frailty and appetite for copy. His promises, his kayfabe Twitter spats, his controversy-mongering offer the press a preassembled cast of characters, an element of conflict and questions to answer. A grateful press appreciates how the wow factor of a Musk publicity stunt makes the routine coverage of quarterly reports, city council meetings and weather seem mundane. If Musk isn’t on the press corps payroll, he should be. - What’s in it for Musk? He has long disdained advertising, believing that the unearned media of a stunt (or the quality of a great product) is advertising enough. According to Ashley Vance’s book, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Musk ordered his Tesla staff to produce at least one barnburner of a public relations announcement a week to stimulate interest in the company’s cars. But in a 2021 court appearance, Musk made transparent how he keeps playing the press. “If we are entertaining, then people will write stories about us, and then we don’t have to spend money on advertising that would increase the price of our products,” he said. - Naming one of his children X Æ A-12, as he did in 2020, or pushing a Tesla roadster into space or challenging Vladimir Putin to “single combat” or issuing a Ukraine peace plan or selling 20,000 flamethrowers are prime examples of how Musk garners notice for his brands and his products. These advertisements for himself, to pinch a phrase from Norman Mailer, create a buzz about him and his ventures, and project the image of an omnipresent, charismatic guy who makes hot copy. When the press briefly turned against him in 2018 for some of his business miscues, Musk went all meta on reporters by announcing a press-watch site called Pravduh.com. Like so many Musk projects, it arrived stillborn and was soon forgotten, but not before he got a burst of publicity out of it. Which was the point, anyway. - Since acquiring Twitter, Musk has made media stunt-work one of his prime occupations — announcing plans, ending them, releasing Twitter files to Matt Taibbi and other journalists, and even tweeting from the toilet. He’ll do anything to keep it and himself in the news, and every day the news media rewards his showboating with an avalanche of running coverage and commentary. But you’ve got to wonder. Is Elon Musk the problem here? Or is it the press, which understands how it’s being manipulated by Musk but just can’t quit him? - ****** - Every journalist on the Musk beat should read Edward Niedermeyer’s Ludicrous: The Unvarnished Story of Tesla Motor. Send your favorite empty Musk stunt to [email protected]. No new email alert subscriptions are being honored at this time. My Twitter feed is all about regenerative braking. My Mastodon and Post accounts wish Musk would buy them. My Substack Notes is less than inspired. My RSS feed says Venus, not Mars, should be our destination. 
 
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 #Elon #Musk #Figured #Medias #Biggest #Weakness
 ( With inputs from : www.politico.com )
 - Elon Musk Sells Tucker Carlson His Conservative Vision of Progress- [ad_1] 
  - Even more than just a newsy exercise in political economy, however, the conversation with Musk is a reminder of how “progress,” an ideal usually associated with the American left, is in reality a value-neutral concept that can be advanced by anyone — although it obviously helps if you’re the richest man in the world. - The mantle of “progressive conservatism” is usually associated with the European right, which developed a technocratic pro-safety-net politics in reaction to the Industrial Revolution. Here in America, its historical tribune is still Teddy Roosevelt, whose populist views on trade and domestic policy paired with an almost religious belief in American expansion and dominance. Musk — who described to a stonily silent Carlson how he voted for President Joe Biden in 2020 and expressed his desire for “a normal person with common sense” as president, “whose values are smack in the middle of the country” — fits, if imperfectly, into that same lineage, combining a socially conservative politics, an eagerness to regulate industries he believes are dangerous and an unwavering belief in expansion at all costs. - Where Roosevelt’s private-sector bugbears were the industrial-age charnel houses of Upton Sinclair’s The Jungle, Musk’s are much more ethereal: Namely, the alleged risk to civilization posed by the development of artificial intelligence. - Musk is not anti-AI — he just announced the founding of his own new company, X.AI, to produce competing products to OpenAI and Microsoft, which he views as too “woke” and developmentally reckless. He has, rather, a very specific existential fear. During the interview Musk described to Tucker the evolution of his now-defunct friendship with Larry Page, the Google co-founder, AI innovator and ardent transhumanist, saying that having “talked to him late to the night about AI safety” he’s concluded that Page was “not taking AI safety seriously enough,” and that he “seemed to … want some kind of digital superintelligence, basically a digital God.” - A brief pause to explain. Within the AI community, there is a fervent and ongoing debate about the hypothetical existence of an “artificial general intelligence,” or an AI agent so sophisticated that it surpasses human cognition. Many researchers think this is impossible. Many think that it’s possible, and desirable. Many think that it’s possible and will kill us all. What we do know for certain is that nothing like it currently exists, nor does any evidence that points to its possibility. - Musk is worried about it anyway. With a slew of his similarly-concerned fellow tech and business potentates, he signed an open letter last month calling for a six-month pause on advanced AI projects, and opened his interview with Carlson by calling for an entirely new regulatory agency to tackle AI risk. His view of AI as an existential threat, as speculative as it might be, leads him to the same conclusion of his fiercest critics on the left: That government should intervene to guide technological progress in a manner conducive to human values. - Where they differ, of course, is when it comes to what those values are. By now you are likely familiar with the broad outlines of the free-speech crusade that led Musk to purchase Twitter: Giving a black eye to the corporate censoriousness, doublespeak and policing of “misinformation” that once (allegedly) marked the platform. In Musk’s conservative vision of progress, unfettered AI development threatens humanity’s evolution and therefore must be regulated. But the lax approach to moderation on “nu-Twitter,” which some have said has given it a distinctly hostile character, is a necessary risk in creating the open-air marketplace of ideas necessary for humanity to thrive. - What does he mean by that? Well, there are the usual arguments about how unfettered free speech creates resilience, or makes society more democratic, or allows for the best ideas to naturally win out absent moderator interference. But those all have to do with … humans. And there’s another, way more out-there idea that Musk has about why censoring AI is a folly: That uncensored speech will make a hypothetical AGI safer, by virtue of “training” it on a data set that provides a more complete picture of humanity. - “This might be the best path to [AI] safety, in the sense that an AI that cares about understanding the universe is unlikely to annihilate humans because we are an interesting part of the universe,” Musk explained. That’s why Musk advocates for a competitor to ChatGPT that would lack its speech restrictions and safety controls — the hypothetical “based AI” he proposed last month. - Like all questions about artificial general intelligence, or unicorns, or little green men, it’s impossible to answer whether an AI’s data set including every bit of racist invective @Groyper69420 has ever hurled at unsuspecting Twitter users will endear or depreciate humanity in its digital mind. But Musk’s belief that uncensored AI speech platforms will ultimately benefit humanity more than their currently-existing counterparts — aside from being consistent with his vision for the company he just purchased for $43 billion, and in which AI has its own role to play in the future — is aligned with his overall view of progress as a sort of survival of the fittest. - And on that biological-evolutionary note, at the very end of Musk’s conversation with Carlson the two discussed another pillar of his quest for humanity to reach the stars: How to reverse the world’s declining birth rates. “I’m sort of worried that civilization, you know, if we don’t make enough people to at least sustain our numbers or perhaps increase them a little bit, civilization is going to crumble,” Musk mused. “There’s the old question of, ‘Will civilization end with a bang or a whimper?’ Well, it’s currently coming to an end with a whimper in adult diapers, which is depressing as hell.” - Concern over falling birth rates has been one of the biggest policy issues for the nascent “pro-family” right — it’s a major project for American Compass, former Mitt Romney advisor Oren Cass’ heterodox conservative think tank, for example. Musk doesn’t have a policy prescription for this, aside from having as many babies of his own as possible. (One source told Insider that Musk explicitly expressed his preoccupation with “populating the world with his offspring,” one he shares with many, many centuries of ambitious oligarchs.) - But it’s maybe the most personal aspect of what adds up, over the course of the hour-long conversation, to a remarkably cohesive worldview. Humanity’s destiny is to transcend the surly bonds of Earth and colonize the stars, with the assistance of technology that works for us — and against censors, scolds and partisans like Mark Zuckerberg or the BBC, or hubristic rival technologists like Larry Page or OpenAI’s Sam Altman. - Musk is no reactionary, and progress is not the exclusive domain of the left. The man has a very distinct set of social and cultural beliefs that he seeks to propagate through his various technological and business endeavors. When the beliefs in question were, for example, the importance of clean energy, Musk was a hero to progressives. Now that it’s the social-media equivalent of a Hobbesian state of nature, or a pro-natalist attitude that many on the left view as retrograde or eugenicist, he’s a villain. But he continues to move in the same direction: Forward, toward a future that bearing his imprint will look like nothing what came before it. - [ad_2] 
 #Elon #Musk #Sells #Tucker #Carlson #Conservative #Vision #Progress
 ( With inputs from : www.politico.com )
 - EU turns to Elon Musk to replace stalled French rocket- [ad_1] 
  - The European Commission wants to cut deals with private American space companies like Elon Musk’s SpaceX to launch cutting-edge European navigation satellites due to continued delays to Europe’s next generation Ariane rocket system. - In a draft request to EU countries seen by POLITICO, the Commission is planning to ask for a green light to negotiate “an ad-hoc security agreement” with the U.S. for its rocket companies to “exceptionally launch Galileo satellites.” - The Commission reckons only SpaceX’s Falcon 9 heavy launcher and United Launch Alliance’s Vulcan system are up to the job of sending the EU’s new geo-navigation Galileo satellites — which weigh around 700 kilograms each — into orbit. - Seeking U.S. help to keep its flagship space program running puts a dent in the EU’s idea of strategic autonomy. Galileo is a point of pride for the EU, as it seeks to become less dependent on other regions for critical infrastructure, services and technology — a quest strongly backed by Paris. - The EU is having to seek assistance to launch new versions of its navigation satellites because the Ariane 5 rocket, developed by France-based ArianeGroup and launched from France’s South American spaceport in French Guiana, is to be retired in the next months. - The deployment of its replacement, Ariane 6, has been delayed; the new system is currently expected to carry out a maiden launch at the end of this year, with full commercial deployment starting next year. - The alternative to the Ariane series would have been launching Galileo satellites with Russian-built Soyuz rockets, a version of which are also used at the French Guiana site. However, since Russia’s invasion of Ukraine, two Galileo launches using Soyuz rockets have been cancelled, prompting the search for alternatives. - Galileo satellites beam highly accurate navigation and precise time data back to earth — and also provide a top secret encrypted service for use by government agencies. That means launches typically can only be carried out from EU territory under tight security rules. - “In view of the security sensitive information … included in Galileo satellites, an ad-hoc legally binding security agreement with [the] U.S. is necessary, in order to protect the integrity of the satellites and the Galileo constellation,” said part of a draft proposal from the Commission seen by POLITICO. - It will be up to EU countries to approve negotiations for an agreement, which would come under the umbrella of standing deals on the exchange of classified information, the proposal states. - Capacity to launch satellites and humans into space independently of other powers has been a key part of French efforts to develop the concept of strategic autonomy for Europe. - But the need to contract out launches of critical space infrastructure to private companies operating in the U.S. undermines the argument that Europe is able to manage its own alternative to the U.S. GPS, Russia’s Glonass and China’s BeiDou constellations. - “Analyses are … ongoing to ascertain whether or not launching with an alternative launch service provider would be feasible,” said Commission spokesperson Sonya Gospodinova, adding that no decision has yet been taken. Assessments are being made on technical compatibility, launch site security and cost, she said. - While SpaceX’s Falcon rocket is already operational, ULA only plans its first Vulcan mission in May. - The Paris-based European Space Agency, which isn’t an EU institution but helps manage Galileo and runs the French Guiana spaceport, had already been looking at alternative launch options for satellites. 
 
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 #turns #Elon #Musk #replace #stalled #French #rocket
 ( With inputs from : www.politico.eu )
 - SpaceX’s Starship spacecraft launch likely by April end: Elon Musk- [ad_1] - San Francisco: SpaceX’s Starship is likely to launch on the first orbital flight by April end, CEO Elon Musk said. - “Starship launch trending towards near the end of third week of April,” Musk wrote in a tweet on Monday. - A day ago, he had said that the “Starship is ready for launch. Awaiting regulatory approval”.  - The US Federal Aviation Administration (FAA) is yet to grant licence approval for the orbital test flight. - The agency on Monday issued a revised notice that said the launch could now happen on April 17. - Another hurdle is federal environmental compliance review. - Meanwhile, SpaceX has been long gearing up for the flight. The company has rolled its Ship 24 out to Starbase’s orbital launch pad. - It has also conducted fuelling tests with Booster 7 on the orbital launch mount, with Ship 24 on the ground nearby. - Starship is the world’s most powerful rocket and will be used to send humans to the Moon and then eventually to Mars. - It consists of a giant first-stage booster called Super Heavy and a 50 metres upper-stage spacecraft known as Starship. - Both stainless-steel vehicles are designed to be fully and rapidly reusable, and both are powered by SpaceX’s next-gen Raptor engine — 33 for Super Heavy and six for Starship. - Moreover, Musk recently said that there is only a 50 per cent chance that the first-ever orbital mission of SpaceX’s huge Starship vehicle will be a success. - But he also stressed that SpaceX is building multiple Starship vehicles at the South Texas site. - These will be launched in relatively quick succession over the coming months, and there’s about an 80 per cent chance one of them will reach orbit this year. - [ad_2] 
 #SpaceXs #Starship #spacecraft #launch #April #Elon #Musk- ( With inputs from www.siasat.com ) 
 - Elon Musk, top researchers call for immediate pause on all giant AI experiments- [ad_1] - New Delhi: As AI chatbots come of age, several top entrepreneurs and AI researchers, including Tesla and Twitter CEO Elon Musk and Steve Wozniak, Co-founder of Apple, have written an open letter, asking all AI labs to immediately pause training of AI systems more powerful than GPT-4 for at least 6 months. - Arguing that AI systems with human-competitive intelligence can pose profound risks to society and humanity, more than 1,100 global AI researchers and executives signed the open letter to pause “all giant AI experiments”. - “We call on all AI labs to immediately pause for at least 6 months the training of AI systems more powerful than GPT-4. This pause should be public and verifiable, and include all key actors. If such a pause cannot be enacted quickly, governments should step in and institute a moratorium,” they wrote. - The open letter comes as reports surfaced that Musk tried to take control of OpenAI, the creator of ChatGPT, in early 2018 but Sam Altman and OpenAI’s other founders rejected Musk’s proposal. - Musk, in turn, walked away from the company and reneged on a massive planned donation, according to Semafor. Musk reneged on a promise to supply $1 billion in funding, but contributed only $100 million before he walked away. - The open letter against AI experiments has other big names like Jaan Tallinn, Co-Founder of Skype, Evan Sharp, Co-Founder, Pinterest, and Chris Larsen, Co-Founder, Ripple. - The letter said that advanced AI could represent a profound change in the history of life on Earth, and should be planned for and managed with commensurate care and resources. - “Unfortunately, this level of planning and management is not happening, even though recent months have seen AI labs locked in an out-of-control race to develop and deploy ever more powerful digital minds that no one – not even their creators – can understand, predict, or reliably control,” it elaborated. - “Contemporary AI systems are now becoming human-competitive at general tasks, and we must ask ourselves: Should we let machines flood our information channels with propaganda and untruth?” - “Should we automate away all the jobs, including the fulfilling ones? Should we develop non-human minds that might eventually outnumber, outsmart, obsolete and replace us? Should we risk loss of control of our civilisation?” asked the letter. - The letter stated that such decisions must not be delegated to unelected tech leaders. - “Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable. This confidence must be well justified and increase with the magnitude of a system’s potential effects.” - OpenAI’s recent statement regarding artificial general intelligence, states: “At some point, it may be important to get independent review before starting to train future systems, and for the most advanced efforts to agree to limit the rate of growth of compute used for creating new models.” - “We agree. That point is now,” the letter said. - [ad_2] 
 #Elon #Musk #top #researchers #call #pause #giant #experiments- ( With inputs from www.siasat.com ) 
 - UK goes light-touch on AI as Elon Musk sounds the alarm- [ad_1] - Press play to listen to this article - Voiced by artificial intelligence. - LONDON — As Elon Musk urged humanity to get a grip on artificial intelligence, in London ministers were hailing its benefits. - Rishi Sunak’s new technology chief Michelle Donelan on Wednesday unveiled the government’s long-awaited blueprint for regulating AI, insisting a heavy-handed approach is off the agenda. - At the heart of the innovation-friendly pitch is a plan to give existing regulators a year to issue “practical guidance” for the safe use of machine learning in their sectors based on broad principles like safety, transparency, fairness and accountability. But no new legislation or regulatory bodies are being planned for the burgeoning technology. - It stands in contrast to the strategy being pursued in Brussels, where lawmakers are pushing through a more detailed rulebook, backed by a new liability regime. - Donelan insists her “common-sense, outcomes-oriented approach” will allow the U.K. to “be the best place in the world to build, test and use AI technology.” - Her department’s Twitter account was flooded with content promoting the benefits of AI. “Think AI is scary? It doesn’t have to be!” one of its posts stated on Wednesday. - But some experts fear U.K. policymakers, like their counterparts around the world, may not have grasped the scale of the challenge, and believe more urgency is needed in understanding and policing how the fast-developing tech is used. - “The government’s timeline of a year or more for implementation will leave risks unaddressed just as AI systems are being integrated at pace into our daily lives, from search engines to office suite software,” Michael Birtwistle, associate director of data and AI law and policy at the Ada Lovelace Institute, said. It has “significant gaps,” which could leave harms “unaddressed,” he warned. - “We shouldn’t be risking inventing a nuclear blast before we’ve learnt how to keep it in the shell,” Connor Axiotes, a researcher at the free-market Adam Smith Institute think tank, warned. - Elon wades in- Hours before the U.K. white paper went live, across the Atlantic an open letter calling for labs to immediately pause work training AI systems to be even more powerful for at least six months went live. It was signed by artificial intelligence experts and industry executives, including Tesla and Twitter boss Elon Musk. Researchers at Alphabet-owned DeepMind, and renowned Canadian computer scientist Yoshua Bengio were also signatories. - The letter called for AI developers to work with policymakers to “dramatically accelerate development of robust AI governance systems,” which should “at a minimum include: new and capable regulatory authorities dedicated to AI.” - AI labs are locked in “an out-of-control race to develop and deploy ever more powerful digital minds that no one – not even their creators – can understand, predict, or reliably control,” the letter warned.  - Rishi Sunak’s new technology chief Michelle Donelan unveiled the government’s blueprint for regulating AI, insisting a heavy-handed approach is off the agenda | Leon Neal/Getty Images - Back in the U.K., Ellen Judson, head of the Centre for the Analysis of Social Media at the think tank Demos, warned that the U.K. approach of “setting out principles alone” was “not enough.” - “Without the teeth of legal obligations, this is an approach which will result in a patchwork of regulatory guidance that will do little to fundamentally shift the incentives that lead to risky and unethical uses of AI,” she said. - But Technology Minister Paul Scully told the BBC he was “not sure” about pausing further AI developments. He said the government’s proposals should “dispel any of those concerns from Elon Musk and those other figures.” - “What we’re trying to do is to have a situation where we can think as government and think as a sector through the risks but also the benefits of AI — and make sure we can have a framework around this to protect us from the harms,” he said. - Long time coming- Industry concerns about the U.K.’s ability to make policy in their area are countered by some of those who have worked closely with the British government on AI policy. - Its approach to policymaking has been “very consultative,” according to Sue Daley, a director at the industry body TechUK, who has been closely following AI developments for a number of years. - In 2018 ministers set up the Centre for Data Ethics and Innovation and the Office for AI, working across the government’s digital and business departments until it moved to the newly-created Department for Science, Innovation and Technology earlier this year. - The Office for AI is staffed by a “good team of people,” Daly said, while also pointing to the work the U.K.’s well-regarded regulators, like the Information Commissioner’s Office, had been doing on artificial intelligence “for some time.” - Greg Clark, the Conservative chairman of parliament’s science and technology committee, said he thought the government was right to “think carefully.” The former business secretary stressed that is his own view rather than the committee view. - “There’s a danger in rushing to adopt extensive regulations precipitously that have not been properly thought through and stress-tested, and that could prove to be an encumbrance to us and could impede the positive applications of AI,” he added. But he said the government should “proceed quickly” from white paper to regulatory framework “during the months ahead.” - Public view- Outside Westminster, the potential implications of the technology are yet to be fully realized, surveys suggest. - Public First, a Westminster-based consultancy, which conducted a raft of polling into public attitudes to artificial intelligence earlier this month, found that beyond fears about unemployment, people were pretty positive about AI. - “It certainly pales into insignificance compared to the other things that they are worried about like the prospect of armed conflict, or even the impact of climate change,” James Frayne, a founding partner of Public First, who conducted the polling said. “This falls way down the priority list,” he said. - But he cautioned this could change. - “One assumes that at some point there will be an event which shocks them, and shakes them, and makes them think very differently about AI,” he added. - “At that point there will be great demands for the government to make sure that they’re all over this in terms of regulation. They will expect the government to not only move very quickly, but to have made significant progress already,” he said. 
 
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 #lighttouch #Elon #Musk #sounds #alarm
 ( With inputs from : www.politico.eu )
 - I am open to buy collapsed Silicon Valley Bank: Elon Musk- [ad_1] - San Francisco: Twitter boss Elon Musk on Saturday said that he is open to the idea of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank. - Min-Liang Tan, co-founder and CEO of Razer (a consumer electronic company), tweeted: “I think Twitter should buy SVB and become a digital bank”. - To which Musk replied: “I’m open to the idea”. - US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of an American bank since 2008. - The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates, BBC reported. - SVB faced “inadequate liquidity and insolvency”, banking regulators in California, where the firm has its headquarters. - The Federal Deposit Insurance Corporation (FDIC), which typically protects deposits up to $2,50,000, said it had taken charge of the roughly $175 billion in deposits held at the bank, the 16th largest in the US. - Silicon Valley Bank was the US’s 16th largest bank, with a total of 17 branches in California and Massachusetts. - [ad_2] 
 #open #buy #collapsed #Silicon #Valley #Bank #Elon #Musk- ( With inputs from www.siasat.com ) 















